Wednesday, August 30, 2017

Lincoln Property Company Southeast Negotiates New Lease and Lease Renewals at Midtown Plaza Two in Atlanta, GA



Caroline Cole


Michael Howell
ATLANTA, GA – Lincoln Property Company Southeast (Lincoln) has secured a new lease and a lease renewal totaling 5,300 square feet at Midtown Plaza Two.

Michael Howell, Hunter Henritze and Caroline Cole of Lincoln lead leasing at the two-building Class A property located at 1360 Peachtree St. and 1349 W. Peachtree St., in the Midtown submarket of Atlanta.

Fortna, LLC signed a new lease at Midtown Plaza Two for 4,166 square feet. Fortna was represented by Andrew Waguespack and Chris Goershel of Colliers International. Allen and McCain, PC renewed its lease on 8,360 square feet, while Cambridge Wealth Advisors, LLC renewed its lease on 1,132 square feet.

“Midtown Plaza One and Two have attracted significant interest and leasing activity over the past few years, and nearly $5 million in renovations has helped increase interest even more,” said Lincoln’s Howell. “The property’s strategic location, along with its extensive amenities, makes Midtown Plaza a very desirable office location for tenants looking to be in one of Atlanta’s busiest areas.”

Hunter Henritze
Midtown Plaza offers immediate access to the I-75/I-85 Downtown Connector and the Arts Center MARTA station. Amenities include a fitness center, conference center, café, bank, 24-hour security, car wash and electric vehicle charging stations.

For more information on this news release, please contact:

Gary Tanner
The Wilbert Group
678-677-9754




HapCor Relocates Headquarters from Davie, FL to Miramar Park of Commerce

  

Lauren Pace

MIRAMAR, FL  – Sunbeam Properties & Development announced that HapCor, Inc., an international retail grocery product distributor and food service provider, leased 32,013 sq. ft. of office and warehouse space at 9587 Premier Parkway in the Miramar Park of Commerce.

HapCor relocated its headquarters from Davie to the Miramar Park of Commerce, the largest locally owned and managed business park in South Florida.

“HapCor started out as a distributor of retail grocery products to the Caribbean market exclusively,” said Hap Clare, president and founder of HapCor. “As we grew and signed agreements with brands such as Campbell’s, Pepperidge Farm, Borden Dairy, Badia Spice and others, we realized the importance of a location that would serve as a gateway to not only the Caribbean, but also to Latin America and eventually Cuba.”

Maridee Bell

HapCor maintains a dry and frozen food storage facility and corporate office at the Park, which provides convenient access to I-75 and Florida’s Turnpike and connectivity to Port Everglades, Port of Miami and regional airports. 

“As HapCor continues to grow and attract new clients in international markets, a base of operations that was well connected to distribution and shipping routes was essential,” said Vice President Maridee Bell of Sunbeam Properties & Development. “From the Park, HapCor is able to efficiently and speedily ship its wares, which is fundamental when transporting food products.”

In the transaction, HapCor was represented by Carlos Velasquez of Vivo Real Estate Group and Tom Viscount of Butters Realty and the Park was represented by Bell and Lauren Pace of Sunbeam Properties & Development.

For more information, contact Lauren Pace (lpace@wsvn.com)
 or Maridee Bell (mbell@wsvn.com)
 at 10212 USA Today Way, Miramar, FL 33025 or call 954-450-7900.

For more information on this news release, please contact:

Lexi Robinson
954-776-1999, ext. 255


Hanley Investment Group Negotiates Sale of Newly-Remodeled Community Shopping Center Adjacent to Galleria at Tyler Mall in Riverside, CA

Michaels Plaza, Riverside, CA

RIVERSIDE, CA -Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced President Ed Hanley and Executive Vice Presidents Bill Asher and Kevin Fryman represented the seller in the sale of Michaels Plaza, a 62,952-square-foot, newly-remodeled regional shopping center anchored by Michaels and located across the street from the 1.2 million square-foot Galleria at Tyler Mall in Riverside, Calif. The sale price was $22,150,000. 

