HFF closes sale of 734-unit multi-housing community in Houston, TX

Old Farm apartments, 2500 Old Farm Road,  Houston, TX

Todd Marix

HOUSTON, TX – HFF announced today that it has closed the sale of the Old Farm, a 734-unit, Class A multi-housing community in Houston, Texas.

HFF represented the seller, a client of L&B Realty Advisors.  CBRE Global Investors purchased the property on behalf of the CBRE Strategic Partners Value 6 Fund for an undisclosed amount free and clear of debt.

Todd Stewart

Old Farm is located at 2500 Old Farm Road near the intersection of Westheimer Road and South Voss Road, less than three miles west of the Houston Galleria. 

Situated on approximately 27.92 acres, the property consists of one-, two- and three-bedroom units averaging 950 square feet each.  Community amenities include two state-of-the-art fitness centers, two resort-style swimming pools, grilling areas, tranquility room, business center and clubrooms.  The property is 96.2 percent leased.

Tre Banks

The HFF investment sales team representing the seller was led by senior managing directors Todd Marix, Craig LaFollette and Todd Stewart, along with directors Tre Banks and Chris Curry.

L&B Realty Advisors is an employee-owned, SEC-registered real estate investment advisor.  Since 1965, L&B has provided real estate investment management services to institutional investors and family offices.  

With $5.9 billion under management and 46 years of experience, L&B has a proven track record of successfully acquiring, managing and disposing real estate on behalf of its clients.  For more information, please visit www.lbrealty.com. 

Chris Curry

CBRE Global Investors is a global real estate investment management firm with $88.2 billion in assets under management* as of June 30, 2013. 

The firm sponsors investment programs across the risk/return spectrum for investors worldwide.  CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). 

It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors.

Craig LaFollette

  CBRE Group, Inc. has approximately 37,000 employees in more than 300 offices (excluding affiliates) worldwide.  For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.

 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

Three-property Marriott hotel portfolio sold by HFF

  

Three Marriott hotels sold in Atlanta, GA; Fullerton, CA; and Detroit, MI

TAMPA, FL – HFF announced today that it has closed the sale of three Marriott hotels totaling 671 rooms in Atlanta, Georgia; Fullerton, California; and Detroit, Michigan.

               HFF marketed the portfolio on behalf of the seller, an affiliate of HEI Hotels & Resorts.  LA Sky Harbor LLC purchased the portfolio, and ASAP International Holding (OCT: ASAE) acted as exclusive advisor to the purchaser.

Bill Stadler

 The properties are:

Atlanta Marriott Norcross , 475 Technology Parkway, Norcross, GA, 222 rooms.

• Fullerton Marriott at CSU Fullerton   2071 E. Nutwood Avenue, Fullerton, CA, 224 rooms.
• Detroit Marriott Southfield, 27033 Northwestern Hwy, Southfield, MI,  225 rooms.
• 
  
• The HFF investment sales team representing the seller was led by senior managing director and head of HFF’s Hotel Group, Daniel C. Peek, senior managing director Bill Stadler, managing director John Bourret and director Max Comess, and included senior hospitality analyst Cyrus Vazifdar.

John Bourret

                “The favorable franchise affiliations of the three hotels combined with strong year-over-year earnings created broad investor appeal facilitating a timely sales execution,” noted Stadler.  “Additionally, investors were attracted to the value creation afforded by the planned renovations enhancing future yields.” 

               HFF’s Hotel Group has been active in the sale and financing of numerous full service hotels across the country, executing more than $1.5 billion in transaction volume through mid-year 2013.

Max Comess

               “We at HFF were pleased to be of service to a leader in the hotel industry such as HEI on this portfolio,” added Peek.  “This transaction provides further evidence to the investor demand for quality hotel assets around the US.”

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.heihotels.com

www.asapholdings.com

O’reilly’s Opens at King’s Crossing in Dallas, GA Along with a Fully Executed Lease for a 1,400 sf Subway

Dallas, GA --Who: The Durban Group signed a new lease for a new construction; free standing 6,000 sq. ft. building for O’reilly Auto Parts, which opened in September.

Sherri Mann, Senior Associate for Crossman & Company also signed a new lease for 1,400 sq. ft. Subway. 

