Atlantic | Pacific Development Announces Sale of St. Andrews Palm Beach Condos in Florida

St. Andrews Palm Beach Condos in Florida

MIAMI, FL - Atlantic|Pacific Development (A|P development), the development subsidiary of Atlantic|Pacific Companies (A|P), is pleased to announce that on Thursday, October 16, 2014, they sold 337 units located at St. Andrews Palm Beach in Florida.

St. Andrews Palm Beach, located at 1081 Benoist Farms Road, is a 770-unit multi-family property acquired by St. Andrews Palm Beach Limited in 2005 and subsequently underwent a major capitol renovation post closing. 

During the renovation, A|P Management managed the property and A|P Development re-developed the property.

 "About midway through the sale cycle, the global economic crisis had an immediate impact on the sales velocity, and as a result, the ownership decided to re-lease the apartments in an effort to support the underserved work-force housing demand in Palm Beach County," said Alex Lastra Senior Managing Director for A|P Development.

Alex Lastra

The buyer was an entity controlled by Pacifica Companies from San Diego, CA. Shortly after the renovation was complete, the units were marketed and individually sold. 

As the economy has taken shape, A|P was able to sell the remaining 337-units which provided the ownership with a significant gain on their initial investment.

For more information about A|P and A|P Development, visit www.apmanagement.net.

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

Jessica Wade Pfeffer | Jessica Wade Inc.

jessica@jessicawadeinc.com | 305.804.8424

$7.2 Million Sale of Shoppes of Cooper City, FL Arranged by Marcus & Millichap

Shoppes of Cooper City, 12125 Sheridan Street
Cooper City, FL

COOPER CITY,FL, Oct. 17, 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 Shoppes Of Cooper City, a 35,129-square foot retail center located in Cooper City, Fla. The asset sold for $7,200,000.

Adam J. Tiktin, a first vice president investments in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor from Miami. 

The buyer, a private investor from Argentina, was secured and represented by Victor Pastor, an associate in Marcus & Millichap’s Miami office.

Adam J. Tiktin

“This was a value add opportunity for an investor to acquire a newly renovated center with 20 percent vacancy.   Cooper City is one of Broward' County’s fastest growing communities and the property benefits from the neighborhood’s strong demographics and high density of family households,” says Tiktin.

Shoppes of Cooper City is situated on a 4.94-acre parcel with 35,129 leasable square feet.  The property is currently 80 percent occupied by 15 tenants. The three largest are: New Castle Realty, Dunkin Donuts and Northwestern Management.

Shoppes of Cooper City is located at 12125 Sheridan Street in Cooper City, Fla.

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

Kirk A. Felici

First Vice President/Regional Manager

 Miami, FL

(786) 522-7000

Mortgage Bankers Association Reports Multifamily Lending Hits New Record in 2013

Jamie Woodwell

WASHINGTON, DC (Oct. 17, 2014) – In 2013, 2,898 different multifamily lenders provided a total of $172.5 billion in new mortgages for apartment buildings with five or more units, according to a report from the Mortgage Bankers Association (MBA). 

The 2013 dollar volume represents an 18 percent increase from 2012 levels.  Sixty-two percent of the active lenders made five or fewer multifamily loans over the course of the year.

“Multifamily lending hit a new record in 2013,” said Jamie Woodwell, MBA’s Vice President of Research and Economics. 

“A strong appetite for loans led banks to increases multifamily lending by 19 percent, life companies to increase by 65 percent and the CMBS market to increase by 119 percent.  

"The report shows increases in multifamily lending among both smaller and larger loan sizes and within most lender segments.”

The MBA report is based on its surveys of the larger multifamily lenders and the recently released Home Mortgage Disclosure Act (HMDA) data that covers multifamily loans made by many smaller lenders, particularly commercial banks.

The $172.5 billion of multifamily mortgages originated in 2013 went to a variety of investors.  By dollar volume, the greatest share (39 percent of the total) went to commercial bank, thrift and credit union portfolios. 