 Ed Hanley
The seller, an affiliate of San Francisco-based The Krausz Companies, Inc., was represented by Hanley, Asher and Fryman. The buyer, a private investor from Fullerton, Calif., was represented by Jefferson Kim of jKim Group, Inc. of Buena Park, Calif. 

Built in 1987 on 5.0 acres and located at 10303-10357 Magnolia Avenue in Riverside, Krausz acquired Michaels Plaza in 2013, and implemented a multi-million-dollar renovation in 2016.  

The property was 98 percent occupied at the time of the sale. Fryman commented that Michaels Plaza has approximately 94 percent national/regional tenants including Michaels, David’s Bridal, Lamps Plus, Armed Forces, The Flame Broiler, GameStop and Miracle Ear. 

“The sale represents another prime example of a 1031 exchange buyer deploying their proceeds into a retail investment as a flight to quality and security,” said Fryman. “Michaels Plaza attracted substantial interest due to its excellent location in a high-density retail trade area with over 2.5 million square feet of retail space within a one-mile radius.

“Furthermore, its location of being situated directly across the street from the 1.2 million-square-foot Galleria at Tyler regional mall (with the only Nordstrom in the Inland Empire) was a significant selling point of the current and future long-term stability of the overall location.”

Bill Asher
Asher commented, “In addition to the prime Riverside County location, the historical occupancy at the center was a key attribute to the sale. 

"Approximately 83 percent of the tenancy has been located at the center since at least 2003, including Michaels and Lamps Plus since 1987, and David’s Bridal since 2003. 

"Furthermore, all of the existing tenants have extended their leases for the last five years exemplifying a reliable and stable income stream for the buyer.”

Hanley noted that, eight shopping centers priced over $20 million have traded hands in the Inland Empire in the last 12 months, with Hanley Investment Group being involved in three of the eight sales. Only five shopping centers priced over $20 million sold in the Inland Empire in the 12 months prior (3Q 2015 – 3Q 2016).

“Overall the retail investment market in the Inland Empire has continued to improve and be a viable alternative option to the competitive Los Angeles and Orange County markets,” said Hanley. “We have seen more transactions in the last 12 months in Riverside and San Bernardino County, and although we have seen more inventory, it still hasn’t outweighed buyer demand.”

Hanley adds, “Buyers for anchored shopping centers are still starved for the right product that fits their acquisition criteria and return goals. Buyers have been more cautious and selective while sellers continue to adjust to a transitioning market of fluctuating interest rates that is affecting disposition value expectations compared to the last 24 months of peak market conditions.”


For more information on this news release, please contact:

Anne Monaghan
MONAGHAN COMMUNICATIONS, INC.
anne@MonaghanPR.com
830.997.0963





Voit Directs Two-Building Sale Including Unique Aerovault Property in San Diego, CA Submarket


8875 Aero Drive, Kearny Mesa, CA

San Diego, CA – Voit Real Estate Services has successfully completed the sale of two flex/office properties encompassing 140,470 square feet in the Kearny Mesa submarket of San Diego, California.

Comprised of two buildings situated on 7.61 acres, the $18.5 million sale includes the Aero Office Building - a 37,000 square-foot, three-story, multi-tenant office property - as well as the 103,470 square-foot AeroVault building.

Brandon Keith
             The AeroVault is located at 8875 Aero Drive, and the Aero Office Building is located at 8825 Aero Drive in Kearny Mesa, California.

Protea has retained Ware Malcomb as the architect on the project.

Brandon Keith, Randy LaChance and Jon Boland of Voit Real Estate Services’ San Diego office represented the seller, 8825 & 8875 Aero Drive Holdings, LLC. 

Kipp Gstettenbauer and Ryan King of Voit’s San Diego Exclusive Private Client Group represented the buyer, Protea Aero Drive, LLC.

“The AeroVault is one of the most unique buildings in the market today,” says Keith, a Senior Vice President with Voit. “The property was constructed for Bank of America in the early 1980’s as their primary Southern California money vault, which purported to hold up to $1 billion in cash and coin at peak operation. 

“Based on this specialized use, the building has no first floor windows, and features heavy concrete security elements throughout the ground floor.”

Randy LaChance
The history of the two-building asset is complex, according to Keith, who explains that the AeroVault has been vacant for nearly eight years, and that both buildings underwent court ordered receivership, followed by foreclosure, and finally asset management by special servicer LNR Partners.

