Tuesday, February 10, 2015

Atlantic | Pacific Companies Celebrates Opening of Latest Development in Port St. Lucie, FL

Shanon Pereira

MIAMI, FL – On Friday, February 6, Atlantic | Pacific Development (A|P Development), the development platform under Atlantic | Pacific Companies (A|P), celebrated the opening of The Atlantic at Tradition, which is the Town of Tradition’s first luxury apartment community.

The elegant soiree, which had a “Great Gatsby” theme, was hosted in the sophisticated clubhouse and pool deck of the community.

Attendees enjoyed savory hors d'oeuvres inspired by the 1920’s such as oysters Rockefeller, served along with three specialty 1920’s cocktails including Mint Julip, Manhattan and Bellini.

 Live music was performed by Michael Matone, a spectacular Frank Sinatra impersonator.

Attendees from the A|P team included Howard Cohen, Chief Executive Officer, Ken Cohen, Chief Financial Officer, Joel Cohen, Director, Randy Weisburd, Chief Operating Officer, Tom Smith, Senior Managing Director and Matthew Smith, Corporate Controller.

Lissette Sabatino
The celebratory ribbon was cut by, Alan Cohen, and included the onsite management team, Regional Manager, Shanon Pereira and Director of Operations, Lissette Sabatino.

 The stunning apartment community lures tenants with luxury amenities such as a majestic swimming pool, state-of-the-art fitness center, sophisticated meeting rooms, children’s playroom, movie theater, and outdoor summer kitchen.

The perfectly located apartment community offers 252 units, available with one, two and three bedroom apartments that are modern in their design.

 Each unit is designed with exquisite chef-inspired kitchens that include premium finishes such as stainless steel appliances. 

They also include hybrid wood flooring in all living areas, washer and dryer, personal balconies or patios, and more. The property offers stunning lakefront and park view units.

For more information about A|P and its platforms or The Atlantic at Tradition, visit www.apmanagement.net or call (800) 918 – 1145.

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

Jessica Wade Inc.:  
Jessica Wade Pfeffer |
(305) 804 - 8424

Margie Sernik  |

 (786) 200 - 2516

HFF closes $60 million sale of Class A office tower in downtown Charlotte, NC

Ryan Clutter
CHARLOTTE, NC – HFF announced it has closed the $60 million sale of 525 North Tryon Street, a 405,134-square-foot, Class A office tower in downtown Charlotte, North Carolina.

                HFF exclusively marketed the property on behalf of the seller, Parkway Properties, Inc.  A joint venture between Grubb Properties and New York Life Real Estate Investors purchased the asset free and clear of existing debt.

                525 North Tryon Street is situated on 2.344 acres at the intersection of 9th and Tryon Streets four blocks from the center of Charlotte’s central business district and two blocks from the LYNX Blue Line rail station.

Located on site is a conference facility, cafĂ©, upscale restaurant and 24-hour security surveillance. 

Tenants of the 19-story building include Bank of America, CohnReznick, HQ Global Workplaces, Amy Bagwell and TIN Partners.

525 North Tryon Street, Charlotte, NC
                The HFF investment sales team representing the seller was led by senior managing director Ryan Clutter and real estate analyst Zachary Drozda.

“525 North Tryon Street received significant interest from the marketplace further demonstrating Charlotte’s appeal to institutional investors,” said Clutter, who led the transaction for Parkway Properties, Inc. 

  “This asset was extremely sought after, illustrating the bullish views numerous capital sources have on the Charlotte market.” 

“The hyper-competitive nature of this marketing campaign coupled with the depth and quality of the institutional investors who pursued this asset clearly suggests favorable pricing for office buildings in Charlotte and throughout the Carolinas in the year ahead,” Clutter continued.

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 | www.hfflp.com

HFF secures joint venture equity for The Village at Howard Hughes multi-housing development in Los Angeles, CA

Mark Erland
IRVINE, CA – HFF announced it has secured joint venture equity for the development of The Village at Howard Hughes, a 375-unit, Class A multi-housing development located within the Howard Hughes Center in Los Angeles, California.

                HFF worked on behalf of the developer, Mill Creek Residential Trust LLC, in sourcing the capital from an institutional investor.  Equity proceeds were used to purchase the land in December, as well as fund pre-development, with vertical construction expected summer/fall 2015.

