J.McLaughlin to Open Store in Phillips Place in Charlotte, NC

John W. 'Johnny' Harris

CHARLOTTE, NC — J.McLaughlin, a classic American sportswear and accessories store for men and women, is relocating its Charlotte store from Providence Road to Phillips Place.

 Phillips Place, a pioneer in the lifestyle center concept, aligns with J.McLaughlin's strategy of seeking locations in lifestyle centers and standalone stores. The new in-line store will open this fall.

“Phillips Place is the leading specialty retail destination in the Southeast, so it’s really a perfect fit for J.McLaughlin,” said Johnny Harris, president of Lincoln Harris.

 Phillips Place includes 133,059 square feet of high-end national retail tenants such as Brooks Brothers and Dean & Deluca, the Post Park at Phillips Place apartment community, and Hampton Inn & Suites.

Phillips Place is one of the most successful mixed-use developments in the country.  Phillips Place offers 26 stores totaling more than 130,000 square feet of retail, restaurant and entertainment space that also includes a 402-unit luxury apartment complex, movie theater and Hampton Inn & Suites.

For more information on Phillips Place, please visit their website at www.phillipsplace.info.

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

Stephen Ursery

The Wilbert Group

404-549-7150 (O)

404-405-2354 (C)

sursery@thewilbertgroup.com

Queens Development Site in NYC Sells for $10.2 Million

  

Steven Siegel

NEW YORK, NY – 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 23,000-square-foot lot for development in the Flushing neighborhood of  Queens in New York City for $10,200,000.

            Steven Siegel, Michael Kook and Michael Helpern, all in Marcus & Millichap’s Manhattan office, represented the seller, a family partnership, and the buyer, a local/regional development group.

            “Downtown Flushing is one of New York City’s most heavily trafficked areas,” says Kook. 

“The development site is part of a block that recently had its zoning changed to C2-6A, which allows for a variety commercial and residential uses.

Michael Halpern

" The new zoning is accompanied by an FAR of 4, which allows for a 92,000-square-foot development.”

            “The area is attracting a lot attention from developers,” adds Siegel. “The entire block is prime for redevelopment and this site is part of a limited new area in which to build.”

            Located on Fowler Avenue in New York City, the site is five blocks from the intersection of Main Street and Roosevelt Avenue, an area that features a significant amount of retail activity and access to the No. 7 subway line and the Long Island Railroad commuter rail system.

            Siegel, Kook, and Helpern sold a similar 86,000-buildable-square-foot site on the other side of this block on Avery Avenue in October 2013 for $11,250,000.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Capital Corp. Arranges Two Loans Totaling $24.2 Million for New York City properties

Chris Marks

NEW YORK, NY – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged two loans totaling $24.2 million in New York City.

A 30-unit residential property and a three-unit mixed-use commercial property on 10th Avenue received $14.7 million; and a 30-unit residential mid-rise apartment on West 51st Street received $9.5 million.

Chris Marks, in the firm’s Manhattan office, and Steve Rock in the Westchester office handled both assignments. 

Steven Rock

“The borrowers wanted to secure more attractive terms for their maturing loans,” says Rock. “We identified a lender that provided favorable underwriting and met the client’s financing goals.” 

MMCC sourced two 7-year, fixed-rate loans at 3.9 percent. The loans amortize over 30 years with a 70 percent loan-to-value. 

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

Gina Relva

Public Relations Manager

(925) 953-1716

Greenwich Village Mixed-Use Asset Sold for $10.25 Million in Seven Days

19 West 8th Street, Greenwich Village neighborhood
New York, NY

NEW YORK, NY – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 19 West 8th Street, a 8,831-square-foot, five-story mixed-use building, located in the Greenwich Village neighborhood of New York City.

 The $10,250,000 sales price equates to approximately $1,160 per square-foot. The seller is actively looking for a replacement asset.

            Peter Von Der Ahe, Joseph Koicim, David Lloyd, Sean Lefkovits and Assaf Tayar, all in Marcus & Millichap’s Manhattan office, represented the seller, JMC Holdings, and the buyer, a private investor.

          “The building was bought by JMC in 2011 for $4,925,000” says Von Der Ahe. “We were able to sell the building at over double the price they paid in 2011, which equates to roughly $1,160 per square-foot.”

Sean Lefkowitz

           “Aside from the rent-stabilized units, the entire building has undergone extensive renovations,” adds Lloyd.

            Built in 1920, the property at 19 West 8th Street consists of one retail unit and eight residential units.

It underwent a high-end renovation including six apartments units, the stairwell, roofs, plumbing and security.

All of the renovated, free-market units feature stainless steel appliances, granite countertops and marble bathrooms. In addition, there are three units that feature terraces, as well as two penthouse units that contain 16-foot ceilings and skylights.

