Monday, September 29, 2014

HFF secures $15 million in financing for manufactured home community in Rancho Cordova, CA

Zach Koucos
SAN DIEGO, CA – HFF announced  that it has secured $15 million in financing for Mobil Country Club, a 479-unit, senior (55+) manufactured home community in Rancho Cordova, California.

                Working exclusively on behalf of Country Club Investors, LP and Storz Management Company (SMC), HFF placed the 15-year, fixed-rate, 30-year amortization loan with Voya Investment Management (formerly ING).  Proceeds will be used to retire existing debt on the property and for capital reserves.

                Mobil Country Club is situated on a 54.6-acre site at 2473 Sunrise Boulevard, approximately 10 minutes east of downtown Sacramento. 

Completed in three phases, the community is 99.2-percent occupied and includes off-street and guest parking, as well as 110 RV/boat storage spaces.  Community amenities include a heated swimming pool, clubhouse, billiard room, library, sauna and enclosed spa.

Typical Mobil Country Club Home, Rancho Cordova, CA
                The HFF team representing the borrower was led by director Zach Koucos.  HFF worked directly with SMC’s CFO Mark Weiner and president Andy Carey on the transaction.

                “Our life insurance company correspondents are very aggressive right now for long-term, fixed-rate loans on high quality multi-housing properties such as Mobil Country Club.  Many of our clients with long-term hold objectives are taking advantage of today’s unique recapitalization opportunities,” Koucos said.

“I have worked with many lending institutions and intermediaries on transactions of various sizes, and my recent experience with HFF was by far one of the best,” Weiner said.

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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 |

Marcus & Millichap Arranges $26.8 Million Sale of Cedar Trace Apartments in Maryland Heights, MO

Alex Blagojevich

 ST. LOUIS, MO, Sept. 29, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has arranged the sale of Cedar Trace Apartments, a 372-unit property in Maryland Heights, a suburb of St. Louis. The $26.8 million sales price equates to $72,043 per unit.

Marcus & Millichap vice presidents investments David Gaines and Alex Blagojevich arranged the sale, along with senior associate William Holman, Marcus & Millichap’s broker of record in Missouri.

“Cedar Trace is a stable apartment community located in a thriving northwestern St. Louis suburb,” says Gaines. “The buyer intends to take advantage of the strong demand in the rental marketplace by updating unit interiors and driving revenue at the property.”

Cedar Trace Apartments is located at 2000 McKelvey Hill Drive in Maryland Heights, 20 miles northwest of downtown St. Louis.  Its proximity to Westport Plaza, West County Mall, Interstate 270 and the Bi-State bus line make it a convenient location for its residents.

Built in 1972, the property features 50 two- and three-story buildings. The average unit size is 1,158 square feet and the average monthly rent is $854.

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

Gina Relva
Public Relations Manager
(925) 953-1716

Marcus & Millichap Arranges Sale of Burger King in Indiantown, FL for $1.1 Million

Lane Schwartz

INDIANTOWN, FL, Sept. 29, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a 2,450-square foot Burger King located in Indiantown, FL, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office.

The asset sold for $1,601,500 representing a 6.25% CAP rate.

Barry M. Wolfe, a vice president investments, and Alan Lispky, an associate, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Vero Beach, Fla.

 The buyer, a private investor from Tarzana, CA, was secured and represented by Lane Schwartz, a first vice president investments, in Marcus & Millichap’s West Los Angeles office. 

Barry M. Wolfe
“This Burger King is located on the primary trucking corridor between Lake Okeechobee and The Palm Beaches.  The lease includes unusually high rent increases for a Burger King which will increase the CAP rate for the buyer to over 7 percent in the next couple of years,” says Lipsky.

Burger King has operated from 15608 SW Warfield Boulevard in Indiantown, Fla for more than 20 years.

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

Ryan Nee
Regional Manager
Fort Lauderdale, FL

(954) 245-3400

Berger Commercial Realty Negotiates $24 Million Purchase of Palm Beach County Portfolio in Florida

Lloyd C. Berger
FORT LAUDERDALE, FL (Sept.  29, 2014) – Berger Commercial Realty announced the opening of a new office in Boynton Beach as a result of a $24 million deal it negotiated for its client, Kendall Properties.

