Essex Realty Group Brokers the Sale of a 7-Unit Mixed-Use Building in Chicago, IL

Kate Varde

 CHICAGO, IL -- Essex Realty Group, Inc. is pleased to announce the sale of 3301 N. Clark in Chicago, Illinois.

 The seven unit, mixed-use property is located in the heart of Chicago’s Lakeview neighborhood on the northeast corner of Clark and Aldine.

 An abundance of amenities are located within walking distance of the Property including the Belmont Harbor, Wrigley Field, and Lincoln Park. Residents are also a short walk away from the restaurants and shops of the Broadway, Halsted, and Clark Street commercial corridors.

Public transportation is easily accessible via several nearby bus lines and the Belmont CTA Station situated one block to the south.

 The sale price was approximately $2,562,500.

 Doug Imber and Kate Varde were the listing agents and Jim Darrow and Jordan Gottlieb represented the buyer.

Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

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

Douglas Fisher

Essex Realty Group, Inc.

773.305.4910

dougfisher@essexrealtygroup.com

www.essexrealtygroup.com

19-Property Texas Multifamily Portfolio Exclusively Listed by IPA

Will Balthrope

DALLAS, TX – Institutional Property Advisors (IPA), a division of Marcus & Millichap serving the needs of institutional and major private real estate investors, has retained the exclusive listing to market for sale the Variant Portfolio, a 19-property, 6,681-unit, 5 million-square-foot multifamily portfolio in Texas. Fifteen of the properties are located in Houston and four are in Dallas. The price is to be determined by the market.

IPA executive director Will Balthrope and Marcus & Millichap senior vice presidents investments Norman Eastwood and Charles “Chico” LeClaire are representing the seller, Southern California-based Variant Commercial Real Estate.

Norman Eastwood

            “The Variant Portfolio provides investors with a large-scale opportunity to acquire a number of true ‘value-add’ assets in the strong Dallas and Houston markets,” says Balthrope.

“The portfolio is a unique opportunity for a high-yield-oriented investor/operator to create value by repositioning these assets through interior and exterior renovations,” adds Eastwood.

The properties are:

·         Broadmoor, 235 units, Houston

·         Cranbrook Forest, 261 units, Houston    

·         Crystal Springs, 191 units, Houston      

·         Las Palmas, 145 units, Houston                        

·         Maxey Village, 409 units, Houston

·         Oaks of Brittany, 223 units, Houston    

·         Park Texas, 588 units, Houston            

·         Pine Forest, 161 units, Houston 

·         Pines of Westbury, 940 units, Houston

·         Royal Oaks, 434 units, Houston

·         Sandpiper, 286 units, Houston

·         Vista Arbor Square, 320 units, Houston

·         Chesapeake, 127 units, Dallas               

·         Mesa Ridge, 220 units, Dallas   

·         Preston Valley, 310 units, Dallas                                               

Charles 'Chico' LeClaire

·         Sandridge, 504 units, Pasadena                       

·         The Pointe, 517 units, Pasadena           

·         Ashton Oaks, 520 units, Clute

·         Holly Ridge, 290 units, Arlington          

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

Gina Relva

Public Relations Manager

(925) 953-1716

HFF closes sale of and arranges financing for Class A multi-housing community in Aurora, IL

  

Sean Fogarty

CHICAGO, IL – HFF announced it has closed the sale of and arranged financing for Hunter’s Glen, a 320-unit, Class A, garden-style multi-housing community in Aurora, Illinois.

               HFF marketed the property on behalf of the seller, Levin Realty Advisors.  L3C Partners, LLC purchased the offering free and clear of existing debt.  HFF also secured a seven-year, 3.64 percent acquisition loan on behalf of the buyer through M&T Realty Capital Corporation.

               Hunter’s Glen is located at 245 North Oakhurst Drive near the intersection of New York Street and Eola Road and within 10 minutes of two Metra stations with direct routes into Chicago’s central business district. 

Situated on approximately 16 acres, the property includes one- and two-bedroom floor plans averaging 886 square feet each.  

Marty O'Connell

Community amenities include a heated resort-style swimming pool and sundeck, sauna/spa, fitness center, tennis court, sand volleyball courts, clubhouse and children’s playroom.

               The HFF investment sales team representing the seller was led by managing directors Sean Fogarty and Marty O’Connell, associate director Wick Kirby and executive managing director Matthew Lawton.

