RealtyTrac Reports All-Cash Share of U.S. Residential Sales Reaches New High in First Quarter Even as Institutional Investor Share of Sales Drops to Lowest Level Since Q1 2012

IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, released its Q1 2014 U.S. Institutional Investor & Cash Sales Report, which shows the share of all-cash sales reached a new high in the first quarter even as the share of institutional investor purchases dropped to the lowest level since the first quarter of 2012.

Daren Blomquist

The report shows 42.7 percent of all U.S. residential property sales in the first quarter were all-cash purchases, up from 37.8 percent in the previous quarter and up from 19.1 percent in the first quarter of 2013 to the highest level since RealtyTrac began tracking all-cash purchases in the first quarter of 2011.

 “Strict lending standards combined with low inventory continue to give the advantage to investors and other cash buyers in this housing market,” said Daren Blomquist, vice president at RealtyTrac.

“The good news is that as institutional investors pull back their purchasing in many markets across the country, there is still strong demand from other cash buyers — including individual investors, second-home buyers and even owner-occupant buyers — to fill the vacuum of demand left by institutional investors.”

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

Jennifer von Pohlmann

 949.502.8300

949.502.8300, ext. 139

 jennifer.vonpohlmann@realtytrac.com

NAI Realvest negotiates leases totaling more than 25,700 square feet at South Seminole Industrial Center in Longwood, FL

Michael Heidrich

ORLANDO, Fla. – NAI Realvest recently negotiated two industrial leases that total 25,776 square feet at 1175 Florida Central Parkway in South Seminole Industrial Center in Longwood.

 Michael Heidrich, a principal at NAI Realvest, negotiated the transactions representing the landlord New York based Eckstein Properties, LLC. 

 Gamus LLC of Lynwood, Wash. leased 10,377 square feet in Suite 3000.  Jason Toll of NAI Realvest represented the tenant.

 Distributors’ Source of Florida, Inc. renewed its lease of Suite 3400 with 15,399 square feet.  There was no additional broker for this lease.

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

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

     

Chatham Lodging Trust Announces 7.8 Percent First Quarter RevPAR Increase

Jeffrey H. Fisher

PALM BEACH, FL -- Chatham Lodging Trust (NYSE:CLDT), a hotel real estate investment trust (REIT) that owns wholly or through its joint ventures 77 premium-branded, upscale, extended-stay and select-service hotels, announced results for the quarter ended March 31, 2014.

Growth was strong across the portfolio, including RevPAR at hotels acquired in 2013 rising 7.0 percent and RevPAR at our recently rebranded Washington, D.C. Residence Inn jumping 57.3 percent after a decline of 34.7 percent last year.

“It has been a great start to the year with RevPAR growth of 7.8 percent driven by 11 of our 25, or 44 percent, of our hotels producing double-digit improvements,” noted Jeffrey H. Fisher, Chatham’s president and chief executive officer.

“Particularly strong markets for us in the quarter were Anaheim, Boston, Denver, Houston, Nashville and Orlando. First quarter revenue outperformed our guidance of 3-4 percent with RevPAR growth strengthening throughout the quarter after moderate growth of 4 percent in January.”

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

Chatham Lodging Trust

Dennis Craven, 561-227-1386

Chief Financial Officer

or

Media:

Daly Gray, Inc.

Chris Daly, 703-435-6293

Marcus & Millichap Sells the Sleep Inn in Destin, FL

Sleep Inn, 10775 Emerald Coast Parkway, Destin, FL

Jonathan S. Ruprai

DESTIN, FL – 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 Sleep Inn, a 76-room limited service hotel located in Destin, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office

Jonathan S. Ruprai, a senior associate and a director of the firm's national hospitality group in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the Florida-based seller, a limited liability company.

The Sleep Inn is located at 10775 Emerald Coast Parkway in Destin, Fla.  The hotel was constructed in 1992 and went through a full renovation in 2012.  

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

Richard D. Matricaria

Regional Manager

Tampa, FL

(813) 387-4700

Hillsborough County, FL Apartment Community Sells for $725,000

Francesco P. Carriera

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 Capri Manor Apartments, a 16-unit apartment complex located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $725,000.

Francesco P. Carriera and Michael P. Regan, both vice presidents investments and Joshua Teplitzky, investment specialist all in Marcus & Millichap’s Tampa office, represented both parties in the transaction. 

Built in 1972 through 2005, and located at 9604 Davis Road in Tampa, Fla., Capri Manor Apartments consists of eight, one-story buildings.

Michael P. Regan

 The buildings feature 16 two-bedroom/one-bathroom units ranging between 800 and 950 rentable square feet.  The property sits on a spacious 2.09 acre site and four of the units have central heat and air-conditioning. 

