Saturday, December 15, 2018

American Realty Advisors and Norges Bank Real Estate Management Acquire Trophy Office Tower in Boston's Seaport District


121 Seaport Office Tower, Boston, MA

Boston, MA  American Realty Advisors (“ARA”), an institutional fund manager with more than $9.3 billion in assets under management, has entered into a joint-venture partnership with an affiliate of Norges Bank Real Estate Management (“Norges Bank”) to acquire 121 Seaport, a Class A office property located in the highly desirable Seaport submarket of Boston, MA.

Robert Griffin
121 Seaport is located at 121 Seaport Boulevard, Boston, MA. The seller, Skanska USA was represented by Robert Griffin, Edward Maher, Matthew Pullen, and James Tribble at Newmark Knight Frank.

“Partnering with Norges Bank to acquire an asset of this caliber in a key urban market will allow us to drive increased cash-flow and returns for both Norges Bank stakeholders and ARA investors,” says Austin Maddux, Executive Vice President, Deputy Portfolio Manager at American Realty Advisors.

 “121 Seaport is a top-tier office asset with long-term leases in an irreplaceable location, which we view as a generational investment and the foundation for our new relationship and future joint efforts with Norges Bank.”

The newly-constructed 17-story tower features 400,342 SF of rentable space, one-of-a-kind elliptical architecture with a distinctive angled glass fa├žade, a three-story lobby with floor-to-ceiling windows, and abundant building amenities.

Edward Maher
In addition to its highly-efficient floor plan, 121 Seaport is LEED Platinum certified and constructed to the highest sustainability and resiliency standards. This significantly contributes to minimizing operating costs and environmental impacts.

“This investment is well-aligned with our core strategy to target modern, sustainable office properties that are highly sought after by tenants and positioned to perform over time," explains David Willett, Senior Director, Investment Group at ARA.

 "Its flexible layout with a column-free design and highly sustainable attributes contribute to an 85% efficiency factor that enables companies to maximize their workspace and expand their employee base.”


Austin Maddux

Strategically positioned along Harbor Way within Seaport Square, 121 Seaport is surrounded by 7.6 million square feet and 23 acres of mixed-use development, including Amazon’s brand-new flagship office, which is set to be completed in 2021, and will accommodate over 2,000 employees.

One block from 121 Seaport is the $650 million One Seaport Square complex featuring over 800 apartment units with ample shopping, dining, and entertainment options.

The Seaport Common is also a unique component to the property. Located directly between 121 Seaport and the Boston Harbor waterfront, Seaport Common is an urban green space and community gathering place, which regularly hosts farmer’s markets, fitness classes, and local art and entertainment events. The space also facilitates panoramic views of the harbor. 

David Willett
Boston’s Seaport District is the city’s top destination for tech and innovation firms as well as established Fortune 500 companies that include BCG, PwC, GE, and MassMutual.

Surrounded by over 70 colleges and universities in the area, the city has a highly educated workforce retaining over 40% of graduates. 121 Seaport also offers convenient access to Downtown Boston and the Logan International Airport through the Silver Line subway, just steps from the property.

“Boston, and specifically the Seaport, is thriving and makes for a desirable investment market due to its strong concentration of med, ed, tech, and financial services industries. The region’s unemployment rate is consistently below the national average and has driven office rents to experience a 25% increase in the last five years followed by declining vacancy rates for Class A office space” adds Willett.

Matthew Pullen
Other notable amenities of the property include three outdoor terraces, a three-level below-grade parking garage with the ability to accommodate 325 vehicles, a 24/7 concierge, fitness center, and lower level retail including a day-care center set to open in early 2019.

Contact:

Lisa James for American Realty Advisors
Brower Group
(949) 955-7940



Miami Based GLT Group Brokerage Arranges $7.55 Million Sale of Former Hampton Inn Hotel in Clearwater, FL


Former Hampton Inn Hotel, 21030 US Highway 19 North
 Clearwater FL 

MIAMI, FL  — Former Hampton Inn located in Clearwater Central on US Highway 19 was sold in an off market deal for $7.55M. The price equates to roughly $42,415 per key. 

Miami Brickell based GLT Group Brokerage represented the Seller and procured a buyer, an out of state high net worth private individual.