“Based on our expertise in finding creative solutions, Voit was recruited to identify a buyer for the assets,” explains Keith. 

“Our team’s active marketing garnered multiple offers over the two years we handled the property, and Protea Aero Drive, LLC emerged as the first buyer to recognize the asset’s true potential and agree to a non-contingent purchase acceptable to the special servicer.”

Randy LaChance, a Senior Vice President in Voit’s San Diego office, notes that the sale represents a tremendous value-add opportunity in the current market.

“The Kearny Mesa flex and office markets are among the strongest in the county,” LaChance says. “This sale presented an exceptionally strong opportunity for a buyer to reposition the facilities for lease in a tight market.”

This strategy is well-aligned with the buyer’s plans for the property, which include the renovation and re-positioning of the AeroVault into the premier creative tech / corporate office facility in Kearny Mesa, according to Voit’s Kipp Gstettenbauer.

Jon Boland
“Protea’s vision is to create a state-of-the-art creative office environment like no other in this submarket,” Gstettenbauer says.  “Leveraging the building’s excellent 4.75/1,000 parking ratio, 15-foot high concrete ceilings, and outside open spaces, the buyer will re-design the building inside and out in order to offer unmatched lifestyle amenities and maximize flexibility for a wide range of office, medical, and technology tenants.”

“The high technology corporate and creative office trend has not been widely available to tenants in Kearny Mesa, especially on this scale,” notes Gstettenbauer.  “With markets like Sorrento Mesa offering similar space in the high $2.00 per-square-foot range without the freeway access Kearny Mesa offers, we expect the property to garner significant tenant demand.”

Kipp Gstettenbauer, Ryan King, and Brandon Keith of Voit’s San Diego office will handle marketing efforts and the repositioning campaign for both assets going forward. 

For more information on this news release, please contact:

Katie Clendening/ Jenn Quader
Brower, Miller & Cole
(949) 955-7940


Tuesday, August 29, 2017

Florida Division of Largest U.S. Healthcare Union Establishes Office at Miramar Park of Commerce in Miramar, FL



Monica Russo

 MIRAMAR, FL – At the Miramar Park of Commerce, the largest locally owned and managed business park in South Florida, Sunbeam Properties & Development announced that 1199SEIU United Healthcare Workers East - Florida d/b/a 1199SEIU Florida signed a new lease for 9,975 sq. ft. of office space at 2871 Corporate Way in MPC-15.

1199SEIU Florida is a division of 1199SEIU United Healthcare Workers East, the largest healthcare union in the nation with more than 400,000 members in Massachusetts, New York, New Jersey, Washington, D.C. and Florida. In addition to its office in the Miramar Park of Commerce, which serves South Florida, 1199SEIU Florida also has an office in Tampa.

“1199SEIU Florida represents more than 25,000 healthcare workers in Florida’s hospital and nursing home industry,” said Monica Russo, 1199SEIU’s executive vice president for Florida.


Maridee Bell

“1199SEIU Florida works to secure fair wages and benefits, safe work environments, paid time off, stable retirement, childcare, education benefits and more for its members, who in turn work diligently to provide high quality care in some of the largest for-profit and academic healthcare institutions in the state.”

1199SEIU Florida also advocates for its members, patients and communities through government and elected officials, working to help elect working-family-friendly candidates and drafting worker-friendly legislation.


Lauren Pace

“To represent such an expansive group healthcare workers in South Florida, it’s important for 1199SEIU Florida to have an accessible location in a state-of-the-art facility,” said Sunbeam Properties Vice President Maridee Bell.

 “Labor unions like 1199SEIU Florida require space that offers functionality and connectivity suitable for serving members locally and across the state. The Miramar Park of Commerce is one of the few places in South Florida that already has the infrastructure in place to accommodate these requirements.”

In the transaction, 1199SEIU Florida was represented by Tom Viscount of Butters Realty and the Park was represented by Bell and Lauren Pace of Sunbeam Properties and Ryan Goggins of Colliers International.
Ryan Goggins

  For more information on Miramar Park,, contact Lauren Pace (lpace@wsvn.com)

 or Maridee Bell (mbell@wsvn.com)
 at 10212 USA Today Way, Miramar, FL 33025 or call 954-450-7900.

