Wednesday, May 30, 2018

NAI Realvest Names Bill Benedict Senior Vice President in Orlando, FL


 
Bill Benedict


ORLANDO, Fla. --- NAI Realvest announced that Bill Benedict, a seasoned commercial real estate professional, has joined the firm as senior vice president in Orlando, FL    
           
Patrick Mahoney, president of NAI Realvest, said Benedict has more than 30 years of hands-on experience in commercial real estate, including brokerage, asset management and appraisals of a wide variety of income producing properties. 

Patrick Mahoney
Throughout his career, Benedict brought several high-profile buildings in downtown Orlando to 100 percent occupancy.

  From 1989 to 1994 he was executive director of Southland Executive Park, a 281,000 square foot office/industrial development in south Orlando. 

At NAI Realvest, Benedict will specialize in investment sales, office and industrial leasing and tenant representation.  

 “Benedict is one of the most astute and versatile commercial real estate professionals in the Central Florida region. We are proud that he is part of our NAI Realvest team,” Mahoney said.


For more information about this press release, please contact
           
Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142 Lvershelco@aol.com.



Hold-Thyssen Negotiates New Lease with Construction Firm Expanding into the Lake Mary-Heathrow Submarket in Central Florida



Darby Hold


Lake Mary / Winter Park, Fla. --- Hold-Thyssen, a full service real estate firm located in Winter Park, closed on a five-year lease for 8,000 square feet of class A office space at 160 International Parkway in Lake Mary.  
  
Darby Hold, Associate at Hold-Thyssen, Inc. brokered the transaction on behalf of Landlord Topaz Eagles, LLC.  Tenant Jr. Davis Construction Company, Inc. with over 30 years of experience and 700+ employees, provides full service, heavy highway and site development for roadway, residential and commercial properties.   

Hold-Thyssen, Inc. provides commercial property brokerage and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.


For more information about this press release, please contact
           
Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142 Lvershelco@aol.com.



After Strong First Quarter CBRE Lifts 2018 U.S. Lodging Forecast



R. Mark Woodworth


Atlanta, GA, May 30, 2018 – Based on better than expected first quarter performance, CBRE Hotels’ Americas Research (CBRE) has enhanced its outlook for 2018. 

According to STR, U.S. hotels enjoyed a 3.5 percent increase in revenue per available room (RevPAR) during the first quarter of 2018, exceeding the 2.5 percent RevPAR gain expected by CBRE for the period. 

Accordingly, CBRE now is forecasting a 2.8 percent annual increase in RevPAR for U.S. hotels in 2018, a 0.3 percentage point enhancement over the 2.5 percent mark published in CBRE’s March 2018 Hotel Horizons® report.

“We continue to be impressed by the ability of the U.S. economy to support demand growth for accommodations away from home,” said R. Mark Woodworth, senior managing director of CBRE Hotels’ Americas Research. 


John B. (Jack) Corgel

 “Helped by an expanding economy, first quarter 2018 lodging demand grew at 3.0 percent, a full 1.1 percentage points greater than anticipated.  This sustains 33 consecutive quarters of demand growth, a streak that started in the first quarter of 2010.”

Given the strong first quarter performance, CBRE’s 2018 annual forecast for growth in lodging demand has increased from 1.8 percent in its March forecast report to 2.1 percent in the June edition. 

With the nation’s lodging supply forecast to grow by 2.0 percent, this now flips the occupancy projection from a 0.1 percent decline to an increase of 0.1 percent. 

“Looking toward 2019, we foresee another year of occupancy growth.  This will mark 10 consecutive years of increases in occupancy and five consecutive years of record occupancy levels,” Woodworth noted.

“With sustained record occupancy levels, we also are starting to see the return of some pricing power for U.S. hoteliers,” said John B. (Jack) Corgel, Ph.D., professor of real estate at the Cornell University School of Hotel Administration and senior advisor to CBRE Hotels’ Americas Research. 


 “Ever since the U.S. lodging industry achieved a new all-time high occupancy level in 2015, we have observed a slowdown in the pace of annual changes in average daily room rates (ADR). 

" This is counterintuitive to basic economic principles.  However, based on the strong performance observed during the first quarter of 2018, we are forecasting a 2.7 percent annual increase in ADR for 2018.  

"This is greater than the 2.1 percent annual change in ADR during 2017.”

 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




Strawberry Place Apartments, Plant City, FL


PLANT CITY, 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 Strawberry Place Apartments, a 55-unit apartment property located in Plant City, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $2,575,000.

