Thursday, December 31, 2015

Midwest Experts Forecast 2016 Residential Real Estate Trends


Elissa A. Morgante
CHICAGO, IL – As 2015 comes to a close, Chicago-area real estate pros are setting their sights on 2016. Here are the top trends Midwest industry experts, including builders, developers, architects, designers and brokers, predict will shape the residential real estate landscape in the year ahead.


1. Developers Think Body & Soul: As a holistic approach to health becomes more mainstream, features dedicated to the well-being of both the body and soul are becoming a must-have for renters and buyers alike. “Multifamily developers continue upping the ante in terms of amenities to stay competitive, and now we’re seeing an evolution to more emphasis on overall wellness rather than strictly entertainment and recreation,” said David Kennedy, principal at KTGY Architecture + Planning’s Chicago/Midwest office. 

Developers are also focusing on mental wellness, especially in urban areas like Chicago. That’s where Crescent Heights’ Walton on the Park apartment tower features a seventh-floor meditation garden, providing an unusually tranquil space in the heart of the city, and why Waterton’s recent redevelopment of Presidential Towers included a new outdoor Zen garden. “We’re finding residents value substance over flash and are more likely to appreciate the many uses for a garden, such as meditation, yoga or reading, over a single-purpose space like a screening room,” said David Schwartz, CEO of Waterton, which owns and manages nearly 20,000 apartments across the U.S.

Taking the concept a step further and creating an entire park is Related Midwest, which is preparing to break ground on One Bennett Park, a hybrid condo/apartment tower that will include an adjacent 1.7-acre public park. “The tower and park are named after Edward H. Bennett, co-author of the Plan of Chicago, which stressed the importance of green spaces in the cityscape,” said Curt Bailey, president of Related Midwest. “More than a century later, this balance is as important as ever.”

Diana Pittro



Single-family homes are also being designed with mental wellness in mind. Elissa Morgante, co-principal of architecture and interior design firm Morgante Wilson Architects, notes more clients are requesting yoga rooms and meditation areas in their homes. “Location is a key consideration for these Zen spaces, as they’re meant to be an escape from the busiest areas of the home,” she said.


2. Down-to-Earth Living Takes Root: As farm-to-table increases in popularity, real estate pros say people will be looking to bring that trend closer to home in 2016. At Prairie Crossing, a conservation community located in Grayslake, residents have access to a 100-acre working organic farm. “Residents can lease a garden plot to farm themselves, subscribe to receive produce deliveries, or visit the farm stand to purchase produce,” said Shane Halleman, broker at john greene Realtor, who is listing homes at Prairie Crossing.



Tammy Barry






The trend is also growing at apartment communities. Property managers at Residences of the Grove in suburban Downers Grove planted an herb garden for residents. “Our foodie residents love being able to add fresh ingredients that they picked right outside their building to their meals,” said Diana Pittro, executive vice president of RMK Management Corp.

Even high-end homes are including more down-to-earth features. Morgante, from Morgante Wilson Architects, notes dedicated potting rooms, located near the garage and tricked out with custom shelving and storage, are popular among clients who enjoy gardening. The architect has also created a glass greenhouse, connected to the home’s main floor, for a client who wanted to pursue their gardening hobby year-round.



Diana Peterson


3. Empty Nesters Flock Close To Home: According to Midwest experts, a growing number of empty nesters are choosing to downsize within the same state rather than moving to warmer locales. Developers like Jerry S. James, president of Edward R. James Companies, expect to see even more boomers forego the traditional snowbird migration in 2016. “At our communities like Westgate at The Glen in Glenview and Brighton Mews in Park Ridge, boomers who raised their families in these suburbs don’t want to leave where their friends and family live so they’re drawn to our infill locations,” said James. “Another motivator for staying close to home is the convenience and comfort of staying close to their current doctors, medical care facilities, places of worship, favorite shops and restaurants.”




Randy Fifield



Brian Brunhofer, president of Meritus Homes, agrees, noting that an increasing number of ranch buyers at the builder’s The Reserve of St. Charles community are local empty nesters. “Many of these buyers plan to continue working for the foreseeable future, so they want to downsize to a single-level home close to their job,” he added. Meanwhile, Peter Brennan, president of Foxford 



Communities, reports local empty nesters make up the majority of sales at Clocktower Pointe, its condo development in Countryside. “At this stage in their lives, baby boomers want to make things as simple as possible,” said Brennan. “For most, that means enjoying a maintenance-free lifestyle with plenty of space and upscale finishes for hosting family – it doesn’t mean having to upkeep a second home far away.”