For more information on this news release, please contact:

 Lexi Robinson
954-776-1999, ext. 255

Harriet Sausner, 1199SEIU United Healthcare Workers East, MPC-15, 2871 Corporate Way, Miramar, FL, 33025, 786-594-4348, harriet.sausner@1199.org



Meta Housing Corp. Expands into New Housing Types; Promotes Aaron Mandel and Chris Maffris to Executive Vice President



Aaron Mandel
LOS ANGELES, CA (Aug. 29, 2017) – Meta Housing Corporation , a Los Angeles-based affordable housing developer, has announced the promotions of Aaron Mandel and Chris Maffris to Executive Vice President.

These promotions coincide with the firm’s ongoing growth and expansion into new housing types, according to Kasey Burke, President of Meta Housing Corporation.

“Aaron and Chris have been instrumental in successfully driving our mission of providing high-quality affordable housing forward,” says Burke. “They have both played a tremendous role in expanding our development pipeline and our presence in developing additional housing types.”

Burke explains that Meta Housing has long focused on affordable housing for families and seniors and has recently expanded into developing new affordable housing types such as veterans, homeless and supportive housing.

“These promotions demonstrate the significant value we place on Aaron and Chris, and their abilities to further aid in the growth of the firm,” says Burke. “Over the last decade, they have become integral to our leadership team, effectively overseeing the growth of the development team and new development opportunities.”

Chris Maffris
            Mr. Mandel has been with Meta Housing for more than 13 years. During his tenure, he has overseen the financing and development of more than 2,000 apartment units.

            In his new role, he will provide strategic direction and management for Meta’s development division. He will also continue to oversee all aspects of development projects from initial land acquisition all the way through lease-up, as well as structuring and arranging complex layered financing for these developments.

            Mr. Maffris, who joined Meta in 2003, has supervised the development of more than 3,700 apartment units and 30,000 square-feet of commercial space.

In his new role, Maffris will oversee the development team while focusing on urban infill and revitalization projects that strengthen neighborhoods and improve outcomes for residents.

            Mr. Maffris received a degree in Economics with a Specialization in Computer Science from UCLA. Mr. Mandel earned a degree in International Relations with a minor in Economics from Pomona College where he was a member of the varsity soccer team.
About Meta Housing Corporation

Since 1993, Meta Housing Corporation has established itself as one of Southern California’s most experienced and trusted developers of apartment communities for families and seniors, developing more than 6,000 residential units.  


 For more information on this news release, please contact:

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


WoodSpring Suites Implements 100 Percent Pet-Friendly Policy Nationwide


Wendy Hoekwater


Gary DeLapp
Charlotte, NC —WoodSpring Hotels, the nation’s fastest-growing extended-stay hotel company, announced it has implemented a 100 percent pet-friendly policy at its WoodSpring Suites hotels nationwide. 

Guests will be required to pay a one-time fee for any cat or dog depending on the length of stay. Additionally, all WoodSpring Suites hotels will have waste stations available for their guests’ pets to use when taking them outside.

“Many Americans consider their pets to be members of their family, and a growing number of families are making their pets a more integral part of their travel experience,” said Wendy Hoekwater, WoodSpring Hotels chief marketing officer. “As a hotel brand that caters to long-term stays, we are taking great strides to ensure our guests receive a space they truly feel is like a second home.”

“Not only does our pet-friendly program open our doors to our guests’ furry friends, but it also opens doors to a profitable and competitive consumer segment,” said Gary DeLapp, WoodSpring Hotels President and CEO.

“According to the American Pets Products Association, Americans spent $66.75 billion on their pets in 2016, with estimates going as high as $69.36 billion in 2017. 

“We’re now able to attract guests with pets looking for awesome and affordable extended stay hotel accommodations, and we expect to see our occupancy and room revenue increase as a direct result of our pet-friendly program.”

This announcement comes shortly after the brand enters the final stages of its repositioning, which includes other guest-centric updates, such as brand-wide free wireless internet and new bedding.

