RealtyTrac Reports U.S. Median Home Price in October Increases to Highest Level Since September 2008 but still 19 Percent Below Peak

Darren Blomquist

IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, released its October 2014 Residential & Foreclosure Sales Report, which shows the median sales price of U.S. single family homes and condos in October was $193,000, up 2 percent from the previous month and up 16 percent from a year ago to the highest level since September 2008 — a 73-month high.

“This U.S. recovery is largely being driven by investors, and as the lower-priced, often distressed inventory most appealing to investors dries up in a given market, investor activity will slow down in that market and move to other markets with more ideal inventory available,” said Daren Blomquist, vice president at RealtyTrac.

“This has created a ripple-effect recovery moving out from traditional investor hot spots such as Phoenix, Atlanta and many California markets and into markets such as Charlotte, Columbus, Ohio, Dallas and Oklahoma City.”

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

Jennifer von Pohlmann

949.502.8300949.502.8300, ext. 139

jennifer.vonpohlmann@realtytrac.com

Berger Commercial Realty Broker Closes Sale of Downtown Fort Lauderdale, FL Office Property

Keith Graves

FORT LAUDERDALE, FL - Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced a new sale transaction.

 Berger Commercial Realty broker Keith Graves represented REKN Investments Corp. in selling a 5,627-square-foot office property, known as the Legal Center, for $706,000 to Velocity Properties, LLC. Velocity was represented by David Burgess of Meridain Realty Management.

Located at 888 S.E. 3rd Ave. in Fort Lauderdale, the building is within walking distance to the courthouse and ideal for law firms. Velocity will use the property for its corporate offices.

                                                             

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

Marielle Sologuren

Pierson Grant Public Relations

msologuren@piersongrant.com

954-776-1999, ext. 226

Marcus & Millichap Arranges Sale of Eusonian Apartments in Tampa, FL for $1.2 Million

Eusonian Apartments, 610 West Horatio Street, Tampa, FL

Cameron Barbas

TAMPA, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of The Eusonian Apartments, a 14-unit apartment property located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,200,000.

Cameron Barbas, associate, Michael P. Regan and Francesco P. Carriera, vice presidents investments in Marcus & Millichap’s Tampa office, represented both parties in the transaction.

The Eusonian Apartments were built in 1974 and are located at 610 West Horatio Street in Tampa, Florida.  The property is situated on approximately 0.24 acres of land and consists of five studios with 336 rentable square feet and nine, one-bedroom/one-bathroom units with a range of 336 to 547 rentable square feet. 

Michael P. Regan

Since 2011, approximately $209,000 of capital improvements have been made to the property.

“This property closed at full list price within 69 days of the initial day of marketing for this Hyde Park asset, and we received multiple offers from both local and out-of-area investors,” says Barbas. 

“The Eusonian Apartments sold at $234 per square foot, due to the pristine interior and exterior upgrades the seller had made to the property. These upgrades allowed current rents to reach nearly $2.50 per square foot for the studio and one-bedroom units.”

“This sale represents the highest price per square foot transaction for a small apartment in the Hyde Park sub-market since the downturn,” concludes Barbas.

                                                            

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

Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

24-Hour CVS/Pharmacy in Saugus, MA Brings $11.34 Million

Jennifer Athas

SAUGUS, MA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a 24-hour CVS/pharmacy located approximately 13 miles north of Boston in Saugus, Mass.

The $11,340,500 sales price equates to $879 per square foot.

            Laurie Ann “LA” Drinkwater, vice president investments in Marcus & Millichap’s Boston, Mass. and New Haven, Conn. offices, along with Seth Richard in the firm’s Manhattan office, represented the seller, a national net-lease investor.

Steven Siegel in Marcus & Millichap’s Manhattan office represented the buyer. Jennifer Athas, senior associate in Boston, is the firm’s broker of record in Massachusetts.

            “The new owner took advantage of an excellent opportunity to acquire a strategically developed CVS drugstore on a long-term double-net lease with increases,” says Siegel.

