Wednesday, March 8, 2017

Florida’s First TRYP by Wyndham Hotel Arrives in St. Augustine

Kate Ashton

PARSIPPANY, N.J. (March  8, 2017) – TRYP by Wyndham, Wyndham Hotel Group’s urban lifestyle brand, has planted roots in Florida with the opening of a newly constructed 95-room hotel on the Northeast coast in St. Augustine, known as the oldest city in the United States. It marks the brand’s first location in the state and third in the country.

“The TRYP by Wyndham brand’s urban flair, local expertise and inimitable style makes it a perfect fit for cities big and small – the kinds of places where travelers seek out rich culture and authentic moments,” said Kate Ashton, brand senior vice president, TRYP by Wyndham.

“Joining the St. Augustine community gives us the opportunity to deliver an unmatched hotel stay to the more than six million visitors who flock to this area each year, helping them discover and uncover new gems and experiences throughout this charming city.”

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

Kathryn Zambito
Wyndham Hotel Group
22 Sylvan Way
Parsippany, NJ  07054
(973) 753-6590

The Preiss Company Enters Charleston, SC Market by Managing Newly Converted, 101-Bedroom, 61 Vandy Student Housing Development

Donna Preiss

 CHARLESTON, SC and RALEIGH, NC, March 8, 2017—Officials of The Preiss Company (TPCO), ranked the nation’s fifth largest, privately-held, student housing owner-operator, today announced that it has been retained to manage 61 Vandy, a 101-bedroom complex serving the College of Charleston. 

The property is in the final stages of conversion from conventional apartments to student-focused housing.

“Third-party management is an integral part of our growth plan, and this upscale property in the heart of downtown Charleston is an outstanding addition to our portfolio,” said Donna Preiss, founder and CEO, The Preiss Company.

61 Vandy Student Housing, Bedroom,
 61 Vanderhorst Street Charleston, SC
  “This is our first time working with this private investment group, and we look forward to building on our relationship and launching this exceptional project together.  

The property is completing a total makeover/conversion to a student housing-focused facility and will be one of only five purpose-built projects serving the Charleston college community.

“It also marks our entry into the important Charleston market, which is our sixth new market in the past three months,” she added.  ‘We have in-depth operating experience in the region and already are actively leasing for the 2017 school year.” 

The 61 Vandy complex is located at 61 Vanderhorst Street, two blocks from the College of Charleston, within walking distance of the Medical University of South Carolina and a short drive to The Citadel.  The five-story property consists of 33 units offering a mix of studio, two-bedroom/two bathroom, three-bedroom/two bathroom and four-bedroom/two bathroom floor plans.

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

620 Herndon Parkway, Suite 115 | Herndon, VA 20170
Main: 703-435-6293
Mobile: 703-300-8289

EagleBridge Capital Arranges $16 Million Mortgage for 26-30 West Street, Boston, MA

25-30 West Street, Ladder District, Downtown Boston, MA

Ted M. Sidel
Boston, MA --  EagleBridge Capital has arranged acquisition/permanent mortgage financing in the amount of $16,000,000 for 26-30 West Street, a 53,000 square foot office and retail building located in the heart of the Ladder District in downtown Boston, Massachusetts.

The non-recourse mortgage financing was arranged by EagleBridge principals Ted M. Sidel and Brian D. Sheehan with a regional financial institution on behalf of its client and features a very attractive rate, and a ten year term with a thirty year amortization period commencing upon completion of  a generous I/O period..

The six-story, 53,000 square foot building was constructed in 1910 and renovated in 2006. The building has undergone significant modernization and upgrading including core, cooling and heating system, electrical system, and elevators.

26-30 West Street is leased to the Service Employees International Union (SEIU) Local 32BJ which occupies 35,500 square feet of office space and Empire Beauty School which occupies 17,500 square feet of retail-school space.

Brian D. Sheehan
SEIU represents 18,000 property service workers in Massachusetts, Rhode Island, and New Hampshire.  Empire Beauty School is a member of the Empire Education Group, the leading group of cosmetology schools in the United States with 89 schools in 29 states.

EagleBridge Capital is a Boston-based mortgage banking firm specializing in arranging debt and equity financing as well as joint ventures for mixed use properties, shopping centers, apartments, office, industrial, R & D, and medical buildings, hotels and condominiums as well as special purpose buildings.

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

Stanley J. Sidel
Senior Advisor
EagleBridge Capital
33 Broad Street
Boston, MA 02109
Tel: 617-292-7177 Ext. 300

Hanley Investment Group Arranges Sale of Single-Tenant NNN Rite Aid in Menifee, CA for $9 Million

Rite Aid Pharmacy 28995 Newport Road, Menifee CA

Kevin Fryman
CORONA DEL MAR, CA - Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, arranged the sale of a new single-tenant absolute net-lease Rite Aid property located at 28995 Newport Road in Menifee, Calif. The purchase price was $9 million, which represented a cap rate of 4.72 percent.

Hanley Investment Group Executive Vice President Kevin Fryman represented the seller, Parkcrest Construction Inc. A Real Estate Development Company of Ontario, Calif. The buyer, a private investor, was represented by First Vice President Investments Ron Duong of Marcus & Millichap of Newport Beach, Calif.

“The sale of the Rite Aid represents the lowest cap rate for a single-tenant Rite Aid in the Inland Empire ever,” said Fryman. “It was also one of the lowest cap rates for a fee-simple Rite Aid nationwide.”

Completed in late 2016, the new 17,185-square-foot freestanding building with a drive-thru is situated on a 1.63-acre parcel of land at the southwest corner of Newport Road and Menifee Road in Menifee. Rite Aid has nearly 20 years remaining on the initial term with increases every 10 years.

