Easton & Associates Completes Third Major Lease at 485,000 SF Industrial Building Near Miami International Airport

Tom Kimen

Doral, FL— Easton & Associates, the commercial real estate brokerage division of The Easton Group, has completed its third lease in 90 days at a 485,000 square foot warehouse/distribution center in east Hialeah, just six blocks north of Miami International Airport. 

Most recently, Easton’s Tom Kimen and David Olalde arranged for Permasteelisa North American Corp., a global construction-related business, to lease 80, 201 square feet at the facility, a former Winn Dixie food distribution center built in 1960. 

Previously, Easton leased 70,000 square feet to Alsina Forms, a manufacturer of formwork systems, and 30,000 square feet to Dupuy, a global logistics and storage business.

                Last year, an investor from the Midwest purchased the 20-acre site with plans to redevelop the older, outdated building with a state-of-the-art industrial facility, but the brokerage team convinced him to go in a different direction. 

David Olalde

“Although this is a prime location near the airport and seaport, we successfully advised the owner not to move forward with his plans for a new facility, because we didn’t believe the market would support the rents that would be needed to justify new construction,” said Olalde. “The market is oversaturated with new product at the moment.”

Instead, Olalde said, the owner agreed to invest money into rehabilitating the facility and lease it out at more attractive rates.

“The strategy was successful with this facility because we are able to offer $5 a foot gross rent when the rest of the market is $7 a foot or more.  Since the market is void of larger space at a discount right now, this strategy turned out to be a home run.”

“This is a great example of the value we bring to a client,” said Jose Hernandez-Solaun, president of The Easton Group. “Because of our knowledge and experience, we were able to advise an out-of-town real estate investor on the most effective way to generate cash flow on his asset.

“Once all of the demand catches up with the available supply, it will make sense to build something new on the site.”

Jose Hernandez-Solaun

For now, Easton is working on leasing the remaining 155,000 square foot of industrial space available in the building, but expects to have a tenant signed up soon.

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

Todd Templin

Boardroom Communications

ttemplin@boardroompr.com

954-370-8999/954-290-0810

Marcus & Millichap Arranges Sale of Imperial Crown Apartments in Lakeland, FL for $6.85 Million

  

Imperial Crown Apartments, Lakeland, FL

LAKELAND, 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 Imperial Crown Apartments, a 173-unit apartment property located in Lakeland, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

 The $6,850,000 sales price equates to $39,595 per unit.

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

Francesco Carriera

Imperial Crown Apartments were built in 1975 and are located at 1013 Griffin Road in Lakeland, Fla.

 The property consists of two, four-story residential buildings that are comprised of 56 one-bedroom/one-bathroom units, 49 one-bedroom/one-bathroom deluxe units, 52 two-bedroom/one-bathroom units and 16 two-bedroom/two-bathroom units.

 Superior community amenities include two on-site laundry facilities, controlled access, fitness center, business center, clubhouse, volleyball court, shuffleboard courts, billiards room, playground and a resort-style swimming pool. 

The property received significant capital improvements in 2013 that included new exterior paint, two new roofs and a repaved and restriped parking lot.

 Additionally, the interiors of ten units were renovated with new vinyl tile and carpet flooring, as well as new countertops, kitchen cabinetry and kitchen appliances. 

Michael P. Regan

“The buyer recognized a significant add value play in Imperial Crown Apartments, which should be expedited by the continued growth we are seeing in north Lakeland, along the I-4 corridor, “says Regan.

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

Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

ZipRealty Names the Fastest-Moving Housing Markets at Mid-Year

Lanny Baker

EMERYVILLE, CA– ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ: ZIPR), a leading online residential real estate brokerage and provider of technology and marketing solutions, has released new data analyzing the fastest-moving housing markets, and new research on how consumers might increase their chances of buying a home in these competitive markets.

