Monday, August 29, 2016

Marcus & Millichap Brokers $8.57 Million Sale of Ridgestone Apartments in Hudson, FL

Frances P. Carriera
HUDSON, 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 Ridgestone Apartments, a 112,552-square foot multifamily community in Hudson, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $8,570,000.

Francesco P. Carriera and Michael P. Regan, both first vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was secured and represented by Carriera and Regan.

“The buyer saw an opportunity that was more attractive than those in South Florida for an equal quality product of similar vintage,” says Carriera. “The buyer plans to add value by implementing an interior renovation program.”

Ridgestone Apartments is 136-unit multifamily community located at 12429 Little Road in Hudson, Florida, which is in Pasco County.  The property consists of eight, two-story residential buildings and a single-story building that serves as the clubhouse, leasing office, business center and fitness center.

The residential buildings are comprised of 64 one-bedroom/one-bathroom units with 761 rentable square feet, 16 two-bedroom/one-bathroom units with 802 rentable square feet and 56 two-bedroom/two-bathroom units ranging from 902 to 965 rentable square feet.

The buildings sit on an approximately 26.67 acre parcel of land, and amenities include washer and dryer connections in all two-bedroom units, on-site laundry facility, fitness center, business center, clubhouse and a resort-style pool.

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

Ari Ravi
Regional Manager
Tampa, FL
(813) 387-4700

Marcus & Millichap Arranges $4.15 Million Sale of Two Miami, FL Apartment Buildings

Arthur D. Porosoff
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 500 NE 78th Street and 522 NE 78th Street, two apartment properties located south of the affluent waterfront community of Miami Shores. The 43-unit portfolio sold $4,150,000.

            “Across the street from the redevelopment of the Immigration building, these properties offered an excellent opportunity for investors to acquire a multifamily property with upside income potential by re-purposing the buildings and increasing its rents,” says Vicente Rodriguez, associate in Marcus & Millichap.

The buyer, a limited liability company, was secured and represented by Rodriguez and Arthur D. Porosoff, vice president investments in Marcus & Millichap’s Miami office.

500 NE 78th Street consists of one two-bedroom/one-bathroom unit, seven one-bedroom/one-bath units, 14 studios and one efficiency. 522 NE 78th Street consists of three, two-story buildings with 20 one-bedroom/one-bathroom units. In total, the buildings offer approximately 19,526 rentable square feet.

On the opposite side of 79th Street the Triton Center, formerly Immigration Tower, is being revitalized into a Hilton Garden Inn with 325 apartment suites and approximately 25,000-square feet of rentable commercial space. Popular areas surrounding the assets include Aventura, Miami Shores, and the Design District.

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

Kirk A. Felici
First Vice President/Regional Manager
 Miami, FL
(786) 522-7000

Stirling Development Names Andrea Wachter as Marketing and Transaction Coordinator

Andrea Wachter
 FOOTHILL RANCH, CA (Aug. 29, 2016) – Stirling Development announced it has named Andrea Wachter as Marketing and Transaction Coordinator.

 In this role, Wachter will support transactions and marketing-related activities for Stirling’s development projects including Southern California Logistics Centre (SCLC) in Victorville and Ocean Ranch in Oceanside.

Her responsibilities will include due diligence, escrow and title coordination for land and property developments, as well as lease coordination for new tenants.

She will also be responsible for marketing and public relations outreach, government and community affairs, and will act as a liaison with brokers, tenants and other strategic partners.

“We’ve experienced tremendous activity and success at both SCLC and Ocean Ranch driving even more demand for quality team members such as Andrea,” said Dougall Agan, President and Chief Executive Officer of Stirling.

“Not only is she an important addition as we build an even greater presence in strategic Southern California industrial markets, but Andrea will help to lead our outreach and communications effort so we can be an even more proactive part of the communities we serve.”

Wachter comes to Stirling from the Black Creek Capital family of companies, where she was Operations Coordinator for the Western Region at Industrial Income Trust (which was recently acquired by GLP) and Industrial Property Trust.

Dougall Agan
Wachter worked directly with the Senior Vice President and Regional Vice President of Development assisting with contract administration, and she also worked with the Regional Vice President of Asset Management coordinating lease transactions, property marketing and event planning. Prior to that, Wachter served at Capital Pacific Holdings and Crown Realty and Development.

Wachter holds a bachelor’s degree from California State University, Fullerton (CSUF) in Psychology and is currently completing her thesis for a Masters of Arts degree in Psychology from CSUF. 

She is a certified mediator and has volunteered more than 200 hours of mediation services through the non-profit organization OC Human Relations.

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

Darcie Giacchetto
Spaulding Thompson & Associates

JLL completes $56.2 million sale of Goodyear Crossing II

Goodyear Crossing II, Goodyear, AZ

Bo Mills
PHOENIX, AZ  – As investment grade tenants continue to see the value of locating in Phoenix, investors are seeking out the market’s high-quality industrial assets. 

On behalf of Gramercy Property Trust, JLL’s Capital Markets experts announced the firm facilitated the sale of Goodyear Crossing II, an 820,384-square-foot, Class A fulfilment center in Goodyear, Arizona.

Hines purchased the fully leased asset for $56.2 million.

Managing Directors Bo Mills and Mark Detmer led the JLL team on the sale.

“The Phoenix industrial market is in the early stages of recovery, making assets in this market a very sound investment,” said Mills. “Goodyear Crossing II is a high-quality asset with investment grade tenancy and is a tremendous addition to Hines’s portfolio.”