            “We had significant interest in the property, and within one month of marketing the building we found the right all-cash buyer, who was able to execute a contract and close one week later.” concludes Koicim. “We are now in the midst of helping JMC find a replacement asset to effectuate a 1031 exchange.”          

Assaf  Tayar

The property is located in the heart of Greenwich Village near Washington Square Park, just steps from New York University and New York University School of Law. 

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

Gina Relva

Public Relations Manager

(925) 953-1716

$26 Million Multifamily Sale Arranged in Greater Phoenix, AZ by IPA

Steve Gebbing

GLENDALE, AZ – Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Adobe Ridge, a 224-unit apartment complex in Glendale, Ariz. The $26,050,000 sales price equates to $116,000 per unit.

            IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, Farnum Properties LLC. The buyer is The Praedium Group.

            “Adobe Ridge is located between the affluent and amenity-rich trade area known as Arrowhead and the North I-17/ Deer Valley Employment Corridor, an area encompassing more than 17.5 million square feet of retail, office, industrial and flex space with more than 51,000 employees,” says Gebing.

“The benefit of the property’s position within the competitive landscape of the submarket is that it provides for a captive rental audience by bisecting the two major employment concentrations.”

Cliff David

            Built in 2005 on almost 15 acres by MLP Investments, the property is located at 4545 West Beardsley Road in Glendale. It is adjacent to Loop 101 (the Agua Fria Freeway) and has approximately 1,144 linear feet of drive-by visibility from an estimated 153,000 daily freeway commuters.

            Each Adobe Ridge apartment home features nine-foot ceilings, a fully equipped gourmet kitchen, full-sized washer and dryer, storage space, large walk-in closets, ceiling fans, and a private patio or balcony with additional outside storage.

 Linen closets and kitchen islands are available in select units. Community amenities include a stand-alone leasing office and separate clubhouse with kitchenette and fireplace, a fitness center with cardio and weight training equipment, a fully appointed business center, a resort-style swimming pool and spa with covered cabanas, outdoor spaces featuring picnic areas and barbecue grills, controlled access gated entry and 40 detached garages with automatic door openers.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Edward R. James Homes Opens Sales at Westgate at The Glen North of Chicago, IL

Former Glenview Naval Air Station, Glenview, IL

CHICAGO, IL – Glenview, Ill.-based homebuilder and developer Edward R. James Homes kicked off sales at Westgate at The Glen in a Grand Opening reservation event held on May 31, 2014.

Westgate at The Glen is a 29-acre, 171-unit community that represents the final parcel to be developed on the site of the former Glenview Naval Air Station.

 “Demand for homes at Westgate at The Glen has been very strong. In about three weeks, we’ve already sold 25 percent of the community,” said Jerry S. James, president of the Edward R. James Companies.

“We think this reflects a number of factors, not the least of which is the limited supply of new construction homes on the North Shore that offer first-floor master bedrooms in a maintenance-free community.

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

Julie Liedtke, jliedtke@taylorjohnson.com, (312) 267-452

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

Leasing Activity at Terminus Hits Historic High in Atlanta, GA

Terminus 100 and Terminus 200, Atlanta, GA

ATLANTA, GA— Cousins Properties Incorporated (NYSE: CUZ) announced today that Terminus has reached a historic high in percentage leased at the office towers. 

  The Class A buildings located in Buckhead have reached 95% combined, the highest level since completion of Terminus 200 in 2008.  

“We are thrilled about the amount of activity going on at Terminus – from the increase in leasing to the new amenities and opening of Industry Tavern,” said Thad Ellis, Senior Vice President and Atlanta Market Leader of Cousins Properties. “The Buckhead real estate market continues to gain momentum with corporate relocations and new multi-family and retail offerings, and we’re excited to be a part of it.”

Thad Ellis

Most recently, Prince Global Sports, signed to occupy 11,778 square feet at Terminus, relocating its corporate headquarters to Atlanta from New Jersey.

 New customer Fidelity Investments also signed a lease for 7,861 square feet, and Lockton Companies, a Terminus customer since 2007, renewed and expanded.

 Additionally, Cousins relocated and expanded its fitness facility, Fusion ATL, which now includes programs and services from Peachtree Orthopedics.  The new restaurant Industry Tavern, serving breakfast, lunch, dinner, craft beers and cocktails, also recently opened. 

Along with the new additions in the office towers, Crescent Communities, based in Charlotte, NC, recently opened the first phase of Crescent Terminus, a 355-unit luxury apartment community located in the Terminus complex. 

Terminus is located in the Buckhead submarket of Atlanta, at the corner of Peachtree Road and Piedmont Road.

