$88 Million Manufactured Housing Portfolio Sale in New York and Pennsylvania Arranged by Marcus & Millichap

Jonathan McClellan

CLEVELAND, OH – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of an 11-property, 2,413-site portfolio of manufactured homes located in western New York State and Pennsylvania. 

The sales price for the portfolio is $88 million.

Jonathon McClellan and Kyle Baskin, both in Marcus & Millichap’s Cleveland office, represented the seller, Pittsford, N.Y.-based Morgan Management. The buyer is a joint venture between Federal Capital Partners and Horizon Land Co. LLC.

J.D. Parker, first vice president, is Marcus & Millichap’s broker of record in the state of New York. Mark Taylor of Marcus & Millichap’s Philadelphia office is the firm’s broker of record in Pennsylvania.

Kyle Baskin

“With the limited supply of institutional-quality manufactured housing communities currently available, the seller felt that now was the time to test the market,” says McClellan. “I believe that all parties involved in the transaction met their financial goals.” 

 “The seller achieved an aggressive price and the buyer attained a significant number of high-quality sites that offer ample upside and continued growth,” adds Baskin.

Gypsum Mills Estates, a five-star, 563-site community makes up 16.25 percent of the portfolio.

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

Gina Relva, Public Relations Manager

(925) 953-1716

Broward County, FL Retail Center Sells for $10.5 Million

Shoppes of Hillsboro, Deerfield Beach, FL

 

DEERFIELD 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 the Shoppes of Hillsboro, a 61,165-rentable-square-foot retail center in Deerfield Beach, Fla. The $10.5 million sales price equates to $172 per square foot.

Douglas K. Mandel

            Douglas K. Mandel, first vice president investments and Barry M. Wolfe, vice president investments, both in Marcus & Millichap’s Fort Lauderdale office, represented the seller, Kenneth Israel Shoppes of Hillsboro LLC. The buyer is a partnership between BREF Hillsboro and Dhanya of Miami Inc.

            “Continuing a trend from 2014, retail real estate investors like what they see in Broward County strip centers,” says Mandel. “Smaller neighborhood centers requiring less management are particularly desirable.”

            The center is located at 2201-2260 West Hillsboro Blvd. in Deerfield Beach less than one mile from access to Interstate 95 and Deerfield Beach’s Amtrak station and two miles from the Sawgrass Expressway. 

There are high-density multi-residential communities to the north and south of the property, including Century Village, a large, gated retirement community with more than 6,000 condominiums and over 100,000 square feet of entertainment, educational and other recreational space.

Shoppes of Hillsboro is a neighborhood retail plaza composed of two parcels with an inline strip and two single-tenant pads. 

The tenant mix includes many types of businesses, including medical, financial, clerical, food service, sundry retail and services.

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

Gina Relva, Public Relations Manager

(925) 953-1716

Two-Property Pinellas County, FL Multifamily Portfolio Sold by Marcus & Millichap for $16.6 Million

Michael P. Regan

LARGO, 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 Bryan Dairy Place and Forest Creek Apartment Homes, a two-property, 200-unit multifamily portfolio in Largo, Fla. 

The $16.6 million sales price equates to $83,000 per unit.

            Michael Regan and Frank Carriera, vice presidents investments in Marcus & Millichap’s Tampa office, represented the seller and the buyer.

            “The properties are stabilized assets with high occupancy,” says Carriera. “The seller has capitalized on the significant rent growth these assets have realized since the acquisition of the properties 24 months ago.

" The buyer foresees continued rent growth and property appreciation due to Pinellas County’s population density and high barriers to entry.”

            “The portfolio provides the new owner with economies of scale as the assets are located approximately two miles from each other,” adds Regan.

Francesco Carriera

            Bryan Dairy Place consists of six two-story residential buildings and 96 two-bedroom/two-bath units. Forest Creek Apartments features 11 one- and two-story buildings with 80 one-bedroom/one-bath units and 24 two-bedroom/two-bath apartments. 

All units in both communities have central heating and air conditioning and washers and dryers. Shared amenities at both properties include a grilling area, clubhouse and swimming pool.

