HFF closes $67.896 million sale of and secures $44.132 million financing for Lugano Cherry Creek in Denver, CO

Lugano Cherry Creek Apartments,  located on the northwest corner of East Iliff Avenue
 and South Emporia Street in the East Cherry Creek submarket of Denver, CO

Jordan Robbins

DENVER, CO – HFF announced today that it has closed the $67.896 million sale of and secured $44.132 million in acquisition financing for Lugano Cherry Creek, a 328-unit, Class A multi-housing community in Denver, Colorado. 

HFF marketed the asset on behalf of the seller, a fund managed by GenCap Partners, Inc.  Brass Enterprises Inc. purchased the property for $67.896 million free and clear of existing debt. 

HFF worked on behalf of the new owner to secure a seven-year, 3.45 percent fixed-rate acquisition 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.  HFF previously arranged financing for the property on behalf of the seller in 2012.

Lugano Cherry Creek is located on the northwest corner of East Iliff Avenue and South Emporia Street in the East Cherry Creek submarket of Denver. 

Jeffrey Haag

The community is comprised of two four-story buildings that include ground-floor retail and a structured garage parking.  Units include one-, two and three-bedroom options averaging 1,025 square feet each.  Approximately 95 percent occupied, the community offers amenities such as two interior courtyards, 1.5 acres of green space, a club room and lounge area, resort-style swimming pool with heated sun deck and views of the Rocky Mountains.

The HFF investment sales team representing the seller was led by managing director Jordan Robbins, associate director Jeff Haag and real estate analyst Jared Buffington.

HFF’s debt placement team was led by managing director Josh Simon and real estate analyst Matt Gangaware.

GenCap Partners, Inc. is a Dallas, Texas-based real estate investment advisor that provides real estate investment products to European and domestic institutions.  

The funds they manage specialize in the development and acquisition of multifamily, office and industrial properties.  GenCap and its affiliates have developed more than 4,100 apartment units worth in excess of $344 million since 1997.

Josh Simon

Brass Enterprises Inc. is a Toronto-based real estate investment company focused exclusively on investment in multifamily residential properties. 

 The company's primary objective as a major investor in all of its projects is to use its multi-generational experience to create value through improvements in efficiency and focus on superior tenant service.

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 closes sale of Class A creative workspace building in San Francisco’s SoMa District on behalf of Flynn Properties

200 Kansas, occupies almost a full city block along Kansas Street
 from 15th to 16th Streets in the SoMa District of San Francisco, CA  

Steve Golubchik

SAN FRANCISCO, CA – HFF announced today that it has closed the sale of 200 Kansas, a 90,637-square-foot, Class A creative workspace building in San Francisco’s SoMa District. 

                HFF marketed the asset on behalf of the seller, Flynn Properties and an affiliate of GEM Realty Capital.  

This is the second time Flynn Properties has owned the building, with its last ownership period concluding in 2006.  An affiliate of Ascent Real Estate Advisors, LLC and a separate account relationship purchased the property. 

200 Kansas is situated on 1.55 acres and occupies almost a full city block along Kansas from 15th to 16th Streets in the SoMa District. 

  Originally constructed in 1931, the seller spent $3 million on property upgrades to tenant spaces and common areas that were completed in 2014. 

The building features skylights, two-story glass-enclosed stairwell, modern finishes and a new lobby.  The 84-percent-leased asset includes tenants in the education, design and manufacturing and healthcare industries.  

John Simerlein

“During the three years of our most recent ownership of the property, we have repositioned 200 Kansas from a showroom-centric building to a truly creative workspace reflecting the needs of San Francisco’s growing tenant base,” said Greg Flynn, president and CEO of Flynn Holdings.

 “More broadly, SoMa continues to be a positively evolving submarket, and we are excited that 200 Kansas has contributed to that evolution.”

                The HFF investment sales team representing the seller was led by senior managing director and co-head of HFF’s San Francisco office Steven Golubchik, director John Simerlein, associate director David Dokko and senior analyst Josh DiSalle. 

                Flynn Properties has substantial experience in the West Coast commercial real estate markets.  

Directly and through its REOF funds, Flynn Properties has owned in excess of three million square feet of commercial real estate.  It also owns, in partnership, the super-luxury Auberge resort Esperanza, located in Los Cabos, Mexico, as well as The Carneros Inn, a super-luxury resort in Napa, California.  For more information, visit www.flynnholdings.com.

