Monday, September 10, 2018

Marcus & Millichap Arranges $4 Million Sale of 34-Unit Gulfstream Apartments in Lake Worth, FL

Evan Richardson
LAKE WORTH, 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 Gulfstream Apartments, a 34-unit apartment property located in Lake Worth, Fla., according to Ryan Nee, vice president / regional manager of the firm’s Fort Lauderdale office.

 The asset sold for $4 million.

Gulfstream Apartments presents the buyer with an excellent opportunity to purchase a well performing asset that also has added value potential through updating unit interiors and increasing rents to market rates,” stated Evan Richardson, senior associate, in Marcus & Millichap’s Fort Lauderdale office.

Daniel J. Cunningham
Richardson, Daniel J. Cunningham, first vice president investments, and Derek R. Gibbs, first vice president investments, all in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor, and secured and represented the buyer, a private investor.

Gulfstream Apartments is located at 4691 Gulfstream Road in Lake Worth. The property consists of 34 multifamily units across 17 duplex buildings and seven parcels all located on Gulfstream Road.

 Eighteen of the units are large two bedroom/one bathroom and the remaining 16 units are three bedroom/one bathroom.


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

HFF announces $32 million sale of Palisades I and II in West Raleigh, NC

Palisades I  and II office properties,
5400 and 5410 Trinity RoadWest Raleigh, NC
Scott Humphrey

CHARLOTTE, NC –– HFF announces the $32.3 million sale of Palisades I and II, two Class A office assets totaling 161,480 square feet in the West Raleigh submarket of Raleigh, North Carolina.

The HFF team represented the seller, CapRidge Partners, LLC, and procured the buyer, Keystone Corporation.

Palisades I and II are located at 5400 and 5410 Trinity Road proximate to Downtown Raleigh, Research Triangle Park and RDU International Airport, the regions three major economic drivers. 

Additionally, the property is positioned within close proximity to NC State University, Glenwood South, Cameron Village and North Hills. 

Ryan Clutter
The assets have exceptional regional connectivity via Interstates 40 and 440 and are adjacent to NC State’s Carter-Finley Stadium and PNC Arena, two of the largest entertainment venues in the region. 

Completed in 2001 and 2005, Palisades I and II are four-story assets with a shared three-story parking deck and a leading amenity package featuring a cafĂ©, vending area, lounge, conference center and fitness center with lockers and showers. 

At 96.2-percent-leased overall, the properties main tenants are: Kuehne + Nagel and NC State Student Aid Association. 

The HFF investment advisory team representing the seller consisted of senior director Scot Humphrey, senior managing director Ryan Clutter and directors Chris Lingerfelt and Zack Drozda.

Chris Lingerfelt
“We continue to be surprised by the level of interest from the investment community for high quality, well-located offerings in Raleigh-Durham such as Palisades, which offers an attractive near-term mark-to-market opportunity and a unique onsite amenity package,” Humphrey said.

Holliday GP Corp. ("HFF") is a North Carolina licensed real estate broker.
CapRidge Partners is a fully integrated investment management and operating company focused on value-add office properties in nine select U.S. markets, including Raleigh. 

Their strategy is to acquire well-located assets, below replacement cost, that offer opportunities to add value by providing proactive management, delivering enhanced customer service and wellness amenities, leasing to stabilized occupancies, marking-to-market expiring leases, and completing capital projects.  Since 2012, CapRidge has purchased 34 office buildings.

Zack Drozda
Keystone Corporation is a Raleigh, North Carolina-based real estate development firm founded in 1979.  

Keystone utilizes the extensive acquisition, development, leasing and management experience of its principals and team to invest in a vast range of commercial and residential properties across the United States and internationally.  J

Patrick Gavaghan serves as CEO and president of Keystone.  With over 38 years of experience, Keystone has developed projects in seven states and five countries. 

J. Patrick Gavaghan
Keystone Corporation has built over 6 million square feet of office space, 7,000 single family lots, 1,500 Class A apartments, 296 townhomes, and 72 condominiums. 


NC Lic. #172952
HFF Senior Managing Director
(704) 526-2800

HFF Director, Public Relations
(617) 338-0990

Real Estate Capital Institute Predicts Fed Will Raise Rates Again by Year End

John Oharenko

Chicago, IL -- With inflation progressing slightly above the 2%-mark and the domestic economy showing uninterrupted growth, the Fed is expected to raise rates one or two more times by yearend. 

 That said, benchmark 10-year treasuries are stubbornly low, at levels consistent with late spring/early summer.  Mortgage spreads are also flat, translating to
interest rates typically in the lower 4% range for floating-rate loans, and approximately 4.5%-to-5% for fixed-rate debt.

With mortgage rates predicted to reach higher levels combined with ongoing new construction supply, buyers take a cautionary wait-and-see attitude towards select multifamily, lodging and industrial deals.  

The retail property sector still is bargain-hunter's turf, while office deals remain
selectively targeted.  As a rule, infill deals of various property types are in highest demand, while value-pricing typifies suburban assets. 

As investors get a better grip on supply/demand dynamics and interest rates,pricing uncertainty prevails.  As such, fresh acquisition financing activity
is limited, and refinancing and takeout loans represent the bulk of debt volume.

John Oharenko, executive director of The Real Estate Capital Institute's(r), suggests, "As summer ends, expect more pricing discovery for both debt and
equity deals.  More attractive pricing may be on the horizon for patient investors."

