Monday, May 30, 2016

Atlantic | Pacific Communities and Palmetto Homes Celebrate Grand Opening of Island Living Affordable Housing in Overtown Area of Miami, FL


Miami-Dade County Commissioner Audrey M. Edmonson

MIAMI, FL  – Atlantic | Pacific Communities (A|P Communities), a subsidiary of Atlantic | Pacific Companies (A|P), and partner Palmetto Homes, along with local officials including Miami-Dade County Commissioner Audrey M. Edmonson, City of Miami Commissioner and Southeast Overtown/Park West Community Redevelopment Agency (SEOPW CRA) Chair Keon Hardemon, City of Miami Commissioner Francis Suarez, City of Miami Commissioner and SEOPW CRA Vice-Chair  Wifredo “Willy” Gort, and SEOPW CRA  Executive Director Clarence E. Woods III, celebrated the grand opening of Island Living Apartments, a 70-unit, mixed-use, affordable housing development located in the heart of Overtown.

 
Clarence E. Woods III
Island Living is part of the overall revitalization of the Overtown neighborhood; it is the first project to be completed of four new affordable housing buildings planned for the area in partnership with the Southeast Overtown / Park West Community Redevelopment Agency (Park West CRA), a City of Miami agency dedicated to spearheading new development efforts to benefit revitalization of the Overtown area and beyond.

 “The Southeast Overtown / Park West Community Redevelopment Agency is proud to be a part of the development of this beautiful building” said Woods. 

“Like most communities across the nation, there is a great need for more affordable housing. This project is a perfect example of our efforts, in partnership with Atlantic|Pacific Communities and Palmetto Homes, to expand housing opportunities and provide a better quality of life for our residents.”

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

Jessica Wade Pfeffer | Jessica Wade Inc.
jessica@jessicawadeinc.com | 305.804.8424
Margie Sernik | Jessica Wade Inc.

margie@jessicawadeinc.com | 786.200.2516

HSA Commercial and Great Point Investors to Launch 652,000 SF Spec Industrial Development in Nashville, TN


Robert Smietana
ASHVILLE, TN — HSA Commercial Real Estate announced the firm has partnered with Boston-based Great Point Investors LLC to develop a 652,000-square-foot speculative industrial building at Commerce Farms Business Center in suburban Nashville, Tenn.

Located on 41 acres at the junction of State Route 840 and Highway 109 in Lebanon, Tenn., the distribution center will feature 32-foot clear heights, 116 truck docks, two drive-in doors and parking for 84 trailers and 257 cars.

The partnership is scheduled to break ground on the new industrial facility later this month, with delivery to tenants planned in the first quarter of 2017.

“For larger warehousing and logistics businesses requiring at least 200,000 square feet, the available inventory of well-located Class A industrial space in the Nashville market is virtually nonexistent,” said Robert Smietana, vice chairman and CEO of HSA Commercial.

“That’s why we believe the timing of this development, coupled with the modern building specifications – higher clear heights, ample truck docks and abundant trailer parking – should make the project very attractive for prospective tenants.”

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

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

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

HFF arranges $15.464 million financing for industrial warehouse in Denver’s RiNo districtLeon

   
 
Leon McBroom
DENVER, CO –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $15.464 million in bridge and construction financing for 2323 Delgany, an 83,133-square-foot, 100-percent-leased industrial warehouse located in Denver’s River North (RiNo) District.

HFF worked exclusively on behalf of the borrower, a joint venture between EverWest Real Estate Partners (EverWest) and WHI Real Estate Partners L.P., to secure the fixed- to floating-rate loan through First National Denver, a division of the First National Bank of Santa Fe. 

The initial fixed-rate loan funding will be allocated toward the acquisition of the property and the future floating-rate funding will be used to facilitate the conversion to creative office space.

Situated on 3.46 acres, 2323 Delgany is strategically located along the northwestern border of Denver’s central business district at the corner of Delgany and Park Avenue in the rapidly redeveloping RiNo mixed-use neighborhood.

Eric Tupler
  Additionally, Denver’s newly-renovated Union Station, Coors Field, The Colorado Convention Center and Interstate 25 are within a mile of the property.  Originally constructed in 1975 as a Twin-T industrial warehouse, the borrower plans to convert the asset to a creative office property as tenant leases expire in 2017.

