Berger Commercial Realty Broker St. George Guardabassi Honored by Rotary Club of Fort Lauderdale, FL as Rotarian of the Year

St. George Guardabassi

 FORT LAUDERDALE, FL – Berger Commercial Realty, a regional, full-service commercial real estate firm, is pleased to announce that Senior Vice President St. George Guardabassi has been named Rotarian of the Year by the Rotary Club of Fort Lauderdale.

 Guardabassi received the honor for chairing the New River Raft Race, an annual fundraiser that supports the mission of the Rotary Club of Fort Lauderdale.

Club members, also known as Rotarians, represent a diverse group of business and professional leaders who focus on service in the community and throughout the world.

 "The Rotary Club of Fort Lauderdale has allowed me to further develop my leadership skills and given me an outlet to impact the community, as well as form a number of long-lasting friendships," Guardabassi said. "I am honored and very grateful to receive this award from my fellow Rotarians."

 A 50-year resident of Fort Lauderdale, Guardabassi has more than 28 years of experience in South Florida's commercial real estate market. In addition to being a member of the Rotary Club of Fort Lauderdale since 1993, he also serves as the president of the Hundred Club of Broward County and is a member of the Fort Lauderdale Marine Advisory Board.

  

Guardabassi received his Bachelor’s degree from TCU in Fort Worth, Texas. He is a licensed real estate associate, former president of the Commercial Industrial Real Estate Brokers Association, and received the designation of a real property administrator from the Building Owners and Managers Association.

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

Marielle Sologuren

Pierson Grant Public Relations

(954) 776-1999, ext. 226

msologuren@piersongrant.com

Pre-Leasing Underway for Alexan Auburn Lakes in Houston, TX

Barbara J. Gaffen

CHICAGO, IL – Northbrook, Ill.-based Prime Property Investors (PPI) has announced the start of pre-leasing for its luxury garden-style apartment community in Houston called Alexan Auburn Lakes.

PPI partnered with Dallas-based Trammell Crow Residential (TCR) to develop the 12.5-acre gated community situated at the edge of The Woodlands, a highly sought-after Houston suburb.

Both known for their attention to detail and high-end features, PPI and TCR joined together for the first time to design and build this high-end community that caters to today’s savvy renters.

The upscale Alexan Auburn Lakes will include 256 one-bedroom, one-bath apartments and 90 two-bedroom, two-bath units. Decorated models of a two-bedroom and one-bedroom floor plan will be available for viewing in mid-August.

“The interest in Alexan Auburn Lakes has exceeded our expectations,” said Barbara J. Gaffen, co-CEO of PPI.

Alexan Auburn Lakes Apartments, Houston, TX

“Since the topping off in April, we have received a large number of inquiries from prospective renters. 

"They are a good mix of locals who are taking advantage of the hot real estate market and selling their homes to enjoy the community’s maintenance-free, almost resort-like lifestyle as well as people looking to move to the area because of the new ExxonMobil facility.”

Located along West Rayford and Gosling roads, Alexan Auburn Lakes is nestled in a serene setting among native hardwood trees with its own private lake.

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

Kelly Shumaker kshumaker@taylorjohnson.com, (312) 267-4519

Emily Johnson, ejohnson@taylorjohnson.com, (312) 267-4522

$8.15 Million Sale of Serenity Apartments at Royal Court in Tampa, FL Arranged by Marcus & Millichap

  

Serenity Apartments at Royalty Court, Tampa, FL

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 Serenity Apartments at Royalty Court, a 150-unit multifamily community located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. 

The $8,150,000 sales price equates to $54,334 per unit.

Francesco Carriera and Michael Regan, vice presidents investments in Marcus & Millichap’s Tampa office, Andrew Daitch and Paul Davis, senior vice presidents investments along with Edward Lippincott, associate vice president investments in the firm’s Detroit office, represented both parties in the transaction.

Francesco Carriera

Serenity Apartments at Royalty Court is located at 3606 Royalty Court in Tampa, Florida. 

The property consists of 19 two-story residential buildings and an additional building that serves as a leasing office.

 The residential buildings are comprised of 36 one-bedroom/one-bathroom units, 80 two-bedroom/one-bathroom units and 34 three-bedroom/one-bathroom units. 

All units have central heating and air-conditioning and the buildings are situated on approximately 7.7 acres of land.  Amenities include an on-site laundry facility as well as a playground. 

“Serenity Apartments at Royalty Court represents a stable property with an add value play through the continued renovation of units and adding amenities throughout the property,” says Regan.  “The immediate submarket is highly sought-after and should respond favorably

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

 Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

Marcus & Millichap Arranges Sale of Essex Court in St. Petersburg, FL for $875,000

Michael Donaldson

 ST PETERSBURG, 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 Essex Court, a 18-unit apartment property located in St Petersburg, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $875,000.