Luis Baez
Luis Baez, CCIM and Casey Babb, CCIM, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. Baez and Babb secured and represented the buyer, a private investor.
 “This acquisition provided the buyer an opportunity to capitalize on a value-add investment, and in a tertiary market which is a trend we have seen from local investors in pursuit of higher yields,” says Baez.

Strawberry Place Apartments is a 55-unit, early 1980s vintage, Class B, garden apartment community that is 1.5 miles south of downtown Plant City and west of Jim Redman Parkway. The community consists of nine single-story, modular wood frame buildings with pitched shingle roofs which were all replaced in 2015. 

Casey Babb
Set on approximately 3.8 acres the property features mature, shady landscaping and a quiet park-like setting with a creek running through the north part of the property.  The unit mix consists of 51 one-bedroom/one-bathroom units at 575 square feet and four, two-bedroom/one-bath units at 876 square feet. 
Units feature private entries and patios, individual air conditioning units, washer and dryer connections with utility rooms, and fully equipped kitchens. Strawberry Place Apartments is located at 1400 Strawberry Place in Plant City, Florida.
                                                             
For more information, please contact:

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




Marcus & Millichap Arranges Sale of 55-Unit Apartment Building in Plant City, FL

          
Strawberry Place Apartments, 1400 Strawberry Place, 
Plant City, FL








PLANT CITY, 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 Strawberry Place Apartments, a 55-unit apartment property located in Plant City, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $2,575,000.

Luis Baez
Luis Baez, CCIM and Casey Babb, CCIM, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. Baez and Babb secured and represented the buyer, a private investor.
 “This acquisition provided the buyer an opportunity to capitalize on a value-add investment, and in a tertiary market which is a trend we have seen from local investors in pursuit of higher yields,” says Baez.

Strawberry Place Apartments is a 55-unit, early 1980s vintage, Class B, garden apartment community that is 1.5 miles south of downtown Plant City and west of Jim Redman Parkway. The community consists of nine single-story, modular wood frame buildings with pitched shingle roofs which were all replaced in 2015. 

Casey Babb
Set on approximately 3.8 acres the property features mature, shady landscaping and a quiet park-like setting with a creek running through the north part of the property.  The unit mix consists of 51 one-bedroom/one-bathroom units at 575 square feet and four, two-bedroom/one-bath units at 876 square feet. 
Units feature private entries and patios, individual air conditioning units, washer and dryer connections with utility rooms, and fully equipped kitchens. Strawberry Place Apartments is located at 1400 Strawberry Place in Plant City, Florida.
                                                             
For more information, please contact:

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



Tuesday, May 29, 2018

Hospitality Ventures Management Group (HVMG) Names Andy Wardner Director of Acquisitions and Financial Analysis



Andy Wardner

ATLANTA,  GA, May 29, 2018—Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel investment, ownership and management company today announced that Andy Wardner has joined the company as director of acquisitions and financial analysis. 

In his new role, Wardner will help evaluate and underwrite new hotel acquisitions and third-party management opportunities.  Also, he will provide feasibility insight and perform valuation analysis for targeted opportunities which include independent and boutique hotels and resorts, as well as full-service, select-service and extended-stay hotels under the Hilton, Marriott, Hyatt, and IHG brands.

            “Andy brings with him two decades of financial analysis expertise, combined with ‘plug and play’ transactional experience in virtually all commercial real estate classes, but with a primary focus on hotels,” said Mary Beth Cutshall, SVP and Chief Business Development Officer. 
         
“Over the course of his career, Andy has been integral in the deployment of more than $4 billion on behalf of some of the world’s largest international investment firms, including Starwood Capital, and oversaw the asset management of a 15-hotel portfolio. 

         HVMG’s vision is to be the most sought-after employer, operator and partner in the hospitality industry, and we are confident Andy’s contribution in his new role with the company will help HVMG continue to achieve our aggressive growth goals.”

Mary Beth Cutshall

Previously, Wardner was managing director of Paramount Lodging Advisors, where he was responsible for brokering hotel transactions, particularly full-service hotels, and business development throughout the Southeast. 

Prior to that, he held numerous positions with Starwood Capital Group, culminating in a vice president of asset management.  In that role, he oversaw the capital investment, asset management and disposition of a portfolio of commercial real estate investments worldwide including several hotels. 

Wardner received his Master of Business Administration in Finance from the Robinson School of Business at Georgia State University and his Bachelor of Science in Business Administration and Finance from the Terry College of Business at the University of Georgia.  Wardner holds a Georgia Real Estate License and has been a member of ULI and the Atlanta Hospitality Alliance.

