Thursday, July 7, 2016

American Realty Advisors Acquires Class A Office Asset in Jersey City, NJ for $101 Million

30 Montgomery Street Office Tower, Hudson Waterfront, Metro New York City

 Jersey City, NJ, July 7, 2016 – American Realty Advisors has acquired  a 16-story boutique office tower located in the Hudson Waterfront 30 Montgomery Street,submarket of the New York City Metro area for $101 million. 

The 315,385 square-foot building, which is ideally situated on the New Jersey Hudson Waterfront within one block of a major mass transit hub, was substantially upgraded and renovated over the last several years. 

Kirk Helgeson
American was attracted to the asset because of the direct transportation link to Manhattan, as well as access to new and growing amenities.

 In addition, 30 Montgomery will benefit from its position as a lower rent alternative in an emerging 18-hour live/work/play location, which is similar to other emerging markets throughout the country, e.g. the Chicago Fulton Marketplace in which American recently acquired Google’s Midwest headquarters.

According to Kirk Helgeson, American’s Chief Investment Officer, “30 Montgomery’s location is particularly attractive based on the rapidly transforming Hudson Waterfront submarket, which is benefitting from strong population growth, sustained residential development, expanding cultural/entertainment/retail amenities, and a diversification of the local employment base.”

Helgeson also notes that this asset is ideally situated to benefit from one of America’s fastest growing residential markets.

“Jersey City is projected to add nearly 7,500 units by the end of 2017, driving additional economic growth associated with the new residents, service providers, retail, and amenities necessary to support a thriving 24/7 CBD,” says Helgeson.

The seller was represented by David Bernhaut, Andrew Merin, and Gary Gabriel of Cushman & Wakefield. 

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

Devin Ugland / Jenn Quader for American Realty Advisors
Brower, Miller & Cole
(949) 955-7940,

Stepp Commercial Completes $2.95 Million Sale of Apartment Property in Long Beach, CA

Robert Stepp
 LONG BEACH, CA – Stepp Commercial, a leading multifamily brokerage firm in the Long Beach market, has completed the $2.95 million sale of Bluff Park Apartments, a 12-unit multifamily property in the prime Alamitos Beach submarket of Long Beach.

Robert Stepp, principal of Stepp Commercial, represented the seller, San Francisco-based Virtu Bluff Park Associates, LLC, as well as the buyer, Long Beach-based Seaward Road Enterprises, LLC in the transaction. The property closed at a 5.32 percent cap rate and a price per unit of $245,833.

“Bluff Park Apartments offered the buyer a rare, turn-key condition asset that offers strong in-place cash-on-cash returns that he plans on holding long-term,” noted Stepp. 

“It is also in a prime location just one block from Bluff Park and the beach, and is also close to Retro Row and Downtown Long Beach – areas that offer a wide variety of shopping, entertainment and dining amenities.”

Bluff Park Apartments, 1825 East 1st Street,
 Long Beach, CA
Built in 1953 and located at 1825 E. 1st Street, the well-maintained property includes 10 one-bedroom units and two two-bedroom units. 

Eleven of the units were recently fully renovated and feature hardwood floors, granite countertops, stainless steel appliances, and in-unit washers and dryers.

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

Lincoln Property Co. Signs Two New Leases in Duluth, GA

George Gwaltney
 ATLANTA, GA (July 7, 2016) – Lincoln Property Company (Lincoln) has brokered two new leases totaling 4,513 square feet at 6340 Sugarloaf Parkway, a Class A office building located in Duluth, Georgia.

Jeff Henson and George Gwaltney represented the landlord, Kapoor & Sons, LLC, in the transactions.

Edwards Pitman Environmental, Inc. signed a new lease for 2,175 square feet. Kevin Creel of Cresa Partners represented the tenant. Additionally, Holt Consulting Co., LLC, signed a new lease for 2,338 square feet. Rob Coatsworth of CTR Partners represented the tenant.

“Duluth has been growth market during the past couple of years, and an increasing amount of office tenants are seeking space at well-located, well-amenitized properties in the area,” Gwaltney said. “The building’s recent renovations, on-site management and local proactive ownership sets it apart from other properties in the market.”

The four-story, 103,742-square-foot building features a recently renovated lobby and common areas, a prominent location fronting Sugarloaf Parkway and is located adjacent to the Infinite Energy Center.

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

Savannah Durban
The Wilbert Group


Banyan Tree Management Signs 2,297-Square-Foot Lease at Lenox Plaza in Atlanta, GA

Jeff Henson
 ATLANTA, GA – Lincoln Property Company (Lincoln) has brokered a new lease with Banyan Tree Management totaling 2,297 square feet at Lenox Plaza, an office building located in Atlanta’s desirable Buckhead submarket.

Jeff Henson, Hunter Henritze and George Gwaltney of Lincoln represented the landlord, HD Realty, in the transaction, and Tommy Bond with Southeast Realty represented the tenant.

“Buckhead remains one of Atlanta’s most sought-after markets for office space,” Henson said. 

“With leasing velocity showing great traction in the first and second quarters of this year, the building has reached 85 percent leased and we believe activity will continue in the remaining half of this year.”

Hunter Henritze
Lenox Plaza is located at 3384 Peachtree Road with Lenox Square Mall, Phipps Plaza, fine dining and entertainment nearby. 

The nine-story, 100,882-square-foot office building boasts a premier location with access to the nearby Buckhead MARTA Station as well as a private road that allows tenants and visitors easy access to the building from Peachtree Road.

The building underwent renovations in 2011 with interior upgrades to its elevators and lobby area, and a modernization of its exterior with a sleeker awning and new signage.