Greg Flynn

Founded in 1994, GEM Realty Capital, Inc. (GEM) is an integrated real estate investment company that invests in private-market real estate assets and publicly traded real estate securities through two lines of business, GEM Realty Properties and GEM Realty Securities. 

  GEM is currently investing capital for its fifth discretionary private real estate fund, GEM Realty Fund V, L.P.

Ascent is an entrepreneurial investment, development and consulting firm combining extensive real estate development, finance and capital market expertise with a track record of successful transactional experience.  

Ascent is active on a national basis and has been extremely active throughout the San Francisco/Silicon Valley market for the past several years.  Ascent seeks to add value through development and significant asset repositioning.  Learn more at www.ascentrea.com.

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 $50 million financing for 10-property industrial portfolio in Pennsylvania

Part of Jacobson Companies' portfolio

Mark Witner

LOS ANGELES, CA – HFF announced today that it has arranged a $50 million financing for a 100-percent-occupied portfolio consisting of 10 properties with 86 buildings totaling 2.12 million square feet in central Pennsylvania.  

HFF worked on behalf of the borrower, Hager Pacific Properties, to secure the 17-year, 4.15-percent, fixed-rate loan through a correspondent life company.  HFF is servicing the loan.

The portfolio is 100 percent leased to Jacobson Companies, a warehousing and distribution company.  

The portfolio properties are in close proximity to major highways and interstates allowing fast transportation to Baltimore, Philadelphia, Washington, D.C., New York City and Boston. 

                The HFF debt placement team representing the borrower was led by managing director Mark Wintner from HFF’s Los Angeles office and managing director Ryan Ade from HFF’s Philadelphia office.

                Hager Pacific Properties (HPP) is guided by a value-added investment philosophy implemented through the acquisition of under-performing, aged or environmentally impacted real estate.  

Its investments become more valuable through repositioning, renovation or reuse of the property. 

The preferred buyer of challenging properties, HPP self-funds its real estate deals without outside capital, creating an efficient experience for brokers and sellers.  HPP owns and manages more than 100 properties throughout the United States, including 2,300 apartment units and 12 million square feet of industrial and commercial property.  The portfolio is valued in excess of $1 billion. 

Learn more at www.hagerpacific.com.

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

Marcus & Millichap Handles $2.8 Million Sale of Miami, FL Office Building

  

2929 SW Third Avenue, Miami, FL

 MIAMI, FL, Feb. 19, 2015 – 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 2929 SW 3rd Avenue, an 18,820-square foot office property located in Miami.

The asset sold for $2,800,000.

Alex D. Zylberglait, a first vice president investments in Marcus & Millichap’s Miami office, represented the seller, a limited liability company from Miami, and the buyer, a limited liability company from North Miami.

Alex Zylberglait

“This was an opportunity for an investor to acquire a well-maintained, 21-unit building in the heart of the Coral Way submarket. 

"The Coral Way corridor of Miami benefits from its proximity to the cultural center of downtown Miami, the Brickell Avenue financial district and the Coral Gables Central Business District,” says Zylberglait.

The six-story, multi-tenant office building was built in 1973 and is constructed of concrete block.

 There are 38 assigned parking spaces, including covered parking on the first floor.  Minutes from Interstate 95 and the Miami International Airport, the property is located at 2929 SW 3rd Avenue in Miami.

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

Marcus & Millichap Handles Sale of 32,578-square foot Office Building in Miami, FL for $5.05 million

   

Alex D. Zylberglait

MIAMI, FL, Feb. 19, 2015 – 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 1850 SW 8th Street, approximately 30,000 square feet of rentable office and retail space located in Miami. 

The asset sold for $5,050,000.

Alex D. Zylberglait, a first vice president investments in Marcus & Millichap’s Miami office, represented the seller, a limited liability company from Miami, and the buyer, a limited liability company from North Miami.

“This was an excellent opportunity for an investor to acquire office and retail space in the lively and bustling neighborhood of Calle Ocho,” says Zylberglait. 

  “In addition to the office building, the offering also included two additional lots comprising 0.28 acres used as parking for the Praxis Institute. There is also additional rooftop cellular income from major mobile phone providers.”

The five-story building was built in 1972 and has ground floor retail and four floors of office suites. The majority of tenants include service professionals and businesses. The building has excellent frontage on busy SW 8th Street (Calle Ocho) and is centrally located minutes from the Palmetto Expressway (SR-836), Interstate 95, Miami International Airport, and Downtown Miami.

