Marcus & Millichap Arranges $208,000 Sale of Alma Street Apartments in New Port Richey, FL

Joshua Teplitzky

NEW PORT RICHEY, FL, June 9, 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 Alma Street Apartments, a 6-unit apartment property located in New Port Richey, FL, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $208,000.

Joshua Teplitzky, Associate, Francesco P. Carriera, Vice President Investments, and Michael P. Regan, Vice President Investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a group of private investors. 

Alma Street Apartments is located at 4615 Alma Street in New Port Richey, FL. The property consists of all two-bedroom/one-bathroom units with 800 rentable square feet. Amenities include central heat and air-conditioning and an on-site laundry facility.

"We received multiple offers on this property, located one block west of U.S. Highway 19 in New Port Richey,” says Teplitzky.  “The capitalization rate was over 10 percent and the new owner plans to increase the rents by approximately $75 on each floor plan,” added Teplitzky. “The buyer was a local investor and plans to capitalize on the month to month leases in place,” concluded Teplitzky.

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

Richard D. Matricaria

Vice President/Regional Manager, Tampa

(813) 387-4700

C&W Brokers Sale of ±360,000-SF Distribution Center in New Orleans, LA

Mike Davis

 NEW ORLEANS, LA – Cushman & Wakefield announced today that it has brokered the $15.5 million sale of 1420 Sams Avenue, a ±358,060-square-foot regional distribution building in New Orleans, Louisiana.

Executive Director Mike Davis, Senior Director Michael Lerner, and Senior Director Rick Brugge represented the seller, Columbus Nova.

Built in 1984, 1420 Sams Avenue is a front-load, dock-high, one-building regional distribution center located in Elmwood Business Park – New Orleans’ largest and most centrally located industrial park.

 The building is one of the largest multi-tenant industrial properties in New Orleans and the only for-lease industrial property in the submarket with active rail. It was 95.6 percent occupied at the time of sale.

“This was a prime opportunity for the seller to bring to market one of the highest quality industrial assets located in the 33-million-square-foot Elmwood Business Park,” said Davis.

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

Mike Davis

Cushman & Wakefield

Executive Director

(813) 223-6300

mike.davis@cushwake.com

HFF closes sale of 3-property select-service hotel portfolio in San Antonio, TX

Hampton Inn & Suites, San Antonio, TX

DALLAS, TX – June 9, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of a three-property, select-service hotel portfolio totaling 313 rooms in San Antonio, Texas.  

John Bourret

HFF marketed the property on behalf of the seller, Barshop & Oles Company.  Silverwest Hotels, LLC purchased the assets for an undisclosed amount unencumbered of management.

The hotels in the portfolio are:  the 118-room Fairfield Inn & Suites San Antonio NE/Schertz, 5008 Corridor Loop in Schertz; the 98-room Hampton Inn & Suites San Antonio/Schertz, 17702 IH-35 North in Schertz; and the 97-room Hampton Inn San Antonio – Northwoods, 2127 Gold Canyon Drive in San Antonio. 

All of the select-service hotels, which opened between 2000 and 2009, feature a business center, fitness room, outdoor pool, complimentary breakfast and meeting space.  All of the assets are located along major traffic arteries in the San Antonio/Austin corridor. 

The HFF investment sales team representing the seller was led by managing director John Bourret and senior real estate analyst Austin Brooks.

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

www.linchris.com.

www.barshop-oles.com.

HFF arranges more than $50 million in financing for Linchris Hotel Corporation in four separate transactions

Holiday Inn Express, Springfield, VT

BOSTON, MA – June 9, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged financing totaling more than $50 million in four separate transactions in a two-month timeframe on behalf of Linchris Hotel Corporation.  

The properties financed are: the Holiday Inn Express Springfield in Springfield, Vermont; the Holiday Inn Express Poughkeepsie in Poughkeepsie, New York; the Howard Johnson Hialeah Gardens in Hialeah Gardens, Florida; and a Wyndham hotel in Andover, Massachusetts.

All of the loans were fixed-rate with the exception of the Hialeah Gardens property, which was floating.  

Greg LaBine

A breakout of the properties and individual loan details is below:

Property     Size                         Term              Lender

• Holiday Inn Express  88 Rooms 10 years Mortgage Stanley Bank, N.A.Springfield, VT                                                                                
• Holiday Inn Express 121 Rooms 10 years Ladder Capital Poughkeepsie, NY
• Howard Johnson 259 Rooms 36 months Marathon Asset Management Hialeah Gardens, FL                                                                             
• (Howard Johnson to be converted to a Holiday Inn)
• 123 Old River Road, 293 Rooms 10 Years East Boston Savings Bank Andover, MA                                                                                       

(Wyndham to be converted to a DoubleTree)

The HFF debt placement team representing Linchris was led by managing director Greg LaBine and real estate analyst Patrick McAneny.  LaBine was also supported by associate director Scott Wadler and real estate analyst Maxx Carney on the Florida transaction.

