Wednesday, April 15, 2015

CBRE Arranges Sale of 1,075 Unit Multifamily Portfolio in Central Florida

Shelton Granade
Orlando, FL –  CBRE Capital Markets arranged the sale of the Central Florida Portfolio, four apartment properties totaling 1,075 units.

The portfolio includes Heritage on Millenia, Summit at Metrowest, and Legends at ChampionsGate, in Orlando; and Vinings at Hunters Green, in Tampa.

The portfolio was acquired by affiliates of Dallas and New York-based The Milestone Group, LLC and Milestone Apartments Real Estate Investment Trust and represents the largest apartment transaction in Central Florida in 2015 thus far.

“This market-leading transaction serves as a testament to the high demand for well-located multifamily assets in greater Orlando and Tampa,” said Shelton Granade, Executive Vice President of CBRE Capital Markets, Multifamily.

 “This portfolio presented investors with the opportunity to immediately expand their footprint in the region in a meaningful way, and to place a large amount of capital across four locations with great synergies and upside.”

Luke Wickham

CBRE’s Shelton Granade, Luke Wickham and Justin Basquill exclusively represented the seller in the transaction, and have closed approximately $1.8 billion in multifamily sales in Central Florida from 2013 to date.

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

Shelton D. Granade, Jr., Executive Vice President
CBRE | Investment Properties - Multifamily
200 S. Orange Avenue, Suite 2100 | Orlando, FL 32801
T 407 839 3103 F 407 404 5001

HFF closes $14.35 million sale of and secures $9.7 million financing for Southern California retail center

San Marcos Civic Center Plaza, San Marcos, CA

IRVINE, CA – HFF announced it has closed the $14.35 million sale of and secured $9.7 million financing for San Marcos Civic Center Plaza, a 60,552-square-foot, LA Fitness-anchored retail and entertainment center in the Southern California city of San Marcos.  

CJ Osbrink

HFF sold the property on behalf of the seller, Saber SMCCP, LLC, and procured the buyer, Webb Management & Investments.  

HFF also secured the 10-year, fixed-rate loan on behalf of the new owner and will service the securitized loan.  Additionally, HFF originally represented the seller and buyer when Saber SMCCP, LLC acquired the property in 2012.

Completed in 2008, San Marcos Civic Center Plaza is 97.1-percent leased to anchor LA Fitness, FedEx Kinko’s, Subway, Edward Jones Investments, Robek’s and Ryan Brothers Coffee.

 At the heart of the plaza is an outdoor courtyard seating area that doubles as an entertainment venue for the community with movies, cartoons and sporting events projected onto a large screen mounted to the exterior of LA Fitness’ building daily from dusk until 10 p.m. 

The courtyard also includes a stage for musical acts, an outdoor fire pit and water feature.  The plaza spans 5.92 acres at 125-157 North Twin Oaks Valley Road in central San Marcos, a city 35.6 miles north of San Diego. 

Ryan Gallagher
  It is adjacent to the San Marcos Civic Center and City Hall and walking distance to California State University at San Marcos, which has an enrollment of more than 12,000 students.  
HFF associate director CJ Osbrink represented the buyer, and HFF senior managing director Ryan Gallagher represented the seller.

The HFF debt placement team representing the borrower was led by associate director Greg Brown and senior managing director Don Curtis.

“San Marcos Civic Center Plaza is a high traffic, well-performing asset with a strong anchor in LA Fitness and a complementary national tenant lineup,” Osbrink said. “This transaction is a prime example of HFF utilizing our multi-faceted platform to best service our clients and investors.”

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 |

JLL Completes 70,000 SF in New Leases, Renewals at The Esplanade in Phoenix, AZ

John Bonnell
PHOENIX, AZ, April 15, 2015 – The Esplanade is re-asserting its position on the Camelback Corridor with 70,000 square feet in new leases and renewals completed by the Phoenix office of JLL, and a $9 million renovation in the works by MetLife, Inc., owner of The Esplanade buildings I, II, IV and V.

