NAI Realvest negotiates three leases Totaling 35,296 SF of Industrial Space at Monroe CommerCenter North and South in Sanford, FL

Monroe CommerCenter North, Sanford, FL

Michael Heidrich

ORLANDO, FL. --- NAI Realvest recently negotiated three lease agreements totaling  35,296  square feet of industrial space – one at Monroe CommerCenter North and two at Monroe CommerCenter South in Sanford.

 Michael Heidrich, a principal at NAI Realvest, represented landlord Maitland-based COP-Monroe North LLC in a new lease with Marine Fasteners, Inc. for Suite 1066 with 29,056 square feet at 4150 Church St. in Monroe CommerCenter North.   Bill Miller of Re/Max Central represented the tenant.

Bill Miller

Heidrich represented COP-Monroe LLC for a new lease of 4,240 square feet at Suite 1029 in Monroe CommerCenter South, 4265 Church St.  The new tenant is Gulf Industries Materials Sales LLC of Covington, La. represented in the negotiations by Trip Rabey of Metro Management Realty.     

Heidrich represented the same landlord in renewal agreement with Southern Custom Creations, the tenant at 668 Progress Way in Monroe CommerCenter South. There was no additional broker for this renewal lease.

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

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

San Antonio, TX Apartments Trade for $13.1 Million

  

 Waters at Northern Hills apartments, 4031 Thousand Oaks Drive, northeast San Antonio, TX

  

Will Balthrope

SAN ANTONIO, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 304-unit apartment complex in Northeast San Antonio for an undisclosed amount.

            Will Balthrope, senior vice president investments in Dallas, and Scott Lamontagne, vice president investments in Austin, both with Institutional Property Advisors, a division of Marcus & Millichap, and Zar Haro and Michael Moffitt, senior associates in Marcus & Millichap’s San Antonio and Austin offices, respectively, represented the seller, a 501c-3 not-for-profit company.

Scott Lamontagne

“This sale attracted tremendous interest from the investment community,” says Balthrope. “Prospective buyers were attracted to this stable property just a few blocks from a neighborhood shopping center, along with the prospective upside potential found in one of San Antonio’s premier central locations.” Lamontagne goes on to say,

Zar Haro

 “There were many complexities with this transaction given the Bexar County Housing Bond financing that was not due to mature for some time.  

"The bonds required a percentage of the property be set aside as affordable housing.”  Haro said, “The buyer intends to operate the asset as a market rate deal.”

The apartment community, known as Waters at Northern Hills, is located at 4031 Thousand Oaks Drive in San Antonio. It was built in 1982 and is 96 percent occupied.

Michael Moffitt Jr.

Set on a private lake, the property has a mix of 124 one-bedroom/one-bath units, 24 one-bedroom/one and a half-bath units, 64 two-bedroom/two-bath and eight two-bedroom/two-bath units. It also features an amenities package including a fitness center, wooded picnic areas and swimming pools.

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

Ben Johnson

Marketing Director

(925) 953-1736

Avalon Closes $126.5 Million in Construction Financing

  

Rendering of Avalon mixed-use development, Atlanta, GA

  ATLANTA, GA (Aug. 16, 2013) – North American Properties - Atlanta, Ltd. (NAP), developers of Avalon, today announced that construction financing has been closed and vertical construction has begun.

Mark Toro

NAP, in joint venture with Sarofim Realty Advisors, secured $126.5 million in financing for Phase I, comprised of an $86.5 million syndicated senior loan by Wells Fargo Bank and Bank of America accompanied by a $40 million mezzanine loan provided by JP Morgan Asset Management. Eastdil Secured arranged the financing package.  

Site work is well underway, and vertical construction has begun, one month ahead of schedule. October 2014 will mark the grand opening of Avalon, the Southeast’s preeminent experiential development — a place where specialty retail, entertainment, restaurants, residences, offices, hotels and public spaces come together to create a truly unique experience.

Avalon’s Phase I retail space is now 75 percent leased. Recently added retailers include: Giovanni Di Palma's Antico Napoletana, Bantam + Biddy by Chef Shaun Doty, Tommy Bahama, Vineyard Vines, Exhale Spa, West Elm, Kinnucan’s Specialty Outfitter, Sage Boutique, Free People, Janie and Jack, C. Wonder and L’Occitane.

“The collection of restaurants and retailers we have assembled is phenomenal,” said Mark Toro, managing partner of NAP. “I can’t wait to see the first buildings coming out of the ground. Avalon is the first project of its scope to start construction since The Great Recession in the entire United States. It’s a very exciting time.”

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

Elizabeth Hagin

The Wilbert Group

O: 404-748-1367   C: 678-642-4301

http://www.naproperties.com

Snyder Langston Names Robert J. Hildebrand as Director of Construction for SL Residential

Robert J. Hildebrand

IRVINE, CA (Aug. 16, 2013)— Snyder Langston, one of Southern California’s largest and most respected builders, has named industry veteran Robert J. Hildebrand as Director of Construction for SL Residential. In his new position, Hildebrand’s primary role and responsibility is project oversight and building client relationships.

Hildebrand brings a deep level of management experience to SL Residential with more than 35 years of building multifamily projects across the United States, including Southern California. He has been directly responsible for the construction of over 30,000 apartment units and 5,000 “for sale” homes.

“Our firm’s ongoing objective is to strengthen its team with superior talent and industry vision,” said Steve Jones, chairman/CEO, Snyder Langston of Snyder Langston. “Robert brings to Snyder Langston a vast understanding of residential development and shares the firm’s values of collaboration and putting client needs first.”