Laurie (L.A.) Drinkwater

“This Route 1 corridor location north of Boston has some the highest traffic counts in the region,” adds Drinkwater.

“The site was originally acquired with redevelopment in mind. 

The three-tenant building that formerly occupied the property was demolished and three new buildings were constructed, each on its own tax parcel.”

“New development in this submarket is challenging as the rocky topography makes site work costly and municipal approvals for development are not easily obtained,” Richard concludes.

           

 The freestanding drugstore is located on the southbound side of Route 1 near the Main Street interchange at 1075 Broadway St. in Saugus. 

More than 115,000 vehicles per day pass the site. The property shares cross easements with a 22,500-square-foot JoAnn Fabrics store, a freestanding Bank of America branch and a 6,100-square-foot building occupied by North Shore Medical.

There are attached condos and apartments to the immediate rear of the site. Square One Mall, a 650,000-square-foot regional mall anchored by Filene’s, Filene’s Basement, Best Buy, Sears and Gold’s Gym is nearby.

The 24-hour CVS /pharmacy was built on 1.27 acres in 2008.

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

Gina Relva

Public Relations Manager

Marcus & Millichap Capital Corporation

(925) 953-1716

IPA Capital Markets Arranges $17.2 Million Multifamily Acquisition Loan in Atlanta, GA

Anita Paryani

Atlanta, GA – Institutional Property Advisors Capital Markets (IPACM), a leading provider of debt and equity placements and advisory solutions for major investors, has arranged $17,200,000 in financing for the purchase of a 153-unit high-rise apartment building in Atlanta.

            Jake Roberts and Anita Paryani, both first vice presidents capital markets in IPACM’s West Los Angeles office, structured the debt.

            “We closed the loan in just 30 days from start to finish,” says Roberts, “and the financing includes seven years of interest-only payments at a full debt service coverage ratio.”

“As always, our goal is to add value for clients in every way possible, and in addition to finding the most aggressive debt and closing quickly, we were called upon to negotiate the asset’s insurable value down by over $20 million as the appraisals’ insurable value came in quite high, which significantly impacted insurance costs until we solved the problem,” adds Paryani.

153-unit Apartment Building, Atlanta, GA

The loan is structured with a 12-year fixed term, amortized over 30 years after a seven-year interest-only period with a fixed interest rate of 4.04 percent. The loan to value is 56 percent.

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

Gina Relva

Public Relations Manager

Marcus & Millichap Capital Corporation

(925) 953-1716

$7.6 Million Bridge Loan in Hatfield, PA Arranged by Marcus & Millichap Capital Corp.

  

Matthew Rosenberg

 HATFIELD, PA – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged $7,659,300 in bridge financing for a mixed-use development project in Hatfield, Pa.

Matthew Rosenberg, associate director in MMCC’s Philadelphia office, arranged the financing.

“Our client needed to fund site improvements that would add significant value to the property, but the existing lender was unwilling to increase their loan amount,” says Rosenberg.

“We analyzed the client’s needs and MMCC identified a regional lender that provided a bridge- to-perm loan that would both replace the existing mortgage and provide the owner with additional proceeds. 

"We arranged 18 months of interest-only financing through the construction phase. After that, the loan converts to a permanent loan,” Rosenberg concludes.

The loan was structured with an 18-month initial term, an 18-month extension and an interest rate of 4.25 percent. The LTV is 65 percent.

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

Gina Relva

Public Relations Manager

Marcus & Millichap Capital Corporation

(925) 953-1716

Passco Companies Acquires Newly-Constructed, Leed Gold-Certified Class AA Multifamily Community in Greater Atlanta, GA for $38.8 Million

Twenty25 Barrett, 2025 Barrett Lakes Boulevard, Kennesaw, GA

KENNESAW, GA  – Passco Companies, LLC has acquired the recently completed 238-unit Class AA multifamily community Twenty25 Barrett for $38.8 million.

Gary Goodman

 The LEED Gold certified community, which was completed in February 2014, is located just outside Atlanta in the City of Kennesaw, Georgia, at 2025 Barrett Lakes Boulevard within business-centric Cobb County, according to Gary Goodman, Senior Vice President Acquisitions of Passco Companies.