                The Village at Howard Hughes is a future Class A multi-housing development located on 2.91 acres at 5901 Center Drive within the Howard Hughes Center, a 70-acre mixed-use urban campus with 1.5 million square feet of Class A office, retail and entertainment space just off the 405 Freeway in west Los Angeles. 

The project will consist of three six-story, modified Type III, wood-frame buildings with five levels of residential units and one level of at-grade parking situated above additional subterranean parking. 

Sean Deasy
Community features will include amenities programmed in three spacious courtyard areas and a rooftop entertainment deck, and units will have green living features and related technology fitting for the submarket.  Completion of the project is expected in 2018.

                The HFF equity placement team representing the developer was led by director Mark Erland and co-head of HFF’s multi-housing investment sales group Sean Deasy, and real estate analysts Lee Redmond and Sebastian Trujillo.

                “The Village at Howard Hughes is located in a true live-work-play location within walking distance to The Promenade at Howard Hughes entertainment retail center and Class A office space within the Howard Hughes master plan,” Erland said. 

                “Adding to its appeal, the project serves as a gateway to Playa Vista and Silicon Beach, and will offer tenants access to unrivaled amenities through a unique layout with four community areas and convenient parking afforded by the property’s podium design.”

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 | www.hfflp.com

HFF arranges $221.8 million financing for 30-property, 2-state retail and office portfolio in Pennsylvania and Maryland

Jon Mikula
FLORHAM PARK, NJ – HFF announced it has arranged a $221.8 million financing for a 96-percent-occupied portfolio consisting of 30 retail centers, office and medical office properties totaling approximately 2 million square feet in Pennsylvania and Maryland.

                HFF exclusively represented Paramount Realty Services in the transaction.  The financing was closed with a portfolio lender. 

                The HFF debt placement team representing the borrower was led by senior managing directors Jon Mikula and Jim Cadranell and associate directors Samuel Seiden and Michael Cerulo.  

                “We were excited to be a part of such an important transaction for Paramount Realty as they grow and expand their portfolio into Central Pennsylvania and Maryland,” Mikula said.

Paramount Realty Services, Inc. was founded in 1994 as a full-service commercial real estate firm specializing in retail real estate in the Northeast.

 Paramount Realty owns and operates more than seven million square feet of shopping centers throughout New Jersey, Connecticut, Massachusetts, Maryland and Pennsylvania.

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 | www.hfflp.com

Lincoln Property Company Southeast Brokers Volkswagen’s Office Lease Renewal in Metro Atlanta’s North Fulton Market

Hunter Henritze
ATLANTA, GA (Feb. 10, 2015) – Lincoln Property Company Southeast (Lincoln) has brokered Volkswagen Group of America’s long-term renewal of its 16,557-square-foot office lease at Two Northwinds, a Class A office building in Alpharetta, in metro Atlanta’s North Fulton submarket.

Hunter Henritze and Michael Howell, vice presidents of office leasing for Lincoln, represented the landlord, Equity Office, in the transaction. Shannon Newell of JLL represented the tenant.

The six-story, 146,972-square-foot Two Northwinds, located at 2520 Northwinds Parkway, is part of a mixed-use development that offers office tenants a comprehensive package of amenities, including two hotels, four banks, nine restaurants, two complimentary fitness facilities, a daycare/learning center and six free conference/training facilities.

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

Stephen Ursery
The Wilbert Group

HSA Commercial Lands Wimmer Transportation at Park 355 Phase 2 in Woodridge, IL

Park 355, Interstate 355 at 2143 Internationale Parkway, Woodridge, IL


Robert Smietana
CHICAGO, IL (Feb. 10, 2015) — HSA Commercial Real Estate today announced that Wimmer Transportation Services, a Chicago-based trucking and freight delivery company, has signed a long-term lease to occupy 17,280 square feet at the newly-completed second phase of Park 355 in Woodridge, Ill.

The lease with Wimmer is the first at the 180,480-square-foot warehouse facility located along Interstate 355 at 2143 Internationale Parkway.

