Urban Land Institute Announces New Two-Day Value-Add Real Estate Development and Investment Course in Los Angeles Feb.10-11

  

Martin McDermott

 MARINA DEL REY, CA  The Urban Land Institute has announced its two-day course entitled:  Value-Add Real Estate Development and Investment to be held February 10-11, 2014 at the Marina Del Rey Marriott in Marina Del Rey, Calif.

Martin McDermott, principal with Avison Young in the firm’s Westwood office will serve as the course leader.  The course will include expert panels, case studies, and presentations and is aimed at helping its attendees develop a more systematic approach to the inherently creative process of adding value to real estate.

This unique new program will afford attendees the opportunity to interact with recognized industry experts drawn from ULI’s senior leadership in a panel discussion format and will include:

Toni Alexander, president and creative director, Intercommunications, Inc.; John S. Hagestad, managing director with SARES-REGIS Group; Wayne Ratkovich, president and CEO of the The Ratkovich Company; and Alex Rose, senior vice president, development with Continental Development Corporation. 

Toni Alexander

“The term “value-add” is used a lot in the commercial real estate industry, however, the main challenge for real estate professionals is how to actually identify those opportunities and determine the highest and best use for a property with all creative and financial considerations taken into account,” says McDermott.

“Successful real estate entrepreneurs are those who understand the process that combines a vision, careful analysis and insightful due diligence. This course will work through that process and provide helpful tools that can be utilized throughout property sectors and a diversity of scenarios.”

This course is a part of the ULI Real Estate Entrepreneur Programs which offer content and an experience specifically targeted to the needs of real estate professionals driving innovation and change at the neighborhood and community level.

For more information and to register for the Value-Add Real Estate Development and Investment course, click here or contact David Mulvihill, Vice President, Professional Development with ULI at 202-624-7122 or dmulvihill@uli.org.

Alex Rose

The Urban Land Institute (www.uli.org) is a global nonprofit education and research institute supported by its members. Its mission is to provide leadership in the responsible use of land and in creating and sustaining thriving communities worldwide.

Established in 1936, the Institute has more than 30,000 members representing all aspects of land use and development disciplines.

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

PCCP, LLC and Alberta Development Partners Joint Venture Sells Major Part of Cornerstar Power Center in Aurora, CO for $116.5 Million

   

Cornerstar power center, Aurora, CO

Donald G. Provost

San Francisco, CA – A joint venture between PCCP, LLC and Alberta Development Partners has announced the sale of a major portion of Cornerstar, a 750,000-square‐foot regional power center in Aurora, CO. 

The buyer was Cole, a net-lease real estate investment trust (REIT), who acquired 430,000 square feet of the 97 percent leased center for $116.5 million.

The acquired portion includes 24 Hour Fitness, Sprouts Farmers Market, and Dicks Sporting Goods along with many small shops, a diverse mix of restaurants including Red Robin, Tokyo Joes, Which Which, Real de Minas, and others. 

Target is also an anchor tenant at the center but was not a part of the transaction.

Ron Urgitus

The PCCP/Alberta joint venture purchased 158 acres of land for the development of Cornerstar in March 2006, sold a 9.7-acre site to Target in December 2007, and an 18-acre site to a multifamily developer in August 2008.

The center, which is located at the intersection of East Arapahoe Road and Parker Road, officially opened in November 2008. 

In 2012, the ownership determined to add more value to the asset and developed an additional 10,000 square feet of inline shops which have since been leased.

“Although this project made its debut in the midst of the economic downturn, the quality of the development, its prime location, and Alberta Development Partners’ local market knowledge and tenant relationships, were key factors in making Cornerstar a success,” said Philip Russick, principal with PCCP, LLC.  “With a lack of stabilized, Class A retail real estate in the region, we felt it was a strategic time for this disposition.”

  “The partnership we had with PCCP over the past eight years was a key element in making our vision for this retail center a reality,” said Donald G. Provost, principal with Alberta Development Partners. “Cornerstar is truly a trophy property with all the fundamentals existing to provide Cole with a successful asset now and in the future.”

Brad Lyons

Ron Urgitus, Brad Lyons, and George Good of CBRE represented PCCP/Alberta in the transaction. Cole represented itself.

