Thursday, June 30, 2016

29th Street Capital Acquires Student Housing Property at Texas State University in San Marcos, TX



 
Villagio Apartments, Near Texas State University campus in San Marcos, TX

John Price
San Marcos, TX (June 30, 2016) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired The Villagio Apartments, a 180-unit, 492-bed luxury student housing community near Texas State University (TSU) in San Marcos, 

Texas. 29SC’s strategy is to invest $2 million to significantly upgrade the apartment interiors, exteriors and already top-tier amenities.

“The Villagio represents the first step in the exciting expansion of 29SC’s very successful multifamily business model into its newly-formed student housing platform,” said John Price, Ph.D., Senior Vice President with 29th Street.

 “This acquisition represents a unique opportunity to add value for both our investors and the residents through repositioning and substantial renovating the community. Upon completion, The Villagio will provide the highest quality student housing experience in the competitive San Marcos market.”


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

Terri Thornton
Partner, Thornton Communications
p:404-932-4347 | e:Terri@TerriThornton.com | w:www.TerriThornton.com
http://www.facebook.com/pages/Thornton-Communications/112101288827299 http://twitter.com/Ttho http://www.linkedin.com/in/TerriThornton


HFF secures $9.6 million in financing for The Bindery on Blake in Denver’s RiNo District

   
The Bindery on Blake, 2875 Blake, River North (RiNo) District, Downtown Denver, CO

Eric Tupler
DENVER, CO, June 30, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $9.6 million in financing for The Bindery on Blake, a two-building mixed-use project that comingles office, artistry, brewery, cidery and dining in the River North (RiNo) District of downtown Denver.

HFF worked on behalf of the borrower, Danielsen Investments, LLC, to arrange the 20-year, 4.10 percent, fixed-rate loan through a life company correspondent lender.  The permanent loan is taking out an existing construction loan on the property.

The Bindery on Blake was renovated in 2015 and repurposed into a creative working space housing office and tenants. The 46,361-square-foot 2901 Blake, originally built in 1927, is fully occupied by Davis Partnership Architects, Motive: Project WorldWide, Metropolitan Hardwoods, Rifugio Modern and the Studios at the Bindery, which features 13 clean-artist studios.

  Originally built in 1997, 2875 Blake features 21,063 square feet and is fully leased to C Squared Ciders, Bierstadt Lagerhaus and Rackhouse Pub (a tasting room and 165-seat restaurant). 

The Bindery at Blake’s location on the southeast side of the RiNo District places it just over one mile from Denver’s Union Station, which is a hub to 122 miles of light rail line, and within two miles of Denver’s most traveled highways, Interstates 25 and 70. 

Leon McBroom
Additionally, the property is a short walk from Coors Field, Denver’s LoDo neighborhood and the new 38th and Blake light rail stop, which provides direct access to Denver International Airport.

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


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

Mortgage Bankers Association Releases First Quarter 2016 Commercial/Multifamily DataBook


 WASHINGTON, D.C. (June 30, 2016)- The Mortgage Bankers Association released its first quarter 2016 Commercial/Multifamily DataBook today.

The report summarizes major trends that developed during the quarter. Charts and tables provide historical information on commercial and multifamily real estate markets.

MBA’s Commercial/Multifamily DataBook reported that:

Domestic property markets largely held steady. During the first quarter office vacancy rates fell from 16.2 percent to 16.1 percent, retail vacancy rates held at 10.0 percent and apartment vacancy rates climbed from 4.4 percent to 4.5 percent. Tight or tightening markets boosted rents by 2.1 percent for retail, 3.0 percent for office and 4.6 percent for apartments on a year-over-year basis.


The improving bottom line continues to draw new development activity, with the value of selected CRE-related construction put-in-place in April up 7 percent from a year before. Multifamily permitting and starts remain strong, such that there are more multifamily units under construction than at any time since the mid-1970s.

Commercial property sales were solid in the first quarter, but below the high level seen one year prior. Sales of office, industrial and retail properties were below Q1 2015 levels, while multifamily sales were up 12 percent.