 Kendall Properties purchased a 280,000-square-foot office portfolio from LouJA Realty in a deal that closed on Friday, Sept. 26. The portfolio consists of seven buildings on four different properties in Boynton Beach and Delray Beach.

 "Our client recognized that Palm Beach County offers better upside and saw the opportunity this portfolio provided," said Berger Commercial Realty President and founder Lloyd Berger, who brokered the deal on behalf of Kendall Properties.

 Berger Commercial Realty plans to hire six full-time staff members in its Boynton Beach office to manage and lease the buildings in the Kendall Properties portfolio, as well as existing assignments in Palm Beach County. The regional commercial real estate firm also has offices in Fort Lauderdale and Miramar, where its property management team currently oversees 7 million square feet of space throughout the tri-county area.

Woolbright Corporate Park
1901 and 1903 South Congress Avenue
Boynton Beach, FL
 The Palm Beach County portfolio consists of:

·        Delray Office Park, located at 4723, 4731 and 4733 W. Atlantic Ave. in Delray Beach; 
·        Woolbright Corporate Park, located at  1901 and 1903 S. Congress Ave. in Boynton Beach;
·        Gulfstream Professional Building, located at 500 Gulfstream Boulevard in Delray Beach;
·        Woolbright Professional Building, located 2240 W Woolbright in Boynton Beach.

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

Marielle Sologuren
Pierson Grant Public Relations
(954) 776-1999, ext. 226

Prime Property Investors Selects Greystar to Lease and Manage Newly Acquired Estates at Fountain Lake in Houston, TX

Barbara J. Gaffen
CHICAGO, IL (Sept. 29, 2014) – Northbrook, Ill.-based Prime Property Investors (PPI) announced today that it has designated Greystar Real Estate Partners to oversee leasing and property management at Estates at Fountain Lake, a 13.6-acre luxury rental community in Houston that consists of 14 three-story garden-style buildings with a total of 306 units.

Greystar is the largest operator of apartments in the United States.

 Located on Fountain Lake Drive, just east of South Dairy Ashford Road, Estates at Fountain Lake is in Houston’s Fort Bend County, one of the fastest-growing counties in the nation, according to the U.S. Census Bureau.

PPI acquired the property from Dallas-based Trammell Crow Residential (TCR) earlier this year and is in the process of executing a “value-add” strategy to further enhance the property to meet the increasing demand for upgraded luxury apartments in the area.

According to Barbara J. Gaffen, co-CEO of PPI, hiring Greystar was step one in elevating the community to one of the most exclusive luxury rental properties in the area.

“Creating a high-end living environment for residents is more than upgrading units and common areas, it’s also providing an unprecedented level of service,” said Gaffen.

Estates at Fountain Lake Apartments, Houston, TX
“Given Greystar’s world-class expertise with multifamily housing in Houston, we are confident they will provide the highest level of service to everyone living at Estates at Fountain Lake.”

The property consists of 198 one-bedroom, one-bath apartments and 108 two-bedroom, two-bath units. It is currently 98 percent pre-leased and more than 96 percent physically occupied. Average rents are approximately $1,300 per month.

For more information on Estates at Fountain Lake call (281) 494-7744 or visit

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

Kelly Shumaker
Senior Account Executive, Taylor Johnson
Direct:    312-267-4519
Phone:   312-245-0202
Fax:        312-245-9205

NAI Realvest negotiates Two New Leases at the Cherry Street Medical Plaza in Kissimmee, FL

Jeffrey W. Bloom

 ORLANDO, FL – NAI Realvest recently negotiated two new leases totaling 2,063 square feet of medical-professional space at the Cherry Street Medical Plaza, 512 W. Cherry Street off Highways 192 and 441 in Kissimmee.

 Senior Director Jeffrey W. Bloom, CCIM brokered both transactions representing the landlord, Sareen, LLC of Longwood and the local tenants.

