Tuesday, June 16, 2015

Marcus & Millichap Arranges Sale of 10,000-SF Industrial Building in Tampa, FL

Matt Kim
TAMPA, FL, June 16, 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 51st Street Industrial, a 10,000-square foot industrial property located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. 

The asset sold for $285,000.

David Joyce, Matt Kim and William Wamble, Associates in Marcus & Millichap’s Tampa office had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer was secured and represented by David Joyce.

51st Street Industrial is located at 2022 51st Street in Tampa, Florida near the industrial corridor of East Tampa, moments from the vibrant Port of Tampa and just a mile-and-a-half from the Selmon Expressway. 

This vacant facility was constructed in 1987 and consists of two separate buildings with grade level overhead doors and outside storage potential.

“We had multiple offers for this property and a local business owner ended up becoming the buyer, seeing the advantage of relocating their business to the area. Demand has been increasing for the Tampa Bay area industrial product, and with financing readily available I believe we can expect to see demand continue to rise,” Joyce commented.

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

Richard D. Matricaria
Vice President/Regional Manager, Tampa

(813) 387-4700

MVP REIT Acquires Five Parking Facilities in Texas, Colorado, Missouri and Wisconsin

Mike Shustek
SAN DIEGO, CA – MVP REIT, Inc. announced today that the REIT has recently completed the acquisition of five parking facilities in four states for an aggregate purchase price of $36 million. 

The acquisitions are comprised of parking garages and surface parking lots.

“Each of these parking facilities enjoy superior locations in close proximity to popular destinations, including retail stores, sporting arenas, hotels, office buildings and tourist attractions,” said Mike Shustek, chairman and chief executive officer of MVP REIT. 

“Adding to their attractiveness, each of these properties is leased on a long-term basis to proven parking operators.”

Fort Worth, Texas

Among the REIT’s five acquisitions is an eight-story parking garage in downtown Fort Worth situated directly across from the 14-story Fritz G. Lanham Federal Building.The facility has 1,000 striped spaces and is 100 percent leased to SP+.
Houston, Texas

Fritz G. Lanham Federal Building
Downtown Fort Worth, TX
The REIT also acquired a four-story parking garage in downtown Houston with 265 striped spaces.  The garage is 100 percent leased to operator iPark Services.

St. Louis, Missouri

MVP REIT acquired a surface parking lot in downtown St. Louis, striped with 221 spaces. The lot is 100 percent leased to SP+.
 Milwaukee, Wisconsin

The REIT also acquired a surface parking lot located within a few blocks of the Milwaukee River. The parking lot is striped with 54 spaces and is 100 percent leased to SP+.

Denver, Colorado

MVP REIT acquired a surface parking lot centrally located on the eastern edge of downtown Denver. Striped with 28 spaces, the parking lot is 100 percent leased to the City of Denver School District.

Three of the parking lots acquired are operated by SP+, formerly known as Standard Parking. 

The Standard Parking and Central Parking brands of SP+ operate approximately 4,200 parking facilities with more than 2.1 million parking spaces in hundreds of cities across North America, including parking-related and shuttle bus operations serving more than 75 airports.

MVP REIT’s parking portfolio contains eight surface parking lots and three parking garages with a total of 2,927 parking spaces. The REIT’s total property portfolio is valued at approximately $60.7 million.

For a complete copy of the company’s news release, please contact:Jill Swartz            
Julie Leber
Spotlight Marketing Communications                                              
949.427.5172, ext. 701 
949.427.5172, ext. 703

Lincoln Brokers Sale of 164,000-Square-Foot Warehouse Facility in Dalton, GA

Denton Shamburger
ATLANTA (June 16, 2015) – Lincoln Property Company Southeast (Lincoln) has brokered the sale of 1029 South Hamilton Street, a two-building, 164,000-square-foot warehouse facility in Dalton, Georgia.

 Denton Shamburger and Chip Sipple of Lincoln represented the seller, Rialto Capital Management. Bolyston Crown Properties purchased the property, which was built in the early 1900s, for $525,000.

The property sits on 13.5 acres and is located just 2.5 miles east of Interstate 75 and directly south of downtown Dalton.

“This facility provides the new owner a great opportunity as it was purchased well below replacement cost and is in a great location,” Sipple said. “The size of the site and the property allow the new owner a wide range of opportunities in the future.”

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

Stephen Ursery
The Wilbert Group

Mortgage Bankers Association Reports Commercial/Multifamily Mortgage Debt Continues Growth in First Quarter

Jamie Woodwell
Washington D.C. (June 16, 2015) - The level of commercial/multifamily mortgage debt outstanding increased by $40.4 billion in the first quarter of 2015, as all four major investor groups increased their holdings. That is a 1.5 percent increase over the fourth quarter of 2014.

Total commercial/multifamily debt outstanding stood at $2.68 trillion at the end of the first quarter. Multifamily mortgage debt outstanding rose to $989 billion, an increase of $20.6 billion, or 2.1 percent, from the fourth quarter of 2014.

“Strong first quarter mortgage originations boosted the level of commercial and multifamily mortgage debt outstanding,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research.

