HFF closes $10.95 million sale of Class A office building in East Hanover, NJ

Eagle Rock Executive Office IV, 120 Eagle Rock Avenue, East Hanover, NJ

Jose Cruz

FLORHAM PARK, NJ – HFF announced it has closed the $10.95 million sale of Eagle Rock Executive Office IV, a 177,820-square-foot, Class A office building in East Hanover, a township in northern New Jersey 15 miles northwest of Newark.

HFF marketed the property on behalf of the seller, Griffin Capital Essential Asset REIT, Inc. (GCEAR).  Boxer F3, L.L.C. purchased the property free and clear of existing debt, and Boxer Property will manage and lease the building.

The three-story Eagle Rock Executive Office IV is situated on 15.25 acres at 120 Eagle Rock Avenue in the northern New Jersey office market, which is the sixth largest office market in the U.S. 

The asset is part of the three-building Eagle Rock Executive Park and has frontage along Interstate 280 and is accessible via Eisenhower Parkway and Ridgedale Avenue. 

Kevin O'Hearn

The building features a granite and reflective glass curtain wall facade, two-story atrium, full-service cafeteria and adjacent pond with fountains.  Tenants include Prudential; GfK US Holdings; CAI; Fishman McIntyre; P.C.; and John Van Deusen & Associates.

The HFF investment sales team was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, senior real estate analyst Marc Duval and supported by senior managing director Andrew Scandalios.

“Boxer’s purchase of 120 Eagle Rock allows them to begin their expansion into New Jersey with a Class A asset in growing Morris County,” Cruz said. 

“Boxer performed exceptionally well and GCEAR and its sponsor, Griffin Capital Corporation, were pleased with the disposition of this non-core asset,” O’Hearn added.

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 $34 million refinancing for Whole Foods national flagship store in Chicago, IL

Shops at Kingsbury Square,1550 North Kingsbury Street, North-Clybourn Area,
  Southwestern Part of Lincoln Park Neighborhood, Chicago, IL

Daniel Kaufman

CHICAGO, IL – HFF announced it has arranged a $34 million refinancing for Chicago’s Shops at Kingsbury Square, a Class A retail center anchored by a national flagship Whole Foods.

                Working on behalf of CRM Properties Group, Ltd., HFF placed the 15-year, fixed-rate loan with State Farm Life Insurance Company.  HFF will also service the loan.

                The Shops at Kingsbury is located on 3.15 acres at 1550 North Kingsbury Street, three blocks west of the North and Clybourn Avenues and Halsted Street intersection in northern Chicago. 

This area is the commercial and transportation hub known as North-Clybourn, which is in the southwestern part of the affluent Lincoln Park neighborhood. 

 This Whole Foods is one of the largest and highest producing Whole Foods stores in the United States.  The 100-percent-leased center was completed in 2009.

                The HFF team representing the borrower was led by managing director Daniel Kaufman and real estate analyst James Conley. 

James Conley

“The Kingsbury Whole Foods is obviously one of the nation’s most significant urban retail assets and a model for Whole Foods,” Kaufman said.  “It was a pleasure to work with the teams at CRM and State Farm to finance the property.”

CRM Properties Group, Ltd. (CRM) is a full service real estate group headquartered in Deerfield, Illinois. 

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

CBRE Orlando Closes $14.3 Million Apartment Sale in Deland, FL About Two Miles from Stetson University

Madison Carrington Place Apartments, 129 East Villa Capri Circle, Deland, FL

Shelton Granade

Orlando, FL – CBRE arranged the sale of Madison Carrington Place, located at 129 E. Villa Capri Circle, Deland, FL, for $14.3 million.

The 224-unit apartment community was completed in 1987 and has a current occupancy of 97%. CBRE exclusively represented the seller in the transaction, Equus Capital Partners, LTD.

“Investor interest in good tertiary markets like Deland has been steadily increasing, “said

Shelton Granade, Executive Vice President of CBRE Capital Markets, Multifamily.

 “Buyers canget more yield, and there's a powerful job story emerging in Volusia County with advances in health care and education employment.”

Located just one mile from historic downtown Deland and only minutes from Stetson University,

Florida Hospital DeLand and the Florida Hospital Fish Memorial, the community features

amenities such as a large pool and sun deck, business center, fitness center, lighted tennis,volleyball and recreation courts, car care center and private patios/balconies.

Shelton Granade, Luke Wickham, and Justin Basquill led the sales effort for CBRE, and have

closed approximately $1.6 billion in apartment sales in Central Florida since 2013 to date.

CBRE Group, Inc.

