Tuesday, August 27, 2013

Michael Koontz Joins Voit Real Estate Management Services as a Real Estate Manager in Las Vegas, NV

Michael Koontz
Las Vegas, NV–Voit Real Estate Services’ Las Vegas office is continuing to expand in the greater Las Vegas market with the addition of Michael Koontz, a new real estate manager, according to Rob Cord, Managing Director of Voit’s Real Estate Management Services.

In his new position with Voit, Michael will be working with the existing management and leasing team for clients in the Las Vegas market.

Rob Cord
These responsibilities include leasing negotiations, document preparation, budgeting and financial analysis for all product types including office, industrial and retail.

 He will also be responsible for identifying new opportunities for the company in the Nevada market.

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

Jessamyn Miller  
Voit Real Estate Services

NAI Realvest negotiates $1.08 Million Sale of professional office condominium in Sanford, FL for headquarters of national marketing firm

5739 Byron Anthony Place, Savannah Park, Heathrow, FL

Paul Partyka
Orlando, FL -- NAI Realvest recently negotiated the $1,080,000 sale of the entire second floor condo at 5739 Byron Anthony Place in Savannah Park at Heathrow off International Parkway and SR 46 in Sanford.   

Paul P. Partyka, principal and managing partner at NAI Realvest, who represented the local seller Home Office Holdings, LLC, said the property was purchased by 5739 BAP LLC d/b/a Xcel Media a provider of innovative direct mail campaigns for auto dealers nationwide.  

 Xcel Media will be locating their headquarters in the new class A office building which is part of the Savannah Park at Heathrow mixed use project.

Poinciana CommerCenter East
 Kissimmee, FL
Two Industrial Leases Completed  at Poinciana CommerCenter East in Kissimmee and Hanging Moss CommerCenter in Orlando

 ORLANDO, FL– NAI Realvest recently negotiated two lease agreements totaling 5,550 square feet of industrial space at Poinciana CommerCenter East in Kissimmee and at Hanging Moss CommerCenter in Orlando

Hanging Moss CommerCenter, Orlando, FL
Michael Heidrich, principal at NAI Realvest, represented landlord COP-Hanging Moss, LLC in a renewal lease agreement with Sunshine Hydroponics for 4,200 square feet at 6100 Hanging Moss Rd.  The tenant garden shop was not represented by an additional broker. 

 At the same time, Heidrich brokered a new lease representing the landlord Small Bay Partners LLC and the tenant JBO Fitness, LLC for 1,350 square feet in Poinciana CommerCenter East at 1741 Business Center Lane.   

The tenant who relocated from another Kissimmee industrial center was not represented in the agreement by a separate broker.

Crown Oak Center office condos, Longwood, FL
NAI Realvest negotiates $73,000 sale price for Longwood office condominium
ORLANDO, FL — NAI Realvest recently negotiated the $73,000 sale of an office condominium at Crown Oak Center off I-4 and SR 434 in Longwood.

Juan Jiminez
 NAI Realvest associate Juan Jimenez and managing partner Paul P. Partyka negotiated the sale of the 1,190 square foot office suite representing Zions First National Bank the Salt Lake City-based seller. 

The local buyer, Yashcon Investments, LLC was represented in the transaction by Raj Dasaee of DE-SAI Realty.

Stonegate Golf Course
at Solivita, Kissimmee, FL
Stonegate Golf Club at Solivita Redesigning 8th and 9th Holes at The Oaks Golf Course; Work to be completed in Two Weeks

KISSIMMEE, FL --- Stonegate Golf Club at Solivita in Kissimmee has launched a major redesign of the 8th and 9th holes on The Oaks golf course.

Christopher Russell, PGA, TPI, director of golf at Stonegate Golf Club at Solivita, said golf course architect George Clifton planned the work that will transform the 8th hole from a par 4 to a par 5. 

Christopher Russell
“Hole number 9 will become a par 4 and the par on the front side will remain a par 36, but with a different look from the tee that will allow for more decisions to be made on the approach,” Russell explained.

Russell said the work will take approximately two weeks to complete.

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

Beth Payan or Larry Vershel, Larry Vershel Communications 407-644-4142

Has the Housing Market Stabilized? Listings, days on market and pending sales remained relatively unchanged over the past six weeks, Reports ZipRealty Inc.


