Friday, June 21, 2019

Michael Jackson Ranch Listed Price Cut to $31 Million from $100 Million

Michael Jackson's Neverland Ranch and Mansion, Located in Santa Barbara County, Los Olivos, CA
Photo credit: Compass                          Source: suzanneperkins.com
Santa Barbara County, Los Olivos, CA, --Michael Jackson died ten years ago on June 25th and many people around the world will be commemorating his death through his music and videos. 
Michael Jackson

According to TopTenRealEstateDeals.com, they will be celebrating his astronomical career, remembering his childhood, replay interviews and the work that went into organizing his last concert, This Is It, which he never had the chance to perform. 
Also to be remembered is his beloved Neverland Ranch, where he lived from 1987 until 2006.
 It was where he could finally experience childhood, having never experienced that luxury as part of his hard-working, family-singing group The Jackson Five
Two years after his death, Neverland was put on the market for $100 million, but never sold. Today, restored at great expense to its status as the original ranch when Michael purchased it, the estate is back on the market and reduced to $31 million.


The Jackson Five pop music group was founded in 1964 in Gary, Indiana by brothers Jackie, Tito, and Jermaine. Younger brothers Marlon and Michael Jackson joined soon after.

In 1977, developer William Bone bought the bare acreage and engaged an architect to design all the main structures on the property, dig the lake and install formal gardens. 

It was his own fantasy land of sorts as he was able to design it his way rather than at the direction of clients.

 It took him two years working with architect Robert Altevers to get the design to his liking. He named it Zaca Laderas Ranch and lived there until selling to Jackson.

William Bone
Jackson bought the 2,700-acre ranch in 1987 for about $25 million and then spent millions more to develop it as a child’s fantasy land, which he appropriately named Neverland after the Peter Pan story. 
The 13,000-square-foot main house, formal gardens, a four-acre lake with fountains and five-foot waterfall, along with an attractive stone bridge had already been built by Mr. Bone when Michael purchased the property. 
Michael added three railroads, a petting zoo and a full amusement park with nine major rides and an arcade. He also put in an electric railroad with 100-feet of track behind the house for his own children.

Suzanne Perkins
Neverland was Michael’s home until 2006 when he was charged with child molestation, which supposedly took place at the ranch. 
Although he was acquitted, the association of so much negativity to the ranch made it difficult for him to continue to live there. 
Except for caretakers, the ranch was closed. By 2007, Michael was behind in payments on his loan by about $23 million and the ranch was due to go on the auction block. 

Jackson's  former Neverland Ranch now restored to the original Sycamore Valley Ranch
However, investment group Colony Capital stepped in and bought the loan, making them co-owners.
 In 2009, Colony began restoring the ranch by removing the zoo and amusement park and replacing them with a Zen garden. The amusement park rides are now a part of the California State Fair in Sacramento.
Located in Santa Barbara County in Los Olivos, California, on the tenth anniversary of Michael Jackson’s passing, his former Neverland Ranch, now restored to the original Sycamore Valley Ranch, has had massive price reductions from the original $100 million to $31 million. 
The listing agent is Suzanne Perkins of Compass Realty, Montecito, California.
CONTACT:
Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504

Twitter:  @toptenrealestat
facebook.com/toptenrealestat  

Arbor Funds $2.5 Million Fannie Mae Small Loan in San Francisco, CA


  
495 14th Avenue Apartments, San Francisco, CA


UNIONDALE, NY – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a Fannie Mae Small Loan in San Francisco, CA.

 A nine-unit multifamily property, 495 14th Avenue received $2.5M in refinance funding through the program. The loan includes a 30-year fixed-rate term.

David Galst
David Galst of Arbor’s Beverly Hills office originated the loan.

“The client was motivated by Arbor’s ability to provide a 30-year loan term,” said Galst. “Our hands-on and straightforward approach were key to making this deal a success.”

Built in 1920, 495 14th Avenue offers its residents the perfect ‘City by the Bay’ lifestyle. 

Located in the heart of San Francisco’s Diamond District, this three-story property is a few blocks away from the Golden Gate Park and the Presidio of San Francisco. Multiple beaches, restaurants, coffee shops and shopping venues are all located nearby, giving the community a Walk Score of 94!

