Colliers International Brokers $1 Million Cash Sale of Pompano Beach, FL Retail

  

1 North Ocean Boulevard, Pompano Beach, FL

FORT LAUDERDALE, FL -Colliers International South Florida is pleased to announce the all-cash sale of six retail units in Pompano Beach for $1 million. No financing was involved in the transaction, which closed April 3, 2013.

Clinton Casey

Colliers International South Florida brokers Clinton Casey and Achikam Yogev represented the seller, Pompano Retail One North Ocean Blvd, LLC.

David Duckworth of Avison Young represented buyer Oceanside Atlantic, LLC.

 The six units, which total 24,448 square feet of raw space, are located on the ground floor of a residential high-rise at 1 North Ocean Boulevard, Pompano Beach, FL.

Achikam Yogev

 Clinton Casey, Senior Commercial Associate with Colliers International South Florida, is a lifelong resident of Pompano Beach and is deeply familiar with the area.

"I have watched the community go from its heyday in the sixties and seventies to a low point in the 1990's. Now, thanks to initiatives of the Pompano Beach CRA (Community Redevelopment Association), the area is regaining its previous prominence as a destination," said Casey.

"This property is on the barrier island in the East CRA. Recent improvements to streets, sidewalks and other infrastructure have had a very positive effect on property values."

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

Crystal Proenza

Vice President of Marketing

Colliers International South Florida

Commercial Real Estate Services

Tel: 305 476 7138

Email: crystal.proenza@colliers.com

www.colliers.com

$10.7 Million Net-Leased Industrial Facility Sale Arranged by Marcus & Millichap in Garland, TX

336,499-square foot manufacturing and distribution facility
 net-leased to the Apex Tool Group in Garland, TX

GARLAND, TX, April 25, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 336,499-square foot manufacturing and distribution facility net-leased to the Apex Tool Group in Garland, Texas.

John Glass

            John Glass, a senior vice president investments in Marcus & Millichap’s San Francisco office, and James Bell, a vice president investments in the firm’s Houston office, represented the seller. Glass and Scott Pertel, an associate in San Francisco, represented the buyer.

            “There was a tremendous demand for the facility from both private and institutional investors,” says Glass.  “After receiving a number of offers in just two weeks, an investor was selected that closed the transaction in three weeks on an all-cash basis. The final selling price was $10,700,000.”

James H. Bell

“Apex Tool Group, a leading producer of hand and power tools, is on a new 20-year triple-net lease,” adds Bell. “The lease is guaranteed by Apex Tool Group LLC, which has an estimated $1.46 billion in annual sales.”

“Apex Tool Group has been the principal manufacturer of Sears Craftsman brand hand tools for more than 65 years,” says Pertel.

            The property is located at 3000 West Kingsley Road in Garland. The area is part of the Northeast Dallas industrial market, which is the third-largest submarket in the Dallas/Fort Worth metropolitan area with over 108 million square feet of industrial space.

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

Ben Johnson,

Marketing Director

(925) 953-1736

Marcus & Millichap Announces Two Promotions

  

James E. Kordell

 James E. Kordell Named Associate Vice President Investments in Ontario, CA Office

ONTARIO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted James E. Kordell to associate vice president investments. The achievement represents excellence in the development and servicing of long-term client relationships, according to Kevin Boeve, regional manager of the firm’s Ontario office.

            Most recently a senior associate, Kordell joined the firm in October 2006, was promoted to associate in January 2008 and advanced to senior associate in October 2009. He has received three sales recognition awards and is an associate director of the firm’s National Multi Housing Group.

Joseph P. Thomas

 Joseph P. Thomas Moves Up to Associate Vice President Investments in Fort Lauderdale, FL Office

FORT LAUDERDALE, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Joseph P. Thomas to associate vice president investments. The achievement represents excellence in the development and servicing of long-term client relationships, according to Gregory Matus, vice president and regional manager of the firm’s Fort Lauderdale office.