EMERYVILLE, CA, Aug. 27, 2013 – ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ: ZIPR), the most prominent online technology powered residential real estate brokerage firm and real estate marketing solutions provider, has released the latest edition of its Housing Trends Report, which shows some initial signs of stability in the residential market, based on MLS data analyzed by ZipRealty.

Van Davis
“The trajectory of the real estate market as evidenced in the latest edition of ZipRealty’s Housing Trends Report is one of moderation with underlying strength,” according to Van Davis, ZipRealty’s President of Brokerage Operations.

“Home listings, median days on market and pending sales all remained relatively unchanged over the past six weeks. Additionally, the increase in median home prices moderated from 16.8% year-over-year in our last report to a still-strong 15.8%,” he adds.

 “Home listings remained 12% above 2012 levels as of July 31, 2013 at 170,492 in the markets we serve.

“As we noted in the last Housing Trends Report, several metros on the West Coast, which have had the greatest supply imbalances, are now seeing the biggest increases in listings.

“Listings grew 34% in Denver, 25% in Washington, DC/Northern Virginia, 24% in Portland, 22% in Orange County, and 21% in both Seattle and San Diego,” Mr. Davis says.

The volume of new home listings advanced the most in the following markets on a year-over-year basis as of July 31, 2013:

1)     Denver, 34%
2)     Washington, DC/Northern Virginia, 25%
3)     Portland, 24%
4)     Orange County, 22%
5)     Baltimore, 22%

“Even though it marks a 33% decline annually, median days on market in our 24 metros remained unchanged at 27 days from July 15 to July 31, 2013. 

"Pending sales shrank to 97,797 as of July 31, 2013, compared to 100,402 on July 15, 2013, providing additional evidence of moderation. Pending sales increased 17% YOY at the end of July 2013, whereas they jumped 24% YOY in mid-July 2013,” Mr. Davis notes.

“This 7% drop is likely the result of rapid appreciation over the past 12 months coupled with mortgage rates increasing this summer.

“The home price of $278,987 on July 31, 2013, marks a 15.8% YOY increase, but shows a slight decline from the period ending July 15, 2013 when the sales price was $282,034.

Leading metros in terms of price growth include Sacramento, the Bay Area, Las Vegas, Los Angeles and Phoenix,” concludes Mr. Davis.

“Overall, the increase in listings coupled with moderating price growth and sales volumes provide significant evidence that the real estate market is beginning to become more balanced.”

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

Stacey Corso

Essex Realty Group Brokers Sale Of Two Single-Story Retail Storefront Buildings in Chicago, IL

2925---2935 North Central, Belmont Cragin District, Chicago, IL

Matt Welke
CHICAGO, IL, Aug. 27, 2013 -- Essex Realty Group, Inc. is pleased to announce the sale of 2925-35 N. Central,  two single-story retail storefront buildings in Chicago, Illinois.

 The buildings have a total of 5090 square feet on 34,744 square feet of land fronting Central Avenue, and are located approximately 2 blocks south of Belmont Avenue in the heart of Chicago’s thriving Belmont Cragin District. 

Formerly the site of a garden center and home improvement store, the existing buildings were built in 1952 and are in good, workable condition.

 The Northwest Side residential community of Belmont Cragin is home to a large number of Polish restaurants, shops and other businesses.  Before it was annexed by Chicago in 1889, this town was named after the Cragin Brothers’ metalworking company.

David Schwartz
Matt Welke and David Schwartz of Essex were the brokers in the transaction.  The price was approximately $460,000.

 Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area. 

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

Douglas Fisher
Essex Realty Group, Inc.

Advanced Auto Parts in Sulphur, LA Sells to All-Cash Buyer for $970,000

Advance Auto Parts, 1380 East Napoleon Street, Sulphur, LA

 SULPHUR, LA (Aug. 27, 2013)—Franklin Street Real Estate Services announces the sale of a 7,050-square-foot Advanced Auto Parts for $970,000 at $137.58 per square foot. 

Bryan Belk
The seller, a developer out of South Carolina, and the buyer, a Real Estate Investment Trust out of California, were both exclusively represented by Bryan Belk, Director of Franklin Street Real Estate Services.

