Raintree Partners Acquires 392-Unit Luxury Apartment Community in Los Angeles for $77 Million

  

The Plaza at Sherman Oaks,
Los Angeles, CA

 LOS ANGELES, CA  (Jan. 18, 2013) – Raintree Partners, a Laguna Niguel, Calif.-based real estate investment and development company, has completed the $77 million acquisition of The Plaza at Sherman Oaks, a 392-unit luxury apartment community located in Los Angeles, Calif.

Marc Renard of Cushman & Wakefield represented both the buyer and the seller in the transaction. Financing for the acquisition was secured by Troy Tegeler of CBRE, and provided by Freddie Mac.

This acquisition brings Raintree’s holdings in California to 17 multifamily communities, consisting of approximately 2,800 units, according to Jeff Allen, CEO of Raintree Partners.

Jeff Allen

“This community is one of the largest and most accessible properties in the very supply constrained Sherman Oaks rental market,” Allen explained.  “We moved quickly to acquire this property, which is located in a densely populated area near many of the film studios.”

The Plaza at Sherman Oaks is located at 4500 Woodlman Avenue in the city of Sherman Oaks. The property contains 392-units located within eight, three-story buildings including studio, one- and two-bedroom units, as well as 20 three-story townhome villas.

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

Corynne Randel / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

CRandel@browermillercole.com  

Marcus & Millichap Announces Sale of Villa Serena Apartments in St. Petersburg, FL for $620,000.

Villa Serena Apartments, St. Petersburg, FL

 ST. PETERSBURG, FLA., January 17, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Villa Serena Apartments, a 9-unit garden-apartment community located in St. Petersburg, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset commanded a sales price of $620,000.

Casey Babb, a CCIM and senior multifamily specialist, and Luis Baez, associate, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the Tampa-based seller, a limited liability company.  

Casey Babb

Babb and Baez also secured the buyer of the property, Weller Residential, a private multifamily investment firm located in St. Petersburg, Florida.

Villa Serena Apartments was built in 1924 and is located at 336 8th Avenue Northeast.  The property consists of nine apartment units housed in a single-three-story, masonry-constructed building with a flat, built-up wood truss roof system. 

There is a mix of one efficiency unit and eight one-bedroom/one-bathroom units featuring renovated kitchens and bathrooms, hardwood floors, ceiling fans, window air conditioners and large, oversized closets.

The location off Beach Drive in St. Petersburg is irreplaceable and the surrounding ‘Old Northeast’ submarket is widely considered to be one of the strongest rental markets in the entire Tampa Bay area.

“Had it not been for some difficulty in overcoming fire code violations, we would have closed this transaction back in August or September, but the fact that the buyer remained in place during the process is a testament to what we’re seeing in the broader marketplace for well-located multifamily properties with management upside,” says Babb.

 “Currently, these assets can be financed with very favorable rates and terms.  Rental demand is very strong and will continue to be so and investment yields are outperforming other equity investment alternatives, such as stocks and bonds.  The buyer for Villa Serena is planning a major renovation, most of which was financed by the lender and will reposition the building into a trophy type of property in an already phenomenal location.”

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

Richard D. Matricaria

Regional Manager,

Tampa

(813) 387-4700

HFF secures $6.7 million refinancing for suburban Philadelphia retail power center

Jon Mikula

 FLORHAM PARK, NJ – HFF announced today that it has secured $6.7 million in acquisition financing for Burlington Towne Center, a 91,881-square-foot retail power center in Burlington Township, New Jersey.

                Working exclusively on behalf of The Hampshire Companies, HFF placed the seven-year, fixed-rate loan with Webster Bank. 

                Burlington Towne Center is located at 2703 Burlington Mount Holly Road, adjacent to the Burlington Center Mall and close to the New Jersey Turnpike and Interstate 295 about 20 miles northeast of Center City Philadelphia. 

Michael Klein

The center is fully leased to tenants including Dick’s Sporting Goods, Office Max, TGI Friday’s, AT&T Wireless, Burger King, Sleepy’s and IHOP.  Burlington Towne Center is shadow anchored by Home Depot, Target and Kohl’s, which are not included in the loan collateral.