 “Twenty25 Barrett is an institutional level multifamily asset, located in the rapidly growing economic hub of Cobb County,” explained Goodman.

“The asset’s location is directly aligned with Passco’s ‘Next 10’ acquisition strategy, through which we acquire properties in markets that are poised for growth and expansion over the next ten years.”

He continues, “Twenty25 Barrett’s prime location in this booming business-centric market will fuel progressive rent growth and demand for quality housing for years to come, making this a strategic acquisition for our investors.”

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

Corynne Randel / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

CRandel@browermillercole.com

Cohen Commercial Realty Signs Mauricio’s Barbershop In New Lease Transaction at Palm Bay West Shopping Center in Florida

Palm Bay, FL — Bryan S. Cohen, and Jason Guralnick of Cohen

Commercial Realty, Inc., announced the signing of Mauricio’s Barbershop to lease a 750-square-foot space at Palm Bay West Shopping Center located on the SW corner of Malabar Rd and Minton Rd.

Cohen Commercial Realty, Inc., represents the Landlord in

this transaction.

Cohen Commercial Realty, Inc., is a full service commercial real estate brokerage firm dedicated to fulfilling client needs quickly

and efficiently throughout the South Florida market and beyond.

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

Jamie Crocker

jamiecrocker@cohencommercial.com

561.471.0212 phone

561.471.5905 fax

HFF secures $140 million financing for the Omni San Diego, CA hotel

Omni San Diego Hotel, 675 L Street in San Diego’s Gaslamp Quarter

Whitaker Johnson

DALLAS, TX – HFF announced it has secured a $140 million financing for the Omni San Diego hotel, a 511-key luxury, convention center hotel in San Diego, California.

Working on behalf of the borrower, a joint venture between TRT Holdings and JMI Realty, HFF arranged the 15-year, fixed -rate loan through AIG Investments.  Proceeds from the financing will be used to refinance the existing debt on the hotel.

                The hotel is located at 675 L Street in San Diego’s Gaslamp Quarter, a popular downtown dining, entertainment and urban shopping district. 

The 200,000-square-foot-hotel is directly across Harbor Road from the main entrance of the San Diego Convention Center and within walking distance to more than 100 restaurants, galleries and boutiques. 

The Omni San Diego was built in 2004 and renovated in 2013.  Within its 21 floors, the hotel contains 257 king rooms, 221 double rooms, 14 one-bedroom junior suites, 13 one-bedroom parlor suites, four hospitality suites and two VIP suites.

James Fowler

 McCormick & Schmick’s Seafood Restaurant, a nationally-renowned restaurant, occupies space in the hotel and provides 24-hour guest room dining.

 Additionally, the Terrace Bar & Grill provides poolside dining and Morsel’s, a gourmet coffee bar and gift shop, is in the lobby.  Hotel amenities include an 8,000-square-foot rooftop terrace, 27,000 square feet of meeting space, outdoor heated pool and spa and full-service fitness center. 

Not included in the financing are 11 floors containing 36 condominiums accessible by an entrance separate from the main hotel entrance.

                The HFF debt placement team representing the borrower was led by senior managing director Whitaker Johnson, managing directors James Fowler and Scott Hall and real estate analyst Sarah Baccich. 

                TRT Holdings is a privately-owned, diversified holding company located in Dallas, Texas.  Assets include Omni Hotels & Resorts, Gold's Gym International, Tana Exploration and numerous investments in public companies and various real estate ventures. 

Scott Hall

JMI Realty is a private real estate investment and development company that currently manages a real estate investment portfolio valued at approximately $600 million.

 The company is also the master developer of the Ballpark District in San Diego. JMI Realty was established in 1992 as the real estate investment subsidiary of JMI Services, Inc.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

Essex Realty Group Brokers the Sale of an 11-Unit Multi-Family Building in Chicago, IL

Kate Varde

 CHICAGO, IL – November 19, 2014 - Essex Realty Group, Inc. is pleased to announce the sale of 500 W. Belden Ave. in Chicago, Illinois.