            Most recently a senior associate, Thomas joined the firm in October 2006, was promoted to associate in August 2008 and advanced to senior associate in March 2010. He is a director of the firm’s National Multi Housing Group and an associate member of the Special Asset Services division.

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

Ben Johnson,

Marketing Director

(925) 953-1736

Lincoln Property Company Southeast Promotes Sabrina Altenbach to Senior Leasing Associate

 

Sabrina Altenbach

ATLANTA (April 25, 2013) – Lincoln Property Company Southeast (Lincoln) has promoted Sabrina Altenbach to senior leasing associate.

 Altenbach, who has been with the firm for nearly two years as a leasing associate, will continue to work with Leigh Braswell, vice president of office leasing, to oversee the marketing, leasing and related research for a 1.5-million-square-foot portfolio of high-profile Atlanta office properties.

 The portfolio includes the 55 Allen Plaza, 1117 Perimeter, 3405 Piedmont, 730 Midtown, 3333 Riverwood, Silhouette Midtown, Lenox Plaza and Lenox Center buildings.

Leigh Braswell

“Sabrina’s work for Lincoln has been nothing short of outstanding,” said Tony Bartlett, senior vice president for Lincoln.

“She and Leigh have done excellent work with their portfolio over these two years, and they continue to provide a high level of client service for the owners they work with. This new title is extremely well deserved, and she is a highly valued member of our leasing team.”

 Prior to joining Lincoln, Altenbach was an investment analyst with Prudential Mortgage Capital Co., where she was responsible for monitoring the performance of a $28 billion portfolio secured by apartment, office, retail, industrial and hotel properties. 

Tony Bartlett

Previous to that, Sabrina served as a leasing representative in the office division of Ben Carter Properties, where she gained experience in office leasing, land brokerage, commercial building sales and asset disposition.

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

Stephen Ursery

The Wilbert Group

404-965-5026

sursery@thewilbertgroup.com

http://blog.lpcsoutheast.com.

lpcsoutheast.com.

Carter to Develop $40 Million Mixed-Use Project in Decatur, GA

Rendering of planned 315 West Ponce, Decatur, GA

 ATLANTA, GA– Carter, one of the nation’s leading real estate development, investment and advisory firms, announced today that the company will develop 315 West Ponce, a $40 million mixed-use project in Decatur, Ga. The five-story residential buildings will comprise 233 apartment units and approximately 10,000 square feet of street-level retail space.

Conor McNally

 “Carter is incredibly excited to be developing a Class-A mixed-use project right in our backyard,” said Conor McNally, chief development officer at Carter. 

“While Decatur has experienced significant population and retail growth during the last 10 years, no new apartment projects have been delivered since 2001, which makes the timing for this project ideal.”

 315 West Ponce will target young professionals with a mixture of one-, two- and three-bedroom apartments, as well as a full line of amenities including a pool, clubhouse, fitness center and two outdoor courtyards with green space.

Decatur Square, Decatur, GA

 The development will also include a structured parking deck to be shared between the new retail and residential buildings and the existing 10-story office building located on the site.

 The Decatur Downtown Development Authority has approved the site plan for the project, which is located two blocks from the Decatur Square and approximately 20 minutes from downtown Atlanta. 

The Preston Partnership is the architect for the project and Brasfield & Gorrie is the contractor. Construction is anticipated to begin later this summer.

 Carter has a rich history of developing multi-family projects and specializes in developing complex, urban mixed-use projects across multiple asset classes. From complicated mixed-use developments to high-rise condominiums, Carter’s leadership brings a depth of experience to a variety of project types.

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

Tony Wilbert

The Wilbert Group

404-965-5022

twilbert@thewilbertgroup.com

$40 million sale of Class A office property in Silicon Valley closed by HFF

303 Bryant Street, Mountain View, CA

Michael Leggett

SAN FRANCISCO, CA – HFF announced today that it has closed the sale of 303 Bryant Street, a Class A office property totaling 55,956 square feet in Mountain View, California.

HFF marketed the property on behalf of the seller.  Menlo Equities purchased the property for $40 million.  The transaction also included the assumption of an in-place loan.

