Wednesday, August 19, 2015

Meridian Capital Group Arranges $15.2 Million in Acquisition Financing for the Purchase of Heron Bay Corporate Center I & II in Coral Springs, FL


Josh Rhine

 NEW YORK, NY, Aug. 19, 2015,  – Meridian Capital Group, America’s most active debt broker, negotiated $15.2 million in acquisition financing for the purchase of Heron Bay Corporate Center I & II located in Coral Springs, FL on behalf of The Benedict Realty Group.

The seven-year loan, provided by a regional balance sheet lender, features a fixed-rate of 4.00% and three years of interest-only payments followed by a 30-year amortization schedule.

This transaction was negotiated by Meridian Executive Vice President, Avi Weinstock, and Vice President, Josh Rhine, who are both based in the Company’s New York City headquarters.

Heron Bay Corporate Center I & II is an office property totaling 89,000 square feet that houses 19 tenants. A notable tenant at the property is Regus, the largest provider of flexible office space in the world.

Avi Weinstock
Additionally, Heron Bay Corporate Center I & II is located in Broward County which not only boasts countless miles of waterways, an international airport and a major seaport but is also accessible by Interstate 95, Interstate 75 and the Florida Turnpike.

“Given the fully-leased status of the property, the impeccable sponsorship and the overall positive trend in this part of Florida, Meridian negotiated full-leverage financing on flexible terms that allows the owner to create additional value and evaluate both short-term and long-term strategies for the asset,” said Mr. Weinstock.

“We are very pleased to enter the Florida office market with this transaction. We hope to purchase many more office buildings in South Florida in the near future,” said Daniel Benedict of the Benedict Realty Group.

Founded over twenty years ago, Benedict Realty Group (BRG) owns and manages over 5,000 apartment units in New York City. BRG also recently started a medical office building division and has purchased three transactions as part of this strategy.

The Heron Bay deal is BRG’s first acquisition in Florida and represents an effort by BRG to opportunistically target quality assets with strong cash flow in strategic locations.


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

Jonathan Stern
Meridian Capital Group
212/972-3600

Sabal Financial Group launches $541 million national real estate and loan portfolio sale


Kevin R. McKenzie
Newport Beach, CA – Aug. 19, 2015 – Sabal Financial Group, L.P., a diversified financial services firm specializing in real estate, lending, and banking-related services, announced today that it has retained Holliday Fenoglio Fowler, L.P. (HFF) to market and sell a $541 million portfolio of real estate and performing, sub-performing, and non-performing loans representing a portion of its managed asset portfolio. 

The offering consists of 11 different geographically diverse sub-pools, which will provide investors with flexibility to pursue specific pools to meet their investment objectives. 

“We believe that investor appetite will be strong due to the quality of the assets and the structure of the transaction,” said Kevin R. McKenzie, Head of Investments for Sabal. 

The portfolio consists of three (3) major asset pool groups:  a $91.5 million performing and sub-performing loan pool, four (4) non-performing loan pools totaling $156.9 million of outstanding principal balance organized geographically, and six (6) real estate pools organized geographically comprised of real estate assets with a combined pre-foreclosure outstanding principal balance value of $297.2 million. 

 
Ken Kraemer
This portfolio sale is Sabal’s fifth structured sale transaction using an investment advisor. 

“We have had the opportunity to work with the most effective and capable sale teams in the nation and have had excellent success supplementing our individual asset strategies with portfolio transactions,” said Ken Kraemer, Head of Managed Real Estate at Sabal. 

Sabal has created value for its investors by deploying a wide variety of management strategies appropriate to the local markets and the economic cycle from development to structured sales.

“This pooled portfolio provides an excellent opportunity for investors looking for predictable cash yield from high quality investment property and loans in addition to achievable value add strategies,” adds Brock Cannon, managing director of HFF.

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 | www.hfflp.com


HFF secures $11.8 million construction loan for a 5-building speculative creative office development in El Segundo, CA


Rendering of planned Trisonic El Segundo office development, El Segundo, CA
Tim Wright
 SAN DIEGO, CA  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured an $11.8 million construction loan for Trisonic El Segundo, a five-building, 72,000-square-foot, speculative creative office development in El Segundo, California.

Working on behalf of the borrower, a joint venture between Live Oak Properties, LLC and Westport Capital Partners, LLC, HFF placed the 24-month, non-recourse construction loan with a regional bank.

Due for completion in summer 2016, Trisonic El Segundo will consist of five two-story buildings with steel frame construction, modern concrete and glass exterior elements, and metal fa├žade with 16’ ceilings. 