Goodyear Crossing II features a 30-foot clear height, 268 spaces for trailer parking, 178 dock-high doors and is fully air conditioned. 

The building also features 15,000 square feet of office space and is easily demisable to accommodate multiple tenants. Goodyear Crossing II’s proximity to the I-10 Freeway and Loop 101 offer access to major markets in the Southwest, California and Phoenix metropolitan area, respectively.

Mark Detmer
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients —   whether a sale, financing, repositioning, advisory or recapitalization execution.

In 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital   Markets team comprises more than 2,000 specialists, operating all over the globe.

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

Stacey Hershauer
 +1 480 600 0195

 or contact Investor Relations at 212-297-1000.

HFF arranges $15 million financing for 67-unit apartment community in Los Angeles, CA

HoM @ West Temple Apartments, Silver Lake Neighborhood, Los Angeles, CA

LOS ANGELES, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $15 million in financing for HoM @ West Temple, a 67-unit, Class A apartment community in Los Angeles’ Silver Lake submarket.

HFF worked exclusively on behalf of the borrower, Sharp Capital (Sharp), to place the seven-year, 3.51 percent loan with Principal Real Estate Investors (Principal).  Sharp completed the property in February 2016, and the new financing will replace existing construction debt.

Jeff Sause
 Principal offered an early rate lock, securing the interest rate three months prior to funding when the property was 50 percent pre-leased in order for Sharp to complete leasing efforts.

HoM @ West Temple features a four-story building with one level dedicated to parking and a 750-square-foot café on the ground floor.

 Units have stainless steel appliances, quartz stone countertops, designer fixtures, walk-in closets, polished concrete floors or distressed wood-style flooring, in-unit security systems, and balconies/patios offering views of the garden, city skyline or Hollywood Hills.

 Community amenities include a landscaped courtyard, garden, grilling area, 24-hour fitness center, clubhouse with pool table, media center, car charging station and on-site management.  

The property is located at 3221 West Temple Street just off Highway 101 and Silver Lake Boulevard in the Silver Lake submarket, which is proximate to Dodger Stadium, Griffith Park and downtown Los Angeles.

The HFF debt placement team representing the borrower was led by director Jeff Sause.

“Placing long-term financing on this asset demonstrates both our longstanding commitment to the vibrant Silver Lake submarket, as well as the banking community’s confidence in Sharp,” said David J. Shophet, a principal of Sharp Capital.  “We look forward to continuing to participate in further development within this growing area of Los Angeles.”

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 |

HFF closes $95.6 million sale of Two Tampa-area multi-housing communities

Columns at Brandon West Apartments, 10011 Balaye Run Drive, Brandon, FL

Matt Mitchell
TAMPA, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of two multi-housing communities in the Brandon submarket of Tampa, Florida, for a total of $95.6 million.

HFF marketed the properties in two separate transactions to one buyer, a private out-of-state investment company.

 The first of the properties, Columns at Brandon West, was marketed on behalf of a joint venture between ECI Group and funds managed by Ares Management, L.P. and sold for $46 million.

 The second asset, Westbury at Lake Brandon, was marketed on behalf of an affiliate of Goff Capital Partners and sold for $49.6 million.  Both assets traded free and clear of existing debt.

Columns at Brandon West, a 342-unit, Class A apartment community, is located at 10011 Balaye Run Drive in Tampa just off South Falkenburg Road offering access to Interstate 75, State Route 60 and the Selmon Expressway.

 The burgeoning area recently welcomed new developments such as the USAA’s 250,000-square-foot office campus, Bass Pro Shops and Topgolf, as well as the Brandon Healthplex, an outpatient hospital that is currently under construction. 

Zach Nolan

Completed in 2001, the 96-percent-leased property has 10 three-story buildings surrounding two scenic lakes and encompasses a combination of one-, two- and three-bedroom units featuring nine-foot ceilings, in-unit washers and dryers, walk-in closets and screened-in balconies/patios. 

Community amenities include a recently-updated clubhouse and poolside lounge, resort-style swimming pool, outdoor kitchen, fitness studio, movie screening room, self-service car wash and nature trail surrounding one of the property’s two lakes.

Westbury at Lake Brandon is located approximately three miles southeast of Columns at Brandon West at 1210 Westbury Pointe Drive.  The 366-unit property has immediate access to Lumsden Road and Causeway Boulevard, a popular retail corridor in Brandon, and is close to Interstate 75 and Westfield Town Center, a one million-square-foot mall. 

Completed in 2001, the 95-percent-leased, garden-style property offers one-, two- and three-bedroom units averaging 988 square feet featuring breakfast bars, designer kitchens, crown molding, full-size washers and dryers and walk-in closets.

 Common area amenities include a swimming pool and spa, barbecue and picnic area, state-of-the-art fitness center, clubhouse, coffee bar, business center, car care center, attached/detached garages and a lakeside walking trail.
Westbury at Lake Brandon Apartments, Brandon, FL
The HFF investment sales team representing the sellers in both transactions was led by managing director Matt Mitchell and associate director Zach Nolan.

“The apartment market in Tampa continues to offer investors solid fundamentals and a favorable outlook,” Mitchell said. 

“These two transactions also specifically highlight improving conditions in the Brandon market, where we have seen significant increases in jobs and hundreds of millions of dollars in development.”

HFF’s Tampa office was ranked as the top Commercial Real Estate Broker by the Tampa Bay Business Journal for total transaction volume closed in 2015. HFF Tampa’s multi-housing team is among the market’s most dominate with 3,300 units sold in the Tampa MSA year to date.

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 |