The 178 room hotel is well located on US 19 North between Gulf to Bay Blvd and Drew Street near Clearwater Spectrum Field, the home for the Philadelphia Phillies' Spring Training games (The Phillies have been training in Clearwater, Florida since 1948). 

Also nearby are St. Petersburg College and the Clearwater Mall, a SuperTarget & Costco-anchored center with top national retailers. 

Sean Shahar A. Ziv
The new owner is planning to renovate and rebrand the hotel.

“The demand for well-positioned hotels in the Clearwater area is strong with positive outlook” says Sean Shahar A. Ziv, President of The GLT Group LLC.

GLT Group Brokerage is the brokerage arm of The GLT Group LLC an advisory and investment firm specializing in diversified real estate investments and related strategies. 

The GLT Group focuses on all forms of commercial real estate and commercial real estate debt and finance. Together with its strategic affiliates worldwide, The GLT Group continues to pursue opportunities throughout North America.

For more information, please visit The GLT Group online at www.thegltgroup.com.

CONTACT:

 Ran Ziv
Office: 444 Brickell Avenue Suite #730
+1 (786) 860-5982

NAI Realvest Negotiates New Lease at Wilshire Plaza in Casselberry, FL for Branch Office of Ohio-based Staffing Company

Mary Frances West


Casselberry, FL and Orlando , FL  --- NAI Realvest completed a new multi-year professional office lease for 2,018 rentable square feet in Wilshire Plaza, 138 Wilshire Blvd. in Casselberry . 

Mary Frances WestCCIM Vice President at NAI Realvest, brokered the transaction representing Landlord Wilshire Plaza , LLC of Winter Park .  

Tenant Nesco Reources, LLC is a large privately held staffing company headquartered in Cleveland with a regional office in Tampa and several offices in Florida --  including one on Kirkman Rd. – and throughout the U.S.  

Wilshire Plaza, Casselberry, FL
CONTACTS:

Mary Frances West CCIM, Vice President, NAI Realvest, mwest@realvest.com;  407-875-9989

Robin L. Webb, CCIM, CHA, CHB, CRB, CPM, MRICS, Managing Director, 
NAI Realvest, 

407-875-9989 Rwebb@realvest.com

Beth Payan or Larry Vershel, Larry Vershel Communications 
407-644-4142 lvershelco@aol.com

Daum Brokers $24.5 Million Sale of Six-Building, Fully Leased Industrial Portfolio in Camarillo, CA


Six-Building, 149,772-SF, Fully Leased Industrial Portfolio Camarillo, CA
  
CAMARILLO, CA – DAUM Commercial Real Estate Services has completed the $24.5 million sale of a portfolio of six individual buildings, totaling 149,772 square feet, within a multi-tenant industrial complex in Camarillo, California.

Mitch Conlee, Executive Vice President at DAUM’s Ventura County office, completed the sale on behalf of the seller, Marcus Adams Properties, a private investor with offices in Ventura and Los Angeles, CA. 

Tim Foutz
Tim Foutz of NAI Capital represented the buyer, a family trust, in the transaction.

The three buildings include 51 units which are leased to a total of 29 tenants, notes Conlee.

 “When our Client decided to exit the market, we were tasked with demonstrating the significant value of this portfolio due its fully-leased status and the long-term fundamentals of the market,” explains Conlee, who notes that Ventura County industrial vacancies remain in the tight two percent range where asking rents have increased 7.1 percent year-over-year in Q3 2018, according to a recent DAUM report.

“Through completing a thorough review of all 29 leases currently at the asset, we ultimately secured a price reflective of the true value,” Conlee continues.

Mitch Conlee
According to Conlee, the building is currently leased to a diverse mix of tenants including manufacturers, warehouse distribution users, cold storage and agriculture users, electronics, solar, and service businesses.

“These buildings are an excellent addition to the buyer’s portfolio,” says Foutz. “The assets present both built-in cashflow and strong future investment potential, as well as a prime location with direct access to the 101 Freeway. This transaction was a win-win for both the buyer and the seller.”

The individual properties that comprise the portfolio include an 81,172 square-foot building at 1250, 1260, and 1270 Avenida Acaso, a 31,391 square-foot building at 1199 and 1221 Avenida Acaso, and a 37,204 square-foot building at 4098 Calle Tesoro.