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

Shelton D. Granade, Jr., Executive Vice President

CBRE | Investment Properties - Multifamily

200 S. Orange Avenue, Suite 2100 | Orlando, FL 32801

T 407 839 3103 F 407 404 5001

Shelton.Granade@cbre.com| www.cbre.com | www.cbre.com/shelton.granade

$5.4 Million Sale of Jasmine Homes Apartments in Lakeland, FL Brokered by Marcus & Millichap

Jasmine Homes Apartments, 3215 Baird Avenue, Lakeland, FL

Michael Donaldson

LAKELAND, 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 Jasmine Homes, a 120-unit apartment community located in Lakeland, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.  The $5,450,000 sales price equates to $45,417 per unit.

Michael Donaldson, vice president investments and Nicholas Meoli, senior investment associate in Marcus & Millichap’s Tampa office, represented both parties in this transaction.

Jasmine Homes is a garden-style community built in 1974 and located at 3215 Baird Avenue in Lakeland, Fla.  Residents are approximately 30 to 40 minutes from Legoland, Disney World, Busch Gardens, SeaWorld and Universal Studios. 

The property is situated on approximately a 7.10-acre site and is comprised of 20, two-story residential buildings and one single-story building, which serves as a clubhouse and leasing office.

The property has a competitive amenity package, which includes, a sparkling swimming pool with spacious sundeck and complimentary WiFi internet access, a lighted tennis and racquetball court, an on-site laundry facility, state-of-the-art fitness center, business center and media room.

Nicholas Meoli

Unit interiors feature dishwashers, garbage disposals, tile in select units, ceiling fans and fully equipped electric appliances in the kitchens.

“Jasmine Homes was another example of a stabilized foreclosed property that sold at a price congruent to where non-distressed apartment communities are trading for in the market,” says Donaldson.

“Through our national marketing platform and highlighting the value-add potential of the property, we were able to generate 12 offers in a matter of 30 days, and ultimately closed with a buyer that paid all cash with no contingencies,” adds Meoli.

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 Brokers Sale of 12.98 acres in Dania beach, FL for $6.3 million

   

DANIA BEACH, 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 12.98 acres of commercial-zoned land located in Dania Beach, Fla. The asset sold for $6,300,000.

Bradley A. Addicks

Ryan T. Shaw, a senior associate in Marcus & Millichap’s Miami office, and Bradley A. Addicks, an associate in Marcus & Millichap’s Charlotte Uptown office, represented the seller, Colony Capital based in Calif. and the buyer, a joint venture between Masters Development in Aventura, FL and Kimco Realty Corp in NY.  

“This was an excellent opportunity to invest in a vibrant and growing South Broward market next to I-95. 

"The buyer intends to utilize this land parcel as well as other surrounding properties to develop a 1.3 million-square-foot ‘open air’ shopping center with retail, apartments and a hotel. 

"The project, dubbed Dania Live, will revitalize Dania Beach,” says Shaw.

The property was rezoned through the purchase process to allow for the mixed-use development of approximately 100 acres.

 The site is located approximately one half mile from the intersection of Stirling Road and I-95 and has a frontage on North Bryan Road, West Dania Beach Boulevard, and NW 1st Street.

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

 Ryan Nee

Regional Manager

Fort Lauderdale, FL

(954) 245-3400

Marcus & Millichap arranges sale of foot locker building in Miami, fl for $7.6 million

  

Flagler Street Foot Locker Building, 34-38, 42-44 East Flagler Street, and 41-43 SE 1st Street,
Downtown Miami, FL

Ryan T. Shaw

 MIAMI, 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 Flagler Street Foot Locker building, a 32,838-square foot, two-story building with ground floor retail located on 17,400-square feet of land in Miami. The asset sold for $7,600,000.

Ryan T. Shaw, a senior associate in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Massachusetts.  The buyer is a limited liability company from New Jersey.

The offering consisted of three parcels which encompass the buildings located at 34-38, 42-44 East Flagler Street, and 41-43 SE 1st Street. 

 “This was an excellent redevelopment opportunity in middle of downtown Miami’s central business district. Neighboring properties include Macy's department store, Miami-Dade County Courthouse and the Seybold Building Diamond Center.

Miami Downtown People Mover

Miami's Downtown People Mover station is one block away and several new residential projects and new retailers - including Whole Foods - will benefit the CBD redevelopment,” says Shaw.

The property allows for possible high-rise redevelopment under Miami 21 zoning of T6-80-O. 

This allows for 1,000 units per acre, which equates to approximately 385 units with 403,200 buildable square feet and a max height of 80 floors.