The top five multifamily lenders in 2013 by dollar volume were J.P. Morgan Chase and Company, Wells Fargo, PNC Real Estate, CBRE Capital Markets, Inc., and KeyBank.

  

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

Shawn Ryan

sryan@mba.org

(202) 557-2727

MBA Inducts 17 Companies into Hall of Honor Program

  

Bill Cosgrove

Washington, DC --  Mortgage Bankers Association (MBA) is inducting 17 companies into the Hall of Honor program. 

The Hall of Honor recognizes both corporations and individual corporate leaders for their commitment to veterans and active-duty military personnel.

The Hall of Honor program was created to acknowledge MBA member companies with programs that serve our nation's heroes in three categories—financial counseling, employment opportunities and homeownership assistance.

 MBA solicited submissions from its member companies and then chose from a variety of applicants which programs deserved recognition.

"MBA is pleased to honor these 17 companies by inducting them into the Hall of Honor," said Bill Cosgrove, CMB, 2015 MBA Chairman and CEO of Union Home Mortgage Corp." 

Each company, through their commitment to helping the military community, has demonstrated first-class service towards recognizing the men and women who defend our nation. It’s programs such as these that reinforce the mortgage industry’s dedication to the military.”

Below is a list of the companies who are being inducted into the program:

Financial Counseling

Bank of America

NewDay USA

PNC Mortgage

SunTrust Mortgage

USA Mortgage

Wells Fargo Home Mortgage

Employment Assistance

Bank of America

PenFed

Quicken Loans

USAA Federal Savings Bank

U.S. Bank

Wells Fargo Home Mortgage

Homeownership Assistance

Bank of America

Cornerstone Home Lending, Inc.

Federal Home Loan Bank of Atlanta

Freedom Mortgage

JPMorgan Chase

PedFed

PrimeLending

Pulte Mortgage

SunTrust Mortgage

U.S. Bank

Wells Fargo Home Mortgage

Wintrust Mortgage

Cosgrove added, “MBA is proud to work alongside Wingspan Portfolio Advisors in acknowledging individuals and organizations deserving recognition through the Hall of Honor program. We also appreciate the support and assistance of the Military Warriors Support Foundation.”

  

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

Rob Van Raaphorst

rvanraaphorst@mba.org

(202) 557-2799

                                                                                         

Six/Ten commences pre-leasing of RainGarden residences in downtown Winter Haven, FL

  

Carl 'Bud' Strang

Winter Haven, FL— Pre-leasing has begun for RainGarden, a townhouse apartment project designed for full enjoyment of Winter Haven’s revitalized downtown.

 Six/Ten LLC is nearing completion of the nine units designed by award-winning architect Max Strang.

 Each two-bedroom, two and a half-bathroom apartment has more than 1,600 square feet of living space, loft-like open spaces, two-car garages, and a private courtyard

“RainGarden puts residents within easy walking distance of parks, restaurants and shops,” said Bud Strang, Six/Ten’s CEO. “It’s a work-live-play environment for those seeking urban living at its best.”  

Max Strang

Max Strang (www.strangarchitecture.com), a Winter Haven native, designed the building one block from Central Avenue to harmonize with downtown’s mix of historic and modern architecture

. He received the 2013 Silver Medal for Design, the highest honor from the Miami chapter of the American Institute of Architects, where he has an office. 

  

The spacious apartments are complete with:

Floor-to-ceiling windows

Private courtyards

High-speed Verizon FIOS Internet connections for Internet and telephone service

Large, walk-in closets

All stainless steel GE appliances

En-suite bathrooms

Open floor plan with eat in kitchen and large living and dining areas

  

Initial offered rates are $1,850 per month for center units and $1,950 for end units. Electric utilities are extra. For more information on leasing a unit, please contact Chad Lennox at 863-595-0237 or at clennox@sixtenllc.com.  Move-in date is scheduled for mid-December.

RainGarden Apartments, Winter Haven, FL

RainGarden contributes to the urban rebirth of Winter Haven as Six/Ten develops, renovates and leases properties in the downtown district. 

