Thursday, April 24, 2014

HC Real Estate Capital Arranges $12 Million in Acquisition Financing for HSBC Plaza In Boca Raton, FL

HSBC Plaza, 19120 South State Road 7, southeast corner of State Road 7 and 441
 and Yamato Road in Boca Raton, FL

Boca Raton, FL, April 24, 2014 -- Kurt Hoffmann and Chris Caveglia of HC Real Estate Capital have arranged $12,000,000 in acquisition financing for HSBC Plaza (“HSBC”) located at 19120 State Road 7 Boca Raton, FL. 

HC Real Estate Capital worked with the borrower to secure 10 year financing through their correspondent Life Insurance Company relationship, Transamerica Life Insurance Company. 

HSBC Plaza is a 45,730 square foot retail center that is currently 95% leased to a roster of local, regional and national tenants including HSBC Bank, CVS, MedExpress Urgent Care, Dunkin Donuts and Gentle Dental.   

The property is located at 19120 South State Road 7 on the southeast corner of State Road 7/ 441 and Yamato Road in Boca Raton, FL.

 The location is within proximity of an upscale super-regional shopping center, Boca Town Center Mall and an upscale lifestyle center, Mizner Park.

Kurt Hoffmann, Principal at HC Real Estate Capital states, “The borrower was able to lock in low, long-term acquisition financing for this upscale shopping center.”

HC Real Estate Capital, LLC is a privately owned mortgage-banking firm founded by Kurt Hoffmann and Chris Caveglia.  Based in Delray Beach, Florida, HC Real Estate Capital arranges permanent commercial and multifamily real estate loans.  The company has a broad capital provider base that includes insurance companies, CMBS lenders, pension fund advisors and commercial banks.

For a 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

Winston James signs up new tenant at Beville Road Business Center in South Daytona, FL

Jamie Adley
South Daytona, FL --- Winston James Development has a new tenant at its Beville Road Business Center.   

The new tenant is Private Catering by Chef Gray, which specializes unique menus for private parties and corporate events.

Jamie Adley, vice president at Winston James Development, said Private Catering by Chef Gray leased 1,000 square feet at the Beville Road Business Center.

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

Larry Vershel, Larry Vershel Communications 407-644-4142

Coral Way Development Site in Miami, FL Sells at Bankruptcy Auction for $4.2 Million

Michael T. Fay

MIAMI, FL - Colliers International South Florida is pleased to announce the sale of 3170 Coral Way, a 1.3-acre site known as Blue on Coral Way.

John K. Crotty, CCIM , Executive Vice President & Partner and Michael T. Fay, Chairman & Founding Partner, represented the seller Beacon Trustee and Brickell Trustee in the $4.2 million bankruptcy auction sale.

The site is zoned for multiple uses including hospitality, office and retail development, as well as multifamily development up to 67 residential units per acre. There were five qualified prospective buyers bidding for the site. Buyer RBC Acquisitions Group, LLC won the auction and has plans to develop the property in the near future. 

"The sale points to the continued trend of demand for quality multifamily and condo development sites," says Crotty

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

Crystal Proenza
Vice President of Marketing and Culture
Colliers International South Florida
Commercial Real Estate Services
Tel: 305 476 7138

Concord Hospitality Sells 13-Hotel Portfolio for $240 Million; Retains Management Under Long-term Agreement

Mark Laport
RALEIGH, NN - - Concord Hospitality Enterprises announced the sale of a portfolio of 13 premium-branded, select-service hotels to companies owned by a global investment fund for approximately $240 million in an all-cash transaction. 

Concord will continue to operate the hotels under a long-term management agreement.   The portfolio is comprised of a total of 1650 rooms representing 11 Marriott and two Hilton-branded hotels.

"This sale is a continuation of our on-going plan to strategically sell stabilized assets while retaining management,” said Mark Laport, president and CEO of Concord Hospitality.  

“This gives our investors an attractive return on their development investment while providing long-term, sustainable growth opportunities for the companies that buy these assets.” 

“With the exception of one hotel, the average age of the hotels is under five years old, and all were developed, rebranded or substantially updated by Concord, so they bring with them our reputation for quality construction and adding value through best in class sales and operations management," Laport said.  “Each hotel is in excellent physical condition, and we are working closely with the brands to implement any necessary Product Improvement Plans (PIP) to ensure the hotels sustain strong RevPAR premiums well into the future.”

Mark Elliott
Mark Elliott of Hodges Ward Elliott was the lead broker in the transaction.

“Concord remains very committed to developing in markets where we see long-term potential,” Laport said. 

“We currently have 10 hotels under construction at a cost of approximately $440 million with financing in place and expect to open all of them over the next 18 months. We have an additional eight premium branded hotels well along the development process at a cost of approximately $400 million." 