Flagler Street Foot Locker is located at 38 East Flagler Street in Miami, 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 and Chartered Realty Investment Society Join Forces to Promote Industry Designations

  

David H. Stevens

 Washington, DC  – The Mortgage Bankers Association (MBA) and the Chartered Realty Investor® Society (CRIS) announced today that they have executed an agreement authorizing MBA to maintain and administer the CRIS’s industry acclaimed accreditation exams.

 The CRI designation program is widely recognized as the gold standard for commercial real estate professionals and provides students with a multi-disciplined curriculum that challenges and validates a candidate’s knowledge, practical experience, education and ethical conduct required in today’s complex marketplace.

The CRIS awards two industry-acclaimed designations –the CRI Charter® and CRI Associate® designations – based on passing scores of the respective CRIS Level I and CRIS Level II exams. CRIS will continue to manage the CRI designation program.

“The CRIS has proven to be an excellent partner in fulfilling MBA’s goals of delivering the highest quality education and training to commercial/multifamily real estate finance professional at all levels, particularly in the critical area of ethical conduct and practices,” said David H. Stevens, President and CEO of MBA.

“In executing this agreement, both organizations will strive to bring together all educational and training aspects of the commercial real estate finance, investment and advisory industries.”

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

Ali Ahmad

AAhmad@mba.org

(202) 557-2727

Lincoln Harris Brokers Two Leases Totaling 85,577 Square Feet in Charleston, SC

  

Mike Ferrer

 CHARLESTON, SC — Mike Ferrer, CCIM, of Lincoln Harris’ Charleston office has arranged two industrial leases totaling 85,577 square feet in Charleston. Ferrer represented the landlords in the transactions.

The details of the leases are as follows:

·      A biotechnology company signed a 70,727-square-foot lease at an 84,416-square-foot warehouse located at 1028 Legrand Blvd. Dan Batten of Carolina Commercial represented the tenant in the transaction. The landlord is Quattlebaum Development.

·      A&M Precision Measuring Services signed a 14,850-square-foot lease at a 30,000-square-foot industrial building located at 4115 Dorchester Road in the Woodstock II industrial park. Steve Latour and Mike White of Charleston Industrial represented the tenant in the transaction. ADDCO, LLC, is the landlord. The industrial park is now fully occupied.

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

Charles Dunn Company Names Ashley Saye as Associate out of Century City, CA Office

  

Ashley Saye

 LOS ANGELES, CA, Jan. 9, 2014 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has named Ashley Saye as associate of out of the firm’s Century City office. In her new role, Saye will focus on the sale of net-leased, single-tenant retail properties throughout Los Angeles and Orange counties.

Saye was born and raised in Southern California and holds a Bachelor Degree in Economics from USC. After graduation, she spent three years working in sales for tech startups in the Los Angeles area. She then decided to combine that sales experience, her Economics degree, and her love for commercial real estate and pursue a career in brokerage.

Darrell Levonian

“Ashley is an enthusiastic young professional with the talent and determination that Charles Dunn Company looks for when growing our team,” said Darrell Levonian, executive managing officer of Charles Dunn Company and head of the Century City office. 

  “We are confident that she will be a strategic addition to our office as well as in growing our retail activity in Los Angeles.

 Charles Dunn Company is one of the largest full-service regional real estate firms in the Western United States. Established in 1921 and headquartered in Los Angeles, the firm’s brokerage practice continues to be a market leader.

The firm also manages more than 21 million square feet of office, industrial, retail, residential and mixed-use properties for third party clients and provides construction management, architecture and design, general contracting and capital markets services.

With more than 260 team members in nine offices, Charles Dunn Company’s reach extends far beyond its physical locations, as its experienced professionals leverage their market knowledge, relationships, and expertise to achieve and exceed client expectations. 

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

 www.charlesdunn.com

Avanath Capital Management Announces Acquisition of Eight Affordable Housing Communities in 2014

Daryl J. Carter

IRVINE, CA – Avanath Capital Management, LLC, a private real estate investment manager, has announced the company closed eight affordable housing acquisitions totaling more than 1,700 units in 2014, making the firm one of the largest purchasers of affordable assets in the calendar year, according to Daryl Carter, Founder, Chairman and CEO of Avanath Capital Management, LLC, and this year’s Chairman of the National Multi Housing Council.

The eight assets were purchased through Avanath Affordable Housing II, LLC, a fund with $200 million of equity commitments.

“In 2015, we intend to continue Avanath’s strategy of identifying and acquiring high-quality affordable assets in major employment markets,” explains Carter.

