Thursday, April 2, 2015

Southeast Mississippi Retail Center Sells for $16.75 Million

HATTIESBURG, MS, April 2, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Academy Sports + Outdoors and Shops at Turtle Creek, a 98,673-square-foot shopping center in Hattiesburg, Miss.

Alvin Mansour
The $16.75 million sales price equates to $170 per square foot.

            Alvin Mansour, senior vice president investments and Ryan Gomez in Marcus & Millichap’s San Diego office, and Anne Williams, senior associate in the firm’s Memphis office, represented the seller, a private Texas-based developer, and the buyer, an institutional net-lease investor.

            “Academy Sports and Shops at Turtle Creek attracted significant interest from throughout the retail property investment community,” says Mansour.

“The new owner is well positioned to benefit from the center’s strong lineup of triple-net tenants and location within the Turtle Creek Crossing shopping mall.

Anne Williams
  The property is situated along the area’s main retail corridor at 6173-6175 U.S. Highway 98 in Hattiesburg within the 504,000-square-foot power center, Turtle Creek Crossing.

 The center is also across from a 180,000-square-foot Walmart Supercenter and immediately west of Turtle Creek Mall, an 843,000-square-foot regional mall anchored by Belk, JCPenney, Dillard’s and Sears.

Built in 2011, the shopping center consists of a 75,760-square-foot Academy Sports + Outdoors built in 2011 and two shopping spaces built in 2012 totaling 22,913 square feet that are leased to Mattress Express, Massage Envy Spa, Keesler Federal Credit Union, Papa Murphy’s, and J. Allan’s.
For a complete copy of the company’s news release, please contact:
Gina Relva
 Public Relations Manager

(925) 953-1716 

Golf Resort and Conference Center in St. Michaels, MD Sells for $13 Million

Harbourtowne Golf Resort and Conference Center, St. Michaels, MD

Karianne Cibello
 ST. MICHAELS, Md., April 2, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of the 153-acre, 111-room Harbourtowne Golf Resort and Conference Center in St. Michaels, Md. 

The $13 million sales price equates to $117,117 per room.     

Gordon Allred, first vice president investments in Marcus & Millichap’s Ontario, Calif. office, Karianne Cibello, associate in the firm’s Washington, D.C. office and Shane Hanrahan, associate in Portland, Ore., exclusively represented the seller and procured the buyer.

Gordon Allred
“The buyer is an international hotel and leisure company with unique synergies to the property and the resources to reposition Harbourtowne Golf Resort and Conference Center as a world-class luxury resort,” says Cibello.

“The new owner plans to restore the Pete Dye golf course and thoroughly upgrade all of the facilities.”

“This is one of the Mid-Atlantic hospitality market’s premier hospitality transactions,” adds Allred. “The offering generated multiple offers and our national platform of hospitality property investment specialists collaborated to bring buyer and seller together.”

Shane Hanrahan
            Harbourtowne Golf Resort and Conference Center is located at 9784 Martingham Circle in St. Michaels on 153 acres of waterfront property and golf fairways at the cross waterways of the Chesapeake Bay and the Miles River.

The property features all waterfront guestrooms, and an 18-hole, 142.55-acre Pete Dye golf course.

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

Gina Relva
 Public Relations Manager

(925) 953-1716 

Intercontinental Real Estate Corp. and MG Properties Group Complete Largest Multifamily Acquisition in Southern California Since 2013

Madison Park Apartments, Anaheim, CA

San Diego, CA  – Intercontinental Real Estate Corporation (“Intercontinental”), a national real estate investment, development, and management firm headquartered in Boston, MA, and MG Properties Group (“MG”), a private San Diego-based real estate investor and operator, have announced their acquisition of the Madison Park Apartments in Anaheim, California.

Kevin Green
At 768 units, this is the largest single property by number of units to be purchased in Southern California since 2013. 

The price was not disclosed.
Madison Park is centrally located in West Anaheim near the I-5 freeway, between Disneyland and Knott’s Berry Farm.

 Apartment interiors have been recently renovated with high quality finishes and a contemporary aesthetic. The buyer intends to further invest in the property to improve common areas and select interiors. 

Madison Park was purchased from a private multifamily investment firm. Institutional Property Advisors (IPA) executive vice president investments Greg Harris and IPA director Kevin Green represented the seller.

Greg Harris
 The buyers represented themselves. The acquisition was financed with a 10-year fixed-rate mortgage from Fannie Mae, arranged by Brian Eisendrath at CBRE. 

 “The Orange County area continues to be a top performing market with favorable economic and real estate conditions.

“With convenient access to Anaheim’s major employers, Madison Park offers an affordable alternative to the area’s newer development projects,” says Jessica Levin, who is based in Intercontinental’s Los Angeles, CA office.

MG also owns the comparable 402-unit Crystal View Apartments in Garden Grove, CA. 

According to Mark Gleiberman, MG’s Chief Executive Officer, “Madison Park is an excellent addition to our portfolio, further expanding our scale in the Orange County region. We expect the property to have long term stability and to benefit from the diverse regional job base and growth potential.”

Jessica Levin
Designed as a resort-style community, the property features exceptional common area amenities, including two swimming pools, sports courts, a large fitness center and group exercise room, clubhouse, movie theater, banquet room, and a business center.

“Madison Park is a highly amenitized multifamily housing community that services an under-supplied segment of the submarket,” adds Greg Harris of IPA.

“Highlighting Madison Park’s position in the market as a rare combination of luxury living at an affordable price compared to competing assets of similar quality proved beneficial to both the buyer and seller,” notes IPA’s Kevin Green.

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

Lexi Astfalk or Jenn Quader
(949) 955-7940

Arbor Appoints Ana Ramos as VP in Manhattan Beach, CA, Office

Ana Ramos
UNIONDALE, NY (April, 2. 2015) - Arbor Commercial Mortgage, LLC (“Arbor”), a national, direct commercial real estate lender, today announced the appointment of multifamily loan originator Ana Ramos as Vice President in the company’s Manhattan Beach, CA, office.

An 18-year commercial real estate finance veteran with an extensive underwriting background, Ms. Ramos will be responsible for originating loans under all of Arbor’s multifamily and commercial product lines, including Fannie Mae, Freddie Mac, FHA, Bridge, CMBS and Mezzanine.

Ms. Ramos reports to Ken Fazio, Senior Vice President, National Production Manager.

Ken Fazio
Ms. Ramos has closed more than $1 billion in loan originations in her career. Prior to Arbor, she served as SVP, Regional Director for Hunt Mortgage Group in Irvine, CA. 

She managed loan originations in the company’s California region and specialized in small loan financing.

Earlier in her career, Ms. Ramos was a Managing Director for Greystone Servicing Corporation, where she managed the company’s top-producing West Coast office. 

Prior to Greystone, she worked as a Senior Underwriter at Berkshire Mortgage Finance, where she specialized in Fannie Mae and Freddie Mac loans.

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

Christopher Ostrowski