Scott Wadler

“These deals had quite a lot of variety.  Two were refinances, while the other two were acquisitions that involved significant capital improvements and rebranding of the flags.  

"One involved a leasehold mortgage where the land was held in a common law TIC dating back to 1966.  

"The lenders included two CMBS lenders, a hedge fund and a bank.  There was however one common theme that unified these deals.

  In all cases, Linchris’ track record of providing the highest level of service to their customers while operating their hotels to an exceptional profit margin was the compelling feature that made these transactions a success,” said LaBine.

“We were ecstatic with the funding that HFF was able to procure.  They succeeded beyond our expectations,” added Glenn Gistis, chief financial officer of Linchris Hotel Corp.

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

www.linchris.com.

HFF closes sale of community retail center in Pensacola, FL

Ferry Pass Plaza, 8102 North Davis Highway, Pensacola, FL

ORLANDO, FL - June 9, 2015 -  Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Ferry Pass Plaza, a 115,198-square-foot community retail center in Pensacola, Florida.

Brad Peterson

HFF arranged the sale of the property on behalf of the seller, Phillips Edison & Company.  Albanese Cormier Holdings purchased the asset free and clear of existing debt.

Ferry Pass Plaza is situated on a dominant 12.3-acre corner at 8102 North Davis Highway near where it intersects with Interstate 10.  

North Davis Highway (SR 291) is one of the primary retail corridors in Pensacola with traffic counts exceeding 60,500 cars per day. 

The center is across the street from West Florida Hospital and less than three miles from the University of West Florida.  Anchor tenants of the 96.9-percent-leased center include Ross Dress for Less, Dollar Tree and Dirt Cheap. 

The HFF investment sales team representing the seller was led by senior managing director Brad Peterson and associate director Whitaker Leonhardt.

“HFF has been extremely active in the Florida Panhandle and continues to see a healthy amount of interest in the region from investors,” Peterson said.  “Ferry Pass Plaza presented a unique opportunity to invest in high-quality real estate in a tightly-concentrated Pensacola submarket with the future opportunity to add value or re-position the asset.”  

 

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

www.AlbaneseCormier.com

 www.phillipsedison.com.

Brighton Mews Hits 50-Percent-Sold Milestone in Downtown Park Ridge, IL

Jerry S. James

CHICAGO (June 9, 2015) – Glenview, Ill.-based homebuilder and developer Edward R. James Homes has announced that Brighton Mews, a 29-unit townhome development in the heart of downtown Park Ridge, Ill., has reached the 50-percent-sold milestone. 

The development, located at 303 S. Northwest Hwy, opened sales last fall.

“The townhomes at Brighton Mews not only deliver a functional floor plan, top-tier finishes, and private outdoor space, but are located in one of the most sought-after locations in Park Ridge,” said Jerry S. James, president of Edward R. James Homes.

 “We’ve seen a variety of buyers, from empty-nesters seeking walkable, maintenance-free living, to young professionals who’ve left the city for a thriving, yet affordable, urban location with access to public transportation, entertainment and recreation.”

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

Crossman & Company welcomes Senior Leasing Associate Michael Rautbord to Boca Raton, FL office

Michael Rautbord

Boca Raton, FL – Crossman & Company welcomes Michael Rautbord to its Boca Raton office, where he will serve as a Senior Leasing Associate.

Michael joins Crossman & Company with nearly 20 years of real estate experience. He most recently served the past 14 years with Urban Retail Properties in Boca Raton, where he exclusively oversaw the leasing of more than 25 community centers in Florida and Georgia and was responsible for lease negotiations, lease administration, shopping center development and third party ownership relations.

“We are excited to have Michael join Crossman & Company’s Boca Raton team, where his leasing experience will serve as a valuable asset,” said Crossman & Company President, John Crossman.

Michael can be reached at (561) 346-2737 or at mrautbord@crossmanco.com.

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

Sydnie Cobb

 Crossman & Company

 scobb@crossmanco.com

 407.581.6261

Hold-Thyssen Completes $9.2 Million Sale of Office Building in Affluent Marina area of Ft. Lauderdale, FL

Robert P. Hold

Ft Lauderdale, / Winter Park Fla. --- Hold-Thyssen, Inc., a commercial real estate services firm based in Winter Park, recently completed the $9,200,000.00 sale of a 36,040 square foot office building on the affluent 17th Street marina area of Ft. Lauderdale.