Michael Donaldson, vice president investments and Nicholas Meoli, senior associate in Marcus & Millichap’s Tampa office, represented the seller, a local private investor. 

The buyer was procured by Earle Hyman, a senior vice president investments in the firm’s Encino office and Donaldson and Meoli in the Tampa office.

Essex Court was built in 1972 and is located at 5800 37th Avenue North in St Petersburg, Fla.   

Nicholas Meoli

“This transaction illustrates the continued national demand for well-located multifamily investments in the Tampa Bay area,” says Meoli.  “The Essex Court acquisition allowed the buyer to increase their footprint in the St. Petersburg submarket and ultimately improve operations through economies of scale,” concludes Donaldson.

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

 Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

Twin Cities Walgreens Sells for $11.5 Million

Sean Doyle

BURNSVILLE, MN – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a 14,490-square-foot Walgreens drugstore in Burnsville, Minn., a densely populated suburb approximately 20 miles south of downtown Minneapolis. 

The $11.5 million sales price equates to $794 per square foot.

             Sean Doyle, senior associate in Marcus & Millichap’s Minneapolis office, represented the seller. Brandon Hanna, vice president investments in the firm’s Detroit office, represented the buyer, a Florida-based private investor.

            “Walgreens is operating this property under a corporate-guaranteed 75-year absolute net lease that has 21 years remaining,” says Doyle. “The store was moved to its current location—one of most dense retail corridors in the Twin Cities area—in 2009,” adds Hanna.

Brandon Hanna

Situated at 950 County Road 42 W in Burnsville, Minn., the property is an out-parcel to a Super Target-anchored retail center and a newly constructed Costco.

 The location is directly across the street from an approximately 1.1 million-square-foot mall in Burnsville Center and blocks from Interstate 35W, the Twin Cities’ primary highway. 

County Road 42 is a major east/west thoroughfare with a traffic count of 46,000 vehicles per day. Nearly 80,000 people live within a three-mile radius of the property.       

  

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

Gina Relva

Public Relations Manager

(925) 953-1716

Chicago’s Presidential Towers Awarded LEED® Silver Certification

Presidential Towers, Chicago, IL

CHICAGO, IL  – Waterton Residential  announced that Presidential Towers, its sprawling 2,346-unit apartment community in Chicago’s West Loop neighborhood, has been awarded LEED Silver certification by the U.S. Green Building Council following a multi-year redevelopment of the property.

Towers 3 and 4, located at 605 and 625 W. Madison St., achieved LEED certification by meeting certain performance standards relating to site maintenance and operations, including water and energy consumption, waste mitigation, and use of sustainable and locally sourced products.

David Schwartz

Presidential Towers marks Waterton’s second LEED-certified apartment community in downtown Chicago, where it also owns One East Delaware, which in 2011 became the city’s first existing rental high-rise to earn LEED Silver certification.

“Achieving LEED certification is an accomplishment for any building, but it’s particularly special for older properties like Presidential Towers, whose developer couldn’t take advantage of all the green building technologies that exist today when the community was built almost three decades ago,” said David Schwartz, co-founder of Waterton Residential.

“Since acquiring the community in 2007, we’ve made it our goal to create a healthy, eco-friendly environment for our residents.”

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

 For more information, visit www.presidentialtowersapts.com or call (866) 273-0973.

RECI Reports Treasuries Moving Upward

Jeanne Peck

Chicago,  IL -- While inflation concerns grow amid signs of an improving economy, treasuries started moving upward to the highest levels in the month. 

Investors are reacting to strengthening job markets,
even with global concerns about Russian sanctions and more recently,
Argentina's default.

Despite recently increasing rates, overall long-term mortgages are still priced within a favorable historical range of about 3.85% to 4.75%.  Funding
pressure is high as lenders face fierce competition and loosened underwriting standards. 

 In general, everyone agrees that now is the best time to be a borrower.  As low rates and higher leverage loans are more common, loan negotiations are focused on the finer points of underwriting including:

*         Choosing more flexible prepayment formats (e.g., yield
maintenance, defeasance) often available without any additional cost
premiums.
*         The CMBS markets are guided by minimum debt yield requirements,
but are now selectively returning to debt service coverage tests to win
deals.  1.2X debt service coverage is now available as an underwriting
metric for higher-quality commercial properties.

*         For low leverage loans, pricing is virtually identical for different property types, as lenders are more comfortable with income-property in most asset sectors.
*         Rules of thumb are less applicable as far as understanding
underwriting guidelines based upon types of lender types.  For example, more
banks are waiving guarantee requirements, while life companies are offering
more short term, floating rate loans - a reversal of traditional roles.
*         Recourse and carveout guarantees addressed with special-purpose
entities, environmental insurance and lockboxes.
*         Net worth requirements and other select non-monetary loan default
provisions reduced or removed, depending upon leverage levels and
sponsorship financial strength.

