Lincoln Property Company Southeast Brokers Sale of Lakeside Office Park in Atlanta’s Central Perimeter

Tony Bartlett

ATLANTA, GA (Feb. 16, 2015) – Lincoln Property Company Southeast (Lincoln) has teamed with CBRE to broker the sale of Lakeside Office Park, a nearly 400,000-square-foot office park in Atlanta’s Central Perimeter submarket.

Tony Bartlett and Chip Sipple of Lincoln and Jay O’Meara, Will Yowell and Ryan Reethof of CBRE represented the seller, MLGP Lakeside LLC. Crocker Partners purchased the five-building office park; the buyer was not represented by a broker.

Located at 5775 Glenridge Drive, the property occupies a 26-acre site at the northwest quadrant of the most visible intersection in the metro area, that of I-285 and GA 400. 

More than 400,000 cars pass through this interchange every day, making it one of the most strategic locations in the entire Southeast.

Chip Sipple

Lakeside Office Park’s five buildings total 398,916 square feet. The property is zoned to accommodate mixed-use development and is entitled for up to 700,000 square feet of office space, 520 apartment units and 8,000 square feet of retail space.

 Lakeside’s strategic submarket location coupled with its value-add potential for leasing and future development garnered significant interest from the investment community.

“We encountered a very healthy interest in this property in the marketplace, as it offers the opportunity to execute multiple investment strategies,” said Bartlett, senior vice president at Lincoln who oversees the firm’s Atlanta office.

“Crocker Partners can continue to operate Lakeside as a very marketable office park, or they can selectively take advantage of the property’s entitlements to redevelop it as a mixed-use site in the heart of one of Atlanta’s most vibrant submarkets,” added O’Meara, a senior vice president at CBRE. 

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

Stephen Ursery

The Wilbert Group

404-405-2354

sursery@thewilbertgroup.com

Berger Commercial Realty Broker Keith Graves Closes $2.9 Million Sale of Hollywood, FL Office Building

  

Keith Graves

FORT LAUDERDALE, FL - Berger Commercial Realty, a regional, full service commercial real estate firm, announced that broker Keith Graves closed the $2,950,000 sale of an office building, located at 2500 Hollywood Blvd. in Hollywood, for Weil Corp.

 DST Investments, LLC, represented by King Real Estate, purchased the four-story, 27,041-square-foot building as an investment. Built in 1976, the class B building was 79 percent occupied with many long-term tenants at the time of sale.

"With in-place cash flow, this boutique professional office building was particularly attractive to investors seeking to establish or expand commercial real estate portfolios in South Florida," Graves said.

Strategically located near Hollywood's central business and arts and entertainment districts, as well as local governmental offices, banks and major roadways, the building will continue to be used as office space.

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

  

National Retail Properties Declares Dividends for its 6.625 Percent Series D Preferred and 5.70 Percent Series E Preferred Stocks

ORLANDO, FL --  The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a cash dividend on its 6.625% Series D Cumulative Redeemable Preferred Stock of 41.40625 cents per depositary share payable March 16, 2015, to shareholders of record on February 27, 2015.

The Board also declared a cash dividend on its 5.70% Series E Cumulative Redeemable Preferred Stock of 35.625 cents per depositary share payable March 16, 2015, to shareholders of record on February 27, 2015.

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

Kevin B. Habicht

Chief Financial Officer

(407) 265-7348

Marcus & Millichap Brokers Tampa’s largest self-storage portfolio transaction in 2014 by square feet and number of units.

Extra Space Storage, Tampa, FL

Michael A. Mele

TAMPA, 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 a four-property, 2,332-unit, 250,406-net-rentable-square-foot Extra Space Storage portfolio in West Florida. The terms of the sale were not released.

            The Extra Space Storage portfolio transaction marks Tampa Bay Area’s largest self-storage portfolio transaction in 2014 by square feet and number of units.

            Michael Mele, senior vice president investments, and Brian Baldwin, associate, both in Marcus & Millichap’s Tampa office, represented the seller, a private investment firm based in Florida.

            The properties are:

• Extra Space Storage, 47,867 net rentable square feet, 436 units, Tampa, Fla.

• Extra Space Storage, 41,191 net rentable square feet, 432 units, Bradenton, Fla.

• Extra Space Storage, 85,485 net rentable square feet, 560 units, Sarasota, Fla.

• Extra Space Storage, 75,863 net rentable square feet, 904 units, South Pasadena, Fla.