Empty nesters in search of a second home are also choosing closer-to-home options. Tammy Barry, director of sales and marketing for Heritage Harbor Ottawa Resort in Ottawa, says a large percentage of buyers at the marina resort community are retirees from Chicago’s suburbs who want a low-maintenance home with access to amenities like boating and hiking, but without moving too far from their primary home. “Heritage Harbor gives them the sense of getting away, but it’s still very easy to get back to Chicago whenever they want,” she said.


Sheila Byrne

4. Secondary Spaces Take Center Stage: As the median size of new homes has decreased in 2015, buyers in 2016 will look for ways to showcase their personal style within a smaller footprint and likely turn to secondary spaces as an outlet. "A trend we are seeing among a number of our buyers is that they are taking full advantage of the variety of high-end, stylish finishes we offer and adding distinct design elements to one small, but high-impact part of the home, such as a powder room that every visitor and guest will see,” said Jeff Benach, co-principal of Lexington Homes. “That’s especially true with buyers moving up from a condo or apartment who are eager to make the home their own, and want to add luxury within a budget."


Buyers at Enclave of Heritage Estates in Lake Barrington are also playing up secondary spaces like kitchen pantries and walk-in closets by adding furniture-quality shelving or designer lighting. “Our buyers put a lot of thought and their own design sense into the semi-custom homes at Enclave, and that extends to areas that can be overlooked as simply functional spaces,” said Andy Kiener, director of project sales for Kinzie Brokerage. “But those extra details are appreciated by buyers day in and day out.”



Jeanine McShea









Brunhofer of Meritus Homes is also seeing buyers at its semi-custom communities in Elgin and St. Charles invest in more functional upgrades. “Our buyers know they’ll get more impact from a carefully crafted mudroom that will keep their family organized than a two-story foyer,” he said. “Even tricking out the butler’s pantry so they’ll appreciate it every time they entertain is a small, yet meaningful choice.”


5. Vacation Homes Have Their Day In The Sun:  With the National Association of Realtors reporting vacation home sales in 2014 surpassed their 2006 pre-recession peak, many experts in the vacation home market expect 2015 sales to match that pace and for this strong momentum to continue in 2016, particularly as more baby boomers purchase second homes to enjoy in retirement. 



Matt Nix
“Retirees might be fueling the market, but across the board more people are buying vacation homes as a place to escape their busy lives and spend meaningful time with their families,” said Barry of Heritage Harbor Ottawa Resort. “In fact, there is increased demand for larger single-family homes in our community because buyers want a retreat where their entire extended family can gather.”


Those with a vacation home to sell are increasingly likely to do so via an auction, according to real estate auction house SVN Auctionworks. In 2015 the firm saw a substantial uptick in the vacation market and expects that trend to continue in 2016. “Gradually, homeowners are realizing auctions are not just for distressed properties, and in fact are a preferred method to sell one-of-a-kind properties like vacation homes,” said Diana Peterson, president of SVN AuctionWorks.

6. Get Your Game On: The year ahead will see a revamping of the traditional game room as developers look for new ways to differentiate their projects. According to KTGY’s Kennedy, this updated focus on gaming-style amenities is driven by millennial renters, many of whom became accustomed to amenity-rich student housing. “We’re also seeing a trend toward vintage arcade-style games, including nostalgic offerings like table-top shuffle board, which appeal to renters of all ages,” said Kennedy. 


At 1000 South Clark, JDL Development’s new luxury Chicago apartment tower that will open in early 2016, gaming amenities will be front and center. “Rather than placing arcade games, foosball and billiards in isolated corners of the building, we’ve added them to inviting spaces that also include TVs and controlled music so it’s more of a lounge environment,” said Yale Dieckmann, executive vice president and chief investment officer at JDL Development.


David Kennedy

REVA Development Partners also reports residents of all ages like to “get their game on,” naming the pool table and bocce court as top features at its rental communities The Oaks of Vernon Hills and Northgate Crossing. “Residents young and old are drawn to these games, and they’re an easy, low-pressure way to meet neighbors, socialize and build community,” said Matt Nix, principal of REVA Development Partners. 
  
Fifield Cos., known for its amenity-rich luxury rental towers, will offer its first arcade gaming center at NEXT, a new River North building. The game room will feature retro arcade games, and include old-school favorites like Pac-Man and Galaga. “With people delaying homeownership and electing to rent until a later age, it’s important that our amenities cater to a broader range of renters’ ages and interests,” said Randy Fifield, vice chairman of Fifield Cos. “The NEXT game room will offer classic games that appeal not only to Millennial renters, but also to our Generation X and older Gen Y renters. These games have a way of transporting gamers back to their youth.”

