Tuesday, June 30, 2015

Marcus & Millichap Brokers $2.7 Million Sale of SkyPoint Retail in Tampa, FL


 
Armando Rodriguez
TAMPA, FL, June 30, 2015 – 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 SkyPoint Retail, a 9,907-square foot retail property located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset sold for $2,700,000.

Armando Rodriguez, associate, and James Medefind, senior associate, in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller.  

The buyer was secured and represented by Casey Babb, CCIM and vice president investments, in Marcus & Millichap’s Tampa office. 

SkyPoint Retail is comprised of five ground floor retail units in the most exclusive residential high-rise in downtown Tampa, Skypoint, located at 777 North Ashley Drive.

James Medefind
Skypoint is a 33-story residential tower built in 2007 which houses 380 residential condos; often selling for the highest price per foot in the region. 

Within the next five years, two additional residential towers will be constructed within two blocks of Skypoint, effectively doubling the residential population base with in this dense cityscape to keep up with existing demand.

 In addition to the residential population in downtown Tampa, it is also home to the largest business and financial district in Tampa Bay with a major presence of Fortune 500 companies, including Bank of America, PNC, Wells Fargo and Verizon. 

Within walking distance is the Tampa Convention Center, Amelia Arena, Tampa Port and Channelside. 

“It’s the highest price per foot we’ve seen in downtown Tampa for retail space,” says Medefind.  

“We were successful in bringing a large diverse population of buyers, both local and from out of the area,” he said, “and all were very, very aggressive buyers when it came to price and wanting to invest in downtown Tampa.” 

“The city of Tampa has done an excellent job over the past five years reinvesting in its downtown waterfront park system, new riverwalk, museums, etc.,” adds Casey Babb, CCIM, “and the buyer recognized the opportunity to buy-in at the forefront of what looks like it will be a huge explosion of new development in the coming years.  To be able to obtain a trophy real estate asset in an emerging market like downtown Tampa was a no brainer.” 

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

Richard D. Matricaria
Vice President/Regional Manager
 Tampa, FL

(813) 387-4700

Lincoln, Representing Landlord General Electric Credit Equities, Inc., Brokers Two Leases in Metro Atlanta Totaling More Than 21,500 Square Feet


Jeff Henson
ATLANTA, GA (June 30, 2015) – Lincoln Property Company Southeast (Lincoln) has brokered two leases in Metro Atlanta totaling more than 21,500 square feet.

Jeff Henson and Denton Shamburger of Lincoln’s Atlanta office represented the landlord, General Electric Credit Equities, Inc., in both transactions.

Details of the transactions are below:

·      Atlanta Pain Clinic renewed its 1,711-square-foot lease for an additional seven years at Southlake Corporate Center, located at 3000 Corporate Center Drive in Morrow, Georgia. 

John Cobb with Newmark Grubb Knight Frank represented the tenant.

·      SELEX GALILEO, Inc. renewed its 19,820-square-foot lease for an additional 44 months at 5085 Avalon Ridge Parkway in Norcross, Georgia. Aaron Sommer with Newmark Grubb Knight Frank represented the tenant.

For a complete copy of the company’s news release, please contact: 
 
Savannah Duncan
The Wilbert Group
404-343-0870

Amata Office Solutions Completes Renovation of Hybrid Shared Office and Co-working Center in Chicago’s East Loop


                       
Ron Bockstahler
CHICAGO, IL (June 30, 2015) – Chicago-based real estate company Amata Office Solutions today announced the completion of its shared office/coworking center on the 28th floor of 150 N. Michigan Ave., concluding a two-month renovation that updated the center’s 55 private offices and reconfigured common areas to offer a greater variety of workspaces that cater to today’s increasingly mobile workforce.

 “The needs of today’s workers are very different from when we opened this center 10 years ago, and we felt that by investing in this renovation, we were simultaneously investing in the success of our clients,” said Ron Bockstahler, co-founder and CEO of Amata Office Solutions and the company’s affiliated office brokerage, Amata Realty Group.