Robert P. Hold, principal at Hold-Thyssen and an owner of the office building, brokered the transaction representing the seller, 1600 17th St. Causeway LLC.   

The building was previously purchased by Hold and partners in 2005 for $7,300,000.00 and they targeted tenants in the maritime and related industries. 

The property which was purchased by Sixteen Hundred Seventeenth, LLC was 100 percent leased at the time of the sale.  Tenants include HSBC Bank and a number of maritime industry companies.

Hold-Thyssen provides commercial property and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

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

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

The Courtyard by Marriott Kauai at Coconut Beach Named “Best of the Best”

  

Courtyard by Marriott Kauai at Coconut Beach,
Kapaa, Hawaii

KAPAA, Hawaii – June 9, 2015 – What do the following USA Today’s 10 Best categories have in common: Best Romantic Hotels on the Garden Island; Best Budget Hotels on Kauai; Best Beach Front Hotels on the Garden Island; and Best Luxury Resorts on Kauai? The Courtyard by Marriott Kauai at Coconut Beach was featured in every listing.

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

Heather Popp, Director of Revenue Management

 Courtyard Kauai at Coconut Beach

 1-808-822-3455

Marcus & Millichap Brokers $6.37 Million Sale of club at Lake Jackson Apartments in Tallahassee, FL

Michael Donaldson

TALLAHASSEE, FL, June 9, 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 Club at Lake Jackson, a 120-unit apartment property located in Tallahassee, FL, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. 

The asset sold for $6,375,000.

Michael Donaldson, Vice President Investments, and Nicholas Meoli, Associate Vice President Investments, in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a bank/financial institution. 

 The buyer, a limited liability company, was secured and represented by Nicholas Meoli and Michael Donaldson. 

Club at Lake Jackson is located at 5001 Lake Front Drive in Tallahassee, FL.  

The 120-unit, class “B”, garden-style apartment community is located off of North Monroe Street (US-27) in a nature preserve that is situated next to Lake Jackson, a six-mile prairie lake known for its abundance of wildlife and scenic views. 

Nicholas Meoli

Residents are attracted to the suburban, tranquil, natural surroundings while still being within short commutes to Tallahassee’s major employment, entertainment and educational destinations.

“The Club at Lake Jackson attracted a tremendous amount of interest from the market due to the community being an excellent repositioning opportunity as a result of the recent foreclosure,” says Donaldson. 

“With a unit mix of 80 percent two- and three-bedroom floor plans just under a 1,000 square foot average and being situated next to a 43 acre park, the property has the ability to obtain substantially higher rents and occupancy level through additional renovations to the property.”

“As a result of our emphasis on this upside, our thirty day national marketing campaign generated approximately 200 registered buyers from 31 states and five countries which resulted in 21 offers on the property,” says Meoli. “We ultimately sold the asset to a Sarasota based group that closed in less than 30 days.”

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

Contact: Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

Faris Lee Investments Completes $4.6 Million Sale of a Retail Center in Kenosha, WI

  

Windsor Pointe shopping center, Kenosha, WI

IRVINE, CA, June 9, 2015 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $4.6 million sale of Windsor Pointe, a 13,965-square-foot, fully occupied multi-tenant retail center in Kenosha, WI.

The property is within I-94/Highway 50 Regional Town Center which includes Best Buy, Woodman’s Markets, Gander Mountain and other regional and national tenants.

Jeff Conover, senior managing director with Faris Lee Investments, represented the seller, San Diego-based Windsor Pointe Investors. The buyer, Connecticut-based REI Advisors represented itself in the transaction. The closing cap rate was 7.86 percent.

“Faris Lee marketed this property as a secure and stable investment with seasoned tenants in a high-growth trade area with double digit cash-on-cash returns,” said Conover. “The asset was sold to a private, East Coast investor at $329-per-square-foot.”

Jeff Conover

This sale marks the seventh retail property sale in Kenosha that Conover has completed over the past 24 months.

Built in 2004 and situated on 2.26 acres at 7201 120th Ave., the property is within the area’s dominant shopping center and is adjacent to the new I-94/Highway 50 split diamond interchange providing easy access and unobstructed exposure to more than 109,000 vehicles per day.

Kenosha is Wisconsin’s fourth largest city with an annual population increase of 6.8 percent over the past 13 years. The area is heavily tied to the Milwaukee and Chicago markets and is situated almost directly in between the two cities.

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224