Tuesday, October 9, 2012

Marcus & Millichap Sells 162 Units in Melbourne, FL Townhome Community for $6.15 Million

Stonewood Townhomes, Melbourne, FL
MELBOURNE, FL, Oct. 9, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 162 units in Stonewood Townhomes, a 176-unit townhome community located in Melbourne, FL, according to Gregory Matus, Vice President/Regional Manager of the firm’s Ft. Lauderdale office. The asset commanded a sales price of $6,150,000.

Senior Vice President Investments Evan P. Kristol and Still Hunter, III in Marcus & Millichap’s Ft. Lauderdale office and Senior Associate Michael Donaldson in the Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Fort Lauderdale, FL. 

Evan P. Kristol
The buyer, a limited liability company from Cocoa Beach, FL was also secured and represented by Kristol, Hunter and Donaldson. 

Stonewood Townhomes is a 176-unit townhome community that consists of 44 four-plex buildings on a 7.15 acre site of which 162 separately parceled units were sold.

The unit mix is comprised of 24 one-bedroom/one-bathroom units, 33 two-bedroom/one-bathroom units and 105 two-bedroom/one and one-half bathroom two-story townhome units. The property is located at 325 E University Boulevard in Melbourne, FL.

Press Contact:

Gregory Matus
Regional Manager / Vice President,
 Ft. Lauderdale
(954) 245-3400

W3 Partners and Ridge Capital Partners, LLC Form Joint Venture to Acquire 185,074 SF Three-Building R&D Complex in San Jose, CA

145 Rio Robles Drive, San Jose, CA
SAN RAFAEL, CA. (Oct. 9, 2012) Citing a remarkable opportunity to acquire an off-market asset in the heart of Silicon Valley, W3 Partners, an institutional real estate investment manager and operating company, and Ridge Capital Partners, LLC, a private equity investment firm, have acquired a three-building R&D office complex in San Jose, Calif.

Built in 1985 and completely renovated in 2011, the 185,074-square-foot Class A property is situated on approximately 11 acres at 51, 77 and 145 Rio Robles Drive.

Susan Sagy
 “This purchase fits perfectly within our acquisition strategy. Our goal is to acquire value-add assets that are located in markets with great employment fundamentals and demand a creative approach to unlocking opportunity,” said Susan Sagy, managing partner, W3 Partners.

W3, a well-capitalized investment manager focused on a West Coast value-add office and office R&D strategy, will be the majority partner and operator for the venture. 

Two of the three buildings within the property are fully occupied by SunPower Corporation (Nasdaq: SPWR). SunPower designs, manufactures, and markets high performance solar electric power technologies. The third building, which totals 56,895 square feet, is currently vacant.

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

Darcie Giacchetto
Spaulding Thompson & Associates
(949) 278-6224

San Diego, CA Office and Industrial Markets Demonstrate Ongoing Recovery in Third Quarter

Chris Wood
San Diego, CA (Oct. 09, 2012) – San Diego’s office and industrial markets demonstrated ongoing recovery in the third quarter of 2012, according to a Third Quarter Market Report from Voit Real Estate Services. 

Office lease rates increased, rising from their bottom during Q3, while the industrial market posted its tenth consecutive quarter of positive net absorption.

“These numbers are positive indicators that the San Diego market is moving toward continued recovery,” said Chris Wood, Managing Director of Voit’s San Diego office.

“As we predicted, lease rates are beginning to increase, and more space is being absorbed, which will help support a recovery. We expect that this trend will continue, resulting in a further increase in investment and leasing activity throughout the remainder of 2012 and 2013.”

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

Jenn Quader / Judith Brower
Brower, Miller & Cole
(949) 955-7940

Parkway Announces Pending Purchase of Tampa-Westshore Office Building and Other Investment Activity

Westshore Corporate Center, Tampa, FL
 ORLANDO, FL /PRNewswire/ -- Parkway Properties, Inc. (NYSE: PKY) announced  it is under contract to purchase Westshore Corporate Center in Tampa, Florida for a net purchase price of $22.5 million. 

Parkway also announced that it has completed the purchase of a parking garage, a 21,000 square foot office building and a vacant parcel of developable land all adjacent to Parkway's currently owned Hayden Ferry Lakeside I and II assets in Tempe, Arizona for $18.2 million on behalf of Parkway Properties Office Fund II, L.P. ("Fund II") and has completed the sale of 111 Capital Building in Jackson, Mississippi for $8.3 million.

James R. Heistand
James R. Heistand, Parkway's President and Chief Executive Officer, stated, "These two off-market acquisitions support our investment strategy of gaining critical mass in key, target submarkets that we believe will outperform their respective overall markets.”