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

Gina Relva, Public Relations Manager

(925) 953-1716

$11 Million Buys South Bay, CA Retail Center

Village Center, Torrance, CA

TORRANCE, 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 Village Center, a 31,153-square-foot multi-tenant retail center in Torrance, Calif. The $11 million sales price equates to $353 per square foot.

Simon Mattox

         Simon Mattox, a member of Marcus & Millichap’s National Retail Group based in the firm’s West Los Angeles office, represented the seller. A local broker represented the buyer, a Los Angeles-based private investor.

            “I was fortunate to work with an experienced owner, as title insurance had not been issued on this property in 35 years,” says Mattox.

“At closing, I appreciated the owner’s confidence that we would resolve the title issues and he was pleased with the value we provided through the ability of our platform to attract qualified investors. 

"With cooperation, perseverance and a concisely executed plan, we completed the sale, fulfilled the seller’s financial objectives and provided the new owner with an excellent opportunity to enhance value.”

Rancho Palos Verdes, CA

            Built between 1972 and 1976 on approximately 2.6 acres at 4170 Pacific Coast Highway in Torrance, the center is located at the entrance of the affluent Rolling Hills and Rancho Palos Verdes neighborhoods.

Rancho Palos Verdes is the home to the Trump National Golf Club and the Terranea Oceanfront Resort. 

The property is adjacent to a Walgreens-anchored shopping center and close to major retailers such as Sprouts Farmers Market, Michaels, Bank of America, U.S. Bank, O’Reilly Auto Parts and Papa John’s Pizza.

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

Gina Relva, Public Relations Manager

(925) 953-1716

Freddie Mac to Purchase Its Largest Single Properety Loan, $878 Million, for Park La Brea in Los Angeles, CA; HFF Arranges Financing

Park La Brea apartments, Los Angeles, CA

McLEAN, Va. – Freddie Mac (OTCQB: FMCC) Multifamily and HFF announce the closing of an $878 million loan for Los Angeles’ historic Park La Brea, the largest apartment community on the West Coast.

David M. Brickman

HFF arranged the financing for repeat borrower Prime Residential to retire existing debt. Freddie Mac expects to securitize the loan through its K-Deal program.

The 4,245-unit property is rent-controlled, with about 10 percent of the units having below market-rate rents.

 The community includes 18 high-rise towers and 175 garden-style apartment buildings on 144 acres. Approximately 10,000 residents live in the community, which resembles a small city with 24-hour security patrol, courtyards, Wi-Fi cafes, fitness trails, a movie theater, hair salon and business and fitness centers. 

Originally built between 1944 and 1952, Park La Brea underwent renovations between 1995 and 2014.  

The 96.4-percent-leased complex is located at 6200 West Third Street, about seven miles west of downtown Los Angeles near the Miracle Mile district. 

“Park La Brea is one of a kind. Aside from being the largest single property that we have ever financed, it is a storied asset, with a rich and evolving history, in a dynamic neighborhood, with a beautiful and timeless design,” said David Brickman, EVP of Freddie Mac Multifamily.

Peter Smyslowski

 “We are thrilled to have been able to work so closely with HFF and Prime Residential to very rapidly rate lock the loan and contribute to the preservation of this unique community.”

Led by managing director Peter Smyslowski, HFF assembled a West Coast-based team with a strong background in multifamily financing.  

The team included executive managing director Jody Thornton, senior managing directors Paul Brindley and Kevin MacKenzie and managing director Charles Halladay.

“’Dense, infill location’ is often a misnomer when describing real estate locations; however, in the case of Park La Brea, that description is very fitting since it’s positioned at the epicenter of Los Angeles’ explosive growth in cultural arts, entertainment, transportation and employment,” Smyslowski said.  “The location is truly breathtaking.”

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF arranges $6.15 million mezzanine financing for Class A multi-housing community in suburban Houston, TX

Rendering of planned Kings Landing Apartmenets
Kingwood, TX

HOUSTON, TX – HFF announced it has arranged $6.15 million in mezzanine financing for the development of Kings Landing, a 327-unit, Class A multi-housing community in Kingwood, Texas. 

