Tuesday, November 17, 2015

Marcus & Millichap Arranges $4.7 Million Sale of 53-United Carmel Apartments in North Miami Beach, FL

Felipe J. Echarte
NORTH MIAMI BEACH, 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 Carmel Apartments, a 51-unit apartment property located in North Miami Beach, Fla.

The asset sold for $4,700,000 equating to $92,157 per unit.

Felipe J. Echarte, a vice president investments, Harrison Rein, an associate, and Evan P. Kristol, a senior vice president investments, all in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Aventura, Fla.

“The seller purchased the property in 2013 and made extensive capital improvements including the renovation of 15 units with tile floors, granite countertops and custom wood cabinets,” says Rein.

 “These renovations along with the increasing strength of the North Miami Beach rental market helped the Seller achieve an excellent premium over the previous sales price.”

Carmel Apartments consists of two three-story buildings developed in 1966 and 1967 with a unit mix of 33 one-bedroom/one-bathroom units, one two-bedroom/one-bathroom unit and 17 two-bedroom/two-bathroom units.

“The Buyer was in a 1031 exchange and we were able to assist them in moving their equity from a 10 unit building in Miami Beach to a 51 unit building in North Miami Beach,” adds Echarte.

The property is located at 16700 and 16701 NE 21st Avenue in North Miami Beach.

For a complete copy of the company’s news release, please contact:
Ryan Nee
Regional Manager, Fort Lauderdale, FL
(954) 245-3400

The Habitat Company Retained by IHDA as Property Manager of Lake Shore Plaza in Chicago, IL

Matthew Fiascone
CHICAGO, IL – The Habitat Company, a leading multifamily property developer and manager in the United States, announced it has again been selected by the Illinois Housing Development Authority (IHDA) as property manager for Lake Shore Plaza.

Acting as manager of the community since 2010, Habitat was retained for another three-year term through IHDA’s public proposal process.

“This is a particularly rewarding win for us as IDHA is required to go through the procurement process and obtain bids from competitors,” said Matt Fiascone, president of The Habitat Company.

“There are no guarantees when it comes to retaining management contracts, however, we are reassured knowing that our team is out there doing the best they can and I’m proud to see that IHDA agrees. 

"This win for us further demonstrates that every Habitat team member has the opportunity to make an impact at their community.” 

Located at 445 East Ohio Street, Lake Shore Plaza is a 567-unit 40-story apartment building comprising 80 percent market-rate and 20 percent Section 8 affordable housing.

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

Cara Mooses, cmooses@taylorjohnson.com, 312.267.4523

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

REVA Development Partners Opens Pre-leasing For Luxury Rental Community Northgate Crossing in Wheeling, IL

Matt Nix
CHICAGO, IL – Chicago-based REVA Development Partners announced the start of pre-leasing for Northgate Crossing, a new 288-unit luxury rental community in north suburban Wheeling, Illinois. Leasing and property management is being overseen by Kinzie Property Management.

“With first move-ins scheduled for mid-December, construction has been continuing at a brisk pace,” said Matt Nix, principal of REVA Development Partners.

“The interest in Northgate Crossing has exceeded our expectations, with over 100 prospective renters signing up for our VIP list. This pre-leasing milestone puts us one step closer to providing an extraordinary community with all the details and amenities today’s renters want and have come to expect in a home.”

Located in the heart of Wheeling’s Town Center district at 250 Northgate Parkway, the 20-acre Northgate Crossing development will feature nine three-story apartment buildings on a heavily landscaped, amenity-rich site.

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

Vanessa Irving, virving@taylorjohnson.com, (312) 267-4525

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

Downtown St. Petersburg’s Morgan Stanley Tower and City Center Reach 100% Occupancy

Morgan Stanley Tower, Downtown St. Petersburg, FL
ST PETERSBURG, FL – A 1,700 square foot lease with Paradise Marketing has brought Morgan Stanley Tower in downtown St. Petersburg to 100% occupancy.  

The 17-story, 190,000 square foot office building was 65% occupied just two years ago when a joint venture consisting of affiliates of Feldman Equities, Tower Realty Partners and Second City Capital Partner acquired the building.

Since the purchase and a multimillion dollar renovation the group has executed nearly 70,000 square feet of leases at the building. Notable deals have included Morgan Stanley, Enstar, Capital Resorts and RE/MAX Metro. The Paradise Marketing deal was brokered by Melanie Jackson of Colliers International.

