Wednesday, December 7, 2016

Stepp Commercial Completes $2.79 Million Sale of Well-Located Apartment Property Near The Grove in Los Angeles, CA

Kimberly Roberts Stepp

Los Angeles, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.79 million sale of a fully occupied seven-unit property ideally located adjacent to The Grove at 156-160 South Hayworth Avenue in Los Angeles.

Kimberly Roberts Stepp, principal, with Stepp Commercial, represented the buyer, a private investor from Los Angeles. The seller was a Los Angeles-based family trust. The transaction closed at a cap rate of just 3.6 percent. 

“This property offers the buyer an upside in rents, the opportunity to add value through upgrading units, and a coveted location near The Grove and at the end of a residential tree-lined street,” said Stepp.

Built in 1936, the two-story property consists of a rare unit mix that includes a three-bedroom penthouse with elevator, one three-bedroom unit, two two-bedroom units, and three one-bedroom units.

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

Darcie Giacchetto
D.G. Communications, Inc.

Hanley Investment Group Completes Sale of Shadow-Anchored Walmart Neighborhood Market Shopping Center in Denver Metro Area

Arvida West Town Center, Denver, CO

DENVER, CO -- Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm represented the buyer and seller in the sale of an 83,278-square-foot shopping center, shadow-anchored by a Walmart Neighborhood Market in the Denver metro area.

The shopping center, Arvida West Town Center, is located on 14.65 acres at 14455-14715 West 64th Avenue in the city of Arvada, Colo. The sale price could not be disclosed.

Hanley Investment Group Senior Vice President Kevin Fryman and President Edward Hanley represented the buyer, Starboard Realty Advisors, LLC of Irvine, Calif., and the seller, Arvada West 04 LLC, a Colorado limited liability company.

Kevin Fryman
Walmart, the largest grocer in the United States, has operated at this location since 2012, driving daily traffic to the center.

Approximately 62 percent of the tenants at Arvada West Town Center are national or regional tenants. 

Tenants include AutoZone, BBVA Compass Bank, Big O Tires, ConocoPhillips, Grease Monkey, Wendy's, Abo's Pizza, Emergency Care Arvada, Eye Level Learning Center, Fantastic Sams, Qdoba Mexican Grill, Rib City Grill, The Salvation Army, United Studios of Self Defense and Quiznos. 

Built in 2001-2004, the center was 89 percent occupied at the time of the sale.

Arvada West Town Center is located along West 64th Avenue, one of the main east/west thoroughfares connecting the affluent residential communities of Arvada to Downtown Denver, according to Hanley. The shopping center benefits from the signalized intersection with 37,000 cars per day and an average household income of $115,000 within a one-mile radius and a population in excess of 145,000 people within a five-mile radius.

"This type of retail asset is a relatively low-risk option for investors due to the high-exposure location, diversity of corporate and regional tenants, and a strong traffic-driving anchor like Walmart,” said Fryman. “Additionally, investors can typically spread out their risk over multiple tenants versus single-tenant assets.”

Edward Hanley
“Arvada West Town Center presented an ideal opportunity for us to acquire a quality shadow-anchored multi-tenant retail center with below-market ground leases and upside potential through leasing up the vacancy,” said William Winn, partner and chief executive officer, Starboard Realty Advisors, LLC.

“With the recent closing of the nearby Safeway store, we expect Walmart to directly benefit from increased customer traffic, which will drive leasing activity,” said Stephen Carlton, partner, chief operating officer and vice president asset management, Starboard Realty Advisors, LLC.

Hanley Investment Group has been very active company-wide in the sale of retail properties in Colorado. Hanley recently represented the seller in the sale of Standley Shores, the shop buildings shadow-anchored by King Soopers in nearby Westminster, Colo.

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

Meridian Expands Construction Division with Addition of Christine Velasquez as Project Manager

Christine L. Velasquez

 SAN RAMON, CA - Meridian, a full-service real estate developer specializing in acquiring and developing real estate facilities for the healthcare sector, expands its construction project management division with the addition of Christine L. Velasquez, a well-respected senior-level real estate professional with a successful track record of over 15 years in business and community development, commercial real estate and project management in the Silicon Valley.