“The Esplanade is the benchmark by which real estate professionals judge the health of the overall office market, and the Camelback Corridor in particular,” said JLL Managing Director John Bonnell, who along with JLL Vice Presidents Brett Abramson and Chris Latvaaho represented MetLife in all lease transactions.

“After years of decreasing rents, we can finally say that the Camelback Corridor is back and breathing new life into its best and brightest projects. The entire submarket is booming with tenants wanting dense, amenity rich space and modern options.”

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

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

C&W Releases 2015 Central Florida Medical Office Report

Anne Spencer

 ORLANDO, FLORIDA – Cushman & Wakefield  released its 2015 Central Florida Medical Office Report. This comprehensive analysis is published annually by Director Anne Spencer and Cushman & Wakefield’s Healthcare Practice Group.

The report examines on-campus and off-campus medical office inventory in numerous “hospital clusters” located throughout Orange, Seminole, Osceola, and Lake Counties. It is the only report of its kind in the Central Florida region.

The key take-aways from the second edition of this report are as follows:

The fundamentals of the leasing environment in Central Florida continue to evolve. 

Direct medical office vacancy in the Orlando MSA has fallen 5.2 percentage points in the past five years and medical office rental rates have simultaneously dropped 5.5 percentage points.

 Year-over-year leasing activity, measured in square feet, decreased substantially after an extended period of positive growth.

Medical office building sales remain limited. In Central Florida, most owners are long-term holders. Those medical office properties which do come to market usually sell at a premium when compared to pure office plays.

The pace of on-campus hospital construction has finally picked up after five years of limited deliveries. Several hundred thousand square feet of new space should be delivered over the next three years.

The Affordable Care Act has introduced some uncertainty into the decision-making process of real estate principals. 

This is one of the reasons why there have not been more positive developments in the medical office market.

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

Anne Spencer
(407) 541-4434

NAI Realvest Negotiates New Industrial/ Flex Lease of 6,000 Square Feet at Sunport Commerce Center

George Livingston
ORLANDO, FL --- NAI Realvest recently negotiated a new lease for 5,956 rentable square feet of industrial / flex space at 8010 Sunport Drive, Suite 113-114 in Sunport Commerce Center off Sand Lake Road near Orlando International Airport.  

            NAI Realvest broker associate Drew Saphos, CCIM, principal Christie Alexander, and chairman George Livingston represented the landlord, Miami-based Orlando Sunport FlexxSpace Ltd.  

The tenant, In the Limelight Productions Inc., is a performing arts training and production company.

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142   

HFF closes sale of 129-unit Houston, TX area seniors housing community

Ryan Maconachy
DALLAS, TX, April 15, 2015 – HFF announced today that it has closed the sale of Remington Park at Baytown, a 129-unit, independent and assisted living community in Baytown, Texas.

Chad Lavendar
HFF marketed the property on behalf of the seller.  Capital Senior Living purchased the asset for an undisclosed amount.

Remington Park at Baytown is located at 901 West Baker Road in Baytown, a suburb approximately 25 miles east of downtown Houston.  

Expanded in 2008, the facility is across the street from Houston Methodist San Jacinto Hospital and offers nearby access to Interstate 10 and Texas State Highway Spur 330. 

The 95-percent-occupied property has a mix of nine independent living cottages and 120 assisted living units.  

Community amenities include restaurant-style meal service, a beauty/barber shop, theater/auditorium, library, gift shop, billiards room and a variety of social activities and personal care services.

The HFF team representing the seller was led by managing director Ryan Maconachy and director Chad Lavender.

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 |

Crossman & Company receives CoStar Top Sales Firm award for 2014

Rochelle DuBrule
Orlando, FL – Crossman & Company is proud to announce the company’s recognition as a Top Sales Firm by the CoStar 2014 Power Broker Awards.

Each year, CoStar recognizes the top commercial real estate brokerage firms and brokers with the prestigious Power Broker Award, now in its 14th year.

 As the largest professional research organization serving the commercial real estate industry, CoStar tracks transactions and identifies the top players in the industry.