CONTACTS:

Lindsay Mackay / Elisabeth Manville
Brower Group
(949) 955-7940

Daum Commercial Completes Trade of 60,040 SF Industrial Asset in Los Angeles Submarket of Compton, CA



60,040-SF Industrial property, 1100 West Walnut Street
Compton, CA

 COMPTON, CA – DAUM Commercial Real Estate Services has directed the trade of a 60,040 square-foot industrial building in the Los Angeles County submarket of Compton, California on behalf of both the seller, Hot Chocolate, Inc., an apparel distributor, and the buyer, Terreno Realty Corporation, a San Francisco-based public real estate investment trust.

Alex Nagel
Casey Mungo, an Executive Vice President at DAUM’s Mid-Counties office, Matthew Boggs, Vice President of DAUM’s Los Angeles office, and Alex Nagel, Associate Vice President at DAUM’s Los Angeles office, directed the transaction for a total consideration of $11.1 million.

“With this acquisition, we assisted the buyer in securing a unique opportunity to strategically upgrade a well-located property to meet the growing demand of industrial users in the region, and benefit from the increased average asking rents,” explains Nagel. 

“Prior to bringing the asset to market for lease, the buyer is completing extensive renovations and equipping the property with in-demand industrial amenities, including energy efficient lighting and a complete cosmetic makeover.”

Casey Mungo
Nagel also notes that the Los Angeles submarket has seen industrial vacancy rates remain unchanged at a tight 2.3-percent, according to a recent DAUM Commercial Q3 industrial report, due to sustained high demand and a lack of inventory.

“This transaction was also a win for the seller, who brought the property to market in conjunction with its desire to relocate to another property that better fit its business needs,” continues Nagel. 

“Through our strategic marketing efforts, we were able to garner interest from multiple buyers and ultimately secured an offer $20 per-square-foot higher than recent industrial sales in the area. 

"This directly reflects the continued unmet demand for industrial property in the region and decreasing availability for assets of this size.”

DAUM Commercial has also been retained by the buyer to market the property for lease to a high-credit tenant.

Matthew Boggs
The asset offers competitive features including a fenced and private yard, 26’ clear height ceilings, six dock-high doors, and 4,900 square feet of office space.

Located at 1100 West Walnut Street in Compton, California, the property also provides immediate access to the 91, 710, and 110 freeways, providing ease of access throughout the region. 

More information is available at www.daumcommercial.com.

 CONTACT:

Lindsay Mackay / Elisabeth Manville

Brower Group
(949) 955-7940


152-Room Quality Inn Ocala Trades for $5.5 Million in Ocala, FL


Quality Inn Ocala, Ocala, FL

Gabriel Shamay
OCALA, 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 Quality Inn Ocala, a 152-room hospitality property located in Ocala, FL, according to Ryan Nee, vice president / regional manager of the firm’s Fort Lauderdale office.

 The asset sold for $5,500,000.

            “There is a significant demand for midscale and upper-midscale hotels throughout Florida," states Gabriel Shamay, Associate Director of Marcus & Millichap’s National Hospitality Group.

"Our national marketing campaign highlighted the hotel’s highly-recognizable brand and location and helped us successfully generate multiple offers in a short amount of time (from both local investors and out-of-area investors).

David M. Greenberg
"The buyer understood he was in a competitive environment and ultimately seized the opportunity to acquire the Quality Inn by moving quickly and offering an attractive price with strong terms, which positioned him to be the winning bidder.”

“Buyer demand for hotels throughout Florida continues to be at an all-time high,´ states David M. Greenberg, Senior Managing Director of Investments and Executive Director, National Hospitality Group. 

"For this very well-located, 152-room Quality Inn in Ocala, we generated multiple offers from investors throughout the United States.  Ocala is a growth market, in terms of both population, business commerce and leisure travel.” 

Robert S. Hunter
Quality Inn Ocala is located at 3434 SW College Road in Ocala. The Property is a three-story limited-service hotel, well-positioned near Interstate 75, the main route through Ocala, providing accessibility for commuters traveling both northbound and southbound.

Greenberg, Shamay, Robert S. Hunter, first vice president of investments, and David J. Altman, senior associate, all located 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 the buyer, a limited liability company.