“Our challenge in this case was negotiating between two parties,” Belk said. “However, we were able to renegotiate a 10-year lease extension with Advance Auto Parts, while also negotiating with the purchaser to an agreeable price.

“At the end of the day, we were able to net the seller a higher price and the buyer got the lease term they desired.”

The buyer is planning a long-term hold for the current single-tenant asset and is interested in purchasing additional locations.

“This was quite a high price for a property, particularly in Louisiana,” Belk said. “However, the location is strong and the store has robust sales.”

The Advanced Auto Parts is located at 1380 E. Napoleon St. in Sulphur, Louisiana a suburb of Lake Charles, a major cultural, industrial, educational center home to McNeese State University, Sowela Technical Community College, and a retail hub with hundreds of tourists each year.

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

Kelsy Pazur
813-839-7300, ext. 337

ARA Announces $12.5 Million, 224-Unit Sale in East Jacksonville, FL

Rendering of Huntington at Hidden Hills, East Jacksonville, FL

Jacksonville, FL — The Jacksonville office of Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently brokered the sale of 224-unit Huntington at Hidden Hills in the desirable East Jacksonville, FL, submarket.

Matt Wilcox
The ARA Central and North Florida-based sales team, led by Senior Vice President, Matt Wilcox and Principals Kevin Judd and Patrick Dufour represented San Francisco, CA-based McDowell Properties and GA-based AREA Properties Partners in the $12,500,000 sale. 

Jacksonville, FL-based Michaelson Group purchased the asset, which was 96% occupied at the time of sale.

Kevin Judd
Michaelson Real Estate Group targets multi-family assets with value-add potential in order to enhance values by utilizing its core marketing, management and repositioning capabilities.

“Huntington at Hidden Hills is a prime example of the rebound in the Jacksonville Multi-Family sector.

“The asset was last purchased from a distressed situation in 2011. The seller turned and stabilized the tenant base and infused necessary deferred capital.

Patrick Dufour
“The buyer will continue the work with value-add upgrades to the property amenities and unit interiors bringing the performance in-line with the stabilized comp set,” commented Matt Wilcox.

Built in 1986, Huntington at Hidden Hills Apartment Homes benefits from an excellent location with superb visibility along Monument Road, with an average daily traffic count of 26,000.

The property enjoys convenient accessibility to I-295 and the Arlington Expressway, both located just minutes west, providing a quick route to downtown and “beltway” access to the greater Jacksonville area.

“Jacksonville continued its upward trend in occupancy rates through 2012, and as of 4Q 2012, occupancy was recorded at 92.7%, representing a full 2% improvement year-over-year and a drastic 3.7% increase over two years,” added Wilcox.
For a complete copy of the company’s news release, please contact:

 Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or
Amy Morris at amorris@ARAusa.com, 678.553.9366;
 locally, Marti Zenor at mzenor@ARAusa.com or 561.988.8800. 

HFF secures $21.4 million construction/permanent loan for anticipated LEED Platinum multi-housing community in North Portland, OR

Rendering of planned Cathedral Apartments, 8680 North Ivanhoe Street
North Portland, OR

PORTLAND, OR – HFF announced today that it has secured $21.4 million in construction/permanent financing for Cathedral Apartments, a to-be-built, 165-unit multi-housing development in North Portland, Oregon. 

Tom Wilson
               HFF worked on behalf of the borrower, St. Johns Ivanhoe LLC, in arranging the 42-year, 4.76 percent, fixed-rate loan through Greystone, the leading FHA multifamily lender in the country. 

It is anticipated that the apartments will be LEED Platinum certified.  LEED, an acronym for Leadership in Energy and Environmental Design, is a certification offered by the U.S. Green Building Council (“USGBC”). Platinum is the highest designation available through the USGBC.  If the apartments successfully obtain LEED certification, this will be the first LEED Platinum Certified construction project HUD has completed in the nation.

Patrick H. Kessi
The property is located at 8680 North Ivanhoe Street, close to the St. Johns Bridge and the Willamette River in North Portland.

Due for completion in late 2014, the apartments will consist of a four-story building with studio, one-bedroom and two-bedroom residences. 

The current plans also include live-work spaces.  In addition to the 165 residences, there will be gated underground parking, bicycle parking and ground-floor retail. 