The HFF debt placement team was led by associate director Leon McBroom and senior managing director Eric Tupler

“We are pleased to complete this financing as it will significantly enhance our ability to successfully reposition this asset,” said EverWest’s Paul Andrews.

 “First National is proud to have been of service to two very valued clients and appreciates the opportunity,” added Jonathan Smith, executive vice president of First National.

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


HFF secures $42.9 million financing for development of Dallas, TX seniors housing community


Sarah Baccich
DALLAS, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $42.9 million in construction financing for HarborChase of the Park Cities, a 134-unit, luxury assisted living and memory care community in North Dallas’ Preston Center.

HFF worked exclusively on behalf of a joint venture between Silverstone Healthcare Company (Silverstone) and L&B Realty Advisors, to place the four-year, floating-rate construction loan with Texas Capital Bank and Guaranty Bank & Trust.  Silverstone’s operating partner, Harbor Retirement Associates (HRA), will manage the property under the HarborChase brand.

HarborChase of the Park Cities will be located at 5905 Sherry Lane in Preston Center directly southeast of the intersection of the Dallas North Tollway and Northwest Highway (Loop 12) and approximately 6.3 miles north of Dallas’ central business district. 

The affluent Preston Hollow and Park Cities neighborhoods border the property to the north and south respectively.  Due for completion in 2017, HarborChase of the Park Cities will have 105 assisted living and 29 memory care units.

  Property amenities will include a restaurant-style dining room, salon, lounges, balconies and wellness room.

The HFF debt placement team was led by director Jim Curtin, senior managing directors Ryan Maconachy and Chad Lavender and associate director Sarah Baccich.

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


HFF named to market for sale 11-property, 6 land site housing portfolio for University of Chicago


Brian Kelly
CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has been named to market for sale an 11-property, 394-unit portfolio plus six land sites, all owned by the University of Chicago in Chicago, Illinois. Offers will only be accepted for the portfolio in its entirety, no individual trades will be considered.

The portfolio includes six graduate student housing properties, four faculty/staff buildings, one retail property and six land sites.  The residential properties are 95.9 percent occupied overall. The properties have a total of 520 beds and approximately 272,593 square feet.

 Apartment units average approximately 692 square feet each.  The properties are located in Hyde Park within walking distance to campus, six miles south of Chicago’s Central Business District and close to Lake Michigan.

The HFF investment sales team representing the University of Chicago is led by managing director Brian Kelly and associate director Michael Higgins.

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


HFF secures acquisition financing for luxury apartment tower in downtown Austin, TX


 
Douglas Opalka
AUSTIN, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured acquisition financing for The Catherine, a 300-unit, luxury high-rise apartment tower in downtown Austin, Texas.

Working on behalf of the borrower, Catherine Tower, LLC, an affiliate of Austin-based Christopher Investment Company, Inc., HFF placed the seven-year, fixed-rate loan with Prudential Mortgage Capital Company.

The Catherine is situated at 214 Barton Springs Road immediately south of the Colorado River and to the east of Auditorium Shores and The Long Center for Performing Arts. 

Completed in 2015, the 19-story, LEED-certified tower has studio, one-, two- and three-bedroom units averaging 897 square feet each with amenities, including designer built-in bookshelves, art/media niches, gourmet kitchen islands, stone countertops, stainless appliances, hardwood floors, upscale lighting, solar/black out shades, in-home washers and dryers, wireless sound system and keyless unit entry. 

The property also features a rooftop sky lounge providing panoramic views of downtown, a bar and private dining room; an infinity-edge swimming pool surrounded by a fire pit, lounge spaces and grilling stations; fully-equipped, poolside fitness center; pet washing station; and hotel-inspired lobby.

The HFF debt placement team was led by senior managing director Doug Opalka.

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


$51 million in recapitalization financing secured by HFF for Cambridge, MA biotech building


1030 Massachusetts Avenue, Cambridge, MA

Greg LaBine
 BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $51 million in recapitalization financing for 1030 Massachusetts Avenue, a 77,805-square-foot, Class A, laboratory/biotechnology building within walking distance of Harvard Square in Cambridge, Massachusetts.

Working on behalf of the borrower, an affiliate of Longfellow Real Estate Partners, HFF placed the five-year, fixed-rate loan with Capital One Healthcare.