In the aggregate, commercial real estate borrowing and lending started 2016 in a similarly strong fashion to 2015. Borrowing backed by retail, office, hotel and multifamily properties picked up, as did lending by banks. Disruptions in the broader capital markets pushed originations for commercial mortgage-backed securities down.

You can download a copy of the DataBook here

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

Ali Ahmad

(202) 557-2727 

L5 Investments Partnership Completes $22.9 Million Acquisition of 232-Unit Apartment Community in Richmond, VA

  
Aspen Station Apartments, 1500 Forest Run Drive, Richmond, VA

Michael Flaherty
Sacramento, CA, June 30, 2016 – A partnership between L5 Investments and BH Equities has acquired Aspen Station Apartments, a 232-unit apartment community for $22.9 million in Richmond, VA.

 Built in 1980, the property is situated on 17.13 acres and is located at 1500 Forest Run Drive near E. Parham Road and Interstate 95.

Aspen Station is a garden-style community that features a swimming pool, clubhouse with business center, lighted tennis and basketball courts, car wash and vacuum station, and picnic area with charcoal grills throughout the property.

 The unit mix includes 98 one-bedroom units, 116 two-bedroom units, and 18 three-bedroom units. Each unit includes a full-size washer and dryer and a private balcony or patio.

The new ownership plans on investing in excess of $2.6 million for an extensive renovation and repositioning of the asset. 

This will include a complete remodel of the leasing and business center; remodel of fitness center to nearly double in size and include state-of-the-art equipment; upgrades to flooring, cabinets, counters, lighting, fixtures, and appliances in unit interiors; improve landscaping; upgrades to tennis and basketball courts; addition of a new sport court and dog park; and new monument and directional signage. 

Laura Cathlina
Additionally, in a strategic move to enhance Aspen Station’s operational functions, BH Equities will manage the property through BH Management Services, its property management arm.

“Although we have numerous apartment assets in growing areas throughout the country, this acquisition marks L5 Investments’ first in the State of Virginia,” said Michael Flaherty, founder and managing partner of L5 Investments, a Northern California-based multifamily investment firm.

 “By partnering with BH Equities, an experienced investor and asset manager with strong local market experience, we believe we can raise the bar for Aspen Station and attracting new residents who are seeking a high-end apartment community with quality interior spaces, amenities, and proactive management.”

“BH has a long lasting relationship with L5 Investments, and we’re very excited to expand that relationship in the Richmond, Virginia market where we currently manage six properties and close to 2,000 units,” said BH Equities Director of Acquisitions Mike Baker.

Wink Ewing
Named by Zillow as the nation’s fourth hottest housing market of 2016, the greater Richmond market is home to 1.25 million residents and shows signs of continued growth.

 Richmond has been outpacing many of the other metro areas of Virginia and is growing faster than the nation as a whole. The pro-business area includes a number of Fortune 1000 companies and has also recently been attracting both new start-ups and established firms.

Laura Cathlina with Berkadia Commercial Mortgage provided the debt. Wink Ewing with ARA Newmark represented both the buyer and the seller.

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

Darcie Giacchetto

949.278.6224

$8.3 million sale of urban outfitters in delray beach, fl arranged by marcus & millichap


Urban Outfitters, 306 East Atlantic Avenue, Delray Beach, FL

Howard Bregman
DELRAY BEACH, FL, June 30, 2016 – 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 Urban Outfitters, a 11,073-square foot, net-leased property located in Delray Beach, Fla. The asset sold for $8,300,000.

“Investment in Delray Beach retail assets has heightened over the last two years as rooftops in the area have substantially increased and property values are on the rise. The Urban Outfitters building was developed in 1936 and this was the first time it was offered for sale,” says Howard Bregman, a senior associate in Marcus & Millichap’s Fort Lauderdale office. “The buyer was attracted to the tremendous value of owning prime Atlantic Avenue retail with a long-term hold strategy.”

Bregman represented the buyer, Menin Development, Inc., in the sale. Last year, he assisted the company in acquiring the neighboring George Buildings at 326 and 400 East Atlantic Avenue.