Park 355 Phase 2 was developed by HSA Commercial in partnership with Denver-based Industrial Income Trust and features 30-foot clear heights, frontage on Interstate 355, an ESFR sprinkler system, 49 exterior truck docks, and 4 drive-in doors.

The new 180,480-square-foot distribution center is divisible to 17,280-square-foot suites to accommodate smaller industrial tenants like Wimmer Transportation Services seeking immediate leasing opportunities in the Interstate 55 corridor.

Timothy Thompson
“This project was developed precisely for tenants like Wimmer Transportation that have been struggling for years to find Class-A buildings that can accommodate their smaller space requirement in the I-55 corridor,” said Bob Smietana, vice chairman and CEO of HSA Commercial.

 “Our expectation is that we will continue to find similarly sized tenants as we execute our leasing strategy for the remaining space in the building.”

Timothy Thompson, executive vice president and managing director of the Industrial Brokerage division, HSA Commercial Real Estate, represented ownership in the lease transaction.

Wimmer Transportation Services was represented by Josh Hearne, vice president with Cawley Chicago.

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

Mark Thomton, mthomton@taylorjohnson.com, 312-267-4523
Emily Johnson, ejohnson@taylorjohnson.com, 312-267-4522

Cohen Commercial Realty Signs Hormone and Wellness Centers of America In New Lease Transaction at Palm Beach Gardens, FL

Hormone and Wellness Centers of America
3385 Burns Road, Palm Beach Gardens, FL
Palm Beach Gardens, FL — Bryan S. Cohen, Allan Carlisle and Connor Barry of Cohen Commercial Realty, Inc. announced the signing of Hormone and Wellness Centers of America, to lease a 2,690-square-foot combined suite in Plaza North located at 3385 Burns Road. Cohen Commercial Realty, Inc., represents the Land-lord.

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

Jamie Crocker
561.471.0212 phone
561.471.5905 fax

RealtyTrac Finds One in Four U.S. Foreclosures are “Zombies” Vacated by Homeowner, Not Yet Repossessed By Foreclosing Lender

Daren Blomquist
IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its Q1 2015 Zombie Foreclosure Report, which found that as of the end of January 2015, 142,462 homes actively in the foreclosure process had been vacated by the homeowners prior to the bank repossessing the property, representing 25 percent of all active foreclosures.

The total number of zombie foreclosures was down 6 percent from a year ago, but the 25 percent share of total foreclosures represented by zombies was up from 21 percent a year ago.

“While the number of vacated zombie foreclosures is down from a year ago, they represent an increasing share of all foreclosures because they tend to be the problem cases still stuck in the pipeline,” said Daren Blomquist vice president at RealtyTrac.

“Additionally, the states where overall foreclosure activity has been increasing over the past year — counter to the national trend — tend to be states with a longer foreclosure process more susceptible to the zombie problem.”

“In states with a bloated foreclosure process, the increase in zombie foreclosures is actually a good sign that banks and courts are finally moving forward with a resolution on these properties that may have been sitting in foreclosure limbo for years,” Blomquist continued.

“In many markets there is plenty of demand from buyers and investors to snatch up these distressed properties as soon as they become available to purchase.”

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

Ginny Walker
949.502.8300, ext. 268

87 Percent of U.S. Homes Qualify for Down Payment Help According to RealtyTrac and Down Payment Resource Analysis

IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, released a joint analysis with Down Payment Resource on the availability of down payment programs across the country, which found that 87 percent of U.S. homes qualify for down payment help.

RealtyTrac looked at 2,290 down payment programs from Down Payment Resource’s Homeownership Program Index and found that out of more than 78 million U.S. single family homes and condos in 1,792 counties with sufficient home value data, more than 68 million (87 percent) would qualify for a down payment program available in the county where they are located based on the maximum price requirements for those programs and the estimated value of the properties.

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

Ginny Walker
949.502.8300, ext. 268

Marcus & Millichap Sells Suburban Kansas City Shopping Center for W$15.85 Million

Regency Square North Shopping Center7201-7401 West 91st Street, Overland Park, KS

Garrette Matlock
OVERLAND PARK, KS – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of Regency Square North, a 74,085-square-foot grocery-anchored shopping center in Overland Park, Kan. The $15.85 million sales price equates to $214 per square foot.

