HFF closes sale of and arranges acquisition financing for Galleria Plaza in Houston, TX

Galleria Plaza, Houston, TX

HOUSTON, TX – HFF announced today that it has closed the sale of and arranged acquisition financing for Galleria Plaza, a 428,285-square-foot mixed-use complex in Houston, Texas.

The HFF investment sales team representing the seller was led by senior managing director Dan Miller and director Martin Hogan. 

HFF’s debt placement team representing the buyer was led by senior managing director Wally Reid.

Dan Miller

HFF represented the seller, Chase Merritt and PCCP, in the sale of the property to a joint venture between Songy HighRoads LLC and The Carlyle Group.  The purchase price is confidential. 

In addition, HFF secured a three-year, 75 percent loan-to-value acquisition financing on behalf of the buyer through Bank of America Merrill Lynch – CMBS.

The complex is located across from the Houston Galleria with frontage on Westheimer, Alabama and Sage and comprises 7.6 acres of land. 

Martin Hogan

“This tract truly represents generational real estate,” said Miller.

  The Carlyle Group employs 1,400 people in 33 offices across six continents.

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

Bull Realty Brokers $5.4 Million Sale of 856 Acres in Atlanta Submarket

  

John DeYonker

 ATLANTA, GA – Bull Realty has brokered the $5.4 million, all-cash sale of 856 acres in Douglasville, Ga., approximately 15 miles from the Hartsfield-Jackson Atlanta International Airport.

 John DeYonker, a vice president in Bull Realty’s Land and Developer Services division, and Rob Whitmire, a partner with the firm, represented the seller, DBSI Villages at Riverview LLC, in the transaction.

The seller is a related entity to DBSI Inc., which filed for bankruptcy. The trustee of the liquidating trust set up to sell the assets of DBSI Inc. hired Bull Realty to market the property and secure a buyer.

Rob Whitmire

Josh Reeves of Sotheby’s Atlanta Fine Homes represented the buyer, ETPC Company LLC.

 The property was previously slated to be the site of developer Brooks Land Inc.’s Villages of Riverview master-planned community, and the site is currently entitled for 1,095 single-family homes, 325 town homes and 14 acres of commercial space.

 “This outstanding site is one of the largest fully entitled properties in metro Atlanta and, being located about 15 miles from downtownAtlanta and the Hartsfield airport, offers great possibilities for future development,” said Michael Bull, president and founder of Bull Realty. 

Michael Bull

“John and Rob did an outstanding job in procuring a buyer and closing this transaction within 90 days of the property being listed.”

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

Stephen Ursery

The Wilbert Group

E-mail: sursery@thewilbertgroup.com

Office: (404) 965-5026

Cell: (404) 405-2354

www.thewilbertgroup.com

NAI Realvest Negotiates New Lease for Software Firm at the American Building in Maitland, FL

Mitch Heidrich

MAITLAND, FL– NAI Realvest recently negotiated a new lease agreement for 1,141 square feet of office space in the American Building at 1051 Winderley Place in Maitland. 

 Mitch Heidrich associate at NAI Realvest, negotiated the transaction representing the local tenant, Script-Bit Inc., a software firm that services the medical and healthcare industries.

 The landlord, MPM Holdings Inc. of Maitland was represented by Paul Reynolds and Alex Rosario of CNL Commercial Real Estate.

Contacts:

Mitch Heidrich, Associate NAI Realvest, 407-875-9989; mitchheidrich@realvest.com  

Robin L. Webb, CCIM, CHA, CHB, CRB, CPM, MRICS, Managing Director, NAI Realvest, 407-875-9989 Rwebb@realvest.com

Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com

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

Berger Commercial Realty Brokers Judy Dolan and Jonathan Thiel Close 5,000-SF Lease in Fort Lauderdale, FL

Jonathan Thiel

 FORT LAUDERDALE, Fla. (March 22, 2013)- Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced a new deal from Vice President Judy Dolan and Sales Associate Jonathan Thiel.

 Dolan and Thiel represented AMS Diagnostics in the lease of 5,000 square feet of flex space in the Taylor Building, located at 1790 N. Commerce Parkway in Weston. AMS Diagnostics relocated from Miami.

