Wednesday, June 10, 2015

Things Homebuyers, Lenders, Realtors, Attorneys and Title Insurance Providers Need to Know About the Consumer Federal Protection Bureau Rule Changes



Ben Niernberg
CHICAGO, IL  – The impending rule changes by the Consumer Federal Protection Bureau (CFPB) will not only dramatically affect the way Americans buy and sell real estate, but also how lenders, realtors, attorneys and title professionals do business.

 Northbrook, Ill-based Proper Title, LLC, a full-service title insurance agency serving the residential and commercial real estate industries, breaks down what homebuyers and industry providers need to understand, and how to prepare for the changes taking effect on August 1, 2015. 

The CFPB rule changes will improve the content and delivery of information for consumers through the addition of online estimating tools, clearer language to describe associated fees, defined review periods, and a simplified number of documents needed for each transaction.

“The new rules apply to all purchases of residential property, including refinancing, purchasing vacant land, construction-only loans, and even timeshares,” said Ben Niernberg, executive vice president of business development and operations at Proper Title.  “Among the few exceptions are all-cash purchases, reverse mortgages and home equity lines of credit, so you can see, it still touches the majority of transactions.”

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


Julie Liedtke, jliedtke@taylorjohnson.com, (312) 267-4521.

HFF closes sale of 59-unit multi-housing community in Austin, TX


SoCo I and II,  3504 and 3508 Alpine Circle, Austin, TX


Matt Pohl
 AUSTIN, TX – June 10, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of SoCo I and II, a 59-unit, boutique multi-housing community located in Austin, Texas.

HFF marketed the asset on behalf of Artesia.  EG Funds Management purchased the property for an undisclosed amount. 

SoCo I & II is located at 3504 and 3508 Alpine Circle between South Congress and South 1st Street in the South Austin submarket, which is one of the most highly sought after areas given its proximity to downtown Austin and St. Edwards University.  

Most recently renovated in 2014, the boutique community consists of a pair of two-story buildings situated on 1.35 acres and was 98 percent occupied at closing. 

The HFF investment sales team representing the seller was led by director Matt Pohl along with senior managing director Sean Sorrell and senior real estate analyst Ryan McBride.

“The sale of SoCo I & II highlights the international interest Austin now receives from a global investment standpoint. 

Sean Sorrell
"Historically, Austin has been a focal point of investors both locally and nationwide, but throughout the last couple of years we have seen international private equity come into the market seeking investment opportunities.  

"That is a big deal for Austin and provides insight into just how attractive the area has become from an investment standpoint,” said Pohl.


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

Marcus & Millichap Handles $1.47 Million Sale of Arby’s in Staurt, FL


Arby's, 3330 Southeast Federal Highway, Stuart, FL


Marc E. Strauss
STUART, FL, June 10, 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 Arby's, a 3,706-square foot, triple-net-leased property located in Stuart, Fla, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $1,475,000 equating to $398 per square foot.

Marc E. Strauss, first vice president investments, and Alexander N. Boettcher, an associate, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust from San Diego, Calif., and the buyer, a limited liability company from Miami.

“Investors remain interested in fast-food listings. The passive nature of the investment class and properties with excellent locations are among the most secure real estate offerings available,” says Strauss. “This particular property benefits from its location as an out-parcel of a Publix shopping center with excellent ingress and egress.”

The 3,706-square foot Arby’s sits on a 0.87 acre lot.  Located at 3330 SE Federal Highway in Stuart, Fla, the property is situated along a dense retail corridor with notable national tenants such as Publix, Bealls, Dollar Tree, Lowe's, Home Depot and Walmart.

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

 Ryan Nee
Regional Manager
 Fort Lauderdale, FL

(954) 245-3400

Marcus & Millichap Brokers $4.48 Million Sale of Art Deco Property in Miami Beach, FL

  
1409 Washington Avenue, South Beach, FL
MIAMI BEACH, FL, June 10, 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 a 10,592-square foot mixed-use Art Deco property located in Miami Beach.

 The asset sold for $4,480,000 representing $423 per square foot.

Arthur D. Porosoff and Ronnie Issenberg, vice president investments, Gabriel Britti and Scott C. Sandelin, associate vice president investments, and Alejandro D'Alba, an associate, in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Miami Beach.  

Ronnie Issenberg
The buyer was a limited liability company from Bay Harbor Islands, Fla.

“Washington Avenue is experiencing tremendous investor activity. This was an opportunity for the buyers to purchase a property perfectly situated to become one of Miami Beach’s next trendy boutique hotels,” says D’Alba.

The building is comprised of a 3,390-square foot retail space, 12 apartments, and a 1,853-square foot storage space leased to a local retailer.

The property is located at 1409 Washington Avenue in Miami Beach.

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

Marcus & Millichap arranges sale of firehouse subs in south beach, fl for $2.5 million


Arthur D. Porosoff
MIAMI BEACH, FL, June 10, 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 a Firehouse Subs, a 3,265-square foot net-leased property located in Miami Beach. The asset sold for $2,500,000 representing $766 per square foot.

Arthur D. Porosoff and Ronnie Issenberg, vice president investments, Gabriel Britti and Scott C. Sandelin, associate vice president investments, and Alejandro D'Alba, an associate, in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Miami.  

The buyer was a limited liability company from Coral Gables, Fla. 

“Firehouse Subs opened this past spring. The current lease has three percent annual increments and provides strong fundamental real estate in a high-barrier of entry market,” says Britti.

“The City of Miami Beach has been discussing increasing the buildable square footage to the east side of Washington Avenue. The city's plan is to attract new hospitality developments, which in turn will continue driving retail rates northward,” adds Issenberg.

Firehouse Subs is located at 1429 Washington Avenue in Miami Beach.