 Larry Feldman, CEO of Feldman Equities spearheads leasing and redevelopment efforts while Tower Realty Partners handles management responsibilities.

This is the second downtown St. Petersburg office building the joint venture has renovated and brought to 100% occupancy.  

The nearby, 242,000 square foot City Center office building reached that milestone earlier this year. In a little more than two years following a major renovation, the ownership increased occupancy at City Center from 44% to 100% leased.

A third acquisition, First Central Tower is currently under renovation with over three full floor deals executed since its acquisition just a year ago – including Twinlabs’ relocation from New York. Redevelopment plans for First Central Tower include an extensive Gensler designed lobby renovation, upgraded tenant floor elevator lobbies, tenant corridors and restrooms.

Melanie Jackson
 In addition, ownership is nearing completion of an amenity package which will include a new concierge desk, a state-of-the-art luxury fitness center and conference center.

 In keeping with current office space trends towards hip, high-tech spaces, space has also been allocated to a tenant lounge area with a 24/7 “chill zone” with the look and feel of a first class airport lounge.

 The lounge area will include soft seating, large flat screen TVs, iPad chairs and free WIFI. In addition, renovations will include a completely new modern elevator system, new elevator cabs and an upgrade to the air conditioning system. The parking garage will be upgraded with upgraded lighting, paint and graphics.

 “We’ve had incredible success in the Downtown St. Petersburg market,” commented co-owner Larry Feldman, CEO of Feldman Equities whose company’s focus has been on purchasing underperforming assets and increasing value through renovation and building upgrades while using their lower cost basis to implement an aggressively priced leasing program.

Larry Feldman

“Of course one of the most important amenities has been built into the deal - the incredible downtown St. Petersburg location, continued Feldman.

 “St. Pete has one of the largest urban waterfronts, a truly walkable downtown with 7 museums, over 45 restaurants, a theater for the performing arts, a major league baseball stadium, soccer stadium and nearly a dozen marinas.”

Over the last 20 years, Feldman Equities and Tower Realty Partners have successfully joint ventured on the acquisition of millions of square feet of underperforming office buildings.

 Most recently the joint venture has partnered on First Central tower, Morgan Stanley Tower and City Center in downtown St Petersburg, Wells Fargo Center in downtown Tampa and Fountain Square II in Tampa’s Westshore Business District.

For a complete copy of the company’s news release, please contact:
Feldman Equities - Larry Feldman, 727-822-3395 lfeldman@feldmanequities.com

Asset Marketing, Inc. – Tammy Youngman 813-968-1388 tyoungman@assetmarketingonline.com

Multi Housing Advisors Brokers $7.3 Million Sale of Apartment Community in Athens, GA

Georgia Green Apartments, Athens, GA
Robert Stickel
ATLANTA, GA (Nov. 17, 2015) — Multi Housing Advisors (MHA) has arranged the $7.3 million sale of Georgia Green, a 164-unit apartment community located in Athens, Georgia.

Robert Stickel, who leads MHA’s central to coastal Georgia deal team, represented the seller, Hamilton Point Investments, in the transaction. Southeast Multifamily Partners I, LLC purchased the property.

 “Georgia Green provided new ownership a recently stabilized asset with significant renovations and improving performance trends,” Stickel said. 

“As the Athens market occupancy continues to increase with limited new development of conventional units, value-add properties should continue to experience increased rental rates and returns.”

Georgia Green recently received a comprehensive renovation, including full upgrades to all unit interiors, building exteriors, and amenity areas.   The property is located in Athens, G.A. which has demonstrated tightening market fundamentals as the average vacancy rate in the market has decreased 160 basis points over the last year.

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

Deborah Rogers
Multi Housing Advisors

Back to Back TOBY’s for Center Point Business Park Awarded Industrial Building of the Year for 2nd Year Running

Center Point Business Park

Robert Smith
TAMPA, FL -- The Building Owners and Managers Association (BOMA) of Greater Tampa Bay recognized the winners of the 2015 Outstanding Building of the Year (TOBY) awards November 12th.

The award for the Outstanding Industrial Building(s) went to Center Point Business Park, submitted by Robert Smith, Taylor & Mathis of Florida, LLC, owned by IP Capital Partners.

Center Point Business Park has won the award three times under Taylor & Mathis’ management, in 2009 and back to back wins in 2014 and 2015. Center Point Business Park is now eligible to advance to the Southern Region BOMA competition to be held in Miami in April 2016.