  

PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments.

  PCCP has over $6 billion in assets under management on behalf of institutional investors. 

With offices in New York, San Francisco, Sacramento and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. 

Alberta Development Partners is engaged in the acquisition, development and investment of retail and residential real estate opportunities located throughout the western United States. 

George Good

 PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns.  

PCCP has invested more than $6.5 billion throughout the United States and continues to seek investment opportunities with proven operators seeking fast and reliable capital.

Alberta focuses its efforts on regional retail shopping centers, mixed-use commercial and residential projects and select build to suit opportunities that include grocery-anchored shopping centers and value added opportunities. 

In the past four years, Alberta has delivered $460 million worth of completed projects, making Alberta one of the most aggressive retail and mixed-use development firms in the marketplace. 

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

www.albdev.com

 www.pccpllc.com.

Atlanta-Area Retirement Community Sells for $33 Million

Towne Club at Peachtree City Seniors Apartments, 201 Crosstown Drive, Peachtree City, GA

Michael J. Fasano

PEACHTREE CITY, GA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Towne Club at Peachtree City, a 153-unit luxury rental seniors housing property in Peachtree City, Ga. The $33 million sales price equates to $215,686 per unit.

            Mike Pardoll, a senior vice president investments in Marcus & Millichap’s Charlotte, N.C. office, assisted by Michael J. Fasano, vice president in the firm’s Atlanta office, represented the seller, Peachtree City Towne Club LLC.

            “Towne Club at Peachtree City is a luxury congregate care facility that originally opened as an independent living community,” says Pardoll. “In 2012 and 2013, some of the independent living apartments were converted to assisted living units. There is now a waiting list for those units.”

            The property is located at 201 Crosstown Drive in Peachtree City, Ga., approximately 25 miles south of Atlanta’s Hartsfield-Jackson International Airport. U.S. News & World Report named the area as one of the “10 Best Places to Retire” in 2012. 

Mike Pardoll

            Established in 1959, Peachtree City has approximately 37,000 residents, 8 percent of whom are 65 and older. Peachtree City’s residents can use golf carts to travel to golf courses, tennis courts, lakes, schools, a 2,500-seat amphitheater and other destinations on the town’s more than 90 miles of cart paths.

            Towne Club at Peachtree City’s current configuration is 112 independent living apartments and 41 assisted living units. The independent living apartments average 918 square feet and the assisted living units range from 350 to 1,075 square feet.

Each apartment has a full kitchen with granite countertops, island and breakfast bars, stainless-steel appliances, tile kitchen and bath, deluxe cabinetry and crown moldings and a washer and dryer.

            The community features country club-style dining and a full-service cocktail lounge. Other amenities include a saltwater pool, fireside cabana, massage room, fitness center, gardening area, in-house theatre, media center and game room.

            The facility was 92-percent occupied at the time of the sale.

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

Gina Relva

Public Relations Manager

(925) 953-1716

IPA Sells Three-Property Upper Manhattan Portfolio for $31 Million

623 and 631 West 207th Street Apartments (left)
222-228 Seaman Avenue Apartments (right)
Inwood Neighborhood, Manhattan, NY

Peter Von Der Ahe

NEW YORK, NY – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of a three-property, 186-unit multifamily portfolio in Manhattan’s Inwood neighborhood. 

The properties are 623 and 631 West 207th St., 222-228 Seaman Ave. and 29-45 Sickles St. The $31 million sales price equates to $166,667 per unit.

            IPA’s Peter Von Der Ahe, Scott Edelstein and Seth Glasser, along with Marcus & Millichap’s Jonathan Schwartz, advised the seller, The Dermot Company Inc. The buyer is A&E Real Estate Management LLC.

Scott Edelstein

            “The acquisition of this well-performing portfolio provides the new owner with reliable cash flow and the ability to capitalize on the future growth and appreciation of this increasingly desirable neighborhood in Upper Manhattan,” says Von Der Ahe.

“All three properties have received institutional-quality maintenance for the past six years plus renovations that include updated common areas, façade work and new roofing.”

            The 623 and 631 West 207th St. property is near the A subway line station on the corner of Broadway and West 207th St. and is close to shopping along the Broadway Corridor. 

