RISE Announces Construction Starts on Three On-Campus University Housing Projects

 

Greg Blais

Valdosta, GA – RISE: A Real Estate Company announced it has started construction on a 425-bed student residence hall at New Jersey City University, a 599-bed student housing community on the Millersville University campus, as well as a 421-bed mixed-use residence hall on the campus of Western Carolina University. 

All three projects will be delivered for student occupancy in advance of the Fall 2016 semester. 

Formerly known as Ambling University Development Group, the recently rebranded Valdosta, Georgia-based developer broke ground at New Jersey City University (NJCU) in Jersey City, New Jersey on March 17, at Millersville University in Millersville, Pennsylvania on May 11, and most recently at Western Carolina University (WCU) in Cullowhee, North Carolina on June 9.

“These three partnerships exemplify what RISE strives for with each on campus development – distinctive, transformative assets,” said Greg Blais, president of RISE. “Our friends on each of these campuses had tremendous vision that will result in first-class living communities when completed in August 2016; RISE is very proud of our association with each of these three outstanding institutions.”

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

Hadley Creekmuir

404-343-4080

hcreekmuir@thewilbertgroup.com

www.RiseRE.com.

                                                                  

JLL Closes Land Sale in Phoenix, AZ for $300 Million ‘Ten’ Industrial Project

Anthony Lydon

PHOENIX, AZ – On behalf of Irwin G. Pasternack + Associates, the Phoenix office of JLL has completed a land deal that assembles 215 acres at I-10 and 83rd Avenue in Phoenix for TEN – a mega $300 million mixed-use business park.

When complete, the project will become the largest freeway industrial employment site in Phoenix.

Irwin Pasternack serves as the property owner, architect and developer. JLL Managing Directors Anthony Lydon and Marc Hertzberg represented Pasternack in the land purchase and serve as the project’s exclusive leasing brokers.

The team expects to have at least one major, million-plus-square-foot industrial building under construction within the next 12 months.

“This is absolutely the best location for an Arizona industrial project,” said Pasternack.

“It has premier freeway frontage at the intersections of Interstate 10 and the Loop 101, is on route from the docks in California to the rest of the country, enjoys tremendous corporate neighbors and a massive footprint large enough to handle any corporate need in the marketplace.

“We will compliment that development with retail services such as gas, food and neighborhood retail, to create a full-service offering and a great place to work for companies and their employees.”

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

NAI Realvest Brokers Sale of Industrial Condo for New Orlando Location of Lakeside Occupational Medical Centers

  

George Livingston

ORLANDO, FL --- NAI Realvest recently negotiated the sale of an industrial condo with 2,907 useable square feet at Sunport Commerce Center located off of Sand Lake Road near Orlando International Airport at 8010 Sunport Drive.  

NAI Realvest broker associate Drew Saphos, CCIM, principal Christie Alexander, and chairman George Livingston brokered the transaction.   The seller was Miami-based Orlando Sunport FlexxSpace Ltd. 

A Largo Florida corporation and division of Lakeside Occupational Medical Centers, 8010 Sunport Dr #116 LLC, purchased the property for $218,025.00 to open a new Orlando location of Lakeside Occupational Medical Centers. 

 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

Emerson International Names Assistant Property Manager

 

Adam Beech

Altamonte Springs, Fla. – Emerson International has named Adam Beech assistant property manager.

Kenneth Koch, director of leasing for Emerson, said Beech earned a Bachelor’s in Business Management from the University of Central Lancashire in the United Kingdom.  

Prior to joining Emerson International, Beech was a manager for K+M Leisure in Manchester, U.K. 

In his new role as assistant property manager for Emerson, Beech will oversee the company’s properties in Central Florida including inspections, monitoring of maintenance and work orders and assist tenants. 

Emerson International is a wholly owned subsidiary of The Emerson Group, the global corporation that is one of the largest privately-owned property development companies in the U.K. 

 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

NAI Realvest Negotiates New Lease of 5,000 Square Feet of Industrial Space in Winter Garden, FL for Aquatic Systems

Kristen Kemp

ORLANDO, FL– NAI Realvest recently negotiated a new lease agreement totaling 3,000 rentable square feet of industrial space at 1319 Green Forest Court  in Winter  Garden.

