IEC: Un-Loved Deals Do Exist In Great Locations

Citra Apartments, 700 South 6th Street, Burbank, CA

Burbank, CA – In a market where value-add commercial real estate is increasingly difficult for investors to find, Interstate Equities Corporation (IEC) has proven that “un-loved” deals are still out there.

The firm has just acquired an off-market, 34-unit multifamily property in a walkable distance from downtown Burbank, California - an investment feat in today’s market, according to Marshall Boyd, President of IEC.

“This property is the type of ‘diamond in the rough’ that we target,” says Boyd.  “Built in 1958, the community has never been renovated, making it perfectly poised for the type of transformation that IEC is known for.”

Peter Casey

Boyd notes that the asset, which is situated on 0.4 acres approximately a mile east of Burbank’s downtown, meets each of IEC’s stringent acquisition requirements - a strategic approach that has proven fruitful for the firm’s institutional investors throughout the U.S.

Our niche is well located, scrappy deals,” says IEC Director Peter Casey. 

  “By pinpointing our focus and acquiring multifamily properties in Southern California and the Bay Area that are significantly undermanaged, we are able to deliver extremely attractive yields and risk adjusted returns to our investors.”

IEC, an institutional fund manager, invests in properties on behalf of endowments, family offices and pension funds.  

The firm has been active in investment management for more than three and a half decades.

The Burbank asset, “Citra Apartments,” will undergo a series of improvements that will enable IEC to grow rental rates by approximately $500 per unit in just three to six months, according to Boyd.

More information is available at www.interstateequities.com.

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

Jenn Quader or Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

Lastfalk@browermillercole.com

Lincoln Harris Brokers Four Leases Totaling Nearly 13,000 Square Feet in the Raleigh-Durham Area

Kaler Walker

RALEIGH, NC  — Kaler Walker of Lincoln Harris’ Raleigh office has arranged four leases in the Raleigh-Durham area for a total of 12,898 square feet. Details of the transactions are below:

·      The Paragraph Project signed a 1,652-square-foot lease expansion at the 322 E. Chapel Hill St. office building in Durham, North Carolina. 

The firm now occupies 3,182 square feet. Walker represented the tenant in the transaction, and Ben Steel of Empire Properties represented the landlord. The Paragraph Project’s growth led the firm to double its lease within its first 12 months at this location.

·      Wake County Medical Society signed a 2,846-square-foot lease at Sunset Ridge, a medical office building located at 3921 Sunset Ridge Road in Raleigh. Walker represented the landlord, Velocis, in the transaction.

·      Lincoln Brewery & Grill signed a 5,300-square-foot lease at Post Parkside at Wade, located at 5433 Wade Park Blvd. in Raleigh. 

Walker represented the landlord in the transaction, and MaryAnn Peterson of Hunter & Associates represented the tenant. This is the second full-service restaurant to move into the area, and the restaurant is eagerly awaited by the residents and office tenants in this development.

·      Meritage Homes of the Carolinas also signed a 3,100-square-foot lease at the property. Walker represented the landlord, and Matt Winters of Tri Properties Inc. represented the tenant.

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

Southwestern Ohio Shopping Center Sells for $19.9 Million

Lori Schneider

SPRINGFIELD, OH – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Springfield Commons, a 207,497-square-foot shopping center located in Springfield, Ohio. 

The property sold for $19,900,000.

Lori Schneider, IPA executive director, advised the seller, a private investor. American Realty Capital Properties Inc. facilitated the acquisition on behalf of Cole Credit Property Trust IV Inc.  

Michael Glass, first vice president and regional manager in Marcus & Millichap’s Cleveland office, is the firm’s broker of record in Ohio.

“It is challenging to find a stabilized center leased entirely to national retailers of this quality,” says Schneider. 

“Our marketing campaign targeted both private and institutional investors seeking a core asset with in-place debt allowing for ease of acquisition and management.”

