Marcus & Millichap Sells 83,340-SF Retail Building in Kissimmee, FL for $9.55 Million

KISSIMMEE, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Kissimmee Korners (top left photo), an 83,340 square-foot retail property located in Kissimmee, FL. The asset commanded a sales price of $9,550,000.

Vice President Investments Douglas K. Mandel (lower right photo) in Marcus & Millichap’s Fort Lauderdale office and Senior Associate Mark Thompson in the firm’s Orlando office had the exclusive listing to market the property on behalf of the seller, an individual/personal trust from Boca Raton, FL.  The buyer, an individual/personal trust from Canada, was also secured by Mandel and Thompson.  

“The underlying real estate provides the buyer a proven net operating income, while at the same time offering diversity among the tenant mix and a core location on one of the main thoroughfares in the area,” says Mandel.  Kissimmee Korners’ tenants include: Budget Rent-A-Car, Little Caesars, United Legacy Bank and state government offices. 

Kissimmee Korners is located at 1507 N John Young Parkway in Kissimmee, FL. 

Press Contact:

Gregory Matus

Vice President/Regional Manager,

Fort  Lauderdale, FL

(954) 245-3400

Century West Partners Breaks Ground for The Gibson at 7th and Arizona in Santa Monica

  

Santa Monica, CA – Century West Partners, a Los Angeles-based residential development venture, in partnership with Hartford, Conn-based Cigna, have broken ground on the first phase of The Gibson (top left photo) at 7^th and Arizona – a two-building, 106-unit upscale apartment development in Santa Monica, Calif.  Santa Monica Mayor Richard Bloom attended the ground-breaking..

Formed last year, Century West Partners is headed by veteran residential developers Michael Sorochinsky (lower right photo) of Los Angeles-based Cypress Equity Investments and Randy and Steve Fifield of Chicago-based Fifield Companies.  

The project will be the venture’s first apartment development in the Santa Monica market and third development in the Los Angeles Area, following the 404-unit Avant and 303-unit K2 LA, in downtown Los Angeles and Koreatown, respectively.

 “Bringing the Century West brand to the Santa Monica market is an exciting opportunity for us,” said Sorochinsky. “This is a highly-desirable location that will offer residents immediate access to some of the best cultural and retail destinations the Los Angeles area has to offer.

“They will be only a short walk from the famed Third Street Promenade, as well as Santa Monica State Beach and Santa Monica Pier.”

For a complete copy of the company’s news release, please contact:  

 Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

Mark Thomton, mthomton@taylorjohnson.com, (312) 267-4523    

Four New Properties Added to Cassidy Turley Atlanta Portfolio

ATLANTA, GA -- Cassidy Turley, a leading commercial real estate services provider in the U.S., continues to expand its property management division with the recent addition of four Georgia properties.

 Flagstar Bank selected Cassidy Turley to provide property management services for Holcomb Center (top left photo) and Mulberry Centre (middle right photo). Holcomb Center is a 87,564-square-foot retail property in Roswell, and Mulberry Centre is a 13,400-square-foot retail property in Braselton.

 Cassidy Turley also has been hired to manage a 106,000 square-foot office building in the Lake at Northpoint office park in Roswell, and 1382 Peachtree Street inAtlanta’s CBD for Big Brothers Big Sisters.

 “Cassidy Turley is thrilled that we’ve been selected to serve these new clients,” said Holly Hughes (lower left photo), Senior Managing Director of Cassidy Turley’s property management group. 

“Our commitment to client service and our property management expertise has enabled us to quickly grow the Cassidy Turley brand and portfolio in Atlanta.”

 Cassidy Turley manages more than 455 million square feet both domestically and internationally. It has been instrumental in the turn-around of many properties in its Atlanta office and nationwide.

Public Relations Contact

Tony Wilbert

Wilbert News Strategies

404-965-5022

twilbert@wnspr.com

Wells Fargo Advisors Leases 8,000 SF at City Center in St. Petersburg, FL

ST. PETERSBURG, FL – Wells Fargo Advisors has leased 8,000 square feet at City Center (top left photo) in downtown St. Petersburg.  This latest lease brings occupancy at the building to over 80%.