Built in 2002, the three-story building is 100 percent leased to Speck Products and includes a subterranean parking structure.  The building is located in downtown Mountain View in close proximity to the Caltrain and light rail station and provides access to U.S. Highway 101, Interstate 280 and Routes 85 and 237.

Gerry Rohm

The HFF investment sales team representing the seller was led by senior managing directors Michael Leggett and Gerry Rohm and director Dave Karol.

Founded in 1994 by Henry Bullock and Rick Holmstrom and headquartered in Palo Alto, California, Menlo Equities is a vertically integrated commercial real estate company engaged in the acquisition, development and operation of properties in select technology markets in the western United States. 

Dave Karol

Since its founding, Menlo Equities has acquired or developed more than 80 properties for a total cost of approximately $2.2 billion, and has developed and built more than 3.2 million square feet of high-profile office, R&D and engineering commercial real estate.

  

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

HFF arranges $86.8 million acquisition financing for Monument Park in Fairfax, VA

Monument Park Apartments, Fairfax, VA

Whitaker Johnson

DALLAS, TX – HFF announced today that it has arranged $86.8 million in acquisition financing for Monument Park, a 460-unit, Class A multi-housing community in Fairfax, Virginia.

HFF worked on behalf of a private real estate fund advised by Crow Holdings Capital Partners, L.L.C. to secure the 10-year, fixed-rate loan through TIAA-CREF.

Monument Park is located at 4457 Oakdale Crescent Court in suburban Washington, D.C.’s Fair Oaks submarket and provides immediate access to key transportation routes in the area such as Interstate 66 and Lee Jackson Memorial Highway. 

Situated on 17.05 acres, the property is stabilized and consists of one-, two- and three-bedroom units averaging 1,014 square feet each.  Community amenities include a clubhouse, resort-style swimming pool, fitness center, business center, pub room, media center, jogging trails and barbecue and picnic area.  

Andy Scott

HFF’s debt placement team representing the borrower was led by senior managing director Whitaker Johnson and managing directors Andy Scott and Cary Abod.

                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 six funds have had total equity commitments from partners of approximately $3.6 billion, approximately $675 million of which was committed by Crow Family Holdings.

Cary Abod

                TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $481 billion in assets under management (as of 6/30/12) and is the leading provider of retirement services in the academic, research, medical and cultural fields.

  

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

HFF arranges $38 million financing for 15-property industrial portfolio in Texas and New Mexico

Above is part of a 15-property industrial portfolio
 totaling more than 1.2 million square feet
in Texas and New Mexico. 

Adam F. Herrin

DALLAS, TX – HFF announced today that it has arranged $38 million in financing for a 15-property industrial portfolio totaling more than 1.2 million square feet in Texas and New Mexico.  

HFF’s Adam Herrin and Kevin Mackenzie worked on behalf of the borrower, Industry Capital Advisors, to secure and modify the 12 separate loans with ViewPoint Bank.  The transaction included seven new 10-year, fixed-rate loans and five existing loans, which were modified and extended.

The properties in the portfolio are located in various Texas locations and Albuquerque, New Mexico.  At the time of the financing the average occupancy among the portfolio was more than 90 percent.

Kevin Mackenzie

Industry Capital Advisors is a San Francisco-based private equity firm focused on investing in real assets.  The firm was founded in 2003.  Through its Berkeley funds, the firm owns and operates more than two million square feet of industrial real estate in the United States.

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

HFF secures $130 million financing for two office buildings in Arlington, VA

Rendering of 1400 Crystal Drive in Crystal City
Arlington, VA

WASHINGTON, D.C. – HFF announced today that it has secured $130 million in financing for two office buildings, 1400 Crystal Drive and Jefferson Plaza, totaling 578,372 square feet in Arlington, Virginia.

Cary Abod

HFF worked exclusively on behalf of an affiliate of Lowe Enterprises Investors to place the renovation and bridge loan with Wells Fargo and M&T Bank. 

Proceeds will be used to perform an extensive redevelopment of 1400 Crystal Drive into a state-of the-art, trophy quality office building, and to pay for renovation and leasing costs at Jefferson Plaza. 