               HFF’s debt placement team was led by managing director Matthew Schoenfeldt and associate director Jason Bond.

               Levin Realty Advisors, LLC (LRA) is a real estate investment firm formed in October 2004 to provide national multifamily acquisition and asset management services.  Levin Realty Advisors is headquartered in Chicago. 

               L3C Capital Partners LLC is a New York-based real estate investment company that serves as the general partner of real estate investments in quality multifamily apartment communities across the United States.  The company and its affiliated entities have completed more than $300 million of transactions since its inception in 2009.

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

www.levinrealtyadvisors.com.

MACK Companies Ranks 36th Fastest-Growing Real Estate Firm in the CountryJim

James 'Mack' McClelland, co-founder and CEO, MACK Cos.

CHICAGO, IL  – Tinley Park, Ill.-based MACK Companies, a full-service redeveloper and one of the largest owners and managers of real estate rentals in the Chicago area, announced it has ranked 958th among Inc. magazine’s “Inc. 5000,” which lists the fastest-growing companies in the United States.

MACK Companies’ revenue grew 471 percent over the past three years, totalling more than $46 million in 2013. Within the real estate industry, the firm ranked as the ninth-fastest-growing firm in the Midwest and 36th nationwide.

Jim McClelland Jr.

 “To be recongized among the top 10 real estate firms in the Midwest, and the top one-fifth of all companies in the country, is the result of the hard work and commitment of everyone at MACK Companies,” said James McClelland, chief executive officer and co-founder of MACK Companies. 

“Leveraging our team’s experience, knowledge and passion for real estate has allowed us to grow exponentially in both the residential and commercial sectors, becoming a leading full-service redevelopment firm on a national scale.”

“It’s humbling to consider that MACK Companies began with the purchase of just one single-family property. Seeing that grow to more than 1,500 properties, thousands of square feet of commercial space and numerous public and private construction projects is evidence of our professionals’ collective determination and expertise,” said Jim McClelland, chief operating officer who, along with his father James, founded MACK Companies in 1998.

 “We are well positioned to continue expanding our footprint in the construction, investment, leasing and brokerage markets for years to come.”

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

Julie Liedtke, jliedtke@taylorjohnson.com, 312-267-4521

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

Lone Oak Fund Financing Enables Expansion of Los Angeles Performing Arts College

Alexa Mizrahi

  

LOS ANGELES, CA – Lone Oak Fund, LLC, a private lender specializing in short term real estate loans, has provided acquisition financing for the purchase of a creative office property in Hollywood, Calif. that will serve as an expansion of the existing Los Angeles campus of the American Musical and Dramatic Academy.

The borrower, a New York-based college conservatory for the performing arts, was seeking supplemental financing in a short timeframe in order to secure this quality property for its Los Angeles campus expansion.

American Musical and Dramatic Academy
1641 Ivar Ivanue, Hollywood, CA

“Hard money continues to be a key component in getting deals closed in today’s competitive office market,” says Alexa Mizrahi, a Senior Loan Officer at Lone Oak Fund. 

“With banks continuing to be constrained by post-credit-crisis regulations, many businesses are looking to private lenders for creative solutions to get the money they need quickly.”

Lone Oak Fund provided $5 million in acquisition financing for the purchase of the 19,000 square-foot Hollywood office building. The building was acquired by the borrower for a total of $10 million, according to Lone Oak Fund.

The property, located at 1641 Ivar Avenue in Hollywood, Calif., will be eligible for conventional financing after interior improvements are completed, according to Mizrahi. 

Nicholas Roussos

The 18 month loan, priced at 8.30 percent interest only, was brought to Lone Oak by Los Angeles-based finance specialist Nicholas Roussos at Avison Young. 

“Strong broker relationships are essential to our business, and we are absolutely committed to helping our broker partners meet the needs of their clients,” explains Mizrahi.

“We know that consistency in speed, service, reliability and fair pricing has been a driving factor in our success. It is the reason that Lone Oak has successfully funded more than $2 billion in loans to date.”

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

Amanda Brenner or Jenn Quader

Brower, Miller & Cole

ABrenner@browermillercole.com

(949) 955-7940

Capital Square Realty Advisors Affiliate Acquires Manufactured Housing Portfolio in Midwest

Louis Rogers

 GLEN ALLEN, VA – Capital Square Realty Advisors, LLC announced that an affiliate of the company has acquired a portfolio of three manufactured housing parks totaling 1,141 rentable lots in Indiana and Ohio.