 “Over the last 20 months, we've leased over 105,000 square feet and have taken occupancy from 44.1% at acquisition in December of 2010 to over 80% in September of 2012.  In addition, we've inked over 20,000 square feet in renewals.” stated Larry Feldman (middle right photo), CEO of Feldman Equities, Inc.

Broker Reynolds McCabe (middle left photo) of Travers Realty represented Wells Fargo Advisors in the transaction.

 The Wells Fargo Advisors’ lease follows on the heels of a multi-million dollar renovation program at the property. Ownership recently completed a state-of-the-art fitness center complete with shower facilities.

Ownership also upgraded the elevator lobbies and the parking garage, and work is nearly completed to upgrade the elevator systems and elevator cabs. The elevator work involves a million dollar upgrade of the motors and controls, as well as all new elevator cabs.

A marble-clad concierge desk has been installed in the lobby which is providing tenants with services ranging from welcoming visitors to the building to finding baseball tickets for the Tampa Bay Rays game or even acting as a temporary secretary for the day.

 “Our success at City Center has been derived from an aggressive pricing program coupled with a spectacular renovation program. As a result of our renovations, the building has by far the best amenity package of any building in downtown St. Petersburg,” stated Feldman.

On-site building amenities at City Center in downtown St. Petersburg include a state-of-the-art fitness center complete with shower facilities, a full time concierge, an Atrium Café, a large conference center capable of seating 65 people with Wi-Fi and audiovisual equipment, on-site banking and a recently renovated six-story parking garage. These amenities are in addition to all of the waterfront retail and dining options located within walking distance.

 City Center is owned by a joint venture consisting of affiliates of Second City Capital Partners, Feldman Equities, Inc., and Tower Realty Partners, Inc.

More information can be found on the City Center website www.citycenterstpete.com

For a complete copy of the company’s news release, please contact:

Feldman Equities

Larry Feldman

727-822-3395

 lfeldman@feldmanequities.com

Smith Equities Reports Lackluster Year of Leasing in Central Florida Student Housing Market

 ORLANDO, FL -- Paul M. Guyet (top right photo), Student Housing Specialist at Orlando, FL-based Smith Equities Real Estate Investment Advisors, reports that in what seems to have been a rather lackluster year of leasing in both markets, two new student housing complexes came on the market this year, one at the University of Central Florida (UCF) in Orlando and the other at the University of South Florida (USF) in Tampa..

There are also several new properties in the pipeline planned for next year and several years after that. 

At UCF, University House was a resounding success leasing all 995 of its bedrooms. Most of the leasing was done from a mobile trailer/office while the complex was under construction. The community has all the bells and whistles, including a Hi‐tech gaming lounge w/ multi‐screen TV wall.

At USF, Sterling North Campus came online with a bit less fanfare as its final lease‐up tally for its 734 bedrooms was in the mid 90%.

UCF is like that never‐ending “Eveready Battery”. It just continues to grow and grow and grow and it now has over 60,000 students, an increase of about 2,000 students, keeping its status as the second largest university in the country.

However the freshmen class had a slight reduction (down by 200) so

most of UCF’s enrollment growth seems to have come from transfer students who graduate from the area’s community colleges and unemployed and underemployed people who go back to school to upgrade their educations and job prospects.

Many of these transfer/graduate students do not use student housing to the extent that other four year students do. On‐line classes may also cut down on the use of student housing since those students can learn from home or another location.

For a complete copy of the company’s news release and full statistics, please contact:

Paul M. Guyet

Student Housing Specialist

Senior Investment Advisor/Mortgage Broker

Smith Equities Real Estate Investment Advisors (SEREIA)

350 East Pine Street

Orlando, FL 32801

 Tel: (407) 422-0704 X 105

Fax: (407) 422-0705

Cell: (407) 925-7608

Email: PGuyet@SmithEq.com

 SEREIA Websites: www.SmithEq.com | www.MyRentComps.com

Institutional Property Advisors Appoints Brian T. Murdy As National Director

CALABASAS, CA – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has named Brian T. Murdy (top right photo) national director, according to John J. Kerin (lower left photo), president and chief executive officer of the firm.

            Most recently, Murdy served as a portfolio manager of Hartford, Conn.-based Cornerstone Real Estate Advisers’ flagship core open-end fund.

