Thursday, December 5, 2013

HFF closes sale of Class A office property in downtown San Mateo, CA


400 South El Camino Real, Downtown San Mateo, CA

Stevem Golubchik
SAN FRANCISCO, CA – HFF announced today that it has closed the sale of  400 South El Camino Real, a 14-story, 145,986-square-foot, Class A office property in downtown San Mateo, California.

                HFF represented the seller, Equity Office Properties in this transaction.  Romel Enterprises, LLC purchased the asset for an undisclosed amount free and clear of debt.  Romel’s real estate portfolio primarily consists of Class A properties throughout the country, and the firm will continue to seek these ‘institutional-quality’ assets.

                Originally completed in 1973, 400 South El Camino Real was renovated in 2003 and is 91 percent leased to tenants including UBS, Chicago Title Insurance/Fidelity National Title Group, TD Ameritrade, ZS Associates and the U.S. Army. 

Michael Leggett
The property also features a six-story, 254-space parking structure and 360 degree views of the Peninsula and San Francisco Bay.

 Situated in downtown San Mateo, 400 South El Camino Real is within walking distance of the San Mateo Caltrain Station and close to US Highway 101, Interstate 280 and State Highway 92 providing access to San Francisco and Silicon Valley. 

The HFF investment sales team representing the seller was led by managing director Steven Golubchik, senior managing director and co-head of HFF’s national office investment sales platform Michael Leggett and director John Simerlein.


John Simerlein

“This property has a prime location in downtown San Mateo, which continues to see strong demand from tenants looking for office space in walkable and amenity-rich locations with access to Caltrain,” said Golubchik.

  “Historically, 400 South El Camino Real has outperformed both San Mateo City and County, posting substantially higher average occupancy levels and rental rates.”

Equity Office Properties is one of the largest and most well-respected commercial real estate firms in the nation, with a portfolio encompassing 70 million square feet of Class A office space under management in superior locations throughout the country.  For more information, visit www.equityoffice.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


Greenwich Village Units in Manhattan, NY Trade for $19.2 Million


143-145 West 4th Street, West Village area of Greenwich Village,
Manhattan, NY

Joseph Koicim
NEW YORK, Dec. 5, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 26-unit multifamily property located at 143-145 West 4th St. The $19,200,000 sales price equates to $1,147 per square foot.

            Joseph Koicim, Peter Von Der Ahe and Sean Lefkovits, all in Marcus & Millichap’s Manhattan office, advised the seller, Silverstone Property Group. The buyer is a private investor who purchased the property through a 1031 exchange.

            Silverstone Property Group acquired 143-145 West 4th St. in August 2012 for $11,325,000 and implemented a renovation program for the free-market units and common areas.

Peter Von Der Ahe
            “The property is located within one of the most desirable rental markets in Manhattan,” says Koicim. “The 21 free-market units have been fully renovated to luxury standards and the five rent-stabilized units provide the new owner with a significant upside opportunity.”

            Located in the West Village area of Greenwich Village, 143-145 West 4th St. is one half-block from Washington Square Park and near New York University’s undergraduate school, the New York University School of Law and several subway stops.

The northernmost point of West Village is the Meatpacking District, which includes renowned restaurants and high-end boutiques that attract local residents and tourists from around the world. 

Sean Lefkovits
            The building’s unit mix features four one-bedroom units, 11 two-bedroom apartments, 10 three-bedroom units and one five-bedroom apartment. All of the free-market units feature new hardwood floors, stainless-steel appliances, marble countertops, modern bathroom designs, high-end light fixtures and washer/dryer units.

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

Gina Relva
Public Relations Manager
(925) 953-1716


HFF closes $76.2 million sale of student housing community near Virginia Tech


Terrace View Apartments, 413 Hunt Club Road, Blacksburg, VA

Brian Kelly
CHICAGO, IL – HFF announced today the $76.2 million closing of the sale of Terrace View Apartments, a 756-unit, 1,720-bed student housing community near Virginia Tech in Blacksburg, Virginia.