Ditching the game room rulebook is FitzGerald Associates Architects, which is designing a band room and recording studio, complete with recording equipment and acoustical treatment, at The Millennium apartment tower in Chicago’s Loop. “These days, everyone is a DJ,” said Rick Whitney, principal of FitzGerald. “With technology, you can essentially have an entire band in your iPad and create music anywhere. We’re giving residents a ‘home studio’ experience, but with a professional-quality recording studio and a place where the band can jam.”


Jerry S. James
7. Delivery Dilemmas: With residents increasingly using online sites to shop for everything from clothing and toiletries to groceries and household items, multifamily developers are paying more attention than ever to the logistics of delivery and how to handle the hundreds of packages that arrive at their buildings each day.

“We’ve pretty much seen every type of delivery, from a full set of car tires, to doggie wheelchairs, so we need to be prepared for whatever comes,” said Zach Ktsanes, asset manager at Crescent Heights, which has managed more than 5,000 units in Chicago. In addition to dedicating storage space to accommodate deliveries, its buildings use technology to manage the receipt and notification of each delivery.




RMK Management also uses a scan-and-notify electronic package management system, in addition to offering extra storage space at the nearly 30 communities it manages throughout the Midwest. “Efficient management of deliveries is key to staying on top of the volume of packages, and that starts with notifying residents nearly instantly when an item has arrived so they can collect it,” said Diana Pittro, executive vice president of RMK Management. 

And at Hubbard Place in downtown Chicago, The Habitat Company, which manages more than 23,000 units nationwide, James Bond makes the deliveries. Residents are notified via text message with a secret code they can use to open a custom wood drawer built into the lobby wall to retrieve packages. “The system, which we affectionately call ‘James Bond’ internally, lets residents access their deliveries 24/7 and allows our staff to focus on other priorities,” said Sheila Byrne, executive vice president of property management for The Habitat Company.


Brian Hoffman


8. Master Baths Go Minimalist: Citing Remodeling Magazine’s 2015 “Cost vs. Value” report – in which midrange bathroom remodels returned just 70 percent of their cost at sale, and upscale remodels returned just 60 percent – many local experts predict sweeping master baths with supersized showers and tubs will fall out of favor with buyers in 2016.
  
At Provenance, a luxury new-home community in Northbrook, Red Seal Homes is shifting square footage from the master bath to a master sitting room, dressing room or larger walk-in closet. “Buyers are preferring a walk-in shower with a custom tile base over the separate shower and soaking tub, which takes up far more space,” said Brian Hoffman, an executive with Red Seal Homes. 

Similarly, developer Sedgwick Properties has started foregoing tubs in the master bath in favor of larger, stand-alone showers. “Typically, other bathrooms in the home already have a tub for guests, making them less essential in the master,” said Marty Paris, president of Sedgwick Properties. But a smaller footprint doesn’t mean homeowners want their master bath to be any less luxurious. “The decrease in size not only frees up space elsewhere in the home, but also makes it possible to splurge on fixtures and finishes that might not otherwise be economical.”

Perhaps the biggest change is the overall perception of the master bath. “Many of these larger master baths were modeled after spas or hotels, but some homeowners discovered they would rather go to the spa for the full experience than try to replicate it in their home,” said Jeanine McShea, managing broker of Chicago-based Related Realty.


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

Kim Manning, kmanning@taylorjohnson.com, 312-267-4527
Sarah Lyons, slyons@taylorjohnson.com, 312-267-4520



Crossman & Co. Handles sale of former restaurant building in Southwest Orlando, FL for $970,000

  
Tyler Wilkins
ORLANDO, FL --- Crossman & Company, one of the largest retail leasing, management and investment sales firms in the Southeast, recently negotiated the $970,000 sale of a restaurant building at 5320 S. Kirkman Rd. in southwest Orlando

Tyler Wilkins, associate at Crossman & Company, negotiated the transaction representing the seller of the 3,363 square foot former Carmellas Pizza restaurant near the intersection of Kirkman and Vineland Roads.

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

Beth Payan or Larry Vershel, Larry Vershel Communications 407-644-4142 Lvershelco@aol.com

Crossman & Co. negotiates new leases at Five Kissimmee, FL Shopping Centers


Rochelle DuBrule
KISSIMMEE, FL --- Crossman & Company, one of the largest retail leasing, management and investment sales firms in the Southeast, recently negotiated new leases at five Kissimmee shopping centers for more than 6,746 rentable square feet.

Associate Rochelle DuBrule represented Osceola Corporate Center in a lease agreement with Café, Deli and Bistro for 1,600 square feet. 