            “Regency Square North is anchored by one of two Whole Foods locations currently operating in the Kansas City metropolitan area; a third is built and scheduled to open in March,” says Garrette Matlock, senior vice president investments in Marcus & Millichap’s Denver office.

“Whole Foods is a highly sought-after retailer and there was a lot of interest in the property. We generated offers from both institutional and private equity buyers, which resulted in a competitive process that ended with the buyer agreeing to complete due diligence within 21 days of the execution of the letter of intent, and with no financing contingency.”

            Matlock represented the seller, Regency North Retail LLC, an entity sponsored through AMG National Trust Bank. 

The buyer, ACF Property Management Inc., represented itself in the transaction. Greg Bates of the firm’s Kansas City office is Marcus & Millichap’s broker of record in Kansas.

Greg Bates
In addition to Whole Foods, Regency Square North’s tenancy includes Cinzetti’s, a unique high-quality Italian restaurant offering a marketplace-style display kitchen with multiple exhibitor stations, Metcalf Discount Liquors and Hitch Fit Gym.

Cinzetti’s and Metcalf Liquors are original tenants with eight years and six years remaining on their leases, respectively. Hitch Fit Gym recently leased 3,783 square feet of space adjacent to Whole Foods.

            Built between 2001 and 2002 on more than seven acres, Regency Square North is located at 7201-7401 W. 91st St. in Overland Park.

The location draws from some of the wealthiest communities in the Kansas City metro area, including the northern portion of Overland Park, Mission Hills, Prairie Village, and the northern section of Leawood.

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

Gina Relva
Public Relations Manager

(925) 953-1716

Suburban Columbus, OH Kohl’s Sells for $10.75 Million

Erin Patton

Dean Zang
WESTERVILLE, OH – 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 99,380-square foot Kohl’s department store in Westerville, Ohio. 

The commercial real estate asset sold for $10,750,000, which equates to $108 per square foot.

“The out-of-state 1031-exchange buyer was attracted to the asset because Kohl’s continues to reinvest in this location and reports strong store sales,” says Dean Zang, first vice president investments in Marcus & Millichap’s Washington D.C. office.

Zang, along with Mark Taylor, first vice president investments in Philadelphia, represented the buyer, SPMC Urban Properties.

“The asset commanded multiple offers from many qualified buyers due to the strength of the location and the Kohl’s corporate-guaranteed lease,” adds Craig Fuller, vice president for the Marcus & Millichap’s Cleveland office.

Mark Taylor
Together with Fuller, Scott Wiles, vice presidents investments in Cleveland, and Erin Patton, vice president investments in Columbus, represented the seller, Garrison Central II LLC.

The triple-net-leased commercial real estate asset is located directly off Interstate 270 in a shopping plaza with an Office Max and a Marc’s discount drugstore and grocery store.

Other nearby retailers include Walmart, Kroger and Tuesday Morning. There are 95,069 residents within a three-mile radius of the property and 227,083 within five miles.

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

Gina Relva
Public Relations Manager

(925) 953-1716

Emerald Coast Shopping Center Hits the Market in Fort Walton Beach, FL at $10.9 Million

Choctaw Plaza, 111 Racetrack Road, Fort Walton Beach, FL

Marc Strauss
FORT WALTON BEACH, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has retained the exclusive listing to market for sale Choctaw Plaza, a 93,300-square-foot neighborhood shopping center on the Emerald Coast in Fort Walton Beach, Fla.

The $10.9 million listing price equates to $117 per square foot.

Constructed in 1984 and renovated in 2008, Choctaw Plaza features a dedicated turn lane that funnels traffic directly into the shopping center from a signalized intersection where daily traffic counts exceed 50,000 cars per day.

Marc Strauss, first vice president investments in Marcus & Millichap’s Fort Lauderdale office, and Al Palacios, senior associate in the firm’s Miami office, are representing the seller, Choctaw Plaza Ltd.

“The property is a stabilized asset with future stability insured by the area’s ever-growing presence of military bases,” says Strauss. “The region is home to the U.S. Air Force’s Hurlburt Field, Elgin Air Force Base and naval air station and naval operations support center Duke Field.”