The company restores historic buildings to their original, beautiful design and constructs new buildings that complement the city’s architectural style.

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

Michelle Friedman

Boardroom Communications

407-973-8555

mfriedman@boardroompr.com

       

Access Point Financial Adds David Wahl as Managing Director of Portfolio Management

   

ATLANTA, GA, Oct. 17, 2014—Access Point Financial (APF), a direct full-service lending and advisory firm focused on the hospitality industry, today announced David Wahl has joined the company as managing director of portfolio management. 

In his new role, Wahl is responsible for management and oversight of the company’s loan portfolio, including servicing, asset surveillance, credit/risk monitoring, portfolio adherence and reporting to APF’s debt providers, including such institutions as Wells Fargo, Key Bank, Pacific West and East West Bank.

 In addition, he will work with audit managers for the company’s debt providers, as well as McGladrey LLP, APF’s auditor of record.

Prior to joining APF, Wahl held senior management positions with Trimont Real Estate Advisors and its predecessors, currently a real estate financial services provider with $60 billion of invested clients’ capital under management. 

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

Jerry Daly

(703) 435-6293

jerry@dalygray.com

Taylor & Mathis Awarded Half Million Square Foot Management Portfolio in Tampa, FL

Atrium Building within Sabal Business Center, Tampa, FL

Tampa, FL -- Taylor & Mathis has been awarded the management assignment for a nine building suburban office portfolio in Tampa.

The half million square foot portfolio includes five buildings comprising Sabal Business Center as well as Atrium, Registry One, Registry Two and Registry Square all of which are located in East Tampa off of I-75 at the MLK Jr Boulevard exit. 

The portfolio is owned by IP Capital Partners of Boca Raton.

Taylor & Mathis has tapped John Fiore to serve as property manager for the portfolio with Julio Ballester as the lead building engineer. The management team is led by Kent Walling – Central Florida Director of Operations.

John Fiore

Taylor & Mathis is a diversified real estate company specializing in the development, marketing and management of office buildings, suburban office parks, industrial parks and mixed-use projects

 In Florida the company leases and/or manages a portfolio over 13 million square feet.

 Founded in 1967, the company has developed properties exceeding $1.9 billion in value and has established itself as one of the most respected regional real estate firms in the United States.

Based in Atlanta, with offices in Miami, Tampa, Orlando and Sunrise, Taylor & Mathis concentrates its business activity in primary growth markets in the southeastern United States.

For more information, visit www.TaylorMathis.com or www.taylormathisflorida.com

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

tyoungman@assetmarketingonline.com

The Georgia Buildings in Delray Beach, FL Hit the Market at $21.5 Million

The George Buildings, 300 and 400 East Atlantic Avenue
Delray Beach, FL

DELRAY BEACH, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced it has obtained the exclusive listing for The George Buildings, two adjacent corner retail assets totaling 19,855 square feet. 

The two buildings are listed together for $21,500,000. 

Howard Bregman, an associate in Marcus & Millichap’s Fort Lauderdale office, is marketing the portfolio on behalf of the seller, a South Florida family corporation. It is the first time the property has been offered for sale in more than 100 years.

“This is an extraordinary opportunity for an investor to acquire prime retail assets with over 165 feet of frontage on East Atlantic Boulevard,” says Bregman. “Tenant demand and development continue to rise in Delray Beach, especially with the revitalization and redevelopment of the Delray Beach Art District, which has transformed the area into a major tourist attraction. A brand new IPIC Theater is scheduled to open directly behind the property in 2015.”

Howard Bregman

Located on the southeast and southwest corners of Atlantic Avenue and SE 4th Street, at 326 and 400 East Atlantic Ave., the properties occupy the two most recognizable corners of Downtown Delray Beach. 

  The George Buildings are 1.4 miles east of Interstate 95 and one-half block west of Federal Highway with convenient access to the area’s major transportation corridors and excellent connectivity to the rest of Delray Beach and all of South Florida.