The building will feature a club lounge and demonstration kitchen, fitness center, pet-grooming area, interior courtyard complete with water feature, fire feature, and BBQs, and rooftop patio with BBQs and outdoor seating. 

               The HFF team representing the borrower was led by managing director Thomas Wilson.

“Tom Wilson and HFF are part of a great team,” said developer Patrick H. Kessi. “This team’s efforts will help bring an environmentally and economically responsible development to the community of St. Johns, creating a building of which the community can be proud for the years ahead.”

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

HFF represents seller in sale of and arranges financing for buyer of Arsenal Mall and Harvard Vanguard Medical Associates Building in Watertown, MA

Rendering of The Arsenal Mall, Watertown, MA

Jonathan Bush Jr.
BOSTON, MA – HFF announced today that it has represented SPG Arsenal, L.P. and Arsenal HCHP, LLC in the sale of The Arsenal Mall, an adjoining retail building occupied by Golfsmith, and the Harvard Vanguard Medical Associates Building in Watertown, Massachusetts to BP Watertown Retail, LLC, a joint venture between Boylston Properties,

The Wilder Companies and Jonathan Bush, Jr. the CEO and co-founder of corporate neighbor athenahealth.

John H. Pelusi Jr.
               HFF also worked exclusively on behalf of the BP Watertown Retail, LLC to secure the acquisition financing, which was provided by RBS Citizens.  Loan proceeds were used to acquire the assets and provide capital for some near term lease-up.           

               The properties are located along the banks of the Charles River on Arsenal Street close to the Massachusetts Turnpike, North Beacon Street and Harvard Business School. 

John Fowler
The Arsenal Mall is 93 percent leased to specialty and outlet stores including Old Navy, Ann Taylor Factory Store, Forever 21, Sports Authority and Marshall’s, and the office building is fully leased to Harvard Vanguard Medical Associates on a long-term basis.

               The HFF team representing the seller was led by executive managing director and managing member John H. Pelusi, Jr., executive managing director John Fowler and senior managing director Coleman Benedict

Coleman Benedict
               The HFF team advising the borrower was led by senior managing director Fred Wittmann and director Lauren O’Neil. 

               “This presented a unique opportunity for the buyer to acquire an infill asset with great potential upside,” said Benedict.  “The competitive nature of the financing request given the high profile deal and strong sponsorship led to a great outcome for the borrower.”

               “RBS Citizens offered attractive terms and executed in a compressed timetable in a flawless manner,” added Wittmann.

               Boylston Properties Company, Inc. is an urban mixed-use developer based in Boston with experience in a wide range of successful projects including corporate headquarters, retail, office, residential, research facilities and mixed-use properties.  

Lauren O'Neil
Boylston Properties draws upon 30 years of development experience in Boston, the last 10 years of which have been concentrated in the Longwood Medical Area/Fenway Neighborhood of Boston.

 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

HFF secures $11 million financing for Old Palm Golf Club in Palm Beach Gardens, Florida

Old Palm Golf Club, 651 acres, Palm Beach Gardens, FL

MIAMI, FL – HFF announced today that it has secured $11 million in financing for the unsold single-family home lots and club memberships at Old Palm Golf Club in Palm Beach Gardens, Florida.

Jim Dockerty
                Working on behalf of Clarion Partners, HFF placed the short-term, fixed-rate financing with American Real Estate Capital.

                The Old Palm Golf Club is a 651-acre private golf club community with approximately 300 single-family home lots located in Palm Beach Gardens, Florida. 

To date, 190 homes have been developed from 2004 to the present. In 2013, lot sales in the community have been exceptionally strong, with more than 30 lots sold year-to-date.

Completed homes start at approximately $1.3 million and larger estates range between $5 million and $15 million. A maximum of 330 club memberships are available to the exclusive golf club community.

                The HFF team representing the borrower was led by managing director Jim Dockerty and senior real estate analyst Scott Wadler.

HFF’s debt placement team arranged more than $3.4 billion in multi-housing loans nationally in the first half of 2013.  HFF arranged more than $216 million in multi-housing transactions across all capital markets platforms in the state of Florida during the first half of 2013.