            “Our goal for this position has been to appoint an experienced executive from the institutional investment community in order to bring a client-oriented approach, expertise and leadership to our IPA team,” says Kerin.

 “Brian’s extensive and diverse background in raising and managing institutional funds, forming investment strategy and overseeing large and shifting portfolios stood out as major advantages for our institutional clients and our IPA brokerage team,” he adds.

A 28-year veteran of the institutional multifamily investment industry, Murdy held the positions of portfolio manager for Cornerstone Real Estate Advisers since 1999.

For a complete copy of the company’s news release, please contact:

 Stacey Corso

Public Relations Manager

(925) 953-1716

http://www.institutionalpropertyadvisors.com/

HFF arranges $170 million construction loan for One Channel Center in Boston

BOSTON, MA – HFF announced it has arranged a $170 million construction loan for One Channel Center (top left photo), a 500,000-square-foot office building currently under development by AREA Property Partners and Commonwealth Ventures in Boston’s Seaport District.

                The HFF team led by managing director Anthony Cutone (middle right photo) and director Porter Terry  worked on behalf of AREA and Commonwealth to secure the construction loan.   

The property will feature an 11-story, Class A office building leased in its entirety to State Street Corporation, and an adjacent 960-space parking garage.  

The project broke ground this past summer and is slated for delivery in early 2014.  One Channel Center is situated within the larger Channel Center project, a two million-square-foot mixed-use development area featuring office, residential and retail uses. 

“One Channel Center is an exciting and appropriate culmination of its investors’ vision and dedication to establishing Channel Center as a vibrant commercial and residential neighborhood,” said Cutone.  “Combining top-notch sponsorship, a central urban location and premier tenancy, the project epitomizes successful urban development.”

Commonwealth Ventures, LLC (www.commonwealthventures.com) is a premier real estate investment and development company operating in Boston, Rhode Island and Connecticut. 

Founded in 2003 by Richard A. Galvin, Commonwealth Ventures acquired Channel Center in 2007 and has guided the transformation of the property, overseeing the development/re-development of nearly one million square feet since acquisition.  

 Commonwealth Ventures is also in the midst of the re-development of 50 Post Office Square in Boston’s Financial District.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |

www.hfflp.com

krmurphy@hfflp.com

www.areapropertypartners.com

.

HFF completes $148 million loan sale in Los Angeles and San Diego Markets

IRVINE, CA - HFF announced it has completed the sale of a non-performing loan with an approximate $148 million unpaid principal balance on behalf of a special servicer.

The loan is secured by eight office properties and 16 buildings totaling approximately 900,000 square feet in the Los Angeles and San Diego markets.  The properties have an overall occupancy rate of 60%+. 

The HFF team was led by senior managing director Ryan Gallagher (top right photo) and managing director Mark Fallon (lower left photo).  Senior managing directors Richard Plummer and Nick Psyllos, director Andrew Harper and associate director CJ Osbrink also assisted with the sale.

Contact:

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |

www.hfflp.com

krmurphy@hfflp.com

HFF closes sale of iconic six-property Chicagoland portfolio

CHICAGO, IL –HFF announced  it has closed the sale of the final property of a six-property, 1,292 unit multi-housing, senior housing and hotel portfolio in the Chicagoland area.

HFF marketed the property on behalf of the seller, IRMCO Properties & Management Corporation.  The six properties were purchased in five separate transactions during 2011 and 2012.

Individual property and sale details are listed below:

Property                                          Address                                                         Unit Size               

The Belden-Stratford                  2300 Lincoln Park West, Chicago             297 Units        

Flamingo Apartments                  5500 South Shore Drive, Chicago             167 Units        

The Seneca                                   200 East Chestnut, Chicago                    264 Units        

Sovereign Apartments                1040 West Granville Avenue, Chicago    283 Units         

Versailles Apartments                 5254 S. Dorchester Avenue, Chicago      96 Units          

North Shore Retirement Hotel  1611 Chicago Avenue, Evanston               185 Units        

The HFF team representing IRMCO Properties & Management Corporation was led by executive managing director Matthew Lawton (top right photo), managing directors Sean Fogarty (top left photo), Marty O’Connell (middle right photo), Danny Kaufman (lower left photo), and Ryan Maconachy, Director Chad Lavender and senior managing director Dan Peek.