“Working with our key stakeholders, we are constantly making sure we’re tapped into what extended stay guests wants in their hotel and then offering those desires at a reasonable rate,” DeLapp added. “Our pet-friendly program is just another great example of this process coming to life.”

 For more information on this news release, please contact:

PATRICK DALY
OFFICE MANAGER
DALY GRAY PUBLIC RELATIONS, INC.
620 Herndon Parkway, Suite 115 | Herndon, VA 20170
Main: 703-435-6293
Mobile: 703-300-8289

Crystal Franz
Vice President of Corporate Communications



Monday, August 28, 2017

Tampa Bay Industrial Portfolio Trades for $16.1 Million



 
Douglas K. Mandel
 TAMPA, FL – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of the Tampa Bay Industrial/Flex Portfolio, a two-business park portfolio consisting of Airport Corporate Center in Tampa and Bay Tec Center in St. Petersburg.

The assets feature 14 prime, light-industrial/flex buildings totaling 231,867 square feet. The portfolio sold for a total of $16,097,500.

Douglas K. Mandel, senior managing director, in Marcus & Millichap’s Fort Lauderdale office and Nicholas Hanson, an office and industrial property investment specialist in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of Calare Properties, a private Massachusetts-based real estate investment firm and operator. 

The IPA team also procured the buyer, Avistone, a real estate investment firm based in Laguna Niguel, California.

In 2017, the IPA Team of Mandel and Hanson also represented the sale of Palm Lake Office in Tampa, Vology Corporate Headquarters in Clearwater and the BMO Bank Building in Bradenton.  “The Tampa Bay market is a core market for our Team”, states Mandel.  “We are seeing a significant amount of investor interest in the market from both South Florida as well as out-of-state capital”.  

Nicholas Hanson
The Bay Tec Center was built in 1985. It is located within the Gateway/Mid-Pinellas industrial submarket at 2810-2880 Scherer Drive North in St. Petersburg, near Roosevelt Boulevard and Interstate 275. 

The office park features two dock-high small bay/flex distribution spaces and six grade-level flex/office service center buildings.

The Airport Corporate Center was built between 1982 and 1984 and is located within the Westside/Airport submarket along the east side of Veterans Expressway at 6702-6712 Benjamin Road in Tampa. 

The office center features two dock-high small bay flex space buildings and four grade-level flex/office service center buildings, two of which have frontage on Benjamin Road.

For more information on this news release, please contact:

Ryan Nee, Vice President / Regional Manager, Fort Lauderdale
(954) 245-3400


George Smith Partners Appoints Two New Vice Presidents, Allison Weiss and Dana Light, to Bolster Firm’s Growth and Expansion



Allison Weiss

LOS ANGELES, CA (Aug/ 28, 2017) – Commercial real estate investment banking firm George Smith Partners has announced two new additions to its team, Allison Weiss as Vice President/Director of Platform Development and Dana Light as the Vice President of Research/Marketing.

Both Weiss and Light will work to increase the velocity of the firm’s ongoing growth and expansion, according to Principals and Co-Managing Directors Jonathan Lee and Shahin Yazdi.

 “These two new appointments reflect our focus on growing our platform in the markets we serve, as well as our objective to serve more clients across a broader geography throughout the country,” says Lee. 

Yazdi agrees, noting that during this rapid growth, the firm’s current clients and team remain top priorities.

“The addition of these two new team members, who are highly regarded in our field, will serve the dual purpose of accelerating our growth while also upholding our current strength in the marketplace,” Yazdi explains.  “As highly ethical professionals, we deliver quality to our clients, support our communities philanthropically, and work in partnership with our colleagues.”


Dana Light


 Allison Weiss - Vice President / Director of Platform Development

In her newly created role, Weiss will be responsible for recruitment and hiring on a national basis.  She will also spearhead George Smith Partners’ brand development and positive company culture to ensure strong employee retention, enabling the firm to maintain its competitive position in the current market.

“Allison’s expertise in sourcing talent and cultivating relationships with clients will be instrumental in helping us to attract top talent in key locations and open new offices in the near future,” says Lee.