 “As one of the more established alternative office providers in Chicago, we’ve seen companies embrace fully open floor plans, only to discover they interfered with the day-to-day operations of their business.

“This hybrid floor plan strikes a balance between too much and too little privacy, delivering on-demand office space that provides all of the social and professional benefits of coworking without forcing businesses to go all-in on a particular office model.”

For a complete copy of the company’s news release, please contact:  
Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

Lexington Homes Reaches 75-Percent-Sold Milestone at Park Ridge Place Townhomes in Park Ridge, IL


Jeff Benach
CHICAGO, IL (June 30, 2015) – Prior to completing construction on the first building, Chicago-based Lexington Homes has already sold 75 percent of the homes at Park Ridge Place, a gated community of 16 townhomes in the upscale suburb of Park Ridge. First move-ins are scheduled for September 2015.

 “The size and features of the homes, combined with their desirable location, have made Park Ridge Place a popular option for everyone from first-time homebuyers to empty nesters,” said Jeff Benach, co-principal of Lexington Homes.

“For example, luxury finishes such as granite countertops in the kitchen and bathrooms, ceramic flooring in the entryway and baths and hardwood flooring throughout the main level come standard in every home at Park Ridge Place.

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

Kelly Shumaker, kshumaker@taylorjohnson.com, 312-267-4519

Emily Johnson, ejohnson@taylorjohnson.com, 312-267-4522

Lincoln Brokers North Point Ministries’ Lease Expansion at One Point Royal in Alpharetta, GA



Michael Howell
ATLANTA, GA (June 30, 2015) – Lincoln Property Company Southeast (Lincoln) has brokered North Point Ministries’ 6,746-square-foot expansion at One Point Royal, a two-story, 149,690-square-foot office building in Alpharetta, Georgia, in metro Atlanta’s North Fulton submarket.

 In conjunction with the expansion, North Point Ministries has also extended their lease at the building and now occupies 48,329 square feet at One Point Royal.

Michael Howell and Matt Davis, each a vice president of office leasing at Lincoln, represented the landlord, OA Development, in the transaction.

 Scotland Wright of Scotland Wright & Associates represented North Point Ministries, which last year was named the largest church in the United States by Outreach magazine.

One Point Royal serves as the administrative offices for North Point Ministries while North Point Community Church, the largest of the North Point Ministries churches, is located adjacent to One Point Royal.

Matt Davis
“We are very excited about North Point Ministries’ expansion and continued commitment to One Point Royal,” Howell said. 

“It is in large part a tribute to the outstanding job OA Development has done since acquiring the property late last year, and to the strong relationships they have developed with the existing tenants.”

One Point Royal sits on 7.2 acres and is part of the Royal 400 office park. Located 10 miles north of I-285 and only half an hour from Hartsfield-Jackson Atlanta International Airport, the building also offers easy access to Georgia 400 and North Point Mall.

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

Savannah Duncan
The Wilbert Group
404-343-0870

CBRE Global Investors Fund Sells 201 17th Street Office Building in Midtown Atlanta


John Gilb
LOS ANGELES, CA, June 30, 2015 – CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors, has sold 201 17th Street in Atlantic Station in Midtown Atlanta following a successful repositioning of the property.

The execution of the business plan resulted in an increase in leasing at the 17-story building from 48 percent to 91 percent since the fund acquired the property in 2012.

Both the CBRE Strategic Partners U.S. Value 6 and CBRE Strategic Partners Opportunity 5 funds own other buildings within Atlantic Station including another office building, a parking garage and a majority ownership stake in the Atlantic Town Center retail centerpiece.

As part of its repositioning strategy at Atlantic Station, CBRE Global Investors has leveraged the latest technology to enhance the experience of retail guests, office workers and residents.

“Midtown is the epicenter of technology and creative business in Atlanta,” said John Gilb, Principal, CBRE Strategic Partners U.S. 

“But beyond offering a prime location at Atlantic Station, we have focused on making this space even more desirable by anticipating and accommodating tenants’ needs and creating a pre-eminent environment for innovation that helps tenants attract and retain young professionals.”