ZipRealty analyzed housing market trends in 23 metro areas at the end of the second quarter. The median days on market in these metros remained relatively steady at 29 days, compared to 27 days as of June 30, 2013. The fastest-moving markets at the end of the second quarter were:

1)     Austin – 10 days

2)     Washington, D.C./Northern Virginia – 14 days

3)     Dallas, Portland and Denver – 15 days

4)     Houston and Seattle – 17 days

5)     Sacramento and Boston – 19 days

Median sales price leaders as of the end of Q2 were:

1)     Sacramento – $267,000, 15% year-over-year increase

2)     Austin – $266,000, 14% year-over-year increase

3)     Las Vegas – $182,000, 12% year-over-year increase

4)     Houston – $215,000, 12% year-over-year increase

5)     Orlando – $154,000, 11% increase

Engaging on Multiple Devices Helps

“As prices continue to rise and for sale housing inventory remains low, serious buyers need as much intelligence as possible about the housing market,” said ZipRealty CEO Lanny Baker.

“We’ve developed a variety of tools to help consumers compete when bidding on a for-sale home. 

"Our latest Housing Trends Report, data on multi-platform home searches and ZipRealty’s 2014 Home Buyer Survey are just some of the tools that give consumers real-time insight into how to quickly close transactions.”

An August 2013 Google Consumer Survey revealed that 90% of consumers begin their home search on the Internet, with nearly half of those people starting that search on their phone.

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

Stacey Corso

510.735.2667

scorso@ziprealty.com

Berger Commercial Realty Brokers Close Three New Leases in Broward County, FL

  

Judy Dolan

 FORT LAUDERDALE, FL  - Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced three new lease transactions from its brokers.

 Berger Commercial Realty Broker Associate Greg Milopoulos represented Family Values Moving and Storage LLC in leasing 2,980 square-feet of warehouse space, located at 1847 S.W. 31 Ave. in Pembroke Park, from The Kelsey Group Inc.

 Milopoulos, along  with Berger Commercial Realty Vice President Judy Dolan, also represented landlord 4811 Lyons Tech Pkwy, LLC in a new lease transaction with Athletic Elite LLC. 

The tenant leased 3,124 square feet of warehouse space located at 4811 Lyons Tech Parkway in Coconut Creek.

Greg Milopoulos

 Additionally, Berger Commercial Realty Vice President Joseph Byrnes represented landlord POAL WK TAFT, LLC in leasing 11,244 square-feet of office space, located at  6565 Taft St. in Hollywood, to Infinity Insurance Company.

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

The Modern Miami Apartments Donates Unused Building Materials to Habitat for Humanity

  

Missy Monokian

MIAMI, FL   – The Modern Miami, a 16-story luxury rental community in downtown Miami, has donated more than 1,300 unused building materials to Habitat for Humanity to support development of affordable housing in Miami-Dade County, announced owner Waterton Residential.

The items were donated to Habitat for Humanity of Greater Miami, which will sell the materials at a ReStore location in suburban Cutler Bay.

Proceeds from the items, which include lighting fixtures, showerheads and ADA-compliant bathroom sinks, will be used to build and renovate hundreds of homes for low-income families in the Miami area.

“Our company owns and operates properties in 15 states across the country, and we believe it’s important to give back to each of the communities we call home,” said Pete Vilim, co-founder of Chicago-based Waterton Residential. “This donation is just one way of doing that and reflects our ongoing commitment to providing quality housing to the residents of greater Miami.”

Peter Vilm

Since its inception in 1989, Habitat for Humanity of Greater Miami has served more than 1,000 low-income families in Miami-Dade County, offering affordable, energy-efficient homes that are sold at cost with interest-free financing.

The homes are built using volunteer and homeowner labor, outside financial contributions and donated building materials, allowing families who are unable to qualify for a conventional mortgage to realize their dream of homeownership.

“We are grateful to the Modern Miami for assisting Habitat for Humanity in its effort to provide affordable housing to lower income families in the Miami area,” said Missy Monokian, director of Miami Habitat’s ReStore location. “We not only build homes, but also see lives forever changed by this community effort.”

For more information, visit www.themodernmiami.com or call (877) 958-9882.