Tenant condominium spaces will range from 2,755 square feet to roughly 18,035 square feet. The project will be offered for sale, either as whole buildings or individual suites.

Anticipated tenants/buyers will come from media production, entertainment, high technology, medical products/services, engineering and aerospace fields.  

The 3.67-acre site is located at 400 Duley Road at the intersection of East Mariposa Ave close to Interstates 405 and 105, Mariposa Station and the Los Angeles International Airport. 

The HFF debt placement team representing the borrower was led by senior managing director Tim Wright and director Zack Holderman.

“Securing non-recourse development capital for a speculative creative office development such as this is a testament to the quality of the development and ownership team, as well as the real estate dynamics in the El Segundo market,” Holderman added. 

 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 | www.hfflp.com


Two 55-Plus Manufactured Home Communities in Manatee County, FL Sell for $27.8 Million


Kyle Baskin
PALMETTO, FL – 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 two adjacent 55-plus manufactured home communities in Palmetto, Fla.

They are the 244-space Palm Bay, which sold for $13.1 million and Colonial Mobile Manor, which has 235 spaces and brought $14.7 million.

            Kyle Baskin and Jonathon McClellan, vice presidents investments in Marcus & Millichap’s Cleveland office, represented the buyer, Kingsley Management. Kirk Felici, first vice president and district manager in the firm’s Miami office, is Marcus & Millichap’s broker of record in Florida.

            “Given the current market conditions, and the demand for larger, age-restricted communities throughout the nation, we feel that both buyer and seller capitalized on this unique opportunity,” says Baskin.

“We are extremely pleased with the buyer’s ability to complete this transaction,” adds McClellan.

Palm Bay is located at 751 10th St. East, U.S. 301 N. in Palmetto and Colonial Mobile Manor is adjacent at 900 9th Ave. East.

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

Gina Relva
Public Relations Manager
(925) 953-1716

West Los Angeles Apartment Building Sells for $10.2 Million


1309 Amherst Avenue Apartments, West Los Angeles, CA

 
Ron Harris
LOS ANGELES, CA  – 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 1309 Amherst Ave., a 28-unit apartment building in West Los Angeles, one block from Brentwood. The $10,245,000 sales price equates to approximately $366,000 per unit.

            Ron Harris, executive vice president investments, Paul Darrow, vice president investments, and Michael DiSimone, senior associate, all in Marcus & Millichap’s Los Angeles office, represented the seller and procured the buyer.

            “On the market for the first time in more than 30 years, 1309 Amherst attracted a substantial amount of interest from multifamily property investors,” says Harris. “The property is perfectly suited for a comprehensive renovation that will allow the new owner to achieve a significant cash flow increase.”

“The Westside submarket of Los Angeles market maintains some of the lowest vacancies and highest rents in all of Southern California,” adds Darrow. “The area features superb demographics and is expected to capture consistent growth in the coming years.”

Paul Darrow
The two-story apartment building is located on the southwest corner of Amherst Avenue and Texas Avenue in a quiet residential area between Wilshire Boulevard and Santa Monica Boulevard. 

The location is adjacent to the epicenter of Los Angeles’s tech and startup community and approximately 25,000,000 square feet of office space. 

The property is minutes from Montana Avenue, Santa Monica Place, Third Street Promenade and Westwood. Access to major thoroughfares such as interstates 10 and 405 is nearby.

Built in 1972 on approximately 0.50 acres, 1309 Amherst Ave. has a total area of 26,155 square feet. 

The unit mix is one studio, 14 one-bedroom/one-bath units and 13 two-bedroom/two-bath apartments. 

Community amenities include controlled access, 49 semi-subterranean parking spaces, a courtyard, a bicycle storage area, and on-site laundry facilities. Apartment interiors feature gas fireplaces, ceiling fans in the kitchen areas, walk-in closets, and private balconies.

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

Gina Relva
Public Relations Manager
(925) 953-1716


            

SRF Ventures Secures $11 Million Loan for Boca Raton, FL Landowner



Steven Fischler
Boca Raton, FL --SRF Ventures has arranged an $11 million cash-out land loan for a borrower in Boca Raton.

The non-recourse 18-month loan, which has only six months of minimum interest, allows the borrower to recoup equity and execute their business plan with substantial flexibility going forward.

Lenders are often reticent to provide such loans as they prefer borrowers maintain equity in a property, but SRF Ventures was able to overcome this hurdle in completing the transaction.

“We were able to achieve higher proceeds than the borrower initially envisioned. 

