Friday, November 28, 2014

24-Hour CVS/Pharmacy in Saugus, MA Brings $11.34 Million

Jennifer Athas
SAUGUS, MA – 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 24-hour CVS/pharmacy located approximately 13 miles north of Boston in Saugus, Mass.

The $11,340,500 sales price equates to $879 per square foot.

            Laurie Ann “LA” Drinkwater, vice president investments in Marcus & Millichap’s Boston, Mass. and New Haven, Conn. offices, along with Seth Richard in the firm’s Manhattan office, represented the seller, a national net-lease investor.

Steven Siegel in Marcus & Millichap’s Manhattan office represented the buyer. Jennifer Athas, senior associate in Boston, is the firm’s broker of record in Massachusetts.

            “The new owner took advantage of an excellent opportunity to acquire a strategically developed CVS drugstore on a long-term double-net lease with increases,” says Siegel.

Laurie (L.A.) Drinkwater
“This Route 1 corridor location north of Boston has some the highest traffic counts in the region,” adds Drinkwater.

“The site was originally acquired with redevelopment in mind. 

The three-tenant building that formerly occupied the property was demolished and three new buildings were constructed, each on its own tax parcel.”

“New development in this submarket is challenging as the rocky topography makes site work costly and municipal approvals for development are not easily obtained,” Richard concludes.

 The freestanding drugstore is located on the southbound side of Route 1 near the Main Street interchange at 1075 Broadway St. in Saugus. 

More than 115,000 vehicles per day pass the site. The property shares cross easements with a 22,500-square-foot JoAnn Fabrics store, a freestanding Bank of America branch and a 6,100-square-foot building occupied by North Shore Medical.

There are attached condos and apartments to the immediate rear of the site. Square One Mall, a 650,000-square-foot regional mall anchored by Filene’s, Filene’s Basement, Best Buy, Sears and Gold’s Gym is nearby.

The 24-hour CVS /pharmacy was built on 1.27 acres in 2008.

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

Gina Relva
Public Relations Manager
Marcus & Millichap Capital Corporation
(925) 953-1716

IPA Capital Markets Arranges $17.2 Million Multifamily Acquisition Loan in Atlanta, GA

Anita Paryani
Atlanta, GA – Institutional Property Advisors Capital Markets (IPACM), a leading provider of debt and equity placements and advisory solutions for major investors, has arranged $17,200,000 in financing for the purchase of a 153-unit high-rise apartment building in Atlanta.

            Jake Roberts and Anita Paryani, both first vice presidents capital markets in IPACM’s West Los Angeles office, structured the debt.

            “We closed the loan in just 30 days from start to finish,” says Roberts, “and the financing includes seven years of interest-only payments at a full debt service coverage ratio.”

“As always, our goal is to add value for clients in every way possible, and in addition to finding the most aggressive debt and closing quickly, we were called upon to negotiate the asset’s insurable value down by over $20 million as the appraisals’ insurable value came in quite high, which significantly impacted insurance costs until we solved the problem,” adds Paryani.

153-unit Apartment Building, Atlanta, GA
The loan is structured with a 12-year fixed term, amortized over 30 years after a seven-year interest-only period with a fixed interest rate of 4.04 percent. The loan to value is 56 percent.

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

Gina Relva
Public Relations Manager
Marcus & Millichap Capital Corporation
(925) 953-1716

$7.6 Million Bridge Loan in Hatfield, PA Arranged by Marcus & Millichap Capital Corp.

Matthew Rosenberg

 HATFIELD, PA – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged $7,659,300 in bridge financing for a mixed-use development project in Hatfield, Pa.

Matthew Rosenberg, associate director in MMCC’s Philadelphia office, arranged the financing.

“Our client needed to fund site improvements that would add significant value to the property, but the existing lender was unwilling to increase their loan amount,” says Rosenberg.

“We analyzed the client’s needs and MMCC identified a regional lender that provided a bridge- to-perm loan that would both replace the existing mortgage and provide the owner with additional proceeds. 

"We arranged 18 months of interest-only financing through the construction phase. After that, the loan converts to a permanent loan,” Rosenberg concludes.

The loan was structured with an 18-month initial term, an 18-month extension and an interest rate of 4.25 percent. The LTV is 65 percent.

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

Gina Relva
Public Relations Manager
Marcus & Millichap Capital Corporation
(925) 953-1716

Passco Companies Acquires Newly-Constructed, Leed Gold-Certified Class AA Multifamily Community in Greater Atlanta, GA for $38.8 Million

Twenty25 Barrett, 2025 Barrett Lakes Boulevard, Kennesaw, GA

KENNESAW, GA  – Passco Companies, LLC has acquired the recently completed 238-unit Class AA multifamily community Twenty25 Barrett for $38.8 million.

Gary Goodman
 The LEED Gold certified community, which was completed in February 2014, is located just outside Atlanta in the City of Kennesaw, Georgia, at 2025 Barrett Lakes Boulevard within business-centric Cobb County, according to Gary Goodman, Senior Vice President Acquisitions of Passco Companies.

 “Twenty25 Barrett is an institutional level multifamily asset, located in the rapidly growing economic hub of Cobb County,” explained Goodman.

“The asset’s location is directly aligned with Passco’s ‘Next 10’ acquisition strategy, through which we acquire properties in markets that are poised for growth and expansion over the next ten years.”

He continues, “Twenty25 Barrett’s prime location in this booming business-centric market will fuel progressive rent growth and demand for quality housing for years to come, making this a strategic acquisition for our investors.”