The Real Estate Capital Institute(r) is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates including treasuries, bank prime and LIBOR.  


 John Oharenko, Executive Director

The  Real Estate Capital Institute(r)
3517 West Arthington Street
Chicago, Illinois USA 60624

The Society of Industrial and Office Realtors Releases White Paper on Airglades International Airport and Challenge Grant

Ted Konigsberg

Washington, DC– The Society of Industrial and Office Realtors® (SIOR), which represents the world’s elite in industrial and office brokerage, released “The Path to Privatizing Commercial Cargo-Specific Airports” as part of its ongoing Thought Leadership Series.

This report outlines the proposed plan for the United States’ first Federal Aviation Administration (FAA) approved, privatized commercial cargo airport, Airglades International Airport (AIA).

AIA will be the first airport of its kind, positioned to compete with Miami International Airport, which currently handles more than 62 percent of all U.S. perishable air imports.

“As we look to the future of commercial real estate, it is increasingly important to engage the next generation in our industry,” said Ted Konigsberg, SIOR, SIOR Foundation Trustee and the President of Infinity Commercial Real Estate.

Miami International Airport
“The Challenge Grant winners put together an amazing plan for AIA and surrounding areas. The resources made available by SIOR and the Foundation gave them an opportunity to create a project with a scope usually reserved for seasoned professionals. They will shortly see their creative visions become reality.”

To create the Challenge Grant with AIA, the SIOR Florida Chapter partnered with Nova Southeastern University’s Master of Science in Real Estate Development program.

The initiative, led by Konigsberg, tasked students with developing design concepts associated with assisting land uses, creating amenities and related development on the property adjacent to proposed AIA site. At the ceremony last August, $20,000 worth of scholarships were awarded from SIOR to the first and second-place teams.
The plan for AIA includes a “one-stop shop” for growers and shippers designed to accommodate on-site U.S. Customs, Drug Enforcement Administration, Agriculture and TSA Agents.

Gary Marsh

“... if approved by the Federal Aviation Administration (FAA), [Airglades International Airport] would be the first airport of its kind in the continental United States upon opening in 2020,” said Gary Marsh, a principal of Marsh Marketing and SIOR member.

Shippers would save $400 in gasoline, or the equivalent of one roundtrip per truck, if that cargo could land at Airglades and effectively give those products a 100-mile head start to their end destinations.

The total tab to build the 3,000 acre AIA is expected to be between $500 million and $650 million, which will include temperature controlled and refrigerated warehouse and distribution facilities, runway taxi areas and tarmac space for parking a contemporary fleet of commercial airplanes, maintenance facilities, fueling facilities, and other airport related requirements.

The development of this airport was part of the Challenge Grant that the SIOR Florida Chapter awarded. 

SIOR represents the world’s most elite real estate professionals in industrial and office. They strive to not only be leaders in business, but also to inform and inspire leaders across our industry.

Nova Southeastern University
Davie, FL
In that pursuit, SIOR has created the Thought Leadership Series to apprise readers of the latest technological advances, current and projected trends, and solutions to the issues affecting businesses today.

The Thought Leadership Series aims to educate and ensure the continued growth and evolution of Commercial Real Estate. The Series will feature collaborations with the best and brightest minds throughout CRE to produce thought-provoking and educational content, research, and topic briefs.

“The Path to Privatizing Commercial Cargo-Specific Airports” can be found here.


Paris Kissel
Account Executive | @levick
P: (202) 973-1313  F: (202) 973-1301

Richard Florida Headlines NAIOP South Florida’s Signature Speaker Series Oct. 4 in Fort Lauderdale, FL

Richard Florida

FORT LAUDERDALE, FL (Sept.10, 2018) – NAIOP South Florida, a Commercial Real Estate Development Organization, will host its Signature Speaker Series featuring Richard Florida on Thursday, October 4 at 5 p.m. at the W Fort Lauderdale, located at 401 N. Fort Lauderdale Beach Blvd.

“Richard is one of the world’s most influential thinkers and leading urbanists,” said NAIOP South Florida Executive Director Jules R. Morgan. “He is changing the way we think about the real estate landscape and the future of today’s cities with his research and writings about the Creative Class and most recently The New Urban Crisis

" We are excited to hear him share his insights with our diverse membership of commercial real estate professionals and developers.”
Jules R. Morgan

Florida’s presentation covers the underlying drivers of real estate success including identifying high value real estate locations through population density and the diversity index. Florida posits that changes in urbanization and shifts in society can be attributed to the Creative Class, a group of 40 million Americans, more than a third of the American workforce, whose work is educated, creative and innovative.

Following a presentation from Florida, guests will be invited to participate in a Q&A session.

W. Fort Lauderdale Hotel,
Fort Lauderdale, FL
Tickets for the Signature Speaker Series are $60 for NAIOP members and $75 for non-members. Ticket prices will increase in late September. Seating is limited. Sponsorship opportunities are available and include a private dinner with Mr. Florida.

To register to attend, visit For more information, contact 954-990-5116 or Contact Jules R. Morgan for sponsorship opportunities. 

NAIOP is a commercial real estate development organization. It provides strong advocacy, education and business networking opportunities and connects its members through a powerful North American network.


Lexi Robinson
954-776-1999 ext 255