"By working with a wider variety of lenders that most, we were able to find a local lender who understood the premiere location of the property and the reasonable loan to value request. Both the borrower and lender are very satisfied with the result,” said Steven Fischler, founder, president and managing principal of SRF Ventures.

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

Ilana Tescher
Account Executive
BoardroomPR
Office: 954-370-8999
Cell: 954-249-1816

Charles Dunn Co. Completes 50,147-Square-Foot Office Lease Renewal with County of Los Angeles in Los Angeles, CA

  
JM Eagle Building, 5200 West Century Boulevard
near Los Angeles International Airport, Los Angeles, CA

LOS ANGELES, CA, Aug.19, 2015 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed a five-year, 50,147-square-foot office lease renewal with the County of Los Angeles valued in excess of $6 million. 

Chris Runyen
The space is within the 10-story, 325,000-square-foot JM Eagle building near LAX in Los Angeles.

Chris Runyen, Jason Cope, and Amir Madadi of Charles Dunn Company represented the owner, JM Eagle, the world's largest manufacturer of PVC pipe and related plastics products. The tenant represented itself.

Built in 1983, the Class A property is located at 5200 W. Century Blvd. and offers convenient access to the 405 and 105 freeways.

“The LAX market has traditionally carried a high vacancy, but the area is changing quickly,” said Runyen. 

“Vacant office buildings have become attractive to developers as potential conversions to hotels, and we’ve seen a significant number of tech and creative tenants considering the market as a less costly alternative to El Segundo, Playa Vista, and Silicon Beach.”

Runyen noted that the occupancy of the JM Eagle building was 60 percent occupied 12 months ago, and is now at 70 percent with a strong amount of leasing activity with small- to mid-sized tenants.

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

Darcie Giacchetto
949.278.6224

Taylor Johnson Announces New Client, The Habitat Co.


Daniel Levin
CHICAGO, IL -- Taylor Johnson President Emily Johnson announced a new client today -- The Habitat Company, one of the country’s leading multifamily developers and property managers.

Founded in 1971, The Habitat Company is a full-service residential real estate company specializing in property management, acquisitions, development and project management. Daniel Levin is the company’s founder and chairman.

Headquartered in Chicago with more than 700 employees across the country, Habitat’s portfolio spans a wide range of residential property types, including luxury rental apartments; condominiums; and affordable, public, senior and student housing communities.

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

Cara Mooses at Taylor Johnson, 312-267-4523 or cmooses@taylorjohnson.com.


Wyndham Hotel Group Names Eduardo Cruz del Rio Vice President of Operations for Latin America and Caribbean


Eduardo Cruz del Rio
 PARSIPPANY, NJ (Aug.19, 2015) – Wyndham Hotel Group today announced the appointment of Eduardo Cruz del Rio as vice president of operations for Latin America and the Caribbean.

Cruz Del Rio will report to Paulo Pena, Wyndham Hotel Group’s president and managing director for the region, and will be based in the company’s Parsippany, New Jersey, headquarters.

In this role, Cruz del Rio will be responsible for the overall performance of Wyndham Hotel Group hotels in Latin America and the Caribbean.

 He will support, maximize and maintain relationships with owners in the region in order to drive system contribution, revenue performance, quality, operational excellence, brand engagement and retention. 

He will also lead the region’s franchise integration, training, procurement, collections, design and construction teams.

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

Paula Carreiro
Wyndham Hotel Group
22 Sylvan Way
Parsippany, NJ  07054
(973) 753-7927

Six/Ten Signs The Results Companies to Downtown Winter Haven, FL Office Lease

  
 
Chad Lennox
Winter Haven, FL — Six/Ten, LLC has leased office space in the former Book Traders -Third and Central building to The Results Companies, one of the world’s leading Customer Experience Management providers.

 The company, which has been operating in Winter Haven for five years, is expanding its existing services to a 4,206 sq. ft. space at 41 Third Street, NW, Winter Haven, FL 33881. 

Six/Ten is currently completing an interior build-out of the space, which is expected to be finished by mid August. The new space will be used for training of new hires and existing employees.

“More and more businesses are seeing the value of having a presence in the revamped downtown area,” said Six/Ten’s leasing agent, Chad Lennox.  “Leasing activity for businesses in the area has been on a steady incline.”

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

Michelle Griffith
BoardroomPR
407-973-8555


Marcus & Millichap Arranges Sale of 26-Unit Apartment Portfolio in Tampa, FL

  
                                                              
Francesco P. Carriera
                     
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 the De Leon & Azeele Portfolio, a 26-unit apartment portfolio located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $3,300,000.