The TOBY awards honor outstanding commercial real estate properties and industry personnel. “This award is the direct result of the commitment of on-site Property Manager Robert Smith and his team to deliver the highest level of customer service and operations. We have an outstanding on-site management team.”  -- Kent Walling, Director of Operations Taylor & Mathis

All applicants took part in a thorough review of their buildings including inspections of both public and nonpublic areas of the buildings. The review process also included interviews with the property management teams and tenants, where they were evaluated in categories such as emergency preparedness, energy management, building security, and community impact.

Taylor & Mathis handles management and leasing on behalf of new owner, IP Capital Partners. They purchased the 55-Acre, 400,000 square foot office/flex and distribution warehouse facility in September.

“The combination of the main and main location, in-place credit tenancy and additional upside potential through vacancy lease up made this a compelling investment opportunity,” says Josh Procacci, founding partner and chief investment officer of IP Capital Partners, in Boca Raton, of the firm’s purchase.

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

Lincoln-Led Joint Venture Completes Turnpike Park Industrial Building, Secures First Two Tenants

Roy Paskow
MIAMI, FL (Nov. 17, 2015) – A joint venture between Lincoln Property Company and a real estate fund advised by Crow Holdings Capital Partners has completed Turnpike Park, a 136,500-square-foot industrial building located in Miami. The first two tenants recently signed leases at the property.

SV Orchids & Potted Supply, Inc., a subsidiary of Silver Vase, Inc., a leading grower of orchids and bromeliads signed a 39,000-square-foot lease. 

Southpoint Sportswear, LLC, a vertical manufacturer of sportswear, outerwear and sleepwear lines that are custom designed for retailers and manufacturers nationwide, signed a 24,440-square-foot lease. Americas Industrial Realty Corp. represented the landlord in the transactions.

“Turnpike Park offers all of the amenities industrial tenants are seeking, including 32-foot clear heights, all-concrete truck courts and drive-in ramps, all in a prime location within the Pan American North Business Park,” said Roy Paskow, senior vice president of Lincoln who oversees the firm’s Miami office. “We anticipate the remaining space will be leased quickly as demand for Class A buildings continues to climb.”

Turnpike Park features 52-foot by 45-foot column spacing with a 50-foot staging area, heavy three-phase electrical power, T5 energy-efficient lighting, an ESFR fire sprinkler system, and four dock doors per bay.

The property also offers proximity to all major roadways, including the Florida Turnpike, Palmetto Expressway, Okeechobee Road (US 27), Interstate 75 and the Dolphin Expressway, as well as convenient access to MIA Cargo, Miami International Airport, Port Miami and the entire Tri-County area.

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)

Lincoln Harris Brokers Two Leases Totaling 55,659 Square Feet at Capitol Towers in Charlotte, NC

Campbell Walker
CHARLOTTE, NC — Campbell Walker of Lincoln Harris has arranged two leases totaling 55,659 square feet at Capitol Towers – South Tower, located in Charlotte, North Carolina. Walker represented the landlord, Capitol Towers LLC, in both transactions. Details of the transactions are below:

·      Albemarle Corp., a specialty chemical manufacturing enterprise, signed a 47,060-square-foot lease for the relocation of its company headquarters from Baton Rouge, Louisiana. Sam Pruitt of Site Selection Group and Tripp Guin of Tripp Commercial represented the tenant in the transaction.

·      Public Company Accounting Oversight Board, a nonprofit corporation established by Congress to ​oversee the audits of public companies, signed an 8,599-square-foot lease. Scott Leachman of Montview TSC Realty Advisors and John Stipp of Office Properties represented the tenant in the transaction.

“The office space at Capitol Towers is unlike anything else currently being offered in SouthPark, and the number of tenants we have secured during the past several months is proof that demand for this kind of product exists,” Walker said. “We look forward to breaking ground on the second phase and believe it will be equally as successful.”

Capital Towers – South Tower is located at 4350 Congress St. Phase I of the project, which includes the 236,250-square-foot South Tower, parking deck and approximately 25,000 square feet of retail space, recently opened.

Phase II is scheduled to break ground in late 2015. In total, Capitol Towers will feature 480,000 square feet of office space and 35,000 square feet of retail space. The project is being built to LEED Gold certification standards.