1030 Massachusetts Avenue was renovated into a Class A biotech/laboratory building to cater to the high tech bio tenant base in the surrounding Cambridge market.  The four-story property is fully leased to seven tenants: five biotech tenants, an indoor cycling studio, and a restaurant slated to open in early summer 2016.

 Situated within walking distance of both Harvard and Central Squares, 1030 Massachusetts Avenue has convenient access to numerous restaurants, shopping, and entertainment as well as public transportation providing access to downtown Boston, just three miles southeast.

“Speed to closing was one of the critical elements for Longfellow.  From the beginning of HFF’s marketing process to the closing was a span of only 49 days,” said Greg LaBine, managing director of HFF.  “Capital One moved very quickly and efficiently, dual tracking due diligence and legal to make this happen.” 

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

Kristen M. Murphy
Director, Marketing
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 expands presence by opening Phoenix, AZ office


Jeremy Womack (left) and CJ Osbrink
 PHOENIX, AZ –– Holliday Fenoglio Fowler, L.P. (HFF) announced it will expand its western U.S. presence by opening an office in Phoenix, Arizona with a focus on debt and equity placement as well as investment sales serving Arizona and the greater southwest region.  The opening of this office will represent HFF’s 23rd location in the U.S.

Day-to-day operations of the Phoenix office, which is expected to open in late summer 2016, will be led by senior managing director Jeremy Womack, who will relocate from HFF’s Austin office to launch the new Phoenix operation.

 Scott Galloway, an executive managing director and member of HFF’s executive committee, along with Kevin MacKenzie, a senior managing director, co-head of the West Coast region, and a member of HFF’s executive committee, will oversee the office opening and expansion.

CJ Osbrink, from HFF’s Orange County office, who specializes in investment sales, will also relocate to the new Phoenix location.  HFF will seek to add additional transaction professionals to the Phoenix office who specialize in the firm’s capital markets platform service offerings as well as property specialties, where appropriate.


Scott Galloway
“HFF has been active in the local Phoenix market for more than 20 years and strongly believes in the city’s economic strength and growth prospects into the foreseeable future.  

“The culture at HFF is the cornerstone of our company and is one of the primary reasons for our success.  Jeremy and CJ are bringing HFF’s trusted advisor style of business to Phoenix and will be looking to identify and recruit local candidates who possess these same skills and fundamental character traits,” said MacKenzie.

“Jeremy has been an integral force in the growth and success of HFF’s Austin office and we are very pleased that he is planting the HFF flag in Phoenix.    

"We are confident in Jeremy’s ability to successfully grow our market share in Phoenix and establish HFF as one of the top commercial real estate and capital markets intermediaries in the market,” noted Galloway.

“Launching the Phoenix office of HFF is an honor and an exceptional opportunity to bring HFF’s integrated capital markets platform to the marketplace.  HFF’s platform, with access to global capital, will serve the Phoenix market well and benefit the local community with the enhanced level of best-in-class service that HFF is known to provide.

“ HFF aligns its interests completely with its clients and provides a truly customer-centric execution.  A local presence will better serve our current Phoenix clients as well as our regional and national clients that rely on HFF for transactional advice and execution in Arizona,” added Womack.

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

Kristen M. Murphy
Director, Marketing
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


$220 million sale of iconic Miami Tower closed by HFF

  
Miami Tower, Central Business District, Miami, FL
MIAMI, FL  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $220 million sale of Miami Tower, a 47-story, 631,672-square-foot, Class A core office tower in Miami’s central business district.

HFF marketed the property on behalf of the seller, LaSalle Investment Management’s LaSalle Income & Growth Fund V, and procured the buyer, Sumitomo Corporation of Americas.

  LaSalle owned the property since purchasing it in December, 2010, in a sale also arranged by HFF.   LaSalle installed a new lighting system as part of more broad-based tower renovation, and repositioned and leased the tower to 92 percent occupancy during its ownership period.

Designed by renowned architect, I.M. Pei, the iconic Miami Tower consists of 37 stories of office space situated above 10 stories of parking, a Metromover station and ground level retail space.

 The building is well known for its unique exterior lighting system and boasts a long-term and blue-chip diversified tenancy with firms including Carlton Fields, TotalBank, UBS Financial, Genovese Joblove, Ver Ploeg and the GSA. 