Sherri Mann

What: Kings Crossing, anchored by Food Depot is located in the heart of Paulding County, one of the fastest growing counties in the U.S.  O’reilly’ s joins several national and local tenants, including joining Domino’s Pizza, Toadily Tan and a Subway, coming soon.

  

 Why:   The Durban Group prides itself on being relationship driven throughout every facet of a project. They have numerous properties throughout the Southeast with Sheri Mann of Crossman & Company leasing eight of the centers to include seven in Georgia and one in the Florida Panhandle.

 King’s Crossing offers excellent availability, a build to suit opportunity with limited space available for lease. For more information please contact Sherri Mann: 404.514.3517.

Where: Kings Crossing| 2985 Villa Rica Highway| Dallas, Georgia 30157

 When: September, 2013

Bob Balcerak

ICSC Industry Icons: A conversation with Bob Balcerak and John Crossman

Boca Raton, FL–What: An engaging, interactive panel discussion with, Bob Balcerak, Director of Real Estate Strategy for Publix Super Markets and John Crossman, the President of Crossman & Company.

Who:   Business Professionals

Why:   To engage professionals in an interactive environment with commercial real estate speakers to discuss their stories of success, the mistakes they’ve made along the way, and what it takes to build a company and effectively implement a national real estate strategy.

John Crossman

Where: Bogart’s Bar and Grille | 3200 Airport Rd. | Boca Raton, FL

 When:  Thursday, October 10 | 5:30-6:30PM

 Cost:   $50.00 Member| $65 Non Member| Register at: www.icsc.org

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

Claire Pagán

Marketing Specialist | Crossman & Company

3333 S. Orange Ave. Suite 201 | Orlando, Florida 32806

407.423.5400 main | 407.581.6223 direct | 352.348.3066 cell

cpagan@crossmanco.com | Web | Facebook

Mansfield Town Center in Mansfield, TX Welcomes New Retailers

  

Mansfield Town Center, Mansfield, TX

Stephen Coslik

MANSFIELD, TX, Oct. 8, 2013 – Mansfield Town Center welcomes three new high-profile retailers – Five Below, Sam’s Club and ULTA Salon, Cosmetics and Fragrance – to its tenant roster.

  Five Below celebrated its grand opening on September 12 while ULTA followed on September 13.  Sam’s Club is scheduled to open October 24. 

Bryan Dyer

Stephen Coslik and Bryan Dyer of The Woodmont Company represented Kossman Development Company, owner of Mansfield Town Center, in the three transactions totaling 136,085 square feet.

 Dyer is responsible for handling leasing at the center. Sam’s Club was represented by Tom Hudson of Tom Hudson Co.  ULTA was represented by Jennifer Frank of Princeton Partners.  

Tyler Grisham

Tyler Grisham and Greg Bracchi of EDGE Realty Partners represented Five Below.  The center now boasts a 96 percent occupancy rate. 

            Located southeast of Ft. Worth, Mansfield Town Center is located in Mansfield at Highway 287 and Cooper Street in Tarrant County.

Greg Bracchi

 The center boasts more than 30 retailers including The Cinemark 12 and XD Theater, Dollar Tree, Best Buy, Petco, Michael's, Marshall's, Home Goods, Shoe Carnival and Lane Bryant.

The area demographics are strong with more than 6.5 million people living in the Dallas/Fort Worth/Arlington MSA, and the average annual household income is more than $91,000. 

  

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

Darcie Giacchetto

Ebeling Communications

(949) 278-6224

www.kossman.com.

www.woodmont.com.

Parkway Self Storage & Car Wash Sale in Palm Coast, FL Brokered by Marcus & Millichap

Parkway Self Storage & Car Wash, 4860 NW Palm Coast Parkway, Palm Coast, FL

PALM COAST, FL, Oct. 8, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Parkway Self Storage & Car Wash, a 75,356-square foot self-storage facility located in Palm Coast, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

Richard D. Matricaria

Michael A. Mele, a first vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, a limited liability company.  Mele procured and represented the buyer of the property, a limited liability company based in New York.

Parkway Self Storage & Car Wash is located at 4860 NW Palm Coast Parkway in Palm Coast, Florida.  This facility is situated on approximately 5.95 acres of land and includes a five-bay car wash.  Constructed in 2001, Parkway consists of 454 units for a total of 63,119 net rentable square feet.