500 W. Belden Ave. is an eleven unit, multi-family property situated on the northeast corner of Cleveland and Belden Avenue.

The property is located within walking distance of beaches, parks, and recreation along Lake Michigan’s shore and steps from the abundant restaurants and shops of the Clark, Lincoln, and Armitage Avenue commercial corridors.

Conveniently located near public transportation, the property is situated one half-mile from the CTA Fullerton “El” station that services the red, brown, and purples lines.

The sale price was approximately $2,350,000.

Douglas Imber

Doug Imber and Kate Varde were the brokers on the transaction.

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.

773.305.4910

dougfisher@essexrealtygroup.com

www.essexrealtygroup.com

McCarthy Moves to Larger San Diego, CA Headquarters

Bob Betz

SAN DIEGO, CA – McCarthy Building Companies, Inc., one of the nation’s oldest and largest privately held construction firms, has moved its San Diego operations to a new 17,000-square-foot office headquarters located within Sky Park Office Plaza at 9275 Sky Park Court, Suite 200, San Diego, Calif. 92123.

 Previously housed at 6165 Greenwich Drive in Governor Park, the company began occupying its new space on November 24th.

 “San Diego is a community that has offered diverse building opportunities in markets we specialize in, including healthcare, K-12, higher education, corporate commercial, bioscience and parking facilities,” said McCarthy Executive Vice President Bob Betz, who is charged with overseeing the operations of McCarthy’s San Diego operations.

 “After building here for 33 years, we are solidly invested in the community and have built strong relationships with the area’s building owners and facility planners, architects and subcontractors. 

“We see a lot of opportunity on the horizon, and have moved to larger headquarters that will support our continued growth and investment in new technology and systems to offer our clients a diverse range of services, from building information modeling, pre-construction and design management to traditional general contracting services.”

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

Bonnie Kutch, bkutch@kutchco.com Phone: (619) 299-1010  

                                

Susan Garritano, sgarritano@mccarthy.com  Phone: (314) 968-3300

.

HFF closes sale of industrial flex facility in Lakewood, NJ

Michael Nachamkin

FLORHAM PARK, NJ – HFF announced it has closed the sale of a 74,400-square-foot industrial flex facility in Lakewood, a township in eastern New Jersey.

HFF marketed the property on behalf of the seller, LNR Property LLC.  Cedar Group of NJ LLC purchased the center free and clear of existing debt for an undisclosed amount.

The asset is situated on 6.28 acres at 150 Oberlin Avenue just off Route 623, approximately one mile from the Garden State Parkway and two and a half miles from Route 9.

 The multi-tenant facility is in the Ocean County industrial submarket, which is one of the closest distribution hubs to service the Jersey Shore in addition to being less than one hour from Newark Liberty International Airport and Port Elizabeth/Newark. 

Renovated in 2000, the building has 24,000 square feet of industrial space and 50,400 square feet of office space and features 20’-28’ clear ceiling heights, nine dock-high doors, nine drive-in doors and 116 parking spaces.  Tenants include Ateres Tzipora, NJPD Plumbing & Heating, Dealmed Medical Supplies and Arc of Ocean County.

Kevin O'Hearn

The HFF investment sales team was led by managing director Michael Nachamkin along with senior managing director Jose Cruz, managing director Kevin O’Hearn and real estate analyst Jordan Avanzato.

“We were pleased with the results of running the process for the seller and attracting a lot of bidders for the property,” Michael Nachamkin said.  “The end result was a smooth transaction with a quick closing.”

LNR Property LLC is a market leader in commercial real estate finance, management and development, with established expertise and demonstrated capability in the investment, management and servicing of commercial real estate assets, secured real estate loans and loan pools. 

LNR is headquartered in Miami Beach, Florida.  LNR's Commercial Property Group is focused on creating value by acquiring, developing, repositioning, managing and selling interests in commercial and multi-family real estate, including land. 