Michael Heidrich, a principal at NAI Realvest and Associate Kristen Kemp negotiated the lease representing the tenant, Aquatic Systems, Inc., a Pompano Beach-based lake and wetlands management services firm.

The landlord is Matrix Development, Inc based in Oakland, Fla. 

 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

Portico Place II in Chandler, AZ Secures Hanjin Shipping as Anchor Tenant

John Pierson

PHOENIX, AZ  – Portico Place II, a 48,173-square-foot Class A multi-tenant office

building in Chandler, Az. has secured its first tenant, Hanjin Shipping, a transportation logistics

firm that will occupy 37,669 square feet.

Hanjin Shipping will take up 78 percent of the building’s overall space, occupying the entire

second floor and half of the first floor. 

Portico Place II officially opened in April and is located at 2195 W. Chandler Boulevard; it is the first speculative, multi-tenant office building of its size developed in the Valley in nearly six years.

JLL represented Hanjin in its lease negotiations; Lee& Associates represented the property owner, Irgens.

“We’re extremely pleased to have Hanjin Shipping make Portico Place II its home,” said Jason Meszaros, vice president and market manager for Irgens, the building’s developer and property manager. “This is further evidence of businesses committing to investment and expansion in the Southeast Valley, and we expect to see more of it in the coming months.”

“Hanjin looked at all office options in the area to meet the expansion needs of its existing – and growing – regional operations center in Chandler,” said JLL Managing Director John Pierson.

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

Phill Trewyn

Mueller Communications, Inc.

(414) 390-5500

(414) 719-2650 (mobile)

ptrewyn@muellercommunications.com

Charles Dunn Co. Completes $2.65 Million Off-Market Sale of Office Building to Owner-User in Burbank, CA

Stacy Vierheilig-Fraser

LOS ANGELES, CA  – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $2.65 million sale of an 8,633-square-foot office building located at 1100 N. Hollywood Way in Burbank, Calif. in an off-market transaction.

Stacy Vierheilig-Fraser of Charles Dunn Company represented the buyer, Bang Zoom! Entertainment. The seller, KBD Investments, LLC, represented itself.

“Bang Zoom! Entertainment, a post production company, has been a tenant in the building for the past 13 years,” said Vierheilig-Fraser. “I worked with the buyer to negotiate a transaction that benefitted both parties.

“More than ever, with interest rates still low and rents on the rise, Los Angeles-area businesses are seeking owner-user scenarios in order to give them long-term real estate stability. It is a very tight market and many of these deals happen off-market.”

Eric P. Sherman, CEO + President of Bang Zoom! Entertainment, noted that the company will occupy 75 percent of the building for audio, video and animation services for a variety of clients including Disney, WB and Cartoon Network. The remainder of the space is occupied by an audio post production company.

  

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

Darcie Giacchetto

949.278.6224

Hunter Advises on Sale of 15-Hotel Portfolio Between Pinnacle Hotel Management and the Blackstone Group

Teague Hunter

ATLANTA, GA —Hunter Hotel Advisors announced it represented Pinnacle Hotel Management (PHM) in the sale of a 15-hotel, select-service portfolio comprised of Marriott- and Hilton-branded hotels for $203 million to the Blackstone Group.  

Nine of the hotel transactions already have closed, with the remaining six scheduled to close in November. 

Hunter’s Washington, D.C., and Atlanta offices worked together on the transaction, led by Teague Hunter, president, Mark Morris, senior vice president and Kyle Stevenson, senior vice president.  

            “At this point in the cycle, premium, select-service portfolios are scarce, allowing Pinnacle to take advantage of prices hovering around all-time highs,” said Hunter.  “Nine months in the making, this complex transaction served the future growth plans of both parties.”

            The 15 hotels are concentrated in dynamic growth markets along the Eastern Seaboard throughout New England, the Mid-Atlantic states, Fla., and Calif.

Mark Morris

“The sale of this portfolio allows us to recycle capital while retaining long-term management agreements,” said Ron Franklin, PHM president/principal. 

“We will use the proceeds to reinvest in new assets that can benefit from our ability to add value through investment, repositioning and strong management. 

"We look forward to expanding on our relationship with Blackstone,” said Steve Fairbanks, PHM principal and CIO.

            “Industry forecasts remain positive for the next several years, creating unique opportunities for both buyers and sellers,” said Morris. 