  Laport also asserted Concord's continued commitment to developing LEED Certified hotels, with this wave of construction. 

              According to Laport, Concord will continue to focus its acquisition and development efforts in locations with high or growing concentrations of medical, educational, banking and technology industries, while growing its third party management sector through retained management of sold assets and strategic alliances with other ownership groups.          

              As the company expands, it continues to win awards for excellence, recently garnering 21 Marriott performance awards for excellence in operations, development and community support.

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

Lauralee Dobbins/Chris Daly
Daly Gray, Inc.

Morrison Commercial Real Estate Completes 19,980-SF Manufacturing Building Sale in Sanford Central Park, FL for $1.1 Million

Christi Davis
ORLANDO, FL -- Morrison Commercial Real Estate completed the sale of a 19,980 SF manufacturing/office building for $1,100,000, located at 120 Maritime Drive in Sanford Central Park. 

Christi Davis, CCIM, is a Vice President at Morrison Commercial Real Estate and represented the seller, Carl W. Brantley, Jr. Trustee.   The buyer was MMCC, LLC.

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

Gina Wade
Phone: 407.440.6651

NAI Realvest negotiates five leases totaling 29,900+ square feet at CommerCenters in the Sanford and Goldenrod areas of Central Florida

Michael Heidrich
ORLANDO, FL --- Michael Heidrich principal at NAI Realvest negotiated new, renewal and expansion lease agreements for a total of 29,916 square feet of industrial space at Monroe CommerCenter North and South and at Goldenrod CommerCenter representing the landlords.

 At Monroe CommerCenter North in Sanford, Shields Environmental, Inc. who already occupied suite 1012 with 14,504 square feet at 4150 Church St. has expanded into another 14,504 square feet in suites 1054 and 1060 at 4200 Church St.,now occupying 29,008 square feet at Monroe North.  The landlord is Monroe North SPE, LLC.

 Heidrich negotiated new lease agreements with two local firms at Monroe CommerCenter South representing landlord Monroe South SPE, LLC.   B.L. Woods Construction Inc. leased 2,000 square feet at 723 Progress Way and Mak Defense, LLC leased 4,000 square feet at 719 Progress Way in Monroe South. 

Paul Osborne of Venture I Properties represented the tenant Mak Defense.

Monroe CommerCenter North, Sanford, FL
D’NK Inc. Pressure Cleaning d/b/a Florida Pressure Washing Equipment and Supplies renewed the lease of 2,000 square feet at 671 Progress Way in Monroe South. 

 At Goldenrod CommerCenter 1468 N. Goldenrod Rd., Heidrich represented Goldenrod SPE, LLC in a renewal / expansion lease agreement with Orlando-based Calderon Automotive Repair Services, Inc. who moved out of Suite 210 with 2,206 square feet renewing and expanding into Suite 255 with 4,412 square feet of industrial space.

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

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

NAI Realvest Closes Sale of 24-Acre Townhouse Development in Holly Hill, FL

Chris Butera
Orlando, FL-- NAI Realvest, based in Orlando, recently completed the $325,050 sale of a 24-acre townhouse development on Primo Court in Holly Hill.   

 Chris Butera, investment associate at NAI Realvest, brokered the transaction representing the buyer, Mirage HH Partners based in Ormond Beach.  The seller was  Eagle FL V SPE, LLC of Montgomery, Ala.

 Butera said the residential community called The Mirage consists of 33 developed lots and 108 platted lots. 

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

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

Emerson International Reports Two new Lease Agreements that Total 2,844 Square Feet of Office Space in Central Florida

Kenneth Koch

Altamonte Springs, FL -- Kenneth Koch, director of leasing at Emerson International, recently negotiated two new lease agreements that total 2,844 square feet of office space in Longwood and Orlando.

In Longwood, Koch negotiated a new long-term agreement with Signature Home Now, an in-home nursing agency, which leased 1,786 square feet of office space at 2180 Sanlando Center on S.R. 434.

Connecting Well, Inc., a private family counseling agency, leased 1,058 square feet of office space in Major Plaza I at 5728 Major Blvd. in southwest Orlando.

Koch represented the landlord, Emerson International, which owns both buildings.

Emerson International is a wholly owned subsidiary of The Emerson Group, the global corporation that is one of the largest privately-owned property development companies in the U.K. 

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

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

Hendricks-Berkadia Negotiates Sales of Newport Square Apartments in Tampa, FL

Jason Stanton
Tampa, FL – Monument Real Estate Services, LLC of Coral Gables has sold the apartment community Newport Square to Park Pointe Apartments, LLC a Tampa-based multi-family investment company. 