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

Marcus & Millichap Brokers CVS Pharmacy Sale for $6.6 Million in Lake Worth, FL

  

Al Palacios

 LAKE WORTH, FL, Feb. 19, 2015 – 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 CVS, a 14,129-square foot net-leased pharmacy located in Lake Worth, Fla. 

The asset sold for $6,600,000.

Al Palacios, 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 Suffern, NY.  The buyer was a limited liability company from Miami.

“Palm Beach County single-tenant investment opportunities should rise over the next few years alongside retailer expansion,” says Palacios.

 “The success of some recently built shopping centers will elevate interest in available pad sites, while national chains are expected to track new rooftops into growing suburbs like Lake Worth.”

CVS Pharmacy, 8954 Lantana Road,
Lake Worth, FL

This CVS includes a double drive-thru, Minute Clinic, and is an out parcel to a 58,000-square foot LA Fitness neighborhood center. 

The property is situated at the signalized intersection of Lantana Road and Lyons Road with easy access to Interstate 95, Florida's Turnpike and US-1.

CVS is located at 8954 Lantana Road in Lake Worth, 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

Marcus & Millichap Arranges $3.5 Million Sale of 66-Unit Apartment Community in Overtown, Miami, FL

Evan P. Kristol

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 a 66-unit apartment portfolio located in the Overtown submarket of Miami, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. 

The asset sold for $3,533,000 equating to $53,530 per unit.

Evan P. Kristol senior vice presidents investments, Felipe J. Echarte, a vice president investments, and Alejandro Gonzalez, an associate, in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a limited liability company from Miami, Fla and the buyer, a private investor from Miami as well. 

The subject property is a portfolio of three buildings totaling 66 units, located in the Overtown area of Miami.  The buildings were constructed between 1949 and 1957.  The unit mix is comprised of 54 one-bedroom/one-bathroom apartments and 12 two-bedroom/one-bathroom apartments.

Felipe J. Echarte

“Stable assets in working-class neighborhoods with supply constraints retain favor among more risk-averse investors,” says Gonzalez.

 “This was a great opportunity to capitalize on a stabilized portfolio of well-maintained properties with an annual renewing HUD contract. 

"We generated six offers from a substantial pool of interested investors including in-state and out-of-state investors.”

The properties offer convenient access to major traffic arteries such as Interstate 95, the Dolphin Expressway, Biscayne Boulevard and Flagler Street. 

The buildings are located at 149 NW 11th Street, 1201 NW 2nd Avenue and 1232 NW 1ST Place in Miami. 

  For more information on the company, please contact:

Ryan Nee

Regional Manager

Fort Lauderdale, FL

(954) 245-3400

MBA Datanote Explores Gaps in Affordability of Multifamily Rental Housing

Jamie Woodwell

WASHINGTON, D.C. (Feb.  19, 2015) — The Mortgage Bankers Association (MBA) today released a research datanote entitled “Mind the Gap: A High-level Review of the Need for — and Supply of — Affordable Multifamily Housing.” 

The paper focuses on multifamily rental housing because of the central role that sector plays in providing affordable housing.

“There is a significant gap between the need for and the supply of affordable housing in the United States,” according to Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research. 

“The United States has a long history of housing needs, and a long history of successful programs designed to address those needs.  

"Even with these programs, however, millions of American households face housing burdens because of low incomes, housing market mismatches and/or specialty housing needs that are not naturally met by the housing markets.”

The paper explores a variety of different mismatches between incomes and housing costs. Most of these can be clustered into three broad categories:

·        The housing needs of low and very low income households, whose incomes are not enough to cover the costs of building and maintaining safe and decent housing.

·        The need for moderate income “workforce housing,” and the struggle to supply adequate affordable housing near job centers.

·        The housing needs of special populations, whose particular housing requirements are not naturally met in full by the market. 

These include seniors, veterans, disabled Americans, people living with AIDS, and others.

The paper also provides a high-level review of efforts to “close the gap” undertaken by multiple federal agencies and other institutions to address and correct housing market mismatches. The Datanote can be downloaded in full here:

  For more information on the company, please contact:

Rob Van Raaphorst

rvanraaphorst@mba.org

(202) 557-2799

Mike Ferrer, CCIM, to Lead Lincoln Harris’ Charleston, SC Office

  

Mike Ferrer

CHARLESTON, SC (Feb. 19, 2015) — Mike Ferrer, CCIM, has been promoted from vice president to broker in charge of Lincoln Harris’ Charleston office.

 Ferrer will oversee the entire state of South Carolina, and focus on increasing the company’s development and property management opportunities throughout the state.