 HFF marketed the property on behalf of the seller, a joint venture between Iconic Development and Wheelock Street Capital.  MCS Capital Partners purchased the asset for $76.2 million and assumed an existing Fannie Mae loan. 

Terrace View Apartments is located at 413 Hunt Club Road within walking distance to the Virginia Tech campus. 

Troy Manson
Most recently renovated in 2013, the fully-leased property was completed in nine phases and has 81 buildings with one- through four-bedroom townhomes and flats averaging 938 square feet each. 

Community amenities include a newly-renovated clubhouse and fitness center, swimming pool, resort-style hot tub with waterfall, tanning bed, game room, TV lounge, disc golf course, community garden, professional beach volleyball court, dog park, three volleyball courts, four basketball courts and 12 picnic and grill areas. 

Mike Higgins
The HFF team representing the seller was led by managing directors Brian Kelly and Troy Manson with support from Mike Higgins.

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


NAI Realvest Completes Two Lease Agreements totaling 5,340 square feet of Office Space at University Court in East Orlando, FL

University Court, 3361 Rouse Road off University Boulevard, East Orlando, FL


Ginger Vetter
ORLANDO, FL --- NAI Realvest recently negotiated two office lease agreements totaling 5,340 square feet at University Court located at 3361 Rouse Rd. off University Blvd. in east Orlando.
Senior Broker Associate Mary Frances West, CCIM and Associate Ginger Vetter represented the landlord at University Court – RREF Interchange-FL, Rouse, LLC of Daytona Beach – in a new lease agreement for Suite 200 with 2,670 square feet.  
The tenant is Playoff Technologies, LLC. 
Mary Frances West
  Veraxx Engineering Corporation, a firm specializing in software development, flight simulation and avionics systems, renewed its lease of 2,670 square feet in Suite 245 at University Court.





For the 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 Industrial, Office and Retail Leases in Longwood, Sanford and College Park Area of Orlando, FL


Brio Business Park site at 1205 West Airport Boulevard, Sanford, FL

Michael Heidrich
ORLANDO, FL– NAI Realvest recently negotiated three lease agreements in Longwood, Sanford and the College Park area of Orlando that total 17,945 square feet.
Michael Heidrich, principal at NAI Realvest brokered a lease renewal for 15,045 square feet of industrial/flex space at 260 Hunt Park Cove off Florida Central Parkway and SR 434 in Longwood.  MasTec North America, Inc., based in Coral Gables is the tenant and Dunhill Investments, Inc. of Longwood is the landlord.
Thomas B. Ball III
Heidrich also negotiated a new lease for 2,000 square feet of office space at the Brio Business Center, 1205 W. Airport Blvd. in Sanford, representing the Winter Park-based landlord Brio, LLC.   The tenant, which plans to use the space for Church offices is G3 Church-Sanford Inc. represented in the transaction by Thomas B. Ball III. 
At 4315 Edgewater Drive in Orlando’s College Park, Heidrich completed a new retail lease agreement for 900 square feet.  The tenant Ernest Chilas of Clermont leased the space to open a resale store.   Stout Real Estate LLC is the landlord.
For the complete copy of the company’s news release, please contact:

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

Beville Road Business Park developed by Winston James in South Daytona, FL is new home to Ivonis Trading Motorcycle Clothing & Accessories


SOUTH DAYTONA, FL. -- Winston James Development, based in South Daytona Beach, recently negotiated a new lease at its Beville Road Business Park, 933 Beville Rd.
Beville Road Business Park, South Daytona, FL
Winston Schwartz, president of Winston-James Development, said Ivonis Trading Company LLC, which markets a wide range of motorcycle clothing and accessories online and through mail order, recently leased 1,060 square feet of space for a new warehouse and distribution facility.
For the complete copy of the company’s news release, please contact:

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

ZipRealty Reports Home Buyers Can Find the Best Bargains on the East Coast



EMERYVILLE, CA -- The latest edition of ZipRealty’s Housing Trends Report points to an overall cooling of the housing market across 24 metro areas.
Even though the median sales price across all markets of $267,832 is still 12.6% higher than it was in mid-November 2013, year-over-year growth has waned from a 15% gain just one month ago. 
Metros where you can find the best housing bargains or those that were flat or posted very little price growth as of Nov. 15 are located almost exclusively on the East Coast:


