Berger Commercial Realty Corp. Hired by Principal Life Insurance Co. to Lease and Manage Mangonia Business Park in West Palm Beach, FL

FORT LAUDERDALE, FL– Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced the firm has been hired by Principal Life Insurance Co. to lease and manage Mangonia Business Park, located at 4711 N. Australian Ave. in West Palm Beach, Fla.

 Brokers Judy Dolan and Greg Milopoulos of Berger Commercial Realty Corp. will handle the property's leasing and Tim Hackett, Vice President Of Property Management, will handle management of the property, a 50,000+/- square-foot, multi-tenant small bay warehouse building located in the Mangonia Park section of West Palm Beach.

 Contact:  Marielle Sologuren, Pierson Grant Public Relations, (954) 776-1999, ext. 226, msologuren@piersongrant.com

Marcus & Millichap Facilitates Sale of Two-Property Assisted Living Portfolio in Florida for $8.5 Million

  

VENICE, FL and NEW PORT RICHEY, FL, June 15, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a two-property assisted living portfolio in Florida, totaling 82,112 square feet, with 190 licensed beds and 148 units. 

 Summerville of Venice (top left photo), located at 200 N. Nassau Street in Venice Fla. is a 42,714-square foot facility with 90 licensed beds and 78 units.  

Summerville of New Port Richey (bottom right photo), located at 5539 Charles Street, New Port Richey, is a 39,398-square foot facility with 100 licensed beds and 70 units, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office. The portfolio sold for $8,505,000.

Krone Weidler, Senior Associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, Emeritus Corporation (NYSE:  ESC) located in Seattle, Washington. 

The buyer, Nelson Brothers Professional Real Estate LLC located in Aliso Viejo, California, was secured and represented by Ms. Weidler. 

 Summerville of Venice is a historic landmark that was built in 1926 and upgraded in 1984.  Summerville of New Port Richey was built in 1967 and caters to a memory care population.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

$140.5 Million Multifamily Complex Trades in Northern California

RICHMOND, CA,  June 15, 2011 – Institutional Property Advisors (IPA), a brokerage platform serving the needs of institutional and major private investors, has announced the sale of Bella Vista at Hilltop (top left photo), a 1,008-unit multifamily property located in Richmond. IPA is a division of Marcus & Millichap Real Estate Investment Services.

David Forrest and Randall Calvert of GMH Capital Partners Commercial Realty Services LP represented the seller, GMH Capital Partners.

The Jones-Saglimbeni Group of IPA, which includes Stan Jones (middle right photo), Phil Saglimbeni (lower left photo) and Sal Saglimbeni, also provided representation. The buyer was Kennedy Wilson.

The property was marketed in 2008, but did not close because of the recession’s impact on the capital markets, according to Jones.

“This closing signifies the overall improvement in market conditions, specifically in the San Francisco Bay Area multifamily sector,” says Jones.

Phil Saglimbeni adds, “The combinations of significant liquidity returning to the capital markets, improving operations and very attractive interest rates have facilitated strong buyer demand for larger multifamily opportunities in core markets.”

Gary Holloway Jr., president of GMH Capital Partners says, “We were very pleased with the entire sale process, and found the Jones-Saglimbeni Group to be an invaluable resource of market data throughout our ownership of Bella Vista.”

 Located at 3400 Richmond Pkwy., the 893,856 square-foot Bella Vista at Hilltop is 20 miles from San Francisco and 15 miles from downtown Oakland in Contra Costa County.

Built in 1988, the property consists of 42 buildings on approximately 50 acres. The unit mix is 48 percent one-bedroom units and 52 percent two-bedroom units. Bella Vista at Hilltop’s community amenities include five swimming pools, four lighted tennis courts, a state of the art fitness center and a fully equipped business center.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

HFF arranges $4.48 million financing for Los Angeles area multi-housing community

SAN DIEGO, CA – HFF announced today that it has arranged $4.48 million in financing for Lagoon Terrace Apartments, a 62-unit multi-housing community in Wilmington (Long Beach), California.

HFF worked exclusively on behalf of the borrower, a joint venture between Coastline Capital Partners LLC and KFG Investment Company, to secure the 10-year fixed-rate FNMA loan. Loan proceeds were used to acquire the property.

Lagoon Terrace Apartments is located at 1010 North Lagoon Avenue in Wilmington, close to the 110 and 710 Freeways and the Pacific Coast Highway about 22 miles south of downtown Los Angeles. The 95 percent leased property has one- and two-bedroom units averaging 760 square feet each. Coastline Real Estate Advisors, Inc., Coastline Capital Partners’ premier third-party management firm, will be managing the property on behalf of the borrower.

The HFF team representing the borrower was led by associate director Patrick Burger and real estate analyst Husayn Hasan.

“Lagoon Terrace is a great asset and will benefit from the repositioning and value-add expertise that Coastline and KFG bring to the table,” said Burger.

Contacts:

Patrick M. Burger, HFF Associate Director, (858) 552-7690, pburger@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500 krmurphy@hfflp.com

EIS is Proud to Announce the Addition of Adam Tahaney

  

ORLANDO, FL--Equity Investment Services (EIS) is proud to announce the addition of Adam Tahaney (top right photo) to its retail leasing team in Orlando, FL. As an associate agent, Mr. Tahaney will help lead the firm’s retail leasing efforts throughout Central Florida.

 Within a week of joining EIS, Adam closed a three year lease for a 1,450 SF office space on Lee Road, and has another lease in review for a 4,200 SF retail space in Oviedo, FL. Mr. Tahaney is excited about the opportunity that has been given to him, as he looks forward to closing more business for EIS.

 EIS is a full service commercial real estate investment advisory company based in Orlando, FL. EIS represents owners in the dispositions and acquisitions, leasing and professional management of shopping centers, office buildings, industrial properties, single tenant net leased investments and multi-family properties. EIS concentrates its efforts in the southeast region of the U.S. with a core focus on the Central Florida marketplace.

 For more information, contact:

Christopher Savino Managing Director, 407.573.0711 (o) CSavino@EISRE.com

 Estefanía Enriquez |Marketing Coordinator

Phone: 407.573.0711 ♦ Fax: 407.573.0710

Email: EEnriquez@EISRE.com

Website: www.EISRE.com