 

                HFF worked on behalf of the borrower, Mark-Dana Corporation, to secure the mezzanine loan through an affiliate of Prime Finance. 

  The senior construction loan was provided by Amegy Bank in a non-HFF related transaction.

                Due for completion in 2016, the property will be composed of 12 two- and three-story garden-style buildings with units averaging 989 square feet each and attached garage parking.

Colby Mueck

 Situated on 12.58 acres at 331 Forest Center Drive in Kingwood, the property will have frontage along Highway 59 between the intersections of North Park Drive and Kingwood Drive, approximately 24 miles north of downtown Houston.

                HFF’s equity placement team was led by managing director Colby Mueck.

Headquartered in Spring, Texas, Mark-Dana Corporation (MDC) is a full service real estate company. 

  MDC and its affiliates develop, build and manage multi-family housing in Texas and Virginia. 

The principals of MDC have been involved in developing, building and managing multi-family housing for more than 40 years.     

 

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

Two Midwest Industrial Properties Sell for $33 Million

  

1 and 2 World Packaging Circle, Franklin, WI

FRANKLIN, WI – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of  1 and 2 World Packaging Circle, two warehouse/industrial buildings totaling 418,000 square feet in Franklin, Wis.

Franklin Business Park

The total sales price for the two buildings is $33,000,027, which equates to $79 per square foot.

            Thomas Kopatich, senior associate in Marcus & Millichap’s Milwaukee office, represented the seller, a local business person and the buyer, a private equity fund.

            “The two buildings are 100 percent occupied and triple-net leased by two companies, Proteus Packaging Corp. and Transpak,” says Kopatich. 

“Their eight-year leases are guaranteed by Quad/Graphics (NYSE: QUAD), which owns both firms.”

The properties are located within the 425-acre Franklin Business Park with frontage on South Oakwood Park Drive and Ryan Road. Access to Interstate 94, Interstate 894, U.S. Highway 41, U.S. Highway 45 and State Trunk Highway 36 is nearby. The location is 20 minutes south of downtown Milwaukee and 80 minutes north of Chicago.

            The facilities were constructed of precast tilt-up concrete on 37.6 acres in 2006. Features include 30-foot to 40-foot clear height, natural light throughout the warehouse, enclosed docks, two 75-ton cranes, two 10-ton cranes, heated underground parking and an entrance fountain that is controlled by wind speed.

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

Gina Relva, Public Relations Manager

(925) 953-1716

NAI Realvest Negotiates Class A Office Space Leases totaling more than 30,700 square feet in Lake Mary, FL

Christi Alexander

Lake Mary, FL — NAI Realvest recently negotiated four lease agreements in the Lake Mary / I-4 corridor totaling 30,796 rentable square feet of Class A office space for firms specializing in internet security, wireless communications, engineering and construction.

Mary Frances West

Christie Alexander, Principal at NAI Realvest, Broker Associate Drew Saphos, CCIM, and Chairman George Livingston represented the internet security firm Team Cymru, Inc. in a 22,942 square foot renewal and expansion of the tenant’s headquarters at 901 International Parkway at Colonial Center Heathrow. 

The landlord DRA/CLP Heathrow Orlando LLC was represented by Sandy Chace of CBRE.

Darby Hold

Senior Broker Associate Mary Frances West represented the tenant, ZNES Group LLC a global microwave communications firm in a new lease of 5,324 square feet at 1485 International Parkway.

 The Austin Texas-based landlord for the property, WC Lake Mary Office, LP, was represented by Darby Hold of Hold-Thyssen. 

At the same time West represented the landlord, RREF Interchange-FL, Primera I LLC of Daytona Beach in two new lease agreements at Primera Court I, 725 Primera Blvd. 

  The engineering firm, F.R Aleman & Associates leased 1,408 square feet and Gator Consulting, Inc. dba Gator Construction and Consulting leased 1,122 square feet.  No additional brokers were involved in those two transactions. 

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

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