New York State Multifamily Proprty Brings $14.8 Million

  

Brookwood on the Green

7405 Morgan Road, Liverpool, NY

  

LIVERPOOL, NY, July 10, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, arranged the sale of Brookwood on the Green, a 340-unit apartment community in the Syracuse, N.Y. suburb of Liverpool. The sales price of $14,800,000 equates to $43,500 per unit.

Nat Gambuzza

            Nat Gambuzza, vice president investments, and Chip Collins, associate, both in Marcus & Millichap’s New Jersey office, represented the seller, Brookwood Syracuse LLC of Coram, N.Y. The buyer is Pittsford, N.Y.-based Morgan Acquisitions LLC.

            Collins, a New York State multifamily property investment specialist, joined forces with Gambuzza to leverage interest from the out-of-state investor community.

“We were able to effectively focus the competition from both local and out-of-state investors to generate the best price and terms for the seller,” says Collins. “We generated several bona fide offers in less than 30 days.”

Chip Collins

“Our ultimate purchaser acted very aggressively on terms and price, which sealed the deal for them,” adds Gambuzza.  “The new owner sees value enhancement opportunities in the asset through unit renovations and managerial efficiencies.”

“The buyer is a large regional owner/operator that is expanding its presence in this northern Syracuse suburb,” concludes Collins. “The operator is well positioned to leverage the resources of their existing management teams to operate Brookwood on the Green.”

            The property is located at 7405 Morgan Rd. in Liverpool, N.Y. close to interstates 81, 90 and 690, and near Syracuse and the region’s largest employers, such as SUNY Upstate Medical University, Syracuse University, Lockheed Martin Corp., Wegmans Food Markets, Magna Powertrain, Crouse Hospital and St. Joseph’s Hospital Health Center.

            With five buildings situated on 20 sprawling acres, Brookwood on the Green provides a comfortable neighborhood setting with convenient access to shopping malls, restaurants and entertainment.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Hendricks-Berkadia Negotiates Sale of Oaks at Springville Apartments in Birmingham, AL for $5.1 Million

Oaks at Springville apartments, Birmingham, AL

  

BIRMINGHAM, Ala. --- Hendricks-Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the sale of Oaks at Springville Apartments, a 232-unit apartment community located in Birmingham, for $5.1 million.

David Oakley

David Etchison, senior associate and David Oakley, senior vice president of Hendricks-Berkadia Alabama office negotiated the sale representing the seller, Outland Investments, LLC, an Alabama limited liability company, based in Birmingham.

David Etchison

Oaks at Springville, constructed in 1973, has a total of 203,230 square feet of rentable living space with one- and two-bedroom apartments.

The buyer was The Oaks HLD, LLC, based in San Diego, Calif.

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

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

New Investment Advisory Firm, Global Capital Econometrix LLC, Leases Full Floor at Phillips Point in West Palm Beach, FL

Rendering of Phillips Point, 777 South Flagler Drive

Downtown West Palm Beach, FL

Dennis Hammond

West Palm Beach, FL July 10, 2013 - Taylor & Mathis has just signed two firms to 25,516 square feet of leases at Phillips Point in West Palm Beach’s Central Business District. Phillips Point, a half million square foot office and retail complex, is located in the heart of the West Palm Beach central business district at 777 South Flagler Drive.

Dennis Hammond,  founder of St Louis based Harbor Capital Management is opening a new investment advisory firm in Florida.  The firm, Global Capital Econometrix, LLC has leased the building’s entire 18th floor of 14,516 square feet, announced Brian Gale, Taylor & Mathis Principal and Managing Director. 

BMO Harris Bank, a tenant at the building since 1997, has signed a five year renewal for 10,000 square feet.  The transactions, valued at $8 million and $2.5 million respectively, were negotiated on behalf of the owner by the Taylor & Mathis. 

Mark Pateman

The Harris Bank deal was co-brokered by Mark Pateman of Cushman & Wakefield.

“Phillips Point is the preeminent office building in the Palm Beach market,” stated Global Capital Econometrix, LLC CEO, Dennis Hammond.

 “With views of the Atlantic Ocean as well as the location just blocks from City Place’s retail complex and Palm Beach Island, we are looking forward to calling it home for the next 10 years.”

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

Brian Gale

 bgale@taylormathis.com

 (305)476-8880

.     

www.TaylorMathis.com

 www.taylormathisflorida.com

NAI Realvest Negotiates $111,620 Sale Price for Industrial Condo at Monroe CommerCenter IV in Sanford, FL

Monroe CommerCenter, Sanford, FL

MAITLAND, Fla. – NAI Realvest recently negotiated the sale of an industrial condo at 4240 Church St. in Monroe CommerCenter IV in Sanford for $111,620.00.