“We were pleased to help both the buyer and the seller execute on their long-term goals.  Creativity in deal-making and the ability to move quickly are the key elements in today’s hotel marketplace.”

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

Martha Seabrook

Marketing Director, Hunter Hotel Advisors

(404) 725-5854

Hotel Zephyr Collaborates with California Fashion Designer Melissa Fleis to Create Casual, Luxe Hotel Uniforms

Melissa Fleis

 San Francisco, CA –  Hotel Zephyr, San Francisco’s newest boutique hotel, has teamed up with California based fashion designer Melissa Fleis to break the mold of the traditional hotel uniform.

Drawing inspiration from the property’s unique and playful maritime design, envisioned by the acclaimed Dawson Design Associates, Fleis created a uniform collection which embraces industriousness and the laid back vibe that defines San Francisco.

Carmen Cruz

She worked with California based vendors to create designs which are unique, yet complementary as each piece is part of a cohesive story.

The front desk uniform is modern and multi-functional, featuring chic gray blazers with removable hoodies paired with jeans and a relaxed graphic t-shirt, creating a blended casual yet professional theme.

Guests can also expect to find bellmen outfitted with hand-sewn slate-colored hoodies and housekeeping in customized denim dresses and jackets. 

Fleis used harmonizing materials from cotton blends and French terry, to fleece yoga fabrics and denim, creating a style that is comfortable and professional. 

“Hotel Zephyr wouldn’t be what it is without our staff embracing our vision of exploration and adventure. These uniforms reflect that mindset,” said Carmen Cruz, general manager. “One of my favorite pieces is the blazer for the front desk managers. The design is approachable and strong; something to be proud to wear as we stake our claim in the San Francisco hotel scene.” 

Hotel Zephyr lobby, San Francisco, CA

The team will be showcasing the uniforms during the official launch party for Hotel Zephyr, on July 23. 

“Designing these uniforms was exciting, as it gave me the opportunity to combine my childhood, growing up on the shores of Lake Huron, with many years in the art and design world of San Francisco,” said Fleis.

Hotel Zephyr is in the heart of Fisherman’s Wharf and is the closest property to Pier 39 for world-class shopping and dining. It is within walking distance to the Alcatraz ferries, Ghirardelli Square and close to many convenient transportation options, including the famed San Francisco cable cars.

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

Christina Khoury, WCG

(612) 806-0757 - ckhoury@wcgworld.com

http://www.hotelzephyrsf.com.

$10 Million Buys Multifamily Asset in Northern San Diego County, CA

Christopher Zorbas

CARLSBAD, CA – 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 Laguna Palms, a 45-unit, garden-style apartment building in Carlsbad, Calif. 

The $10 million sales price equates to $222,222 per unit.

            Christopher Zorbas, senior vice president investments, and Tom McCartin, vice president investments, both in Marcus & Millichap’s San Diego office, represented the seller and secured the buyer.

            “Built in 1973, Laguna Palms is positioned to benefit from the continuation of its renovation program,” says Zorbas. “The new owner can add significant value by upgrading unit interiors and enhancing the exteriors.”

            The property is located at 935 Laguna Drive in Carlsbad near major transportation arteries. Carlsbad is a coastal community 35 miles north of San Diego surrounded by mountains, lagoons and the Pacific Ocean. The city has more than seven miles of beach and coastline and over 150 acres of developed park land, which provide recreation year round.

            The unit mix at Laguna Palms is 24 one-bedroom/one bath-apartments, 20 two-bedroom/one-bath apartments and one two-bedroom/one-bath house.

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

Gina Relva

Public Relations Manager

(925) 953-1716

$18.35 Million Buys Pinellas County, FL Manufactured Home Community

Dan Mulkey

PALM HARBOR, FL – 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  a 213-space, 55-plus age-restricted manufactured home community in Palm Harbor, Fla. 

The $18,350,000 sales price equates to $86,150 per space.

            Dan Mulkey, vice president investments in Marcus & Millichap’s Tampa office, represented the seller and procured the buyer.

“Located close to shopping, transportation and beaches, the property is a well-maintained manufactured home community providing annual rental increases,” says Mulkey. “The park was 100 percent occupied at the time of the sale.”

