320,352-SF Power Center Changes Hands in South Texas

Independence Plaza, 1911 Bob Bullock Loop, Laredo, TX

 

LAREDO, TX, July 11, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Independence Plaza, a 320,352-square-foot grocery-anchored power center in Laredo. The terms of the sale were not released.

James H. Bell

            James Bell, a vice president investments in Marcus & Millichap’s Houston office, represented the seller, a Texas-based limited partnership. The buyer is a publicly traded REIT.

“We sourced and vetted a diverse buyer pool for this asset that included institutional, foreign and private investors,” says Bell. “Our client selected the buyer on the merits of their shopping center industry success and expertise.”

 “Independence Plaza is the dominant shopping center in Laredo, drawing numerous shoppers from Mexico,” adds Bell. “The center also has a vacant pad that can be developed for additional junior anchors.”

Built by the seller in phases between 2007 and 2013 on 39.6 acres, the property is located at 1911 Bob Bullock Loop just off Interstate 35 in Laredo, Texas.  

The grocery anchor is a 147,324-square-foot H-E-B Plus. Other major tenants include T.J. Maxx, Hobby Lobby, Ross, Ulta, Petco, Wells Fargo and Chili’s.

       

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

Gina Relva

Public Relations Manager

(925) 953-1716

Berger Commercial Realty Brokers Close Two Sales

  

Joseph Byrnes FORT LAUDERDALE, FL,  (July 11, 2013) - Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced its brokers recently closed two sales. Jonathan Thiel Brokers Joseph Byrnes and Jonathan Thiel represented Power Brake and Suspension in the sale of a 5,776-square-foot warehouse, located at 3001 S.W. 2nd Ave. in Fort Lauderdale, to Sun and Snow Real Estate for $475,000. Additionally, Keith Graves represented Sea Fox Marina, LLC in the sale of a 45,738-square-foot marina site, located at 10 South Bryan Road in Dania Beach, to NV Marian Holdings, LLC for $500,000. Keith Graves For a complete copy of the company’s news release, please contact: Marielle Sologuren, 954-776-1999 ext. 226 Jane Grant, ext.  224

HFF arranges $10 million financing for 45 Research Way in Suffolk County, Long Island, NY

         45 Research Way, Suffolk County, Long Island, NY

NEW YORK, NY – HFF announced today that it has arranged a $10 million financing for 45 Research Way, a 59,294-square foot, Class A suburban office and medical office property in East Setauket, New York.

Michael Gigliotti

                HFF worked on behalf of the borrower, TRITEC Real Estate Company, to secure the long-term, fixed-rate loan through Sentinel Asset Management, Inc. acting on behalf of Life Insurance Company of the Southwest.

                45 Research Way is located 55miles east of Manhattan within Stony Brook Technology Center, a 103-acre, one million-square-foot master-planned office park.  

Completed in 1997, the two-story building is 94 percent leased to a variety of medical and non-medical tenants, and also serves as TRITEC’s headquarters.  The property features an atrium lobby, 50-person conference room, on-site fitness center and 24-hour access. 

The HFF team representing the borrower was led by associate director Michael Gigliotti. TRITEC was led by TRITEC Asset Management’s Yvonne Sun.

Yvonne Sun

“Attracting flexible balance sheet financing to 45 Research Way is a testament to the strength of Stony Brook Technology Center as well as the deep commitment that TRITEC has to its headquarters building and the overall business park,” said Gigliotti.

“HFF was very responsive and professional throughout the process and put us in touch with the right lender, Sentinel, for this deal,” commented Sun.

Founded in 1986, TRITEC Real Estate Company—comprising TRITEC Development Group, LLC, TRITEC Building Company, Inc., TRITEC Asset Management, Inc. and TRITEC Capital, LLC—has established itself as a leader among New York commercial real estate companies, with a decades-long track record of successfully acquiring, developing, constructing, financing, leasing, and managing real estate projects.

  

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

Max Cappell Joins Colliers

  

Max Cappell

 MIAMI, FL, July 11, 2013 - Colliers International South Florida is pleased to announce that Maxwell A. Cappell has joined the firm as an associate.

A member of the Florida Bar, Mr. Cappell holds a Juris Doctor degree from the University of Miami School of Law, an LL.M degree in Real Property Development from the University of Miami and a BA in International Development from McGill University in Montreal.

