The Taylor-McMinn Team of Marcus & Millichap Sells $10.35 Million Shopping Center in Atlanta, GA

Crossville Village Shopping Center,

Alpharetta Highway and Holcomb Bridge Road, Roswell, GA

 

Zach Taylor

ROSWELL, GA  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announces the sale of Crossville Village, a 74,790-square-foot shopping center in the north Atlanta suburb of Roswell, Ga. The $10,350,000 sales price equates to $138 per square foot.

            Zach Taylor and Don McMinn, vice presidents investments in Marcus & Millichap’s Atlanta office and principals of the Taylor-McMinn Team, represented the seller and procured the buyer, a private investment group led by John Perlman of Adams & Co. Real Estate Inc. 

            “The center’s affluent demographics, high-traffic location, and attractive return drew a great deal of interest from both local and national investors,” says Taylor. 

“Pricing for grocery- anchored centers and single-tenant properties remains at all-time peak levels and as a result we are experiencing increased demand and significant cap rate compression for unanchored multi-tenant centers with national tenants like Crossville.”

Don McMinn

            The retail center is located at the busy Roswell intersection of Alpharetta Highway and Holcomb Bridge Road. Crossville Village was built in 1978 on 7.5-plus acres and remodeled in 2004. The buyer assumed existing CMBS financing. 

            The Taylor-McMinn Team is a nationally recognized, industry-leading retail investment sales team that specializes in the disposition of net-leased investment properties and shopping centers throughout the United States.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Sells 342-Unit Wichita, KS Apartment Complex

The Shores Apartments, 2701 South Emporia Street, Wichita, KS

Brett Meinzer

WICHITA, KS – 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 The Shores Apartments, a 342-unit multifamily complex in Wichita, Kan.

The terms of the sale were not released.

            Brett Meinzer, associate, Michael Sullivan, senior associate, and Grant Kollman, associate, all in Marcus & Millichap’s Kansas City, Kan. office, along with Alex Blagojevich, vice president investments in the firm’s Tampa office, and David Gaines, vice president investments in the Chicago Downtown office, represented the seller, a private, Florida-based investor.

Alex Blagojevich

The buyer is Kirkland, Wash.-based Weidner Apartment Homes. Greg Bates, associate in the firm’s Kansas City, Kan. office, is Marcus & Millichap’s broker of record in Kansas.

“The transaction was completed all-cash and took less than 45 days to close,” says Meinzer. “After an extensive national marketing campaign to private investors, we received registration for information from over 100 buyers, garnered 11 initial offers and seven ‘best and final’ offers. 

"Based on the trailing 12 months’ net operating income, the sale closed at a 5.84 percent cap rate.”

The property is located at 2701 South Emporia St., approximately three miles south of Wichita’s central business district and near Interstate 235 and U.S. routes 81 and 400.

Built in 1985 on 10.5 acres, The Shores Apartments consists of 19 three-story buildings with 174 one-bedroom/one-bath units and 168 two-bedroom/two-bath units. 

Apartment amenities include spacious floor plans, private patios/balconies, and large, eat-in kitchens with vinyl flooring, dishwashers, disposals and ovens with ranges.

Select units include washers and dryers and fireplaces. Community amenities include a large pool, a clubhouse, a business center, a fitness center, a playground, a tennis court, on-site management and maintenance staff, dry cleaning services and laundry facilities

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

Gina Relva

Public Relations Manager

(925) 953-1716

Manhattan Upper East Side Mixed-Use Asset Hits the Market at $45 Million

  

1313--1315 Third Avenue, Upper East Side, Manhattan, NY

John Stewart

NEW YORK, NY – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has the exclusive right to market for sale 1313-1315 Third Ave., a five-story, walk-up, mixed-use building on Manhattan’s Upper East Side. The listing price is $45 million.

            John Stewart and Michael Sadowsky in Marcus & Millichap’s Manhattan office are representing the seller.

            “In addition to the existing apartments and retail, the property has 34,960 square feet of development rights,” says Stewart. “The building is neither landmarked nor part of a historic district, and the retail tenant has a demolition clause in its lease.”

            The mixed-use investment real estate asset is located between 75th Street and 76th Street at 1313-1315 3rd Ave. with 56 feet of frontage on Third Avenue in New York City. The building contains 32 residential units and one commercial unit.

 There are 31 one-bedroom apartments and one studio. One unit is rent controlled and five are rent stabilized. The remaining apartments are market rate. The commercial tenant, Citarella, occupies approximately 5,250 square feet.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Arranges Sale of 115-Unit Apartment Portfolio in West Palm Beach, FL for $8.49 Million

Harrison Rein

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 a portfolio of 12 apartment properties located in West Palm Beach and Coconut Creek Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office.

The 115 unit-portfolio sold for $8,490,000.

Harrison Rein, an associate, and Robert S. Hunter, a senior associate, in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private investor from Chicago, IL and the buyer, a private investor from Miami Beach, Fla.

“The portfolio presented an opportunity for the buyer, who was in a 1031 exchange looking to expand on their South Florida holdings, to acquire a critical mass of units in close proximity to the Downtown West Palm Beach area,” says Rein.

The portfolio is comprised of nine buildings in West Palm Beach and three buildings in Coconut Creek.  The unit mix consists of six studios, 85 one-bedroom/one-bathroom units, six two-bedroom/one-bathroom units, 16 two-bedroom/two-bathroom units and two three-bedroom/one-bathroom units.