201 17th Street, Midtown Atlanta, Atlanta, GA
Technology companies migrating to Atlantic Station comprise the majority of the newly added tenants at 201 17th Street as the area is increasingly gaining a reputation as “Silicon Peach.” 

The fund decided to sell the property to benefit its investor clients by taking advantage of strong institutional interest in core office product in Atlanta.

“There is strong momentum in Midtown as a destination for companies seeking an urban, infill, mixed- use environment that helps attract millennials,” Gilb said. 

“This is resulting in a huge influx of tech tenants. With the completion of our value-added strategy, this was the optimal time to sell to an investor who was interested in what we have transformed into a core asset.”

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

Pam Barnett
Corporate Communications Director

HFF announces equity raise and financing for development of No. 9 Walton in Chicago, IL


Rendering of planned No. 9 Walton Condominium Development
Gold Coast Neighborhood, Chicago, IL


Matthew Lawton
CHICAGO, IL – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged an equity raise and financing on behalf of JDL Development, LLC for the development of No. 9 Walton, a 67-unit, super luxury condominium project in Chicago’s Gold Coast. 

The equity capital was provided by Cindat Capital Management Ltd.  iStar Inc. is providing the project’s debt financing in the form of a first mortgage and mezzanine construction loans.

Due for completion in 2017, No. 9 Walton will be built on a site at the intersection of West Walton and North State Streets, less than a block from Washington Square Park and in close proximity to numerous dining and retail amenities in Chicago’s Gold Coast and Miracle Mile neighborhoods.

 The 36-story landmark project will contain 67 residences averaging 4,000 square feet each that are well equipped with top-of-the-line luxury finishes throughout.

 The amenity-rich tower will include an indoor lap pool, hot tub, steam room, sauna, fully-equipped fitness center with Pilates and Gyrotonic machines, private wine storage, private dining room, covered dog run, dry cleaning service and car service.  35 percent of the units were pre-sold at time of closing. 

The HFF team representing the developer, JDL Development, LLC, was led by executive managing director Matthew Lawton and senior managing director Dan Cashdan.

For a complete copy of the company’s news release, please contact:
  
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

HFF closes $33 million sale of Class A cold storage industrial facility in Chicago, IL


Preferred Freezer leased cold-storage facility, 2500 South Damen Avenue, Chicago, IL


CHICAGO, IL – June 30, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $33 million sale of a 128,200-square-foot, Class A, cold-storage industrial facility 100 percent leased to Preferred Freezer Services in Chicago, Illinois.

Jordan Angel
HFF marketed the property to a limited number of qualified investors on behalf of the seller, Romel Enterprises, LLC.  AAG Management purchased the asset free and clear of existing debt.

Completed in 2003, the one-story building features 6.6 million cubic square feet of freezer capacity; a 22,200-square-foot refrigerated loading and unloading dock; U.S.D.A, F.D.A and U.S.D.C. designated inspection areas; HACCP certification; 16 dock doors with levelers and seals; a 100-percent-diesel backup generator to run the entire facility; private QA laboratories for on-site sampling and 24-hour security. 

Situated on six acres at 2500 South Damen Avenue in southwestern Chicago, the location provides access to rail and interstate systems, including Interstate 55.  Additionally, the facility is 21.3 miles from Chicago’s O’Hare International Airport.

The HFF investment sales team representing the seller was led by director Jordan Angel, managing director Patrick Sullivan and real estate analyst Ryan Chambers.

“This transaction was a win for both buyer and seller,” Angel said.  “It represents a great asset fully occupied by a best-in-class freezer storage company.”

For a complete copy of the company’s news release, please contact: 
 
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com


Alpha Alternatives Closes $14 Million CMBS Student Housing Loan on University of Illinois campus in Champaign, IL

  
Student Housing Community at University of Illinois Campus, Champaign, IL


CHICAGO, IL, June 30, 2015 – Alpha Alternative Investments, a commercial real estate capital markets firm providing financing solutions nationwide, recently closed a $14 million CMBS loan for a student housing facility in Champaign, IL.