                The HFF team representing The Hampshire Companies was led by senior managing director Jon Mikula and director Michael Klein.

The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey.  The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments.  Additional information on The Hampshire Companies is available online at www.hampshireco.com. 

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

Ladder Capital and Pordes Residential Take Major Stake in Iconic Las Vegas Condos

Mark Pordes

LAS VEGAS–Two nationally recognized real estate companies recently closed one of the largest bulk condominium purchases in the western United States at the end of 2012.

 A joint venture between an affiliate of Ladder Capital Finance Holdings LLLP (“Ladder Capital”), based in New York City, New York, and Pordes Residential Sales & Marketing, LLC (“Pordes Residential”), based in Aventura, Florida, purchased 427 residential condominium units in Veer Towers from an affiliate of MGM Resorts International.

“High-rise condos on the Las Vegas Strip are a supply-constrained market, and the condos at Veer Towers are in a fantastic location surrounded by world-class amenities, including fine dining, casinos and entertainment,” stated Brian Harris, Ladder Capital’s founder and CEO.

 “We see premium value in the Las Vegas condominium market,” said Mark Pordes, CEO of Pordes Residential, who has over 25 years of experience marketing and selling luxury condominiums in Las Vegas and South Florida. “The unique qualities of Veer Towers and the worldwide appeal of Las Vegas make the offering attractive in this market rebound.”

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

Pordes Residential Medial Contact:

Boardroom Communications

Julie Talenfeld

jtalenfeld@boardroompr.com

(954) 370-8999

 Ladder Capital Media Contact:

Brunswick Group

Gemma Hart              

ghart@brunswickgroup.com

Andrew Roth

aroth@brunswickgroup.com

(212) 333-3810

Colliers International Hires Retail Team in Torrance, CA

     TORRANCE, CA -- Colliers International, Greater Los Angeles has hired one of Southern California’s most prolific retail investment teams.

    Kyle Matthews, a former Director of Marcus & Millichap’s National Retail Group, has joined Colliers International as Senior Vice President.

Also joining the team are Aron Cline, Chad Kurz, and Jordan Uttal.

John Hollingsworth

The team specializes in investment sales of retail properties across the U.S., with an emphasis on the West Coast. The team has completed over 120 deals with a combined value of over $350 million in revenue with both institutional and private investors.

Colliers Managing Director, John Hollingsworth states that Kyle "has created a unique team who demonstrate the ability to service the needs of their clients in this competitive retail market. We are very pleased to have them join Colliers International and provided them the additional service capabilities that they needed to continue to grow their business”.

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

Rainee Tiske

Marketing Specialist | PR GLA| Torrance, CA

Dir +1 310 381 2413

Main +1 310 381 1000

www.twitter.com/colliersgla

www.colliers.com

Americas Hotel Transaction Volume to Eclipse 2012 at $18.5 Billion in 2013

  

 CHICAGO, IL /PRNewswire/ -- Hotel real estate investors, who unlocked capital and aggressively bid on hotel assets in 2012, are expected to increase their buying activity in 2013.

The abundance of equity capital and improving debt markets will support a buoyant market for hotel trades this year.

Americas hotel transaction volume for the year is expected to surpass the $17.5 billion that 2012 netted, with a moderate increase to $18.5 billion[i], according to initial results from Jones Lang LaSalle's annual Hotel Investment Outlook report.

The Hotel Investment Outlook report is a forward-looking, global analysis which tracks key factors affecting the hotel investment market.

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

 Katie Sershon,

+1-312-228-2139,

Katie.Sershon@am.jll.com; or

Jessica Martin,

 +1-312-228-2983,

 Jessica.Martin@am.jll.com

Web Site: http://www.joneslanglasalle.com

IPA Arranges Two Portfolio Sales Totaling $72.4 Million

Spinnaker Wharf, Milford, CT

  MILFORD, CT– Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sales of two portfolios in Milford.

The two portfolios include a combined total of 335 multifamily units and 47,600 square feet of commercial space. Sold to separate investors, they commanded a total sales price of $72.4 million.

Spinnaker Walk, Milford, CT

IPA executive directors Victor Nolletti and Steve Witten were the sole advisors in the transactions. The buyers are Perpetual Real Estate Partners LP and Wolff Enterprises II.