Metro Area
Median Sales Price 11/15/12
Median Sales Price 11/15/12
Percentage Growth
Philadelphia
$199,000
$200,000
0%
Richmond, Va.
$201,625
$205,000
2%
Baltimore
$240,000
$245,000
2%
Washington, D.C./N. Va.
$345,000
$358,500
4%
Denver
$242,500
$358,500
4%

As median sales prices rose throughout 2013, the industry focused on the inventory of for-sale housing. In the early part of 2013, the average supply of homes for sale in ZipRealty’s study was down 30% or more year-over-year.
Lanny Baker
That lack of supply, coupled with low interest rates and pent-up buyer demand, helped spur the strong gains in sales prices this year. As prices have risen, inventory has decreased.
 But now, it appears as though inventory levels are starting to trend upward: In the new report, housing inventory across all metros was down only 9% annually as of mid-November, marking the highest level of inventory thus far in 2013. 
The metros with the biggest annual increases in inventory as of mid-November 2013 were:
·         San Diego – 22%
·         Sacramento − 21%
·         Las Vegas − 18%
“Not surprisingly, these metros have also seen some of the most rapid escalation in median sales prices over the last 12 months, and it appears that those gains have not been lost on home owners who are now bringing more properties to market,” said ZipRealty CEO and President Lanny Baker.
For the complete copy of the company’s news release, please contact:
Stacey Corso
Public Relations Manager
ZipRealty, Inc.
Office: 510.735.2667
Cell: 415.672.6460
Follow us on Twitter: @ZipRealty

HC Real Estate Capital Arranges $9.1 Million in Financing for Northmil Plaza In Palm Beach Gardens, FL


Northmil Plaza, 4367--4407 Northlake Boulevard, Palm Beach Gardens, FL

Palm Beach Gardens, FL, Dec. 5, 2013 --  Kurt Hoffmann and Chris Caveglia of HC Real Estate Capital have arranged $9,100,000 in financing for Northmil Plaza located at 4367-4407 Northlake Blvd Palm Beach Gardens, FL.

HC Real Estate Capital worked exclusively with the borrower to secure 15 year fixed rate financing and a 25-year amortization through a correspondent life insurance company relationship. 

Northmil Plaza is a 90,736 square foot retail center that is currently 100% leased to a roster of national, regional and local tenants including Joseph’s Classic Market, Home Goods, Bank United, MD Now and AT&T. 

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

Chris Caveglia
HC Real Estate Capital, LLC
660 Linton Blvd. Ste 200 EX5
Delray Beach, FL 33444
Direct: 561-266-3273
Mobile: 561-376-3176

U.S. Commercial Real Estate Market Continued Steady Recovery In 2013, According to CBRE Group, Inc.




ORLANDO, FL -- The U.S. commercial real estate market continued a slow, but steady recovery in the third quarter of 2013 (Q3 2013), according to the latest analysis from CBRE Group, Inc.

Ron Rogg
The office vacancy rate dropped 10 basis points (bps) during the quarter to 15.1%.

The quarterly change was slightly slower than last quarter’s 20 bps decline but in absolute terms, vacancy was 50 bps below the Q3 2012 rate of 15.6%.

However, the continued progress reflects the office market’s ability to withstand the effects of the federal government’s spending reductions – known as the “sequester” – while dealing with an already sluggish pace of economic growth.

As core assets become more expensive, the 2014 Emerging Trends in Real Estate report—a joint publication by PricewaterhouseCoopers and Urban Land Institute—anticipates investors will expand their focus beyond core markets to include other secondary markets.

 For the first time since 2007, commercial investment property sales may surpass $1.0 trillion, according to Real Capital Analytics. Volume totaled $727.3 billion through Q3 2013.

Commercial and multifamily originations saw a 29 percent year-over-year increase in Q3 2013, driven by an increase in healthcare property originations.