According to John R. Williams, President and CIO of Avanath, “In the current economic environment, the affordable housing sector continues to be one of the few segments of the real estate investment industry with attractive economics, boasting excellent and sustainable risk-adjusted returns with high barriers to entry and strong downside protection.”

John R. Williams

Avanath plans to redevelop and/or reposition the acquired properties, a strategy that will benefit the surrounding communities, according to Williams.

“In addition to the financial benefits, ancillary social benefits can be achieved by investing in real estate in low- to moderate-income neighborhoods and other underserved areas,” explains Williams. 

Avanath specializes in the acquisition and operation of affordable and workforce housing assets nationwide, with a focus on supply-constrained markets.

Specific investment strategies include the acquisition of existing Low Income Housing Tax Credit (LIHTC) portfolios and individual developments located in urban markets throughout the U.S. 

In 2015, Avanath anticipates investing an additional $100 million of equity capital in the acquisition of affordable/workforce housing through the same fund, notes Williams.

At the close of investing Fund II, the firm will have approximately 40 multifamily properties totaling more than 7,000 units under management and ownership.

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

Amanda Brenner/ Jenn Quader

Brower, Miller & Cole

(949) 955-7940

Abrenner@browermillercole.com

Lincoln Property Co.’s Megan Watkins Appointed BOMA-Phoenix President

Megan Watkins

 

PHOENIX, AZ – Lincoln Property Company (LPC) proudly announces the appointment of Senior Property Manager Megan Watkins as 2015 President of the Building Owners and Managers Association (BOMA)–Greater Phoenix.

With 315 current members, BOMA-Greater Phoenix serves as one of the Valley’s leading organizations providing education and advocacy for the commercial real estate industry.

Alisa Timm

 Watkins joined BOMA-Greater Phoenix in 2004. She was elected to the Board of Directors in 2013 and served as Vice President in 2014. 

“Being elected to this position by my peers is an honor,” said Watkins. “I’m extremely excited to help the organization continue to educate and grow in 2015.”

 A 15-year industry veteran, Watkins has been involved with the management of more than 1.3 million square feet of Arizona real estate.

 She is part of the award-winning LPC Desert West Region property management team, which manages approximately 7.0 million square feet of office, industrial and retail property throughout the metro Phoenix market.

 “Lincoln is passionate about supporting our property leaders and their involvement in industry organizations like BOMA,” said LPC’s Director of Management Services Alisa Timm. “We are very proud of Megan’s accomplishments and know she is an excellent choice to lead BOMA in 2015,”

Watkins earned her Real Property Administrator (RPA) designation through the Building Owners and Managers Institute (BOMI) in 2008 and her Facilities Management Administrator (FMA) designation from BOMI in 2010.

Arizona Game & Fish Headquarters, Phoenix, AZ

 Earlier this year, she attended BOMA’s “The Outstanding Building of the Year” (TOBY) awards in Orlando, Florida to accept an International award for LPC’s management of the Arizona Game & Fish (AZGF) Department Headquarters in Phoenix. 

The building was among only fourteen buildings from across the world to earn the International honor.

As 2015 BOMA-Greater Phoenix President, Watkins will encourage member participation, continue to advance BOMA’s industry impact, deepen its relationships with public and private sector leaders, and grow the organization through new membership.

 “We’re always working to improve our value to constituents and connect with those who would benefit from a BOMA relationship,” said Watkins.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

Staten Island, NY Shopping Center Sells for $10.3 Million

  

STATEN ISLAND, NY – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Nome Plaza, an 18,148-square-foot strip center in Staten Island, N.Y. 

The $10.3 million sales price equates to $568 per square foot.

            “The price per square foot and the 5.7 percent cap rate are near-record numbers for Staten Island shopping centers,” says Scott Plasky of Marcus & Millichap’s Manhattan office.

“The transaction shows the strength of the market for multi-tenant retail properties in metropolitan New York and demonstrates that well-located shopping centers in Staten Island can command the same cap rates as similar assets in other boroughs.”

Scott Plasky

            In the transaction, Plasky represented the seller, a Staten Island-based private investor and the buyer, a commercial real estate investor from New Jersey in a 1031 exchange. Nome Plaza was 100 percent occupied at the time of the sale.

            The retail center is located just off the signalized intersection of Nome Avenue and Richmond Avenue at 436-464 Nome Ave. in the center of one of Staten Island’s most attractive residential communities, Heartland Village.

Next door to a brand-new center with a Trader Joe’s and Retro Fitness, the property is surrounded by national retailers such as CVS, Marshall’s, Dick’s, Staples, Rite Aid, Dunkin Donuts, Starbucks, PC Richard & Sons, Wendy’s, Burger King, Walgreens and others.