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)

National Retail Properties, Inc. Declares Dividends For Its 6.625% Series D Preferred And 5.70% Series E Preferred Stocks

ORLANDO, FL /PRNewswire/ -- The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a cash dividend on its 6.625% Series D Cumulative Redeemable Preferred Stock of 41.40625 cents per depositary share payable December 15, 2015, to shareholders of record on November 30, 2015.

The Board also declared a cash dividend on its 5.70% Series E Cumulative Redeemable Preferred Stock of 35.625 cents per depositary share payable December 15, 2015, to shareholders of record on November 30, 2015.

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.

 As of September 30, 2015, the company owned 2,231 properties in 47 states with a gross leasable area of approximately 24.5 million square feet with a weighted average remaining lease term of 11.5 years. For more information on the company, visit www.nnnreit.com..

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

Andrew Ansin Named to United Way of Miami-Dade 2015 - 2016 Board of Directors

Andrew Ansin
MIRAMAR, FL (Nov. 17, 2015) – Andrew Ansin, vice president of Sunbeam Properties, developer of the Miramar Park of Commerce, the largest locally owned and managed business park in South Florida, has been named to the United Way of Miami-Dade 2015-2016 Board of Directors.

The Ansin family has an inspiring tradition of support for United Way. Andrew’s father, Edmund Ansin, holds the unique distinction of receiving multiple Alexis de Tocqueville Awards for philanthropy in three different cities – Miami, Fort Lauderdale and Boston.

Through gifts from The Ansin Foundation, the United Way buildings in both Miami-Dade and Broward County are named in honor of Andrew Ansin’s grandparents, Sidney and Sophie Ansin.

In 1964, Sidney Ansin served as campaign chair of the Miami Community Chest, the predecessor to the United Way of Miami-Dade. Edmund and his brother, Ronald Ansin, former Massachusetts commerce commissioner, are also supporters of the United Way of Massachusetts Bay, where the Ansin family owns and operates the NBC and CW affiliates.

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

Maria Pierson
Pierson Grant Public Relations
954-776-1999, ext. 222

Christie Alexander Joins Crossman & Co. as Director of Brokerage Services

Christie Alexander
ORLANDO, FL --- Crossman & Company, one of the largest retail leasing, management and investment sales firms in the Southeast, is happy to welcome Christie Alexander as Director of Brokerage Services.

John Crossman, President of Crossman & Company, said Alexander’s commercial real estate career spans more than 20 years and includes sales and leasing of retail, office, land and industrial properties.    

Crossman said Alexander also has an extensive background in market analysis, feasibility studies and due diligence on all property types. Most recently, while a principal at NAI Realvest, Alexander teamed with the chairman to provide brokerage and advisory services.

Alexander has closed transactions that have exceeded half a billion dollars, and served clients such as Shell Oil, Ruth's Chris Steak House, TLC Engineering, MAS Companies and Atlantic Housing Foundation.

Her professional affiliations include NAIOP and International Council of Shopping Centers (ICSC). She has received awards and recognition from Central Florida Commercial Association of Realtors (CFCAR); Top Women in Florida Commercial Real Estate, Florida Real Estate Journal 2007 and NAI Gold Club. She holds a BS in Economics from Arizona State University, where she was a member of Omicron Delta Epsilon (Honor Society in Economics).

“Christie is one of the most experienced and respected commercial real estate brokers in Florida with a very well-rounded background and exposure to all facets of the industry,” said Crossman. “She will play a vital role in our continued growth throughout the Southeast.”

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

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

Hold-Thyssen Negotiates Long Term Lease at Phillips Place for long-time Orlando, FL Dentist

Darby Hold

ORLANDO, FL --- Hold-Thyssen, a real estate services firm headquartered in Winter Park, recently negotiated a long-term lease renewal for professional office space at Phillips Place, 7575 Dr. Phillips Blvd.  in Southwest Orlando. 

Darby Hold, transaction specialist for Hold-Thyssen, Inc. negotiated the transaction representing the Cincinnati, Ohio-based landlord, Financial Way Realty, Inc. 

Dr. David Hinton, DDS, already a tenant at the Phillips Place office building renewed a lease of 1,635 square feet for an additional five years.  Dr. Hinton, in practice for well over 25 years in the area, was not represented in the transaction.

Hold-Thyssen, Inc. is the leasing and management representative for the 56,000 square foot Phillips Place Office Building, which is now 89 percent leased

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

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