CONTACT:

Bina Handa
Tel: 516.506.4229

Chicago Advance Auto Parts property for sale for $2.4 million


https://be-prod.imgix.net/BE/Images/Property/17523/9small-cropped636937144773359924.jpg?fit=clip&w=1024&auto=compressCHICAGO, IL – B+E, the first brokerage and technology platform for net lease real estate, announced that the Advance Auto Parts property at 3016 W Peterson Ave, Chicago, is for sale for $2.4 million.


The building is +/- 7,040 SF on +/- 0.43 acres of land and includes parking.  The property carries a cap rate of 5.85% with a remaining term of 8 years and 8 months.

Tim Hain
“Advance Auto Parts is a $9.5 billion leader in the auto parts market,” said Tim Hain with B+E.  “There are over 400,000 people within 3-miles of the property and over two million residents living within a 10-mile radius of the property.”

 Notable surrounding tenants include Walgreens, Bank of America, Starbucks, Target, T.J. Maxx, Chipotle Mexican Grill and Potbelly Sandwich Shop.


Contacts:

Tim Hain


John Vita
John Steven Vita Communications
847/853-8283

Passco Cos. Acquires 300-Unit Luxury Multifamily Community in Destin, FL for $63.45 Million



Legacy on the Bay, a 300-unit luxury apartment community
in Destin, FL
 

DESTIN, FL   Passco Companies, a privately held California-based commercial real estate company that specializes in acquisition, development, and property and asset management throughout the U.S., has acquired Legacy on the Bay, a 300-unit luxury apartment community in Destin, Florida for $63.45 million.

Colin Gillis
This is Passco’s second multifamily asset acquisition in Destin in recent months, coming on the heels of the firm’s purchase of Class AA Sea Glass Apartments in December, according to Colin Gillis, Vice President of Acquisitions for Passco. 

“We’ve enthusiastically targeted the Crestview-Fort Walton Beach-Destin MSA for its strong track record and future economic expansion potential, as it continues to post the lowest unemployment rate in the state of Florida,” explains Gillis, also noting that Moody’s Analytics places the area in the top 10th percentile nationally for projected job growth over the next five years.

“Additionally, this market continues to have extremely high physical, political, and financial barriers to entry. There is only one multifamily asset in the pipeline in the entire MSA, despite significant in-migration and a population growth rate of more than twice the national average.”

Brian Moulder
Brian Moulder and Dhaval Patel of Walker & Dunlop represented the seller in this transaction.

“Legacy on the Bay presents a unique, high-yield investment opportunity due to its location less than a mile from some of the most desirable beaches in the country, and two miles from the thriving Destin Commons, a premier lifestyle center offering residents shopping, dining, and entertainment,” says Moulder.

“This will remain a strong overall investment as it matures. It was a pleasure to work with Passco’s dependable team once again on this transaction.”

The apartment community is located at 251 Vinings Way Boulevard in Destin, Florida.

Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of Passco Companies.

Dhaval Patel

 Legacy on the Bay is located near U.S. Highway 98 and U.S. Highway 331, offering residents superior regional access, and has proximity to major employers including Fort Walton Beach Medical Center, Northwest Florida State College, and BAE Systems.

There has been a large influx of jobs in the leisure and hospitality industry driven by tourism to the ‘Emerald Coast,’ known for its white sand beaches and emerald green waters, which attracts approximately 4.5 million visitors each year.

“Due to our ownership of best-in-market Sea Glass Apartments, located just a few miles down the road from Legacy, we already have our finger on the pulse of the local market and resident demands,” says Gillis.

Chris Black
“Thus, we are better positioned to strategically approach the operation of this asset. Through adding this core-plus investment to our portfolio, we will hold two distinct and in-demand offerings in Destin.”

The firm plans to implement value-add upgrades at the property, including minor renovations to refresh and modernize interiors and the addition of in-unit washer/dryers.

Gillis also highlights that the property features the largest floorplans in the submarket, including a rare four-bedroom option.

“Legacy’s spacious one, two, three, and four-bedroom floorplans are well-suited to its location, which offers tranquil living surrounded by lush greenery,” confirms Gillis.