Newport Square consisting of 188 units located at 5505 North Himes Avenue sold for $8.925M and was the last part of a three property portfolio consisting of Newport Riverside and Newport Pointe which were purchased by a separate ownership group.  The total portfolio consisted of 480 units and had to sales value of $19.15M. 

Newport Square, built in 1970, is located off North Himes Avenue and is situated on 9.45 acres with 11 buildings containing one, two, and three bedroom floor plans that average 1,181 square feet in size and $782 per month in rent. Amenities included a playground, clubhouse, laundry facility, wading pool, and a swimming pool with a sun deck.

Hendricks-Berkadia’s Vice President Jason Stanton, based in Tampa, negotiated the transaction with partners Cole Whitaker and Hal Warren out of their Orlando office on behalf of the Sellers.

Stanton said the new owner has planned a value-add program for the community to increase the overall quality of the units and the community’s curb appeal allowing for future revenue and occupancy increases.

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

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

NAI Realvest Negotiates Sale of Maitland Office Building for new Law Office Headquarters in Maitland, FL

Thomas E. Hankins
MAITLAND, FL – NAI Realvest recently negotiated the $500,000 sale price for a 5,014 square foot stand alone building at 150 Spartan Drive in Maitland.     

Thomas E. Hankins, CCIM, SIOR, principal at NAI Realvest, negotiated the transaction representing the sellers Ira and Mary Ehrlich of Evergreen, Colo.

 The Purchaser, Kane & Koltun, P.A. was represented by Jeff Gindi of Results Real Estate Partners, and plans to refurbish the building as new law office headquarters.   

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

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

CrowdVested Launches Crowdfunding Campaign for Retail Project in Atlanta

Grady Thrasher
ATLANTA, GA (April 24, 2014) – CrowdVested, a crowdfunding platform for commercial real estate, in conjunction with Atlanta-based developer Paces Properties, today is launching its first campaign. 

The project will be the first real estate equity crowdfunding offering in the Southeast open to both accredited and non-accredited investors.

 Paces Properties seeks to acquire, renovate and lease seven largely vacant retail buildings on Glenwood Avenue at the heart of East Atlanta Village. 

The buildings total 26,000 square feet of retail and are partially leased to two long-term tenants. The remainder of the property is vacant and has suffered from recent mismanagement.

“We’re excited to partner with Paces Properties for our first crowdfunding deal,” said CrowdVested CEO Grady Thrasher. “Paces is a top in-town developer in Atlanta, responsible for great projects like Krog Street Market in Inman Park and the pending 250 Piedmont adaptive reuse in downtown. We love East Atlanta, and redeveloping this part of Glenwood Avenue will be a positive for the East Atlanta Village.”

 CrowdVested’s platform acts as a host site for investors to securely invest with Paces Properties. Paces Properties seeks to raise a minimum of $250,000 through the campaign. 

Thanks to the Invest Georgia exemption, any Georgia resident can make an equity investment in the project for as little as $500 by logging on to CrowdVested’s website.

Merritt Lancaster
“We couldn’t be more excited to be the first crowdfunded real estate project in Georgia,” said Paces Properties principal Merritt Lancaster. “We pride ourselves on being creative real estate developers, and we think this is a truly unique way to allow local residents who are passionate about urban development to participate in the process. 

"We also are very bullish on East Atlanta, and in addition to this project will be developing 120 apartment units around the corner.”

Georgia is one of only a handful of states in which all residents can invest in crowdfunding campaigns and receive equity. Across the country, crowdfunding mostly is limited to donations on sites like Kickstarter. Equity crowdfunding will eventually be available nationally, thanks to the JOBS Act, but the Securities and Exchange Commission has not yet approved necessary rules and regulations.

Thrasher decided to focus CrowdVested on commercial real estate because it gives everyday investors an opportunity to invest in and make a difference in their own communities.

“This campaign allows residents to invest right here in their own community,” said Thrasher. “With real estate, people are able to see a tangible result for their investment and watch the project’s progress along the way.”

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

M.C. Rhodes •The Wilbert Group
1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309
O: 404-343-0274  • M: 678-983-5867

HFF closes sale of Specialty Shops on the Park in Charlotte, NC

Richard Reid
ATLANTA, GA – HFF announced today that it has closed the sale of Specialty Shops on the Park, a 64,901-square-foot, urban infill retail center in Charlotte, North Carolina. 

HFF marketed the property on behalf of the seller, a family office advised by Aston Properties of Charlotte, North Carolina. 

 A joint venture between an affiliate of Hill Partners, Inc. and an institutional partner purchased the property for an undisclosed amount free and clear of existing debt.

Specialty Shops on the Park is leased to notable tenants such as Bricktop’s, Williams-Sonoma and Talbots. 