“Multifamily mortgages continued to grow even more quickly than the market as a whole, with banks increasing their portfolios by $8 billion and agency and GSE portfolios and MBS increasing their holdings by $10 billion.“

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

Ali Ahmad


Post Properties Appoints Virginia Means as New Senior Vice President of Human Resources

Virginia Means
ATLANTA, GA (BUSINESS WIRE)-- Post Properties, Inc. has named Virginia Means as its new Senior Vice President of Human Resources. 

In her new role, Means brings more than two decades of human capital leadership and consulting experience on behalf of domestic and global organizations.

Means will oversee all aspects of human resources for Post Properties, including recruiting, educational development, performance management, health and welfare benefits, retirement services, payroll, compensation and employee relations.

“Virginia is a tremendous addition to the team,” said David Stockert, President and CEO of Post Properties. “Her compassion and wealth of experience in personnel management will help us continue to grow as a company. Virginia’s innovative thinking is expected to generate a fresh perspective and direction aimed at creating positive results.”

Means will also serve as the Executive Director of Post HOPE Foundation, a corporate initiative that helps provide resources and fundraising support for those in need. Post HOPE hosts a number of annual fundraisers, including golf tournaments, silent auctions, comedy nights and other events in order to raise funds for its charities.

David Stockert

As a part of the initiative, the company closes its doors for one day each year for the Post HOPE Day of Service, encouraging all employees to go out into the community to volunteer.

Means is also the Chairman of the Board of Directors for Society for Human Resources Management — Atlanta. She also serves on the Human Resources Leadership Forum (HRLF) Board of Directors. 

She earned her undergraduate degree from the University of Georgia and then attended the Wharton School of the University of Pennsylvania to obtain her Human Resources Business Certification.

To learn more about the leadership team at Post Properties, visit http://www.postproperties.com/Leadership-Team.

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

Nebo Agency
Caroline Brown, 1 404-885-1201

Meta Housing Corp. Completes Mixed-Use Affordable/Workforce Housing Project in Torrance, CA

Cabrillo Family Apartments, 1640 Cabrillo Avenue, Torrance, CA

TORRANCE, CA, (June 16, 2015) – Meta Housing Corporation has announced the completion of the Cabrillo Family Apartments, a 44-unit, mixed-used, affordable/workforce family apartment community at 1640 Cabrillo Avenue in Torrance, California.

Kasey M. Burke
“Like many communities in Los Angeles County, Torrance has a deep need for quality affordable housing to accommodate its growing workforce,” says Kasey Burke, President of Meta Housing Corporation.

 “By replacing a run-down, vacant commercial building in downtown Torrance with this newly designed, quality affordable housing, we are filling a void in the community and creating an environment where local workers and families can thrive.” 

Burke notes that apartment rents continue to rise throughout the Los Angeles metro area, creating an even more urgent need for affordable developments.

“As job growth continues and rents climb, workers are often forced to seek housing outside of their city of employment. Cabrillo Family Apartments will help to alleviate this problem in Torrance by delivering housing that workers can afford in a location that is close to employment.”

Meta Housing Corporation worked closely with the City of Torrance, as well as its longtime partner Bank of America to obtain the financing necessary to bring this project to fruition.

Bank of America Merrill Lynch acted as the tax credit investor and provided construction financing for the project, for a combined total of nearly $23 million. Additional financing partners included the City of Torrance, and the California Community Reinvestment Corporation.

Charmaine Atherton
Bank of America Merrill Lynch has successfully partnered on 14 projects with Meta Housing, and we’re excited to continue supporting their vision with Cabrillo Family Apartments, our third grand opening with them this year,” says Charmaine Atherton, senior vice president of community development banking at Bank of America Merrill Lynch.

 “Cabrillo Family Apartments is a great demonstration of the bank’s commitment to the South Bay, generating economic growth and creating safe, high-quality affordable housing available to families in Torrance.”

Constructed above 3,731 square feet of neighborhood-serving retail, Cabrillo Family Apartments sits three stories high along the front of Cabrillo Avenue and four stories high along the alley towards the rear of site, explains Meta Housing Corporation Senior Vice President Aaron Mandel.

“Cabrillo Family Apartments serves as a catalyst for economic revitalization for the city,” says Mandel. “The project brings together workers and families, as well as retail and affordable housing. 
Through this cohesion, we are able to improve the vitality of the surrounding neighborhoods and create a community that contributes to a more productive workforce and a happier, healthier city.” 

Aaron Mandel

Mandel notes that the development of the retail spaces directly below the apartment community will not only increase the retail offerings in the area, but also create an environment where residents can further connect with their community.

“Today’s workers, especially those in the Millennial demographic, like to live, work and play all in the same location,” Mandel continues. “This development delivers that connected lifestyle, allowing residents to live affordably in housing that is close to their jobs, and also easily walkable to nearby amenities and retail offerings.”

According to Mandel, Meta Housing is committed to developing projects that contribute to its residents’ overall well-being, while also contributing to the cities in which these projects are built.

The Cabrillo community offers a variety of amenities, including private balconies and a 7,580 square-foot courtyard, as well as a community room, classroom, and recreational deck, among others.

The Cabrillo Family Apartment community was developed by Meta Housing in partnership with Synergy Community Development Corporation, and was built to LEED Gold Certification standards.
The apartment community is comprised of affordable one-, two-, and three-bedroom floor plans.

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

Lexi Astfalk/Jenn Quader
Brower, Miller & Cole
(949) 955-7940