150 Oberlin Avenue, Lakewood, NJ

LNR's Real Estate Financing and Servicing Group focuses on LNR's loan and loan securities businesses and is one of the nation's leading buyers of non-investment grade and unrated commercial mortgage backed securities (CMBS), and is the leading special servicer in the U.S.

Cedar Group of NJ is a local investor based in Lakewood, New Jersey.

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

HFF closes $39.5 million sale of Class A Westchester County, NY office property

International Corporate Center, 555 Theodore Fremd Avenue, Rye, NY

Jeffrey Julien

NEW YORK, NY – HFF announced it has closed the sale of International Corporate Center at Rye, a Class A office property in Rye, Westchester County, New York, totaling approximately 180,000 square feet.

 HFF exclusively represented the seller, Faros Properties, LLC, in the transaction. 

International Corporate Center at Rye is located at 555 Theodore Fremd Avenue close to Interstates 95 and 287 in Rye.

 It is the only Class A office building in Westchester County within walking distance of the Metro-North Railroad, which provides access to Manhattan in 35 minutes. 

Renovated in 2012, the property features three interconnected office buildings connected by a five-story glass rotunda lobby with amenities including a fitness center, cafeteria, conference center with boardroom and an outdoor tenant courtyard.

Jose Cruz

 International Corporate Center at Rye is 98 percent leased to tenants in the financial service, private equity, law and consumer product sectors. 

               The HFF investment sales team representing the seller included managing director Jeff Julien, senior managing directors Jose Cruz and Andrew Scandalios. Richard Goldstein with Goldstein & Associates Realty, Inc represented the buyer.

  

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

HFF secures $57.5 million refinancing for 8-property Louisville, KY office portfolio

John Ahmed

DALLAS, TX – HFF announced it has secured a $57.5 million refinancing for an eight-property office portfolio in suburban Louisville, Kentucky.

               Working on behalf of Ascent Properties, HFF placed the floating-rate loan with Prime Finance Partners.  Ascent Properties is controlled by Dale Boden, who runs BF Capital, a local Louisville real estate and private equity investment firm. 

The loan will recapitalize the current portfolio and provide leasing costs for the ongoing stabilization of the properties.  The financing also facilitated the acquisition of one of the buildings.

               The portfolio is comprised of: Bluegrass Business Center I and II; Plainview Point I, II and II; Thornton Park Plaza; Atrium Center; Plainview Center; and NTS Center. 

The approximately 780,000-square-foot portfolio is 86 percent leased overall to a mix of high-quality, institutional tenants.  The properties are all located within suburban office submarkets along the Interstate 64 corridor east of Louisville’s central business district.  Leasing and property management is provided by NTS. 

               The HFF debt placement team representing the borrower was led by director John Ahmed and senior analyst Rex Cruz.

  

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

Marcus & Millichap arranges sale of Colonial Resort apartments in Pompano Beach, FL for $1.4 million

Tal I. Frydman

POMPANO BEACH, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Colonial Resort Apartments, an 11-unit apartment property located in Pompano Beach, Fla. The asset sold for $1,450,000.

Derek R. Gibbs and Daniel J. Cunningham, senior associates, and Tal I. Frydman, a first vice president investments, in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private investor from Fort Lauderdale, Fla, and the buyer, a private investor from Fort Lauderdale.

Built in 1966, the two-story building consists of two studios, eight one-bedroom/one bathroom units and one two-bedroom/two-bathroom townhouse style unit.

Colonial Resort Apartments is located at 3226 NE 12th Street in Pompano Beach.

  

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

Ryan Nee

Regional Manager

Fort Lauderdale

(954) 245-3400

HSA Commercial Launches 50,000 SF Build-To-Suit for Carrier in Nashville, TN

Craig Phillips

CHICAGO, IL and NASHVILLE, TN— HSA Commercial, Inc., announced the firm has started construction on a new 50,000-square-foot regional distribution center for Carrier at 60 Airways Boulevard in Nashville, Tenn.

 Carrier, a leading manufacturer and distributor of heating, air-conditioning and refrigeration products, is scheduled to take occupancy of the new facility in spring 2015.