 “Manufactured housing communities are an attractive investment opportunity, with increasing demand and a tight market given barriers to new construction across much of the U.S.,” said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors.

“There are a number of Americans that are either searching for a manufactured vacation home, or are seeking a new housing opportunity as traditional homeownership becomes economically unfeasible for a growing percentage of the population. Today, manufactured housing offers an affordable and high quality alternative.”

 The largest community, Timberbrook, is located at 54686 County Road 19 in Bristol, Ind. The 103-acre property hosts 567 lots. Onsite amenities include a community center, two swimming pools, two basketball courts, two children’s playgrounds, off-street parking and on-site management. Accessible via Interstates 80 and 90, Timberbrook is situated within a two-mile radius of nearly 450 businesses.

Yogi Singh

 The portfolio also includes Woodlake-Sommerdale, a 65-acre manufactured housing community featuring 338 lots.

 Located at 12204 Indianapolis Road in Yoder, Ind., the community features a clubhouse, playground and on-site management. It is situated within a five-mile radius of more than 1,200 businesses, including major local employers Coca-Cola Refreshments USA, Inc., Tuthill Corporation and International Paper Company. Woodlake-Sommerdale is easily accessible via Interstates 69 and 469.

 Byrne Hill, the third community in the portfolio, is a 34-acre manufactured housing community located at 3601 Hill Road in Toledo, Ohio. The property includes a clubhouse, swimming pool, playground and on-site management.

It is serviced by the Toledo Area Regional Transit Authority bus line and is adjacent to Great Expectations Elementary School, The Knight Academy middle school and Byrnegate Plaza Shopping Center. There are more than 1,500 businesses within a two-mile radius of Byrne Hill.

 “The acquisition of this high quality portfolio represents a significant step forward for Capital Square’s acquisitions team,” said Yogi Singh, vice president of acquisitions with Capital Square Management. “The highly efficient closing of this off-market deal with a publicly traded REIT is a model that we are highly confident that we can replicate in the coming months.”

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

Julie Leber

Account Manager

Spotlight Marketing Communications

18101 Von Karman Avenue, Suite 330

Irvine CA 92612

949-427-5172, ext. 703

julie@spotlightmarcom.com

Affordable Senior Housing Community Opens in Long Beach, CA

                                                                              

Michael Gaber

LONG BEACH, CA – WNC, a national investor in real estate and community development initiatives, announced the completion of Ramona Park Senior Apartments, a 61-unit affordable senior housing community in Long Beach, Calif.

WNC provided $6.9 million in low-income housing tax credit (LIHTC) equity to fund the project, which demolished a vacant former bank in order to develop the affordable housing.

 Located at 3290 E. Artesia Blvd., the three-story building includes 49 one-bedroom units and 11 two-bedroom units offered to seniors aged 55 and above with household incomes of up to 60 percent of the area median income. The ground floor of the structure serves as a parking garage.

 The property was developed by DL Horn & Associates LLC, in association with WCH Affordable IV LLC and PC Long Beach Developers LLC. 

 “The creative reuse of this space was a collaborative effort involving input from neighborhood community members and the City of Long Beach Planning Department,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. “Ramona Park enhances the local area, and provides seniors with numerous recreational and unit amenities within a comfortable place to call home.”

Rendering of Ramona Park Senior Apartments
Long Beach, CA

 Property amenities of Ramona Park include: a community room, passive seating and reading areas, swimming pool, oversized outdoor fireplace, business center, kitchen, library, gym, dining area, tenant storage, common laundry facility, social services, public restrooms and on-site management. 

Each unit is equipped with an electric range and oven, window blinds, refrigerator, central heat/air conditioning, garbage disposal, dishwasher and patio or balcony.

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

Julie Leber

Account Manager

Spotlight Marketing Communications

18101 Von Karman Avenue, Suite 330

Irvine CA 92612

949-427-5172, ext. 703

julie@spotlightmarcom.com

www.wncinc.com

Marcus & Millichap Arranges Sale of Murdock Plaza in Port Charlotte, FL for $4.9 Million

Murdock Plaza, Port Charlotte, FL

PORT CHARLOTTE, 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 Murdock Plaza, an 83,165-square foot retail property located in Port Charlotte, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset sold for $4,980,000.

James Medefind, associate in Marcus & Millichap’s Tampa office, and John Nuzman, vice president investments in the firm’s Detroit office represented both parties in the transaction.