Prior to George Smith Partners, Weiss served as a National Recruiting Manager for Marcus & Millichap Capital Corporation (MMCC) where she directed recruitment, project management, marketing and public relations, presentation development and execution, and corporate operations.


Jonathan Lee

Weiss, who notes that George Smith Partners’ unique platform attracted her to the firm, explains, “George Smith Partners’ entrepreneurial culture and reputation as one of the leading real estate investment banking firms in the nation immediately drew me to this opportunity. I look forward to building upon this legacy by attracting and retaining the best employees and clients, while upholding the strict standard of excellence that is already in place at this top-notch firm.”

Dana Light - Vice President of Research/Marketing

In her new position, Light will focus on researching responsible lenders and lending programs for George Smith Partners. This work will support the firm in upholding its exemplary reputation, which was established by George Smith when he founded the company 25 years ago.


Shahin Yazdi

Light will also spearhead industry and company events for the firm, continuing to grow and fortify George Smith Partners’ brand and visibility. 

“Dana’s long established reputation in the industry, coupled with her deep experience in internal research and event management will ensure that we continue to find the best sources of capital and increase our visibility as an extremely reputable firm,” says Yazdi.

Before joining George Smith Partners, Light served in business development and marketing roles with Arixa Capital Management, including organizing large-scale events and implementing grassroots marketing campaigns to create a large following for the firm.

Light, who was first attracted to George Smith Partners’ spotless reputation, says, “George Smith Partners is known throughout the industry for its diligence and uncompromising ethics.  I am thrilled to be a part of this firm’s growth, and to support its ongoing commitment to providing responsible, tailored financing that meets the needs of clients throughout the U.S.”

For more information on this news release, please contact:

Katie Clendening / Miki (Conant) Akil
Brower, Miller & Cole
(949) 955-7940



Hanley Investment Group Completes Sale of Shadow-Anchored Target Shopping Center in Lake Elsinore, CA for $11.6 Million


Oak Grove Crossing Shopping Center, Lake Elsinore, CA, Riverside County, CA

Kevin Fryman

LAKE ELSINORE, CA. -- Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced the firm represented the buyer and seller in the sale of Oak Grove Crossing, a 22,577-square-foot shopping center shadow-anchored by Target in Riverside County, Calif.

Oak Grove Crossing is located at 18283 &18285 Collier Avenue in the city of Lake Elsinore, Calif. The purchase price was $11,565,200.

Hanley Investment Group Executive Vice President Kevin Fryman represented the seller, a private investment partnership based in Murrieta, Calif.  The buyer, a family trust from Orange, Calif., was represented by Hanley Investment Group Associate Jeff Lefko and Executive Vice President Bill Asher.

Jeff Lefco
he property, which was built in 2006, is located on 2.36 acres and was 100 percent occupied at the time of the sale by 81 percent national and regional credit tenants. 

National and regional credit tenants include McDonald's with a drive-thru, Starbucks, GameStop, GNC, H&R Block, Pacific Dental, Papa John's Pizza, Subway, Supercuts, Verizon and Yogurtland.

Fryman reports that the property enjoys long-term historical occupancy. “Approximately 77 percent of the tenants have been located at the center since it was built in 2006,” Fryman noted. “Since 2012, all of the shop tenants have signed a new lease or extended their lease.”

Fryman added, “The sale also included a stand-alone McDonald’s pad on a long-term ground lease.”

Bill Asher
Target is the second largest discount retailer in the United States (ranked #38 on Fortune 500), according to Asher. 

“This location includes Target’s grocery concept as well as a CVS/pharmacy inside the store, driving ‘daily needs’ traffic to the center,” Asher commented. “Additional traffic draws include Bank of America and Tarbell Realtors, which are located in the shopping center, but were not a part of the sale.”

According to Fryman, Hanley Investment Group was the second brokerage firm to formally list the property. “The buyer was procured through our in-house collaboration to match the seller’s requirements with clients that we knew were active exchange buyers,” Fryman reported. 

“We marketed the property with a potential break-up strategy,” said Fryman. “McDonald’s is separately parceled, which provided a unique opportunity to sell the McDonald’s pad on an individual basis in the future, taking advantage of the historically-low caps demanded by single-tenant buyers.”