 Located at 1301 W. Osceola Parkway near the intersection of John Young Parkway, the center serves the neighboring Crosslands residential development. 

Jose Idnacio of Roman’s Pro Realty represented the tenant who joins Logan’s Roadhouse, Ashley Furniture and McCoy Federal Credit Union. 

At The Loop, DuBrule negotiated a new lease with Little Greek who will open their second Central Florida location in 1,446 square feet at the power center located at 3208 N. John Young Parkway.  Little Greek’s first location is at Waterford Lakes Town Center in East Orlando.

DuBrule negotiated a lease for 1,300 square feet at Lakeview Plaza a Publix-anchored center located at 2310 Fortune Rd. near the intersection of Simpson Rd.   Mighty Wings is the new tenant at the neighborhood shopping center where Antonio’s Pizza, Modern Nails and Kissimmee Liquor are among current tenants.


Katherine Rush










At Plaza on Main shopping center, DuBrule negotiated a lease with K Beauty Supply for 1,212 square feet at 1700 N. Main St. at the corner of Highway 192.  

Among the tenants the beauty supply store joins are Save-A-Lot, Bennett Auto and Family Dollar.

DuBrule and Crossman & Company Senior Associate Katherine Rush negotiated a lease with American Kitchens for 1,200 square feet at Columbia Promenade, 1251 W. Columbia Ave. off John Young Parkway. 

The new tenant, which provides cabinets, flooring, countertops, cabinetry and appliances for home remodeling, joins anchor tenant Publix along with T-Mobile and H&R Block.


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


Beth Payan or Larry Vershel, Larry Vershel Communications 407-644-4142 Lvershelco@aol.com

NAI Realvest Negotiates $750,000 Acquisition of Vacant Land in East Orlando, FL

  
Jason G. Toll
ORLANDO, FL --- NAI Realvest recently closed on the acquisition of a two-acre vacant parcel at 3140 N. Alafaya Trail in East Orlando 

Jason G. Toll, director of industrial services at NAI Realvest, negotiated the sale representing the buyer, Chabad at UCF, Inc. a Jewish student center organization that paid $750,000 for the property.

The seller was Dallas-based BellSouth Telecommunications, LLC represented by Rick Widerman of Jones Lang LaSalle.


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



Beth Payan or Larry Vershel, Larry Vershel Communications 407-644-4142 Lvershelco@aol.com



MVP REIT II, Inc. Breaks Escrow; Has met its minimum offering of $2 million in subscriptions

  

SAN DIEGO, CA -– MVP REIT II, Inc. (“MVP REIT II”) announced the real estate investment trust fulfilled its minimum offering of $2 million in subscriptions on December 30, 2015.

Funds from subscriptions are now available to the REIT for the acquisition of real estate assets and other purposes. 

Residents of Pennsylvania and Washington will not be admitted until gross offering proceeds exceed $25 million and $10 million, respectively, in shares sold.

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

Julie Leber
Spotlight Marketing Communications    
(949) 427-5172 ext. 703



Wednesday, December 30, 2015

Hold-Thyssen Negotiates Five New Leases at Kirkman and Edgewater Commerce Center in Orlando, FL


Alex Rowlinson
WINTER PARK, FL --- Hold-Thyssen, Inc., a commercial property firm based in Winter Park, recently negotiated five new leases for 11,287 rentable square feet of flex space at Kirkman and Edgewater Commerce Centers in Orlando.

The Hold-Thyssen leasing team of Troy Stevens and Alex Rowlinson negotiated the transactions at both centers representing the landlord, a South Florida investor.

ATF CrossFit, leased 6,022 square feet at 701 S. Kirkman Rd. in Kirkman Commerce Center for three years.  Another lease at Kirkman Commerce Center was a smaller 723 square feet for one year but the deal was executed the day of initial meeting and tenant Allied Trucking of Florida started doing business the following day. 

  Also in December at Kirkman Commerce Center one year leases were signed by Crash Marketing Corporation for 542 square feet and Florida Corporate Branding, 2,400 square feet.

At Edgewater Commerce Center, 6250 Edgewater Drive, Florida Interlock Inc. leased 1,600 square feet for five years.  

The Hold-Thyssen team signed up all five new tenants after these properties were sold earlier this fall to a new South Florida investor owner. 

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

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142 Lvershelco@aol.com

Berger Commercial Realty Secures More Than 50,000 Square-Feet of Lease Transactions Throughout South Florida


 
Roxanna Collins
FORT LAUDERDALE, Fla. (December 30, 2015) – Berger Commercial Realty brokers Joseph Byrnes, Roxanna Collins, Robert Dabrowski, John Forman, Keith Graves, Greg Milopoulos, and Jonathan Thiel recently closed lease transactions totaling a combined 50,332 square-feet of space throughout South Florida.