Lowe Enterprises Investors acquired the properties on behalf of an investment client in early 2008.  Affiliate Lowe Enterprises serves as property and development manager for the buildings.

The properties are located in the heart of Crystal City and feature expansive views of Washington, D.C.  The redeveloped space at 1400 Crystal Drive and renovated Jefferson Plaza will offer the highest quality space available in the amenity-rich Crystal City submarket. 

Jordan Lex

1400 Crystal Drive is undergoing an extensive slab-to-slab reconstruction designed to achieve LEED Gold certification, which is scheduled for completion in May 2013. 

The HFF team was led by managing director Cary Abod and associate director Jordan Lex.

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

HFF arranges $81 million in financing for Class A office building in San Francisco, CA

475 Samsone Street, San Francisco, CA

SAN FRANCISCO, CA – HFF announced today that it has arranged $81 million in financing for 475 Sansome Street, a 21-story, 353,269-square-foot, Class A office building in San Francisco.

Bruce Ganong

                HFF worked on behalf Multi-Employer Property Trust (“MEPT”) and MEPT’s real estate advisor, Bentall Kennedy, to secure the 10-year, fixed-rate loan through Prudential Mortgage Capital Company.

                The property is located in the North Financial District submarket adjacent to two of San Francisco’s landmark office properties, Transamerica Pyramid Center and the Embarcadero Center. 

Renovated most recently in 2012, the LEED®-EB Gold office building is 90 percent leased to tenants including Oracle, Amazon.com, Bank of the West and Yahoo!, who combined occupy more than half of the property.

Cary Abod

The HFF team representing the borrower was led by senior managing director Bruce Ganong, managing director Cary Abod and director Chris Gandy. 

“Interest in the financing assignment was solid with competitive proposals from numerous life insurance companies and commercial banks.  MEPT benefitted from an enthusiastic response from portfolio lenders attracted by the asset’s quality, strength of market, and reputation of the sponsor,” said Ganong.

MEPT is a $5.7 billion, open-end commingled real estate equity fund that invests in a diversified portfolio of institutional-quality real estate assets in 30 major metropolitan markets across the U.S.

Chris Gandy

 Founded in 1982, MEPT is owned by approximately 340 multi-employer, public employee and corporate pension plans.  MEPT is recognized as a pioneer in Responsible Property Investing (RPI) and is one of the largest U.S. real estate funds that is signatory to the UN Principals for Responsible Investment (UN PRI).

Bentall Kennedy is one of North America’s largest real estate investment advisors, providing its clients with access to one comprehensive North American real estate platform.  Bentall Kennedy serves the interests of more than 500 clients on assets of more than $30 billion across 140 million square feet of office, retail, industrial and multifamily properties.

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

Brown Harris Stevens Reports Sellers Rush Close In 2012 Impacts Hamptons First Quarter 2013 Closings

                                                      The Hamptons

 New York, NY --  According to the first quarter market report for single-family home sales on the East End of Long Island released today by Brown Harris Stevens, the number of sales in the Hamptons was down 13% when compared to the first quarter of last year.

Cia Commas

Both the average and median price on the South Fork decreased. At $1,305,234, the average price was 13% lower than the first quarter of 2012, while the median fell 8% to $750,000.

 "Like many markets, we experienced a surge of closings in December due to pending tax law changes.

“The first quarter numbers reflect the resulting phenomenal activity we experienced at the end of 2012 and in no way indicates a slowing market.

“ To the contrary, this year has been very active with buyers coming out earlier than usual, which indicates to me a strengthening market," said Cia Comnas, executive managing director of Brown Harris Stevens of the Hamptons.

"The rental market has been quite active. Some areas, such as Amagansett and Montauk, report renters coming from the Jersey Shore market although we are not seeing that throughout the Hamptons.”

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

Rachel Gonzalez

Rubenstein Public Relations

212.843.9240

rgonzalez@rubensteinpr.com

   www.BrownHarrisStevens.com.