IRMCO Properties & Management Corporation is recognized for its management of some of Chicago’s most renowned properties.  These properties are located along Chicago's famous lakefront, where IRMCO has established its reputation for operating hotels, apartment buildings and retirement communities since 1951.

Contact:

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |

www.hfflp.com

krmurphy@hfflp.com

HFF closes $17.9 million sale of Whole Foods Center in Fort Collins, CO

LOS ANGELES, CA – HFF announced today that it has closed the sale of The Whole Foods Center (top left photo), a 68,334-square-foot, two-tenant retail center in Fort Collins, Colorado.

                HFF marketed the 100% occupied property on behalf of a private investor.  A private real estate fund advised by Crow Holdings Capital Partners, L.L.C. purchased the center and assumed an existing CMBS loan.

Whole Foods Center is located at 2201 South College Avenue (U.S. Highway 287), the main retail thoroughfare, in southern Fort Collins, about 55 miles north of Denver. The property is fully leased to Whole Foods and Wilbur’s Total Beverage.

                

The HFF team representing the seller was led by managing director Bryan Ley (middle right photo), senior managing director Barry Brown (lower left photo) and director John Crump.

The seller was a private investor based on the East Coast who had owned the asset since 2006.

Crow Holdings Capital Partners, L.L.C. (CHCP) was established in late 2010 in response to new regulations and to expand the business of Crow Family Holdings, which was formed in the early 1990’s to exclusively manage the assets of the Trammell Crow Family. 

Since 1998, CHCP and CHCP-affiliated entities have managed a series of real estate private equity funds that are designed to generate current income and benefit from the capital appreciation of portfolio investments.

 These five funds have had total equity commitments from partners of approximately $3.0 billion, approximately $600 million of which was committed by Crow Family Holdings. 

Contact:

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |

www.hfflp.com

krmurphy@hfflp.com

HFF closes $11.6 million sale of grocery-anchored retail center in Sarasota, FL

  

MIAMI, FL – HFF announced today that it has closed the sale of Publix at Northridge (top left photo), a 65,320-square-foot grocery-anchored retail center in Sarasota, Florida.

HFF marketed the properties on behalf of the seller, a joint venture led by Kimco Realty Corporation.  Phillips Edison-ARC Shopping Center REIT Inc. purchased the property for $11.6 million subject to existing debt. 

 Publix at Northridge is located at 5100 Clark Road near the intersection of Honore Avenue within the Palmer Ranch master-planned community in Sarasota.  Built in 2003, the center is situated on 12.4 acres and includes 280 parking spaces.  Publix grocery store occupies 44,840 square feet of the center, which is 84 percent occupied by seven tenants. 

The HFF investment sales team representing the seller was led by senior managing directors Danny Finkle (middle right photo) and Brad Peterson (middle left photo), director Luis Castillo (lower right photo) and real estate analyst Kim Flores. 

"We are pleased to have successfully facilitated this sale on behalf of Kimco Realty as they continue to refine their shopping center portfolio to focus on select markets," said Finkle.

                Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that owns and operates North America’s largest portfolio of neighborhood and community shopping centers. 

As of June 30, 2012, the company owned interests in 926 shopping centers comprising 136 million square feet of leasable space across 44 states, Puerto Rico, Canada, Mexico and South America.

Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 50 years.

  For further information, please visit www.kimcorealty.com, the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.

Contact:

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |

www.hfflp.com

krmurphy@hfflp.com

Hendricks & Partners Negotiates $3.465 Million Sale of Roselea Manor Apartments in Sanford, FL

ORLANDO, FL --- Hendricks & Partners, one of the nation’s largest and most active multi-family investment banking and research companies, recently negotiated the sale of Roselea Apartments (top left photo) on Ridgewood Ave. in Sanford for $3,465,000, or $26,250 per unit and $26.41 per square foot.

The community was 60 percent occupied at the time of closing.

Cole Whitaker (lower right photo), partner who heads Hendricks & Partners in the Southeast, negotiated the sale with associate partner Hal Warren.

Bob Hold, with Hold Thyssen, acted as receiver and assisted in the sales effort.