The property’s epicenter Downtown location provides an almost perfect Walk Score® of 99, and is steps away from Miami’s hottest restaurants, including Zuma, I’l Gabbiano, Komodo, Cirpriani, Wolfgang’s Steakhouse, Bistro Modero and Coya. 

The property is surrounded by numerous luxury hotels, including Epic, JW Marriott Marquis, Viceroy, Hyatt Regency and Intercontinental. Downtown Miami has seen significant luxury residential development in recent years, along with a full complement of amenities, including a Whole Foods market and 18-screen Silverspot Cinema.  

Manny de Zarraga
The HFF investment sales team representing the seller included Manny de Zárraga, Hermen Rodriguez, Ike Ojala, Jorge Portela and Tracey Goo. 

“Miami Tower is perfectly positioned to take advantage of the exciting renaissance of the Miami CBD, which has been ranked as top US metro for job growth in 2015 and sixth most important city in the world for ultra-high net worth individuals” said Rodriguez.

Robert Obringer, vice president of Sumitomo Corporation of Americas Commercial Real Estate Unit, sees solid value in this latest acquisition.  “We are excited to add Miami Tower to our portfolio of commercial properties here in the U.S.,” explains Mr. Obringer. 

 “As part of our constant management of assets, we are always looking for opportunities that will maximize return on investment, and this property offers a strong upside potential for in-place cash flow and the opportunity to increase value.”


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

Kristen M. Murphy
Director, Marketing
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 closes $27.125 million sale of Class A industrial building in northern New Jersey

 
350 Clark Drive, Mount Olive, NJ

 
Michael Nachamkin
FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $27.125 million sale of 350 Clark Drive, a 446,076-square-foot industrial and office building in the Morris County community of Mount Olive, New Jersey.

HFF marketed the site on behalf of the seller, North Jersey Development Group.  Commercial Realty Group purchased the asset.

Situated on 40.5 acres, 350 Clark Drive is in the northern New Jersey community of Mount Olive within the International Trade Center, a 684-acre business/commerce center originally developed by The Rockefeller Group and located within a designated Foreign Trade Zone that offers companies tax incentives on merchandise imported for manufacturing or assembling when the final product is exported outside of the U.S. 

The property is one mile from Interstate 80 and Routes 206 and 46, which provide access to the rest of New Jersey’s highway network and eastern Pennsylvania. 

Completed in 1990, 350 Clark Drive consists of a 335,122-square-foot industrial building with 29,340 square feet of mezzanine space and a three-story, Class A office building that was added in 1995 and totals 75,000 square feet. 

Jose Cruz
The industrial portion is 100 percent leased to two tenants, Performance Food Group and 350 Logistics, while the office portion is home to eight tenants, including Mars Incorporated, Lion Ribbon Company, Hundley Burns and FC Architects.

The HFF investment sales team representing the seller was led by Michael Nachamkin along with Jose Cruz and Robert Borny.

“The seller and purchaser worked closely together to complete due diligence and complete the transaction in a very timely manner,” Nachamkin said.

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

Kristen M. Murphy
Director, Marketing
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 arranges $6.4 million refinancing for self storage facility in Monterey, CA

  
Michael Klein

FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $6.4 million refinancing for Airport Road Storage, a 480-unit, 60,750-square-foot self storage facility in Monterey, California. 

HFF worked on behalf of the borrower, 21st Century Storage, to place the 20-year, fixed-rate loan with Deutsche Bank.  Loan proceeds were used to refinance an existing mortgage.

Airport Road Storage is located at 1118 Airport Way adjacent to Monterey Regional Airport in Monterey, a city in the heart of the California’s Central Coast.  

The property is situated on a 36,444-square-foot site in the Monterey Peninsula Self Storage market.  Ten percent higher than the national average, this market has an average occupancy rate of 95 percent.

 The three-story self storage facility was 96 percent occupied at the time of closing and features individual door alarms for each of the 478 non-climate and two climate-controlled units in addition to video monitoring and gated access.

The HFF debt placement team representing the borrower was led by managing director Michael Klein.  The 21st Century Self Storage team was led by Clayton Gentry.

“The property is situated on a ground lease to the Monterey County Airport Authority that has only 31 years remaining,” Klein said.  “This presented a challenge for a lot of lenders, who required more term. 