Contact: 

Marielle Sologuren

Pierson Grant Public Relations

msologuren@piersongrant.com

(954) 776-1999, ext. 226

Doral Court Plaza in Doral, FL Adding 4,500 SF and Lime Fresh Mexican Grille

DORAL, FL – Doral Court Plaza, a 9,5000-square-foot retail center, announced today that it will expand by 4,500 square feet to encompass a total of 14,000 square feet.

 The expansion project is expected to break ground within 90 days and be completed this fall. This project will bring Lime Fresh Mexican Grille to the property. The Ruby Tuesday, Inc.-owned restaurant signed a long-term lease for a majority of the new space. The expansion area has one remaining space of approximately 2,000 square feet available for lease.

Doral Court Plaza, Doral, FL

“Due to enormous demand, and our premier location within Doral, we are expanding our center,” said Steven Caster, president of Samoset Real Estate and managing member of Doral Court Plaza LLC. “Now that Lime’s space is confirmed and the site plan has been approved, we will turn our attention to the final remaining space.”

 Doral Court Plaza, located on NW 36th Street and 87th Ave. in Doral, has been completely leased to Edwin Watts Golf and First United Bank since its development in 2006.

Contact:

 Teresa Shum,

Boardroom Communications

tshum@boardroompr.com

 954-370-8999.

Peter Katz Named One of Marcus & Millichap’s Top Investment Specialists Nationwide

Peter Katz

CALABASAS, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced its top investment specialists for 2012.

Peter Katz, a Phoenix-based senior vice president investments and executive director of Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has ranked as the firm’s No. 8 agent out of more than 1,000 investment specialists nationwide.

 “Peter achieved significant success in 2012 and we are proud to recognize him for his outstanding achievements,” says John J. Kerin, president and chief executive officer of Marcus & Millichap. “His accomplishments as an institutional property advisor specializing in student housing and market-rate core assets in the Southwest are a testament to his superior transaction expertise and unwavering commitment to client service.”

John J. Kerin

Katz joined Marcus & Millichap in 1991 as an agent in the firm’s Phoenix office. His product specialty is institutional student housing and market-rate product in the Southwest. He is a senior director of the firm’s National Multi Housing Group. Katz became a vice president investments in July 1999 and a senior vice president investments in January 2008. 

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

Ben Johnson,

Marketing Director

(925) 953-1736

Inland Empire Retail Center Sells for $9.9 Million in Hemet, CA

Hemet West Shopping Center, Hemet, CA

HEMET, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Hemet West Shopping Center, a 61,312-square foot Stater Bros.-anchored center in Hemet, a city in Riverside County, Calif.  The sales price of $9,900,000 equates to $161 per square foot.

            Alan Krueger, a senior vice president investments, and Charles Shillington, a first vice president investments, both in the Ontario, Calif. office of Marcus & Millichap, represented the seller, GC Properties. The buyer is a private investor in a 1031 exchange.

Alan Krueger

  “Last year’s surge in multi-tenant asset transactions in the Inland Empire continues as investors seek out stabilized properties in order to reach their investment goals,” says Krueger.

            “At the time of the sale, Hemet West Shopping Center was 96 percent leased to a diverse mix of tenants,” adds Shillington.

Built in 1975, the property is located at the signalized intersection of Florida Avenue and Sanderson Avenue —California state routes 74 and 79—and enjoys an excellent window on both streets.

            Hemet West Shopping Center’s major tenants include Coco’s, Del Taco, Steer ‘n Stein, a United States post office, Advance America and Banner Mattress. All components and pads of the center were included in the sale.

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

Ben Johnson,

Marketing Director

(925) 953-1736

Waterstone Apartment Homes in Tracy, CA Commands $25.2 Million

Waterstone Apartment Homes, Tracy, CA

TRACY, CA  – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Waterstone Apartment Homes, a 156-unit apartment community in Tracy. The $25,250,000 sale price equates to approximately $161,800 per unit.

Stanford Jones, an IPA executive vice president investments, and Philip Saglimbeni and Salvatore Saglimbeni, IPA vice presidents investments, advised the seller, Fairfield Edgewood Station LP.  The buyer was MG Properties Group.

“Waterstone Apartment Homes’ historically stable operations, luxury status and free and clear delivery all added to its appeal for the investor,” says Jones.

            “The property’s revenue has been trending up over the last three months, which reflects well on the investor’s timing,” adds Philip Saglimbeni.