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

 Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

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

Loews Hotels & Resorts Completes Acquisition of InterContinental Chicago O’Hare Hotel

InterContinental Chicago O'Hare Hotel, Chicago, IL

NEW YORK, NY  – Loews Hotels & Resorts, a wholly owned-subsidiary of Loews Corporation (NYSE: L), announced the company completed the acquisition of the 556-room InterContinental Chicago O’Hare Hotel. 

 Located less than two miles from O’Hare Airport and just 13 miles from downtown Chicago, the newly named Loews Chicago O’Hare Hotel has immediately been converted to the Loews Hotels brand. 

 The hotel is across the street from the Donald E. Stephen’s Convention Center, adjacent to the newly opened Fashion Outlets of Chicago and a couple blocks from the Rosemont Entertainment District.  Loews Chicago O’Hare features three restaurants and bars, more than 53,000 square feet of meeting and event space, and a curated art gallery.

Paul Whetsell

 “As we grow and expand the brand, we always look for properties that appeal to all kinds of travelers—leisure travelers, the business traveler as well as groups,” said Paul Whetsell, President & CEO, Loews Hotels & Resorts. 

  “Loews Hotels has a strong presence in serving the meetings market and we’re excited about the wealth of meetings and event opportunities that the addition of Loews Chicago O’Hare will provide for our customers.”

  

This addition is part of Loews Hotels & Resorts expanding their footprint throughout the Midwest.  

Earlier this month, the company acquired the Graves 601 hotel, now renamed Loews Minneapolis Hotel, and in February 2015, the 400-room new build Loews Chicago Hotel, located in the heart of downtown, will open.  Loews Hotels continues to add properties in gateway cities and resort destinations.

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

Sarah Murov

Loews Hotels & Resorts                                                                

(212) 521-2495                                                                         

SMurov@LoewsHotels.com

New Leadership Team to Guide Metrocenter Mall in Phoenix, AZ Through Repositioning; Addition of Walmart Supercenter

  

Ashley Tate

PHOENIX, AZ — In a move that will help guide Metrocenter Mall in its repositioning push and addition of a new Walmart Supercenter, the Phoenix retail landmark has named two industry experts to its leadership team – Joe Binder as General Manager and Ashley Tate as Marketing Director.

Binder and Tate join the mall’s existing on-site team to direct marketing and redevelopment efforts for the 1.3 million-square-foot retail landmark, located on Interstate 17 between Peoria and Dunlap Roads in Phoenix.

 They will also help guide the mall as it pursues local redevelopment and rezoning opportunities, and welcomes a new Walmart Supercenter—the single largest capital investment in Metrocenter Mall in decades.

The new Supercenter will be situated at the site of the former, attached JCPenny outlet building, which has been vacant since 2007 and which the mall will demolish to prepare for the construction of the Walmart project.

Joe Binder

A 14-year industry veteran, Binder specializes in property management, operations, leasing, budgeting and staff management and development.

He previously worked for Simon Property Group, where he managed the Franklin Mills and Oxford Valley Malls in metro Philadelphia. Prior to that, Binder served as General Manager for Pennsylvania Real Estate Investment Trust, Wilmorite Mall Management, Inc. and Kravco Company.

Tate joins Metrocenter Mall from Charleston-based Ziff Properties, Inc., where she led the firm’s in-house marketing department as Marketing Manager and Social Media Coordinator.

At Metrocenter Mall, Tate is responsible for directing and expanding event, promotion, community outreach and business/leasing development efforts designed to reposition the mall, support tenant growth and provide a superior shopping environment.

“Metrocenter is at an exciting crossroads,” said Warren Fink, COO of Metrocenter Mall’s ownership entity, New York-based Carlyle Development Group (CDG).

“The national retail market is in steady recovery, the City of Phoenix has put its full support behind the redevelopment of our submarket, the Walmart project is moving forward and we as a mall have made great strides in reconnecting with our surrounding residents and businesses.

Warren Fink

“We’re extremely pleased to have Joe and Ashley join us at this critical stage and look forward to the leadership and creativity they bring to the table.”