Carrier’s distribution center, to be located at the northwest corner of Airways Boulevard and Jetway Drive, will be built to satisfy the tenant’s unique specifications including a 4,000-square-foot area utilized as a showroom and training center.

The Carrier facility will be constructed on land next to a 200,000-square-foot industrial building acquired by an HSA partnership in 2010 that was recently fully leased. 

Both buildings are located adjacent to the Nashville International Airport and tarmac areas in a free trade zone.

Lee Black

In 2010, HSA Commercial completed a separate 71,250-square-foot lease transaction with Carrier at the firm’s 495,000-square-foot Baton Rouge West industrial development in Port Allen, La.

“Carrier has been a great tenant of ours in Baton Rouge, and we are pleased to have the opportunity to work with them again on this build-to-suit project,” said Craig Phillips, executive vice president of development with HSA Commercial, Inc.

The Carrier distribution center will be designed and built by Nashville-based T.W. Frierson Contractor, Inc. Lee Black at CBRE represented Carrier in the lease transaction.

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

Mark Thomton, mthomton@taylorjohnson.com, 312-267-4523

HSA Commercial Lands HomeGoods for Phase 2 of The Mayfair Collection in Wisconsin

CHICAGO, IL and MILWAUKEE, WI — Timothy Blum, executive vice president of retail development for HSA Commercial Real Estate, announced that the firm has executed a 22,454-square-foot lease with HomeGoods for the second phase of The Mayfair Collection which is now under construction.

HomeGoods will occupy the northern end cap of the building at 11100 West Burleigh Street which will be anchored by a 45,150-square-foot Whole Foods Market. The home furnishings and accessories retailer is scheduled to open the new location in fall 2015, and it will be the company’s second store in the Milwaukee area.

 The Mayfair Collection is a 400,000-square-foot retail development at Highway 45 and Burleigh Street in Wauwatosa, Wis.

Evanston, Ill.-based TOA Architects is the project architect for The Mayfair Collection. Premier Design + Build will serve as the general contractor for the first two phases.

  

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

Mark Thomton, mthomton@taylorjohnson.com, 312-267-4523

Joseph Reed Joins Shopoff Realty Investments as Vice President, Land Acquisition

William A. Shopoff

IRVINE, CA, Nov. 25, 2014 – Shopoff Realty Investments announced today that seasoned real estate professional Joseph Reed has joined the company as vice president of land acquisition.

During his 27-year career, Reed has led the origination of nearly 200 transactions with a total aggregate value in excess of $1 billion in equity and debt structures, and has managed more than $1 billion in institutional capital and private equity investments.

Reed has also directed the acquisition of more than 2,600 lots throughout Southern California.

“Joseph joins Shopoff Realty Investments with a very successful track record in real estate land acquisitions,” said William Shopoff, CEO of Shopoff Realty Investments.

 “He is a dedicated professional with extensive relationships throughout the industry, as well as experience spanning a variety of asset classes, including residential, mixed-use, retail, multifamily and master-planned communities. I couldn’t be more pleased to welcome Joseph to our team.”

Reed joins Shopoff Realty Investments from KB Home, where he spent two years as vice president of land acquisition, acquiring more than 1,400 units/lots throughout the counties of Los Angeles, Orange and San Diego.

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

Julie Leber

Spotlight Marketing Communications

949.427.5172, ext. 703

julie@spotlightmarcom.com

More than 30,000 SF in Lease Renewals Announced in Miramar Park of Commerce in Miramar, FL

Maridee Bell

MIRAMAR, Fla. – Miramar Park of Commerce, the largest locally owned and managed Business Park in South Florida, has announced the following lease renewals: 

United Collection Bureau (UCB) has renewed its lease for 25,590 sq. ft. of space at 2906 Executive Way. Founded in 1959, UCB offers revenue cycle and account receivable services and products.

Topsville, a division of Jaclyn Incorporated, has renewed its lease for 5,003 sq. ft. of space at 10370 USA Today Way. Topsville is an industry leader in the design and manufacture of children’s apparel.