Philip Saglimbeni

“This property attracts upscale tenants,” Sal Saglimbeni concludes, “but has rents lower than those of comparable luxury communities in the neighboring East Bay cities of Livermore, Dublin and Pleasanton, allowing room for upside.”

Located at 1951 West Middlefield Drive, the 152,674-square foot property, completed in 2007, comprises seven three-story residential buildings and a one-story community building, all with stucco exteriors and pitched shingle roofs. Its one- and two-bedroom floor plans average approximately 979 square feet, with two-bedroom units making up 69 percent of the total unit mix.

Sal Saglimbeni

Unit amenities at Waterstone Apartment Homes include nine-foot ceilings with crown molding accents, in-home washers and dryers, central heating and air conditioning, oversized walk-in closets, illuminating ceiling fans in master bedrooms and breakfast bars in select units. 

Community amenities include a fitness center, a pool and spa, a cabana and barbecue pavilion, a community lounge with kitchen and bar, a resident business center and a leasing office.

 The apartment complex is situated within a reasonable commute to many employment centers along interstates 580 and 680, as well as from employers in Oakland, San Francisco, and the Silicon Valley. 

The ACE train station, a short drive from the property, provides employment access throughout South Bay as well. Local shopping options including Red Maple Village, West Valley Mall and the Tracy Outlet Center are minutes away, as are recreation and entertainment opportunities, including historic downtown Tracy.

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

Ben Johnson,

Marketing Director

(925) 953-1736

Two South Florida Office Properties Listed at $33.75 Million

Town Executive Center, Boca Raton, FL

FORT LAUDERDALE, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, is exclusively listing two South Florida office buildings, the 46,486-square foot Town Executive Center in Boca Raton and the 140,635-square foot Cypress Executive Center in Fort Lauderdale.

The Town Executive Center is being offered at $18,500,000. The listing price for the Cypress Executive Center is $15,250,000. The properties are owned by unrelated parties.

Cypress Executive Center
Fort Lauderdale, FL

Douglas K. Mandel, a vice president investments is Marcus & Millichap’s Fort Lauderdale office is representing the sellers.

The Town Executive Center is located at 6100 Glades Road in Boca Raton, across from the Town Center Mall on the southwest corner of Glades Road and St. Andrews Boulevard.

Douglas K. Mandel

The Cypress Executive Center is located at 1901 West Cypress Creek Road in the center of the Cypress Creek uptown business district of Fort Lauderdale and across from the Fort Lauderdale Executive Airport.

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

Ben Johnson,

Marketing Director

(925) 953-1736

Inland Empire Multifamily Complex Sells for $19 Million in Victorville, CA

VICTORVILLE, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Riverton of the High Desert, a 220-unit luxury apartment complex located in Victorville, the Victor Valley’s largest city. The $19 million sales price equates to $86,364 per unit.

            Alexander Garcia, Jr., a senior vice president investments in Marcus & Millichap’s Ontario, Calif. office, and Shane McConnell, an associate vice president investments in the firm’s Newport Beach, Calif. office, represented the seller, a developer. Garcia, McConnell and Ron Harris, an executive vice president investments in Los Angles, represented the buyer, a private investor.

Alexander Garcia Jr.

            “Riverton of the High Desert is one of the top multifamily assets in the Victor Valley,” says Garcia. “The property features high-quality construction and amenities, stable operations and a desirable location within an improving rental market.”

            Built in 2008 on 11 acres at 14374 Borego Road in Victorville, the property is located near Palmdale Road, which provides direct access to the greater Victor Valley area and to Interstate 15.

Shane McConnell

            Riverton of the High Desert is comprised of 15 two-story residential buildings and one single-story leasing and management office that also houses the business and fitness centers.

The grounds are extensively landscaped with lush grass, maturing shade trees and water-friendly shrubs and ground cover. Community amenities include a pool surrounded by a large furnished sundeck, an in-ground spa and a small trellis-covered sitting area.

All units feature nine-foot ceilings, fully equipped kitchens, central heating and air conditioning, full-sized washers and dryers, individual hot water heaters and a large private patio or balcony.

Victorville is 37 miles east of San Bernardino over the Cajon Pass on the southwestern edge of the Mojave Desert. The Victor Valley also includes the towns of Apple Valley, Hesperia, Adelanto and Barstow.

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

Ben Johnson,

Marketing Director

(925) 953-1736