Michael Heidrich

 Michael Heidrich, a principal at NAI Realvest negotiated the transaction representing the seller and developer Small Bay Partners, LLC of Maitland.

Walter J. Bezerra of Sanford purchased unit 1124 with 1,350 square feet to expand his vitamin distribution business.  The unit includes an office and restroom.   

 The buyer, who also owns the 2,700 square foot unit next door, was represented in this transaction by Tomomi Morimoto of GPM Properties LLC. 

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

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

Marcus & Millichap’s Glenn Gioseffi Promoted to Vice President Capital Markets

Glenn Gioseffi

SEATTLE, WA, July 10, 2013 – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Glenn Gioseffi vice president capital markets.

The achievement of vice president capital markets is one of the highest levels of recognition the firm awards its finance professionals.

William E. Hughes

 It represents an unwavering commitment to providing clients with superior commercial real estate financing services, according to William E. Hughes, senior vice president and managing director of Marcus & Millichap Capital Corporation (MMCC).

        Most recently, Gioseffi held the position of senior director in MMCC’s Seattle office. He began his career with MMCC in 2008.

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

Gina Relva

Public Relations Manager

Marcus & Millichap Capital Corporation

(925) 953-1716

HFF arranges $100.7 million financing for Class A multi-housing development in Washington, DC

Capitol Place Apartments rendering
701 Second Street NW
Washington, DC

WASHINGTON, DC – HFF announced today that it has arranged $100.7 million in financing for 701 2nd Street Apartments, a five-star, 10-story, Class A, transit-oriented urban infill multi-housing and retail development in the H Street submarket of Washington, D.C.

Sue Carras

HFF worked on behalf of Fisher Brothers to place the 20-year, construction-to-permanent loan with an institutional investor represented by Cornerstone Real Estate Advisers, LLC, one of the world’s largest real estate investment managers.

The property is located at 701 2nd Street, Northwest at the convergence of Washington, D.C.’s Capitol Hill, NoMa and H Street Corridor neighborhoods. 

Due for completion in December 2014, the property will consist of 378 luxury residential units, 25,517 square feet of ground-floor retail space and a 309-space subterranean parking garage.

Walter Coker

The residential portion will include studio, one-, two- and three-bedroom floor plans that will feature high ceilings, hardwood floors and custom kitchen finishes. 

Community amenities include 24-hour concierge service, fitness center with spin room, tranquility garden, courtyard, gaming lounge, pet spa and rooftop dog walk, rooftop swimming pool and deck, hot tub, cabanas and fire pit, community vegetable garden and electric car charging ports.

The HFF debt placement team was led by Sue Carras, Walter Coker and Brian Crivella.

Brian Crivella

Fisher Brothers is a third generation, family-owned real estate and investment company founded in 1915.  Fisher Brothers has developed more than 12 million square feet and owns more than seven million square feet of Class A office space in New York and Washington, D.C. 

  

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873

www.hfflp.com

krmurphy@hfflp.com

HFF closes $143.6 million sale of MeadWestvaco World Headquarters in Richmond, VA

MeadWestvaco World Headquarters, 501 South  Fifth Street

Richmond, VA

Dek Potts

WASHINGTON, D.C. – HFF announced today that it has closed the sale of the MeadWestvaco World Headquarters, a 310,950-square-foot, trophy office building in Richmond, Virginia.

HFF marketed the property on behalf of the seller, NewMarket Corporation.  Select Income REIT purchased the asset for $143.6 million free and clear of existing debt, excluding transaction costs.

The MeadWestvaco World Headquarters is located at 501 South 5th Street on the banks of the James River close to Interstates 95 and 195, James River Park and Richmond’s River District. 

Stephen Conley

Completed in 2009 as a build-to-suit for the global packing and packaging solutions firm, the nine-story property features a conference and training center, cafeteria, coffee shop, fitness center with locker rooms, and has a Four Globes rating from the Green Building Initiative, which is the highest rating available.

The HFF investment sales team representing the seller was led by executive managing director Stephen Conley, senior managing directors Dek Potts, Jim Meisel and Andrew Weir and senior real estate analyst Jess Dickinson.