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

Avison Young completes $3.38-million sale of office property in Temecula, CA


Dan Vittone
Los Angeles, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has completed the $3.38-million sale of a two-building, 36,911-square-foot (sf) office property in Temecula, CA.

Avison Young Principals Dan Vittone and Alan Pekarcik, based in the company’s Orange County office, represented the seller, Plaza Del Rio, LLC. 

The buyer, The Stewart Group, LLC, was represented by Coldwell Banker Commercial. The property was 75% leased at close of escrow, and the closing cap rate was approximately 7%.

Built in 1986 and 1988, the buildings are situated on 2.08 acres at 28999 and 28991 Old Town Front Street approximately one mile from the historic Old Town area of Temecula, a city within southern Riverside County. The property is near Interstate 15 and is 75% occupied by 15 tenants.

“The Stewart Group was drawn to the property because of the firm’s familiarity with the area and need for a replacement property to satisfy a 1031 exchange,” comments Vittone. “In addition, the buyer could benefit from immediate value creation by leasing the building out on rentable square feet, as the prior owner leased the space based on a zero core factor.”

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

Darcie Giacchetto

949.278.6224

Chatham Lodging Announces Monthly Dividend



PALM BEACH, FL, June 10, 2015—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium branded select-service hotels, today announced that its board of trustees has declared a monthly common share dividend of $0.10 for June 2015.  

The common dividend is payable July 31, 2015, to shareholders of record on June 30, 2015.

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

Patrick Daly
Account Supervisor
Daly Gray, Inc.
Office:  (703) 435-6293

Cell:  (703) 300-8289

Ackerman & Co. Names New Vice President; Bryan Davis Promoted to Vice President, Brokerage


Bryan Davis
Atlanta, GA, June 10, 2015 – Bryan Davis has been promoted to Vice President, Brokerage at Ackerman & Co. 

Davis, who joined the firm in 2010, brings a great deal of experience both from within and prior to Ackerman, having spent three years honing his leasing,  acquisition and disposition skills at Lynx and Healthcare Real Estate Advisors.

“From day one, it was clear that Bryan was a go-getter,” said F. Keene Miller, President of Brokerage.

 “And his hard work and dedication paid off quickly,” he added.  In 2011, just one year after joining the company, Davis produced the highest transaction volume and was recognized with the Ackerman & Co. Top Young Producer of the Year award.

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

Fara Wilson
Vice President, Marketing
P: 770.913.3904    C: 678.358.2060    F: 770.913.3965

                                                                                            

The Residences at W Atlanta-Downtown Announces Second Most Expensive Condo Sale in Downtown and Midtown Atlanta in 2015


David Tufts
ATLANTA, GA (June 10, 2015) – On the heels of a recent penthouse sale last month which sold for $1.2 million, The Residences at W Atlanta – Downtown confirms yet another record-breaking luxury condominium sale.

The unfinished two-story, three-bedroom 4,154-square-foot penthouse, sold for $1.6 million. Both of these million dollar-plus sales within the last thirty days highlight a strong desire for this luxurious five-star lifestyle, and buyers will be hard pressed to find anything in the market that compares.

“It’s clear that savvy penthouse buyers recognize the opportunity to buy top-notch new residences well below replacement cost and it’s a testament to the extraordinary high-end value The Residences at W Atlanta – Downtown delivers,” proclaimed David Tufts, president of The Marketing Directors. 

“These two sales highlight the compelling value proposition The Residences at W Atlanta – Downtown offers. Buyers should act now as prices will only continue to rise.”

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

                                                                                                Liz Lapidus/Andi Hill
                                                                                                Liz Lapidus PR
                                                                                                404.688.1466

                                                                                                andi@lizlapiduspr.com

Rhodes+Brito Architects Completed Design of Millennia Elementary Relief School in South Orlando, FL– Construction Gets Under Way in July


Ruffin Rhodes
ORLANDO, FL – Rhodes+Brito Architects based in Orlando recently completed design of a new elementary school -- Millennia Elementary Relief School in South Orlando. 

Ruffin Rhodes, AIA, said construction of the 85,000 square foot elementary school will start in July, and is estimated to cost $12,500,000.

Millennia Relief Elementary will be located on Millennia Boulevard near Millennia Mall. The school will have approximately 45 classrooms and is expected to be completed and ready for opening by the fall of 2016.

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

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


Centex Plans Grand Opening June 27 at Sereno Community in Wimauma, FL

  
Sean Strickler
Tampa, Fla. --- Centex plans to showcase its new four-bedroom Summerwood model home on Saturday, June 27, at the grand opening of Sereno, the newest Centex community located on Bella Armonia, just east of U.S. 301 and Sun City Center Blvd in Wimauma.

Sean Strickler, division president of Centex in the West Florida region, said 48 new one and two-story homes are planned at Sereno along with a private community swimming pool and cabana, a children’s playground and gated entry. Water and preserve views are available.

New homes at Sereno range from two to six bedrooms with 1,674 square feet of living space to 2,662 square feet and two-car garages.

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

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


NAI Realvest Negotiates New Retail Lease for Prime Communications in Sarasota, FL


Kimberly Manson
SARASOTA, FL --- NAI Realvest, based in Orlando, recently negotiated a new, long-term lease agreement for 2,000 rentable square feet at the Town Center at University Groves located at 2515 University Parkway in Sarasota. 
  
Kim Manson, director of retail and investment sales at NAI Realvest and Jeff Tanner, senior VP of investment sales and leasing, brokered the transaction representing Sharp Financial III, LLC the Florida-based owner/developer. 

The Tenant, Sugar Land, Texas-based, Prime Communications, LP, was represented by Susan Haskel of Haskel Realty.

Prime Communications, which sells and services cellular telephones, has over 400 locations nationwide.

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

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