For more information on this news release, please contact:

Sunday, August 27, 2017

29th Street Capital Acquires Wooded Isle Apartments in Hyde Park, IL; Community is Firm’s 6th Chicago-Area Acquisition


Wooded Isle Apartments, Hyde Park, IL


Dan Howard
Chicago, IL – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Wooded Isle Apartments – its sixth property in the greater Chicago area. 

The 75-unit multifamily community, located eight miles south of downtown Chicago in Hyde Park, features studios, one- and two-bedroom units.

29SC has allocated approximately $1 million for capital improvements. Interior upgrades will include granite countertops and stainless steel appliances as well as improved flooring, cabinetry and hardware. Exterior renovations will focus on roof repairs, lighting, fresh paint, signage, landscaping and community-wide WiFi.

“We are confident in the strength of the Chicago market and are excited to have found a value-add opportunity at such a great location,” said Dan Howard, 29th Street Capital’s Vice President of Acquisitions in Chicagoland. “Wooded Isle is well-located relative to many daily conveniences, transportation options and employment opportunities.”

For more information on this news release, please contact:

Terri Thornton
Partner, Thornton Communications

Aloft Hotels Brings Its Contemporary Style and Vibrant Social Scene to San Juan



Rendering of Planned Aloft Hotel at Convention Center District
in Miramar, San Juan, Puerto Rico

Frederico Stubbe Jr.
 San Juan, Puerto Rico – PRISA Group, the developers of The District San Juan, Puerto Rico’s premier entertainment destination, unveiled the flag for its lifestyle-focused hotel at the Convention Center District in Miramar.

 Federico Stubbe, Jr., CEO of PRISA Group, announced that Aloft Hotels will make its Caribbean debut as part of the new $125 million-dollar entertainment project, injecting the local scene with a new sense of style, innovation, and energy.

According to Stubbe, “Aloft Hotels is the perfect match for The District. Its modern, cutting-edge design and vibrant social atmosphere cater to a new generation of travelers, young in age and young at heart, who appreciate style and a buzzing social scene – all at competitive rates. 

"The Aloft guest and experience fit perfectly with the fun and festive atmosphere we envision for The District.”

Stubbe indicated that Aloft Hotels in Puerto Rico introduces an urban-inspired gathering place and hot spot that will complete the offering of The District, making it an ideal destination for travelers as well as locals. “It will be the perfect place for individuals who value self-expression, bold design and connectivity.”

Bridget Higgins
“We are excited to be joining The District, bringing Aloft Hotels’ eclectic, social vibe to locals and guests alike,” said Bridget Higgins, Senior Director, Aloft Hotels. “From the W XYZ bar to our Live at Aloft Hotels music program, Aloft San Juan offers a standout hotel option with unparalleled experiences for those looking to enhance their experience in this beautiful Caribbean destination.”

The hotel, which has already broken ground and is expected to open the second half of 2019, will feature 175 loft-like guestrooms over seven stories with a variety of open spaces that are alive with activity and integrating the latest, innovative technology.

 For more information, please contact:

CHRIS DALY
PRESIDENT
DALY GRAY PUBLIC RELATIONS, INC.
620 Herndon Parkway, Suite 115 | Herndon, VA 20170
Main: 703-435-6293
Mobile: 703-864-5553
www.dalygray.com

Franklin Street Arranges $3 Million Sale of Newly-Constructed Panera Bread in Tennessee



John Tennant
ATLANTA, GA – Franklin Street has arranged the $3,028,571 sale of a newly-constructed Panera Bread, a national chain of bakery-café fast-casual restaurants, located at 639 S. Cumberland Street in Lebanon, Tennessee.

John Tennant, Bryan Belk and Oliver Oldacre of Franklin Street’s Atlanta office represented the seller, Oldacre McDonald of Nashville, Tennessee, in the marketing of the 3,486-square-foot restaurant. The buyer was Quality Properties, GP of Johnson City, Tennessee, who plans to hold the property for long-term investment.

“The sale of this property signifies that even with higher interest rates, we are still seeing aggressive CAP rates for high quality, net-leased properties where investors are looking for stabilized returns,” said Oldacre, investment sales associate at Franklin Street.