 In her new role as project manager, Velasquez will oversee the pre-development and construction phases of Meridian’s new ground-up development and value-add redevelopment projects in the San Francisco Bay Area.

According to Meridian’s COO John Pollock, “Velasquez possesses a unique combination of experience within both the public and private sectors, which brings tremendous value to Meridian and its clients.”

Velasquez has worked closely with developers and tenants across a broad range of industries through the site selection, entitlement and construction phases during her tenure as the senior development officer for the San Jose Redevelopment Agency.  

John Pollock
One of the most significant projects she worked on is the San Pedro Square Market, an iconic multi-million-dollar restaurant and entertainment destination in downtown San Jose.    

Most recently, Velasquez served as a senior business development manager with AEI Consultants, a national environmental and engineering company, providing expert consulting services on the environmental due diligence process for new developments and acquisitions within the greater northern California region.  

“My goal is to keep projects moving through the process from pre-construction to project delivery on time and within budget,” said Velasquez. “I hope to add value with my extensive development and entitlement experience, as well as help identify environmental issues during the due diligence process to get in front of any concerns early on so we can keep projects on track.”

Velasquez continues, “Meridian is a quality, well-respected company in the industry with committed people to get things done. I’m pleased to be part of this dynamic team and contribute to the growing success of the company.”

Velasquez actively serves on the board of Commercial Real Estate Women Silicon Valley (CREW-SV) as programs director, supporting efforts towards the advancement of women in the commercial real estate industry. She also serves on the International Council of Shopping Centers (ICSC) Next Generation regional committee. She holds a bachelor of science degree in business administration from San Jose State University. Velasquez will be based out of the firm’s San Ramon, Calif. office. 

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

Courtney Brumbelow Joins Ackerman Retail as Senior Vice President

Courtney Brumbelow

 Atlanta, GA – The growing retail services division of Ackerman & Co. recently welcomed Courtney Brumbelow as Senior Vice President of Ackerman Retail.

Brumbelow is charged with directing the leasing of Ackerman’s retail properties as well as the company’s third-party retail property assignments. Additionally, she will help facilitate the continued team effort to strengthen and expand Ackerman’s retail platform throughout the Southeast.

Leo Wiener
Brumbelow brings more than 18 years of commercial real estate experience to Ackerman Retail and has completed more than 365 real estate transactions in excess of $155 million.

Prior to joining Ackerman Retail, Brumbelow was Vice President of Leasing at Moonbeam Capital Investments, where she was responsible for overseeing a 3.5-million-square-foot portfolio of shopping centers, enclosed malls and offices. 

Brumbelow also worked as Director of Real Estate for Penn Hodge Properties, in charge of development, leasing and property management of their real estate portfolio.  

“Courtney has a solid track record of driving strong results. She brings a tremendous amount of talent and experience to our team,” said Leo Wiener, President of Ackerman Retail.

In this new position, Brumbelow will report to Wiener and work at Ackerman Retail’s headquarters in Atlanta, Ga.

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

Cohen Commercial Realty Brokers Okeechobee Boulevard Property in West Palm Beach, FL

William Soled
WEST PALM BEACH, FL Bryan Cohen, William Soled, and Chris McCarthy of Cohen Commercial Realty, Inc., announced the sale of 550 Okeechobee Boulevard, Unit CU-1. 

550 Okeechobee Boulevard, Unit CU-1 is located on Okeechobee Boulevard in West Palm Beach, Florida. Cohen Commercial represented the seller in this transaction.

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

Donna Cordes
Cohen Commercial Realty, Inc.
561.471.0212 Office
561.471.5905 Fax

Marcus & Millichap Arranges $2.4 Million Sale of Olive Garden in Jacksonville, FL

Ronnie Issenberg
JACKSONVILLE, 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 a 9,098-square foot net-leased Olive Garden property located in Jacksonville, Florida. The $2.4 million sales price equates to $263 per square foot.