Francesco P. Carriera and Michael P. Regan, both vice president investments, and Cameron Barbas, associate, all 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 Cameron Barbas,. Regan and Carriera. 

The properties included in this portfolio are located at 611 West De Leon Street, 801 West Azeele Street and 3012 West De Leon Street in the highly desirable Hyde Park and South Tampa submarkets of Tampa, Florida.

 They are within walking distance of downtown Tampa, the University of Tampa, Hyde Park Village and South Howard Avenue. 

Michael P. Regan
The portfolio consists of three, two-story buildings which are comprised of four, one-bedroom/one-bathroom units ranging from 550 to 625 rentable square feet; five, one-bedroom/one-bathroom units with a den ranging from 600 to 900 rentable square feet; 15 two-bedroom/one-bathroom units ranging from 850 to 1,000 rentable square feet and two, two-bedroom/two-bathroom units with a den ranging from 1,200 to 1,300 rentable square feet.

“We effectively drove multiple offers from local and out of area owners in the first weeks of marketing, and the property was ultimately purchased by an out of area buyer,” says Barbas.

“Our ability to cultivate competition for this Hyde Park asset allowed us to truly maximize the seller’s net proceeds. 

"The 26 units, which have not been renovated, were achieving top of the market rents leading to a market high price per unit of over $126,000 for this 1920s and 1960s asset.”

“The Carriera Regan team has listed, closed or put over 440 units under contract in the South Tampa and Hyde Park submarkets since November of 2014,” Barbas adds. “This high volume of transactions speaks to the demand from local, national and international buyers that this submarket is a place to put their capital.”


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

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

(813) 387-4700

MetWest International Adds Local Restaurant Thai Prime to its Menu of Dining Options in Tampa, FL


Kalyn Brandewie
 TAMPA, FL –   MetWest International is adding Thai Prime to its already impressive line-up of restaurants at its retail center across from International Plaza and Tampa International Airport.

   Thai Prime is a local restaurant known for its authentic Thai cuisine and is slated to open in the fall. It will offer 176 seats, a full liquor bar and outside seating.

The restaurant signed a 2,613 square foot lease at MetWest International in Tampa’s Westshore Business District.

 Kalyn Brandewie of Florida Retail Partners brokered the deal on behalf of the project’s owner. Dean Koutroumanis of The Boardwalk Company represented the tenant.  

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

Kalyn Brandewie, Florida Retail Partners
(813) 251-3333


Crossman & Co. names Dan Colachicco Senior Managing Director

  
Dan Colachicco
Orlando, FL– Crossman & Company’s Dan Colachicco has been promoted to Senior Managing Director of Brokerage Services, where he will oversee the leasing and investment sales teams.

Colachicco has been a leader in the commercial real estate industry for more than 35 years, and has been involved with hundreds of millions of dollars in transactions. He previously served as the company’s Director of Investment Sales.

“We are excited to promote Dan to Senior Managing Director of Brokerage Services. He is a seasoned veteran in the industry with a depth and breadth of experience that will further strengthen our brokerage team as we grow,” said Crossman & Company President John Crossman.

Prior to joining Crossman & Company, Colachicco served as a Senior Vice President with NAI Realvest and was the Regional Manager for the Orlando Office of Marcus & Millichap. Colachicco has trained and developed hundreds of commercial real estate professionals during his career.

Colachicco is a member of the International Council of Shopping Centers and a past board member of the Alzheimer Resource Center.

For a complete copy of the company’s news release, please contact:
Sydnie Cobb
Crossman & Company
407.581.6261


Multi Housing Advisors Brokers $10 Million Sale of Apartment Community in Athens, GA


Robert Stickel
ATLANTA, GA — Multi Housing Advisors (MHA) has arranged the $10 million sale of Arbor Ridge, a 212-unit apartment community in Athens, Georgia.

Robert Stickel, who leads MHA’s central to coastal Georgia deal team, represented the Texas-based seller in the transaction, and procured the New York-based buyer.

“There continues to be incredible investor demand for quality value-add product,” Stickel said. 

“The Athens market is consistently demonstrating strong fundamentals with limited conventional development and increasing employment, resulting in a submarket with a very attractive supply and demand dynamic.”

Arbor Ridge, built in 1969 and renovated in 2008, is located at 150 Chateau Terrace and features a clubhouse, swimming pool, and tennis court.

For a complete copy of the company’s news release, please contact:
Savannah Duncan
The Wilbert Group
404-343-0870 (O) 404-901-4433 (C)