“HVMG has a tremendous track record of turning around hotels through a combination of strategic value-add investments, operational initiatives and improved guest service.  I’m thrilled to be joining such a talented and dynamic team to deliver further success for our hotel owners,” said Wardner.

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





Jim Michalak
TAMPA, FL -- Plaza Advisors is pleased to announce the sale of the Northpointe Crossing shopping center, located at the intersection of N. Florida Avenue and E. Fletcher Avenue in Tampa.

The 64,017 square foot plaza is anchored by Save a Lot, Harbor Freight Tools and Family Dollar. 

Other notable tenants include Liberty Tax and Boost Mobile. The property was 91% occupied. The sale price was $6,075,000 ($95/sf).

The seller was a private investor based in Virginia Beach, VA. The buyer, AST Investors LLC, is located in Doral, FL. Jim Michalak and Mike Cvetetic of Plaza Advisors was the broker that represented the seller.


Mike Cvetetic
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 more information, please contact:


Jim Michalak
Managing Partner
Plaza Advisors

3412 Bay To Bay Boulevard
Tampa, FL 33629
813.837.1300 Ext. 1
Fax 831.2627


Monday, May 28, 2018

Passco Companies Acquires 360-Unit Class A Luxury Multifamily Community in Sarasota, FL for $77.5 Million

  
Springs at Bee Ridge Apartments, Sarasota, FL to be renamed Longtitude 82o

SARASOTA, FL – Passco Companies, a privately-held California-based real estate company that specializes in the investment, acquisition, development and management of commercial properties throughout the U.S., has announced that it has acquired a Class A, institutional grade, trophy multifamily asset in Sarasota, Florida for $77.5 million.

Springs at Bee Ridge Apartments, Sarasota, FL
Passco will rebrand the luxury community, currently named Springs at Bee Ridge, as Longitude 82o. This acquisition brings the firm’s multifamily portfolio in the state of Florida to nine properties totaling more than 2,700 units.
“We were attracted to Sarasota due to its incredibly strong economic growth and growing demand for quality multifamily housing in the region,” says Colin Gillis, Vice President of Acquisitions, Southeast at Passco. “The pent-up demand for luxury product in this submarket was demonstrated by the rapid lease-up at the 360-unit apartment community, which was fully-leased within one year.”
Gillis notes that this high occupancy and the fact that there are virtually no comparable properties in the area, with most nearby communities having been constructed in the early 1990s, positions the property for strong future rent growth.
Colin Gillis
“Passco recognized that the demand for high-quality multifamily housing will continue to grow as Sarasota shows strong demographics, including annual average household incomes over $100,000 onsite at the property,” Gillis says.
“The Bradenton-Sarasota-North Port MSA has also added over 25,000 jobs over the past two years and boasts one of the lowest unemployment rates in the entire state of Florida.”
According to Gillis, further driving the appeal of the location is Sarasota’s exceptional school system. The property is in close proximity to Ashton Elementary School and Sarasota Middle School.
The community is also conveniently located within ten minutes of several first-class retail destinations, including The Mall at University Town Center.
“In addition to being one of the only new communities in the area, this property offers some of the most competitive amenities in Sarasota,” Gillis explains. “Further, this is the second asset we have purchased from the developer, Continental Properties, the other being Longitude 81o in Estero (Ft. Myers), FL so we were familiar with the product type and its strengths.”

Jamie May
Community amenities include a resort-style salt water swimming pool with an expansive sun deck and poolside kitchen with grills and a fire pit, 24-hour state-of-the art fitness center, a resident clubhouse and lounge, a conference room, coffee bar and catering kitchen, two leash-free dog parks, pet grooming station, car wash area, and controlled-access gated entry.
The property features a diverse unit mix, which includes studios and one-, two- and three-bedroom units. Each unit has private ground floor entry, stainless steel appliances, granite countertops, and nine-foot ceilings.
The property is located at 5900 Wilkinson Road in Sarasota, Florida with direct access to Interstate Highway 75, providing convenient access throughout the region and to the Tampa area and Southwest Florida.

Chris Black
Jamie May of JBM® Institutional Multifamily Advisors represented the seller and Passco as the buyer in this transaction.  Since August 2016, Passco has worked with JBM to purchase four multifamily properties totaling over 1,250 units with an approximate value of over $250 million, according to May.
“Working with both Gary and Colin at Passco has been a very positive experience on each and every occasion. Their aggressiveness and vigorous approach is much appreciated and timely,” says May. “Most importantly, they have never re-traded a deal during or prior to closing.  We expect to be working with Passco both on the buy and sell side many times in the future.”
Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of Passco Companies.

For more information, please contact:

Lexi Astfalk
Brower Group
(949) 955-7940