Largest Single Multifamily Asset in Texas Sold by Marcus & Millichap

 

Broadway Square Apartments, 8751 Broadway Street,  Houston, TX

HOUSTON, TX,  June 8, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of Broadway Square Apartments, a 2,470-unit apartment complex adjacent to the William P. Hobby Airport in in Houston. 

The property is the largest single multifamily asset in Texas. The terms of the sale were not released.

Jeffrey Fript

            Jeffrey Fript, vice president investments in Marcus & Millichap’s Houston office, represented the buyer, an out-of-state investment entity. The seller is an out-of-state investment group that specializes in multifamily real estate investments.

“This acquisition will turn out to be covered land play as the new owner now controls approximately 80 acres across from the airport,” says Fript.

 “In the short term, the buyer will focus on creating revenue growth through more intensive management and interior and exterior upgrades.”

Located on the Houston metropolitan bus line at 8751 Broadway St., Broadway Square Apartments was constructed in phases from 1976 to 1979 on approximately 69 acres. 

The unit mix features one- and two-bedroom floor plans—80 of which are townhomes—that range in size from 504 square feet to 1,206 square feet.

Community amenities include controlled access gates, four separate management offices, one main leasing office, 11 swimming pools, 28 laundry rooms, outdoor pavilions and courtyards, after-school programs, and a community playground. 

Unit amenities include private patios and balconies in select apartments, ceiling fans, walk-in closets, mini blinds and dishwashers. Select units have washer/dryer connections.

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

Gina Relva

Public Relations Manager

(925) 953-1716

HFF closes sale of and secures financing for Modera Pembroke Pines in South Florida

Modera Pembroke Pines Apartments Phase II, Pembroke Pines, FL

Matthew Lawton

MIAMI, FL – June 8, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and secured acquisition financing for the newly-completed Phase II of Modera Pembroke Pines, a two-phase, luxury multi-housing community totaling 700 units in Pembroke Pines, Florida.

HFF marketed the property on behalf of the seller, a joint venture between affiliates of Mill Creek Residential Trust and Clarion Partners.  AVR Realty Company purchased Phase II for $62.948 million.  HFF also worked on behalf of AVR to secure acquisition financing through New York Life Real Estate Investors.

 In October 2014, HFF closed the sale of and arranged acquisition financing for Phase I of the project with the same involved parties.

Modera Pembroke Pines is located at 10170 SW 7th Street near Pines Boulevard and Palm Avenue in the Broward County suburb of Pembroke Pines. 

Situated on 27.2 acres, the project is the first component of Pembroke Pines City Center, a mixed-use, walkable master planned community. Phase I of the project was completed in early 2014 and includes 422 units, which are 95 percent leased.  

Jaret Turkell

Completed in May 2015, Phase II is comprised of 278 units.  Both phases of the property include a mix of one-, two- and three-bedroom units in both flat and townhome configurations. 

Community amenities will include two beach-entry swimming pools, two fitness centers, two business centers, two demo kitchens, two game rooms, two clubhouses and available private garages and storage units. 

The HFF investment sales team representing the seller was led by executive managing directors Manny de Zárraga and Matthew Lawton, managing director Jaret Turkell, director Matt Mitchell and associate director Maurice Habif. 

HFF’s debt placement team was led by managing director Elliott Throne.

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

http://www.newyorklife.com/realestateinvestors

www.avrrealty.com.

www.clarionpartners.com.

HFF closes sale leaseback and financing of multi-state Haggen-branded grocery portfolio

Haggen Food & Pharmacy grocery stores, Washington, Oregon, California

Bryan Ley

ALLAS, TX – June 8, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale leaseback of two separate portfolios totaling 39 Haggen Food & Pharmacy grocery stores spanning Washington, Oregon and California.   Additionally, HFF arranged financing for 19 of the stores.  

HFF marketed the properties on behalf of Haggen Inc. (Haggen) and arranged the floating-rate financing for the 19 properties.  Haggen entered into long-term leases with the purchasers.

Haggen purchased 146 stores from Albertson’s as part of a $9.4 billion merger between Safeway Inc. and AB Acquisition LLC, the owner of Albertson’s LLC.  