*         Strict underwriting discipline seen on larger loans of $100
million or larger as less funding compete and rating agencies more carefully
screen such deals.

The Real Estate Capital Institute's director, Jeanne Peck, emphasizes,
"While rates are extremely favorable, expect some widening in mortgage
spreads as the next couple of months due to a very large volume of loans
going into securitization.  Investors can afford to be more selective."

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

Jeanne Peck, Executive Director
 director@reci.com 

www.reci.com

Scott Benjamin Joins Crossman & Company as Director of Leasing

Scott Benjamin

 ORLANDO, FL --  Crossman & Company announced retail veteran, Scott Benjamin, former Vice President of Leasing and General Manager for Paragon Outlet Partners LLC/ Prime Retail, LP has joined the company as Director of Leasing.

 Benjamin will have oversight of the strategic direction, expansion and operation of all aspects of leasing, which will impact the company immediately. Crossman & Company seeks to set the standard for leasing and currently leases and manages a growing portfolio of 22 million square feet.

 “Having Scott Benjamin join our team is a game changer for the company. As we continue to grow our footprint throughout the Southeast, its industry leaders such as Scott that will help pave the way,” said Scott Crossman, CEO at Crossman & Company. 

“I am extremely excited about my upcoming transition to Crossman & Company, an organization that embodies hard work and integrity.

"  After spending time with Scott Crossman, John Crossman and the entire leasing staff, it is clear that the company is on the cusp of unprecedented growth and unparalleled success,” said Scott Benjamin on his new role within the company.

Scott Crossman

Benjamin joined Crossman & Company late July. Recently Benjamin was highlighted by the Orlando Sentinel on his development work in Central Florida.

His achievements include completing over $650 million in leasing transactions and securing over 400,000 square feet of anchor space with national retailers and entertainment venues for a 2014 development opening in Orlando, FL.

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

Claire Pagán

Crossman & Company

cpagan@crossmanco.com

407.581.6223

Post Properties Announces Second Quarter 2014 Earnings

ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced  net income available to common shareholders of $46.8 million, or $0.86 per diluted share, for the second quarter of 2014, compared to $26.6 million, or $0.48 per diluted share, for the second quarter of 2013.

Net income available to common shareholders for the six months ended June 30, 2014, was $60.1 million, or $1.10 per diluted share, compared to $46.0 million, or $0.84 per diluted share, for the six months ended June 30, 2013.

Net income for the three and six months ended June 30, 2014, included a gain of $36.1 million on the sale of one apartment community, offset by a loss of $4.3 million on the extinguishment of indebtedness.

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

Post Properties, Inc.

Chris Papa, 404-846-5028

RealtyTrac Lists Most and Least Affordable Housing Markets

IRVINE, CA -- RealtyTrac is releasing a list of the Most and Least Affordable Markets for Millenials to Buy and Rent, looking at counties with a population of 100,000 or more where millennials (those born from 1977 to 1992) are at least 24 percent of the total population (compared to 22 percent of the population nationwide).

We excluded counties that experienced a decrease in the total number of millennials from 2007 to 2013. 

Highlights include:

·         Multiple counties in New York, Los Angeles and San Francisco topped the least affordable lists to buy AND to rent.

·         Surprisingly, counties in the DC metro area made the list of most affordable places to buy and rent - Arlington County made the list for the most affordable counties to rent and Prince George’s County made the list of the most affordable counties to buy a home.

·         Counties in the Seattle, Portland and Charleston metro areas rounded out the list of the least affordable places to buy.

·         Counties in the Orlando, Jacksonville and Flagstaff metro areas finished the list with the least affordable places to rent.

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

Jennifer von Pohlmann

PR Manager

Office: 949.502.8300 ext 139

 jennifer.vonpohlmann@realtytrac.com

Bankers Report Commercial and Multifamily Borrowing Remains on Pace with Last Year

Jamie Woodwell

WASHINGTON, DC – According to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, second quarter 2014 commercial and multifamily mortgage loan originations were two percent lower than during the same period last year, but 34 percent higher than the first quarter of 2014.

“Year-to-date borrowing by commercial and multifamily real estate owners is running at the same pace as last year,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research. 

  “Low interest rates and improving property fundamentals are prompting borrowers to act, but the relatively low volume of loans hitting maturity is checking overall demand.”

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

Shawn Ryan

sryan@mba.org

(202) 557-2727

HFF secures $49.725 million financing of 4-property office, retail and industrial portfolio in Dallas, TX and Houston, TX

Steve Heldenfels

DALLAS, TX – HFF announced the $49.725 million financing of a four-property office, retail and industrial portfolio totaling 846,490 square feet in the Dallas and Houston markets.