Anthony J. Longo
Developed in 2013, the 72-unit, 194-bedroom multifamily property is located in the heart of the University of Illinois campus and targets undergraduate students.

 “The project sponsor teamed up with Alpha Alternatives to originate the refinancing for a construction loan that was coming due, as well as recapitalize the asset,” says Anthony Longo, Managing Partner with Alpha Alternatives.

“Because of our strong relationships with multiple debt financing sources across the U.S., we were able to find a superior capital solution, including rate and proceeds compared with the client’s historical lender, and also facilitate the closing in just over 30 days,” adds Longo.

Matthew Stearns, Senior Vice President of Alpha Alternative Investments, partnered with Longo to close this transaction.

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

Stacey Corso
415.672.6460

Meridian Capital Group Arranges $100 Million in Bridge Financing for a Six-Property Hotel Portfolio Located in FL, TX, NC and MN


Sarah Kuebler
New York, NY June 30, 2015– Meridian Capital Group, America’s most active debt broker, negotiated a $100 million bridge loan for the refinance of a six-property hotel portfolio located in FL, TX, NC and MN on behalf of a Los Angeles based private equity fund.

The three-year initial loan term, provided by a New York-based debt fund, features a floating-rate, interest-only payments for the full term, and two one-year extension options.

This transaction was negotiated by Meridian Managing Director, Seth Grossman, and Vice President, Sarah Kuebler, who are both based in the Company’s Carlsbad, CA office. Grossman and Kuebler also arranged the acquisition financing for the same portfolio in 2012.

The portfolio is composed of the following six hotels: DoubleTree Suites by Hilton Hotel Tampa Bay located at 3050 North Rocky Point Drive West in Tampa, FL; Embassy Suites Boca Raton located at 661 NW 53rd Street in Boca Raton, FL; Sheraton Suites Fort Lauderdale at Cypress Creek located at 555 NW 62nd Street in Fort Lauderdale, FL; Holiday Inn San Antonio located at 77 NE Loop 410 in San Antonio, TX; DoubleTree Suites by Hilton Hotel Raleigh – Durham located at 2515 Meridian Parkway in Durham, NC; and Embassy Suites St. Paul located at 175 East 10th Street in St. Paul, MN.

Seth Grossman
“Based largely on the sponsor’s strength, track-record, the improving market and specific hotel conditions, we were successful reaching our client’s objectives. 

"We refinanced their acquisition loan with an increase in loan proceeds while simultaneously lowering the interest rate several hundred basis points and maintaining ample flexibility for the portfolio going forward,” said Mr. Grossman.

Founded in 1991, Meridian Capital Group is America’s most active debt broker and one of the nation’s leading commercial real estate finance advisory firms.

In 2014, Meridian closed 3,480 loans totaling more than $30 billion in transaction volume with 175 unique lenders, equating to $120 million per business day. 

Since inception, the company has closed more than $200 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds.

 Meridian arranges financing for many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties.

Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Florida and California.

For a complete copy of the company’s news release, please contact:
  
Jonathan Stern
Meridian Capital Group
212/972-3600

CTH+A Promotes Two Staff Members in Orlando, FL


Kristine Kurek Melanson
 ORLANDO, FL, June 30, 2015 – C.T. Hsu + Associates announces George Thomas, AIA, CPM, NCARB has been promoted to Senior Associate.

 Thomas is a Senior Project Manager of the firm, and he has 25 years of experience in the architecture profession.

His experience includes all phases of design and construction for institutional, educational, and commercial projects.

 He holds a Master of Architecture degree from the University of South Florida, and a Bachelor of Architecture degree from the University of Florida.

 Kristine Kurek Melanson was promoted to Associate. For the past five years, Melanson has been the Senior Marketing Manager for the firm.


George Thomas
 She has over 20 years' experience in marketing and business development for architectural and related design firms. She holds a Bachelor of Science in Business Administration majoring in Marketing from the University of Central Florida.