Brian Baldwin

“This transaction was the largest self-storage portfolio sale in the greater Tampa Bay MSA in 2014,” says Mele. “The acquisition provides the new owner with a substantial presence in one of Florida’s most sought-after self-storage markets.”

The properties feature both climate- and non-climate-controlled units, along with recreational vehicle and boat parking.

 The facilities are fully monitored by video surveillance and feature electronic gate access.

 The Bradenton, Sarasota and South Pasadena properties recently installed solar panels for tax and utility savings and have new roofs with 10-year warranties. 

Additional revenue is generated at the Sarasota facility by an adjacent retail strip center.

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

Gina Relva

Public Relations Manager

(925) 953-1716

IPA Arranges Sale of Houston, TX Apartment Complex

Hartford Park Apartment Homes, 3939 Synott Road,  Westchase District, Houston, TX

Will Balthrope

HOUSTON, 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 Hartford Park Apartment Homes, a 328-unit commercial real estate asset located four miles from the Energy Corridor in Houston’s Westchase District.

The terms of the sale were not released.

            Built in 1983, Hartford Park is located on 9.5 acres along the Westpark Tollway 10 miles from The Galleria and four miles south of the Energy Corridor. Residents can choose from six different one- and two-bedroom floor plans. The average apartment size is 820 square feet.

            IPA executive director Will Balthrope and IPA director Drew Kile represented the seller. Balthrope, Kile and IPA director Nester Clark procured the buyer, Omninet Capital.

            “The strong job markets in the Energy Corridor and Westchase District and the opportunity to add value through the implementation of a unit enhancement program put Hartford Park in position to provide both long-term stability and appreciation,” says Balthrope.

Drew Kile

“We are very happy with our purchase of Hartford Park,” adds Michael Daniel, partner at Omninet Capital. “The property is the first multifamily transaction we have completed in Houston and it represents a small portion of the $200 million we have dedicated for Texas this year.”  

            The property is located at 3939 Synott Road in Houston near access to Beltway 8, the Sam Houston Tollway, and other major arterial thoroughfares that connect to some of the area’s most well-known employers, including Apache Corp, National Oilwell Varco (Valero), and Samsung Engineering Co.

            Hartford Park Apartment Homes’ previous owner renovated 31 units with upgrades that include brushed nickel hardware, lighting kits, ceiling fans, plank wood and carpet flooring, bathroom fixtures and two-inch blinds. Apartments feature custom cabinetry, outside storage, balconies and ceiling fans.

 Select units offer wood-burning fireplaces, cathedral ceilings and garden windows. Shared amenities include controlled access gates, 24-hour emergency maintenance service, a full service laundry facility, swimming pool, hot tub and clubhouse.

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

Gina Relva

Public Relations Manager

(925) 953-1716

$58.2 Million Multifamily Sale in Sacramento Valley Arranged by IPA

  

Iron Point at Prairie Oaks Apartments, 1550 Iron Point Road, Folsom, CA

                                                                                                                                        

FOLSOM, 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 Iron Point at Prairie Oaks, a 280-unit garden-style rental community located in the Sacramento Valley, 20 miles east of Sacramento in Folsom, Calif.

The $58,200,000 sales price equates to approximately $208,000 per unit.

            IPA executive director Stanford Jones and senior directors Philip Saglimbeni and Salvatore Saglimbeni represented the seller, Interland LLC. The buyer is Sequoia Equities. Kenneth Blomsterberg, Marcus & Millichap first vice president investments, was also part of the brokerage team.

            “Folsom is among the most highly sought after investment markets in the Sacramento MSA, evidenced by the highest average apartment rents in the county,” says Jones.  “New ownership will be able to leverage these strong fundamentals to enhance investment returns.”

Philip Saglimbeni

“The combination of its low density, quality construction and exceptional micro-location distinguish the property as one of the premier rental communities in the area,” adds Philip Saglimbeni.

 “One of the most notable location attributes is the fact that the property is situated across the street from Intel, the largest private sector employer in Folsom and one of the largest private employers in Sacramento County.”

             Built in 2000, Iron Point at Prairie Oaks’ 33 two-story buildings and one-story leasing office are situated on 13.3 acres of open greenbelts and walkways.

The buildings are wood-framed with stucco finishes and concrete slab foundation systems. The community offers a mix of well-designed and amenitized one-, two- and three-bedroom floor plans that average approximately 944 square feet.