 Katherine Welty, M.D., P.L., a family practice group leased Suite A with 1,027 square feet and JSLayson Professional Association, a family medical center focusing on sports and physical injury treatment leased Suite B.

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142

NAI Realvest Negotiates Four New Office Leases in Maitland, FL totaling over 9,500 square feet

Kristen Kemp

MAITLAND, Fla. --- NAI Realvest recently negotiated four new lease agreements in totaling 9,521 square feet of Class A office space in Maitland.

Tom R. Kelley II, CCIM, principal at NAI Realvest and associate Chris Adams represented local tenant Air Quality Assessors of Florida in the lease of 5,030 square feet at 2250 Lucien Way, Suite 305.   Natany Bramingham, Inc. is the landlord.  

 Kelley and Adams also negotiated a lease on behalf of the landlord JLR Properties, Inc. at 291 Southhall Lane.  The tenant BMI Elite d/b/a BMI Ventures, Inc. leased 1,000 square feet

 NAI Realvest principal Michael Heidrich and associate Kristen Kemp represented the landlord at 1015 Maitland Center Commons Blvd. in a lease to Steven H. Marks, P.A. for suite 104 with 1,991 square feet.  

Michael Heidrich
 Jeff Bloom, senior director at NAI Realvest represented landlord Maitland Law Centre, Inc. in a lease agreement for 1,500 square feet at 175 Lookout Place, Suite 100.  Trevisani Oral Surgery is the new tenant. 

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142

Lincoln Harris Brokers Diligent Board Member Services’ 10,186-Square-Foot Office Lease in Charlotte, NC

Marshall Willimson
CHARLOTTE, N.C. (Sept. 29, 2014) — Diligent Board Member Services Inc. has signed a 10,186-square-foot lease at the 368,092-square-foot Ally Center, located at 440 South Church St. in Charlotte.

Marshall Williamson and Jubal Early of Lincoln Harris’ Charlotte office represented the tenant in the transaction. Diligent develops software that allows organizations’ boards to prepare and disseminate materials through a secure portal to decrease paper consumption and minimize security risks.

“Diligent is excited about their Charlotte location and is already considering expansion alternatives,” Williamson said.

LEED Gold-certified Ally Center includes a state-of-the-art fitness center, a sundries store and three fast-casual restaurants. The landlord is 440 Church Street Venture LLC.

 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)

Charles Dunn Co. Completes 19,653-Square-Foot Lease with USC at World Trade Center in Downtown Los Angeles, CA

Chris Runyen
LOS ANGELES, CA, Sept. 29, 2014 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed a four-year, 19,653-square-foot lease with University of Southern California (USC) for expansion of its charter school.

The space is within the World Trade Center, a 370,000-square-foot, 10-story office building located at 350 S. Figueroa Street in Downtown Los Angeles.

Chris Runyen, senior managing director with Charles Dunn Company, represented the landlord, Jamison Properties. USC was represented by Dennis Smith, Howard Feuerstein, and Cory Campbell of Travers Realty.

With this new lease, USC is expanding its presence by nearly doubling its space within the property, and has brought World Trade Center’s occupancy up to 74 percent.

“This was an expansion of USC's Hybrid High School that has a total of 20,000 square feet on the ground floor,” said Runyen.

World Trade Center, Los Angeles, CA
“The ground floor space serves as classrooms and administrative offices for the freshman and sophomore classes. 

"This new space is located on the second floor and will provide additional classrooms for those students advancing to their junior and senior years.

“The school made some minor renovations to its new space – that was previously used for education purposes – in time to take occupancy for the 2014/2015 school year.”

Runyen added that Charles Dunn aggressively marketed the space to schools, emphasizing that they could take advantage of the existing E-1 occupancy required by charter schools. 

World Trade Center occupies the entire block of Figueroa to Flower Streets and 3rd to 4th Streets. It is adjacent to the Ketchum YMCA, the Westin Bonaventure Hotel and the Downtown Hyatt and is a short walk to numerous dining and retail amenities.

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

Darcie Giacchetto
Spaulding Thompson & Associates