This expansion grows the Haggen Food & Pharmacy portfolio from 18 stores in Washington and Oregon to 164 stores in five western states.  

The HFF investment sales team representing the seller was led by senior managing directors Mark West, Timothy Hall and Bryan Ley, managing directors Brandon Chavoya and Coler Yoakam and real estate analysts Michael George and Campbell Black.

Founded in 1933, Haggen Inc. has long been one of the Pacific Northwest's leading grocery chains.  The Bellingham, Washington-based company has historically operated stores in Washington and Oregon under the Haggen Northwest Fresh banner, but will now be operating stores in California, Arizona and Nevada as well. 

Brandon Chavoya

Haggen is dedicated to providing its guests with the best fresh, local, organic and gluten free products.  For more than 80 years, it has supported regional farms, ranches, fisheries and other businesses, creating a lasting and sustainable local food economy.  

Haggen is also deeply rooted in the communities it serves, providing support to local events and partnerships. 

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

http://www.hfflp.com/

www.haggen.com.

HFF arranges $8.8 million acquisition financing for Class A warehouse in suburban Indianapolis

MetroAir Business Park Building 3, Plainfield, IN

Chicago, IL – June 8, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $8.8 million in acquisition financing for  MetroAir Business Park Building 3 (MetroAir 3), a 248,336-square-foot, 100-percent-leased, Class A industrial facility in the Indianapolis suburb of Plainfield, Indiana.

Matthew Schoenfeldt

HFF worked on behalf of the borrower, a joint venture between Meritex and an institutional investor, to arrange the 10-year, fixed-rate loan with a top-tier life insurance company.

Completed in 2008, MetroAir 3 is situated on 13.32 acres within the 1,200-acre MetroAir Business Park. 

The state-of-the-art building features 28’ clear heights, 30 dock doors, 140’ rear loaded truck court and six drive-in doors in addition to 280 parking spaces. 

The building is currently leased to three tenants:  Rolls Royce, Fiserv Solutions and Novitex Enterprise Solutions.  

Located at 758 Columbia Road, the asset is in the Plainfield submarket and delivers access to the Indianapolis International Airport and the nearby Indianapolis loop, which provides connectivity to Interstates 70, 79, 65 and 69.

The HFF debt placement team representing the borrower was led by managing director Matthew Schoenfeldt and real estate analyst Nicole Schmidt. 

Nicole Schmidt

“This is a generational asset that checks all the boxes for a seasoned, savvy and long-term investor like Meritex,” Schoenfeldt said. 

“With an A-plus location, superior-quality construction and tenants that are heavily-invested in their space all in a highly adaptable facility, the lenders responded with gusto to this pairing of a quality sponsor and a property that matches.”

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

http://www.hfflp.com/

www.meritex.com.

HFF secures $11.322 million construction loan for development of Marriott TownPlace Suites in South Florida

Rendering of planned Marriott TownePlace Suites Hotel, Boynton Beach, FL

MIAMI, FL – June 8, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $11.322 million in construction financing for the development of a 116-key, Marriott-branded TownePlace Suites hotel in Boynton Beach, a South Florida coastal community.

HFF worked on behalf of the borrower, North Boynton Beach Hospitality, LLLP, to secure the loan through City National Bank of Florida. 

Mike Kavanau

The TownePlace Suites Boynton Beach will be built on a 2.77-acre site on Gateway Boulevard east of Congress Avenue and north of the Boynton Beach Mall in Boynton Beach, the third largest city in Palm Beach County.  

The hotel’s location will give guests access to Interstate 95, the Florida Turnpike and major employment centers in West Palm Beach and Boca Raton, which are both approximately 15 miles from the property. 

The select-service hotel has an anticipated opening date of late 2015 and will feature the hallmarks of an extended-stay Marriott TownPlace Suites hotel, which includes studio, one- and two-bedroom suites with full kitchens and flexible spaces; a market for snacks and meals; pool; fitness center and putting green.

 The HFF debt placement team representing the borrower was led by senior managing director Mike Kavanau, managing director Elliott Throne and real estate analyst Alexandra Lalos.