Binder and Tate join a team of existing Metrocenter Mall on-site experts, including Senior Vice President of Leasing Anita Blackford, Specialty Leasing Manager Jessica Theberge and the experience and resources of CDG, a company who for more than 30 years has successfully revitalized value-add real estate assets across the U.S.

Binder holds a Bachelor’s degree in Management from the Wharton School, University of Pennsylvania. He is a former Officer in the U.S. Navy, a member of the International Council of Shopping Centers (ICSC) and a long-time supporter of the Boy Scouts of America.

Tate holds a Bachelor’s degree in Communication and Information Science from the University of Kentucky. As an active ICSC member, she has completed the Marketing I and II Institutes of the ICSC JTR Global School for Professional Development and is preparing to take the certification exam to become an ICSC Certified Marketing Director. Tate is also a member of the Center for Women and the Charleston World Heritage Coalition.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

 (480) 600-0195

www.focusaz.com

Enstar (US) Inc. Takes Full Floor at Morgan Stanley Tower in Downtown St. Petersburg, FL

Morgan Stanley Tower
Downtown St. Petersburg, FL

ST PETERSBURG, FL – Enstar (US) Inc, the US operating subsidiary of the Enstar Group Ltd,  (Nasdaq:ESGR) whose core focus is acquiring and managing insurance companies, has leased 13,621 square feet at Morgan Stanley Tower in downtown St. Petersburg.

 The deal was brokered by Hal Piper of Cassidy Turley. According to Piper, Enstar is relocating and upgrading their offices with this move downtown.

 “Leasing momentum at the building has exceeded even our own expectations,” said co-owner Larry Feldman, CEO of Feldman Equities who spearheads leasing for the building.

“The Enstar lease brings total leasing to nearly 56,000 square feet since we bought the building in August of last year.  Companies are responding to the building’s outstanding location, aggressive rental rates and water views.” 

The 17-story, 187,000 square foot office building was purchased last year by a joint venture consisting of affiliates of Feldman Equities, Tower Realty Partners and Second City Capital Partners.

Larry Feldman

 “We purchased the building soon after Wells Fargo Bank vacated 22,000 square feet,” said Feldman. Just last month the building was officially renamed Morgan Stanley Tower after the building’s largest new tenant.

The Morgan Stanley name now graces the downtown skyline as new signage was erected.

 The building is one of downtown St. Petersburg’s best-located, premier Class A office buildings with water views of Tampa Bay and a premium downtown location across from the new Sundial Shops (formerly BayWalk).

  The group also owns the nearby, 242,000 square foot City Center office building.

Over the last 20 years, Feldman Equities and Tower Realty Partners have successfully joint ventured on the acquisition of millions of square feet of underperforming office buildings.

Hal Piper

 Most recently the joint venture has partnered on City Center in downtown St Petersburg, Wells Fargo Center in downtown Tampa and Fountain Square II in Tampa’s Westshore Business District all with an eye towards maximizing value through renovations and upgrades.

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

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

IPA Sells Northern San Jose, CA Multifamily Asset for $86.7 Million

SAN JOSE, CA – Institutional Property Advisors (IPA), a division of Marcus & Millichap serving the needs of institutional and major private real estate investors, has arranged the sale of 121 Tasman, a 174-unit, market rate transit-oriented apartment community located in the “Golden Triangle” area of Silicon Valley in San Jose, Calif. The $86.7 million sales price equates to $498,000 per unit.

            IPA executive vice president Stanford Jones and IPA first vice presidents Philip Saglimbeni and Salvatore Saglimbeni advised the seller, a joint venture between developer LCOR Ventures LLC and Cigna Realty Investors. The buyer is Zurich Alternative Asset Management.

Zurich Alternative Asset Management, LLC (ZAAM) is the alternative investment advisor to Zurich North America (Zurich) and its affiliates, responsible for the group’s hedge fund, private equity and US real estate investments. 