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


C.T. Hsu + Associates, P.A.
820 Irma Avenue · Orlando, FL 32803 · 407 423 0098 · Fax 407 423 4793

HSU + Associates Celebrates 30 Years of Business in Central Florida


Orlando Mayor Buddy Dwyer and C.T. Hsu
 ORLANDO, FL, June 30, 2015 -- C.T. Hsu + Associates (CTH+A) opened its doors in Orlando, FL on July 5, 1984. 

Thirty years later, the firm has earned respect and esteem as one of Central Florida's leading businesses, as an awarding winning firm, a worldwide reputation for exceptional innovate design solutions with highly personalized services, and as dedicated community servants.

The firm's work has enriched the quality of life in the Central Florida region professionally, culturally, and economically.

The Celebration - October 9, 2014 is C.T. Hsu + Associates Day in the City of Orlando

The celebration was commemorated with a 30th Anniversary event at its' offices themed "East Meets West".

The day was marked with a schedule of events including a proclamation from the City of Orlando's Mayor Buddy Dyer, entertainment performances by Dr. Sandy Shugart & The January Band, Catherine Way a talented harpist, a Chinese musician duo Mr. Rui Yang and Ms. Luo Wu, as well as local Chinese artist Guang - Hui Zhao.

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

C.T. Hsu + Associates, P.A.
820 Irma Avenue · Orlando, FL 32803 · 407 423 0098 · Fax 407 423 4793


Monday, June 29, 2015

HFF closes sale of and secures acquisition financing for industrial building with a long-term lease in Houston, TX


8787 Wallisville Road, Northeast Houston, TX

Rebecca Tudor
HOUSTON, TX, June 29, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and secured acquisition financing for 8787 Wallisville Road, a single-tenant, 126,821-square-foot industrial distribution facility 100 percent leased to Briggs Equipment in northeast Houston, Texas.

HFF arranged the sale of the property on behalf of the seller, Twinrose Investments.  TMT Wallisville Investments, LLP purchased the asset for an undisclosed amount. 

Additionally, working on behalf of the new owner, HFF arranged the 10-year, fixed-rate acquisition loan through Deutsche Bank and will service the securitized loan.

Located at 8787 Wallisville Road, the building has been occupied by Briggs Equipment, one of the oldest materials handling equipment producers in the U.S., via an absolute net lease since the building was completed in 1975. 

Renovated in 1995 and again in 2006, the facility has 28’ clear heights and 24 exterior doors, including 10 truck wells.  One third of the building has office finish in the mezzanine level, and there are 142 parking spaces. 


Trent Agnew
The facility is situated on a 10.1-acre tract in the southwest quadrant of the intersection of Interstate 610 (Houston’s north loop) and Highway 90, with frontage on both Highway 90 and Wallisville Road. 

Additionally, the asset is within six miles of multiple major transportation modes including Interstate 10; two rail yards, Union Pacific Englewood Yard and PTRA North Rail Yard; and the Houston Ship Channel.  

The HFF investment sales team representing the seller was led by senior managing director Rusty Tamlyn, director Trent Agnew and real estate analyst Wesley Hightower.

The HFF debt placement team representing the new owner was led by managing director Steve Heldenfels and real estate analyst Joe Lerer.

“Twinrose has worked with HFF on purchase, sale and financing transactions throughout its company history,” said Rebecca Tudor, principal of Twinrose Investments. 

“We are always pleased with the quality of the lenders and investors that HFF introduces to a transaction as well as the professionalism of the debt and investment sales teams from marketing and underwriting, to closing.”

     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

HFF closes sale of 5-building, Class A industrial portfolio in El Paso and Harlingen, TX

    
El Paso, TX industrial properties


Randy Baird
 DALLAS, TX, June 29, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of a five-building, Class A industrial portfolio totaling 758,715 square feet in El Paso, Texas, and 144,000 square feet in Harlingen, Texas.

HFF marketed the portfolio on behalf of the seller, Prologis, Inc.  The assets were purchased by Sealy & Company, sponsor of Sealy Strategic Equity Partners (SSEP), for an undisclosed amount.

