Tuesday, July 26, 2016

Miami Lighthouse for the Blind and Visually Impaired Breaking Ground for New Learning Center for Children

Miami Lighthouse for the Blind Center, 601 SW 8th Avenue, Miami, FL

MIAMI – Miami Lighthouse for the Blind will break ground on a new addition to its growing campus -- the 72,000-square-foot Lighthouse Learning Center for Children™ -- during a ceremony to be held on Wednesday, August 3 at 10:30 A.M.

Miami Lighthouse, located at 601 Southwest 8th Avenue, is co-hosting the groundbreaking ceremony in collaboration with MCM, and Wolfberg Alvarez Partners.

The new facility was made possible by private donations in response to a challenge grant from a local philanthropist. Elected officials, civic leaders and education professionals will participate in the groundbreaking ceremony, along with supporters of Miami Lighthouse.

Tours of Miami Lighthouse programs, including special summer classes for blind and visually impaired children, will be conducted immediately after the ceremony.

Helen Keller
In addition to housing innovative intervention programs for youngsters from birth through four years old, the Lighthouse Learning Center for Children™ will provide the community with a first-of-its-kind pre-kindergarten program. 

Blind and visually impaired children from communities throughout Miami-Dade will attend alongside sighted classmates from the surrounding Brickell neighborhood. 

Miami Lighthouse is introducing this unique initiative, in partnership with Miami-Dade County Public Schools and the Early Learning Coalition, to more easily transition blind and visually impaired students to our public schools. 

The Lighthouse Learning Center for Children™ has been designed as a safe, child-oriented environment with a wide array of tactile experiences through which toddlers and young children can learn about the world around them in an engaging and fun way.

Established in 1931 by Dolly Gamble with the aid of Helen Keller and support from the Miami Lions and Miami Rotary Clubs, Miami Lighthouse is the oldest and largest private agency in Florida assisting persons of all ages who are blind and visually impaired. 

Today, the agency serves more than 14,000 clients per year with an array of programs that enable blind and visually impaired persons to achieve independence. For more information about Miami Lighthouse for the Blind and Visually Impaired, visit MiamiLighthouse.org, or call 305-856-2288.

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

Yarden Cohen
Director of Social Media, BoardroomPR
O 954-370-8999
C 954-559-0827
Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

HFF arranges $58.7 million in construction financing for Boulevard on the Greenway, a luxury condominium development along Boston’s Rose Kennedy Greenway

Rendering of Planned 110 Broad Street Condominiums, Rose Kennedy Greenway,
Financial District, Boston, MA

 BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged financing totaling $58.7 million for the development of 110 Broad Street, a 36-unit, luxury residential condominium development to be built along the Rose Kennedy Greenway in Boston’s Financial District.

Brett Paulsrud
HFF worked on behalf of the borrower, New Boston Ventures, to secure a $46 million fixed-rate construction loan through East Boston Savings Bank and $12.7 million in subordinate financing from Canyon Partners Real Estate LLC.

Boulevard on the Greenway (Boulevard), located at 110 Broad Street, will consist of 12 stories featuring 36 for-sale residential units, 3,550 square feet of ground floor retail space and 48 below-grade parking spaces.

 Designed by award-winning architectural firm, Finegold Alexander + Associates, Boulevard will showcase one-, two- and three-bedroom units averaging 1,774 square feet each, with five units on the second floor designated as Artist Live/Work Studios. 

Additionally, there will be three exclusive penthouse units on the 11th and 12th floors with an average size of 3,941 square feet, and an exclusive residents’ lounge. 

The property’s location overlooking the Rose Kennedy Greenway places it at the nexus of Boston’s Financial District within a block of the waterfront, walking distance of virtually all means of public transportation, and provides residents with immediate access to the Southeast Expressway (Interstate 93) and the Massachusetts Turnpike (Interstate 90).

Rose Kennedy Greenway Park
The HFF debt placement team representing the borrower was led by director Brett Paulsrud.

“Boulevard is a unique opportunity for condo dwellers to live adjacent to the most desirable stretch of the Greenway in a newly constructed, boutique luxury building.  