Sterling Business Center

Collins represented Mancini and Sons Florida #2 in renewing 2,432 square-feet of industrial space to Limitless Strength and Conditioning, LLC at the Sterling Business Center in Deerfield Beach. Located at 5051 N.W. 13th Ave. between Powerline and Green roads, the property consists of two buildings that total more than 48,000 square-feet of space and feature glass-front façades, 18-foot clear ceiling heights, tilt wall concrete construction, overhead drive-in shipping doors, exterior building maintenance and ample parking.


Joseph Byrnes




Prologis I-595

Graves and Milopoulos represented Prologis-North Carolina Limited Partnership for the renewal and expansion lease of 22,610 square-feet of industrial space to Encompass Supply Chain Solutions, Inc. at Prologis I-595. Located at 7060 State Road 84 in Davie,

Delray Office Plaza

Byrnes and Dabrowski represented Delray Office Plaza landlord Atlantic Properties & Investments, LLC in the renewal and expansion lease of 10,076 square-feet of office space to CS Media Solutions, LLC; the renewal of 4,731 square-feet of office space to 3M Company and the expansion lease of 1,205 square-feet of office space to LA Consulting and Counseling, LLC. The property is at 4733 W. Atlantic Ave. in Delray Beach.

Woolbright Professional Building

Additionally, Byrnes and Dabrowski represented Woolbright Properties & Investments, landlord of the Woolbright Professional Building, for the renewal of 2,668 square-feet of office space to Extra Space Management in suite 219 and the new lease of 1,262 square-feet of office space to Advance Title Solutions in suite 413. The property is at
2240 W. Woolbright Road in Boynton Beach,

Robert Dabrowski
Cypress Creek Tower

Graves and Thiel represented Cole International Investments, LLC in leasing 2,054 square-feet of office space to Converged Services, Inc. at Cypress Creek Tower in Fort Lauderdale. The property is at 800 W. Cypress Creek Road just west of I-95.

361 S.W. 13th Ave.

Forman represented MMJ Electric, Inc. in leasing 2,000 square-feet of industrial space from Zedick Properties, LLC at 361 S.W. 13th Ave. in Pompano Beach.

Toral Professional Building

Graves and Thiel represented Allegheny Millwork in leasing 1,294 square-feet of office space from Toral Professional Building, LLC at 4780 S.W. 64th Street in Davie.

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

954-776-1999
Pierson Grant Public Relations
Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Marielle Sologuren, ext. 226, msologuren@piersongrant.com

Tuesday, December 29, 2015

RealtyTrac Analyzes Residential Rental Affordability in 2016

 

IRVINE, CA -- RealtyTrac analyzed recently released rental data from HUD, wage data from the BLS along with public record sales deed data we collect in 504 counties with a population of at least 100,000 and found the following regarding rental affordability in 2016.

Highlights in the report:

·         It is more affordable to buy than to rent in 58 percent of the 504 counties (with a 3 percent down payment).

·         Rents are rising faster than wages but slower than home prices

o   Rents on 3-bedroom properties in 2016 up 3.5 percent on average from 2015

o   Average weekly wages up 2.6 percent year-over-year

o   Median home prices up 5.0 percent year-over-year

·         Most affordable and least affordable rental markets for average wage earners

o   Across all 504 counties average rent requires 37 percent of average wages

o   Top five least affordable counties for renters are in Honolulu, Washington, D.C., New York City (Brooklyn), and Northern California metros of Salinas, Santa Cruz and San Francisco. Average rent requires more than 60 percent of average wages in all five least affordable counties.

·       Top five most affordable counties for renters are in Huntsville, Alabama; Peoria, Illinois; Davenport, Iowa; Atlanta; and Pittsburgh. Average rent requires 25 percent or less of average wages in all five most affordable counties.Boston Bruins 1950-51 Roster

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

 Jennifer von Pohlmann
 Sr. Data PR Manager
 Office: 949.502.8300 ext 139
 jennifer.vonpohlmann@realtytrac.com

Wyndham Hotel Group Brings Flagship Brand to Argentina; Reaches 35th Hotel in the Country


Paulo Pena
BUENOS AIRES, ARGENTINA – Building on more than 16 years of experience in Argentina, Wyndham Hotel Group announced the debut of its namesake brand, Wyndham Hotels and Resorts®, in Argentina with the opening of the 141-room Wyndham Nordelta Tigre Buenos Aires.