                Working on behalf of Hartman Income REIT (Hartman), HFF placed the 10-year, 4.61 percent, fixed-rate loan with Voya Investment Management (formerly ING Investment Management). 

Loan proceeds were used to pay off an existing short-term line of credit on three of the properties (Bent Tree Green, Cooper Street Plaza, Richardson Heights Shopping Center) and provide acquisition funding for another property (Mitchelldale Business Park). 

HFF’s industrial investment sales team in Houston simultaneously facilitated the sale of Mitchelldale Business Park to Hartman, which sold for an undisclosed amount. 

Jim Curtin

                The HFF debt placement team representing Hartman was led by managing director Steve Heldenfels and associate director Jim Curtin. 

The HFF investment sales team representing Falcon Southwest, the Mitchelldale Business Park seller, was led by senior managing director Rusty Tamlyn, managing director Tucker Knight and director Trent Agnew.

                Hartman Income REIT, headquartered in Houston, Texas, is a $360 million real estate investment trust, which owns and/or manages 38 properties with 5.04 million square feet of office, industrial and retail space.  For more information, visit hi-reit.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

HFF secures $175 million financing for 7-property multi-state industrial portfolio

John Rose

DALLAS, TX – HFF announced it has secured $175 million in financing for a seven-property, 4.99 million-square-foot industrial portfolio located in California, Texas and Mississippi.

                HFF worked exclusively on behalf of the borrower, a fund managed by Clarion Partners, to secure a fixed-rate loan through TIAA-CREF.  Loan proceeds were used to retire existing debt on the portfolio.

The seven-property portfolio includes two assets in San Bernardino, California; four in the Dallas, Texas metropolitan area; and one in Southaven, Mississippi.  Constructed between 2001 and 2005, the portfolio is 94.1 percent leased overall.

                The HFF team representing the borrower was led by senior managing director John Rose.

The fund specializes in real estate investments in the industrial sector and seeks to invest in value-added industrial properties in the United States.

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

HFF arranges financing for ALOFT at The Glen Town Center in Chicago area

Trey Morsbach

DALLAS, TX – HFF announced it has arranged financing for ALOFT at The Glen Town Center, a 181-unit, Class A multi-housing property in the Chicago area.

HFF worked exclusively on behalf of the borrower, OliverMcMillan, Inc., to secure a long-term, fixed-rate loan through TIAA-CREF.  HFF will also service the loan.

Completed in 2003, ALOFT at The Glen Town Center features one- and two-bedroom floor plans.  Community amenities include two fitness centers, two theatre rooms, community center, business center and indoor heated parking.

 ALOFT at The Glen Town Center is located at 1991 Tower Drive within The Glen Town Center master planned community in Glenview, approximately 20 minutes north of downtown Chicago.  

Situated on 1,121 acres, the community was built on the site of the former Glenview Naval Air Station and its historic Hanger One.

Jeremy Sain

The HFF debt placement team representing the borrower was led by senior managing director Trey Morsbach and associate directors Jeremy Sain and Jason Bond.

San Diego-based OliverMcMillan, Inc. is an internationally-renowned firm that develops and transforms ordinary locations into unique, special places.  The firm’s expanding real estate portfolio includes retail, entertainment, medical, R&D, office, hotel and residential developments located throughout the United States. www.olivermcmillan.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

HFF arranges $16.4 million refinancing for Los Angeles industrial building

Paul Brindley

 LOS ANGELES, CA – HFF announced it has arranged a $16.4 million refinancing for Santa Fe Commerce Center, a 261,533-square-foot industrial building in Los Angeles, California.

               Working on behalf of EVOQ Properties, HFF placed the three-year, floating-rate loan with Principal Real Estate Investors.  Loan proceeds were used to refinance an existing bridge loan that HFF placed on the property in June 2012. 

               Santa Fe Commerce Center sits on 8.58 acres at 2425 E. 12th Street, which is 1.5 miles southeast of downtown Los Angeles with immediate access to Interstate 10.  The 100 percent leased, multi-tenant property includes 24’ clear ceiling heights.

               The HFF team representing the borrower was led by associate director Jeff Sause and senior managing director Paul Brindley. 

“The loan was used to refinance an existing loan that we closed approximately two years ago at a much higher interest rate,” Brindley said.

Santa Fe Commerce Center, Los Angeles, CA

“The improved rate is primarily due to four factors:  better cash flow; at the time of the original loan, the company had been recently recapitalized by an institutional investor to affect an emergence from bankruptcy; new sponsor had recently replaced the management team at emergence and the debt markets are much better today.

“ The new loan is evidence that HFF's relationships with life companies have never been more valuable to borrowers.”   

  

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 | www.hfflp.com

krmurphy@hfflp.com