Located at 306 East Atlantic Avenue, Urban Outfitters is a 11,073-square foot, two-story, single-tenant building that is 100 percent occupied by Urban Outfitters. The company executed a 10-year lease with two, five-year renewal options in May 2014.

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

Ryan Nee
Vice President / Regional Manager
 Fort Lauderdale, FL

(954) 245-3400

Meridian Capital Group Arranges $15.4 Million in Construction Financing for the Wyndham Garden Hotel in Dania Beach, FL


Wyndham Garden Dania Beach Hotel Rendering, Dania Beach, FL


Boca Raton, FL – Meridian Capital Group, America’s most active debt broker, arranged $15.4 million in construction financing for the development of a new Wyndham Garden hotel located in Dania Beach, FL.

Noam Kaminetzky
The three-year, interest-only construction loan, provided by BB&T, converts to a four-year mini-perm loan with a 25-year amortization schedule after the initial term. This transaction was negotiated by Meridian Managing Director, Noam Kaminetzky, who is located in the Company’s Boca Raton, FL office.

The ground-up Wyndham Garden – Dania Beach hotel project will total seven stories and contain 142 guest rooms. It is located 1.5 miles from the beach and in close proximity to major attractions including Las Olas Boulevard, Riverwalk, Dania Jai Alai, the Gallery of Amazing Things, American Offshore Marina, Boomers, K1 Speed and the Convention Center.

The hotel development is also minutes from the Fort Lauderdale / Hollywood International Airport and close to I-95 and I-595 which provide terrific accessibility for business and leisure travelers.

“This transaction is a significant win for the sponsors as construction lending, particularly for hotels, has pulled back recently and there was an added layer of complexity involving EB-5 equity as part of the capitalization,” said Mr. Kaminetzky. 

“Meridian used its strong market knowledge in combination with its exceptional lender relationships to close this complex transaction on favorable terms and in line with sponsor’s business plan,” he added.

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

Jonathan Stern
Meridian Capital Group
212/972-3600



Wednesday, June 29, 2016

New Affordable Senior Housing Development Complete in Iowa; WNC provided approximately $5.9 million in LIHTC equity to fund construction of the 48-unit community


 
Michael Gaber
DES MOINES, IA, (June 29, 2016) – WNC, a national investor in real estate and community development initiatives, announced today that Legacy Manor of Mason City II, a 48-unit newly constructed affordable senior housing community, is complete in Mason City, Iowa.

WNC provided $5.9 million in LIHTC equity to fund the development, located approximately 120 miles north of Iowa’s capital city, Des Moines.

Legacy Manor of Mason City II is a three-story, elevator-serviced building comprised of two-bedroom apartment homes with approximately 800 square feet of space for seniors aged 55 and older. 

“Legacy Manor is an upscale senior housing community with numerous amenities and scenic views for residents and their visitors to enjoy,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. “The community provides seniors with a safe and quality home that is within their means. We couldn’t be happier to help deliver these homes to local residents in need.”

Located at 3310 9th St. Southwest, community amenities at Legacy Manor of Mason City II include onsite management, a clubhouse, fitness center, business center, picnic area, gazebo, community garden, beauty salon, library and walking trails. Individual units include an electric range and other kitchen appliances, washer and dryer, central air conditioning and ceiling fan.

Anchor Housing Development LLC received the LIHTC equity to construct Legacy Manor of Mason City II. Daniel Tonnesen acted as the project developer for the development, which took one year to complete.  

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

Julie Leber
Spotlight Marketing Communications
949.427.5172 ext. 703

HFF secures $32.1 million refinancing for Upper West Side, New York retail condominium

  
200 West End Avenue, Upper West Side Neighborhood, Manhattan, NY

 
Jennifer Keller
NEW YORK, NY, June 29, 2016 -- Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured a $32.1 million refinancing for a fully-leased retail condominium located at 200 West End Avenue in Manhattan’s Upper West Side neighborhood.

Working on behalf of Gerald Brauser and Steven Brauser of The Parkland Group, HFF placed the 15-year, fixed-rate loan through MetLife. 
                                                                                                                      
The retail condominium totals approximately 25,446 square feet and is leased to four tenants – CVS Pharmacy, Bin 70, Apple Seeds and Beverly Hills Dry Cleaners.  The property’s location on the southeast corner of West End Avenue and West 70th Street on the Upper West Side provides significant frontage, exposure and visibility along the Avenue.  

Rob Rizzi
The HFF debt placement team representing the borrower was led by managing director Rob Rizzi and director Jennifer Keller.

“The 200 West End Avenue retail condo is strategically positioned in a densely populated neighborhood with significant demand for essential products and services,” said Keller.  

“This long term financing was locked in a historically low interest rate environment and is an ideal match for the property’s strong stable cash flow and limited rollover.”


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


L5 Investments Partnership Completes $1.7 Million Renovation of Whispering Lake, a 384-Unit Apartment Community in Kansas City, MO




Kansas City, MO, June 29, 2016 – A partnership between L5 Investments and BH Equities has completed a major renovation and repositioning of Whispering Lake, a 17-building, 384-unit apartment community located at 10415 East 43rd Street in Kansas City, MO.

The partnership recently completed in excess of $1.7 million of renovations and had its official grand re-opening on June 22. At 95 percent, the property’s occupancy is increasing, renter interest has elevated, and the ownership has been able to secure stronger rents for the recently upgraded units.

Whispering Lake Clubhouse
Built in 1989, the one-of-a-kind, lake-front community situated on 8.19 acres of land offers residents large floor plans, in-unit washer and dryer, and private balconies and patios. 

Community amenities include a swimming pool, clubhouse, fitness center, and an 18-acre lake and dock. It is located within walking distance to public transportation and a wide variety of national retailers, and is just two miles from Arrowhead Stadium (KC Chiefs – NFL football franchise) and Kauffman Stadium (KC Royals MLB baseball franchise). 

The renovation program for Whispering Lake included a complete renovation of the lakefront leasing center and lounge area; new floating dock and seating; interior renovations; updated pool area; and the addition of outdoor areas that include a new playground, dog park and community event and barbeque area.  The renovation was completed approximately 12 months after the partnership acquired the asset.

Michael Flaherty
“Whispering Lake presented our partnership with a stabilized asset unlike any other in the local market.  Our completed renovation and lake-front upgrades have transformed the property into a community that will be desirable for the long term,” said Michael Flaherty, founder and managing partner of L5 Investments, a Northern California-based multifamily investment firm. 

“We are extremely pleased at the results of this strategic repositioning and are already realizing market rents as we meet area demand for quality rental living.”

“Our goal with all of our design and construction projects is to remove the obsolescence from our communities and offer contemporary spaces that meet the needs of today’s apartment seeker,” said BH Companies founder and chair Harry Bookey. 

“Whether it is enjoying a coffee in one of our cyber cafés, or relaxing by one of our resort-style swimming pools, we work hard to provide the upscale amenities that many would only expect to find at much higher-priced communities.” 

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

Darcie Giacchetto
949.278.6224


Stericycle, Inc. Signs 19,661-Square-Foot Lease in Peachtree Corners, GA


Matt Davis
ATLANTA, GA (June 29, 2016) – Lincoln Property Company (Lincoln) has arranged a new 19,166-square-foot lease for Stericycle, Inc. at Lakeside at Peachtree Corners, an office complex located at 5250 Triangle Parkway in Peachtree Corners, Georgia.

Matt Davis of Lincoln represented the landlord, The Ardent Companies, in the transaction, and John Thorton of CBRE represented the tenant.

Lakeside at Peachtree Corners is a three-building, 181,407-square-foot Class B office complex located in the Peachtree Corners submarket in northeast Atlanta. The office complex is located within walking distance of The Forum shopping center, features easy access to major highways and local asset management.

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

Savannah Durban
The Wilbert Group
404-343-0870

Berger Commercial Realty Closes $200,000 Sale of East Commercial Boulevard Office Building in Fort Lauderdale, FL


Judy Dolan
FORT LAUDERDALE, FL  (June 29, 2016) - Berger Commercial Realty Senior Vice President Judy Dolan and Senior Sales Associate Jonathan Thiel recently represented Workers Realty, LLC in the $200,000 sale of a 1,167-square-foot, free-standing office building at 361 E. Commercial Blvd. to Mustafa Saleh, DVM.

The property is located in Fort Lauderdale within minutes of I-95 and Florida's Turnpike.

"The buyer liked the property's positioning on Commercial Boulevard, which has a daily traffic count of more than 62,000 vehicles," Dolan said. "The new owner intends to operate the property as a pet grooming center."

For more information about Berger Commercial Realty's brokerage services, please call 954-358-0900.


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

954-776-1999
Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Marielle Sologuren, ext. 226, msologuren@piersongrant.com

MVP REIT Defers NASDAQ Listing

  
SAN DIEGO, CA – Earlier this month, MVP REIT, Inc. and MVP REIT II, Inc. jointly announced the engagement of Ladenburg Thalmann & Co. Inc. (“Ladenburg Thalmann”) to assist the real estate investment trusts in evaluating various courses of action intended to enhance stockholder liquidity and value.

 In connection with such an engagement, MVP REIT has decided to defer taking further action to list the company’s common shares on the NASDAQ Global Market until Ladenburg Thalmann completes its evaluation. 

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

Julie Leber
Spotlight Marketing Communications
949.427.5172, ext. 703

Avanath Capital Management Expands Brooklyn Portfolio; Acquires Three Affordable Housing Communities

  
John R. Williams
BROOKLYN, NY – Avanath Capital Management, LLC, an institutional fund manager that specializes in affordable and workforce housing investments, has acquired an affordable housing portfolio of three apartment buildings in Brooklyn, New York. 

The properties were acquired in joint partnership with New York-based Oak Tree Management.

            “Brooklyn is experiencing explosive economic growth,” explains John Williams, President and Chief Investment Officer of Avanath Capital Management.

“The region’s mass transit options, historic community, and new development projects are driving investors and residents alike to Brooklyn, a market that is currently outpacing surrounding districts in rent growth. The result is increased pressure on renters, many of whom are already being priced out of expensive neighboring submarkets.”

According to a recent Elliman Report, Brooklyn saw a 4.5 percent rental increase from 2015 to 2016, surpassing Manhattan in rent growth and posting an average monthly rent of $3,134. Average luxury apartments in the area range from $2,700 to $5,000 per month for studio and one-bedroom units, according to Williams.

“As rents continue to surge throughout the greater New York region, demand for affordable housing options in Brooklyn are stronger than ever,” Williams confirms. “Located in the rapidly growing Bedford-Stuyvesant submarket, the three properties we acquired are positioned to capitalize on the continued demand from neighboring boroughs, while catering to the ever-increasing need for affordable housing.”

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

Katie Kea / Jenn Quader
Brower, Miller & Cole
(949) 955-7940

Regency Centers Announces Partial Settlement of its Common Stock Forward Sale Agreement


JACKSONVILLE, FL--(BUSINESS WIRE)-- Regency Centers Corporation (“Regency” or the “Company”) (NYSE: REG) today announced the partial settlement of its forward sale agreement, dated March 17, 2016, in connection with its common stock offering that closed on March 23, 2016.

Upon the partial settlement of the forward sale agreement Regency received approximately $137.5 million of net proceeds (the “Proceeds”) after adjustments for interest, dividends and the underwriters’ discount but before deducting offering expenses, by delivering 1,850,000 shares of the Company’s common stock.

 The remaining 1,250,000 shares of the Company’s common stock may still be settled under the forward sale agreement prior to June 23, 2017 (“Remaining Shares”).

The Company will use the Proceeds to pay down a portion of its line of credit, which was utilized as a component of the Company’s funding of the previously announced acquisition of Market Common Clarendon. Proceeds from the Remaining Shares will be used to fund investment activities and for general corporate purposes.

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

Regency Centers Corporation
Patrick Johnson, 904-598-7422

Tuesday, June 28, 2016

HFF closes sale of grocery-anchored retail center in Los Angeles’ South Bay Communiity of Gardena, CA


Redondo Plaza, Gardena, CA           (Photo by Marc Weisberg of Luxury Real Estate Images)

Gleb Lvovich

 NEWPORT BEACH, CA, June 28, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Redondo Plaza, a fully-leased, grocery-anchored retail center in the South Bay-area community of Gardena, California. 

HFF marketed the property on behalf of the seller, Gerrity Group.  Storm Properties, Inc purchased the asset free and clear of existing debt. 

Anchored by Smart & Final grocery store, the 100-percent-leased Redondo Plaza is home to national and regional tenants, including Super Laundry, Crazy Rock’n Sushi, T-Mobile, Domino’s Pizza and Jackson Hewitt Tax Services. 

The center is located at 1550 W. Redondo Beach Boulevard in Gardena, a Southern California city approximately 16 miles south of Los Angeles.  

Located on one of the main thoroughfares in Gardena, the property is exposed to more than 33,000 vehicles per day, and more than 230,000 residents live within a three-mile radius of Redondo Plaza.


CJ Osbrink
The HFF retail investment sales team representing the seller was led by Gleb Lvovich, CJ Osbrink and Bryan Ley. 

“HFF generated top-tier pricing, while navigating the rollover of Smart & Final with less than 18 months of lease term remaining and making up more than 65 percent of the gross rent,” Lvovich said.  “It is a testament to the strong demand for well-located retail.”

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 $42.565 million in financing for Los Angeles area creative office building

  
465 North Halstead Office Building, Pasadena, CA

 
Eric Tupler
DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $42.565 million in financing for 465 North Halstead, a 238,205-square-foot creative office building in Pasadena, California.

Working on behalf of the borrower, a partnership between EverWest Real Estate Partners and The Rhône Group, HFF placed the five-year, floating-rate loan with Bank of America.  Loan proceeds were used to acquire the property.  The loan has two, one-year extension options.

465 North Halstead is situated on a 9.6-acre site in the Tri-Cities area of Los Angeles, home to JPL, Caltech, the Art Center College of Design and multiple Fortune 500 companies. 

With a Walk Score© of 77, the property is within walking distance of numerous retailers, more than 50 restaurants and the Sierra Madre Metro Gold Line station providing access to downtown Pasadena, downtown Los Angeles and the entire San Gabriel Valley.

 Recently renovated in 2015, 465 North Halstead features 12’ plus ceiling heights, polished concrete floors, private entrances, high-speed fiber optic connections and collaborative outdoor space.  Eight tenants occupy the 89-percent-leased property including Giant Magellan Telescope, Community Bank, Sierra Lobo and OeWaves.

The HFF debt placement team representing the borrower was led by senior managing director Eric Tupler and director Marc Schillinger. 

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


Stepp Commercial Completes $3.11 Million Sale of 15-Unit Apartment Property in Long Beach, CA


15-Unit Apartment Community, 1065 East Ocean Boulevard, Alamitos Beach Submarket, Long Beach, CA

LONG BEACH, CA, June 28, 2016 – Stepp Commercial, a leading multifamily brokerage firm in the Long Beach market, has completed the $3.11 million sale of a 15-unit multifamily property in the prime Alamitos Beach submarket of Long Beach.

Robert Stepp, principal of Stepp Commercial, represented the seller, Long Beach-based Seward Road Enterprises, as well as the buyer, Calabasas-based 17 CNE, LLC, in the transaction. The property closed at a 3.95 percent cap rate and a price per unit of $207,000.

Robert Stepp
Built in 1922 and located at 1065 E. Ocean Boulevard, the unit mix includes 11 studios, three one-bedroom units, and two two-bedroom units. It features a central courtyard, controlled-access entry, and an on-site laundry facility. 

The unit interiors offer hardwood and ceramic tile flooring, ceiling fans, and granite countertops. Several of the units feature balconies and ocean views.

“This asset is situated across the street from the beach and has been impeccably maintained and yet retains a lot of its 1920s charm, making it very desirable to renters,” said Stepp. “The buyer plans on making some additional updates to the units and holding the property long-term.”