The asset is located at 1550 Iron Point Road in Folsom in the heart of the Sacramento MSA’s premier school district and within walking distance of major regional centers, notable employers, and numerous recreation options.

Salvatore Saglimbeni

Nearby retail includes the grocery-anchored Prairie City Crossing neighborhood shopping center, the Palladio at Broadstone lifestyle center, Folsom Premium Outlets, Broadstone Marketplace and Plaza, the Folsom Historic District and the central Folsom shopping district.

            Apartment interiors at Iron Point at Prairie Oaks feature in-unit laundry, individual heating and central air conditioning, fully equipped kitchens, above standard ceiling height, real-wood paneled cabinetry and walk-in closets. 

Select homes have direct-access garage parking, vaulted ceilings and fireplaces.

This gated, controlled-access community provides residents with a state-of-the-art fitness center, a resort-style swimming pool and hydrotherapy spa, fully appointed business center and clubhouse, additional carport parking and professionally manicured grounds.

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

Gina Relva

Public Relations Manager

(925) 953-1716

IPA Arranges North Dallas, TX Multifamily Sale

Bellagio at Bent Tree Apartments, 3901 Accent Drive, North Dallas, TX

                                                                                                                                        

Will Balthrope

DALLAS, 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 Bellagio at Bent Tree, 500-unit apartment community fronting Trinity Mills Road in North Dallas. The terms of the sale were not released.

              IPA executive director Will Balthrope and IPA director Drew Kile represented the seller, National Asset Services Inc. The buyer is Willmax Capital.

            “Bellagio at Bent Tree’s barrier-to-entry location with proximity to major transportation arteries and employment centers provides an exceptional opportunity for the new owner to capitalize on one of the nation’s premier job growth markets,” says Balthrope.

            “The numerous jobs in the area create a perpetual and growing demand for housing and support completing a first-generation unit enhancement program that will allow for an excellent return on investment,” adds Kile.

Bellagio at Bent Tree is located within the North Dallas “Platinum Corridor,” which includes more than 30 million square feet of office space and six million square feet of shopping and retail.

Drew Kile

It employs more than 651,000 employees along the Dallas North Tollway. Located at 3901 Accent Drive, the community is one mile from the Dallas North Tollway and one-and-one-half miles from President George Bush Turnpike, two of Dallas’ most high profile and major transportation arteries.

The Shops at Willow Bend, a 1.4-million-square-foot regional center anchored by high-profile retailers Neiman Marcus, Dillard’s, and Macy’s is located just three-and-one-half miles away.

Built in two phases between 1996 and 2000, Bellagio at Bent Tree offers 20 unique floor plans with 481,682 total rentable square feet and an average unit size of 963 square feet.

Community amenities include three swimming pools, a game room with billiards, two clubhouses and an indoor basketball court. Apartments feature frost-free refrigerators, ice makers, self-cleaning ovens, ice makers, ceiling fans, crown molding, mini blinds and patio or balcony.

                

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Capital Corp. (MMCC) provided acquisition financing in Sale of Super King Markets-Anchored Shopping Center in Altadena, CA

Altadena Crossing Shopping Center, 2230-2268 Lincoln Avenue, Altadena, CA

Jessica Kelley

ALTADENA, CA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Altadena Crossing, a 43,108-square-foot shopping center in Altadena, Calif. 

The terms of the sale were not released.

            Martin Agnew, vice president investments, and Jessica Kelley, senior associate, both in Marcus & Millichap’s Encino office, represented the buyer, a private family trust. Sharone Sabar, first vice president capital markets in MMCC’s Encino office arranged financing for the transaction.

            “Altadena Crossing is anchored by Super King Markets, the area’s top-performing grocer,” says Agnew. “With virtually no available land for new development, the center is insulated against future competition.”

“The trade area is served by a limited number of shopping alternatives,” adds Kelley. “Altadena Crossing benefits from more than 130,000 nearby residents, plus a daytime workforce population of approximately 55,000 people.”

Martin Agnew

Built in 2006 on 1.28 acres, Altadena Crossing is located at the intersection of Lincoln Avenue and Crosby Street at 2230-2268 Lincoln Ave. in Altadena. 

The location offers immediate access to Highway 210, and is close to Interstate 110, Interstate 5 and Highway 2. 

Altadena is north of Pasadena and approximately 14 miles from downtown Los Angeles.

Altadena Crossing’s major tenants are Verizon Wireless, Panda Express, Bank of America, 24 Hour Fitness and Subway. Bank of America, 24 Hour Fitness and Subway were not a part of the offering. 