“The sale of Parkway Self Storage and Carwash is a great example that distressed assets are still in the market,” said Mele in a statement. 

  “Our team was able to work with the owner and lender to ensure the maximum purchase price was achieved.”

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

Richard D. Matricaria

Regional Manager

Tampa, FL

(813) 387-4700

  

Marcus & Millichap Arranges Sale of Storage King Self-Storage in Fort Myers, FL for $3.876 Million

  

Storage King Self-Storage, 2235 Colonial Boulevard, Fort Myers, FL

  

FORT MYERS, FL, Oct. 8, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Storage King Self-Storage, a 100,504-square foot self-storage facility located in Fort Myers, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $3,876,221.

Michael A. Mele

Michael A. Mele, a first vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the Florida seller, a limited liability company.  Mele also procured and represented the buyer of the property, a limited liability company based in Maryland.

Storage King Self-Storage is located at 2235 Colonial Boulevard in Fort Myers, Florida, and is a 75,115 net rentable square foot self-storage facility situated on approximately 3.99 acres of land.  The original building was built as a retail furniture store and warehouse. 

The property was built in 1969 and converted into a storage facility in 2002.  This investment has 630 self-storage units, of which 536 (85 percent) are climate-controlled or record storage units. These units range from 25 to 250 square feet. 

Property amenities include: record storage management, computerized gate entrance, perimeter fencing, digital surveillance cameras, roll-up doors, drive-up units, manager’s office and an on-site manager’s apartment.

“The sale of Storage King Self-Storage is another prime example of a distressed asset in the market,” said Mele in a statement.  

“For over five years, this investment has been on our radar and through the extensive and impeccable Marcus & Millichap platform, we were able to find the right buyer to close this deal.”

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

Richard D. Matricaria

Regional Manager

Tampa, FL

(813) 387-4700

  

Winston James’ Villages of Royal Palm in Port Orange, FL has new Windsor Plus model home under construction

PORT ORANGE, FL— Villages of Royal Palm, rated one of southeast’s best retirement communities, has started construction on the award winning Windsor Plus model home.

Jamie Allen Adley, president of Villages of Royal Palm, said the model home will be completed before the end of the year.

James Allen Adley

The popular Windsor Plus has four bedrooms and three baths in 2,416 square feet and is priced at $350,000.

In addition, the Villages of Royal Palm has eight move-in ready homes under construction ranging in size from 1,500 square feet of living area to 2,400 square feet and priced from $200,000 to $300,000, Adley said.

 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

  

NAI Realvest Negotiates $500,000 Vacant Land Purchase in Oviedo, FL for Hospital Expansion

Central Florida Regional Hospital, Sanford, FL

ORLANDO, FL – NAI Realvest recently negotiated acquisition of 6.19 acres of vacant land in Oviedo for $500,000.

George Viele

 George Viele, associate at NAI Realvest, represented the buyer Sanford-based Central Florida Regional Hospital in the purchase of Lot 120 on Pratt Place. 

The hospital purchased the land to expand its Oviedo campus. 

 Sellers Bernie and Suzanne Blackwood of Oviedo were represented by Axel Real Estate, Inc.

 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

  

Winston James Development Leases 3,749 square feet of warehouse space to lighting company at Aloma Commerce Center in Oviedo, FL

Aloma Commerce Center, Aloma Avenue and State Road 417, Oviedo, FL

Oviedo, FL– Winston-James Development, Inc., based in South Daytona, recently completed a lease agreement for 3,749 square feet of office/warehouse space at 2785 Wrights Rd. in its Aloma Commerce Center located in Oviedo off Aloma Avenue by  S.R 417.

Winston Schwartz, president of Winston-James Development, said the new tenant Optimal Lighting, LLC specializes in sales and installation of energy LED lighting.

Winston Schwartz

Winston James Development leases 1,050 square feet of commercial space at Beville Road Business Park in South Daytona, FL

SOUTH  DAYTONA BEACH, FL— Winston James Development, which developed the Beville Road Business Park in Daytona Beach, recently negotiated a new lease agreement for 1,050 square feet of commercial space there.

Winston Schwartz, president of Winston James Development said Melanie Cruz will open a thrift shop focusing on used clothing, accessories and household items.

 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