"Max's experience with South Florida real estate investment sales and the legal issues related to the acquisition, development, and management of development projects have prepared him well to assist the buyers, sellers, and investors we service," says Stephen Nostrand, CEO of Colliers International South Florida. "We are pleased to welcome him to our South Florida team."

Stephen Nostrand

Before joining Colliers International South Florida, Mr. Cappell held internships at BTI Partners in Hollywood, Florida, and with Trump-Dezer Development and the Miami-Dade office of the State Attorney: Criminal Felony Division.

 

He is a member of the Mount-Sinai Hospital Foundation and Jacob's Ladder, the Canadian Foundation for Control of Neurodegenerative Disease.

 

"I am extremely excited to join the Colliers team and I look forward to working with and alongside some of the best real estate professionals in the industry," says Cappell. 

 

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

Griffin-American Healthcare REIT II Announces International Expansion; Signs definitive agreements to acquire 44-facility UK Senior Housing Portfolio for £298.5 million

  

Generic Senior Housing photo
Not part of the Griffin-American deal below

  

NEWPORT BEACH, CA, (July 11, 2013) – Griffin-American Healthcare REIT II, Inc., announced today that the REIT has entered into definitive agreements with Myriad Healthcare Limited, a provider of high-quality residential care facilities to elderly people in the United Kingdom, to acquire a 44-facility portfolio of premium senior housing and care facilities located in England, Scotland and the Channel Island of Jersey for an aggregate purchase price of £298.5 million, or approximately $447.8 million based on the currency exchange rate on the date the agreements were executed.

Jeff Hanson

The majority of the portfolio, known as the UK Senior Housing Portfolio, is concentrated in England’s affluent South East region, primarily in the Home Counties around Greater London, with additional locations near Birmingham, Bristol and Oxford. 

The Scottish component of the portfolio is comprised of six facilities located in affluent areas north of Edinburgh, while two facilities are located in Jersey. 

Approximately 52 percent of the portfolio’s year-end 2012 revenue was derived from private pay residents, significantly higher than the UK national average of 32 percent, according to statistics provided by the London School of Economics’ Personal Social Services Research Unit. 

“Since the launch of Griffin-American Healthcare REIT II in 2009, we have consistently stated that our goal is to build a diverse portfolio of healthcare real estate and to establish one of the best REITs in the market on behalf of stockholders,” said Jeff Hanson, chairman and chief executive officer of the REIT.

“Upon completion of this acquisition, Griffin-American Healthcare REIT II will add a significant international presence to an already extensive national footprint, creating one of the largest and best diversified healthcare REITs in the world in terms of geography, revenue sources and asset types.

“ Further, upon closing, our portfolio will exceed $2.0 billion, based on aggregate purchase price.”

Under the terms of the transaction agreements, the UK portfolio will be leased to Myriad Healthcare Limited, operating as Caring Homes, under 35-year absolute net leases with annual rent escalations. 

  

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

Damon Elder                                                            

(949) 270-9207

delder@ahinvestors.com

www.HealthcareREIT2.com

.

Greystone Provides $8.5 Million in HUD Financing for Illinois Multifamily Property

          Hawthorne Ridge Apartments, 3211 Fox Street, Woodridge, IL

New York, NY,  July 11, 2013 – Greystone, a leading national provider of multifamily and healthcare mortgage loans, today announced that it has provided a $8.5 million FHA loan for Hawthorn Ridge Apartments, a multifamily complex located in Woodridge, Illinois.

Betsy Vartanian

Naftali Schuss, an Originator in Greystone’s New York City office, arranged the financing.

 Through its strong relationship with the U.S. Department of Housing and Urban Development’s Chicago office, Greystone was able to get a firm HUD commitment in less than 60 days on the $8.5 million FHA Section 223(f) loan for Hawthorn Ridge Apartments.

 “We were impressed with Greystone’s FHA and overall multifamily lending record, and we felt confident in their ability to deliver the loan timely and as discussed with no surprises,” said borrowers Steve Cohen and Uri Ranaan. “We have already started working with Greystone again on new financing projects.”

 Located at 3211 Fox Street, Hawthorn Ridge Apartments is a 176-unit multifamily complex, comprised of one and two bedroom units. Community amenities include a pool and small park.

 “Long-term financing is the ideal solution for many borrowers due to the low interest rate environment,” said Betsy Vartanian, head of Greystone’s FHA business.

“We have seen rates increase over the past few months and are encouraging our clients to evaluate their long term needs and to act quickly.