Al Palacio
Hurlburt Field and Elgin Air Force Base border Fort Walton Beach. Hurlburt Field is headquarters to Special Operations Command and employs more than 11,000 people.

Elgin Air Force Base is one of the largest air force bases in the United States and employs more than 16,000. In addition to the military, the Fort Walton Beach economy is supported by industry, tourism and retirement.

“Choctaw Plaza is currently 95 percent leased and most tenants have triple-net leases,” says Palacio.

The property is located on more than seven acres at 111 Racetrack Road NW in Fort Walton Beach. Northwest Florida State College is nearby and the 257-bed Fort Walton Beach Medical Center is within walking distance.

The shopping center is approximately 70-percent-anchored by credit tenants such as Big Lots, Dollar General, Rent-A-Center, Morgan Stanley, Coldwell Banker, U.S. government agencies, T-Mobile, Curves and Little Caesars.

The Big Lots store is a high-sales location that relocated to Choctaw Plaza and renewed its lease in January 2014 for another five years. Compass Bank and Morgan Stanley are the end cap spaces and Compass Bank has spent $2 on improvements to its building.

The center received new landscaping, a new parking lot and lights one year ago. Nearby national tenants include T.J. Maxx, Home Depot, Winn-Dixie, two Publix Super Markets, Sam’s Club, Super Walmart, SunTrust Bank, Wells Fargo, Chick-fil-A and many others.

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

Gina Relva
Public Relations Manager
(925) 953-1716

Thomas Kim Promoted to Head MBA's Commercial/Multifamily Group

Thomas Kim
WASHINGTON, D.C. (Feb. 10, 2015) — Today, David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA) announced that Thomas Kim will be promoted to head the association's Commercial/Multifamily Group, replacing Gail Cardwell who informed MBA in early January that she will be leaving at the end of February.

Mr. Kim’s appointment as Senior Vice President of Commercial/Multifamily will be effective March 1, 2014.

“I can’t think of anyone more qualified and adept to head MBA's Commercial/Multifamily Group than Tom Kim," said MBA President and CEO David Stevens.

“He has a wealth of experience, not just in law and policy impacting the commercial/multifamily industry, but also in managing and working closely with MBA members and stakeholders. I have the utmost confidence that Tom will be successful in this new role."

"Let me also take this opportunity to thank Gail Cardwell for her leadership with MBA that delivered outstanding results for our members. 

"Her dedication and service to the industry and our association for more than 20 years are deeply appreciated and we wish her well in her future endeavors," added Stevens.

Gail Cardwell
Mr. Kim currently serves as MBA’s Senior Vice President of Commercial/Multifamily Policy, managing MBA’s public policy activities that impact the commercial/multifamily finance industry.

Prior to joining MBA in 2011, Mr. Kim served as Associate General Counsel at Freddie Mac, advising the company on a broad range of legal, regulatory and public policy matters.

 Previously, he was in-house counsel at the Investment Company Institute, where he focused on legislative and regulatory matters affecting mutual funds, investment management, and public policy governing retirement savings and investments.

In a volunteer capacity, Mr. Kim is a co-founder and board member of a non-profit organization that combats human trafficking and promotes economic development in developing countries.

Mr. Kim received his B.A. summa cum laude from the University of California, Irvine, J.D. from the UCLA School of Law where he served as a law review editor, and LL.M. with distinction from the Georgetown Law Center.

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

 Ali Ahmad
(202) 557-2727

Mortgage Bankers Association Reports 32 Percent Increase in Volume of Commercial and Multifamily Mortgages Maturing This Year

Jamie Woodwell
SAN DIEGO, CA  – Eight percent, or $121.0 billion of $1.5 trillion, of outstanding commercial and multifamily mortgages held by non-bank lenders and investors will mature in 2015, a 32 percent increase from the $91.7 billion that matured in 2014, according to the Mortgage Bankers Association’s 2014 Commercial Real Estate/Multifamily Survey of Loan Maturity Volumes. 

Maturities will grow to $223 billion in 2016.

“After hitting a low last year, commercial and multifamily mortgage maturities are beginning to rise as the ten-year loans made in 2005, 2006 and 2007 come due,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research. 