“As a result, HFF was engaged to secure a long-term, self-amortizing loan that would enable the borrower to put the loan to bed for 20 years and take interest risk out of the equation.  Deutsche Bank really understood the market and property type and was able to get comfortable with the complicated ground lease structure.  They performed flawlessly.”

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

Kristen M. Murphy
Director, Marketing
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


120-Room Best Western Savannah Gateway Hotel in Savannah, GA Sold for $3.75 Million in Deal Handled by Marcus & Millichap

  
Best Western Savannah Gateway Hotel, 1 Gateway Boulevard East, Savannah, GA

David M. Greenberg
SAVANNAH, GA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Best Western Savannah Gateway, a 120-room hotel with an attached 24-hour Denny’s restaurant, located in Savannah, GA. The asset sold for $3,750,000.

            “This was an excellent opportunity to acquire a value-add hotel with strong brand recognition. The seller bought the property in mid-2014 and made more than $150,000 in property improvements,” says David M. Greenberg, a first vice president investments in Marcus & Millichap’s Fort Lauderdale office. “The additional source of income from the restaurant also made this deal especially attractive.”

Greenberg along with Robert S. Hunter, a senior associate, and David Altman and McLean Hicklin, associates, all in Marcus & Millichap’s Fort Lauderdale office, represented both the seller and buyer in the transaction.  Michael Fasano, Broker, assisted in closing this transaction.

“We leveraged our national brand and platform to reach buyers across the country which generated immediate interest from investors and ultimately closed with a buyer from California. The property sold for $1.2 million more than its previous 2014 sales price,” adds Hunter.

Located at 1 Gateway Boulevard East, the pet-friendly hotel is near The Historic District of Savannah, the Mighty 8th Air Force Museum, Fort Stewart, Tybee Island and more. It has prime visibility from Interstate 95 and Georgia State Route 204.
.

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

Ryan Nee
Vice President / Regional Manager
 Fort Lauderdale, FL

(954) 245-3400

Marcus & Millichap Brokers $1.24 Million Sale of Eight-Unit East Delray Apartments in Delray Beach, FL


East Delray Apartments, 613 NE Fourth Street, Delray Beach, FL

 
Brandon J. Rex
DELRAY 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 East Delray Apartments, an 8-unit apartment property located in Delray Beach, Fla. The asset sold for $1,245,000 equating to $155,625 per unit.

“This was a unique opportunity to acquire a meticulously maintained boutique apartment building in Delray Beach,” says Brandon J. Rex, a vice president investments in Marcus & Millichap’s Fort Lauderdale office. “The new owner should benefit from the surrounding employment base and development in the area as well as Atlantic Avenue’s restaurants, shopping and entertainment.”

Rex along with Evan P. Kristol, a senior vice president investments also in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private investment group based in Delray Beach, Fla. and the buyer, a local investor from Boca Raton, Fla.

East Delray Apartments was constructed in 1973 and was extensively renovated in 2008 and 2009 by the previous owner. The unit mix is comprised of eight one-bedroom/one-bathroom apartments.

The property is located four blocks north of Atlantic Avenue at 613 NE 4th Street.

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

Ryan Nee
Vice President / Regional Manager
 Fort Lauderdale, FL

(954) 245-3400

$8.5 Million Sale of 168-Unit Affordable Rental Community in Cape Coral, FL Arranged by Marcus & Millichap


Evan P. Kristol
CAPE CORAL, 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 Crossings at Cape Coral, a 168-unit affordable LIHTC community located in the city of Cape Coral, Fla. The asset sold for $8,500,000.

            “The surge in investor demand for aging affordable housing communities is evident in the spike in activity and rising sales prices. The majority of the investors are cash buyers who can close quickly,” says Evan P. Kristol, a senior vice president investments in Marcus & Millichap’s Fort Lauderdale office.

“Crossings at Cape Coral offered the opportunity to acquire a well-maintained, stabilized community with strong occupancy. We generated immediate national interest and closed at $600,000 above list price just three months after taking the property to market.”

Kristol represented both the seller, an institutional owner based in New York City, and the buyer, a private investor based in Florida, in the sale.

Crossings at Cape Coral is comprised of eight three-story buildings and a free-standing community clubhouse on an 11-acre site. The majority of the units have two-, three- and four-bedroom floor plans.