Interested investors can contact Howard Bregman at (954) 245-3417.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Names Scott Sandelin Associate Vice President Investments in Miami, FL Office

Scott Sandelin

MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced that Scott Sandelin has been promoted to associate vice president investments, according to Kirk Felici, first vice president and regional manager of the Miami office. Previously, Sandelin was a senior associate.

“This achievement represents Scott’s success in cultivating strong client relationships with private and institutional investors, as well as his ability to close transactions,” says Felici.

            Sandelin started his career with Marcus & Millichap in March 2009 as an associate, and was promoted to senior associate exactly three years later. A retail property specialist, he represents buyers and sellers in single- and multi-tenant net-leased transactions primarily in South Florida, but also nationwide.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Charles Dunn Co. Completes $43.26 Million Sale of 12-Story Historic Mixed-Use National City Tower in Downtown Los Angeles, CA

Janet D. Neman

LOS ANGELES, CA– Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $43.26 million sale of National City Tower, a historic adaptive reuse development that includes 93 residential lofts, as well as ground floor and basement retail space.

 Built in 1924 and redeveloped in 2008, the 12-story, 118,162-square-foot property was the former branch of National City Bank. 

Janet Neman and Bryan Glenn of Charles Dunn Company represented the seller, Los Angeles-based National City Towers, LLC, as well as the buyer, RC Acquisitions, LLC from Canada. 

Charles Dunn implemented an aggressive national and international marketing campaign for National City Tower, a trophy asset in the high-growth market of Downtown Los Angeles which has been receiving a massive infusion of capital from investors and developers over the past several years.

 Neman and Glenn secured multiple offers on the property and selected the qualified Canadian buyer who owns other high-end residential properties in Southern California and has been looking to enter the Downtown market.

Bryan Glenn

 “Downtown is evolving into a 24/7 city which I believe will become the next Manhattan,” said Neman, senior managing director with Charles Dunn Company. 

“National City Tower is a core asset in Downtown LA that will reap the rewards of ownership as the area continues to revitalize.

"I remember selling the Higgins Building at Second and Main in the late 1990s.

" It was vacant for decades and was sold at just $10 per square foot, and has since been converted to residential lofts. 

“What a long way Downtown has come in just 15 years ... and it shows no signs of slowing down for investors, businesses, owners and residents.”

 Neman noted that the buyer was attracted to the stabilized property which was 97 percent occupied for the residential portion, while the retail portion was fully occupied.

 Terroni, a successful gourmet Italian restaurant chain opened its doors on the ground floor of the property about 16 months ago.

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

 Darcie Giacchetto
 D.G. Communications, Inc.
 949.278.6224

Cousins Properties to Begin Construction of Class-A Office Development in Austin, TX

Larry Gellerstedt

AUSTIN, Texas -- Cousins Properties Incorporated (NYSE: CUZ) announced today its plans to commence construction on Research Park V in Austin, Texas. The 173,000 square-foot office development is the last building in a five-building complex which Cousins has developed.

"We have a long, successful history in Austin and are very excited about the opportunity to bring new Class-A product to the rapidly tightening Northwest Austin submarket," said Larry Gellerstedt, President and Chief Executive Officer of Cousins.

"With Class-A occupancy over 90% and a significant number of companies currently looking for space in the Northwest submarket, we believe we are well positioned for success."

As part of an established office complex, Research Park V will benefit from an existing amenity base along with proximity to employee housing, restaurants and retail, as well as excellent visibility and access to major highways.

 The development is projected to start prior to year-end 2014 and to be completed in fourth quarter 2015. Cousins anticipates total development cost for Research Park V to be approximately $44 million.

Research Park Plaza, Austin TX

Cousins has played a prominent role in the Austin real estate market for over 20 years, with a list of notable development projects including Colorado Tower, Frost Bank Tower, and Palisades West.

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

Cousins Properties Incorporated

Tim Hendricks, 512-477-3434

Senior Vice President

timhendricks@cousinsproperties.com

or

Marli Quesinberry, 404-407-1898

Director, Investor Relations

marliquesinberry@cousinsproperties.com