Crossman & Company’s team also was recognized for their hard work:

Leasing Associate, Rochelle DuBrule of Orlando was awarded the Top Retail Leasing Broker award;

Senior Leasing Associate, Sherri Mann of Atlanta was awarded the Top Retail Leasing Broker award; 

 Investment Sales Managing Director, Mark Thompson was awarded the Top Sales Broker award.

Sherri Mann
 Crossman & Company is the premier real estate firm focused on serving retail landlords exclusively throughout the Southeast – with offices in Atlanta, Boca Raton and Orlando – representing more than 200 shopping centers in Florida, Georgia, Alabama, Tennessee, South Carolina and North Carolina.

The company was founded in 1990 with the goal of providing exemplary service to our clients around four core values: Maintain enthusiastically satisfied clients; Demonstrate servant leadership; Practice kindness, openness and humility; and Develop new talent.

For more information, visit the company’s website at

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

Sydnie Cobb
Crossman & Company


ICM Realty Group Completes Gulfstream Plaza Renovation in West Palm Beach, FL

Gulfstream Plaza, formerly Babies R' Us Plaza,
West Palm Beach, FL
 West Palm Beach, FL,  April 15, 2015 -- ICM Realty Group, the international real estate investment and management firm, announced today that it has completed its renovations of Gulfstream Plaza (formerly Babies R’ Us Plaza), which it purchased in January 2014. 

The fully renovated, 84,000 SF center is well located on the dynamic Okeechobee Blvd corridor in West Palm Beach, FL.

In addition to installing a new roof, exterior, store front, landscaping and resurfacing the parking lot, the build-out of the center’s two new co-anchor tenants was completed. Gordon Foods Service and Goodwill Industries are now open and operating out of the former Babies R’ Us space.

“When we purchased the property in 2014 we committed to undertaking significant capital improvements, which we’re pleased to say are now complete,” said Andrew Webb, ICM’s Managing Director. 

“Additionally, through our strategic leasing and marketing campaign we’ve successfully leased a majority of the vacant space, and are currently 91% occupied.”

The property has been rebranded and renamed Gulfstream Plaza, which, along with the completion of the improvement work, marks a significant milestone in the project’s long history.

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

Andrew Webb
Managing Director, USA
Main: (651) 398-2662

Faris Lee Investments Completes $15.075 Million Sale of a Grocery-Anchored Shopping Center in Payson, AZ

Christopher Tramontano
Irvine, CA,  April 15, 2015, -- Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $15.075 million sale of Payson Village Center in Payson, Ariz.

The grocery-anchored center includes Bashas’, a well-established Arizona grocery operator. The center totals 140,500 square feet on nearly 16 acres and is ideally located in the center of town at Payson’s busiest intersection of Highway 87 and Highway 260. 

Christopher Tramontano, managing director, and Donald MacLellan, senior managing director, with Faris Lee Investments represented the buyer, Progression Real Estate Investments, as well as the seller, Hirani Oil Foundation.

Faris Lee marketed the property as a fundamentally stable investment and the best-located grocery-anchored center in the trade area providing a competitive advantage. The firm received strong offer activity from private as well as more institutional-oriented investors.

“Payson Village was 87 percent occupied at the close of escrow and offered an investor the opportunity to add value through lease-up of vacant space, development of a well-located outparcel to the center, and procure historically low interest rate debt,” said MacLellan.

Donald MacLellan
Tramontano noted that anchor tenant, Bashas’, is a regional grocer that has doubled in size over the last decade at Payson Village. 

“Bashas’ is not only a long-term tenant, the store recently completed an interior renovation of its space as further testimony to its success and commitment to its solid location. Investors were able to really see the value in this property as it offers all the fundamentals that make it a sound investment.”

Other tenants at Payson Village include Dollar Tree, Big 5, Native Grill, Jiffy Lube, and Arby’s – all of which are doing well in the center. 

In the coming years, the center’s tenants and new ownership will enjoy additional residential development in progress, as well as a proposed 250-acre Arizona State University satellite campus just East of Payson Village with a projected student population of approximately 6,000, with additional employees and faculty.

Plans for the campus are in early stages and currently include a research center, student housing, and a convention center.

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

Darcie Giacchetto
Spaulding Thompson & Associates