Tuesday, May 2, 2017

HFF closes $10.015 million sale of and secures $7.37 million in financing for grocery-anchored retail center near Orlando, FL

  
Main Street Square, Fern Park, FL

 
Luis Castillo
ATLANTA, GA  –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $10.015 million sale of and secured $7.375 million in acquisition financing for Main Street Square, a 108,509-square-foot neighborhood retail center anchored by Winn-Dixie in the northern Orlando community of Fern Park, Florida.

HFF marketed the property on behalf of the seller, The Nightingale Group, LLC.  Gramercy Property Group, LLC purchased the asset free and clear of existing debt.  Additionally, HFF, working on behalf of the new owner, placed the 10-year, fixed-rate loan with JPMorgan.

Main Street Square is 99 percent leased to a variety of tenants, including Winn-Dixie, Goodwill of Central Florida and Humana.  

Completed in 1988, the center was most recently renovated in 2013 when the Winn-Dixie store interior was completely renovated as well as the shopping center’s fa├žade to enhance the curb appeal.

 Main Street Square is situated on 8.93 acres at 7800 U.S. 17-92 at a signalized intersection in Fern Park, a rapidly growing trade area between Maitland and Altamonte with more than 1,000 apartment units under construction within a two-mile radius of the shopping center. 

Traffic counts exceed 42,000 vehicles per day in front of the property, which is located in a dominant regional retail and office destination that includes the 1.2 million-square-foot Altamonte Mall and 6.4 million square feet of office space.

Whitaker Leonhardt
The HFF investment sales team representing the seller was led by managing director Luis Castillo, associate director Whitaker Leonhardt and senior managing director Richard Reid.

The HFF debt placement team was led by senior managing director Michael Weinberg and associate director Matthew Sand.

“Lender appetite for well-located, grocery-anchored retail remains strong as we saw on this transaction,” Sand said.  “We were pleased with JP Morgan’s ability to execute within a tight timeframe on the acquisition.”

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

Kristen Murphy
Director, Public Relations
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel 617.848.1572 | cell 617.543.4873 | www.hfflp.com

Stepp Commercial Completes $2.75 Million Sale of Value-Add Apartment Property in Santa Monica, CA

                                                                                                                     
Kimberly R. Stepp

Los Angeles, CA,  May 2, 2017 – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the approximately $2.75 million sale of a six-unit apartment property located at 2728 Arizona Avenue in Santa Monica.

2728 Arizona Avenue, Santa Monica, CA
Kimberly R. Stepp, principal with Stepp Commercial, represented the seller, Chang Family Trust and the buyer was a Los Angeles-based private investor.  

The property sold for a low cap rate of 3.1 percent, a high price per unit of nearly $452,000, and a record price per square foot of $644 for the local area.

“This property provided the buyer with an excellent value-add opportunity with a 25 percent upside in rents,” said Stepp. “With a 50 percent vacancy, the new owner plans to update the vacant units and secure new tenants at market rental rates.”

Built in 1947, the two-story property consists of a mix of one, two- and three-bedroom units. It sits on a large corner lot one block south of Wilshire Blvd. The asset features private garages, private washers and dryers, and a courtyard. 

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

Darcie Giacchetto
949.278.6224
Giacchetto Communications


Arbor Funds $13.5 Million in Fannie Mae Deal in Louisiana

                                               

Austin Walker

UNIONDALE, NY (May 2, 2017) - Arbor Realty Trust, Inc. (NYSE:ABR), a real estate investment trust and national direct lender specializing in loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets, has funded a loan totaling $13,470,900 for the refinance of Tangi Lakes Townhomes, located in Hammond, La. under the Fannie Mae Standard DUS® Loan program.

Austin Walker, Originations Sales Associate in Arbor’s New York office, originated the deal.

“Arbor’s underwriting and credit team did an outstanding job overcoming some significant challenges to ensure the certainty of execution I had promised for my client,” Walker said.

The 10-year refinance loans amortizes on a 30-year schedule.
                                                
Tangi Lakes Townhomes is a 185-unit multifamily property that was built in 1999 located in Southeastern Louisiana. Recent improvements consist of 67 townhouses and garden style residential buildings, which are all a combination of fourplexes and triplexes. The property is in close proximity to Southeastern Louisiana University, beautiful Downtown Hammond and all the shopping areas.

The subject property now consists of 1-, 2- and 3-bedroom apartments with a unit mix of 32 one-bedroom units, 99 two-bedroom units, and 54 three-bedroom units. Amenities include barbeque grills, controlled access gates, fitness facility, laundry facility, on-site security personnel, park/play area, and a swimming pool.


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

Arbor Realty Trust, Inc.
 Bonnie Habyan
333 Earle Ovington Blvd, Suite 900                                                
 Tel: (516) 506-4615
Uniondale, NY 11553                                                                        

1-800-ARBOR-10

                                                                                              

Rivergate KW Residential Continues to Expand in Charlotte, NC


Wesley Village Apartments, Uptown Charlotte NC

CHARLOTTE, NC — RIVERGATE KW RESIDENTIAL, a leading multifamily property management company, has taken over management of new apartment community Wesley Village near Uptown Charlotte, N.C. on behalf of Bluerock Real Estate, LLC.

Wesley Village features a 10,000-square-foot clubhouse, expansive fitness center with yoga studio, community garden, resort-style pool with grilling cabana, and a dog-friendly “bark park.” The apartments are located in the burgeoning FreeMoreWest neighborhood just minutes outside of Uptown Charlotte and Historic South End.


Marcie Williams

Wesley Village offers one, two and three-bedroom apartments featuring European-style kitchens with stainless steel appliances and granite countertops. Additional appointments include luxury plank flooring, large kitchen islands, walk-in closets and private patios. 

“We’re excited to begin working with Bluerock,” said Marcie Williams, president of RIVERGATE KW RESIDENTIAL. “We have extensive experience in the multifamily arena in Charlotte, and an in-depth knowledge of Wesley Village specifically.”


“This is our first venture with RIVERGATE KW RESIDENTIAL, we are looking forward to their expertise and the growth of Wesley Village,” said Sarah Girand, Senior Vice President of Asset Management for Bluerock.

Bluerock is making significant capital improvements to Wesley Village, including upgrades to all amenity spaces in the clubhouses and outdoor spaces, such as the swimming pool and dog park. The company plans to enhance the community’s landscaping and add new exterior signage as part of a rebranding effort. Bluerock is also exploring potential apartment interior renovations and upgrades. 

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

Jasmin Curtiss
PR Coordinator, BoardroomPR
O 954-370-8999




Plaza Advisors Brokers Sale of Winn Dixie Plaza in Tampa, FL


Jim Michalak

TAMPA, FL --Plaza Advisors has brokered the sale of Winn Dixie Plaza located on Dale Mabry Highway in Tampa, Florida. The total GLA contains 56,097 square feet and included several national credit inline tenants such as: Moe’s, Scottrade, GameStop and Jimmy Johns. The occupancy was 100% leased at the time of sale.

Jim Michalak and Mike Cvetetic of Plaza Advisors were the sole brokers on the assignment.

Plaza Advisors is a real estate brokerage firm that specializes in the disposition of retail properties throughout the Southeastern United States. Plaza Advisors’ clients include private equity investors, developers, and major institutions including fund advisors, servicing agents, life insurance companies, REITs, and money center banks. 

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

Jim Michalak
Managing Partner
Plaza Advisors
3412 Bay To Bay Boulevard
Tampa, FL 33629
813.837.1300 Ext. 1

Fax 831.2627