For all transactions, the Miramar Park of Commerce was represented by Maridee Bell, vice president of Sunbeam Properties, developer of the Park, and Ryan Goggins of Sunbeam Properties.

  

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

Kathryn Gallagher

Pierson Grant Public Relations

954-776-1999, ext. 242

kgallagher@piersongrant.com

Berkadia Names Greg Rainey Broker Assistant in Orlando, FL Office

Greg Rainey

ORLANDO, FL --- Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, has hired Greg Rainey as a broker assistant.

Hal Warren, senior vice president at Berkadia, said Rainey is a graduate of Florida State University and holds a Bachelor of Science in Finance and Real Estate. In addition, he is a Florida licensed real estate sales associate.

Rainey has served as an intern at Berkadia since May of this year, Warren said.

In his new role he will manage the tasks involved in closing sales and function as liaison between clients, agents, escrow companies and mortgage brokers, as well as assist in the underwriting of multi-family commercial real estate properties.

 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.

Feldman Equities and Tower Realty JV Acquire Third Office Building in Downtown St. Petersburg, FL

First Central Tower, Downtown St. Petersburg, FL

ST PETERSBURG, FL – A joint venture consisting of affiliates of Feldman Equities, Tower Realty Partners and Second City Real Estate, has acquired First Central Tower, a 17-story, 250,000 square foot office building located at 360 Central Avenue in downtown St. Petersburg.

 Larry Feldman, CEO of Feldman Equities will spearhead leasing and redevelopment efforts while Tower Realty Partners will handle management responsibilities. 

 The group intends to invest nearly $10 million dollars in building renovations and tenant improvements.  After taking into account known tenant move-outs, the building is approximately 50% occupied.

 “As with our other downtown acquisitions, this is yet another opportunity for us to do what we do best – renovating and upgrading office buildings in order to maximize their value,” commented co-owner Larry Feldman, CEO of Feldman Equities.  

 “Downtown St. Pete has a higher quality of life than almost any other downtown in the state. It is a truly “walkable downtown” with hundreds of acres of dedicated city parks that run along the waterfront. 

“Within walking distance from First Central Tower, there are 7 museums, over 45 restaurants, a theater for the performing arts, a major league baseball stadium and nearly a dozen marinas. 

Larry Feldman

:Downtown St. Pete is in in the midst of an impressive revitalization with thousands of new residential units planned or under construction. We are thrilled to be a part of this re-urbanization trend.”

  

Feldman said City Center and Morgan Stanley Tower buildings are currently both over 95% leased.  Excluding First Central Tower, the three major office buildings in downtown have an average occupancy well over 90%.

Redevelopment plans for First Central Tower include an extensive lobby renovation, upgraded tenant floor elevator lobbies, tenant corridors and restrooms.

In addition, ownership is planning an amenity package which will include a concierge desk, state-of-the-art luxury fitness center and conference center.  

Over the last 20 years, Feldman Equities and Tower Realty Partners have successfully joint ventured on the acquisition of millions of square feet of under-performing office buildings.  The venture plans to aggressively expand their portfolio of Class A office properties.

  

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

Feldman Equities - Larry Feldman, 727-822-3395 lfeldman@feldmanequities.com

tyoungman@assetmarketingonline.com

NAI Realvest negotiates $680,000 investment sale of former Canine Training facility near Orlando Airport

 

Kristen Kemp

ORLANDO, FL – NAI Realvest recently negotiated an investment sale of the former Canine Training Facility at 10806 Palmbay Drive in Orlando’s Airport Industrial Park.

Michael Heidrich, principal at NAI Realvest and associate Kristen Kemp negotiated the $680,000 sale price for the 8,425 square foot facility representing the seller, Seattle-based Lisa M Lecky, Trustee of the Victor Vierra Marciel Sr. Credit Trust.  

Matt Fitzgibbon of Fitzgibbon Alexander represented the local buyer, National Canine RE, LLC, who purchased the property for investment and redevelopment.