To learn more, please visit: www.MarcusMillichap.com
David J. Altman



CONTACT:

Stephanie Carten
Marketing Coordinator
Marcus & Millichap
5900 North Andrews Avenue
Suite 100
Fort Lauderdale, FL 33309
(954) 245-3477 direct
(954) 245-3400 main
(954) 245-3410 fax
stephanie.carten@marcusmillichap.com




HFF represents The DSF Group in the $259 million sale of Class A high-rise apartments in New Rochelle, NY


Halstead New Rochelle Metro North Apartments,New Rochelle, Westchester County, NY
Jose Cruz
 FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has represented The DSF Group in the $259.4 million sale of Halstead New Rochelle Metro North, a 40-story, 588-unit, Class A apartment tower in New Rochelle, Westchester County, New York.

The HFF team marketed the property exclusively on behalf of the seller, The DSF Group (DSF), and procured the buyers, Azure Partners and Harbor Group International, LLC.

Halstead New Rochelle Metro North was completed in 2007 and comprises a mix of 95-percent-occupied, market-rate studio through three-bedroom units averaging 956 square feet. 

The transit-oriented property, which has earned a Walk Score® of 97, is situated along Huguenot Street adjacent to the New Rochelle Metro North train station and is within walking distance to New Rochelle’s many shops and restaurants. 

Josh Solomon
As the tallest apartment tower in Westchester County, residents enjoy panoramic views of the Long Island Sound and Manhattan skyline. 

 DSF purchased the property in November 2013 and implemented an amenity renovation program, including the delivery of a 40th floor, state-of-the-art sports club, which includes cardio machines, free weights, weight machines, yoga studio, spin room and lounge. 

Additional amenities include a resort-style swimming pool, resident lounge, landscaped courtyard, coffee bar, dog park, conference room, business center, billiards room and nearly 6,000 square feet of on-site, ground-floor retail.

Stephen Simonelli
The HFF investment advisory team representing The DSF Group included Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Michael Oliver and JB Bruno, along with Andrew Scandalios.

“The asset’s visibility and location in the market helped drive demand from all buyer types, including domestic and offshore equity groups,” Cruz stated.  “Also, the ability to add value by renovating the units was a key driver for the investor pool.”

“We are very pleased with the sale of Halstead New Rochelle,” stated DSF President Josh Solomon.  “This is another successful execution of ourvalue-add strategy to acquire and reposition transit-oriented multifamily properties in ring communities.”

With over $2.6 billion invested in real estate since 2000, offices in Boston and Washington D.C. and decades of deep-seated experience, The DSF Group strives to create unique, award-winning properties. 

Kevin O'Hearn
 DSF acquires well-located multifamily properties near transportation hubs and then repositions the properties through the implementation of well thought-out renovations, amenities and technology. 

 From development and renovations through construction and asset management, financing and design, The DSF Group is a hands-on operator. 

The steady involvement of its principals drives the results of every project it invests in. 

For more information, please visit us at www.thedsfgroup.com.

Azure Partners LLC is a real estate private equity firm based in New York City focused on the acquisition and management of real estate assets within high-growth markets in the United States. 

Michael Oliver
 Azure’s primary investment objective is to produce superior risk adjusted returns while giving investors current cash return on equity and minimizing downside risk.

Since its founding in 2010, Azure has purchased in excess of $1.6 billion of assets, including more than 8,000 multifamily units and 700,000 square feet of retail. 

For more information, please visit http://www.azurep.com/.

Harbor Group International, LLC is a private real estate investment and management firm, which controls a portfolio of worldwide assets valued in excess of $7.8 billion. 

J.B. Bruno
HGI is headquartered in Norfolk, Virginia, with offices in New York, Baltimore, Los Angeles and Tel Aviv. 

 The company’s real estate holdings include five million square feet of commercial properties and in excess of 30,000 apartment units. 

For additional information, please visit https://www.harborgroupint.com/.




CONTACTS:

JOSE CRUZ
Andrew Scandalios
HFF Senior Managing Director
(973) 549-2000

ANDREW SCANDALIOS           
NY Lic. #10331200140
HFF Senior Managing Director    
(212) 632-1821

OLIVIA HENNESSEY
HFF Public Relations Specialist
(713) 852-3403