At the time of the sale, the property was 100 percent occupied.

               

 

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Sells Shopping Center in Orange County, FL for $10.1 Million

  

Towne Square Shopping Center, Ocoee, FL

Ray Turchi

OCOEE, 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 Towne Square shopping center, a 126,163-square-foot Old Time Pottery-anchored retail shopping center situated on 14.7 acres in Ocoee, Fla. 

The $10.1 million sales price equates to $80 per square foot.

Ray Turchi, associate vice president investments and Chris Travis, senior associate, both in Marcus & Millichap’s Orlando office, represented the seller. Turchi and Travis also procured the buyer.

“The property is a stable retail investment asset in a high-growth area,” says Turchi. “Old Time Pottery occupies 67 percent of the center and the property was 100 percent occupied at the time of the sale.”

“On the strength of its year over-year store sales growth, Old Time Pottery exercised its option to renew through 2022,” adds Travis, “and Papa John’s Pizza just executed a five-year lease extension.”

Chris Travis

Towne Square shopping center is located at the northwest corner of Colonial Drive and Maguire Road at 11029 West Colonial Drive in Ocoee.

Colonial Drive is a primary growth corridor with traffic counts of more than 63,000 vehicles daily and Maguire Road averages more than 22,000 vehicles daily. 

A Sabal Hotel, Fairfield Inn & Suites, and Perkins Restaurant are next to the center and a self-storage center is behind it. A Walmart Supercenter is one-half mile away.

 A Mobil gas station, McDonald’s, BMO Harris Bank, and Arby’s are outparcels. Major tenants include ACE Cash Express, Chokshi Dental, Jackson Hewitt Tax Service, Opti-Works, Papa John’s Pizza and Yoshi Steakhouse & Sushi Bar.

“This is a significant transaction in this area,” notes Justin West, regional manager of the Orlando office. “Our retail team continues to see greater demand for assets like this throughout the Central Florida market.”

               

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

Gina Relva

Public Relations Manager

(925) 953-1716

HFF closes sale of mixed-use office and retail building in San Diego, CA

Herschel & Wall Building, La Jolla Neighborhood, 7911 Herschel Avenue and 1100 Wall Street
San Diego, CA

Nick Psyllos

SAN DIEGO, CA – HFF announced it has closed the sale of Herschel & Wall, a 36,565-square-foot, mixed-use office and retail building in San Diego’s La Jolla neighborhood. 

                HFF marketed the asset on behalf of the seller, a joint venture between Parallel Capital Partners, Inc. and Angelo, Gordon & Co.  A partnership between MHF Real Estate Group and McCarthy Ranch purchased the asset. 

Herschel & Wall is located at 7911 Herschel Avenue and 1100 Wall Street in the coastal community of La Jolla, a neighborhood in northern San Diego.  Herschel & Wall is less than a quarter mile from the Pacific Ocean at La Jolla Cove and approximately 13 miles from downtown San Diego. 

The property has 39 parking spaces, abundant community amenities (Walk Score® of 98) and a newly-renovated lobby.  

Major tenants of the four-story building include Citibank, Tommy Bahama and Four Star Software.  The buyer plans to convert the third and fourth floors to high-end creative office space with premium ocean views.

Nick Frasco

                The HFF investment sales team representing the seller was led by senior managing director Nick Psyllos, senior managing director and co-head of HFF’s national office investment sales platform Michael Leggett, director Nick Frasco, managing director Nick Bicardo and senior real estate analyst Kara Mathis.

“The Herschel & Wall building is an iconic mixed-use office and retail property on one of the best-located, highly-trafficked intersections in the affluent coastal La Jolla Village area of San Diego,” Frasco said.

 “The property was built prior to the implementation of the building height restrictions in the area and features above-standard floor-to-floor heights and superior ocean views, allowing for a repositioning of the top three floors into modern, progressive office space.

 Additionally, the zoning potentially allows for a future residential condominium conversion, further enhancing the value-add opportunity presented by the asset.”

               

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

www.mhfrealestate.com

www.angelogordon.com. 

www.parallelcapitalpartners.com

HFF secures $15 million financing for multi-housing community in southwest Houston, TX

Trails of Ashford Apartments, 12710 Brent Rock Drive, Southwest Houston, TX

Jason Bond

CHICAGO,  IL – HFF announced it has secured $15 million in financing for the Trails of Ashford, a 514-unit, garden-style multi-housing property in southwest Houston, Texas.