 “Further, the larger floor plans are appealing to families who are drawn to the Okaloosa County School District, one of the top five districts in the state.”

Caleb Martin
Gillis notes that Legacy’s residents also enjoy quick access to several shopping, dining, and entertainment options, including a Whole Foods Market, Bass Pro Shops, Belk, H&M, Chipotle, and 14-screen AMC Theatre at Destin Commons.

Legacy’s units include screened balconies and patios, stainless steel appliances, deep kitchen sinks with upgraded spray hoses, custom cabinetry, refrigerators, dishwashers, built-in shelving, walk-in closets, ceramic-tiled foyers, security alarms, air conditioning, and ceiling fans with brush nickel accents.

CONTACTS:


Micaela Fehrenbach / Elisabeth Manville
Brower Group
(949) 438-6262



HFF closes $57 million sale of Solis Berewick in Charlotte, NC


  
Solis Berewick, a 275-unit, Class A apartment community, 9550 Gannon DriveCharlotte, NC  


 CHARLOTTE, NC – June 11, 2019 Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the $57.3 million sale of Solis Berewick, a 275-unit, Class A apartment community in Charlotte, North Carolina.

HFF marketed the property on behalf of the seller, Terwilliger Pappas, and procured the buyer, RK Properties.

Allan Lynch
Solis Berewick is located at 9550 Gannon Drive next to the grocery-anchored Berewick Town Center development, part of the 1,200-acre Berewick master-planned community in southwest Charlotte.

  The property’s prime location also provides accessibility to Interstate 485 and top employers in the Uptown Charlotte and Ballantyne employment hubs. 

 Completed in 2017, Solis Berewick has units averaging 1,016 square feet featuring top-quality finishes such as ENERGY STAR® stainless steel appliances, custom-built white cabinetry, granite countertops, plank flooring, oversized windows, full-size washers and dryers, Nest Learning Thermostats, ButterflyMX video intercom systems, and spacious balconies and patios. 

The NGBS Green Certified community also features high-end amenities, including a resort-style saltwater pool, outdoor grilling area with fire pit, gaming and entertainment lounge, state-of-the-art fitness center, private yoga/spin studio, dog park and pet spa, electric car charging stations, community nature trail and playground.

Justin Good
The HFF team was led by senior director Allan Lynch, managing director, Justin Good, director Caylor Mark and managing director Jeff Glenn.

“With the vision and execution of Solis Berewick, Terwilliger Pappas delivered a high-performing, premier asset in one of the fastest growing areas of Charlotte,” Lynch said.  

“With its investment, RK Properties certainly recognized these attributes, and we are excited to be a part of their first acquisition in Charlotte.”

Holliday GP Corp. (“HFF”) is a North Carolina licensed real estate broker.

About Terwilliger Pappas

Terwilliger Pappas is one of the Southeast's leading developers of multifamily communities, dedicated to creating best-in-class apartment homes that deliver outstanding financial performance to its partners. 

Based in Charlotte, North Carolina, with offices in Atlanta and Raleigh, Terwilliger Pappas has developed 20 communities under its marquee brand, Solis, since 2013. 

Caylor Mark
The company's strategic site selection and understanding of the areas it develops, leads to an informed and unique design, making Solis an integral part of their surrounding communities. 

For further information on Terwilliger Pappas, please visit https://www.terwilligerpappas.com.

About RK Properties

Since its founding in 1976, RK Properties has purchased and managed over $1.5 billion in multifamily apartment assets.  

The company offers multifamily replacement properties for 1031 tax deferred exchanges, as well as DST and fund investment opportunities for accredited investors who are seeking a real estate investment.  

As of this closing, RK Properties has sponsored approximately 151 private placement programs, of which 134 programs have gone full cycle.  Solis Berewick is RK Properties’ fifth acquisition in the Southeast since 2017 as it continues its expansion in the region. 

 
Jeff Glenn

CONTACTS:

ALLAN LYNCH
NC Lic. #277156
HFF Senior Director
(704) 526-2819

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


Luxury Three-Story Townhomes Coming to Orlando ’s SoDo District



 Marisol Santiago Soderstrom

ORLANDO -   When plans began for luxury townhomes in Orlando ’s SoDo district south of downtown, the development team knew they’d have to capture all the best elements of high-quality housing with a structured, smart use of space in this demanding live / work / play market. 