 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

     

Flea World Site to Be Developed Into Mixed Use Project Marking One of Largest Redevelopments in Seminole County, FL History

Randall C. Morris

Sanford, FL (Nov. 25, 2014) – A development team is applying to the Seminole County Government for a mixed use development at current site of Flea World. 

The request, if approved, would convert Flea World with additional parcels totaling 118 acres to single family, apartments, office and retail uses. 

  The land fronts both US Highway 17/92 and Ronald Reagan Boulevard at County Home Road. 

Syd Levy, the owner of the property, has put together a development team of Randall Morris, Principal, RM Strategies, Inc. in Winter Park, FL and Richard Wohlfarth, Principal, IBI Group, Maitland, FL.  Paul Partyka, a partner at NAI Realvest, Orlando, FL will be the broker of record.  

Paul Partyka

“After over 37 years in operation with millions of customers visiting the storied Flea World and earlier Fun World, I must say it is with mixed emotions we are going to redevelop this land.  I will keep Flea World, with our family of vendors, open during the development approval process throughout next year at least until January of 2016,” Levy said. 

“If approved, the 118-acre Reagan Center as proposed would have just under 400 apartments, 80 townhomes, 17 acres of commercial office, 18 acres of retail with thirty percent left as conservation,” said Paul Partyka. 

“Partyka estimated that the property, currently valued at $15 million, would be worth an estimated over $200 million at build out.  Co-Development Manager Richard Wohlfarth stated, “Reagan Center will be a real shot in the arm for the US 17/92 corridor.”

  

Seminole County government has been looking for a catalyst project to spark redevelopment in the US 17/92 corridor.  For 17 years Seminole County and the cities of Sanford, Lake Mary, Winter Springs and Casselberry have had a Community Redevelopment Agency in place.

 “I can think of no better location in the corridor to spur redevelopment.  This large property is directly opposite Seminole County Government Operations Center and Seminole State College and bordered by two divided roadways with close access to the Seminole County Expressway,” said Co-Development Manager Randall Morris.

Flea World, Seminole County, FL

The application for Reagan Center including a conceptual plan is being submitted this week.  Public hearings on the proposal would be in the spring of 2015. 

Upon approval, out parcels and some residential sites will be available for immediate development. Flea World would remain open though the entire 2015 season.

 Owner Syd Levy has announced his interest in replacing Flea World with a new modern Farmers and Vendors Market/Mall at a new location, so as not to leave a void for the hundreds of dealers and thousands of customers who visit Flea World every week.

 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

     

Cousins Properties to Develop Headquarters Building for Genuine Parts Company in Atlanta, GA

Larry Gellerstedt

ATLANTA, GA--Cousins Properties Incorporated (NYSE:CUZ) announced today that it has been selected by Genuine Parts Company to develop a 150,000 square foot corporate headquarters building in the Northwest submarket of Atlanta, Georgia.

Designed by HKS Architects and Hendrick Interior Design, Genuine Parts' headquarters building will be located adjacent to its existing Shared Services support building which was purchased from Cousins in 2009. 

Cousins developed the concept and site solutions for this project and will act as the fee developer.

"We are very excited to have another opportunity to work with Genuine Parts, a company with a rich history and an incredible track record for success," said Larry Gellerstedt, president and chief executive offices of Cousins.

"Cousins and Genuine Parts have a long-time relationship that spans multiple decades, and we are honored to help expand the company's footprint in Atlanta."

Construction is slated to begin during the first quarter of 2015 with an anticipated occupancy in the summer of 2016.

Cousins Properties Incorporated is a fully integrated, self-administered and self-managed real estate investment trust (REIT).

The Company, based in Atlanta, GA, primarily invests in Class-A office assets located in high growth Sunbelt markets, with a focus on Georgia, Texas and North Carolina. The Company has a comprehensive strategy in place based on a simple platform, trophy assets and opportunistic investments.

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

Cousins Properties Incorporated

Marli Quesinberry, 404-407-1898

Director, Investor Relations

marliquesinberry@cousinsproperties.com

www.cousinsproperties.com.