 “The buyer was very interested in the development from the onset due to involvement in purchasing multiple properties of similar quality through an existing 1031 exchange. We are excited to have executed the sale so quickly.”

 For more information, please contact:

Britni Johnson • The Wilbert Group
1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309
M: 912-580-7241
@beejie330
Facebook | Instagram | Twitter


Draper and Kramer Commercial Finance Division Closes $250 Million in FHA/HUD Loans During First Half of 2017

                  

Lee Oller
                                                 CHICAGO, IL -– Chicago-based Draper and Kramer, Inc.,  one of the leading privately held, full-service real estate firms in the United States, announced its commercial finance division closed 17 Federal Housing Administration/Department of Housing and Urban Development loans totaling more than $250 million during the first half of 2017.  

Draper and Kramer’s experience as an FHA-approved lender dates back to 1937, when it was awarded one of the first FHA licenses by former President Franklin D. Roosevelt. 

Over the past 10 years, the division has closed over $1 billion dollars in loans for the new construction, substantial rehabilitation, acquisition and refinancing of multifamily apartments, senior living communities, including assisted living and skilled nursing facilities. 

In 2016, the company was a top FHA/HUD producer in the Midwest.

The 17 loans represent a cross-section of FHA financing programs as well as markets across the U.S., including Colorado, Wisconsin and Illinois.

“The first half of 2017 has been very dynamic, with our clients financing over 3,200 multifamily units,” said Lee Oller, senior vice president with Draper and Kramer and chief underwriter for the company’s commercial finance group. “We’ve already surpassed 2016’s total loan volume, and we look forward to closing out 2017 as one of our firm’s best years ever.”

For more information, please contact:

Sarah Lyons, slyons@taylorjohnson.com (312) 267-4520
Abe Tekippe, atekippe@taylorjohnson.com (312) 267-4528


Saturday, August 26, 2017

Happy Home Communities Acquires 439-Space Mobile Home Park Portfolio in Central and Northeast Pennsylvania for $13 Million

.
Ellie Davis

Los Angeles, CA - Happy Home Communities (HHC), the mobile home park and RV park investment arm of Gelt Inc., a Los Angeles-based multifamily real estate investment and asset management firm, has acquired a mobile home park portfolio in central and northeast Pennsylvania.

HHC acquired the three-property 439-space portfolio from Horizon Land Company for $13 million.

"HHC liked this portfolio because it is a stabilized and cash-flowing investment that will produce strong returns for our investors. It also offers value-add opportunities by managing the operating budget more efficiently, and bringing in affordable manufactured homes to fill approximately 48 empty lots," said Ellie Davis, director of acquisitions and asset management for Happy Homes Communities.

 "Over the next 36 months we are planning to improve the communities by upgrading common areas as well as adding amenities including playgrounds to each of the properties."

For more information on this news release, please contact:

Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224

Cohen Commercial Realty Signs New Asian Market to 9,000 SF Lease in Greenacres, FL



Bryan S. Cohen
Greenacres, FL — Bryan S. Cohen, Thomas Whittelsey, and Travis Langhorst of Cohen Commercial Realty, Inc., announced the signing of New Asian Market to lease a 9,000-square-foot space at The Market Place, located at 7330 Lake Worth Road, Greenacres Florida. Cohen Commercial represented the landlord in all transactions.

Stretch Zone Takes 800 SF at Mirasol Walk in Palm Beach Gardens, FL

Palm Beach Gardens, FL — Bryan S. Cohen and Allan Carlisle of Cohen Commercial Realty, Inc., announced the signing of Stretch Zone to lease an 800-square-foot space at Mirasol Walk, located at 6251 PGA Boulevard in Palm Beach Gardens, Florida.

PSQ Jewelry Leases 685 SF at Loggerhead Plaza in Juno Beach, FL

Juno Beach, FL — Bryan S. Cohen, Thomas Whittelsey, and Allan Carlisle of Cohen Commercial Realty, Inc., announced the signing of PSQ Jewelry, Inc. to lease a 685-square-foot space at Loggerhead Plaza located at 14255 US Highway 1 in Juno Beach, Florida.

For more information on this news release, please contact:

Jamie Crocker