Demolition and site work starts this month on Venue SoDo Orlando, 17 townhomes to be premiered at 28 W. Jersey St. off of South Orange Avenue . 

 Priced in the $400,000s, the 2,108 square foot Venue townhomes with refined Brownstone architecture will each feature a two-car, rear entry garage and walled garden patio.

Roger Soderstrom Jr.

 Marisol Santiago Soderstrom and Roger Soderstrom Jr. are heading up the marketing and sales.

“This urban property is a showcase townhouse residence that will serve as a benchmark in the area of design and development for many years,” says Marisol Soderstrom, head of sales for the project at Stirling .  

“Venue SoDo Orlando is distinct,” said Broker of Record Roger Soderstrom, Jr.  “The developers knew this design would fit today’s professional urban dweller and stand the test of time.”  

Three spacious levels of living area will offer a myriad of architectural details inside and out. Orlando-based Big Green Construction is the general contractor.

Rendering of plannedJersey Street project, south Orlando, FL

The first level includes a welcoming foyer, bonus storage closet, spacious family room, home theater or bedroom/office, full bathroom and the hidden garage. 

The second level is a spacious open living area with huge windows, chef’s kitchen with entertainment-size center island, a half bath, dining room and living room with double doors opening onto a balcony. 

 The third level features dual spacious master suites with luxurious bathrooms and walk-in closets plus a laundry room.       

Dramatic features include a walled-in garden patio off the first floor family room and the open staircase architecturally designed to capture a more expanded living area.

Jersey Street Project Kitchen View

Venue SoDo Orlando offers professional couples or individuals comfort, style, security and walkability to everything needed for an eclectic lifestyle. Residences will be available by late fall.
           
The evolving area – a $20 million dollar public and private investment – is defined by a surrounding historic neighborhood with parks and trails, an excellent school district, an expanding shopping district with many restaurants, cafes, trendy retail shops, new hotels, Target, a recently opened Lucky’s Market, 24-hour fitness, along with nearby SunRail and a robust healthcare hub anchored by the Orlando Health campus. 

The Development Team:

Stirling International Real Estate, who’s marketing the townhomes, has decades of renowned success in representing upscale and unique properties. 

They specialize in globally promoting properties in their real estate portfolio to homebuyers and investors on all major online channels available. 
  
Jersey Street Project aerial view

Developer Venue Development, now based in Orlando , has more than 15 years of experience in developing luxury multifamily, residential and commercial office buildings including site acquisition and project management in DC, Maryland , NYC and Florida .    

Studio 407, the Orlando-based architectural team has been involved with a significant number of residential, commercial and hospitality projects for owners and developers on four continents. The principals’ experience over the past 20 years includes Four Seasons, Hilton, Hyatt, Ritz-Carlton, and Starwood.

From its appealing detailed exterior to the spaciousness and thoughtfully appointed interior, Venue SoDo Orlando was designed with a discerning eye to create timeless appeal.

CONTACTS: 

Marisol Santiago Soderstrom, Stirling International Real Estate, 407-284-5004Msoderstrom@stirlingire.com

Amit Ghosh, Developer, Venue Development 407-756-2994 amitghosh32801@gmail.com

Beth Payan, Larry Vershel Communications 407-644-4142 or 407-461-3781 beth@larryvershel.com



HFF closes sale of 50,000 SF Downtown Philadelphia medical office building in the Rittenhouse Square submarket



1740 South Street, a 50,000-SF medical office building in the highly-coveted Rittenhouse Square submarket of Philadelphia, PA 

PHILADELPHIA, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of 1740 South Street, a 50,000-square-foot, medical office building in the highly-coveted Rittenhouse Square submarket of Philadelphia, PA on behalf of the seller, Chestnut Funds and Anchor Health Properties.

Ben Appel
1740 South Street is adjacent to the Penn Medicine Rittenhouse campus, which comprises a 96-bed hospital, licensed through the Hospital of the University of Pennsylvania. 

Additionally, the property is positioned between the Penn Medicine University City campus and the Thomas Jefferson University campus within the Rittenhouse Square and Graduate Hospital neighborhoods, which are some of the wealthiest areas of Philadelphia with average household incomes exceeding $130,000. 