Built in 1985 on approximately 28 acres, the property is located in a residential neighborhood in Palm Harbor. The community features all double-wide homes. All sites have paved drives and carports. Community amenities include a large recreation building with a commercial kitchen, library, billiards, cards and exercise rooms; a heated pool; a lake with fountains; shuffleboard courts, and  a horseshoe pitch and park area.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Brokers Record-Breaking Price of $18.825 Million for South Florida Self-Storage Facility

Michael A. Mele

HOLLYWOOD, FL – 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 Emerald Hills Extra Closet Self Storage, a 128,797-net-rentable-square-foot, 1,970-unit self-storage facility in Hollywood, Fla. 

The $18,825,000 sales price equates to $146 per square foot.

              Michael Mele, senior vice president investments, and Luke Elliott, associate, both in Marcus & Millichap’s Tampa office, represented the seller and procured the buyer.

            “The sales price is the highest paid for a single self-storage property in Florida to date,” says Elliott. “The seller did a phenomenal job maintaining the facility and it will make a tremendous addition to the buyer’s portfolio.”

“We had over nine offers from qualified buyers and significant interest from many other investors during our marketing process,” adds Mele. “The sale shows that well-maintained, well-located assets can command substantial premiums in the current market.”

Luke Elliott

            The property is located on approximately 7.4 acres at 3090 Sheridan St. in Hollywood, Fla., one-tenth of a mile west of Interstate 95. Sheridan Street has traffic counts of 43,500 vehicles per day.

           Emerald Hills Extra Closet Self Storage was constructed in 1991, expanded in 1998 and features additional land for more expansion. The facility has climate-controlled and non-climate controlled units, business records storage, recreational vehicle parking, video surveillance and electronic gate access

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Arranges Sale and Leaseback of two single-tenant office buildings in Jacksonville, FL and Charlotte, NC

Acosta Inc. Headquarters, 6600 Corporate Center  Parkway, Jacksonville, FL

 

Douglas K. Mandel

JACKSONVILLE, 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 Acosta Inc.’s corporate headquarters in Jacksonville, Fla., and its regional headquarters in Charlotte, N.C.

 The Jacksonville property sold for $15,790,427 and the Charlotte property sold for $9,310,000.

Douglas K. Mandel, a first vice president investments in Marcus & Millichap’s Fort Lauderdale office, represented the seller, Acosta Inc., and also secured both buyers. 

A New York-based REIT purchased the Jacksonville asset and the property in Charlotte was acquired by a partnership from San Diego, Calif.

“The combination of the strength of Acosta’s corporate guarantee, the properties’ physical locations and today’s strong lending environment made these offerings very attractive,” says Mandel.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Arranges Record-Breaking Los Angeles, CA Multifamily Sale

Villa Montana Apartments, 11611 Montana Avenue, Brentwood Neighborhood,
West Los Angeles, CA

 

Ronald Harris

LOS ANGELES, CA  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announces the sale of Villa Montana, a 20-unit apartment property at 11611 Montana Avenue in West Los Angeles’ Brentwood neighborhood.

The $20.05 million sales price equates to $1,002,500, the highest price per unit ever paid for a Los Angeles apartment building not adjacent to the ocean.

            Marcus & Millichap executive vice presidents of investments Ron Harris and Greg Harris, along with associate vice president investments Paul Darrow, represented the seller, Ken Kahan of California Landmark.

Harris, Harris and Darrow also procured the buyer. The new owner is a private investor who exchanged into Villa Montana after selling a property in New York City. The property was acquired without debt.

Kevin Green, Joseph Grabiec, and Michael DiSimone were also part of the listing team.

Gregory Harris

“Built in 2005 and offered by the original developer, Villa Montana drew a great deal of interest from throughout the multifamily investment community,” says Ron Harris. 

“The asset’s Spanish Revival-style apartment homes were designed and developed to meet condominium specifications and would be difficult to replicate in Brentwood today.”

“We built Villa Montana with care, quality and attention to detail,” comments Kahan. “We are extremely pleased with the sale and believe that the buyer still has tremendous upside as the marketplace continues to improve.” 

“This sale is a true testament to the strength of the apartment market and an indication of where investors see rents trending,” adds Darrow.

 “Villa Montana could have been bought and the apartments immediately sold individually as condominiums as Brentwood is a highly affluent market that would have easily absorbed $1 million and higher condominium price points. 

"However, apartment investors’ bullish outlook on apartment rent growth made them far more competitive than condominium converters.”  

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

Gina Relva

Public Relations Manager

(925) 953-1716