The properties are located at:

·         515 South Sequoia Drive, West Palm Beach, Fla

·         306 N Lakeside Court, West Palm Beach, Fla

·         314 N Lakeside Court, West Palm Beach, Fla

·         311 Pine Terrace, West Palm Beach, Fla

·         315 Pine Terrace, West Palm Beach, Fla

·         1305 Florida Avenue, West Palm Beach, Fla

·         1701 Georgia Avenue, West Palm Beach, Fla

·         1707 Georgia Avenue, West Palm Beach, Fla

·         2716 S. Dixie Highway, West Palm Beach, Fla

·         2724 S. Dixie Highway, West Palm Beach, Fla

·         460 Sunshine Drive, Coconut Creek, Fla

·         470 Sunshine Drive, Coconut Creek, Fla

·         471 Sunshine Drive, Coconut Creek, Fla

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

Ryan Nee

 Regional Manager

Fort Lauderdale, FL

(954) 245-3400

Gelt, Inc. Acquires 628-Unit Apartment Portfolio for $67.5 Million in Salt Lake City, UT Area

Keith Wasserman

Los Angeles, CA – Gelt, Inc., a Los Angeles-based real estate investment and asset management firm, has acquired a 628-unit apartment property portfolio for $67.5 million.

The two-property portfolio is located within the greater Salt Lake City region and includes Miller Estates, a 294-unit property, and Layton Meadows, a 334-unit property.

 Both properties are located in dense, infill areas that are poised for population growth and as a result, increasing demand for rental housing over the next several years. 

Gelt plans to add value to the assets by conducting capital improvements to both the interior units and common areas, as well as implementing an enhanced management program through community building and excellent customer service.

 These strategies will enable the firm to achieve market rents and higher resident retention.

  

Layton Meadows

“We like the Salt Lake City market for investment because of its growing workforce, population, and economic health of the region and the state overall. 

"It will continue to be one of our targeted areas for investment, and we hope to build a portfolio of at least 3,000 units in the greater Salt Lake area over the next couple of years,” said Keith Wasserman, partner with Gelt, Inc.

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

Darcie Giacchetto

949.278.6224

The Carlyle Group Acquires Lauderdale Marine Center, Nation's Largest Yacht Repair Facility

Thad Paul

FORT LAUDERDALE, FL - Global alternative asset manager The Carlyle Group (NASDAQ: CG) announced the acquisition of Lauderdale Marine Center (LMC), the nation's largest yacht repair facility in terms of the number of large vessels it can haul and service. Equity for the transaction comes from Carlyle Realty Partners VII, a U.S. real estate investment fund.

"In partnership with the outstanding management team and staff at LMC, we will build upon LMC's success through growth and continued innovation and superb customer service," said Thad Paul, Managing Director at The Carlyle Group.

 "Favorable demand trends in the mega-yacht industry and the high barriers to entry for new supply in Southeast Florida attracted us to the investment."

 Located in Fort Lauderdale on the New River, visible from I-95 and close to Fort Lauderdale/Hollywood International Airport, LMC is a 50-acre facility consisting of a boatyard, marina and marine service center.

 It accommodates boats up to 200 feet with 19 covered sheds and 156 wet slips, has three marine travel lifts with haul-out capacity up to 330 tons, and features 7,000 linear feet of dockage.

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

Pierson Grant Public Relations

 (954) 776 - 1999

 Daniel Grant, ext. 235

dgrant@piersongrant.com

www.carlyle.com

www.LauderdaleMarineCenter.com.

Real Estate Capital Institute Finds Low Floating Rates Could Still Interest Investors

Jean Peck

Chicago, IL – Real Estate Capital Institute reports the Low-Rate streak may be coming to an end, but by waiting, borrowers are rewarded with low floating rates.

Interest rates steadily climbed since April, fluctuating about 20 basis points and ending at nearly the same levels as a month ago.  This time, the Greek financial crisis takes credit for rates steeply dropping by month's end.

With midyear funding goals and objectives on [or often ahead of] schedule, numerous balance sheet lenders, namely life insurance companies, are hitting their funding goals and objectives.  Many of them cite funding targets in excess of 10% or more.

 These lenders are expected to widen out their pricing as well as tighten underwriting standards, as a result. Since absolute mortgage rates are at already near historical lows, motivation to invest more capital in this sector is now more tempered.

The acquisition market is progressing at a healthy pace with pushes from 1031 exchange buyers and from buyers' growing perception that real estate is moving out of the "alternative asset class" definition.  The increase in rates may somewhat interfere with the downward trend in cap rates.

Greece

Balance sheet lenders are not alone, as mortgage conduits and debt funds expect to also hit post Great-Recession funding targets for the remainder of the year. While no shortage of capital exists, securitized lenders will also widen spreads in response to LifeCo rate increases. 

Borrowers will tolerate rate hikes of 10 to 50 basis points before starting to seriously reevaluating cost-of-capital issues as part of their investment strategies.

The end result?  Expect low mortgage rates for the remainder of the year, but at slightly higher spreads over treasuries.  Conservative, lower leverage loans in nearly all property sectors will enjoy the strongest funding demand, but secondary quality loans will still generate demand as long as cash flow prospects remain strong.

"What is certain is the insatiable appetite for higher-quality, cash flowing commercial real estate," suggests Jeanne Peck of the Real Estate Capital Institute(r).  

"Borrowers are spoiled with lower cost of capital, and owners/sellers with record high prices. Nothing on the horizon will change these conditions for the second half of 2015."

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

Jeanne Peck, Executive Director

director@reci.com

http://www.reci.com