Saturday, September 13, 2014

Marcus & Millichap Arranges Sale of a 7,344-SF Miami Beach, FL Chevron for $5.05 Million

Ronnie Issenberg
MIAMI BEACH, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada,  announced the sale of a 7,344 square-foot, triple-net leased property branded by Chevron in Miami Beach, Fla.

The asset sold for $5,050,000 representing $688 per square foot and a 7.1% CAP rate.

Ronnie Issenberg, a vice president investments, and Scott C. Sandelin and Gabriel Britti, associate vice president investments, in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor from Sunny Isles, Fla. 

Issenberg, Sandelin and Britti also secured the buyer, a limited liability company from Bay Harbor Islands, Fla. 

One-hundred percent leased to a one-unit operator and branded by Chevron, the tenant has seven years remaining on an absolute triple-net lease. The offering consisted of the service station, convenience store, U-Haul truck rental facility (situated on the adjacent parking lot) and second floor rental apartment units.

Scott C. Sandelin
“The North Beach business district has long been ignored and considered by investors as a dead area. The strong interest in this asset from the investor community marks a distinct change in the attitude towards this potential up and coming area,” says Sandelin.

“Due to its strategic location along Harding Avenue, a main south bound corridor leading directly to South Beach, the tenant enjoys considerably high margins, strong U-Haul rental rates and 100 percent occupied apartments,” adds Issenberg.

The property is located at 401 71st Street in Miami Beach, FL. 

For a complete copy of the company’s news release, please contact:

Kirk A. Felici
First Vice President/Regional Manager
 Miami, FL

(786) 522-7000

MHA Brokers Sale of 224 Units in Macon, GA Apartment Community

Robert Stickel
ATLANTA, GA  — Multi Housing Advisors (MHA) has brokered the sale of Mill Creek Run, a 224-unit community, located at 6687 Skipper Road in Macon, Georgia.

 Robert Stickel, managing director at MHA, represented the seller, Mill Creek Run LLC, in the transaction. Hamilton Point Investments LLC acquired the property, which was 93 percent occupied at the time of the sale.

 “We are experiencing strong investor interest in multifamily properties in Georgia’s secondary markets, and we expect that to continue,” Stickel said. “Apartment communities in cities like Macon offer consistent, reliable returns and often provide higher yields than communities in metro markets like Atlanta.”

 Mill Creek Run, built in 2005, features a fitness center, business center, swimming pool, and cabana with an outdoor kitchen and picnic area.

For a complete copy of the company’s news release, please contact:

Stephen Ursery
The Wilbert Group
404-549-7150 (O)
404-405-2354 (C)

RealtyTrac® Reports U.S. Foreclosure Activity Increases 7 Percent in August

IRVINE, CA — RealtyTrac® (, the nation’s leading source for comprehensive housing data, released its U.S. Foreclosure Market Report™ for August 2014, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 116,913 U.S. properties in August, an increase of 7 percent from the previous month but still down 9 percent from a year ago — the smallest decrease in the last 47 consecutive months of year-over-year declines in U.S. foreclosure activity.

A total of 51,192 U.S. properties were scheduled for foreclosure auction during the month, down 1 percent from the previous month but up 1 percent from a year ago — the first annual increase in scheduled foreclosure auctions following 44 consecutive months of annual decreases.

Scheduled foreclosure auctions in judicial foreclosure states where foreclosures are processed through the court system increased 5 percent from a year ago.

Daren Blomquist

“The August foreclosure numbers demonstrate that although the foreclosure crisis is well behind us, the messy business of cleaning up the distress lingering from the housing bust continues in many markets,” said Daren Blomquist, vice president at RealtyTrac.

“The annual increase in foreclosure auctions — the first since the robo-signing controversy rocked the foreclosure industry back in late 2010 — indicates mortgage servicers are finally adjusting to the new paradigms for proper foreclosure that have been implemented in many states, whether by legislation or litigation or both.”

For a complete copy of the company’s news release, please contact:

Jennifer Von Pohlmann
949.502.8300949.502.8300, ext. 139

HFF arranges $7.5 million financing for Palomar Place in Carlsbad, CA

Josh Simon
DENVER, CO  – HFF announced it has arranged $7.5 million in acquisition financing for Palomar Place, a 15,317-square-foot, Class A retail center in Carlsbad, California.

               HFF worked exclusively on behalf of the borrower, Hannay Realty Advisors, LP, a subsidy of MCD Realty Advisors, Inc., to secure the 3.54 percent, seven-year fixed-rate loan through a correspondent life insurance company.  HFF is also servicing the loan.

Palomar Place is situated on 1.75 acres at the southwest corner of Palomar Airport Road and Armada Drive in Carlsbad, a coastal community 35 miles north of San Diego.

 Completed in 2013, the two-building center is shadow anchored by Costco and is 100 percent leased to nine tenants, including Starbucks, Wells Fargo Bank, Supercuts, GNC and AT&T.

The HFF team representing the borrower was led by directors Josh Simon and Pat Burger and real estate analyst Leon McBroom.

Josh Simon
“Palomar Place is a very attractive retail center with great credit tenants, strong visibility and convenient access and will provide stable cash flow to the borrower,” Burger said.

Hannay Realty Advisors, a subsidy of MDC Realty Advisors USA, Inc., is a private commercial real estate company focused on the commercial markets in the western United States.

 HRA and its affiliates currently manage approximately 12 million square feet of commercial properties and has offices in Phoenix, Denver, Los Angeles, Orange County, San Francisco, Kansas City and Las Vegas. 

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |