Monday, January 11, 2016

Marcus & Millichap Brokers $1.6 Million Sale of Dollar General Site in Gainesville, FL


Alan Lipsky
GAINESVILLE, FL, Jan. 11, 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 Dollar General, a 9,000-square foot net-leased property located in Gainesville, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $1,622,000 equating to $180 per square foot.

Barry M. Wolfe, a first vice president investments, and Alan Lipsky, an associate, both 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 Fernandina Beach, Fla.  

The buyer was a private investor from Bellevue, WA.  Over the past 12 months Wolfe and Lipsky have aggressively marketed and sold over 55 properties with a value exceeding $200 million.

Built in 2009, Dollar General is conveniently located off U.S. Highway 441, one-half mile from the University of Florida (UF).  Due to the close proximity to the University, the Dollar General is in a high traffic residential area with numerous apartment buildings and housing for UF students. 

With the local Publix and Walmart more than three miles away, this Dollar General serves as a primary retailer for grocery and everyday items for the local residents.

Dollar General is located at 2112 SW 13th Street in Gainesville, Fla.

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

Ryan Nee
Regional Manager
Fort Lauderdale, FL

(954) 245-3400

Marcus & Millichap Arranges $4.9 Million Sale of 56-Unit Soleil Apartments in North Miami, FL


Evan P. Kristol
NORTH MIAMI, 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 Soleil Apartments, a 56-unit apartment property located in North Miami, Florida. The asset sold for $4,900,000 equating to $87,500 per unit.

Evan P. Kristol, a senior vice president investments, Felipe J. Echarte, a vice president investments, Robert S. Hunter, a senior Associate and Harrison Rein, an associate, 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 Fort Lauderdale, Fla. They also represented the buyer, a limited liability company from Miami.

"The seller purchased the Soleil Apartments in 2012 as a distressed asset. They completely repositioned the property and made extensive capital improvements including the renovation of all units with tile floors, granite countertops and custom wood cabinets," says Rein.

"The combination of renovated units, excellent location just west of Biscayne Boulevard along with the increasing strength of the North Miami rental market  will help the Buyer achieve top of the market rental rates and maintain high occupancy levels,” adds Echarte.

Soleil Apartments consists of three two-story buildings developed in 1963 with a unit mix of 16 one-bedroom/one-bathroom units and 40 two-bedroom/one-bathroom units.

The property is located at 1505-1525 NE 135th Street and 1530 NE 136th Street in North Miami.

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

Ryan Nee
Regional Manager
Fort Lauderdale, FL

(954) 245-3400

Wyndham to Expand Ramada Brand in the Middle East with Four New Hotels


Daniel Ruff
LONDON, United Kingdom – Responding to heightened demand in the Middle East for high-quality, midscale accommodations, Wyndham Hotel Group today announced plans to open four new hotels across Saudi Arabia, Jordan and Bahrain under its growing, globally-recognised, Ramada Worldwide® flag.

The hotels, all scheduled to open between now and the end of March 2016, include the 161-room Ramada Resort Dead Sea in Jordan; the 165-room Ramada Jeddah Corniche in Saudi Arabia, the 162-room Ramada Hotel & Suites Amwaj Island and the 140-room Ramada Manama City Centre, both located in Bahrain.

“The Middle East continues to see strong growth and development thanks to its rising middle class,” commented Dan Ruff, Wyndham Hotel Group’s president and managing director, EMEA.

 “This is driving increased interest from developers for globally known brands like Ramada and others offered by Wyndham Hotel Group, which are well positioned to meet the emerging travel needs of consumers in the region.

“The Middle East is a key region of focus for Wyndham Hotel Group and to help meet growing demand, the company recently bolstered its management resources there by more than 30 percent.”

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

Hannah Gray and Jen Byles
Publicasity
+44 20 3757 6800


Berger Commercial Realty Brokers Lease More Than 20,000 Square-Feet of Space in Fort Lauderdale, FL Portfolio


Joseph Byrnes
FORT LAUDERDALE, FL - Joseph Byrnes and Jonathan Thiel of Berger Commercial Realty, a full service commercial real estate firm based in South Florida, recently represented Rising Tide Development, LLC in leasing 20,383 square-feet of space to five tenants at three properties throughout Fort Lauderdale. The properties are part of a portfolio owned by Rising Tide Development.

Cypress Creek Executive Court

Byrnes and Thiel renewed a lease for 1,000 square-feet of space to Multicultural Alliance Health Care Solutions, Inc. and secured the expansion lease of 1,600 square-feet of space to Ventrillion, LLC at Cypress Creek Executive Court. Located at 2700 W. Cypress Creek Road, the 70,287-square-foot office building offers round-the-clock access, kitchens and private restrooms in most units, and convenient access to Fort Lauderdale Executive Airport and I-95.

Cypress Creek Business Park

The brokers secured two new leases for 1,950 square-feet of flex space each to HTX Services, LLC and ASRIM Supplements, LLC at Cypress Creek Business Park. Additionally, the brokers leased 3,900 square-feet to Be Power Tech. Located at 6555 N. Powerline Road, the 54,600-square-foot flex buildings are just north of Cypress Creek Road and offer flex, office and warehouse spaces starting at 2,000 square-feet.

Jonathan Thiel
Powerline Business Center

Byrnes and Thiel also closed a new lease for 4,183 square-feet of flex space to Windstream Communications, LLC and a lease for 5,800 square-feet to Assa Abloy Hospitality, Inc. at Powerline Business Center, located at 5601 Powerline Road. 

The 82,330-square-foot building, located on a six-acre lot, consists of warehouse, showroom and office space and is within close proximity to I-95 and Florida's Turnpike as well as public transportation.

For more information about Berger Commercial Realty's leasing services, call 954-358-0900 or visit www.BergerCommercial.com.

   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


Wyndham Hotel Group Continues Expansion in Indonesia with Opening of Newest Ramada on Bali’s Kuta Precinct


Barry Robinson

 BALI, INDONESIA (6 January 2016) – Demonstrating strong and increasing interest in its portfolio of brands in South East Asia, Wyndham Hotel Group has introduced a third hotel in Bali, Ramada Bali Sunset Road Kuta, located in the heart of the vibrant Kuta district. 

Formerly the Best Western Premier Sunset Road, the 271-room property is owned by Sun Motor Group and managed by PT Wyndham Hotel Management, an Indonesian subsidiary of Wyndham Hotel Group.

Ideally located close to Jalan Legian and popular Seminyak Beach, the stylish guest rooms feature contemporary d├ęcor, while suites boast separate living areas. The well-appointed facilities include a rooftop pool, gymnasium, on-site spa, meeting rooms, business centre and two distinct dining establishments.

“Bali is one of Indonesia’s most popular destinations, attracting close to four million visitors a year,” said Barry Robinson, President and Managing Director of Wyndham Hotel Group South East Asia and Pacific Rim.

“With the 2013 expansion of Ngurah Rai International Airport and this year’s four-fold increase in government spending on tourism, we believe it’s a market prime for year-on-year growth.”

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

Abigail Foo
Marketing Communications Manager
Wyndham Hotel Group Asia Pacific
T: +65 6805 9643
M: +65 9067 8040

  

HFF arranges $88 million financing for The Left Bank in Philadelphia, PA


The Left Bank Apartments, 3131 Walnut Street, Philadelphia, PA

 
Jim Cadranell
FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $88 million in financing for The Left Bank, a 282-unit, luxury loft apartment complex in Philadelphia, Pennsylvania.

Working on behalf of the borrower, Dranoff Properties, HFF placed the five-year, fixed-rate loan with a regional community bank.

The Left Bank is located at 3131 Walnut Street in Philadelphia’s University City neighborhood near the University of Pennsylvania, 30th Street Amtrak station and the Schuylkill River.

  In 2001, the University of Pennsylvania selected Dranoff – which develops, owns and manages residential properties throughout Pennsylvania and New Jersey – to convert the building, which was originally built in 1929 to serve as the Pennsylvania Railroad Depot. 

The property has a mix of studio, one-, two- and three-bedroom units averaging 971 square feet each that and featuring 12-foot ceilings, spacious layouts, original architectural elements and oversized windows with views of the Philadelphia skyline. 

Ryan Ade
In addition to the residential component, the property also includes 98,707 square feet of office space and 22,605 square feet of retail, which are both 100 percent occupied. 

Community amenities include an Art Deco lobby, sky deck, landscaped courtyard, fitness center, business center, community conference rooms, clubroom with catering kitchen, bike storage and 24-hour concierge service.

The HFF debt placement team representing the borrower was led by senior managing director Jim Cadranell and managing director Ryan Ade.

“It was a pleasure to work with the Dranoff team to refinance this outstanding asset,” stated Cadranell.

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com


HFF arranges $42.54 million mortgage for development of residential building in San Diego’s Little Italy


Rendering of Planned Eighteen Ten St Multi-Housing Development,
Little Italy Neighborhood,San Diego, CA

Tim Wright
SAN DIEGO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $42.54 million in development financing for Eighteen Ten State St., a 99-unit, Class A, multi-housing development in the Little Italy neighborhood of San Diego, California.

Working on behalf of the developer, McMillin Companies, HFF arranged the participating first mortgage through a UBS Asset Management investor account for development financing.

Eighteen Ten State St. will be constructed at 1810 State Street in downtown San Diego on one of the last remaining developable sites in Little Italy.

 With a Walk Score of 98, the residential building will be steps away from restaurants, shopping, entertainment and the trolley, train station and COASTER, providing access to the rest of downtown, San Diego and Southern California. 

Designed by AVRP Studios, the eight-story building will have four levels of subterranean parking totaling 115 parking spaces.  The building will feature a community center, community decks, and a mix of studio, one- and two-bedroom units averaging 724 square feet each.

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

According to HFF, the success of the financing speaks to the quality location and capital’s willingness to provide construction financing to qualified sponsors in strong markets.

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com


HFF secures long-term refinancing for coastal South Carolina grocery-anchored lifestyle retail center


Freshfields Village Shopping Center, Kiawah Island, South Carolina

  
WASHINGTON, DC – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured a long-term refinancing for Freshfields Village, a 179,409-square-foot, upscale, grocery-anchored lifestyle retail center that serves as the downtown for the Charleston-area barrier island of Kiawah Island, South Carolina. 

HFF worked on behalf of the borrower, Northwood Investors, to secure the fixed-rate loan through Guggenheim Commercial Real Estate Finance.  HFF will service the loan, which will be used to refinance the acquisition loan arranged by HFF in 2013 and provide additional capital for re-tenanting and expansion costs. 

Completed in 2005, Freshfields Village is a mix of shopping, dining, galleries, businesses and services in an outdoor town center atmosphere. 

Mark Remington
Anchored by the 35,000-square-foot The Village Market by Harris Teeter, the 93-percent-leased center is home to 55 tenants, including Bank of America, Tommy Bahama, Lilly Pulitzer, King Street Grille, J.McLaughlin, Las Olas, Roberta Roller Rabbit, Wyndham Vacation Rentals, Vincent’s Drug Store and Soda Fountain, Wells Fargo, BB&T, Palmetto Island and The Station Deli.  

Situated on 17.2 acres at 165 Village Green Lane, Freshfields Village is located at the crossroads of Kiawah, Seabrook and Johns Island at the end of Betsy Kerrison Parkway. 

The center is on the sole access road to both Kiawah and Seabrook Islands and is the only shopping center serving both islands; the closest grocery-anchored center is 11 miles away.

The HFF debt placement team representing the borrower was led by managing director Mark Remington.

“This was a win-win for borrower and lender by allowing Northwood to recapitalize and take advantage of the current low rate environment and Guggenheim to invest in a high quality asset with a repeat client,” Remington said.

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com


NAIOP to Host 2016 Awards of Excellence in February in Fort Lauderdale, FL

  
Jules Morgan
FORT LAUDERDALE, FL – NAIOP South Florida, a Commercial Real Estate Development Organization, will host its 2016 Awards of Excellence on Thursday, February 25 from 5:30 to 9 p.m. at Hyatt Regency Pier Sixty-Six, 2301 S.E. 17th Street in Fort Lauderdale. 

To be considered for an award, submissions should be entered online no later than 3 p.m. on Friday January 15.

“The NAIOP South Florida Awards of Excellence recognize and celebrate outstanding contributions to our local commercial real estate industry,” said NAIOP Executive Director Jules Morgan

“We’re proud to honor commercial real estate firms and industry professionals whose extraordinary achievements have benefited the regional business environment and facilitated economic growth.”

In addition to the 13 award categories featured at last year’s ceremony, two new categories, renovation / rehab project of the year and creative dealmaker of the year, are now eligible for consideration. For a complete list of categories and detailed submission guidelines, please visit goo.gl/8sxfBd. To submit an award entry, please visit please visit goo.gl/uS9lUk.

NAIOP members can enter their submissions at no cost and non-members can submit for $100. Ticket information for the award ceremony is coming soon.

For more information, please visit www.naiopsfl.org, email jules.morgan@naiopsfl.org
 or call 954-990-5116.

NAIOP is a commercial real estate development organization. It provides strong advocacy, education and business networking opportunities and connects its members through a powerful North American network.


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

954-776-1999
Pierson Grant Public Relations
Lexi Robinson, ext. 255


Pleasant Hill Square Power Center, Located in Duluth, GA, Sells for $16.4 Million

  
Chip Sipple
ATLANTA, GA – Pleasant Hill Square, a 282,137-square-foot power center located in Duluth, Georgia, has sold in an Auction.com sale for $16.4 million.

Tony Bartlett and Chip Sipple of Lincoln Property Company Southeast (Lincoln) and Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction. GW Real Estate of Georgia LLC purchased the property.

“Pleasant Hill Square sold for strong price for a value add investment, which shows the strength of metro Atlanta’s retail market,” Sipple said. “Investors are actively and aggressively seeking value-add opportunities that are located in good locations.”

Pleasant Hill Square, located at 2205 Pleasant Hill Road within the Gwinnett Place CID, includes an advantageous line-up of national anchors including Toys ‘R’ Us, Staples and Jo-Ann Fabric & Craft Stores.


Kyle Stonis
The property is located directly on Pleasant Hill Road with great visibility to over 50,000 cars per day. 




The property was 49 percent leased at the time of the sale, provides an opportunity for the owner to add significant value through the lease up of 144,641 square feet.

The Gwinnett Place CID is a self-taxing district that uses the additional property taxes of its members to accelerate infrastructure improvements, security enhancements and economic development initiatives.

For more information on the Southeast Region of Lincoln Property Company, please visit www.lpcsoutheast.com.
 To check out the blog, go to www.lpcsoutheast.com/blog.


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

Nekeidra Taylor • The Wilbert Group
1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309
O: 404-748-1368 M: 404-548-1917


Lincoln Harris Brokers 3,782-Square-Foot Lease for Lincoln Derr at Capitol Towers in Charlotte, NC


Campbell Walker
CHARLOTTE, NC — Lincoln Harris has arranged a 3,782-square-foot lease for Lincoln Derr at Capitol Towers, located in Charlotte. Campbell Walker of Lincoln Harris represented the landlord, Capitol Towers LLC, in the transaction. Ken Orndorff of Raley Miller Properties represented the tenant.

“Capitol Towers is a perfect fit for law firms like Lincoln Derr who are seeking high-quality space and custom floor plans in one of Charlotte’s hottest submarkets,” Walker said.

“Lincoln Derr is excited to be joining the list of exceptional tenants to occupy Lincoln Harris’ Capitol Towers project,” said Sara Lincoln. “The quality of this building and its amenities, coupled with its location in SouthPark, made our decision to move a no brainer.”

The recently completed Phase I of Capitol Towers includes the 236,250-square-foot South Tower, parking deck and approximately 25,000 square feet of retail space. Phase II broke ground in early 2016.

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

Nekeidra Taylor • The Wilbert Group
1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309
O: 404-748-1368 M: 404-548-1917
@nekeidrat


Multi Housing Advisors Brokers $14.2 Million Sale of Apartment Community in Charlotte, NC

  
The Vyne on Central Apartments, Plaza Midwood Neighborhood, Charlotte, NC

 
Marc Robinson
CHARLOTTE, NC (Jan. 11, 2016) — Multi Housing Advisors (MHA) has arranged the $14.2 million sale of The Vyne on Central, a 98-unit apartment community located in the Plaza Midwood area of Charlotte, North Carolina.

Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the seller, an affiliate of Gulfshore Capital Partners, in the transaction. The property was purchased by Whitaker Capital.

“Charlotte’s high quality of life and strong economic base have driven population growth, thus fueling continued demand from investment capital,” McCarley said. 

“This property’s unique size and location in Charlotte’s most unique neighborhood offers a combination of convenience and efficiency that caters to its eclectic population.”

The Vyne on Central is comprised of condo-quality units situated in the burgeoning Plaza Midwood area, one of Charlotte’s fastest growing neighborhoods. Originally conceived as a condominium project, the site was completed in 2014 as an apartment community.

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

Deborah Rogers
Multi Housing Advisors
404.645.7275

Multi Housing Advisors Brokers $8.2 Million Sale of Apartment Community in Horn Lake, MS

  
Mallard Creek Apartments, Horn Lake, MS

Jimmy Adams

 BIRMINGHAM, AL, Jan. 11, 2016 — Multi Housing Advisors (MHA) has arranged the $8.2 million sale of Mallard Creek, a 144-unit apartment community located in Horn Lake, Mississippi.

Jimmy Adams and Craig Hey of MHA’s Birmingham office represented the seller, The Park Companies, in the transaction. Maxus Realty Trust purchased the property.

“Maxus Realty Trust assumed an attractive HUD loan with this transaction, which represents another recent acquisition for them in Mississippi and Louisiana,” Adams said.

Mallard Creek, built in 1998, maintains excellent positioning off Goodman Road, one of the area’s busiest thoroughfares. The property’s submarket has showed positive trends in rental dynamics that are expected to continue.

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

Deborah Rogers
Multi Housing Advisors
404.645.7275