      

Seth Glasser

            The 222-228 Seaman Ave. asset is west of Broadway on a quiet, tree-lined residential block atop a hill neighboring historic Inwood Hill Park. Many of the buildings on the block have undergone condominium or co-op conversion.     

            The 29-45 Sickles St. property has 225 feet of frontage, an attractive Tudor-style design and meticulously maintained common areas, façade and mechanical systems.

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

Gina Relva

Public Relations Manager

(925) 953-1716

IPA Arranges Sale of Exo Astoria in New York City for $47.25 Million

Exo Astoria Apartments, Queens neighborhood, New York City

Jeff Greene

 NEW YORK, NY – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of the Exo Astoria, a 14-story 117-unit residential building in the Astoria neighborhood of Queens in New York City.

The sales price of $47.25 million equates to approximately $404,000 per unit.

Peter Von Der Ahe

            IPA’s Peter Von Der Ahe, Joe Koicim and David Lloyd advised the seller, the financial services firm TIAA-CREF. The buyer is a partnership between Forest Properties, a Massachusetts-based property management firm, and real estate entrepreneur Jeff Greene.

            “Through historical real estate and economic cycles, New York City has proven itself to be the safest and most stable multifamily investment market in the nation,” says Von Der Ahe.

“The Exo Astoria is in one of the city’s top submarkets within a rapidly emerging neighborhood that is well positioned for continued rent growth and long-term capital appreciation.”

Joseph Koicim

            “The Exo Astoria provides young professionals seeking upscale living with an alternative to the Manhattan and Brooklyn housing markets,” adds Koicim.

             Constructed in 2008 and recently upgraded, the property is located at 26-38 21st St. in Astoria, a neighborhood in Queens, N.Y. The N and Q subway lines and M60 and Q19 bus lines provide residents with short commutes to Manhattan.

Apartments at the Exo Astoria feature oak-plank flooring, recessed lighting and Bosch washers and dryers. Many units have balconies or terraces with city, river and bridge views.

David Lloyd

Shared amenities include an around-the-clock concierge, on-site covered parking, a residents’ lounge with gourmet kitchen, billiards, flat-screen TV and Wi-Fi access, a fitness center and a landscaped sky lounge and rooftop terrace with views of the Manhattan skyli

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

Gina Relva

Public Relations Manager

(925) 953-1716

Foreign Investor Sets Record Price in Miami, FL

  

Typical Family Dollar Sales Floor

David Wells

Miami, FL --  Foreign investors are continuing to invest their money in Miami and are looking beyond residential condos.  The recent sale of a newly renovated Family Dollar in Miami brought a record price by an Argentinian investor.

The property was marketed on behalf of the seller, Mandy’s Market, LLC, by the Wells Net Lease Group, the nation’s largest private net lease brokerage firm. 

“We’ve sold roughly 50 dollar stores over the last 12 months and I’ve never seen a lower cap rate paid for a Family Dollar (cap rates move inversely to price),” Says David Wells, Managing Director.

 “The buyer paid a 6.8% cap rate on a 10-year corporate lease.  There’s so much foreign money looking to invest from South America and a lack of commercial real estate assets on the market in Miami and the surrounding areas.” 

Wells adds, “We’re seeing a trend of foreigners who have invested on the residential side in Miami looking to move into commercial assets.  We’ve developed contacts with the foreign banks and money managers who have access to the clients.” 

The overall outlook for US real estate assets with long-term credit tenants remains strong across all commercial real estate market sectors.

“For credit rated tenants with ten or more years of term prices have steadily risen throughout the year as more investors are seeking higher yields than the bond market offers and the security of the underling real estate,” says Wells. 

 “Cap rates will rise slightly going forward in respect to the increase in interest rates but overall demand for credit assets will continue.”

The buyer, OTE, LLC was represented by Jorge Ramirez.

 The property is located at 7200 NW 2nd Ave. in Miami and consists of an 11,825 sq./ft. building that was recently renovated for Family Dollar corporate.  Family Dollar has an investment grade credit rating of BBB-

For more information, contact:

David Wells

305.498.6095

david.wells@wellsnetlease.com