Jim Meisel

                According to Dek Potts, “HFF was very pleased with the response from the investment community for this trophy quality asset.  Everyone who toured the property recognized its irreplaceable location on the banks of the James River and the intrinsic value of the asset, as well as MeadWestvaco’s strong credit and commitment to Richmond.  These qualities led to highly competitive pricing for the asset.”  

NewMarket Corporation through its subsidiaries, Afton Chemical Corporation and Ethyl Corporation, develops, manufactures, blends, and delivers chemical additives that enhance the performance of petroleum products.

Andrew M. Weir

 From custom-formulated chemical blends to market-general additive components, the NewMarket family of companies provides the world with the technology to make fuels burn cleaner, engines run smoother and machines last longer.

Select Income REIT (SIR) is a real estate investment trust, or REIT, which primarily owns properties that are net-leased to single tenants.  Approximately half of SIR’s current rents are from land SIR owns in Hawaii, which is leased under long-term leases to tenants, many of whom own buildings and operate their businesses on SIR’s property.  

The remaining revenues come from single-tenant net-leased office and industrial properties located throughout the United States.  

  

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873

www.hfflp.com

krmurphy@hfflp.com

$7.75 million refinancing for Park Creek Manor in Dallas, TX arranged by HFF

Park Creek Manor apartments, Dallas, TX

DALLAS, TX – HFF announced today that it has arranged a $7.75 million refinancing for Park Creek Manor, a 322-unit multi-housing community in Dallas, Texas.

John Brownlee

HFF worked on behalf of AmeriSouth Realty to secure the seven-year, fixed-rate loan through Southwest Securities, FSB.  This transaction marks the sixth financing that HFF has completed on behalf of AmeriSouth in the past 12 months.

Park Creek Manor is situated near the northwest corner of West Illinois Avenue and South Westmoreland Avenue in southwest Dallas.  The property is 99 percent leased and has a mixture of one-, two- and three-bedroom units as well as a swimming pool.

The HFF team representing the borrower was led by senior managing director John Brownlee.

AmeriSouth Realty apartment property,
 Dallas, TX

AmeriSouth Realty is a commercial real estate firm founded in 1987 by Ruel M. Hamilton with a focus on the acquisition, management and brokerage of Class C multi-housing properties.  

AmeriSouth currently owns and operates more than 3,000 units across 20 properties located throughout the Dallas/Fort Worth area as well as Austin and Texarkana. 

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873

www.hfflp.com

krmurphy@hfflp.com

HFF closes sale of Lincoln 495 near Washington, D.C.

Lincoln 495, 8420 Westphalia Road, Upper Marlboro, MD

WASHINGTON, D.C. – HFF announced today that it has closed the sale of Lincoln 495, a Class A, 153,700-square-foot industrial building in Upper Marlboro, Maryland.

Bruce Strasburg

HFF marketed the property on behalf of the seller, a joint venture between Lincoln Property Company and Invesco Real Estate.  Financial services organization TIAA-CREF purchased the property.

Lincoln 495 is located at 8420 Westphalia Road in the Pennsylvania Avenue Industrial Corridor immediately proximate to Interstate 95/Interstate 495, Andrews Air Force Base, National Harbor and Washington, D.C.

 Built in 2009, the property is 100 percent occupied by Uni-Select USA, a rapidly expanding aftermarket auto parts distributor, along with a government tenant and 1-800-Pack-Rat.   

Samuel Fagelson

The HFF investment sales team representing the seller was led by senior managing director Bruce Strasburg and real estate analyst Samuel Fagelson.

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873

www.hfflp.com

krmurphy@hfflp.com

www.tiaa-cref.org

www.invescorealestate.com.

Faris Lee Investments Completes Sale of Gateway Crossings Retail Property in Los Angeles, CA

  

Gateway Crossings, 641-739 W. Redondo Beach Blvd., Gardena, CA

  

IRVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the sale of Gateway Crossings, a recently redeveloped community center, for an undisclosed price.

Donald MacLellan

 The center is located at 641-739 W. Redondo Beach Blvd. in Gardena, a city within Los Angeles County. Gateway Crossings is 96 percent occupied and includes Ross Dress for Less, Staples, Goodwill, UEI College, Anna’s Linens, Subway, Ono Hawaiian, as well as others.

                 Donald MacLellan and Michael Ward of Faris Lee Investments represented the seller, a joint venture partnership of PCCP, LLC and La Caze Development, who redeveloped the property from its original industrial use and embarked on an aggressive and successful leasing campaign. MacLellan and Ward also represented the buyer, a private family trust who was in a 1031 exchange.