"Traditionally, such living along the Greenway has only been available in larger, more dated buildings and in small traditional walk-ups in the North End,” said Paulsrud. 

“The property will combine excellent views of the Greenway and waterfront with an unrivaled amenity base.  Boulevard will be met with exceptional buyer demand.”

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

KIG Brokers $16.6 Million Sale of Vacant Land Site Adjacent to Ruth Page Center for the Performing Arts in Chicago’s Gold Coast

Ruth Page Center for Performing Arts, Gold Coast Neighborhood,
Chicago, IL

Susan Tjarksen
CHICAGO, IL  — KIG, Chicago’s leading commercial real estate brokerage firm specializing in institutional multifamily properties throughout the Midwest, announced it has brokered the sale of a quarter-acre parking lot adjacent to the Ruth Page Center for the Performing Arts in Chicago’s Gold Coast neighborhood.

 Chicago-based Lexington Homes purchased the property, located at 1022-28 N. Dearborn Parkway, from the Ruth Page Foundation for nearly $16.6 million, with plans to develop a 28-story luxury condominium tower on the site.

“Given the highly desirable location of the Dearborn property – steps from the Newberry Library and Washington Square Park – as well as its status as one of the last undeveloped parcels in this stretch of the Gold Coast, we knew interest would be especially high,” said KIG Principal and Managing Broker Susan Tjarksen, who represented the seller in the transaction.

 “Lexington was selected not only because they’re one of the city’s most active and reputable homebuilders, having brought more than 40,000 homes to market over the past four decades, but also their ability to assemble top-notch design and construction teams.”

 The Ruth Page Center will continue to operate out of its current building, located immediately south of the planned tower. 
Venetia Stifler
"The sale provides a much-needed financial bridge for the Ruth Page Center to be able to remain in its current location,” said Venetia Stifler, Ruth Page’s executive and artistic director.

 “Like so many non-profits, we were greatly affected by the financial crisis our country was facing in 2008. 

"The endowment created by the sale of the parking lot will help safeguard the future of the Ruth Page Foundation. 

"However, it will not diminish the hard work and necessity for ongoing fundraising to balance our annual operating budget needs.”

Designed by Chicago-based Pappageorge Haymes Partners, the planned 28-story high-rise provides for up to 50 luxury condominiums with private balconies and deeded parking. 

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

Cara Mooses, cmooses@taylorjohnson.com, (312) 267-4523
Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

Marcus & Millichap Brokers $3.75 Million Sale of The Gardens of Coral Springs Apartment Community in Coral Springs, FL

Joseph P. Thomas
CORAL SPRINGS, 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 The Gardens of Coral Springs, a 30-unit apartment property located in Coral Springs, Fla. The asset sold for $3,750,000.

            “Investors remain energetic in their search for yield and value-add opportunities, extending their focus to suburban Broward County. 

"Strong annual rent increases continue to attract prospective buyers to the suburbs, especially for properties that sell for less than $10 million,” says Joseph P. Thomas, a vice president investments in Marcus & Millichap’s Fort Lauderdale office.

 “The Gardens of Coral Springs sold for a 6 percent capitalization rate and the buyer has a significant value-add opportunity in moving rents to market levels and implementing utility reimbursement.  The property is currently sub-metered for water, but water was not being reimbursed as of the closing date.”

Thomas as well as Adam Duncan, a senior associate, and Derek Soven, an associate in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private investor from Lighthouse Point, Fla., and the buyer, a limited liability company from Coral Springs, Fla.

The Gardens at Coral Springs consists of 30 two-bedroom/two-bathroom units within a two-story building. The property is located at 8203 W. Sample Road close to the Sawgrass Expressway and Florida's Turnpike.

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

Ryan Nee
Vice President / Regional Manager, Fort Lauderdale

(954) 245-3400

$4.5 Million Retail Portfolio Loan Arranged by Marcus & Millichap Capital Corp.

Starbucks, Bradenton, FL

MIAMI, FL– Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged permanent financing on the $12 million acquisition of a portfolio of four single-tenant properties located in Florida.