Ronnie Issenberg and Gabriel Britti, both vice presidents investments in Marcus & Millichap’s Miami office, and Michael Biama, a senior associate in Marcus & Millichap’s Washington DC office, had the exclusive listing to market the property on behalf of the seller, a private investor. 

“This deal attracted a lot of intention from investors seeking minimal risk and safety. The intrinsic value of the land and building is very strong due to the low rent of $12 per square foot being paid by the tenant” says Britti. “This type of deal is what everyone wants in this market. Low risk, strong tenant and excellent intrinsic value” adds Issenberg.

The asset is located across from the Regency Square Mall at 9465 Atlantic Blvd. near the intersection of Atlantic Blvd and Arlington Expressway in Jacksonville.

 “This is one of the most visible retail properties along Atlantic Blvd. with combined traffic counts exceeding 72,000 vehicles per day,” said Biama.

The property is surrounded by approximately 1.4 million square feet of retail space including national retailers such as Target, Home Depot, Sears, JCPenney, Best Buy and Starbucks, among many others. Olive Garden has operated at this location since 1990, when the original ground lease commenced.

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

HFF closes sale of Sheraton Dallas by the Galleria in Dallas, TX

Sheraton Dallas by the Galleria Hotel, Dallas, TX

John Bourret
DALLAS, TX, Dec. 7, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of the Sheraton Dallas by the Galleria, a 309-room, full-service hotel in Dallas’ Galleria submarket.

HFF marketed the property on behalf of the seller, HEI Hotels & Resorts.  A partnership between Driftwood Hospitality Management, LLC (Driftwood) and an institutional real estate investor purchased the asset.  Driftwood has assumed management of the hotel.

Sheraton Dallas by the Galleria is situated at 4801 Lyndon B. Johnson Freeway across from the nationally-recognized, 1.7 million-square-foot Galleria Dallas regional mall, which welcomes more than 19 million visitors annually. 

The hotel is at the intersection of LBJ Freeway and the Dallas North Tollway, considered the busiest intersection in the state of Texas.  More than 11 million square feet of office space is within a one-mile radius of the hotel.  Sheraton Dallas by the Galleria has received more than $12 million in capital improvements since 2012.

Daniel Peek
 The hotel features 13,741 square feet of function space across 21 meeting rooms; Front Yard, a full-service restaurant serving breakfast, lunch and dinner; Sheraton Club Lounge; a 24-hour fitness center; 24-hour business center and an outdoor pool.

The HFF investment sales team representing the seller was led by managing director John Bourret, associate director Austin Brooks and senior managing director and head of HFF’s hotel group Daniel Peek.

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 |

New Castle Promotes Charles Snyder to Vice President Acquisitions and Development

Charles Snyder
SHELTON, CT,  Dec. 7, 2016—Gerry Chase, president and COO of New Castle Hotels & Resorts, a leading third-party management company and hotel developer, today announced the promotion of Charles Snyder to vice president of acquisitions and development for the company’s growing portfolio of hotels in the US and Canada. 

Snyder joined the company in 2012 charged with evaluating potential acquisitions, development and co-investment opportunities.  His recent accomplishments include the acquisition of the Hampton Inn & Suites Milwaukee Downtown, the acquisition, renovation and rebranding of the recently opened Fairfield Inn & Suites New Orleans Downtown French Quarter Area and the initial development of the dual-brand Residence Inn/Courtyard by Marriott which broke ground in Dartmouth, Nova Scotia in October.

“Since joining New Castle, Charles has played a critical role in not only bringing new deals to fruition, but in helping to divest assets in a strategically sound and timely fashion,” said Chase.  “He brings to his work an analyst’s critical eye and an entrepreneur’s heart for opportunity; a valuable combination of skills and talents in any phase of the investment cycle.”

        Snyder’s hotel industry background includes positions with Smith Travel Research, where he was part of the team that launched and PhoCusWright. Prior to joining New Castle, Snyder was part of the hotel capital advisory team at The Ackman-Ziff Real Estate Group in New York City.  He earned his MBA from New York University’s Stern School of Business and a BS from Penn State University’s Smeal College of Business.

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

Lauralee Dobbins
Write Touch Public Relations