The property was constructed and placed into the Low Income Housing Tax Credit (LIHTC) Program in 2000. The initial Tax Credit Compliance Period (TCCP) expired in 2015, although there are extended use restrictions in place until 2050, which require 100 percent of the units to be leased to residents who earn no more than 60 percent of the Area Median Income.

Crossings at Cape Coral is located at 1150 Hancock Creek South Boulevard just south of Pine Island Road between Cleveland Avenue (SR 41) and Del Prado Boulevard.

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

Ryan Nee
Vice President / Regional Manager
 Fort Lauderdale, FL

(954) 245-3400

Sunday, May 29, 2016

Two-Story Edgewater Retail Property on Market for $6.75 Million on Biscayne Boulevard, Miami, FL


2400 Biscayne Boulevard, Edgewater Submarket
Miami, FL
MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced that it has obtained the exclusive listing for 2400 Biscayne Boulevard, an 11,516-square foot corner retail property in the Edgewater submarket of Miami. The asset is listed for $6,750,000.

“This is a great repositioning opportunity of a high street retail property located in Miami’s predominant furniture corridor,” says Scott C. Sandelin, a vice president investments in Marcus & Millichap’s Miami office. “The current tenant is on a month-to-month lease and can either vacate at close or stay on for six months with increased rent.”

Scott C. Sandelin
Sandelin, along with Alejandro D’Alba, an associate also in Marcus & Millichap’s Miami office, have the exclusive listing to market the property on behalf of the seller.

“Unlike ‘redevelopment’ opportunities available in this market, this is a straight-forward retail deal. We expect it will garner significant interest from both local and national investors who are looking to own a piece of this main Miami artery,” adds D’Alba.

The two-story retail building sits on a 12,650-square-foot lot on the corner of 24th Street and Biscayne Boulevard. To the east of the property is Edgewater’s high density residential district and Wynwood is directly west. A new roof with a transferable warranty was installed last year.

For more information on 2400 Biscayne Boulevard, contact Scott Sandelin or Alejandro D’Alba at (786) 522-7000.





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

Kirk Felici, Regional Manager
(786) 522-7000



Mortgage Bankers Association Reports Five-Year Commitment from Arch Capital Group Provides Support to Opens Doors for Expansion into California


Debra Still
WASHINGTON, DC – The Mortgage Bankers Association Opens Doors Foundation (MBA Open Doors) announced that it is expanding into California in the coming months, thanks to a generous ongoing contribution from Arch Capital Group (U.S.) Inc. (Arch Capital), a parent company of Arch Mortgage Insurance Company (Arch MI).

MBA Opens Doors is a non-profit organization dedicated to providing assistance to families with a critically ill or injured child by making their mortgage or rent payment. The foundation has recently established a relationship with two hospitals in California, Lucile Packard Children’s Hospital in Palo Alto and Children’s Hospital of Los Angeles. MBA Opens Doors works directly with children’s hospitals to identify families in need.

“We cannot thank Arch Capital enough for their generous contribution and long-term commitment,” said Debra Still, Opens Doors Foundation Chairman and CEO of Pulte Mortgage.

“The Opens Doors Foundation celebrates its fourth anniversary in October. We’ve established a strong partnership with our industry and built excellent relationships with hospital administrators, social workers, and pediatricians who connect us with families in need of our help.

We are now ready to grow into an organization that will serve families coast-to-coast. Thus far we’ve helped over 450 families, and with leadership from companies such as Arch Capital and others who are pledging ongoing commitments, we will be positioned to serve hundreds more.”


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

Ali Ahmad

(202) 557-2727 

North American Properties Reveals Colony Square Design Team and Branding


 
Richard Metsky
ATLANTA, GA – After nearly 200 interviews and five months of seeking the community’s input, North American Properties (NAP) and local branding firm Imbibe have landed on one word that summarizes its findings and the future for Colony Square: Urbane.

Defined as “having the polish and suavity regarded as characteristic of sophisticated social life in major cities,” urbane serves as the inspiration behind the development’s new branding, logo and design. 

To bring its vision to life, NAP enlisted New York City-based Beyer Blinder Belle in collaboration with Atlanta-based Lord Aeck Sargent as the architectural design team.

“The renewal of Colony Square represents an extraordinary opportunity to create a charismatic and welcoming public place at the heart of a growing neighborhood, on the corner of ‘Main and Main’ Atlanta,” said Richard Metsky, partner at Beyer Blinder Belle. “The design concept supports the ongoing transformation of Midtown into a vibrant commercial, retail, residential and cultural district.”