                Working exclusively on behalf of the borrower, Bayshore Properties, HFF placed the 10-year, fixed-rate loan with Jefferies LoanCore LLC.  Loan proceeds were used to refinance and recapitalize the asset.

                The Trails of Ashford consists of 34 two- and three-story buildings totaling 390,960 square feet.  There are nine different floor plans with an average unit size of 751 square feet, and the property features a fitness center, two swimming pools, sand volleyball court, lighted tennis court and limited gate access.

 The property is situated on 28.54 acres at 12710 Brant Rock Drive where it intersects with South Dairy Ashford Road just off the Westpark Tollway.  

The property is within 10 miles of both the 610 Loop and the Sam Houston Tollway (Beltway 8), which provide access to all other major highways in and around Houston.       

Dan Kearns

The HFF debt placement team representing the borrower was led by associate director Jason Bond and real estate analyst Dan Kearns. 

“HFF is very pleased to have assisted Bayshore Properties in securing financing for Trails of Ashford,” Bond stated.

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

 www.bayshoreprops.com.

HFF closes $48.5 million sale of One Pacific Square in Portland, Oregon's Old Town/Chinatown district

One Pacific Square, 220 Northwest Second Avenue, Old Town/Chinatown Neighborhood, Portland, OR

Nick Kucha

PORTLAND, OR – HFF announced it has closed the $48.5 million sale of One Pacific Square, a 240,338-square-foot, transit-oriented office tower in the Old Town/Chinatown district in Portland, Oregon.

                HFF marketed the property on behalf of the seller, a joint venture between GE Asset Management and The Ashforth Company.  Menlo Equities was the buyer.

                The only office tower in Old Town/Chinatown, One Pacific Square has panoramic views of Mt. Hood, Mt. St. Helens, the Willamette River and downtown Portland.  

The building is situated on 0.872 acres at 220 Northwest Second Avenue between Northwest Everett and Northwest Davis Streets. 

The building has a Walk Score® of 94 due to the transit-oriented nature of the building’s location, with the Old Town/Chinatown MAX Light Rail stop directly outside the property and several TriMet bus routes within walking distance.

Michael Leggett

Additionally, the property’s on-site bike storage contributed to the Bike Score™ of 98.  The 13-story tower has below-grade parking with a valet attendant, first floor conference facilities and an on-site gourmet coffee shop and deli. 

  The property is 94.8 percent leased to a variety of tenants in the natural gas, telecommunications, real estate, accounting and health insurance industries.

                The HFF investment sales team was led by director Nick Kucha, senior managing director and co-head of HFF’s national office investment sales platform Michael Leggett and senior real estate analyst James Childress.

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

www.menloequities.com.

www.ashforth.com.

HFF closes $59 million sale of and arranges $44.25 million financing for Class A multi-housing community in suburban Portland, OR

Jory Trail at the Grove Apartments, 8750 Southwest Ash Meadows Road, Portland, OR

Ira Virden

PORTLAND, OR  – HFF announced it has closed the $59 million sale of and arranged $44.25 million in acquisition financing for Jory Trail at the Grove, a 324-unit, Class A, garden-style multi-housing community in Wilsonville, a suburb south of Portland, Oregon.

HFF worked on behalf of the seller, a partnership between Holland Partner Group and The Carlyle Group, Inc.  M&C Properties out of Salt Lake City, Utah, purchased the asset for $59 million.

 Additionally, HFF worked on behalf of the new owners to secure a $44.25 million fixed-rate loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. 

  The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program. 

                Jory Trail at the Grove is situated on 21.25 acres at 8750 Southwest Ash Meadows Road adjacent to Interstate 5 in Wilsonville and less than 20 miles south of downtown Portland.  

Kerry Hughes

The property is located within the master-planned community The Grove and within walking distance of tech and manufacturing companies, including Xerox, Mentor Graphics, Fir Systems and Rockwell Collins. 

Completed in 2012, the 94-percent-leased property features walking trails, Wi-Fi access in all units and public spaces, a 24-hour fitness center, pool and sundeck with heated hydrotherapy spa. 

                The HFF investment sales team was led by managing director Ira Virden and associate director Kerry Hughes.

                The HFF debt placement team was led by managing directors Charles Halladay and Tom Wilson and analysts Sebastian Trujillo and Charlie Watson.

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

www.carlyle.com.