"Famous for its culture, customs, geography and cuisines, Argentina continues to be a favorite destination for global travelers and a key market for Wyndham Hotel Group,” said Paulo Pena, president and managing director for Wyndham Hotel Group in Latin America and the Caribbean.

 “Adding our world-renowned upscale brand to the country complements our existing portfolio of 34 hotels, which not only includes the Ramada and TRYP by Wyndham brands, but also the largest network of Howard Johnson hotels in Latin America, and the award-winning global Wyndham Rewards loyalty program. ”
  
For a complete copy of the company’s news release, please contact:

Paula Carreiro
Wyndham Hotel Group
22 Sylvan Way
Parsippany, NJ  07054
(973) 753-7927

112 acres of industrial development land in Lakeland, FL Sold; Buyer plans to develop Class A distribution centers

  

 
Dolores Seymour
LAKELAND, FL  (Dec. 29, 2015)  – As the I-4 corridor continues to be a prime focus for industrial development, a 112-acre land parcel located at I-4 exit 38 near Florida Polytechnic University has sold.

 The buyer plans to build Class A distribution centers to accommodate companies that require 200,000 to over 1 million square feet of space. 

This is the largest speculative industrial project in Lakeland in nearly a decade.

The seller, RG-Lakeland LLC, an entity of New York-based The Rockefeller Group, was represented by Edward Miller, CCIM, SIOR; Dolores Seymour, CCIM, MCR, SIOR; and Deborah Mickler, CCIM, SIOR of Colliers International Tampa Bay.

The buyer is Big Acquisitions LLC, an entity of Brennan Investment Group, a private real estate investment firm based in Rosemont, Ill.

Deborah Mickler
Brennan Investment Group acquires, develops and operates industrial properties nationwide, and previously worked on the development of a nearby land parcel off I-4 that is now successfully operating as First Park at Bridgewater. That park is fully occupied at over 2 million square feet.

“This is a massive project for Lakeland and a significant endorsement for the I-4 corridor,” said Colliers’ Miller. “This development together with recent market activity confirms Lakeland’s place as a growing distribution market of national importance.”

The land is located at 3401 Old Polk City Road in Lakeland, near I-4 Exit 38.
 
For a complete copy of the company’s news release, please contact:

Leah Saunders 
Senior Account Executive
B2 Communications
p 727.895.5030 x104 | c 813.924.0367


HFF closes $165.4 million sale of 12-property Mid-Atlantic apartment portfolio


 
Jose Cruz
FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of a 12-property apartment portfolio totaling 2,811 units located in New Jersey, Pennsylvania and Delaware. 

HFF marketed the offering exclusively on behalf of the seller, AIG Global Real Estate Investment Corp.  An undisclosed buyer purchased the portfolio for approximately $165.4 million free and clear of existing debt.  

This transaction represents the largest multi-housing sale of 2015 in New Jersey, according to Real Capital Analytics.

The well-leased, garden-style communities offer a mix of one-, two- and three-bedroom units averaging approximately 800 square feet in size.  

Amenity packages vary by community but include fitness centers, swimming pools, tennis courts, playgrounds and dog parks.  

Several of the properties have undergone interior unit upgrades with proven rental premiums.  Seven of the properties are located New Jersey; three in Pennsylvania; and two in Delaware.

Andrew Scandalios
The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz, Andrew Scandalios and Mark Thomson, managing director Kevin O’Hearn and associate directors Michael Oliver and Steve Simonelli.

“We had a significant amount of interest on these assets given their upside potential and given the size of the portfolio,” stated Cruz.  “The buyer performed very well and on-time given the complexity of the deal.”

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 | www.hfflp.com

NAI Realvest Negotiates Sale of Office Building on Maitland Ave. in Altamonte Springs, FL for $205,000

   
 
Chris Adams
 ORLANDO, FL – NAI Realvest recently negotiated the $205,000 sale of a single-story, stand-alone office building located at 657 Maitland Ave. in Altamonte Springs. 

Chris Adams, associate at NAI Realvest negotiated the transaction representing the seller, Habib Properties Florida LLC based in West Branch, Michigan. 

The building, with 1,518 useable square feet, was purchased by Winston A.R. McClean PA for its law practice.     Mike Phillips of Keller Williams represented the buyer.



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



Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

Marcus & Millichap Arranges Sale of Logan’s Roadhouse in Orlando, FL for $3.8 million


Logan's Roadhouse Restaurant, 3060 West Sand Lake Road, Orlando, FL

Barry M. Wolfe
ORLANDO, FL – 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 Logan's Roadhouse, a 7,995-square foot net-leased property located in Orlando, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $3,800,000 equating to $475 per square foot.