 The property is located at 6401 Morrison Boulevard in the affluent Southpark submarket of Charlotte across the street from SouthPark Mall, a Simon-owned mall anchored by tenants including Neiman Marcus, Macy’s and Nordstrom. 

Jim Hamilton
               The HFF investment sales team representing the seller was led by managing directors Richard Reid and Jim Hamilton.

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 |

Three-Tenant Retail Building in Sand City, CA Sells for $14.7 Million

Three-tenant retail building within Edgewater on Monterey Bay Shopping Center, Sand City, CA
SAND CITY, CA, April 24, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of  a three-tenant, 25,201-square-foot building within the Edgewater on Monterey Bay shopping center in Sand City, Calif., two miles northeast of Monterey.

Kirk Trammell
 The building’s $14,700,133 sales price equates to $583 per square foot.

            Kirk Trammell, senior vice president investments, along with David Cutler and Joshua Johnson, associates, all in Marcus & Millichap’s Palo Alto office, represented the seller, a regional shopping center developer.

            “The building is a high-quality retail asset in one of the most heavily trafficked shopping centers in the Monterey Bay area,” says Trammell. “The offering’s strong tenant line-up and superior location attracted interest from throughout the buyer continuum, including institutional, private, out-of-area and local investors.”

            The property was built in 1996 on two acres at 2080 California Ave. in Sand City, Calif. The building is visible from California State Highway 1.

 Approximately 70,000 cars pass the site each day. The property is currently leased to Ulta, Tilly’s and Panera Bread. The Edgewater on Monterey Bay shopping center is anchored by Target, Ross, Save Mart Supermarket, Sports Authority, PetSmart and Payless Shoe Source.

The center also features a number of national tenants, such as Chipotle, Starbucks, Jamba Juice, Burger King, GNC, AT&T Wireless, GameStop and Supercuts. Costco, Office Depot, Marshalls and Orchard Supply Hardware anchor the Sand Dollar Shopping Center, which is located south of Edgewater on Monterey Bay.

Joshua Johnson
            “Demand from both institutional and private investors for quality retail assets in core locations in Northern California and the West Coast remains high,” concludes Trammell.

            The sale is the second of two Northern California shopping center closings this quarter for Trammell, Cutler and Johnson. In March, they represented Thomas Windemere LLC in the sale of the 44,264-square-foot Del Monte Plaza in Pinole, Calif., which sold for $9 million.

Trammell, Cutler and Johnson brokered the sale of a third retail center in November 2013, 800-840 Broadway Ave. in Seaside, Calif., which brought $18.9 million.

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

Gina Relva
Public Relations Manager

(925) 953-1716

Piquet Realty Leases Space in Prime Manhattan Location

555 Madison Avenue, Manhattan, New York

  NEW YORK, April 24, 2014 – Piquet Realty, a leading luxury real estate firm with offices in Miami and Orlando, known for their deep ties to the high-end Brazilian investor community, has announced the signing of a new lease at The Coates Building, located at 555 Madison Avenue.

Cristiano Piquet
The company will utilize the space to grow their New York presence. The firm’s expansion plan includes accommodating roughly 100 agents at this location.

“It is with extreme enthusiasm that we sign this lease at 555 Madison Avenue,” said Cristiano Piquet, President, Piquet Realty. “This building, in a prime Manhattan location, gives us the base for our planned expansion in the New York market.”

 This news comes on the heels of the recently announced acquisition of Portman Realty, Inc., the New York-based luxury residential and commercial real estate firm and management company headed by Benjamin Benalloul.

 “This is an exciting time for Piquet Realty and we are ready to fully embrace the New York market,” said Benjamin Benalloul, Vice President, Piquet Realty. “Signing this lease represents our commitment to the New York clientele we are eager to serve.”

 The recently announced acquisition of Portman Realty, Inc. has enhanced the portfolio of properties the firm will represent in New York.

Benjamin Benalloul
One of the premier listings include billionaire businessman Alexander Rovt’s 12,000-square-foot Upper East Side townhouse, complete with an attached garage and a subterranean spa floor, a prime commercial building on Water Street and a number of exclusive commercial properties in Long Island City.  Mr. Piquet and Mr. Benalloul together form a powerhouse team that will lead business development efforts in all locations.

“This is a step in the right direction for the Piquet Realty team,” elaborated Cristiano Piquet.

555 Madison, owned by the Coates family since it was erected in 1961, became the first building in its district in 2011 to install a “green” hot water heating system. Along with the work that is ongoing to improve the building’s environmental sustainability, 555 Madison is also in the process of an aesthetic transformation.

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

Rubenstein Public Relations
Kelly Ferraro
Tel: 212-843-8295