“It is an exciting time for the lodging market in Palm Beach County,” Lalos added. “With an increasing amount of retail, office and residential development in Boynton Beach, the sponsorship has identified solid demand for new hotel development.”

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

http://www.hfflp.com/

NAI Realvest Completes Sale of Four Acres of Commercial land West of the Airport to City of Orlando

Juan Jiminez

ORLANDO, Fla. – The Partyka Group at NAI Realvest brokered the sale of four acres of land at 8855 Binnacle Way just west of Orlando International Airport. The City of Orlando purchased the commercial property for $350,000. 

NAI Realvest Partner Paul P. Partyka and Associate Juan Jimenez negotiated the transaction representing the local seller, Florida Emergency Medicine Foundation, who recently completed its new headquarters building. 

The proceeds from the sale of the four-acre parcel was used to pay down the mortgage for the new building.

 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

Marcus & Millichap Brokers Sale of Pollo Tropical in Miami Beach, FL for $5 Million

Benjamin H. Silver

 MIAMI BEACH, FL June 8, 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 Pollo Tropical, a 4,423-square foot net-leased property located in Miami Beach, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. 

The asset sold for $4,925,000.

Douglas K. Mandel, a first vice president investments, Benjamin H. Silver, an associate vice president investments, and Richard Niewiadomski, an associate, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a family from Coral Gables, Fla.  

The buyer was a foreign investor.

“The steep price and cap rate below 2.3 percent are remarkable terms for a single-tenant property. The buyer realized the opportunity to capture a prime corner location in the heart of South Beach,” says Silver.  

“While Pollo Tropical’s lease potentially extends another 18 years, there will be significant upside by either bringing the rent to market or by redeveloping the site at the end of that term.”

Located at 1454 Alton Road, the single-tenant restaurant sits on 15,702-square feet of land at the intersection of Alton Road and 15th Street, one of South Beach’s “Main & Main” intersections

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 Sample Row in Coral Springs, FL for $9.8 Million

Alan Lipsky

CORAL SPRINGS, Fl, June 8, 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 Sample Row, a 90,552-square foot retail property located in Coral Springs, Fla. The asset sold for $9,800,000.

Douglas K. Mandel, a first vice president investments, Barry M. Wolfe, a vice president investments, and Alan Lipsky, an associate, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Miami Beach, Fla. 

The buyer was a limited liability company from North Miami.

“The sale is reflective of the strong recovery of Broward County’s retail market. The property received strong interest from both local, out of area, and international investors. 

“The ultimate purchaser is based overseas and was attracted to the property as a long-term hold with an immediate opportunity to add value,” says Wolfe.  “We have seen tremendous recent demand for retail assets; in just the last few months, we have sold more than 500,000 square feet of retail properties.”

Barry M. Wolfe

Sample Row was built in 2001 and consists of three one-story buildings on 4.35 acres.  The plaza is home to retailers that include several dominant home goods stores, medical providers, and professional tenants such as DaVita Dialysis, a Fortune 500 company.

National retailers in the area include Bank of America, Lowe’s, Walgreens, Publix and a Walmart.

 Located at 7355 West Sample Road in Coral Springs, Fla., the property is centrally located within easy access of upscale residential areas and within proximity of the Sawgrass Expressway and the Florida Turnpike..

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

Ryan Nee

Regional Manager

Fort Lauderdale, FL

(954) 245-3400

Proper Title Grows Staff by 15 Percent; Business by 50 Percent

                           

Shirley Wrightsell

 CHICAGO (June 8, 2015) – Northbrook, Ill.-based Proper Title, LLC, a full-service title insurance agency serving the residential and commercial real estate industries, announced it has welcomed industry leaders Shirley Wrightsell as senior escrow officer and manager, Patrick H. Kennedy as commercial closing manager, and Brenda Krasuski as senior escrow officer.

Proper Title has grown its staff by a total of 15 percent and its business by 50 percent over the past year.

“The amount of industry talent joining Proper Title has led to the tremendous growth of our firm’s business,” said Ben Niernberg, executive vice president of business 

development and operations at Proper Title. 