Michael Ward

                Situated on nearly 9.6 acres, the 120,304-square-foot center was originally built in 1989 and was previously owned and occupied by an industrial manufacturer which also included its corporate office.

                “The PCCP/La Caze joint venture redeveloped the property to a higher and better use by bringing needed retail goods and services for the local community,” noted MacLellan.

“The new shop space was still under construction at the close of escrow, therefore, Faris Lee worked with the seller and the buyer to create a pre-sale structure which allowed the buyer to take over the construction process. The seller also arranged credits for rent contingencies until the shop tenants occupy the space.”

                The property is ideally positioned at the on/off ramp of Interstate 110 and Redondo Beach Blvd., which sees more than 309,000 cars per day. The majority of the tenants enjoy unobstructed visibility from the freeway. The center is located in a densely populated area with relatively little land for future development. There are more than 223,000 people living within a three-mile radius with an additional 275,000 daytime employees.

                 “Gateway Crossings has an excellent tenant roster. All the anchor tenants have signed long-term, 10-year leases. Overall, the asset will provide the buyer with long-term security and stability,” said MacLellan. 

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

www.farislee.com.

www.pccpllc.com.

Chatham Lodging Announces Monthly Dividend

PALM BEACH, FL, July 10, 2013—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium branded select-service hotels, today announced that its board of trustees has declared a monthly common share dividend of $0.07 for July 2013.

 The common dividend is payable August 30, 2013, to shareholders of record on July 31, 2013.

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

Jerry Daly              

(Media)                                                                                        

Daly Gray Public Relations                                                   

(703) 435-6293                                                                           

jerry@dalygray.com

Dennis Craven

Chatham Lodging Trust

 (Company)

dcraven@cl-trust.com

 (561) 227-1386  

McCarthy Begins Construction on Grossmont Hospital Heart and Vascular Center in San Diego County, CA

Rendering of  Heart and Vascular Center at Grossmont Hospital

 5555 Grossmont Center Drive,La Mesa, CA

SAN DIEGO – McCarthy Building Companies, Inc., one of the nation’s premier healthcare builders, has begun construction of the new 74,000-square-foot Heart and Vascular Center at Grossmont Hospital, located at 5555 Grossmont Center Drive in La Mesa, Calif.

Barry Jantz

McCarthy was retained by the Grossmont Healthcare District (GHD), with CEO Barry Jantz and the publicly elected GHD board members providing oversight. Sharp HealthCare is the operator of Grossmont Hospital through a 30-year lease that was executed with the District in 1991.

Proposition G, a $247 million bond measure approved by voters of the East County region in June 2006, is funding the project, budgeted at $26,325,383 in construction costs.

As proposed in the hospital’s Facilities Master Site Plan, Prop. G is funding several other infrastructure construction improvements at the publicly owned hospital, which opened in 1955.

McCarthy is also in the process of building the new $46 million Central Energy Plant at Grossmont Hospital, construction costs for which are also being financed by Prop. G. The three-story, 18,400-square-foot energy plant will include electrical

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

Bonnie Kutch

Director

619-299-1010

Kutch & Company

6434 Caminito Listo | Suite B-100 | San Diego, California 92111

Susan Garritano,

sgarritano@mccarthy.com

McCarthy Building Companies, Inc.

Phone: (314) 968-3300

Traci Jenks Joins Cushman & Wakefield Jacksonville

Traci Jenks

Jacksonville, FL – The Jacksonville office of Cushman & Wakefield (C&W) announces that Traci Jenks has joined their Office Brokerage Services team in Jacksonville. As a Senior Director, Ms. Jenks is responsible for client advisory, leasing, property acquisition, property disposition, and business development.

“Traci is a highly respected and successful broker in the Jacksonville area and her hire directly aligns with our growth strategy for our Jacksonville office. We already have a strong team in place, and we are confident that Traci’s addition will further strengthen our position in the market,” says Larry Richey, Senior Managing Director of Central & North Florida for Cushman & Wakefield.

Larry Richey

She is a graduate of University of Georgia’s College of Business Administration with a bachelors’ degree in Real Estate and has a Certified Commercial Investment Member (CCIM) designation.

Traci was previously with CBRE where she most recently completed the largest lease transaction in 2012 between her client Prudential Insurance Company of America and the Army Corp of Engineers in 217,000 square feet at 701 San Marco. She also represents Taurus Southern Investments and recently expanded Deutche Bank another 32,000 square feet.

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

kristine.stack@cushwake.com