“With strong market conditions, many of the loans slated to mature in coming years are already refinancing.  Over the last year, the balance of loans set to mature in 2015 fell by $37 billion, or 24 percent.”

To learn more or to purchase a copy of the report, please visit:

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

Rob Van Raaphorst
(202) 557-2799

Mattoni Group Acquires Over 11,000 SF of Retail Space at 1010 Brickell in Miami’s Financial District

Lillian Paez
Miami, FL - Miami-based investment real estate firm, Mattoni Group,recently acquired over 11,000 square-feet of retail space in the new development 1010 Brickell, being developed by 13th Floor Investments and Key International Development.

Located at 1010 Brickell Avenue, the property holds an architecturally innovative condo building with 50 floors and 387 units. Mattoni Group purchased all of the commercial units on the ground floor where they plan to lease the spaces to major retailers.

 The property is scheduled to be completed in Fall 2017.

The development is conveniently positioned with immediate accessibility to the Tenth Street Metromover station on the Brickell Loop in Brickell.

Ricardo Caporal
It is also in walking distance to Brickell’s main attractions & restaurants at The Shops at Mary Brickell Village and the soon to be Brickell City Centre. The convenience of the area makes this property one of the most desirable places to live.

Ricardo Caporal, Founder and President of Mattoni Group, states “Since Brickell is a growing metropolitan residential community, the area has a high density of residents making it a desirable location for retailers.”

"13th Floor Investments is excited that Mattoni Group is involved in our development," adds Arnaud Karsenti, Managing Principal of 13th Floor Investments.

“We are pleased to have such a reputable firm acquire space at our project and look forward to the unique attributes they will bring not only to 1010 Brickell, but the entire Brickell area.”

For more information about Mattoni Group and investment opportunities, please visit www.mattonigroup.com or call 305-621-9607.

Key International Sales is the sales division for Key International.  The company is headed by Liliana Paez and she has successfully sold more than $6 billion in real estate throughout her career. 

  Before joining Key International Sales, she was the director of sales for Fortune International and was sales director of such notable projects as Jade Brickell, Jade Ocean, Jade Beach, Mint, The Ivy, and Brickell on the River.  Prior to Fortune International, she was with ISG and was sales director for Hamptons South and North in Aventura, among other projects.

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

Jessica Wade Pfeffer | jessica@jessicawadeinc.com | 305.804.8424
Suanny Garcia | suanny@jessicawadeinc.com | 305.632.8272
Margie Sernik  | margie@jessicawadeinc.com | 786.200.2516

Development Site in Downtown Miami, FL Omni Area Hits the Market at $23.9 Million

Ryan Shaw
MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has retained the exclusive listing for 1530 NE Miami Place, a 1.57-acre, 68,600-square-foot development site in downtown Miami’s Omni area.

The price is $23,942,300.

            Ryan Shaw, associate vice president investments, and Paul Nudelman, senior associate, in Marcus & Millichap’s Miami office, are representing the sellers.

“The site is located across the street from a Metromover station and is surrounded by new development, including two high-rise towers, the 36-floor, 513-residence Canvas project, and Opera Plaza, which will have 36 floors, 497 residential units and 8,500 square feet of retail,” says Shaw.

 “The property is currently zoned T6-24, which allows for a 24-story building with approximately 480,200 buildable square feet, but the area also offers an overlay to the zoning that allows for 500 units per acre, which would equate to approximately 787 units.”

Paul Nudelman
           Metromover is an electrically powered, fully automated transportation system that runs throughout downtown Miami.

Metromover will link to All Aboard Florida, a proposed high-speed rail service that will operate along the Florida East Coast Railway and connect Miami with Orlando with stops in Fort Lauderdale and Palm Beach.

            The site is blocks from Miami Worldcenter, American Airlines Arena, and the Adrienne Arsht Center for the Performing Arts. 

The 30-acre Miami Worldcenter will feature 1 million square feet of retail space, 600,000 square feet of convention space, 7,000-plus new parking spaces, a Marriott Marquis hotel and convention center, a 120,000-square-foot Bloomingdale’s, a 195,000-square-foot Macy’s and 4.5 acres of open space.