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

Corynne Randel / Jenn Quader
Brower, Miller & Cole
(949) 955-7940

Cohen Commercial Realty Signs Mauricio’s Barbershop In New Lease Transaction at Palm Bay West Shopping Center in Florida

Palm Bay, FL — Bryan S. Cohen, and Jason Guralnick of Cohen
Commercial Realty, Inc., announced the signing of Mauricio’s Barbershop to lease a 750-square-foot space at Palm Bay West Shopping Center located on the SW corner of Malabar Rd and Minton Rd.

Cohen Commercial Realty, Inc., represents the Landlord in
this transaction.

Cohen Commercial Realty, Inc., is a full service commercial real estate brokerage firm dedicated to fulfilling client needs quickly
and efficiently throughout the South Florida market and beyond.

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

Jamie Crocker
561.471.0212 phone
561.471.5905 fax

HFF secures $140 million financing for the Omni San Diego, CA hotel

Omni San Diego Hotel, 675 L Street in San Diego’s Gaslamp Quarter

Whitaker Johnson
DALLAS, TX – HFF announced it has secured a $140 million financing for the Omni San Diego hotel, a 511-key luxury, convention center hotel in San Diego, California.

Working on behalf of the borrower, a joint venture between TRT Holdings and JMI Realty, HFF arranged the 15-year, fixed -rate loan through AIG Investments.  Proceeds from the financing will be used to refinance the existing debt on the hotel.

                The hotel is located at 675 L Street in San Diego’s Gaslamp Quarter, a popular downtown dining, entertainment and urban shopping district. 

The 200,000-square-foot-hotel is directly across Harbor Road from the main entrance of the San Diego Convention Center and within walking distance to more than 100 restaurants, galleries and boutiques. 

The Omni San Diego was built in 2004 and renovated in 2013.  Within its 21 floors, the hotel contains 257 king rooms, 221 double rooms, 14 one-bedroom junior suites, 13 one-bedroom parlor suites, four hospitality suites and two VIP suites.

James Fowler
 McCormick & Schmick’s Seafood Restaurant, a nationally-renowned restaurant, occupies space in the hotel and provides 24-hour guest room dining.

 Additionally, the Terrace Bar & Grill provides poolside dining and Morsel’s, a gourmet coffee bar and gift shop, is in the lobby.  Hotel amenities include an 8,000-square-foot rooftop terrace, 27,000 square feet of meeting space, outdoor heated pool and spa and full-service fitness center. 

Not included in the financing are 11 floors containing 36 condominiums accessible by an entrance separate from the main hotel entrance.

                The HFF debt placement team representing the borrower was led by senior managing director Whitaker Johnson, managing directors James Fowler and Scott Hall and real estate analyst Sarah Baccich. 

                TRT Holdings is a privately-owned, diversified holding company located in Dallas, Texas.  Assets include Omni Hotels & Resorts, Gold's Gym International, Tana Exploration and numerous investments in public companies and various real estate ventures. 

Scott Hall
JMI Realty is a private real estate investment and development company that currently manages a real estate investment portfolio valued at approximately $600 million.

 The company is also the master developer of the Ballpark District in San Diego. JMI Realty was established in 1992 as the real estate investment subsidiary of JMI Services, Inc.

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 |

Essex Realty Group Brokers the Sale of an 11-Unit Multi-Family Building in Chicago, IL

Kate Varde
 CHICAGO, IL – November 19, 2014 - Essex Realty Group, Inc. is pleased to announce the sale of 500 W. Belden Ave. in Chicago, Illinois.

500 W. Belden Ave. is an eleven unit, multi-family property situated on the northeast corner of Cleveland and Belden Avenue.

The property is located within walking distance of beaches, parks, and recreation along Lake Michigan’s shore and steps from the abundant restaurants and shops of the Clark, Lincoln, and Armitage Avenue commercial corridors.

Conveniently located near public transportation, the property is situated one half-mile from the CTA Fullerton “El” station that services the red, brown, and purples lines.

The sale price was approximately $2,350,000.
Douglas Imber

Doug Imber and Kate Varde were the brokers on the transaction.

Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

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

Douglas Fisher
Essex Realty Group, Inc.

McCarthy Moves to Larger San Diego, CA Headquarters

Bob Betz
SAN DIEGO, CA – McCarthy Building Companies, Inc., one of the nation’s oldest and largest privately held construction firms, has moved its San Diego operations to a new 17,000-square-foot office headquarters located within Sky Park Office Plaza at 9275 Sky Park Court, Suite 200, San Diego, Calif. 92123.

 Previously housed at 6165 Greenwich Drive in Governor Park, the company began occupying its new space on November 24th.

 “San Diego is a community that has offered diverse building opportunities in markets we specialize in, including healthcare, K-12, higher education, corporate commercial, bioscience and parking facilities,” said McCarthy Executive Vice President Bob Betz, who is charged with overseeing the operations of McCarthy’s San Diego operations.

 “After building here for 33 years, we are solidly invested in the community and have built strong relationships with the area’s building owners and facility planners, architects and subcontractors. 

“We see a lot of opportunity on the horizon, and have moved to larger headquarters that will support our continued growth and investment in new technology and systems to offer our clients a diverse range of services, from building information modeling, pre-construction and design management to traditional general contracting services.”

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

Bonnie Kutch, Phone: (619) 299-1010  
Susan Garritano,  Phone: (314) 968-3300