The 132 unit Roselea apartment community was built in 1974, with an average unit size of 994 square feet.

For more information, contact:

Cole Whitaker, Southeast Partner, Hendricks & Partners, 407-218-8880, cwhitaker@hpapts.com; 

Hal Warren, Associate Partner, Hendricks & Partners, 407-218-8881, hwarren@hpapts.com; 

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

Marcus & Millichap Closes Class A Multifamily Sale in Evansville,IN

 EVANSVILLE, IN – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of The Reserve (top left photo), a 158-unit 169,633-square foot apartment complex in Evansville. The terms of the sale were not disclosed.

            David Gaines (middle right photo), a vice president investments in Marcus & Millichap’s Chicago Downtown office, and Alex Blagojevich (lower left photo), a senior associate in the firm’s Tampa office, represented the seller, Indianapolis-based SC Bodner Company Inc. The buyer is Thompson National Properties LLC, which has its headquarters in Irvine, Calif.

Joshua Caruana, regional manager of the Indianapolis office, is Marcus & Millichap’s broker of record in Indiana.

            “The Reserve was originally conceived as a ‘for sale’ townhome project,” says Gaines. “Later it was rebranded as 158 apartment units, 36 of which were townhomes.  The asset is nearly 100 percent occupied and located in a very solid rental market, giving the new owner an opportunity to achieve a very low-risk yield,” adds Gaines.

            “The Reserve is the highest-quality apartment property in the Evansville market and our offering received multiple bids from both the regional and national investment community,” says Blagojevich.

Completed in 2010, the property is located at 700 Reserve Blvd. in Evansville. The Reserve consists of the 10 original three-story townhome units, 28 two-story townhomes and two four-story buildings with 120 total units.

 The average unit size is approximately 1,100 square feet. Units are cable ready and feature air conditioning, hardwood flooring, oversized closets and stainless steel appliances. Community amenities include high-speed Internet access, a business center, clubhouse, covered parking, extra storage space and a swimming pool.

Contact:

Stacey Corso

Public Relations Manager

(925) 953-1716

McCarthy Selected as Design-Build Contractor for New $34 Million San Diego County Administration Center Waterfront Park and Parking Structure

SAN DIEGO, CA – Local San Diego residents and visitors can look forward to maximizing their recreational enjoyment of the city’s Pacific Coast waterfront location with the future construction of the San Diego County Administration Center (CAC) Waterfront Park Development project (top left rendering), located along Pacific Coast Highway between Ash and Grape streets in downtown San Diego.

McCarthy Building Companies, Inc., (www.mccarthy.com) recently was awarded the $34 million design-build project, which also includes an underground parking garage. 

McCarthy’s design-build team includes SGPA, architect-of-record; Schmidt Design, landscape architect; and IPD (International Parking Design) for the parking portion of the project.  The official groundbreaking ceremony is scheduled for September 25th, with project completion slated for summer 2014.

The CAC Waterfront Park Development project will convert the large eight-acre, on-grade parking lots north and south of the historic Administration Center and the immediate outdoor areas west and east of the building to a large, 12-acre community and regional open space amenity.

 The park will encompass expansive civic greens, a children’s play area, specialty garden areas, elaborate water features and a public restroom.

For a complete copy of the company’s news release, please contact:

Bonnie Kutch,

 bkutch@kutchco.com

 Phone: (619) 299-1010                             

3 New Condo Projects With 520 Units Proposed For West Palm Beach Area

 MIAMI, FL --A trio of developers are proposing three unrelated new condo projects with more than 520 units in the West Palm Beach area of Northeast Palm Beach County, and in the process has boosted the total number of planned buildings to 69 since the South Florida real estate crash began in 2007, according to a new report from CondoVultures.com.

With the newly announced projects, nearly 55 condo projects have now been proposed for the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties as of the third quarter of 2012, according to the Preconstruction Condo Projects list compiled by the licensed Florida brokerage CVR Realty™.

Some five years after the South Florida condo market began to stall, one new tower has already been completed in the tricounty region and 11 other highrises are under construction as the post-crash development era gains momentum, according to a recent CondoVultures.com report.

 For a complete copy of the company’s news release, please contact:

Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.