            Nome Plaza consists of 13 storefronts on a 38,000-square-foot lot with dedicated parking for 45 cars. Tenants include Bario’s Pizza, Dance Studio, Holy Schnitzel, Island Kitchen, Jaquie’s Bridal, Nome Laundry, Nome Superette & Bagels and Princess Nails.

  

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

Gina Relva

Public Relations Manager                                              

(925) 953-1716

IPA Arranges San Antonio, TX Multifamily Property Sale

Castle Hills Townhomes, San Antonio, TX

Will Balthrope

SAN ANTONIO, TX – Institutional Property Advisors (IPA), a division of Marcus & Millichap Inc. specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Castle Hills Townhomes, a 149-unit luxury townhome-style apartment community in San Antonio. The terms of the sale were not released.

Built in 1998 on approximately eight acres one block east of Northwest Military Highway, Castle Hills Townhomes is a unique community featuring large townhome-style units, most of which have attached direct-access garages.

The property is in proximity of several of San Antonio’s strongest employment centers, including the South Texas Medical Center and the United Services Automobile Association’s (USAA) world headquarters.

            IPA executive director Will Balthrope and IPA director Drew Kile represented the seller, Sendera Investment Group LLC of Austin. The buyer is Hayden Properties of Lake Oswego, Ore.

“Castle Hills Townhomes is well positioned to provide continued rent growth potential and value appreciation in one of the nation’s most stable markets for multifamily investment real estate,” says Balthrope.

Drew Kile

“The property’s well-designed townhome-style floor plans, high accessibility and central location make it an excellent commercial real estate investment. 

"The previous owner completed an exterior renovation program and the interiors of 63 percent of the apartments have been upgraded, paving the way for the new owner to achieve further upside through completion of the unit enhancement program.”

Castle Hills Townhomes features six unique one-, two- or three-bedroom townhome floorplans. 

The average unit size is 1,000 square feet. Amenities include high-speed Internet access, stainless steel appliances, garden tubs, faux-wood floors, brushed nickel fixtures, attached garages, gated access and a swimming pool.

Led by Balthrope, IPA Texas has offices in all major Texas markets and a strong presence in San Antonio.

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

Gina Relva

Public Relations Manager                                              

(925) 953-1716

Luxury Pasadena, CA Apartment Complex Sold by IPA

  

Anita Paryani

                                                                      PASADENA, CA – Institutional Property Advisors (IPA), a division of Marcus & Millichap Inc. specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Orange Grove Circle, a 64-unit apartment community in Pasadena, Calif. 

The terms of the commercial real estate sale were not released.

            IPA executive vice presidents investments Greg Harris and Ron Harris, along with IPA directors Kevin Green, Joseph Grabiec and Paul Darrow, and associate Michael DiSimone, advised the seller, Orange Grove Circle Communities LLC. The buyer is M West Holdings LLC.

Jake Roberts and Anita Paryani, both first vice presidents capital markets in IPACM’s West Los Angeles office, structured the debt. 

The loan has a 30-year term and a five-year fixed interest rate of 3.16 percent. The loan-to-value is 63 percent and includes five years of interest only.

Orange Grove Circle, Pasadena, CA

Orange Grove Circle was designed in 1956 by Los Angeles firm Langdon Wilson and built on nearly six acres of the former Adolphus Busch estate along Pasadena’s historic “Millionaire’s Row.”

In the early 1900s, the cofounder of the Anheuser-Busch brewery built an English-style mansion in this popular summer resort area overlooking the Arroyo Seco canyon and remnants of his elaborate gardens may still be seen in various spots around the neighborhood.

Until the 1930s, there were as many as 55 mansions on and around the west side of Orange Grove Boulevard, formerly known as Orange Grove Avenue or “The Mile of Millionaires.”

Greg Harris

The Orange Grove Circle apartment complex features mid-century architecture, a private cul-de-sac, a secluded terrace with a heated swimming pool, cascading fountain, fireplace, gas barbecue, lounging and dining area, manicured landscaping and a citrus tree garden.

            “Orange Grove Circle has received common area and exterior renovations, yet only 19 units have been fully renovated,” says Greg Harris. “The new owner is well positioned to create revenue enhancements by upgrading the remaining 45 units in a market where there is high demand for luxury apartment homes.”

“Orange Grove Circle provides its residents with quiet living in a tranquil, low-density setting that has a distinguishable advantage over the nearby competitive set,” adds Ron Harris.

Located at 435 Orange Grove Circle, the property features two-, three- and four-bedroom apartment homes that average 1,821 square feet.

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

Gina Relva

Public Relations Manager                                              

(925) 953-1716