Two Net-Leased Assets in Port Orange, FL Bring $32.27 Million

BJ's Wholesale Club and BJ's Fuel Center, Port Orange, FL

PORT ORANGE, FL,  Oct. 6, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of two centers in Port Orange, Fla.

The first property, a BJ’s Wholesale Club and BJ’s fuel center, sold for $15,131,194 or $175 per square foot.

The second property is Altamira Village shopping center anchored by a 45,000-square-foot LA Fitness and 18,000 square feet of small shops. The LA Fitness-anchored center sold for $17,142,680 or $271 per square foot. The combined sales price for the two assets is $32,273,874.

LA Fitness, Port Orange, FL

            John Nuzman, a vice president investments in Marcus & Millichap’s Detroit office, represented the seller, Collett, a North Carolina-based development company.

 Robert Horvath and Todd Tremblay, both vice presidents investments in the firm’s Boston office, represented the buyer. Kirk Felici, first vice president in Marcus & Millichap’s Miami office, is the firm’s broker of record in Florida.

            “These two net-leased assets are adjacent to each other on the same parcel within the Altamira Village shopping center,” says Nuzman. “The BJ’s has a 20-year lease that began in September 2013 and the LA Fitness has a 15-year lease that started this year.”

Robert Horvath

            “Net-leased properties remain a popular target for commercial real estate investors as both a capital preservation vehicle and steady cash-flow investment,” adds Horvath.

            The 163,000-square-foot Altamira Village shopping center is located near the intersection of Interstate 95 and Dunlawton Avenue, State Route 421, south of Daytona Beach in Volusia County, Port Orange. 

Other Altamira Village tenants include CVS, Golden Corral and the small shop space on two out-lots. Situated across the street is a Lowe’s and Super Target. 

The Pavilion at Port Orange is an outdoor lifestyle center anchored by Belk’s, Hollywood Theatres, Marshalls, HomeGoods, and Michaels. The Pavilion is located at the Interstate 95 and Taylor Road interchange.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Brooklyn, NY Apartment Building Brings $17.5 Million

68 Richardson Street, Brooklyn, NY

NEW YORK, NY, Oct. 6, 2014 – 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 68 Richardson St., a 25-unit, 32,500-square-foot elevator building in the North Williamsburg area of Brooklyn. 

The $17.5 million sales price equates to $700,000 per unit.

            Shaun Riney, Michael Salvatico and James Saros, all in Marcus & Millichap’s Brooklyn office, along with Matthew Fotis in the firm’s Manhattan office, represented the seller. Riney, Salvatico and Saros represented the buyer.

“The seller believed this was an opportunistic time in the cycle to exit,” says Riney. “The property was sold at a low cap rate on market rents after an intense marketing campaign that attracted interest from all over the country.”

Shaun Riley

The building is a short walk from McCarren Park and near the Bedford Avenue “L subway station.

“The sale is symbolic of North Williamsburg’s rise as one of New York City’s top-tier neighborhoods,” adds Salvatico.

 “The metrics of the transaction solidify the fact that the neighborhood is now able to attain pricing on par with many of the best locations in Manhattan. Our marketing process generated 15 offers and the resulting competition resulted in an excellent price per unit and a 4.3 percent cap rate.”

The 68 Richardson St. building has 24 loft-style apartments and one commercial space.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Daniel Garrett Joins WNC as Vice President, Originations

Will Cooper Jr.

IRVINE, CA, Oct. 6, 2014 – WNC, a national investor in real estate and community development initiatives, announced today that 20-year housing equity veteran Daniel Garrett has joined the company as vice president, Originations. 

“Daniel has a wealth of experience and brings numerous relationships to his new role at WNC,” said Will Cooper Jr., president and chief executive officer of WNC.

Garrett joins WNC from Garrett Development Group, a company he founded to assist general partners in structuring and developing low-income housing tax credit (LIHTC) projects. Previously, he spent 12 years with a Midwest-based tax credit syndication company, ultimately serving as executive vice president and responsible for operations in Iowa.

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

Julie Leber

Spotlight Marketing Communications

949.427.5172, ext. 703

julie@spotlightmarcom.com

HFF closes sale of Eldorado Market Place in Frisco, TX

Doug Hazelbaker

DALLAS, TX – HFF announced today that it has closed the sale of Eldorado Market Place, a 162,331-square-foot grocery-anchored retail center in the north Dallas suburb of Frisco, Texas.

               HFF marketed the property on behalf of the seller, WD Eldorado & Tollway, LP, an affiliate of Duggan Realty Advisors, LLC and Waitt Investments.  An affiliate of Fidelis Realty Partners, Ltd purchased the asset for an undisclosed amount free and clear of existing debt.

               Eldorado Market Place is located at the northwest corner of the Eldorado Parkway and the Dallas North Tollway in Frisco, which Forbes recently named one of the “Top 25 Places to Relocate” in 2013. 

The property’s Dallas North Tollway location offers immediate access to the center, which is approximately 30 miles from downtown Dallas. 

Ryan Shore

Built in 2008, Eldorado Market Place is 99 percent leased to 35 tenants, including Market Street, PetSmart, Raising Cane’s, RE/MAX, The UPS Store, Jersey Mike’s, AT&T and Dynamic Fitness.  The sale also included approximately 24 acres of land for future development.