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

Ron Rogg

Lodging Econometrics Promotes Tom O'Gorman to Vice President of Sales


Tom O'Gorman
PORTSMOUTH, NH, Dec. 5, 2013 – Lodging Econometrics (LE), the leading lodging industry consulting partner for global real estate intelligence, announced today that Tom O’Gorman has been promoted to Vice President of Sales.

In Tom’s new role, he will identify Lodging Vendors, both domestically and internationally, that might benefit from LE’s Global Real Estate Intelligence designed to increase their product distribution and expand their market share.

Tom will then customize a growth development program particular to each company that would identify and present every New Construction and Potential Product Replacement opportunity that meets their unique specifications.

“Since joining LE, Tom has worked closely as a trusted advisor to the largest Ownership and Management Groups in the United States, presenting to them acquisition and management opportunities to rapidly grow their portfolios,” comments JP Ford, Senior Vice President of Global Sales.

JP Ford
“Tom has really excelled and is well qualified to take on this larger role to expand LE’s presence in the rapidly growing Vendor community,” Ford said.

Prior to joining LE, Tom spent more than 25 years in the hotel and restaurant industry in various management and sales positions and brings a wealth of industry expertise to LE and the clients he serves.

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

Jennifer McLynch
Lodging Econometrics
603.431.8740 ext. 16


Marcus & Millichap Arranges Sale of Wilton Manors, FL Apartment Portfolio for $5.12 Million

  
 2412 NW 9th Avenue, Wilton Manors, FL

  
Evan P. Kristol
 WILTON MANORS, FL, Dec. 5, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Manors Portfolio, a three-property portfolio totaling 72 units, located in Wilton Manors, FL.

The portfolio sold for $5,115,200 representing $71,044 per unit.

Evan P. Kristol and Still Hunter III, Senior Vice President Investments, and Robert S. Hunter, an Associate, in Marcus & Millichap’s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Fort Lauderdale, FL.  The buyer was a limited liability company from Hollywood, FL.

Still Hunter III
“The Manors Portfolio offered an investor the unique opportunity to acquire stabilized, superior assets in highly sought after Wilton Manors,” says Robert Hunter.

“Wilton Manors’ urban desirability and small town charm has made it one of Broward County’s strongest rental markets.

“The area’s positive economic and employment trends are driving the apartment market and expanding the pool of prospective renters.

“The buyer will benefit from the climbing rental rates and property values as well as the immediate opportunity to raise the properties’ current below-market rents to market,”

Robert S. Hunter
Manors Portfolio is comprised of three multi-family properties that total 72 units.  The properties are located in close proximity to one another.  Included in the portfolio are:

  • 2509 NW 9th Avenue , a two-story 16-unit apartment building
  • 2412 NW 9th Avenue, two two-story apartment buildings comprising 40 units
  • 807 NW 24th Street, a two-story 16-unit apartment building

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

Gregory Matus
Regional Manager / Vice President
Fort Lauderdale, FL
(954) 245-3400


HFF closes sale of and arranges financing for student housing community in Kennesaw, GA


West 22 Student Housing Community, 3615 Cherokee Street, Kennesaw, GA

Troy Manson
DALLAS, TX – HFF announced today that it has closed the sale of West 22, a 245-unit, 850-bed student housing community serving Kennesaw State University in Kennesaw, Georgia.  HFF also arranged acquisition financing for the buyer.

                HFF marketed the property on behalf of the seller, a joint venture between South City Partners and The Carlyle Group.  

Campus Advantage purchased the asset for an undisclosed amount.  HFF also worked on behalf of the buyer to secure a 10-year, fixed-rate acquisition loan through M&T Bank.  

West 22 is located at 3615 Cherokee Street approximately 1.7 miles from campus and less than one mile from Interstate 75 northwest of downtown Atlanta. 

Brian Kelly
Completed in 2013, the property includes a mixture of cottages, manor houses and luxury flats averaging 1,356 square feet each. 