The four El Paso properties consist of Vista Del Sol III Building I, 950 Loma Verde Drive; Vista Del Sol Buildings 7, 1350 Pullman Drive, and 8, 1430 Henry Brennan Drive; and Vista Corporate Center Building 5, 1211 Henry Brennan Drive.

 The properties are grouped together in El Paso’s East industrial submarket at the convergence of the Interstate 10 and Loop 375 interchange, less than five miles from the Ysleta Port of Entry at the U.S.-Mexico border and approximately 11 miles from El Paso International Airport.

 Built between 1997 and 2001, the buildings are 100 hundred percent leased to six tenants and have between 22’ and 24’ clear heights and a low office finish averaging 7.5 percent. 

Jud Clements
The Harlingen facility is located at 1805 North Loop 499 in Harlingen, a south Texas community in the heart of the Rio Grande Valley, 256 miles south of San Antonio.

 With immediate access via Loop 499 to Interstates 77 and 80, the facility is 13.5 miles from the Free Trade Bridge passing into Mexico and one mile from Valley International Airport.  The one-building distribution facility has a 24’ clear height.

The HFF investment sales team representing the seller was led by senior managing director Randy Baird, managing director Jud Clements, director Robby Rieke and real estate analyst Stephen Bailey.

     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

HFF closes sale of medical group-anchored retail center in San Antonio, TX


Crown Meadows Shopping Center, 7614-7616 Culebra Road, San Antonio, TX


Rusty Tamlyn
HOUSTON, TX – June 29, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Crown Meadows Shopping Center, a 52,732-square-foot retail center anchored by a medical group in San Antonio, Texas. 

HFF arranged the sale of the property on behalf of the seller, Culebra-Crown Meadows, Ltd., an affiliate of Carmichael Development Company.  CJ Park and Associates purchased the asset for an undisclosed amount.

Crown Meadows Shopping Center is 92.1 percent leased to medical office, retail and restaurant tenants including anchor-tenant Gonzaba Medical Group, Baptist Health System, W Dental Group, Fast Eddie’s Billiards, Supercuts and Umberto’s Italian Grill.

 The two-building center includes 240 parking spaces on its 4.55 acres.  Located at 7614-7616 Culebra Road in northwestern San Antonio, Crown Meadows Shopping Center is at the signalized intersection of Culebra and Ingram Roads with daily traffic counts exceeding 46,000 vehicles. 

The HFF investment sales team representing the seller was led by senior managing director Rusty Tamlyn, managing director John Taylor, associate director Matt Berry and real estate analyst Robbie Kilcrease.
         
     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


Marcus & Millichap Arranges $3.2 Million Sale of 57-Unit Charter House Apartments in St. Petersburg, FL


Casey Babb
ST. PETERSBURG, FL,  June 29, 2015 – 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 Charter House Apartments, a 57-unit apartment property located in St. Petersburg, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $3,200,000.

Casey Babb, CCIM and vice president investments, and Luis Baez, associate, in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. 

Charter House Apartments is a 1960s vintage garden community located at 3435 3rd Avenue North in St. Petersburg, Florida.

The property consists of one, three-story building constructed of concrete block with flat, built-up roofs and offers a mix of one-bedroom/one-bath and two-bedroom/one-bath units averaging 737-square feet.

Luis Baez
Units feature semi-private entries, central heat and air-conditioning, private sunrooms, vinyl or tile coverings in wet areas with carpet in bedrooms, walk-in closets and re-finished bathrooms.

Charter House presented investors with the opportunity to acquire a well-located, stabilized multifamily asset with value-add potential, and was sold free and clear of the existing debt allowing the buyer to take advantage of extremely attractive long-term financing options.

 The property has received over $100,000 in improvements including landscaping, irrigation system upgrades, parking lot resurfacing/restriping, interior corridors and laundry room makeovers, upgrades to the elevator and numerous interior renovations.