Dating back to 1997, Zurich, advised by ZAAM and predecessor entities, acquired over $2 billion of assets directly with a focus on high quality commercial properties with high grade tenancy. 

Philip Saglimbeni

ZAAM currently manages approximately $2.5 billion of commercial real estate exposure in the United States for its various affiliated balance sheets.

The ZAAM team representing the buyer was led by managing director Sean Bannon and director Chris Edgar.

            “Core acquisition opportunities of this type in the northern San Jose market are limited because the majority of the residential developments in the area are controlled by institutions with long-term hold periods,” says Jones. 

“121 Tasman is a recently constructed asset with distinct advantages relative to the competitive set and an exceptional location in one of the nation’s most desirable investment markets.”

            “The multifamily housing market in San Jose has recorded a rent growth rate of 10.8 percent over the last 12 months and as of the fourth quarter of 2013, an average occupancy of 96.9 percent,” adds Philip Saglimbeni.

Salvatore Saglimbeni

“121 Tasman’s exceptional construction, ultra high-end finishes and top-of-market amenity package highlight its boutique feel, setting it apart from comparable assets and making it one of the premier rental communities in the Golden Triangle.”

            Completed in 2013, 121 Tasman was 95 percent leased by April 2014. The four-story apartment complex is located immediately across the street from the VTA Baypointe light rail station, allowing hassle-free access to key destinations throughout the South Bay. 

Unit interiors have fully equipped gourmet kitchens, solid surface countertops, designer fixtures and finishes, nine-to-12-foot ceilings, oversized windows, walk-in closets, technology docking stations and full-size front-load washers and dryers. 

Community amenities include a state-of-the-art fitness center with spin and TRX studios; an executive business center with video conferencing; a bocce ball court with a lounge area and fireplace; an outdoor barbecue and dining area; a large dog park; a lounge with a billiards table and demonstration kitchen; and a resort-style swimming pool and spa with a furnished sundeck.

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

Gina Relva

Public Relations Manager

(925) 953-1716

HFF closes $14.1 million sale of and arranges $10.58 million financing for multi-housing community in Clackamas, OR

Sunnyside Place apartments, Clackamas, OR

PORTLAND, OR – HFF announced it has closed the $14.1 million sale of and arranged $10.58 million in financing for Sunnyside Place, a 108-unit, garden-style multi-housing community in Clackamas, Oregon.

                HFF marketed the property on behalf of the seller, Wood River Properties.  Hamilton Zanze purchased the asset for $14.1 million free and clear of existing debt.

 HFF also secured a floating- to fixed-rate acquisition loan on behalf of the buyer through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.  The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.

Ira Virden

                Sunnyside Place is located at 13300 SE 122nd Avenue between Clackamas and Happy Valley, approximately 12 miles southeast of downtown Portland. 

Situated on approximately 5.97 acres, the property is 95.4 percent leased and includes one-, two- and three-bedroom units averaging 1,025 square feet each.  Community amenities include a swimming pool, hot tub, fitness center, playground and clubhouse. 

                The HFF investment sales team was led by director Ira Virden and senior real estate analyst Kerry Hughes. 

                HFF’s debt placement team was led by managing director Tom Wilson and director Charles Halladay.

                “This value-add property proved attractive to investors due to its prime location near major area employers such as Kaiser Permanente’s Sunnyside Medical Center, the multitude of  nearby retail options and proximity to numerous transportation modes including the TriMet MAX Green Line light rail service,” commented Virden.

Tom Wilson

“Sunnyside Apartments represents a perfect opportunity to implement our value-add strategy and create yield for our investors.  Portland fundamentals continue to impress and we will continue to pursue similar acquisitions,” added David Nelson, director of acquisitions at Hamilton Zanze.

Founded in 2001, Hamilton Zanze is a commercial real estate firm focused on the pursuit, acquisition and hands-on management of multifamily housing in the western and southwestern United States. 

  Today, the firm manages more than 15,000 units across nine states and continues to add to its portfolio.  For more information, please visit www.hamiltonzanze.com.

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