“At just two years old, Proper Title has proven itself as a destination for industry professionals who are seeking an opportunity to elevate the industry, and thrive professionally.”

Shirley Wrightsell, 58, has joined the firm as a senior escrow officer and manager, where she will lead the administration of construction escrows for commercial, residential and retail development. Wrightsell has been in the title insurance industry for more than 30 years, most recently working with Chicago Title Insurance Company. 

Patrick H. Kennedy

Niernberg said, “Having more than three decades of experience in the title insurance industry, Shirley not only knows how things need to be done, but where things can improve. 

"Add to that her hands-on approach and unwavering attention to detail, and she’s an invaluable asset who can help us grow our commercial division.”  

Patrick H. Kennedy, 40, brings nearly 20 years of experience in oversight of commercial real estate closings to the role of commercial closing manager at Proper Title. 

 “Patrick is proficient in virtually every type of property, and works with all sizes of lenders, law firms, and local governments, as well as federal agencies,” said Niernberg. 

“There isn’t a situation he hasn’t seen, or cannot efficiently handle for a client.” Kennedy was also the recipient of Fidelity Investments’ “President’s Club Award” 2004 through 2010.

Brenda Krasuski

Proper Title has also welcomed Brenda Krasuski, 48, to the commercial escrow team as a senior escrow officer. She has spent the past 13 years providing commercial escrow services throughout the Chicago area, including Chicago Title Insurance Company, and will focus primarily on residential transactions.

“Proper Title was assessed by a national underwriter, which found we were over-staffed by 30 percent according to industry norms. That fact has contributed to our closing times being more than 30 minutes shorter, on average, than the norm,” said Niernberg.

 “But it’s not just the number of people at Proper Title, it’s the experience and drive of each of these individuals that allows our firm to elevate people’s expectations of how things are done at the closing table. And that’s good for everyone.”

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

Julie Liedtke, jliedtke@taylorjohnson.com, (312) 267-4521

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

www.propertitle.com.

Hospitality Ventures Management Group (HVMG) On Track for Record Year

Robert S. Cole

ATLANTA, GA (June 8, 2015) – Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel management company, today announced it is in the midst of a record-breaking year, having completed a strategic expansion of its traditional business model. 

     “We have strategically and purposefully positioned ourselves to take full advantage of the ever-changing conditions in the hospitality marketplace,” said Robert S. Cole, HVMG president and CEO.  

“We are a multi-dimensional operating platform, able to provide virtually any service throughout the entire hotel life cycle, from development to maximizing operating performance and creating value through the disposition process. 

          

  "Consistent with our business plan and growth strategy, we strive to be recognized as an expert operator and maximizer of upscale and full-service hotels by delivering excellence in revenue generation, the guest experience and profitability,” Cole added. 

 "We will accomplish that by developing a ‘best-in-class’ revenue platform and becoming an innovative leader in food & beverage, as well as continuing to expand our talent infrastructure.”

       

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

Chris Daly

Daly Gray, Inc.

703-435-6293

chris@dalygray.com

University of Wisconsin-Stout Expands Partnership with Thomson Reuters to Create New Digital Marketing Technology Major

Bob Meyer

MENOMONIE, WI, June 8, 2015--The University of Wisconsin-Stout has expanded their relationship with Thomson Reuters to provide a new undergraduate major in digital marketing technology, which was approved recently by the UW System Board of Regents.

The new degree is a culmination of a partnership between UW-Stout and Thomson Reuters that includes the development of a Web Technology minor, as well as the establishment of the Thomson Reuters Web Development Program Fund at the Stout University Foundation.  

Thomson Reuters helped develop the curriculum and provided classroom instructors for the Web Technology minor, and will continue to do so for the new digital marketing technology major.  

Since 2013, UW-Stout has offered a minor in Web Technology, as well as a minor in Enterprise Technology Systems.  The new degree is built on the curriculum in these minors.

“This is an excellent example of how UW-Stout responds to the needs of business and industry,” said Chancellor Bob Meyer.  “We heard there was a need for graduates with digital marketing skills, and worked hard to a find a way to respond to that demand.”

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

Doug Mell

Executive Director of Communications and External Relations

715-232-1198

melld@uwstout.edu