Community amenities include a two-story fitness center, clubhouse, resort-style pool, amphitheater, full-size sports and recreation field, half-mile fitness trail, sand volleyball court, basketball court, study rooms, internet cafĂ© and shuttle service to and from campus. 

The property is 98 percent leased for the 2013/2014 academic year. 

The HFF investment sales team representing the seller was led by managing directors Troy Manson and Brian Kelly. 

Adam Herrin
HFF’s debt placement team was led by director Adam Herrin along with senior managing director Eric Tupler and director Gregg Shapiro.

South City Partners is a fully integrated student housing and multifamily development company whose principals have a long history of successfully developing award-winning projects throughout the southeast.

The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $185 billion of assets under management across 122 funds and 81 fund of funds vehicles as of September 30, 2013.  

Carlyle's purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. 

  Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America.  

Eric Tupler
Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, technology & business services, telecommunications & media and transportation.  

The Carlyle Group employs more than 1,450 people in 34 offices across six continents.  Web:

Campus Advantage is an Austin-based real estate firm that offers student housing management, development, acquisition and consulting services.  

The company works to create winning partnerships between colleges, universities, investors, developers and owners in an effort to help students achieve their academic and personal goals.  For additional information, please visit


 For the 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


HFF secures $16.88 million financing for freestanding ShopRite Supermarket in Staten Island, NY





Robert Delitsky
NEW YORK, NY – HFF announced today that it has secured a $16.88 million construction and permanent loan for the development of a 63,000-square-foot freestanding ShopRite supermarket in Staten Island, New York.

                Working on behalf of the borrower, HFF placed the 22-year, fixed-rate construction and permanent loan with a national life insurance company.  The loan will convert to a 20-year, self-liquidating loan upon completion of the project.

Thomas Didio
                 Slated for completion in 2015, the property is fully leased to ShopRite supermarket.  Situated on 4.3 acres, the store is located at 3010 Veterans Road near the Richmond Parkway and Pearl Harbor Memorial Expressway interchange.

                The HFF team representing the borrower was led by managing director Robert Delitsky and senior managing director Thomas Didio.
  
 For the 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

HFF secures $9 million financing for neighborhood retail center in Santa Maria, CA


Santa Maria Commerce Center,  230-340 East Betteravia Road, Santa Maria, CA


LOS ANGELES, CA – HFF announced today that it has secured $9 million in financing for Santa Maria Commerce Center, a 65,911-square-foot neighborhood retail center in Santa Maria, California.

HFF worked on behalf of Santa Maria Commerce Center to secure the 10-year, 4.81 percent fixed-rate loan through Wells Fargo Bank.  Proceeds were used to refinance maturing debt on the property.

Santa Maria Commerce Center is located at 230-340 East Betteravia Road between U.S. Highway 101 and Broadway Street in Santa Maria. 

The property is 85 percent leased and includes tenants such as Pier 1 Imports, Chipotle, Panda Express, Supercuts and Avenue.  Additionally, the center is shadow-anchored by Ross Dress for Less and 99 Cents Only and is situated directly across from Target.

 For the 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

Marcus & Millichap Names Justin West Sales Manager in Orlando, FL Office


Justin West
ORLANDO, Fla., Dec. 4, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Justin West sales manager of its Orlando office, according to Raj Ravi, regional manager of  the Orlando office. West will also assist in managing sales in Marcus & Millichap’s Tampa office.

“Justin brings a great deal of commercial real estate sales and management experience to his new position with the firm,” says Ravi. “He will be a strong asset for our brokerage teams in Orlando and Tampa and for our clients throughout central Florida.”

West began his career with Marcus & Millichap in February 2010 as an agent in the Orlando office. His product specialty was office and industrial investment properties.


Raj Ravi
 Prior to joining Marcus & Millichap, West was managing partner at West Commercial Real Estate Advisors. He began his real estate career with Duke Realty Corp. as a leasing and development representative for its Orlando Office Group.

West graduated from Rollins College in Orlando with a bachelor’s degree in organizational communication and a minor in business administration, finance and marketing.

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

Gina Relva
Public Relations Manager
(925) 953-1716