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

Liana Moran
The Wilbert Group
404-254-1487 (O)

Cooper Carry-Designed Hyatt House-Hyatt Place Charleston Opens on King Street in Charleston, SC


Hyatt House-Hyatt Place,
Downtown Historic District
Upper King Street, Charleston, SC
ATLANTA, GA – One of the first dual-branded Hyatt House Hyatt Place hotels in the country recently opened in Charleston, South Carolina’s downtown historic district on Upper King Street.

This mixed-use project, designed by design firm Cooper Carry, includes a 112-key Hyatt House hotel, a 191-key Hyatt Place hotel, rooftop bar, conference center, 20,000 square feet of street-level retail and a 400-space parking deck.

“The hotel’s design is a modern interpretation of historic Charleston, incorporating large bay windows, intricate brick and cornice detailing, charming, shaded courtyards and covered loggias that open up to pedestrians,” said Keith Simmel, Principal of Cooper Carry’s Hospitality Studio.

“Dual-branded hotels such as this one provide the convenience of shared amenities and services while creating opportunities for the individual brands to reach a wider demographic.”

The hotel was developed by Regent / BN Charleston Holdings, LLC; an entity including Regent Partners, LLC of Atlanta, GEM Realty of Chicago and Clement Crawford & Thornhill, Inc. of Charleston.

For more information about Cooper Carry, visit www.coopercarry.com.
  
For a complete copy of the company’s news release, please contact:

Liana Moran
The Wilbert Group
404-254-1487 (O)


Atlantic Station in Atlanta, GA takes home two MAXI Awards from ICSC RECon

  
 
Daniel Easton
 ATLANTA, GA – The International Council of Shopping Centers (ICSC) presented Atlantic Station, the vibrant, 138-acre mixed-use community in Midtown Atlanta, with two U.S. MAXI Awards on May 22 during RECon, the global retail real estate convention in Las Vegas.

The U.S. MAXI Awards honor the highest caliber of premier marketing, community outreach, sales promotion, NOI enhancement and new media efforts within the U.S. retail real estate industry. 

Atlantic Station won silver in both the integrated digital campaign and cause related marketing categories. Real estate investment, development and management firm Hines manages and operates Atlantic Station.


“Hines is committed to an award-winning marketing program at Atlantic Station,” said Daniel Easton, marketing director for Atlantic Station. “We’re thrilled to be recognized for our efforts. This year, we will continue to expand our current programs, as well as create new ones that will further elevate the Atlantic Station experience.”

A complete list of 2016 award winners can be found on the ICSC MAXI Awards website.
  
For a complete copy of the company’s news release, please contact:

Liana Moran
The Wilbert Group
404-254-1487 (O)

Lincoln Receives Leasing Assignment for 56 Perimeter Center East in Atlanta’s Central Perimeter Submarket

  
56 Perimeter Center East, Atlanta, GA
ATLANTA, GA – Lincoln Property Company Southeast (Lincoln) has won the exclusive leasing assignment for 56 Perimeter Center East, a six-story 94,839-square-foot office building in the Atlanta’s Central Perimeter submarket that was recently acquired by OA Development. Michael Howell, senior vice president at Lincoln, will oversee the leasing of the building.

“We are honored to have been awarded this assignment from OA Development,” Howell said. “The Central Perimeter submarket has been Atlanta’s most dynamic submarket in recent years as evidenced by the high-profile expansion and relocation announcements to include Mercedes Benz, State Farm, Cox Enterprises and AirWatch to name a few.”

Central Perimeter experienced nearly 300,000 square feet of positive absorption in 2015, driving the vacancy rate down to 13.5 percent, the second lowest historical vacancy rate since 2000 when vacancy was 10.7 percent.

56 Perimeter Center East features an abundance of nearby walkable amenities including Perimeter Mall and Park Place Shopping Center. Located within the master-planned Perimeter Center East office park, the property is just minutes away from Georgia 400 and Interstate 285.