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

Olivia Hennessey
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

David Nigro
Kohler Nordlund


Greystone Continues West Coast Expansion with Opening of Newport Beach, CA Office

450 Newport Center Drive, Newport Beach, CA

Andrea Nolan
New York, NY – Aug. 27, 2013 – Greystone, a leading national provider of multifamily and healthcare mortgage loans, opened the firm’s new West Coast Headquarters in Newport Beach, California. Greystone’s West Coast expansion is advancing at a tremendous pace under the direction of Rick Wolf, Senior Managing Director.

 Four professionals will join the Newport Beach office including Leah Purvis, a 10 year veteran at Greystone, who is relocating from Tampa, Florida to oversee West Coast Operations and Credit. 

In addition to Leah, Greystone has hired three new team members to the firm:  Bradley Olson, previously with Berkley Point, Andrea Nolan, formerly of Walker Dunlop and John Lin, who joined from Alliant Capital.

Rick Wolf
 “Leah’s contributions over the years have enriched Greystone’s services and we are thrilled that she will be overseeing the talented and dynamic individuals in Newport Beach,” said Wolf.

 “The Newport team includes top professionals with local expertise and over 33 years of combined experience.

“Opening this additional office and building this team will strengthen our services in the region as we continue to enhance our suite of products to meet the needs of our customers.”

 The opening of the Newport Beach office marks the addition of Greystone’s fourth California location, and greatly expands lending and operational services provided to the region.

               The Greystone Newport Beach office is located at 450 Newport Center Drive, Suite 400.

 “The Newport Beach office puts Greystone at the center of one of the most exciting housing markets in the United States, allowing us to better serve the area while offering the comprehensive lending platform that borrowers demand,” said Purvis.
For a complete copy of the company’s news release, please contact:

Josh Gerth/Jessica Kleinman
646 395 6300

Morrison Commercial Real Estate Negotiates Sale of Tavares, FL Industrial Facility for $1.297 Million

271 Southridge Industrial Drive, Tavares, FL

TAVARES, FL --  Morrison Commercial Real Estate, a full-service brokerage firm specializing in office and industrial in Central Florida, recently negotiated the sale of 271 Southridge Industrial Drive located in Tavares, FL for $1,297,000.

Lawson Dann
awson Dann, Vice President of Morrison Commercial Real Estate, negotiated the sale representing the Seller, PNC Bank National Association, headquartered in Pittsburgh, PA.

 271 Southridge Industrial Drive, a two building industrial manufacturing facility built in 1999 and 2002, has a total of 72,160 square feet of office and warehouse space on 6.7 acres.

 The buyer was CG 7600 LP based in Houston, TX.

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

Jennifer Eubanks
Phone: 407.440.6650

WNC Closes $150.5 Million Institutional Tax Credit Fund


IRVINE, CA – WNC, a national investor in real estate and community development initiatives, announced today it has closed WNC Institutional Tax Credit Fund 38, L.P., a $150.5 million institutional low-income housing tax credit (LIHTC) fund.

Michael Gaber
The fund will acquire 24 properties nationally –a mix of family and senior properties, including 15 new construction projects and nine slated for rehabilitation. 

The properties expected to comprise WNC Institutional Tax Credit Fund 38 will deliver more than 2,100 units of affordable housing in 18 states, increasing the company’s acquisition portfolio to nearly 70,000 units nationwide.

“This is the second largest fund in WNC’s 42-year history, as well as the second national multi-investor fund this fiscal year, representing more than  $275 million,” said Michael Gaber, Executive Vice President and Chief Operating Officer of WNC.

“WNC Institutional Tax Credit Fund 38 welcomes four new banks to our LIHTC funds, along with six existing insurance company and bank investors to our latest fund.”

Gaber adds, “There is a significant shortage of affordable housing options available to those individuals and families who cannot afford traditional housing.”

According to the National Low Income Housing Coalition’s Out of Reach 2013, in some states, minimum wage workers need to work between 81 and 97 hours per week to afford an apartment, while in others, 98 hours per week or more are required.

Additionally, the report states that there are only 30 affordable rental units available for every 100 extremely low-income renters.

“We hope to increase the inventory of available affordable housing units with the projects included in this fund, and are pleased to continue to work with both new and existing development partners and investors to make this happen,” said Gaber.

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

Jill Swartz
Spotlight Marketing Communications
949.427.5172, ext. 701 – direct
949.485.1552 – mobile