Robert Bhat
Included in the portfolio are Starbucks in Bradenton, Verizon in Naples, City Mattress in Jensen Beach, and For Eyes in Pembroke Pines.

Robert Bhat, a director in MMCC’s Miami office, arranged the debt placement.

“This portfolio contains well-located properties with strong corporate tenants. Despite the challenge of the tenants having different lease expirations and termination options, some of which are only three years out, we secured the debt placement below 3.80 percent,” says Bhat.

The $4.5 million nonrecourse balance sheet loan was secured from a local lender. It was structured with a 10-year term, seven-year fixed interest rate at 3.75 percent and a 0.25 percent upfront bank fee.

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

Kirk A. Felici
First Vice President/Regional Manager; Miami Office


Receiver Lincoln Southeast, LLC, Facilitates Sale of 10 Park Place in Atlanta, GA

Chip Sipple
ATLANTA, GA (July 26, 2016) – Lincoln Southeast, LLC, has facilitated the successful transfer of 10 Park Place, a 137,681-square-foot office building located in downtown Atlanta, out of special servicing.

Through their role as receiver, as appointed by the courts, Lincoln helped devise and execute an exit strategy for the special servicer, Situs Holdings, LLC, and the bondholders.

 The property’s current ownership, led by The Novare Group, executed a payoff of the current loan and recapitalized the project by bringing in new equity consisting of various local Atlanta investors. The property is currently 45 percent leased.

“This transaction adds to the growing list of exciting news coming from the downtown area,” said Chip Sipple of Lincoln.

“Georgia State University and Grady Memorial Hospital continue to expand their presence in the area and downtown, as a whole, is improving. Our goal with this property was to protect and maximize the value of the asset by aggressively marketing the property for lease and for sale. 

Georgia State University
“These actions helped produce the necessary ingredients to motivate a transaction and we believe that both the borrower and lender benefited from the transaction.”

 As receiver, Lincoln’s primary duty was to secure the property, prevent waste, collect rent, and utilize it’s service platform to create value for the collateral property. 

In general, the receiver is required to follow the court’s order, which most often places the receiver in a role similar to a trustee, making decisions that are in the best interest of the property in an effort to maximize proceeds for the owner and lender.

The property, built in 1932, is located a block from the "Five Points" intersection in downtown Atlanta and is adjacent to Woodruff Park, Georgia State University and Grady Memorial Hospital.

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

 Savannah Durban
The Wilbert Group

Sherman & Phalen, P.C., Signs New 3,837-Square-Foot Lease at the Northchase Office Park in Marietta, GA

George Gwaltney
 ATLANTA, GA– Lincoln Property Company Southeast (Lincoln) has brokered a new 3,837-square-foot lease for Sherman & Phalen, P.C., at 1165 Northchase Parkway in northwest metro Atlanta.

George Gwaltney and Jeff Henson of Lincoln represented the landlord, JP Partners, in the transaction, and Rich Wedekind with Perimeter Brokers, Inc., represented the tenant.

“This new lease brings 1165 Northchase to 90 percent occupancy,” Henson said. “With its great location and long list of amenities, the property remains a high-quality asset and continues to appeal to those looking for office space in northwest Atlanta.”

The four-story building is located in the Northchase Office Park in the Cumberland/Galleria submarket, and provides several high-quality spec suites, close proximity to Interstates 75 and 285, scenic trails and a picnic area, ample surface parking and building signage opportunities.

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

 Savannah Durban
The Wilbert Group

AllStates Trucking Signs 63,838 SF Lease Renewal at HSA Commercial’s Park 94 in Southeast Wisconsin

Robert Smietana
CHICAGO, IL — HSA Commercial Real Estate announced the firm has completed a long-term lease renewal with AllStates Trucking at Park 94, a 184-acre business park development in Mount Pleasant, Wisconsin.

AllStates, a full-service logistics and transportation company, occupies 63,838 square feet and is an original tenant of the 125,000-square-foot facility at 1400 International Drive, which HSA Commercial completed in 2008. With the renewal, the building remains fully leased.