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

Thomas E. Blalock
Vice President of Investor Relations
(407) 650-0593                                                     

HFF secures $15.97 million financing for Arlington, TX multi-housing communities

Sunset Point Apartments, Arlington, TX
DALLAS, TX – HFF announced today that it has secured $15.97 million in financing for Sunset Point and Springmist Apartment Homes, multi-housing communities totaling 408 units in Arlington, Texas.

                Working on behalf of Pure Multi-Family REIT LP (“Pure Multi”), HFF placed the 10-year, fixed-rate loan with Freddie Mac (Federal Home Loan Mortgage Corporation).  Loan proceeds were used to acquire the properties.  HFF will also service the securitized loan through its Freddie Mac Program Plus® Seller/Servicer program.

John Brownlee
Sunset Point and Springmist Apartment Homes are located at 2015 and 2004 Randy Snow Road close to Interstate 30 and the Dallas Fort Worth International Airport in Arlington.  The properties are 97 percent leased.

                The HFF team representing Pure Multi-Family REIT LP was led by senior managing director John Brownlee.

 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 |


HFF arranges $34 million financing for newly-completed luxury multi-housing community in suburban Philadelphia

The Station at Bucks County, Warminster, PA
FLORHAM PARK, NJ – HFF announced today that it has arranged $34 million in financing for The Station at Bucks County, a newly-completed, 233-unit luxury multi-housing community in Warminster, Pennsylvania, a suburb of Philadelphia.

HFF worked on behalf of the borrower, J.G. Petrucci Co. Inc. to secure the 10-year, fixed-rate loan through Webster Bank.  In 2011, HFF also arranged a $32 million construction loan for the borrower through Webster Bank.

Jon Mikula
The Station at Bucks County is located at 330 Jacksonville Road adjacent to the Warminster Train Station about 14 miles north of city center Philadelphia.  Completed in 2012, the property features 19 buildings with one- and two-bedroom units averaging 932 square feet each.  Community amenities will include a clubhouse, fitness center and pool. 

The HFF team representing J.G Petrucci Co. Inc. was led by senior managing director Jon Mikula.

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 |

McCarthy Uses Cunningham Deck and Beam Forming System on Parking Structure Project at Hoag Health Center in Huntington Beach, CA

Hoag Health Center Parking Garage Rendering
 Huntington Beach, CA––McCarthy Building Companies, Inc., one of Southern California’s preeminent parking structure and healthcare facility builders, recently began construction on a 191,000-square-foot parking structure at the Hoag Health Center in Huntington Beach, Calif.

  Located on the east side of Beach Boulevard just south of Yorktown Avenue, the new 475-car parking structure is the first phase of a three-phased building plan to expand the existing Hoag Health Center.

Sanford Smith
The entire Hoag Health Center expansion, which is slated to complete in early 2014, includes the new parking structure, overall site renovations and a three-story medical office building to house rehabilitation, healthcare services for wound care, medical imaging, radiation, oncology, medical oncology as well as a surgery center. 

“We are pleased to be moving forward with construction at the Hoag Health Center in Huntington Beach,” says Sanford Smith, Senior Vice President, Real Estate Facilities, Construction, and Operations at Hoag Hospital.  “The new expansion represents a major contribution to the community, allowing the health center to double the amount of medical services it currently provides.”

Serving as general contractor for the parking structure portion of the project, McCarthy began constructing the three and one-half level parking structure on August 1, 2012.  Once it opens in April 2013, the parking structure will serve the existing Hoag Health Center complex in conjunction with the new medical office building expansion.              

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

Laura Mickelson
(LM Communications) 
(949) 453-0851    
Susan Garritano
(McCarthy Building Companies, Inc.)     
 (314) 968-3300                          

Marcus & Millichap Names Matthew Kesteron Sales Manager of Fort Lauderdale, FL Office

Matthew Kesterson
FORT LAUDERDALE, Fla. Oct. 8, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Matthew Kesterson sales manager of its Fort Lauderdale office, according to Gene A. Berman, executive vice president and managing director of the firm.

            “Matt has extensive commercial real estate experience as an investment specialist,” says Berman. “A proven achiever who has grown along with Marcus & Millichap from the very inception of his career, he will be an asset to our Fort Lauderdale brokerage team.”

Gene Berman
Kesterson returns to Marcus & Millichap’s Fort Lauderdale office after joining it as an intern in January 2000, and becoming an agent in April 2001.

After helping to open the Melbourne office, and relocating it to Vero Beach, he was inducted as a senior investment associate in July 2007 and became a vice president investments in 2008. He specialized in multifamily investments, and served as a director in the firm’s National Multi Housing Group.