Barry M. Wolfe, a first vice president investments, Alan Lipsky, an associate, and Howard Bregman, a senior associate, all in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Toronto, Canada. The buyer was a limited liability company from Miami.

“Strong investor demand for triple-net-leased Orlando properties has created bidding competition and allowed the average sales price per square foot to rise 2.9 percent to $390 per square foot over the past year. This is nearly 25 percent higher than other Florida metros and more than 50 percent higher than the U.S. average,” says Bregman.

“We received multiple offers on Logan’s Roadhouse and it ultimately traded at $475 per square foot,” says Lipsky. “The restaurant is located in a busy retail corridor and has more than 14 years remaining on its lease. It’s an excellent long-term investment for the buyer.”

The 7,995-square foot restaurant was built in 1999. Logan's Roadhouse is located at 3060 West Sand Lake Road.  It is less than six miles from SeaWorld and Universal Studios, 10 miles from Walt Disney World and 11.5 miles from Orlando International Airport..

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

  Ryan Nee
Regional Manager
 Fort Lauderdale, FL

(954) 245-3400

PM Hospitality Strategies, Inc. Announces the Opening of Hampton Inn & Suites by Hilton Washington, DC--Navy Yard


Joseph Bojanowski
  WASHINGTON, DC, Dec. 29, 2015—Officials of PM Hospitality Strategies, Inc. (PMHS), a leading, national hotel management company, today announced the opening of the 168-room Hampton Inn & Suites by Hilton Washington, D.C.-Navy Yard.

Located at 1265 First Street SE, in the heart of our nation's capital, the hotel is well positioned near iconic monuments, national parks and one block from the metro station where access to Capitol Hill, The White House and the National Mall areas are readily available.

            "In addition to our five, recently announced management agreements throughout Pennsylvania, the Hampton Inn & Suites by Hilton Washington, D.C.-Navy Yard keeps us on pace to have one of our most active years in our history," said Joseph Bojanowski, president of PMHS.

"Washington, D.C., which receives approximately $1.9 billion from tourists on lodging annually, also happens to be our headquarter location, making this a particularly gratifying addition to our growing portfolio of third-party management contracts with reputable owners of well recognized and respected hotel flags.” 

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

Sonia Abdulbaki, media
  (703) 435-6293



Monday, December 28, 2015

JLL Reports Rising Rents and Industry Expansion Push Technology Firms To Key Growth Markets


Julia Georgules
PHOENIX, AZ,  Dec. 28, 2015 – According to JLL’s 2015 United States Technology Office Outlook, technology firms and startups aren’t just exploring new U.S. markets, they’re starting to plant roots.

Over the past year, 73 percent of the sector’s office leases represented occupancy growth. 

With Northern California holding nine of the top 15 most expensive in-demand technology submarkets—led by Downtown Palo Alto at $98.68 per square foot—tech firms are looking to other zip codes to fuel their future.

Expansion for the technology industry in 2015 is no longer just about the convenience of cheaper rents or accessing new talent pools. It’s a strategic necessity.

“Technology companies and startups need to look at a full range of options as part of their location strategy,” said Steffen Kammerer, leader of JLL’s Technology Practice group. “These companies have to grow.

“They can still hold a headquarters in the Bay Area, but their offices in secondary or tertiary markets can sometimes support larger staffs or hold just as much strategic importance to their business plans. We’re seeing this now more than ever.”

Fortunately, according to JLL’s report, the same economic forces that are pushing rents higher along familiar Northern California streets like Sand Hill Road and Hamilton Avenue—which at $141.60 and $124.44 per square foot respectably are the most expensive in the United States—are making it possible for the sector to spread the wealth into markets like Atlanta, Detroit, Orlando and Phoenix.

 In the past year, 34 technology companies expanded into new locations across 19 markets with more than 2.1 million square feet of office space.

Steffen Kammerer
“Other markets are not competing against Silicon Valley. They’re competing to be more like Silicon Valley,” said Julia Georgules, Director of U.S. Office Research for JLL. “Technology has become so pervasive in business that it’s now becoming a part of every industry and every market.

“This is generating a new momentum and energy in smaller markets and making them attractive to the type of talent that the technology industry is recruiting. It’s not necessary to be located in San Francisco or Silicon Valley anymore as a result, although you’ll still find great opportunity in those markets.”

Venture capitalists are even casting a wider net across the United States. Last year, 75.8 percent of unicorn companies were located in San Francisco and Silicon Valley; however, that number has shrunk to 59.2 percent with a remaining share in Utah, Oakland-East Bay, Boston, Washington, D.C. and Orange County.