" With our depth of experience coupled with an array of financing products that we offer, we can provide clients attractive pricing and structure debt tailored to the project’s needs.”

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

Loretta Mock/Jessica Kleinman

Cognito

646 395 6300

Greystone@cognitomedia.com

http://www.greyco.com/multifamily.

FrontDoor Communities Makes Largest Residential Land Acquisition in Atlanta in 7 Years

Terry Russell, CEO and Partner, FrontDoor Communities

ATLANTA, GA -- FrontDoor Communities has closed on 158 acres in south Forsyth County, with plans to develop its first Georgia project: a community known as Traditions with more than 400 homes.

The transaction marks the largest residential community land acquisition in metro Atlanta in seven years — a sign both of the improving residential market and of FrontDoor’s commitment to Traditions.

Forsyth County areas

“After developing and building successful communities in Charleston, Naples and Orlando, we are thrilled to have purchased the land for our first project in our hometown,” said Terry Russell, CEO and partner of FrontDoor.

“We know the residents in this area, as well as families looking to relocate to Forsyth County, will appreciate the high quality of life and conveniences our communities provide.”

Amenities at Traditions will include a pool, tennis courts, 12 parks and a clubhouse overlooking a lake.

A=tile and stone store, Alpharetta, GA
B=embroidery store, Dawsonville, GA

Located 1.7 miles from Ga. 400, Traditions will appeal to the many professionals who work along Ga. 400 and in the Perimeter area.

Residents will have access to award-winning schools, including West Forsyth High, as well as outdoor recreation sites such as Fowler Park and the Big Creek Greenway walking, running and biking trail.

An adjacent parcel will be developed into a 184,000 square-foot neighborhood shopping center anchored by a grocery store.

 “Forsyth County is one of the most sought-after and fastest-growing residential submarkets in the area,” Russell said. “We couldn’t have chosen a more ideal location for our entry into the metro Atlanta market.”

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

Michael Phillips                       

404.996.0828

mphillips@frontdoorcommunities.com

$1.75 Million Buys Distressed Apartment Community in Tampa, FL

  

Monaco Villas, 14323 Lucerne Drive, Tampa, FL

  TAMPA, FL,  July 11, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Monaco Villas, a 106-unit vintage apartment community located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

Casey Babb

The $1,750,000 sales price equates to $16,509 per unit.

Casey Babb, a CCIM and senior multifamily specialist, and Luis Baez, associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, an Ohio-based partnership.  The buyer, a private investor based in Canada, represented itself internally.

Monaco Villas was built in the 1970s and is located at 14323 Lucerne Drive in the university submarket of north Tampa, Florida.

This gated community has a mix of one- and two-bedroom townhomes and flats, situated on a 5.53-acre rectangular site.  Area amenities include an on-site leasing office, a swimming pool, laundry center and tennis court. Also included in the offering is a 1.0 acre parcel at 1501 Skipper Road, which currently services a landscaping business.

 “Monaco Villas suffered from low occupancy and was only 18 percent at the time of sale,” said Babb in a statement.   “However, the investor market viewed this as an opportunity, as evidenced by the 16 written offers we received.

“The buyer pledged a six-figure, non-refundable deposit and closed within 30 days of signing the contract.  Distressed multifamily opportunities are few and far between but remain one of the most attractive for most investors,” concludes Babb.

  

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

Richard D. Matricaria

Regional Manager

Tampa, FL

(813) 387-4700

Sale of Two Florida Properties Brokered by Marcus & Millichap Bring $7.65 Million

  

University Suites, 1200 Holden Ave., Orlando, FL

Nicholas Meoli

ORLANDO, FL, July 11, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Universal Suites, a 140-unit apartment community and the Tranquility Inn, a 110-room extended stay hotel, both in Orlando, Florida. 

Universal Suites sold for $4,284,000 which equates to $30,600 per unit.  The Tranquility Inn sold for $3,366,000.

Francesco
Carriera

Nicholas Meoli, senior associate, Francesco “Frank” Carriera and Michael Regan, vice presidents investments in Marcus & Millichap’s Tampa office represented the local seller in both transactions.  John “Rob” Keeler, associate in the firm’s Orlando office represented the buyer. 

Michael P. Regan

Universal Suites is a 140-unit community consisting of nine, two-story buildings with a mix of one- and two-bedroom units at 1200 Holden Avenue in Orlando. 

Tranquility Inn is located at 4855 South Orange Blossom Trail.  This is a 110-room, extended stay hotel situated five miles from downtown Orlando, eight miles from the airport and 12 miles from Walt Disney World.  The two properties received a great deal of interest from the investment community.