Amenities include washer and dryer connections in all units.  Capri Manor Apartments is located within five miles of the University of South Florida, Bush Gardens and Adventure Island.

“This property is a duplex community and was a lucrative acquisition for the buyer due to the 2005 vintage of several of the buildings,” says Teplitzky. “The previous owner managed the property since the early 1970’s and leased several units at the top end of the rental range in the surrounding area.”

Joshua Teplitzky

“The current spread between interest rates and cap rates also helped drive the sales price in this transaction” concludes Teplitzky.

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

Richard D. Matricaria

Regional Manager

Tampa, FL

(813) 387-4700

IPA Sells West Los Angeles Apartment Complex

  

Keswich Court Apartments, Culver City, CA

  

Greg Harris

CULVER CITY, CA – Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Keswick Court Apartments, a 60-unit apartment complex in Culver City, Calif.

            IPA executive director Greg Harris, along with IPA directors Kevin Green and Joseph Grabiec, advised the seller, MWest.

Marcus & Millichap vice president investments Matt Ziegler advised the buyer, a local family owner/operator who purchased the property as the upleg in a 1031 exchange. 

            “Keswick Court Apartments is a sizeable non-rent-controlled asset in a market where there is demand for luxury apartment homes, a significant affordability gap to home ownership, and a scarcity of new supply,” says Harris.

Kevin Green

“The property received extensive exterior and structural/mechanical systems upgrades from 2011 to 2012 and additional revenue-generating improvement opportunities exist, allowing the new owner to modernize while maintaining insulation from the rents of more recently constructed apartment homes.”

            Built in 1957, the apartment community is located at 3902 Lenawee Ave. near high-end restaurants and retail in downtown Culver City, Calif. Employment centers in Century City, downtown Los Angeles, South Bay and Westside Los Angeles are nearby. A stop on the newly opened Expo Metro line that connects Culver City to all of Los Angeles is just two miles away.

            Community amenities at Keswick Court include a swimming pool, an outdoor barbecue and lounge area, lushly landscaped interior courtyards, laundry facilities, and gated/covered parking.

Joseph Grabiec

Thirty-five units have been renovated and feature high-quality finishes, including fully equipped kitchens with new appliances, granite countertops, stainless-steel sinks, new cabinet faces, vinyl plank- wood flooring, plush carpeting, mirrored wardrobes, modern bathroom vanities and sinks, ceiling fans and spacious closets.

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

Gina Relva

Public Relations Manager

(925) 953-1716

JLL Closes $9 Million Sale of 5th Street Industrial in Phoenix, AZ for Clarion Partners

Rendering of 5th Street Industrial building, 3405--3445 5th Street, Phoenix, AZ

  

Mark Detmer

 PHOENIX, AZ – The Phoenix office of JLL has completed the $9 million sale of 5th Street Industrial, a 110,000-square-foot industrial building at 3405-3445 S. 5th Street in Phoenix.

The deal bolsters the rapid recovery of Phoenix industrial space in the 50,000 – 150,000-square-foot range, as highlighted in the first quarter Phoenix Industrial Report released last week by JLL’s local research team.

JLL Managing Directors Mark Detmer and Bo Mills were the industrial capital markets brokers involved with the sale between the property seller, Clarion Partners, and the property buyer, DCT Industrial Trust.

JLL Executive Vice Presidents Pat Harlan and Steve Sayre, and Associate Kyle Westfall, are the project’s local market leasing brokers.

“This size and type of Phoenix industrial space is definitely outperforming the larger blocks of space in the local industrial sector,” said Detmer. “That is not to say that other blocks of space haven’t entered the recovery cycle. They just haven’t done so at this same rapid clip.”

Bo Mills

“The 5th Street Industrial asset is irreplaceable for a number of reasons,” said Sayre. “It has an excellent location west of the I-10 in the heart of the Airport submarket.

" It is fully leased to a long-term credit tenant, and it was priced at a point that allows the new owner, DCT Industrial Trust, to take advantage of some strong investment upside potential. This is a compelling combination.”

According to JLL’s most recent research report, Phoenix’s Q1 industrial absorption—totalling 829,777 square feet—was driven primarily by users in the 50,000 – 150,000-square-foot range. Leasing activity among this user type has increased in lockstep with the recovering economy.

Built in 1986, 5th Street Industrial includes 26-foot clear height, grade- and dock-level loading, and A-2 zoning on 6.55 acres.

“DCT is pleased to add 5th Street to our Phoenix portfolio, a 100 percent occupied building with a credit tenant,” said Mark Bowen, Regional Vice President at DCT Industrial. 

Steve Sayre

“This acquisition demonstrates DCT’s focus on continually upgrading our portfolio in our focus markets, with the acquisition of Class-A buildings in highly desirable submarkets.”

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com