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

Stacey Hershauer
focusAZ
Marketing & Public Relations
(480) 600-0195

John Crossman Among Prestigious Panel Invited to Seminole County Regional Chamber’s First 2016 Good Morning Seminole Event


Justin Sand
ORLANDO, FL --- John Crossman, president of Crossman & Company and widely regarded as an expert on retail trends, was invited to participate in Good Morning Seminole Jan. 7 at the Lake Mary Events Center, 260 N. Country Club Rd. 

Commercial Real Estate is the focus of the event and Crossman will be on the panel from 8 to 9 a.m. along with Justin Sand, president of Epoch Residential, Craig Ustler, founder of Ustler Development and others to be determined. 
      
The panel will educate between 100 and 150 attendees on the outlook for Seminole County commercial real estate developments in the near future.   Crossman will share his perspective on shopping centers in the market.

Florida Blue is a major sponsor of the event which is free to chamber members and $10 for non-members.  


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

Beth Payan, Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com


The Altman Companies Hires Robbie Thapa as Director of Marketing

  
Robbie Thapa
 BOCA RATON, FL, Dec. 28, 2015 – The Altman Companies, a nationally recognized developer of luxury apartment communities, hires Robbie Thapa as director of marketing.

 He is responsible for all marketing initiatives and corporate branding efforts for The Altman Companies, both in digital and print platforms.

  Additionally, he leads the implementation of strategic marketing planning for all new lease-ups, and oversees lead management and trend analysis for the entire Altman portfolio. He will be based in Altman’s Boca Raton headquarters.

Prior to joining The Altman Companies, Thapa was with Trade Street Residential, a public REIT that has closed on more than $2 billion in multifamily residential communities and developments. 

He directed all marketing activities for 19 properties throughout the Southeast. Thapa began his career in multifamily as an interior design manager for a leading property management company in Chicago.

“Robbie will play an integral role in our company’s branding,” said Joel Altman, chairman of The Altman Companies. “His marketing expertise and sensitivity to excellent design will be valuable to us and we’re excited to have him on our team."

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

BoardroomPR
Ashley Fierman, afierman@boardroompr.com

(954) 370-8999

Mortgage Bankers Association Reports Commercial and Multifamily Mortgage Debt Continues Rise Led By Commercial Banks in Third Quarter


Jamie Woodwell
WASHINGTON, DC -- The level of commercial and multifamily mortgage debt outstanding increased by $38 billion in the third quarter of 2015, as three of the four major investor groups increased their holdings.  That is a 1.4 percent increase over the second quarter of 2015.  

Total commercial/multifamily debt outstanding stood at $2.76 trillion at the end of the third quarter.  Multifamily mortgage debt outstanding rose to $1.02 trillion, an increase of $19.3 billion, or 1.9 percent, from the second quarter.

“Commercial and multifamily mortgage debt outstanding continued to climb in the third quarter, driven by increases in the dollar amount of loans held in bank portfolios,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research. 

“Banks accounted for 85 percent of the total increase, adding $32 billion to their holdings of commercial real estate loans, the largest amount since the series began in 2007.”

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

Ali Ahmad

(202) 557-2727

Sunday, December 27, 2015

Marcus & Millichap Brokers $4.18 Million Sale of Golden Corral Restaurant Site in Pompano Beach, FL


Golden Corral Restaurant, 2100 West Atlantic Boulevard, Pompano Beach, FL

POMPANO BEACH, FL – 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 Golden Corral, an 11,035-square foot net-leased property located in Pompano Beach, Fla. The asset sold for $4,178,917.

Scott C. Sandelin
Scott C. Sandelin, a 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 Aventura, Fla.  

The buyer, a limited liability company from Aventura, Fla., was secured and represented by Adam J. Tiktin, a first vice president investments, and Debra Franklin, an associate, also in Marcus & Millichap’s Miami office.

“This was an opportunity to purchase a strong performing asset with 13 years remaining on an absolute triple-net lease,” says Tiktin.   “The operator is the fourth largest restaurant franchisee in the U.S. and the largest Golden Corral franchisee.”

“We received multiple offers and closed less than three months from bringing it to market for just under list price,” adds Sandelin.

The 11,035-square foot restaurant was built in 2005 and is situated on a 1.8 acre lot. Golden Corral is located at 2100 W. Atlantic Blvd. on a signalized intersection. It is an out-parcel to Wal-Mart Supercenter and is surrounded by national tenants.


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

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

(786) 522-7000