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

Savannah Durban
The Wilbert Group


Mortgage Bankers Association Releases Updated Commercial/Multifamily Real Estate Finance Forecast

Jamie Woodwell
 WASHINGTON, DC --The Mortgage Bankers Association (MBA) projects originations of commercial and multifamily mortgages will total $500 billion in 2016, roughly flat from the $504 billion originated in 2015 and slightly less than the record of $508 billion originated in 2007.

 Mortgage banker originations of multifamily mortgages are forecast at $210 billion in 2016, with total multifamily lending at $273 billion.

"The year has started off with more than its fair share of twists and turns," said Jamie Woodwell, MBA's Vice President of Commercial Real Estate Research.

“When all is said and done, commercial and multifamily real estate finance markets are likely to end 2016 with another strong year of borrowing and lending.  On the demand side, strong property fundamentals and prices should continue to support an active sales market, which will drive mortgage demand."

Woodwell said, "On the supply side, solid originations for life companies, Fannie Mae, Freddie Mac and bank portfolios are expected to make-up for some – but not all – of the slowdown in the CMBS market this year. 

“The net result will likely be 2016 originations coming in just a shade lower than 2015 levels.  Global economic uncertainty and a range of regulations that could affect the availability of CRE financing remain wildcards.”

Commercial/multifamily mortgage debt outstanding is expected to continue to grow in 2016, ending the year at $2.9 trillion, more than three percent higher than at the end of 2015.

MBA's commercial/multifamily members can download a copy of MBA's Commercial/Multifamily Real Estate Finance Forecast at

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

Ali Ahmad
(202) 557-2727

Charles Dunn Company Names Christianne Schrobilgen as Vice President of Marketing

Christianne Schrobilgen 
LOS ANGELES, Calif. July 7, 2016 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has named Christianne Schrobilgen as Vice President of Marketing.

 In her new role, Schrobilgen will lead and grow the firm’s marketing department for its brokerage and property management divisions.

 “Aligned with our new strategic direction that is being led by the firm’s President of Brokerage Services, David Pinsel, my goal is to successfully redefine our entire marketing program by utilizing the latest technologies and experienced, passionate talent,” said Schrobilgen.

She adds: “Every assignment has a story, our job as marketers is to tell that story and deliver the resources necessary to find the right match between tenant and landlord or buyer and seller through exceptional customer service.”

Schrobilgen has more than a decade of marketing experience within the commercial real estate industry. She most recently served as Associate Director for Colliers International’s national business development marketing team.

There she managed a wide range of marketing services to help Colliers pursue and win large-scale business including developing go-to-market strategies.  Prior to joining the business development team, she served as a Colliers marketing and team manager for a national, institutional retail investments team. 

David Pinsel
“I worked with Christianne for several years and have seen her talent and marketing expertise first hand. I am extremely pleased that she has joined Charles Dunn,” said Pinsel. 

“We are aggressively expanding the Charles Dunn platform in order to take the firm to the next level by cultivating the corporate culture and growing its market share.

“With Christianne leading Charles Dunn’s marketing team, we will have a crucial part of the infrastructure in place.”

Some of Schrobilgen’s key responsibilities will be to grow the marketing team, train and retain talented and forward-thinking creatives; increase speed-to-market for properties; spearhead tech operations and enhance tech infrastructure to expand resources and efficiency; oversee corporate brand management; and work with the executive team on growth and strategic direction.

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

Darcie Giacchetto

Hold-Thyssen Completes Three-Year Lease for 3,330 Square Feet at Maplewood Plaza in Jupiter

Therese Taylor

JUPITER, FL -- Hold-Thyssen, Inc., a commercial property firm based in Winter Park, recently completed a three-year lease renewal agreement for 3,330 rentable square feet of office/warehouse/flex space at Maplewood Plaza, 407 Maplewood Drive in Jupiter.

Therese Taylor, leasing agent at Hold-Thyssen, represented the Miami-based landlord GECMC 2005 in the transaction. 

The tenant is Flor-Source Enterprises No.1, Inc.  a carpet and flooring distributor. 

Hold-Thyssen, Inc. provides commercial property and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

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

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

Cushman & Wakefield Brokers Sale of Two-Property Seniors Housing Portfolio in Suburban Louisville, KY

Allen McMurtry
Megan Fetter
TAMPA, FL, July 7, 2016 -- Cushman & Wakefield negotiated the sale of a two-property, 145-unit senior housing portfolio in suburban Louisville, Ky., comprised of Elmcroft at Oaklawn and Elmcroft of Valley Farms.

Based in Cushman & Wakefield’s Tampa office, Executive Managing Director Allen McMurtry, Senior Managing Director Megan Fetter and Senior Managing Director David Kliewer represented seller Senior Care US Holdings, Inc. in the disposition.

Capital Health Group, LLC purchased the assets on behalf of CHH Senior Housing, LP, a Capital Health Group sponsored programmatic joint venture with Hunt Realty Investments and the Teacher Retirement System of Texas.

David Kliewer
Elmcroft at Oaklawn is an 80-unit assisted living and memory care facility built in 2012 on ±5.62 acres at 100 Shelby Station Drive. The two-story, ±71,963-square-foot building offers 56 assisted living units and 24 memory care units.

Elmcroft of Valley Farms is a 65-unit assisted living and memory care facility built in 2012 on ±6.65 acres at 10201 Valley Farms Boulevard. The one-story, ±61,074-square-foot building offers 31 assisted living units and 34 memory care units for a total of 65 certified units.

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

David A. Meyer 
Meyer Media 

Allen McMurtry

813 349 8349