Northeast Private Client Group Represents Buyers and Sellers in $8.2 Million Sale of Four MA Apartment Buildings in Two Transactions

  

Edward Jordan

 FRAMINGHAM, MA – Investment sales broker Northeast Private Client Group has announced the $8,200,000 sale of four apartment buildings located in Central and Western Massachusetts.  Edward Jordan, JD, CCIM, the firm’s managing director, exclusively represented the sellers.

Christopher Donato and Drew Kirkland, licensed associates in the firm’s Framingham, MA, office, represented the buyers in the two transactions which closed on December 3 and December 15.

“The success of these transactions is the direct result of our relationship approach to investment sales,” said Jordan. 

“Leveraging our multi-state Northeast platform, we were able create competition and source the most qualified buyers for these assets.”

Christopher Donato

In the December 3 transaction, three buildings in Westfield, MA, sold together in a $6,550,000 portfolio sale comprising 116 residential units and several commercial units in three downtown locations: 

The Columbus Avenue Apartments, 91-99 Elm Street, with 42 one-bedroom units and 10,000 square feet of fully leased commercial space; The Pilgrim Village Apartments, 8-16 & 11-21 Monroe Street, with 36 one-bedroom units; and The Van Deusen Apartments, 42 Arnold Street, with 22 one-bedroom units, three two-bedroom units and 13 loft apartments. 

The seller, WFL Associates of Lenox, MA, was the long-time owner and operator of the portfolio. 

 The buyer, Chestnut Realty Management of Springfield, MA, purchased the portfolio for a price that equates to approximately $55,000 per unit, which represents a capitalization rate of 7.7% on the current net operating income. 

Drew Kirkland

In the December 15 transaction, a 20-unit multifamily property in Spencer, MA, sold for $1,650,000. 

The Vista Lane Apartments is a professionally managed property comprising two buildings of 10 units each, located approximately 10 miles from downtown Worcester. 

All of the units are large two-bedroom floor plans with washer/dryer, private patios, ample storage and off-street parking.  

The Seller, Spencer Montrose LLP, had made many capital improvements during their long-term ownership and management of the property.  

The buyer, a private multifamily investor, purchase the property for a price that equates to $82,500 per unit, which represents a capitalization rate of 8.5% on the current net operating income.

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

Randy Savicky

Founder/CEO

Strategy+Communications

Connecting the New PR & Marketing to Business Goals

www.strategypluscommunications.com

203-226-6156

Charles Dunn Company Tapped to Market State-of-the-Art Production Facility and Class A Office Complex in Simi Valley, CA

West Cochrane Studio, Adventist Media Center, Simi Valley, CA

LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has been tapped to market a unique, state-of-the-art production and entertainment facility and Class A office complex in Simi Valley, a growing hotbed for the entertainment industry.

Located at 101 West Cochran Street, Dennis Slattery, executive managing director, and Stacy Vierheilig-Fraser, senior managing director, with Charles Dunn Company are marketing the asset on behalf of the seller and previous user, the Adventist Media Center, which is owned and operated by the North American Division of Seventh-day Adventists. 

The property is being offered at $14.25 million, and just under $119 per square foot.

“Nothing like this highly improved entertainment complex is currently on the market,” said Slattery. “This is truly a rare offering to acquire a world-class production facility for a fraction of the cost of competitive facilities in Los Angeles … and it is still strategically located within the 30-mile zone for use by union and non-union film projects on-site.”

Stacy Vierheilig-Fraser

Situated on just over seven acres, the office portion of the property was built in 1991 with the studio complex built in 2000 by the current owner who used the facilities to produce, edit and broadcast around the world. 

The property consists of two floors of office, two studio production stages (Stage A and Stage B), post-production editing suites, and warehouse space, along with other supporting features.

“This property has already garnered interest from a wide variety of potential buyers in the film, music and television industries. 

"We are looking to identify either a user or operator within the entertainment industry that sees the value and huge potential this property can offer them,” said Vierheilig-Fraser.

Fraser noted that the location provides access to the region’s highly-skilled and well-educated workforce, surrounding retail and dining amenities, and all the benefits of being within the City of Simi Valley which is very pro-business and pro-entertainment industry.