“Currently, there are no competing drug stores in the immediate trade area,” said Fryman. “Rite Aid, the third-largest U.S. drug store chain, has been seeking the Federal Trade Commission approval of their merger with Walgreens since October 2015. To obtain approval, there have been plans to divest between 1,000 to 1,200 stores to Fred’s after they were denied in an earlier plan to divest 865 stores.”

According to a report in the New York Post on February 16, 2017, the companies may be close to winning Federal Trade Commission approval with a revised plan, possibly in the next two to four weeks, says Fryman. Combined, Walgreens/Rite Aid would have a reported 46% US market share.

“We commenced marketing during construction, and received multiple offers within a couple of weeks,” said Fryman. “We were also able to overcome the issues of rising interest rates during the purchase agreement negotiation and the breakdown of the Rite Aid/Walgreens merger during escrow. 

Ron Duong
"The buyer was hopeful that the merger would eventually go through. This transaction is a testimony to the demand for well-located single-tenant investments.”

Newport Road is the primary retail thoroughfare in the Temecula Valley, connecting Interstate 15 in Lake Elsinore to Interstate 215 in Menifee and the surrounding cities. National retailers along Newport Road include Super Target, Lowe’s, Ralphs, Best Buy, BevMo!, Dollar Tree, Kohl’s, Living Spaces, Michaels, Petco, Ross Dress for Less, Staples and T.J. Maxx.

Menifee is the second fastest growing city in Southwest Riverside County. Fryman reports that 115 percent population growth is expected within the next two years. The trade area has affluent demographics with $73,000 average household income within three miles of the property. The property also benefits from the 15,000+ students that attend Mount San Jacinto Community College one mile from Rite Aid property.

“We expect that investors will continue to seek out well-located single-tenant retail investments as the flight to quality increases, which strengthens the compression of cap rates, especially for assets like Rite Aid,” Fryman said.

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

Anne Monaghan

Atlantic | Pacific Cos. Marks 10th Acquisition in Texas Through Blue Atlantic Partners Fund

Mark Briggs
MIAMI, FL – Atlantic | Pacific Companies (A | P Companies) is proud to announce its 10th acquisition in the state of Texas with The Blue Atlantic Partners Fund I.  A | P Companies marks this milestone with the purchase of the Walnut Creek Apartment Community located in Mansfield, Texas.

The newly attained property will be renamed by A | P Companies to: The Atlantic - Mansfield.  Atlantic | Pacific Management (A|P Management), the property leasing & management platform under A|P, will handle all property management responsibilities. This achievement also marks the 6th acquisition within The Blue AtlanticFund I.

The property is located adjacent to the Dallas - Fort Worth Metroplex and is within minutes of I-20 and the George Bush Tollway, providing easy access to major employers in Dallas, Ft. Worth and Arlington.  

The community consists of 256 units, including one, two, and three-bedroom apartment options, and offers a variety of Class A amenities.  A|P Companies will be investing in select common area improvements as well as making significant upgrades to the unit interiors.

Mark Briggs, Senior Managing Director at A|P Companies, remarked, “Mansfield, Texas is a beautiful city and we’re excited to be making a meaningful investment here. This marks our 6th acquisition within Blue Atlantic Fund I and we  look forward to  continued growth in 2017 as we near completion of raising Blue Atlantic Partners Fund II.”

For more information about A | P Companies and its array of real estate services including development, property management, affordable housing, and construction, visit or call (800) 918–1145. Follow A | P on Facebook (@AtlanticPacificCompanies), Instagram (@APCompanies) and Twitter (@APCompanies).

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

Jessica Wade Pfeffer | JWI PR | | 305.804.8424
Margie Sernik | JWI PR | | 786.200.2516
Juliana Gutierrez | JWI PR | | 786.991.4259

Pulte Homes at Royal Estates near Windermere, FL Has Four New Life Tested® Homes Ready for Quick Move-In

Lyndsey Patterson

ORLANDO, FL --- Royal Estates, the luxury single-family home community located off Reams Rd. at 9412 Royal Estates Blvd. within the Windermere School District, has four newly completed Life Tested homes ready for quick move-in.

Lyndsey Patterson, director of marketing for Pulte Homes in the Orlando region, said the move-in ready homes that are available now – three two-story homes and one single-story home – have four and five bedrooms, three to four bathrooms, and three-car garages with home design options such as Pulte Planning Centers, Drop Zones, and enlarged walk-in showers, with the five-bedroom home offering a downstairs suite.

Royal Estates' Move-In Ready Homes
Windermere, FL from $435,960 to 479,660
Pulte’s move-in ready homes at Royal Estates, priced from $435,960 to $479,660, have special features and upgrades that include the homebuilder’s culinary kitchen package, double entry front doors, enlarged shower in owner’s suite, dropped tray ceilings, granite countertops throughout and zero-corner sliding glass doors in the gathering room. 

“With the real estate market improving at a tremendous rate, home sellers are often finding themselves looking to move into their next home quickly.” said Patterson.

Royal Estates offers several waterfront homesites and four distinct one and two-story home designs to choose, ranging from 2,489 square feet of living area to 4,200 square feet with four, five and six bedrooms, and up to six baths - priced from the low $400s.  The home designs at the community also offer loft spaces and multi-generational suites.

“Life Tested® homes are designed and built for a new generation of home buyers with smarter use of living spaces, and rooms they’ll use all the time, not just once a year. We continuously reach out to homeowners for feedback to improve our design process to meet the demands of new homebuyers,” Patterson said.

Amenities at Royal Estates include a resort style swimming pool, cabana and tot lot. The area boasts top-rated Windermere schools, convenience to Restaurant Row and to Orlando area attractions and retail centers with brand-name chains.    

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

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