Michael Glass

Built in 1995 on 26.5 acres, the investment real estate asset is located on Springfield’s main retail corridor at 1501 Bechtle Ave. with frontage on Bechtle Avenue, State Route 68 and State Route 41.

Springfield Commons’ tenants are Lowe’s, Best Buy, PetSmart, Aaron’s, Planet Fitness and Mattress Firm.

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

Gina Relva

Public Relations Manager

Marcus & Millichap Capital Corporation

(925) 953-1716

$11 Million Medical Office Building Refinancing Arranged by Marcus & Millichap Capital Corp. in Los Angeles, CA

Sharone Sabar

 LOS ANGELES, CA – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged $11 million in financing for a 75,000-square-foot medical office building in Los Angeles.

            Sharone Sabar, first vice president capital markets in MMCC’s Encino office, arranged the debt placement.

            “The borrower’s loan was maturing during a time of historically low vacancy for the property,” says Sabar. “MMCC arranged a 15-year fixed-rate loan with no prepayment penalty that completely satisfied our client’s financial requirements.”

            The refinancing was structured with a 4.25 percent fixed interest rate. The loan-to-value is 70 percent.

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

Gina Relva

Public Relations Manager

Marcus & Millichap Capital Corporation

(925) 953-1716

Cohen Commercial Realty Brokers Glide Yoga Lease at Tequesta Shoppes in Tequesta, FL

 

Travis Langhorst

TEQUESTA, FL  — Bryan Cohen and Travis Langhorst of Cohen Commercial Realty, Inc.,

announced the signing of Glide Yoga to lease a 1,381 square-foot space at Tequesta Shoppes.

Located at the intersection of Federal Highway U.S. 1 & Waterway Road, the center is home to Marshall’s, Tuesday Morning and Bealls Outlet. 

Cohen Commercial Realty, Inc., represents the Landlord.

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

Nicole Luciano

Cohen Commercial Realty, Inc.

5041 Okeechobee Boulevard

West Palm Beach, Florida 33417

561.471.0212 Office

561.471.5905 Fax

nicoleluciano@cohencommercial.com

www.cohencommercial.com

The Altman Companies Announces New Multifamily Community in Dr. Phillips Area in Orlando, FL

Joel Altman

ORLANDO, FL  – The Altman Companies, a nationally recognized developer of luxury apartment communities, has begun pre-leasing its latest Altís-branded community called Altís Sand Lake.

Located in Orlando’s sought-after Dr. Phillips neighborhood, Altís Sand Lake will feature 315 exceptional private-entry apartment homes with attached private garages, in close proximity to downtown and the greater Sand Lake area.

According to Joel Altman, chairman of The Altman Companies, Altís Sand Lake will provide residents with an elevated level of service and an exceptional living experience. They can enjoy the all-inclusive resort lifestyle in their own homes with all the amenities, perks and services that resorts offer.

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

BoardroomPR

Todd Templin

ttemplin@boardroompr.com

Ashley Fierman

afierman@boardroompr.com

(954) 370-8999

Marcus & Millichap Arranges Sale of 33,248-SF Office Building in West Palm Beach, FL for $4.1 Million

Douglas K. Mandel

WEST PALM 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 Woodbine Commons, a 33,248-square foot office property located in West Palm Beach, Fla. The asset sold for $4,100,000.

Douglas K. Mandel, a first vice president investments in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a limited liability company from West Palm Beach, Fla, and the buyer, a private investor from Boynton Beach, Fla.

Woodbine Commons is a Mediterranean-style 33,248 rentable square foot professional office center. 

Built in 2004, the property is comprised of four separate buildings situated on 3.4 acres of land. 

Its diverse portfolio of tenants include: medical offices, financial service firms, and the Department of Veteran Affairs.

Located at 7721-7751 North Military Trail, the property is within walking distance to Palm Beach VA Medical Center and Kindred Hospital, and is surrounded by densely populated residential neighborhoods and retirement communities.

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

Ryan Nee

Regional Manager

 Fort Lauderdale, FL

(954) 245-3400