“During AllStates’ tenancy at our project, we have witnessed together as Interstate 94 in southeast Wisconsin has evolved to become one of the most strategically valuable logistics corridors in the Midwest, as evidenced by the rapid pace of new development in the area,” said Robert Smietana, CEO and vice chairman of HSA Commercial Real Estate.

“With the additional development opportunities available at Park 94, the project should be well-positioned to capitalize on the continued growth in the market.”

Located at the intersection of State Highway 20 and International Drive, just 15 miles north of the Illinois-Wisconsin border, Park 94 at Mt. Pleasant is a multi-phase, multi-use business park development.

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 

Charles Dunn Co. Completes $4.25 Million Sale of 22-Unit Apartment Property in East Hollywood Submarket of Los Angeles, CA

Bryan Glenn
LOS ANGELES, CA,  July 26, 2016 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $4.25 million sale of a fully occupied, non rent-controlled, 22-unit apartment property situated in East Hollywood at 3933 Marathon Street in Los Angeles.

Bryan Glenn, senior director with Charles Dunn Company, represented the seller, a private Los Angeles-based investment company who was in a 1031 exchange. Glenn also represented the buyer, a private partnership from Los Angeles. The closing cap rate was 3.25 percent and the price per unit was just over $193,000.

“This sale represented the tremendous demand for non rent-controlled multifamily product, coupled with investor confidence in this location. T

"he buyer plans to implement a comprehensive value-add strategy to improve the property and achieve strong market rents,” noted Glenn who also brokered two other apartment transactions in the Hollywood market over the last 30 days.

Glenn added that the property’s location in the Virgil Village neighborhood is becoming a hotspot due to its proximity to Silver Lake, the greater Hollywood area and Koreatown.

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

Darcie Giacchetto


Trion Properties Acquires Rare Value-Add Multifamily Community in Redwood City, CA Submarket of Silicon Valley

Redwood City, CA Multifamily Property, Silicon Valley Region of Bay Area
Max Sharkansky
REDWOOD CITY, CA(July 26, 2016) – Trion Properties, a Los Angeles-based private equity firm with a niche focus on value-add multifamily investments, has acquired a 48-unit, value-add multifamily property in Redwood City, a densely populated, urban neighborhood in the Silicon Valley region of the Bay Area, in an off market transaction.

“The Bay Area is one of the strongest markets in the country,” says Max Sharkansky, Managing Partner at Trion Properties. “The region’s record-breaking job growth, coupled with its reputation as one of the nation’s largest technology hubs, is driving demand for centrally-located, high-quality housing near major employers.”

Sharkansky explains that Redwood City, in particular, is home to a growing cluster of tech companies, and is strategically located between the rapidly expanding job markets of San Francisco and San Jose, which presents an attractive opportunity to cater to the unprecedented renter demand throughout the region.

Buckingham Apartments, which the firms plans to rebrand, is located right off El Camino Real, one of the major thoroughfares of Silicon Valley, and in close proximity to Oracle, EA Sports, Google, Facebook, and other Fortune 100 tech companies.

Mitch Paskover
“There has been a vast migration of businesses to Redwood City as tech firms continue to be priced out of neighboring areas such as Palo Alto. Google, for example, recently acquired one million square-feet in the region.

“Further, Stanford University plans to open a 1.5 million square-foot satellite campus in Redwood City, expanding its presence in this growing market,” says Sharkansky.  

“The property’s proximity to these tech employers, schools, and transit options such as Caltrains will spur resident demand, generating strong cash flow and increased net operating income for this asset.”

Sharkansky notes that it is rare to source a multifamily property well-below replacement cost in a market like the Bay Area with favorable economic fundamentals and strong demographics. Redwood City boasts a median household income of $77,561 and continues to demonstrate steady rent growth.

“Rents at this property are currently 40 percent below market value, indicating tremendous upside potential,” adds Farhan Mahmood, Director of Acquisitions at Trion Properties. “By repositioning and renovating this asset, we plan to bring rents up to market value while delivering an institutional-quality product at a huge discount to newer construction.”

The principals of Trion Properties are Max Sharkansky and Mitch Paskover, two real estate professionals with over 30 years of combined experience in finance, acquisitions, management and redevelopment.

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

Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940