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

Design Firm Cooper Carry Experiences Marked Growth in 2014, Indicating Strong Economy through 2015

  

Kevin R. Cantley

ATLANTA, GA – A robust commercial real estate market in 2014 fueled substantial growth for internationally recognized design firm Cooper Carry.

 The firm, which is active in public and private sectors ranging from hospitality to research laboratories, expanded its design portfolio by an additional 122 new projects.

The resurgence of the market also led to a 35 percent increase in the number of design professionals across its Atlanta, New York and Washington, D.C. offices to accommodate new projects across all of the firm’s 13 specialty practice groups.

 The New York office also recently relocated to a new studio in Lower Manhattan, one of the city’s burgeoning meccas attracting designers and other creatives.

“2014 is the first year since the collapse began in 2007 that Cooper Carry has seen growth in each of the practice areas that we serve as well as in each of the geographic markets served by one of our offices,” said Cooper Carry President and CEO Kevin R. Cantley.

 “In addition to the expansion of the volume of our business, we have enjoyed the increase in demand for innovation, particularly in the design of the workplace for several corporations.”   

Hyatt Place, Washington, DC

The overall growth in the market is especially reflected in the hospitality sector. Cooper Carry’s hospitality practice was awarded 14 new hotel projects in 2014.

 The firm designed 10 hotels that were delivered this year, including Hyatt Place hotels in Washington, D.C. and Baltimore, and the Villa Christina Hyatt in Atlanta. The 2.4 million square feet delivered represents over 3,000 keys. 

Of significance was the opening of the 4,000th Marriott hotel, the 1,175-key Marriott Marquis in Washington, D.C., designed in collaboration with tvsdesign.

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

Hadley Creekmuir

The Wilbert Group

O: 404.343.4080

C: 404.556.0010

hcreekmuir@thewilbertgroup.com

Cousins Properties Announces Agreement to Sell 777 Main in Fort Worth, TX

777 Main, Fort Worth, TX

ATLANTA, GA --Cousins Properties Incorporated (NYSE: CUZ) announced today that it has entered into a binding purchase and sale agreement, with a non-refundable deposit, to sell 777 Main in Fort Worth, Texas. 

The transaction is scheduled to close by year end, subject to customary closing conditions.

777 Main is a 980,000 square foot, Class-A office tower located in downtown Fort Worth and was 75% leased as of September 30, 2014. 

Cousins purchased the asset in September 2013 as part of its Crescent Texas acquisition, which included the 4,348,000 million square foot Greenway Plaza office complex in Houston, Texas.

Greenway Plaza, Houston, TX

Cousins Properties Incorporated is a fully integrated, self-administered and self-managed real estate investment trust (REIT). 

The Company, based in Atlanta, GA, primarily invests in Class-A office assets located in high growth Sunbelt markets, with a focus on Georgia, Texas and North Carolina.

The Company has a comprehensive strategy in place based on a simple platform, trophy assets and opportunistic investments.

 For more information, please visit www.cousinsproperties.com.

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

Cousins Properties Incorporated

Marli Quesinberry, 404-407-1898

Director, Investor Relations

marliquesinberry@cousinsproperties.com

Hold-Thyssen Negotiates Three New Professional Office Leases in Downtown Winter Park, FL

Darby Hold

 WINTER PARK, Fla. --- Hold-Thyssen Inc., a real estate services firm, recently negotiated three new lease agreements for professional office space in downtown Winter Park.

Darby Hold, transaction specialist for Hold-Thyssen, Inc. negotiated a lease representing New England Partners, LLC, landlord of the New England Building at 230 S. New York Ave.   

The new tenant, Ashley C. Winship P.A., a real estate planning law practice, leased Suite 200 with 771 rentable square feet.  Brandon Humes with BREC Properties LLC represented the tenant.

Hold also negotiated two executive office suite leases in The Albors at 5971 Brick Court on behalf of landlord Albors Properties.  

Ashley C. Winship

  Orozco Wellness Center LLC, a group of practitioners who coach on nutrition for wellness leased a 240 square foot office and Pure Dezign, Inc., a creative firm that services corporate marketing teams and advertising agencies leased a 186 square foot office.  

 No additional brokers participated in the transaction.

Hold-Thyssen, Inc. provides commercial property and leasing and management services to institutional and private investor clients nationwide. 

 The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

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

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142 Lvershelco@aol.com.