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

Savannah Durban
The Wilbert Group
404-343-0870


Lincoln Property Company to Lease Crestwood Pointe I & II in Duluth, GA

  
Michael Howell
ATLANTA, GA – Lincoln Property Company (Lincoln) has been retained to handle the leasing of Crestwood Pointe I & II, two office buildings located in Duluth, Georgia, within the Gwinnett County Opportunity Zone. The new ownership group, OA Development, has selected Matt Davis and Michael Howell of Lincoln to oversee the leasing efforts.

Lincoln has already secured its first lease at the property. Trans Dynamics Inc., a freight company, signed a 3,100-square-foot lease. Davis and Howell represented the landlord in the transaction and Don Travis of Travis & Associates represented the tenant.

“The Buildings’ quality,  location within the Gwinnett Place Opportunity Zone and easy acess to the highway makes Crestwood Pointe perfect for tenants looking to expand and open new offices in Gwinnett County,” Davis said.

Located off Pleasant Hill Road near interstate 85 with immediate proximity to hotels, banks and dining, the property offers suites ranging from 1,835 square feet to 6,445 square feet, and features a two-story atrium with a second story balcony; surface parking with five spaces per 1,000 square feet; and efficient, 22,000-square-foot floorplates.

The Gwinnett Place Opportunity Zone allows tenants to receive a tax credit up to $3,500 per new job created for five years. Duluth is home to more than 120 international headquarters, and has the strongest private-sector job performance across Metro Atlanta during the past 10 years.

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

Savannah Durban
The Wilbert Group
404-343-0870


Marcus & Millichap Handles Sale of 99-Unit Haciendas de Ybor Seniors’ Apartments in Tampa, FL


Casey Babb
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 Haciendas de Ybor, a 99-unit Project-Based Senior Section 8 apartment community located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

Luis Baez, senior associate, and Casey Babb, CCIM and vice president investments, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was secured and represented by the two brokers.

“Haciendas de Ybor was a highly sought offering considering its desirable urban location near downtown Tampa coupled with the fact that it had a 20-year senior HAP contract in place with 19 years remaining,” says Babb.

“Within a short period of time, our marketing campaign generated nine written offers resulting in a sale at 100 percent of the list price. The buyer in turn was able to acquire a fully stabilized asset with a safe and reliable income stream in place for years to come,” Baez concluded.

Luis Baez

Haciendas de Ybor is located at 1510 East Palm Avenue in the Ybor City submarket of Tampa, near the Tampa Central Business District. The property was originally developed in 1970 under the HUD 236 program and has provided affordable housing for seniors age 62 and over since inception.

There are two, two-story, elevator-served apartment buildings are on an approximately 3.15 acre site which features a mature oak tree canopy across the property. The buildings house 99 apartment homes, a central leasing office and club/activity room.

Apartments are a mix of 68 studios and 31 one-bedroom/one-bathroom units which are 408 and 651 rentable square feet, respectively. Residents of Haciendas de Ybor enjoy amenities such as an on-site leasing office with 24-hours desk clerk, a community club room, four laundry facilities and a mobile public library.






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

Richard D. Matricaria
First Vice President / Regional Manager, Tampa
(813) 387-4700


10-Unit Bungalow City Apartments in Tampa, FL Sold for $1 Million in Deal Handled by Marcus & Millichap


Shawn Rupp
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 Bungalow City Apartments, a 10-unit apartment property located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,000,000.

Shawn Rupp, associate, Luis Baez, senior associate, and Casey Babb, CCIM and vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a limited liability company, was secured and represented by the three brokers.

“We have been advising the owner of Bungalow City on a strategic business plan for several years, which has allowed her to increase the value of her property by well over 30 percent in 2016 alone,” says Rupp.

Bungalow City Apartments is a two-property apartment community located at 304 South New Jersey Avenue in the South Tampa submarket of Tampa, Florida. Built in 1948 and 1951, both buildings feature the charm and character typical for buildings from this historically rich construction era.

Luis Baez
The two-story, garden style apartment building consists of four, one-bedroom/one-bathroom apartments and four studio apartments. These units average approximately 400 square feet.

The duplex consists of two, two-bedroom/one-bathroom units, which average approximately 1,029 square feet. Bungalow City Apartments sit on a spacious one-third acre site with plenty of green space and off-site parking.

 “The new purchaser will be performing strategic upgrades to both the common areas and buildings which will allow them to further increase rents and add even more value to their purchase in this Class A submarket,” Rupp concluded.


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

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

(813) 387-4700