“I’m excited about the chance to grow our Charleston office and expand Lincoln Harris’ industry-leading reputation throughout the state of South Carolina,” Ferrer said.

Prior to joining Lincoln Harris, Ferrer was vice president at Avison Young, where he was responsible for the assemblage of properties and site election data for tenant/buyer representation, and the development of market comparisons and evaluations for sellers and landlords preparing to sell their properties.

Ferrer earned his Certified Commercial Investment Member (CCIM) designation in 2008, and was part of Leadership Charleston’s Class of 2014 as well as a Charleston Regional Business Journal 2014 “40 Under 40” award recipient.

  

  For more information on the company, please contact:

Stephen Ursery

The Wilbert Group

404-549-7150 (O) 404-405-2354 (C)

sursery@thewilbertgroup.com

National Parkinson Foundation Welcomes New Board Member Ricardo Caporal of Mattoni Group

Ricardo Caporal

Miami, FL – The National Parkinson Foundation (NPF) announced the election of Ricardo Caporal, Founder and President of Mattoni Group, to its Board of Directors.

"We are delighted to welcome Ricardo to NPF’s Board. We are excited about using his entrepreneurial leadership and diverse skill set to make a difference in the lives of the more than one million Americans living with Parkinson’s," stated John W. Kozyak, Esq., NPF Chairman of the Board.

“Ricardo has been successful with non-profits, real estate and a wide array of businesses, including music, fashion and technology. You can literally feel Ricardo’s energy and drive and I cannot wait for him to start serving.”

The Brazil-born property developer has over 10+ years of real estate experience with a history of zest for entrepreneurship in an array of industries including music, fashion, design and technology. Additionally, he has worked in private equity.

John W. Kozyak

Caporal’s Mattoni Group real estate investment company includes partnership interests in a diverse portfolio of assets across the Southern part of the United States comprised of rental apartment communities and commercial properties.

Caporal established Mattoni Group in December 2009 with an aim to locate and create unique real estate investment opportunities. 

With a play on the word Mattoni which means “bricks” in Italian, Caporal’s vision has been to create building blocks by effectively developing and managing the properties under his portfolio so that they revitalize their surrounding communities, attract quality tenants and/or buyers, and produce long-term value. 

Currently, Mattoni Group handles 1,000+ units in South Florida.

For more information about the National Parkinson Foundation, visit www.parkinson.org. For more information about Mattoni Group, visit www.mattonigroup.com. View a complete list of the NPF Board of Directors.

  For more information on the company, please contact:

Jessica Wade Inc.

Jessica Wade Pfeffer | jessica@jessicawadeinc.com | 305.804.8424

Suanny Garcia | suanny@jessicawadeinc.com | 305.632.8272

Margie Sernik | margie@jessicawadeinc.com | 786.200.2516

Orlando, FL Architects C.T. Hsu + Associates Sends Chinese New Year Greetings to Clients

  

C.T. Hsu

ORLANDO, FL -- Chinese New Year is the most important of all traditional Chinese holidays. It is often called the Lunar New Year because it is determined by the lunar calendar and falls anywhere between late January and mid February. 

This year, it falls on February 19, 2015.

The origins of this holiday date back to 2600 B.C. when the Emperor Huang Ti introduced the first cycle of the Chinese zodiac based on ancient legend. When Lord Buddha summoned all animals to bid him farewell before he departed the Earth, only twelve animals came.

As a reward, he named a year after each one and proclaimed that people born in each animals' year would possess some of that animal's personality.

2015 is the Year of the Sheep, and is considered the most creative sign according to the Chinese Zodiac. Sheep are artistic, charming, mild-mannered, shy, kind-hearted, sentimental, sensitive, and sweet.

Nicole Kidman

Sheep are always respected and admired by others. People born in Sheep years (1919, 1931, 1943, 1955, 1967, 1979, 1991, 2003) are used to guiding their own conduct by liberal rules and treating others with leniency. 

They are always ready to help others who are in need of care, and they are fond of children and pets.

 Some famous people born under the sign include: Jane Austen, Jamie Foxx, Mel Gibson, Michelangelo, Mark Twain, Rudolph Valentino, Barbara Walters, Bruce Willis, Julia Roberts, Nicole Kidman, and Orville Wright.

For more information on the company, please contact:

C.T. Hsu + Associates

820 Irma Avenue,

Orlando, FL 32803  / 

407 423 0098  / 

Fax 407 423 4793