John 'Rob' Keeler

“We commanded eleven offers in total, two of which were very competitive, said Meoli in a statement. 

  “Offers were generated from several states and countries which demonstrated the increasing demand for Florida product from both national and international investors.” The ultimate buyer is based in Colorado,” adds Meoli.

  

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

Richard D. Matricaria

Regional Manager

Tampa, FL

(813) 387-4700

Legoland Outparcels Sold in Winter Haven, FL

  

WINTER HAVEN, FL, July 11, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of two commercial outparcels in Winter Haven, Florida:  Legoland Parcel 1 and Legoland Parcel 2.

Legoland outparcels 1 and 2
 Winter Haven, FL

 The parcels are situated on a combined total of 2.3689 acres in Winter Haven, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

Paul Bouldin, a senior associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a financial institution based in Illinois and the buyer, a developer from Charleston, South Carolina.

Both parcels are located at the front gate to Legoland, central Florida’s newest successful theme park. 

Paul Bouldin

Located at 6305 and 6315 Cypress Gardens Boulevard in Winter Haven, Florida, the properties have excellent visibility fronting Cypress Gardens Boulevard on its eastern boundary and Helena Road to the west. 

Legoland opened on October 15, 2011 on the former Cypress Gardens site.  The park has enjoyed unparalleled success and is part of a worldwide network of Legoland Parks in California, Denmark, England, Germany and Malaysia. 

Legoland caters to families with children between the ages of 2 and 12, with over 50 rides, shows and attractions which still include a water ski sh

Richard D. Matricaria

“We continue to see increased improvement in land and development activities,” said Bouldin in a statement. 

“This property is in a terrific location. As the real estate cycle matures, ground-up projects will make economic sense and demand for developments like this will return to the market.”

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

Richard D. Matricaria

Regional Manager

Tampa, FL

(813) 387-4700

Marcus & Millichap Announces Sale of 32-Unit Apartment Building in Crystal River, FL for $610,000

  

Mayor Drive Apartments, Crystal River, FL

CRYSTAL RIVER, Fla., July 11, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of the Mayo Drive Apartments, a 32-unit apartment portfolio located in Crystal River, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $610,000.

Michael Donaldson

Michael Donaldson, senior associate in Marcus & Millichap’s Tampa office represented the seller, a financial institution.  New Miami International Realty represented the buyer, a limited liability company based in Florida.

The Mayo Drive Apartments are located at 8570, 8590 and 8710 West Mayo Drive in Crystal River, Florida and was offered as a portfolio of 32 apartment units in three different buildings on three different parcels of land. All three buildings are less than a tenth of a mile from each other and all are located off U.S. Highway 19.

The 32 apartment units consist of 13 studios, 9, one-bedroom/one-bathroom units and 10 two-bedroom/one-bathroom units, all situated on a total of 2.71 acres of land.  Two of the buildings were constructed in 1985 and consist of frame construction with vinyl siding and the third building was built in 1988 of frame with aluminum siding.

“Being a foreclosed property, Mayo Drive was one of the few remaining fully vacant communities that offered tremendous upside by way of lease up,” said Donaldson in a statement. 

“Our marketing campaign generated substantial interest and we ultimately closed with a cash buyer at an exceptional price for an REO in the Crystal River submarket.”

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

Richard D. Matricaria

Regional Manager

Tampa, FL

(813) 387-4700

RealtyTrac Reports Foreclosure Starts on Pace to Hit 800,000 for Year; REOs Nearly 500,000 for Year: Florida, Nevada, Illinois Post Highest State Foreclosure Rates in First Half

 

IRVINE, CA, July 11, 2013 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for real estate data, today released its Midyear 2013 U.S. Foreclosure Market Report™, which shows a total of 801,359 U.S. properties with foreclosure filings — default notices, scheduled auctions and bank repossessions — in the first half of 2013, a 19 percent decrease from the previous six months and down 23 percent from the first half of 2012.

The report also shows that 0.61 percent of all U.S. housing units (one in 164) had at least one foreclosure filing in the first six months of the year.

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

Jennifer von Pohlmann

949.502.8300, ext. 139

jennifer.vonpohlmann@realtytrac.com

Ginny Walker

949.502.8300, ext. 268

ginny.walker@realtytrac.com

Data and Report Licensing:

800.462.5193

datasales@realtytrac.com