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

Marli Quesinberry

Cousins Properties Incorporated              

(404)407-1898

marliquesinberry@cousinsproperties.com

HFF secures $11.425 million senior loan for Village Oaks in Pensacola, FL

  

Cecily Nazario

MIAMI, FL – HFF announced it has secured an $11.425 million senior loan for Village Oaks, a 165,851-square-foot neighborhood shopping center in Pensacola, Florida.

                 Working on behalf of RCG Ventures, HFF placed the 10-year, fixed-rate senior loan with Prudential Mortgage Capital Company.  Greg Krafcik, a director with Prudential Mortgage Capital, led the transaction. 

                Village Oaks is located on a 14.7-acre site at 6241-6251 North Davis Highway one mile south of the Interstate 10 interchange in Pensacola.  The property was most recently renovated in 2013, and is 95.4 percent leased to a number of national and regional tenants including Bealls, PetSmart, Planet Fitness, Party City, Cato and Plato’s Closet. 

Chris Drew

                The HFF team representing the borrower was led by director Chris Drew and real estate analysts Whitaker Leonhardt and Cecily Nazario.

HFF’s debt placement team has secured more than $533 million in loans for retail assets nationally during the first quarter of 2014.  In Florida, HFF has closed more than $134 million in retail transactions across all capital markets platforms during the same period.  

                “The competitiveness from lenders for this asset was unbelievable and the highly attractive terms that the borrower was able to secure are a testament to the quality of the asset and sponsorship coupled with the increased liquidity flowing into the capital markets,” said Drew.

                RCG Ventures LLC (“RCG”) is a privately funded real estate investment group that acquires and develops commercial real estate in the continental United States.  RCG is an experienced owner and operator of commercial real estate with more than 70 properties totaling seven million square feet. 

Whitaker Leonhardt

The company’s primary focus is value-add anchored shopping centers with the potential for long-term ownership.  In addition, the company selectively enters into joint ventures with institutional partners.  Founded in November 2003, RCG has steadily grown its portfolio through direct investment.

 It is the combination of significant capital resources and operational expertise that gives RCG a competitive advantage in the industry.

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

Walmart Announces Plans for New Supercenter at Metrocenter Mall in Northwest Phoenix, AZ

                                                                                       

Marcia Veidmark

PHOENIX, AZ – Walmart has announced plans to build a Supercenter at the iconic Metrocenter Mall, near I-17 and 35th Avenue, in northwest Phoenix.

 Work on the project is expected to begin in the first quarter of 2015 with the demolition of the former Broadway building, which has been vacant since 2006.

Officials with Walmart, the City of Phoenix and Metrocenter Mall, as well as area business owners and community leaders, were on-hand for the Supercenter announcement. This marks the single largest capital investment in Metrocenter Mall in decades.

“Metrocenter Mall is a Phoenix landmark that has served shoppers from across Arizona for decades,” said Phoenix City Councilwoman Thelda Williams. 

“I’m proud to be a part of this announcement with Walmart and I know that, together with its efforts and those of the City of Phoenix and area business and community leaders, Metrocenter Mall’s best days are still ahead.”

Metrocenter Mall opened in 1973 as the biggest shopping center in Arizona and one of the largest nationwide. Recent years saw Metrocenter challenged by the establishment of competing regional malls, changing shopping patterns and the Great Recession. 

Thelda Williams

Now, Metrocenter Mall owner Carlyle Development Group, the City of Phoenix and community leaders are intent on bringing new life to the area. In mid-March, the Phoenix City Council unanimously approved a redevelopment plan that will, over the coming decade, guide land use, infrastructure upgrades and public transportation for a 2,500-acre area, including Metrocenter Mall. Currently, the retail vacancy rate in the vicinity averages 28 percent, more than double the citywide figure.

The construction of a Walmart Supercenter is a critical part of Metrocenter’s turnaround, said Warren Fink, COO of Carlyle Development Group.

“Our vision when we acquired Metrocenter Mall two-and-a-half years ago was to bring in a well-known anchor to serve our local community. Walmart more than fulfills that requirement and we are thrilled to welcome them,” said Fink.

Warren Fink

 “This is a first step toward revitalizing a once dominant mall, rebuilding customer commitment and moving forward with plans for the future of Metrocenter that include rezoning to permit complimentary uses such as multifamily apartments, senior housing, corporate offices, healthcare facilities and medical offices.”

Marcia Veidmark, Chairwoman of the North Mountain Business Alliance, is supportive of the Walmart Supercenter, and said its development should help attract additional customers and capital investment to the area.

“This is a very good day for Metrocenter Mall and for the Metro and North Mountain communities,” said Veidmark.  “Walmart’s investment can be a catalyst for economic growth and job creation.  We need both of these.”

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com