 Renovated in 2010, 1740 South Street is 97% leased to a diverse mix of private physician groups.   

Evan Kovac
The HFF investment advisory team representing the seller was led by members of HFF’s healthcare capital markets team, including managing directors Ben Appel and Evan Kovac and directors Andrew Milne and Zachary Drozda.

“Philadelphia is home to one of the nation’s largest concentrations of healthcare and higher education institutions, including the adjacent UPenn Health System, the oldest health system in the country; and 9th top-ranked in 2018,” noted Appel. 

“Yet, relative to other U.S. cities, health systems own more of their outpatient real estate, leaving fewer ownership opportunities for medical office investors.  

"This creates very strong demand for quality healthcare assets in and around Philadelphia when those opportunities sporadically arise.”   

Andrew Milne
About Chestnut Funds

Chestnut Funds is a commercial real estate fund management firm located in Chattanooga, TN.  Chestnut’s family of funds focus on investment opportunities too large to efficiently source capital yet too small for institutional investors.  

The company invests in multiple property types alongside operating partners through its funds with a defined focus and strategy. 

 For more information, please visit chestnutfunds.com.


CONTACTS:

BEN APPEL
PA Lic. #RS312185
HFF Director
(212) 872-9903

EVAN KOVAC
HFF Managing Director
(206) 576-0050

KRISTEN MURPHY
HFF Director, Public Relations
(617) 848-1572


Banyan Investment Group Acquires and Will Operate 110-Room Courtyard by Marriott Houston Pearland in Texas


110-room Courtyard by Marriott Houston Pearland, Pearland, TX

 HOUSTON, TX -- Banyan Investment Group, an Inc. 5000 recognized hotel investment and management company that acquires and manages select-service hotels in the United States, announced that it has acquired and will operate the 110-room Courtyard by Marriott Houston Pearland in Texas

                “We continue to seek institutional quality assets, such as the Courtyard by Marriott Houston Pearland, in major markets with numerous demand generators,” said Andy Chopra, founding principal and chief investment officer, Banyan Investment Group. 

Andy Chopra
“The hotel benefits from its location within Pearland Town Center,  a popular mixed-used development with 937,000 square feet of open space location within the South Houston marketplace that includes 140 specialty stores, 234-unit apartment complex building and more than 50,000 square feet of office space. 

The hotel requires minimal capital expenditures, and we are confident the property will achieve its economic objectives with immediate cash flow.”


Pearland Town Center, Pearland, TX





                Situated in the Pearland Town Center at 11200 Broadway Street in the “Energy Capital of the World,” the five-story hotel is just 15 minutes from NRG Stadium (home of the NFL’s Houston Texans) and within 20 minutes of the Texas Medical Center, downtown Houston and William P. Hobby International Airport. 

 All guest rooms, which underwent a recent renovation in 2016, contain luxurious linens, pillow-top mattresses, complimentary high-speed Internet access, refrigerator work desk, 32-inch HDTV and microwave. 

The hotel also provides meeting space for up to 60 people, business center, 24/7 fitness center and outdoor pool.  Guests are invited to dine at The Bistro, serving breakfast and dinner daily, or to pick up quick bites and coffee at the hotel Starbucks.
NRG Stadium, Houston, TX
                “Home to some of America’s largest corporations, including Philips 66 and Sysco, Houston is well on its way to becoming the third largest city in the United States,” Chopra added. 

“We appreciate the economic diversity provided by South Houston’s submarkets, and Pearland particularly stood out due to its standing as the fastest growing suburb in one of the fastest growing MSAs in the country.”

Banyan Investment Group

                With offices in Florida and Georgia, Banyan Investment Group is a hotel investment and management company that acquires and manages select-service hotels in the United States. 

William P. Hobby International Airport, Houston, TX
The company has been listed as an Inc. 5000 member for the past six, consecutive years.  The company utilizes conservative forecasting, combined with a clear understanding of calculated risk taking, to make optimal investments with an overarching goal of exceeding stakeholder expectations of investment returns.


CONTACT:

  Chris Daly
  (703) 864-5553