Stepp added that this property is located at the edge of Alamitos Beach and is adjacent to the East Village Arts District in Downtown Long Beach, a neighborhood that is rapidly gentrifying and seeing new shops, restaurants and entertainment venues opening at a swift pace.

Year-to-date, Stepp Commercial has completed 31 transactions totaling 575 units with a cumulative value in excess of $116 million.

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

Darcie Giacchetto
949.278.6224



HFF arranges $2.8 million sale of mixed-use office and retail center near Jacksonville, FL

                                                                                                                         
 Doctors Inlet Center, Middleburg, FL                              (Photo by Troy Morgan)                 


 
Whitaker Leonhardt
 
ORLANDO, FL,  June 28, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged the $2.8 million sale of Doctors Inlet Center, a 95,096-square-foot mixed-use retail and office center in the Jacksonville-area community of Middleburg, Florida.

HFF marketed the asset on behalf of Maple Blue Way, LLC, an entity related to Garrison Investment Group.  Big Score Investors, LLC, a private company based in the Dallas suburb of The Colony, Texas, was the buyer.

Situated on 5.6 acres at 400-420 College Drive, Doctors Inlet Center is located at the epicenter of Clay County’s largest healthcare providers: the 297-bed Orange Park Medical Center, 124-bed St. Vincent’s Medical Clay County and outpatient facilities Nemours Children’s Specialty Care Fleming Island and Baptist Clay Medical Center.  

Constructed in 2006, the center consists of two 47,548-square-foot, two-story buildings and is home to a variety of retail and office tenants, including Anytime Fitness.

The HFF investment sales team representing the seller was led by associate directors Whitaker Leonhardt and Sean Ryan.

”True value-add acquisition opportunities are fewer and further between and continue to command the attention of active investors,” Leonhardt said.  “The center has a good base of existing tenants to build from the quality of construction.”


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 closes $10.25 million sale of St. Augustine, FL luxury boutique hotel


Michael Weinberg
ORLANDO, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $10.25 million sale of Castillo Real, a 60-room, full-service, upscale boutique resort hotel in St. Augustine, Florida.

HFF marketed the property on behalf of the seller, a joint venture partnership between Impact Properties and DeBartolo Development.  MSB Hotels III purchased the asset and assumed an existing CMBS loan.  Elite Hospitality LLC will manage the hotel.

Completed in 2005, Castillo Real underwent extensive renovations during the past three years, including full guestroom renovation.  The hotel is part of Choice Hotels’ Ascend Collection® and features beach access, zero-entry outdoor pool and whirlpool, sauna, steam room, fitness center and the award-winning La Cocina Restaurant. 

Located at 530 A1A Boulevard, Castillo Real is on the ocean side of A1A Beach Boulevard in St. Augustine, a beachfront community known as the “Ancient City” for its place as the oldest continuously occupied European settlement in the continental U.S. 

The hotel is less than five miles from historic downtown and other St. Augustine destinations, including the Fountain of Youth Museum, Castillo de San Marcos, Fort Matanzas, San Sebastian Winery and the St. Augustine Lighthouse.

Preston Reid
The HFF investment sales team representing the seller was led by managing director Michael Weinberg and associate director Preston Reid.

“It was logical for MSB Hotels III to buy the asset considering some of the family members (owners) also own the newly-developed Courtyard by Marriott across the street as well as Hilton Garden Inn and Hampton Inn a few blocks north of the Castillo Real, which are all managed by Elite Hospitality LLC,” said Manoj Bhoola, president and COO of Elite Hospitality LLC.


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
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Marcus & Millichap Arranges $3.84 Million Sale of 68-Room Quality Inn at Carowinds in Fort Mill, SC


Quality Inn at Carowinds, Fort Mill, SC

Robert S. Hunter
 FORT MILL, S.C., June 28, 2016 – 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 Quality Inn at Carowinds, a 68-room hotel located in Fort Mill, S.C. The asset sold for $3,840,000.

            “This was an opportunity to acquire a recently renovated asset in the Charlotte metropolitan area across the street from the Carowinds Amusement Park which recently underwent a major expansion,” says Robert S. Hunter, a senior associate in Marcus & Millichap’s Fort Lauderdale office. “The buyer will be able to capitalize on localized growth within a rapidly expanding top-25 market.”