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

Gina Relva
Public Relations Manager
(925) 953-1716

$850,000 apartment building sale in Tampa, FL arranged by marcus & millichap

129 Danube Avenue Apartments, Tampa, FL

Michael P. Regan
TAMPA, 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 an eight unit apartment property located in Tampa, Fla, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

 The $850,000 sales price equates to $106,250 per unit.

Michael Regan and Francesco “Frank” Carriera, vice president investments, along with Cameron Barbas, associate in Marcus & Millichap’s Tampa office, represented the seller and the buyer.

Originally built in 1972, and located at 129 Danube Avenue in Tampa, Florida, Danube Avenue Apartments consists of one, one-story building and two, two-story buildings. 

The buildings are comprised of a mix of one and two-bedroom units.  The two, two-story buildings have central heat and air-conditioning systems and the unit in the one-story building has an individual heat and air conditioning unit.

Francesco Carriera
 All units have tile or hardwood floors and the interior of three of the units have been upgraded with granite countertops.

            “Due to the A+ location of the property and tremendous upside in rents, this listing was on the market for less than one week before it went under contract,” says Barbas. 

“This transaction is a testament to how ‘hot’ the multifamily market truly is when the asset is priced correctly - we generated nine showings in the first three days of marketing, prior to going to contract and received multiple offers,” adds Barbas. 

  “We began the marketing process on January 5th and the property closed by January 20th.”

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

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

(813) 387-4700

Post Properties Announces Fourth Quarter 2014 Earnings

ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced net income available to common shareholders of $18.5 million, or $0.34 per diluted share, for the fourth quarter of 2014, compared to $42.8 million, or $0.79 per diluted share, for the fourth quarter of 2013.

Net income available to common shareholders for the year ended December 31, 2014, was $211.4 million, or $3.88 per diluted share, compared to $106.8 million, or $1.96 per diluted share, for the year ended December 31, 2013.

Net income for the year ended December 31, 2014, included gains on sales of apartment communities of $163.8 million, offset by losses on the extinguishment of indebtedness of $16.6 million, both net of noncontrolling interest. The Company’s net income available to common shareholders for the three months and year ended December 31, 2013 included a gain of $28.4 million on the sale of an apartment community.

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

Post Properties, Inc.
Chris Papa, 404-846-5028

MBA Honors Brian Stoffers with 2015 CREF Distinguished Service Award

Brian Stoffers
Washington, D.C. (Feb. 10, 2015) – The Mortgage Bankers Association (MBA) awarded Mr. Brian Stoffers, Global President of Debt and Structured Finance for CBRE Capital Markets, with the 2015 Commercial Real Estate Finance (CREF) Distinguished Service Award at the Association's 25th annual CREF/Multifamily Housing Convention & Expo held in San Diego, CA.

“This award is the highest honor an individual can receive from his or her fellow MBA members,” said MBA Chairman Bill Cosgrove.

“Through more than a decade of taking leadership roles within MBA, Brian has demonstrated his commitment to improving the state of the commercial and multifamily finance sector and the real estate finance industry as a whole.”

Nominees for the CREF Distinguished Service Award must be associated with an MBA member firm, have a record of sustained and extraordinary service to MBA and the commercial/multifamily real estate finance industry, and possess a strong reputation of ethical and professional conduct.

Rodrigo Lopez, MBA Vice Chairman, presented the award, noting that Stoffers exemplifies all of these qualities.

Bill Cosgrove
 “I was honored to be able to present the Distinguished Service Award to Brian, who has consistently led by example not only through demonstrating excellence as a leader and his commitment to MBA, but also his devotion to professional and ethical business practices,” Lopez said.

Stoffers began his career in commercial real estate in 1981, and he has more than 30 years of experience in origination, structuring, placement, closing and servicing of commercial real estate debt.  

He has been a member of MBA for nearly 20 years, has served on the Board of Directors since 2010, and MBA’s Commercial Real Estate/Multifamily Finance Board of Governors (COMBOG) since 2004.  He ably led COMBOG as Chairman in 2012-2013 and served on numerous other MBA task forces and committees.

 Stoffers has been a contributor to and prolific author of industry articles published in national and local publications and is an experienced guest speaker, panelist and moderator for numerous organizations and industry conferences both nationwide and globally.

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

Ali Ahmad
(202) 557-2727