During his sales career with Marcus & Millichap, Kesterson earned three National Achievement Awards and seven consecutive sales recognition awards.

Kesterson graduated from Ohio State University with a bachelor’s degree in business administration.
For a complete copy of the company’s news release, please contact:

Stacey Corso
Public Relations Manager
(925) 953-1716

$19.5 Million Seniors Housing Community Comes to Market in Huntington Beach, CA

Huntington Villas
HUNTINGTON BEACH, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has the exclusive listing for Huntington Villas, a 114-unit active seniors housing community in Huntington Beach.

The listing price of $19.5 million equates to a 5.37 percent cap rate and $189 per square foot.

            Joseph R. Berkson, a vice president investments in Marcus & Millichap’s Newport Beach office, is representing the seller.

“This is an excellent opportunity for an investor to acquire a competitively priced multifamily asset in a prime coastal market where property values will only continue to appreciate in value,” says Berkson. “The Orange County apartment market has staged a strong recovery, and this asset is poised to provide an investor with exceptional upside potential over the long term.”

Joseph R. Berkson
The 103,000-square foot property is located at 16171 Springdale St. in Huntington Beach.  Developed in 1987, the 2.56-acre complex features four studios with one bath, 80 one-bedroom/one bath units, 18 one-bedroom/one-bath units with den, and 12 two-bedroom/two-bath apartments. The floor plans range from 486 square feet to 786 square feet.

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

Stacey Corso
Public Relations Manager
(925) 953-1716

$30.4 Million Medical Office Building Sale Brokered by Marcus & Millichap

Bronson LakeView Outpatient Center
PAW PAW, MI– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has closed on the sale of Bronson LakeView Outpatient Center, a 100,321-square foot single-tenant medical office building fully occupied by the Bronson Healthcare Group in Kalamazoo. The sales price of $30,430,000 equals $303 per square foot.

            Gino Lollio and Scott Niedergang, senior associates in Marcus & Millichap’s Chicago Downtown office, represented the seller, a private investor. Lollio and Niedergang also represented the buyer, a non-traded REIT based in New York City. Jonathan Dwoskin, regional manager of Marcus & Millichap’s Detroit office, is the firm’s broker of record in the state of Michigan.

Gino Lollio
“Demand for recently constructed, multi-specialty medical office buildings leased to leading health systems has intensified,” says Lollio. “Offerings such as the Bronson LakeView Outpatient Center receive strong interest from investors seeking a durable income stream with minimal landlord responsibilities.”

“The multiple offers sourced during the marketing process were from investors attracted to Bronson Healthcare Group’s strong credit, which is driven by their substantial presence in the Kalamazoo community and surrounding areas,” adds Niedergang.

Scott Niedergang
The lease has approximately nine years remaining with two five-year options to extend and provides for annual CPI increases that are capped at 2.75 percent. The tenant is responsible for all maintenance and expenses associated with the property, including roof and structure, and for the replacement of building components, including the HVAC system and roof.

Bronson LakeView Outpatient Center was built to suit in 2006. The property is located at 451 Health Parkway in Paw Paw, which is approximately 20 miles west of Kalamazoo, Mich.


Stacey Corso
Public Relations Manager
(925) 953-1716

Concord Hospitality Partners with Select Hotel Group to Acquire 12th Canadian Hotel

Four Points by Sheraton Hotel, Kingston, Ont.
 KINGSTON, ONTARIO, CANADA and RALEIGH, N.C.,  Oct. 9, 2012—Concord Hospitality Enterprises, one of the top-ranked hotel developer/owner/operators in North America,  today announced that it has formed a joint venture  with Select Hotel Group to acquire the Four Points by Sheraton Hotel in Kingston, Ontario, Canada,.

 Concord also will assume management of the hotel.  The 169-room hotel was developed from the ground up by the Melo Hotel Group on the site of the historic British American Hotel.

Mark Laport
The hotel will embark on multi-million dollar refresh to the public areas.  The lobby and front desk area will be enhanced with a market place and business center to make the space more interactive and engaging,  and the fitness center will triple in size to meet the needs of today’s active travelers.              

 “With 11 hotels in our portfolio and several others in the pipeline, Concord has been increasingly active in Canada for some time, with a particular emphasis on Ontario,” said Mark Laport, president of Concord.

 “The Melo family and their associates have done a wonderful job developing and operating this hotel. With Concord’s emphasis on quality, integrity and contributing to the communities in which we operate,  this hotel will be an important addition to our Canadian portfolio.” 

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

Chris Daly, Jerry Daly
(703) 435-6293