“Charter House received good interest in the marketplace due to its location in the up and coming Kenwood submarket just west of downtown St. Petersburg.  

"The buyer was a very experienced investor out of New York who was making his initial purchase in the area to satisfy a 1031 exchange.  The seller achieved 100 percent of our asking price which was a 28 percent premium over his 2011 purchase price,” says Babb.

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

Richard D. Matricaria
Vice President/Regional Manager
Tampa, FL
(813) 387-4700

   

HOPE NOW and RealtyTrac Announce Partnership to Co-Sponsor Regional Housing Roundtables


 
St. Louis Mayor Francis Slay
WASHINGTON, DC, June 29, 2015 – The HOPE NOW Alliance and RealtyTrac have announced a partnership for the remainder of 2015 to co-sponsor regional housing roundtables in selected U.S. cities.

 The first one of these co-sponsored sessions will take place in Cleveland, Ohio on June 30.

The housing roundtables present an opportunity for the mortgage industry to collaborate with local non-profits, elected officials, community leaders and other housing stakeholders with the goal of formulating sustainable housing solutions and community stabilization initiatives.

At the St. Louis Housing Roundtable in June, Mayor Francis Slay remarked, “Even though the housing crisis has subsided overall, neighborhood stabilization is still a top priority. It is important for us to continue to find ways to keep families in their homes and kids in school. The city has many tools at its disposal to achieve these goals and we will continue to work with all of the organizations here today.”

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

Ginny Walker
Office: 949.502.8300 ext. 268
Mobile: 323-317-5852  

Arbor Appoints Daniel Kenny as EVP and Chief Asset Manager, Servicing and Asset Management


Daniel Kenny

UNIONDALE, NY (June 29, 2015) - Arbor Commercial Mortgage, LLC (“Arbor”), a national, direct commercial real estate lender, today announced the appointment of Daniel Kenny as Executive Vice President and Chief Asset Manager, Servicing & Asset Management.

Dan joined Arbor in 2011 as a Senior Vice President to assist with the creation of a Credit Risk Management Department and has since then expanded his contributions across several departments and business operations. 

In his new role, Mr. Kenny will continue to report to John Natalone, Arbor’s Executive Vice President, Treasury and Servicing.

Ivan Kaufman, Arbor’s Chairman and CEO, commented, “Dan has done an outstanding job expanding and developing a very talented and effective team that comprises Arbor’s comprehensive servicing area.

" From Asset Management, Credit Risk Management, Servicing Operations and Portfolio Management, Dan has done a terrific job integrating the various disciplines that oversee Arbor’s more than $11-billion portfolio.”

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

Christopher Ostrowski


Sunday, June 28, 2015

Marcus & Millichap Brokers $2.65 Million Sale of Wilton Villas in Wilton Manors, FL


Joseph P. Thomas
WILTON MANORS, 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 Wilton Villas, an 18-unit apartment property located in  Wilton Manors, Fla.

 The asset sold for $2,650,000 representing $147,222 per unit.

Joseph P. Thomas, a vice president investments, Adam Duncan, a senior associate, and Derek Soven, 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 Sunny Isles Beach, Fla.

  The buyer was a private investor from Weston, Fla.

“The uniqueness of the asset, the location and our marketing efforts led to a highly competitive bidding environment, which ultimately pushed the sales price $50,000 above the asking price,” says Thomas.

Adam Duncan
“The seller acquired the property in 2004 and subsequently renovated and converted it to condominiums. The condominium was later dissolved and the property was reverted back to a multifamily building,” adds Duncan.

Wilton Villas was constructed in 1975 of concrete block and painted stucco and encompasses a .52 acre lot. The unit mix consists of six two-bedroom/one-bathroom apartments and 12 two-bedroom/one-and-a-half-bathroom townhomes.

 Located at 2705 NE 9th Avenue near the epicenter of Wilton Manors, the property offers convenient access to downtown Fort Lauderdale, along with numerous schools, parks, places of worship, shops and restaurants.

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

Ryan Nee
Regional Manager
Fort Lauderdale, FL
(954) 245-3400