Stephen Jones

Prior to joining Snyder Langston, Hildebrand was President of Beverly Hills, Calif.-based Casden Properties LLC where he was responsible for development and operations of residential properties including architecture and engineering, purchasing, construction and due diligence for all new acquisitions.

“Southern California’s demand for high-density residential space continues to thrive, as does the demand for a range of sophisticated products that meet a diversity of demographic needs,” said Hildebrand. “Joining SL Residential gives me the opportunity to build product of the highest quality, design and creativity that will leave a lasting mark on Southern California’s landscape.” 

Hildebrand is a licensed general contractor and real estate broker, and holds a Bachelor of Science degree in Management from Temple University in Pennsylvania.

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

Darcie Giacchetto

949.278.6224

Spaulding Thompson & Associates

www.snyderlangston.com

Faris Lee Investments Completes $6.1 Million Sale of Single-Tenant Retail Property Occupied by Total Wine & More in Viera, FL

  

2302 Harnett Drive, Viera, FL

IRVINE, CA, Aug. 16, 2013 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $6.1 million sale of a single-tenant, NNN-leased retail property occupied by Total Wine & More.

Matthew Mousavi

The free-standing property totals 20,784 square feet and is situated on 2.32 acres. It is located at 2302 Harnett Drive in Viera, one of the fastest-growing communities in Florida. The build-to-suit property completed construction in March 2013 and features a new, 10-year lease.

Matthew Mousavi, Patrick Luther and Nicholas Coo of Faris Lee Investments represented the seller and developer of the property who is based in Florida. The team also represented the private non-1031 exchange buyer, a Florida-based family trust who paid all cash. 

Patrick Luther

The transaction closed at a 7 percent cap rate. The sale of Total Wine reflects the lowest cap rate for a Total Wine leased property to ever sell in the United States.

 “The buyer was attracted to the property’s location and saw the value in Total Wine’s business model for the long-term,” stated Mousavi. “This was a notable sale as the property sold for nearly $300-per-square-foot, making it one of the highest price-per-square foot sales in Florida for a net leased property priced at over $5 million.”

 Luther noted that Faris Lee was able to procure a buyer within the first week of marketing, and closed 30 days thereafter. “Faris Lee executed the sale within just 45 days, from the onset of marketing to closing, offering certainty of execution to the developer,” he said. 

Nicholas Coo

 Faris Lee generated multiple competing offers from both institutional investors and private investors, based throughout the U.S. It was this broad range of competing offers that Faris Lee leveraged to increase the price and improve the terms for the family trust who bought the property.

 “Through Faris Lee’s proactive branding and marketing strategy, we were able to highlight the future of Total Wine as a strong retail concept, as well as the long-term value provided by the property’s location,” said Nicholas Coo. 

 Total Wine & More is ideally located near two large shopping centers: the 535,000-square-foot Avenue Viera shopping center and the 336,000-square-foot Shoppes at Lake Andrew. Nearby national retailers include Target, Petco, Pier One Imports, Hobby Lobby, Ross Dress for Less and Old Navy, among others.

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

Darcie Giacchetto

949.278.6224

Spaulding Thompson & Associates

For Faris Lee Investments

www.farislee.com.

Capital One Expands Multifamily Banking Business with Acquisition of Beech Street Capital

  

 MCLEAN, Va., Aug. 16, 2013 – Capital One Financial Corporation (NYSE: COF) announced today the signing of a definitive agreement to acquire Beech Street Capital, a privately-held, national originator and servicer of Fannie Mae, Freddie Mac and FHA multifamily commercial real estate loans. The terms of the transaction were not disclosed. The acquisition is expected to close in the fourth quarter of 2013.

Grace Huebscher

Founded in 2009, Beech Street is an originator, underwriter and servicer of multifamily commercial real estate loans and is one of the largest national providers of government-insured mortgage loans through the multifamily lending programs of Fannie Mae, Freddie Mac and FHA. 

Through its scalable origination and servicing platform, Beech Street originated approximately $4 billion in loans in 2012, making the company the sixth largest agency originator in the country. Beech Street services a loan portfolio of approximately $10 billion.

Michael C. Slocum

"As we continue to expand our product capabilities and services for clients across our growing Commercial Banking business, this acquisition is a logical expansion of our already substantial commitment to the multifamily sector,” said Michael Slocum, President of Capital One’s Commercial Banking Group. 

  “The combination of Capital One's multifamily business and Beech Street will make us a top 5 national multifamily originator and one of the few institutions in the US capable of offering clients a one-stop banking solution encompassing a full range of banking services."

Rick Lyon

“The addition of Beech Street strengthens our multifamily business, provides a national presence, and enables us to meet the needs of clients in the multifamily sector with a complete set of banking services that includes agency program loans, bank balance sheet loans, treasury services, and capital markets solutions,” said Rick Lyon, Head of Commercial Real Estate Banking, Capital One.

“We have great respect for the experience, leadership, and unique expertise Beech Street founder and CEO Grace Huebscher and her exceptional management team bring to Capital One. Like us, Grace and team are passionate about the client. 

"They are solution-oriented, and focused on seamless execution and ongoing customer service, all balanced with prudent risk management. We believe the market will see significant benefits from this powerful combination of industry-leading expertise, greater resources, and expanded capabilities,” added Lyon.

“We share Capital One’s vision of bringing together two complementary and high performing teams to boost our position in the multifamily space,” said Huebscher. “We look forward to driving our business to the next level as an important part of Capital One’s growing multifamily business.”

 Headquartered in Bethesda, Maryland, Beech Street has 10 offices around the country.  Together, Capital One and Beech Street will have portfolio loan servicing and origination capabilities nationally.

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

Courtney Lewis

240-507-1948 or

Jenifer Bernardi

240-507-1946.

www.beechstcap.com