James Medefind

Murdock Plaza is a newly-renovated shopping center that was built in 1991 and located at 1700 Tamiami Trail in Port Charlotte, Fla. just a mile-and-a-half from Port Charlotte Town Center.  The center is currently 73 percent occupied and is anchored by Bingo Trail, Dollar General and a local appliance retailer.

“Murdock Plaza was a great example of the current supply-demand imbalance we are seeing in the retail market,” says Medefind. 

“Due to the lack of supply and overwhelming demand for well located, value add opportunities in the marketplace, we were able to drive three offers within the first 48 hours of bringing the asset the market,” adds Medefind. 

“This gave the seller options and negotiating leverage to obtain a phenomenal price and amenable terms that fit the seller’s timeline.”

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

Richard D. Matricaria

Vice President/Regional Manager, Tampa

(813) 387-4700

Berger Commercial Realty Leases 19,000 Square-Feet of Industrial Space at McNab Commercial Center in North Lauderdale, FL

Greg Milopoulos

FORT LAUDERDALE, FL -- Berger Commercial Realty Broker Associate Greg Milopoulos recently represented McNab Commercial Center No. 1, LLC in leasing space at the McNab Commercial Center to 13 new tenants.

 Located at 7544 W. McNab Road with easy access to the Florida Turnpike and Sawgrass Expressway, the North Lauderdale-based warehouse features ample parking, nine-foot by 12-foot overhead doors, 14-foot clear height ceilings, and an 8-foot by 10-foot office for every 1,000 square-feet of space leased.

 The center's new leases include 4,000 square-feet to SP Fine Custom Cabinetry Inc., 3,000 square-feet to Elite Auto Trade Inc., and 2,000 square-feet to Great Deals Auto Sales Inc. and to Tropical Party Supplies LLC.

Other leases included 1,000 square-feet to:

McNab Commercial Center, North Lauderdale, FL

All in One Handyman Company LLC;

AVI Solutions Inc;

Daphne Edwards;

Fingerprint Services of Florida, LLC;

Jamwas LLC;

Jeffrey William Leon West;

Mr. Crown Molding LLC;

Pure LED Lights LLC.

For more information about leasing at the McNab Commercial Center, contact Berger Commercial Realty at 954-358-0900.

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

Avison Young completes $10-million sale of creative office property in Hollywood, CA

Martin McDermott

 Irvine, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced it has completed the $10-million sale of a 19,750-square-foot (sf) creative office property in Los Angeles. The company also arranged the financing on behalf of the new buyer.

 Avison Young Principal Martin McDermott, based in the firm’s West Los Angeles office, represented the seller Hello and Company – a boutique production firm, which occupied the entire space.

 Avison Young Principals Christopher Bonbright and John Tronson, along with Senior Associate David Landau in the North Los Angeles office, represented the buyer – world-renowned conservatory and college, the American Musical and Dramatic Academy, College of the Performing Arts (AMDA).

Nick Roussos, a Vice-President in Avison Young’s Irvine, CA office who specializes in real estate debt, equity and structured capital, arranged the financing on behalf of AMDA.

John Tronson

Located at 1641 Ivar in the heart of Hollywood, the property now serves as a high-end creative space, but its past includes being host to the Bob Hope USO Special. 

Circling the property are two high-profile hotels – W Hotel and Redbury; a major development project, the Millennium Towers; Emerson College; the historic Sunset Gower Studios and other Hollywood attractions, retailers, popular restaurants and bars, apartment developments and creative-industry tenants.

 “We identified up front that this building was special and had potential, with the right marketing program, to achieve a new high point for Hollywood sales metrics,” comments McDermott. 

“Since we were able to generate multiple offers that were at, or close to, our asking price within weeks of launching the marketing program, we were then able to deliver to the seller not only a record price, but also the terms they wanted.”

Nick Roussos

“Arranging financing for this deal was very complex and could have been derailed without the financing expertise of our capital markets group,” adds Roussos.

“The buyer required a closing in less than 30 days, and being that the buyer was a non-profit entity, the loan had to be non-recourse. Furthermore, the borrower required a lenient prepayment penalty to retain the flexibility to refinance the purchased loan.

“Through deep-rooted lender relationships, I arranged a bridge lending source who delivered a loan that was ready to fund five days after first being presented with the buyer-specific loan requirements.”

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224