“We’re proud to have served as advisors on these transit-oriented and pedestrian-friendly portfolios,” says Nolletti. “These assets are poised to provide excellent returns for their respective investors.”

Perpetual Real Estate Partners LP purchased Spinnaker Wharf, Spinnaker Walk and Spinnaker Square for $31,800,138. This portfolio overlooks Milford Harbor and  features 107 lifestyle rental units and 38,963 square feet of retail/commercial space all centered around downtown Milford. “This is irreplaceable real estate,” says Witten.

Victor Nolletti

Wolff Enterprises II LLC purchased Spinnaker Brook, Spinnaker Chase, Spinnaker Crest, Spinnaker Green, Spinnaker Hunt and Spinnaker Station for $40,603,227. These lifestyle- and transit-oriented assets are all within walking distance of the Milford train station, local restaurants and services. The portfolio consists of 228 multifamily units and 8,731 square feet of commercial space.

“This portfolio has it all,” concludes Nolletti. “It is located in an extremely high barrier to entry market dominated by high-income by-choice renters. The average rents are just 20 percent of the average resident’s income.”

 Contact:

 Public Relations

(925) 953-1716

Big Opportunity for Little Hotels: More Small Hotels Seeing Upside in Partnering with Expedia, Inc.

 Bellevue, WA – Jan. 18, 2013 - Expedia, Inc., the world’s largest online travel company, released data from the first nine months of 2012 indicating that the company has partnered with a larger number of small hotel partners, defined as hotels with 50 rooms or less, and an increase in net transactions from this sector by nearly 30 percent year on year for that period.

Small hotels represent about half of the hotels in Expedia’s direct global inventory.

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

Chris Daly

President

Daly Gray, Inc.

Ph: 703-435-6293

Cell: 703-864-5553

Charles Dunn Company Completes $5 Million Land Sale in Huntington Beach, CA to Hyundai Dealership

Albert Shilton

 LOS ANGELES, CA Jan. 17, 2013 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $5 million sale of a 1.64-acre parcel of land located in between Warner Ave. and Slater Ave. at 17222-17262 Beach Blvd. in Huntington Beach, Calif.

Albert Shilton and Blake Rogers of Charles Dunn Company represented the seller, Woodland Hills-based Hunbeach, LLC, and the buyer, Hardin Hyundai from Garden Grove.

Blake Rogers

Hardin Hyundai purchased the property all-cash with a seven day, non-contingent escrow.

“The well-located property garnered significant interest from developers and users of a variety of property types including multifamily, for-sale housing, retail, and auto dealerships,” said Rogers. “We procured 13 competitive offers and the property eventually sold for over the list price.”

The buyer plans on building a new dealership on the site.

“This was an ideal location for Hardin,” commented Shilton. “The site was previously entitled for an auto dealership, and has 394 feet of frontage along a main commercial artery within the City.”

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

W3 Partners and AllianceBernstein U.S. Real Estate Partners L.P Form Joint Venture to Acquire 64,336 SF Flex-Tech Building in San Jose, CA

  

3939 North First Street, San Jose, CA

 SAN RAFAEL, CA. (Jan. 17, 2013) W3 Partners, an institutional real estate investment manager and operating company, has acquired, on an off-market basis, a 64,336-square-foot, single-story flex-tech building in San Jose, Calif. from Prologis, in a joint venture with AllianceBernstein U.S.

Real Estate Partners L.P. Built in 1982 and situated on just under 4.3 acres, the property is located at 3939 North First Street.  The asset is currently vacant and undergoing improvements. 

Diane Olmstead

W3 Partners will be the operating partner for 3939 North First Street and is looking to complete the market-ready improvements for the property and commence an aggressive lease-up program.

Diane Olmstead, co-founding partner of W3 Partners, noted that this acquisition is their first co-invest joint venture with AllianceBernstein U.S. Real Estate Partners L.P. 

Olmstead said, “W3 is thrilled to have AllianceBernstein as a co-investment partner. The formation of this joint venture demonstrates W3’s current capitalization strategy whereby we consummate transactions using capital from our original partners, Hunt Realty Investments and Teacher Retirement System of Texas, which provides the competitive market advantage of certainty of close.”

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224