Hunter along with David M. Greenberg, a first vice president investments also in the firm’s Fort Lauderdale office, represented the seller and buyer in the transaction. Raj M. Ravi is the firm’s South Carolina broker of record.

Quality Inn at Carowinds is a 68-room, limited-service lodging facility located in the Charlotte, N.C. MSA. The hotel is situated across the street from Paramount's Carowinds Amusement Park at Exit 90 of Interstate 77 and it is adjacent to the Lakemont Business Park. Uptown Charlotte, Pineville and Rock Hill S.C., the Charlotte-Douglas International Airport and Interstate 77 are also nearby.

The hotel is located at 3560 Lakemont Boulevard in Fort Mill, S.C. 

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

Ryan Nee
Vice President / Regional Manager
 Fort Lauderdale, FL

(954) 245-3400

Lincoln Property Company Southeast Arranges More Than $1 Million Sale of Flex Industrial Building in Tucker, GA


Chip Sipple
ATLANTA, GA (June 28, 2016) – Lincoln Property Company Southeast (Lincoln) has arranged the $1.06 million sale of 5203 South Royal Atlanta Drive, a 16,002-square-foot flex industrial property located in Tucker, Georgia.

Chip Sipple and Jeff Henson of Lincoln represented the seller, Lucien Kimball, in the transaction, and David Barker with Keystone Commercial represented the buyer, South Royal 3453, LLC.

The property is 100 percent leased by New South Construction Supply (New South), a construction supply company headquartered in Greenville, South Carolina. 

New South recently executed a new long-term lease and will serve as their second location within the Atlanta market.  

Built in 1987, the industrial building is located on two acres within the Royal Atlanta Business Park. Features of the property include 18-foot ceilings, approximately 5,000square feet of office space, five dock high doors, one drive-in door and ample surface parking.

5203 South Royal was the second building that Lincoln has sold for Kimball in the past six months.

“Jeff and Chip have done a great done for us on both transactions,” Kimball said. “They were able to find buyers within a short period of time and close quickly at pricing levels that exceeded our expectations.”


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

Savannah Durban
The Wilbert Group
404-343-0870
sdurban@thewilbertgroup.com

Berger Commercial Realty Secures More Than 4,000 Square-Feet in Lease Transactions for Landlords in Palm Beach County, FL


Joe Byrnes

FORT LAUDERDALE, FL (June 28, 2016) – Berger Commercial Realty Senior Vice President Joe Byrnes and Sales Associate Robert Dabrowski recently secured 4,445 square-feet in lease transactions for landlords in Palm Beach County.

Woolbright Corporate Center I

The brokers represented Congress Properties & Investments, LLC in leasing 2,545 square-feet of office space to Family Preservation Services of Florida, Inc. at Woolbright Corporate Center I.

Located at 1901 South Congress Avenue in Boynton Beach, the 57,566-square-foot, four-story office building was part of a portfolio acquisition facilitated by Berger Commercial Realty in 2014. Since then, Byrnes and Dabrowski have grown the building’s occupancy by 22 percent.

BB&T Centre

The brokers also represented Millennium One in leasing 1,900 square-feet of office space to the Sickle Cell Foundation of Palm Beach County at the BB&T Centre, located at 2001 North Broadway in Riviera Beach.

Robert Dabrowski
The six-story, 58,460-square-foot professional building is the largest building in Rivera Beach and offers direct views of the Intracoastal Waterway and the Atlantic Ocean. 

Featuring direct access to Singer Island, the Port of Palm Beach and US-1, the BB&T Centre is located within minutes of I-95 and downtown West Palm Beach. The property is slated for renovations including an enlarged lobby, new air conditioning system and more.

For more information about Berger Commercial Realty’s leasing services, call 954-358-0900.

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

954-776-1999
Pierson Grant Public Relations
Lexi Robinson, ext. 255, lrobinson@piersongrant.com
Marielle Sologuren, ext. 226, msologuren@piersongrant.com