               The HFF investment sales team representing the seller was led by senior managing director Doug Hazelbaker and managing director Ryan Shore.

According to HFF, the center offered excellent value enhancement potential with the phase two land component, and this offering aligned with Fidelis’ acquisition strategy.

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.fidelisrealtypartners.com.

www.dugganrealty.com.

Lincoln Harris Arranges Burger Bach’s Lease of 2,888 Square Feet in Durham, NC

Matt Larson

RALEIGH, N.C. (Oct. 6, 2014) — Matt Larson of Lincoln Harris’ Raleigh office has brokered Burger Bach’s lease of 2,888 square feet at the Shops at Erwin Mall, located at 737 Ninth St. in Durham. The location will be Burger Bach’s first in the Research Triangle area.

Larson represented the tenant in the transaction. Paul Muñana represented the landlord, Regency Centers.

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

Voit Reports Inland Empire Industrial Market Has Positive Absorption for Eight Consecutive Quarters

Jerry Holdner

INLAND EMPIRE, CA, (Oct.  6, 2014) –The Inland Empire industrial market took significant strides toward continued improvement in 2014 with positive absorption for the year thus far, a six cent or 16 percent increase in asking lease rates, and drops in both vacancy and availability compared to the previous quarter.

“Overall in the Inland Empire industrial market over the last five years, vacancy and availability have decreased over 50 percent,” explains Jerry Holdner, Vice President of Market Research at Voit. 

  “The substantial decreases in vacancy and availability are contributing to the gains in asking lease rates and higher occupancy costs.”

Industrial vacancy and availability continued trending downward throughout 2014.

Vacancy ended the third quarter of 2014 at 5.70 percent, an increase of 1.24 percent from 2013’s third quarter, due to almost five million square feet of new construction that was added during the quarter. 

“This is notable, since 21 million square feet of new product has been delivered to the market over the past five quarters.  Likewise, availability posted a rate of 8.0 percent at the close of the quarter, a decrease of almost 3.5 percent from a year ago.”

  

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

Carla Mantecon

Voit Real Estate Services

(714) 978-7880

cmantecon@voitco.com

$8.2 Million Sale of Lucaya Delray Condominiums Arranged by Marcus & Millichap in Delray Beach, FL

Tal I. Frydman

 DELRAY BEACH , FL, Oct. 6, 2014 – 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 135 condominiums in Lucaya Delray Condominiums, a 324-unit apartment property located in Delray Beach , Fla. The condominium portfolio sold for $8,250,000.

Tal I. Frydman, a first vice president investments, Daniel J. Cunningham and Derek R. Gibbs, senior associates in Marcus & Millichap’s Fort Lauderdale Office, along with Joe LaFleur, a senior associate, and Johnny Pullman, an associate, in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a private investor from Dania Beach, Fla. 

The buyer, a publicly traded company from Israel, was secured and represented by Frydman, Cunningham, Gibbs, LaFleur and Pullman.

Daniel J. Cunningham

“Lucaya Delray Condominiums represented the rare opportunity for an investor to acquire 135 condominium units in a 324-unit community. 

"The high occupancy property has excellent visibility on Linton Boulevard and is within close proximity to I-95.  The buyer will enjoy immediate cash flow as well as significant upside through renovating additional units and increasing the rent,” says Frydman.

Lucaya Delray Condominiums was developed between 1972 and 1978 and consists of 81 four-unit buildings situated on 22 acres.  The portfolio consisted of 105 two-bedroom/one-bathroom units, 18 two-bedroom/one-and-half-bathroom units and 12 two-bedroom/two-bathroom units.

The property is located just one block west of Interstate 95 at the northwest corner of the intersection of Congress Avenue and Linton Boulevard at 1630 Catherine Drive in Delray Beach, Fla.

  

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

Ryan Nee

Regional Manager

Fort Lauderdale, FL

(954) 245-3400

Taylor & Mathis Orlando Announces $470,000 Building Sale in Downtown Orlando, FL

126 East Lucerne Circle, Downtown Orlando, FL

ORLANDO, FL –  Taylor & Mathis Orlando has completed a building sale in Downtown Orlando. Damien Madsen and Buffy Gillette representing the seller, The Central Florida Sports Commission, recently closed the sale of the 3,663 square foot professional office building at 126 E Lucerne Circle.

 The property was sold to Northboro Builders for $470,000.   

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

Buffy Gillette

 (407) 622.6699

MBA Appoints Lisa J. Haynes as Chief Financial Officer

David H. Stevens

WASHINGTON, D.C. (Oct.  6, 2014) – David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), today announced the appointment of Lisa J. Haynes as Chief Financial Officer.   Ms. Haynes joins MBA from Fannie Mae, where she was most recently Vice President for Operational Accounting.

Ms. Haynes is a seasoned executive with more than 25 years of finance, accounting, planning and leadership experience, with a focused expertise on budgeting, expense management, forecasting and cash flow projections.   

"Lisa knows finance and accounting, and she knows the real estate finance business, so she is a perfect fit for MBA,” said Stevens.  “She has a wide range of expertise, including strategic planning and execution, which will make her a critical member of MBA’s senior leadership team.”

 She will start at MBA within the next month and will report to MBA’s President and CEO David H. Stevens.   

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

John Mechem

jmechem@mba.org

(202) 557-2727