Multi Housing Advisors Brokers $44 Million Sale of Apartment Community in Valley, AL

Jimmy Adams

 ATLANTA, GA (Aug. 13, 2015) — Multi Housing Advisors (MHA) has arranged the $44 million sale of Apartments at the Venue, a 618-unit apartment community located in Valley, Alabama.  The buyer was Irinda Capital Management out of Atlanta.

Jimmy Adams of MHA’s Birmingham, Alabama, team and Robert Stickel, who leads MHA’s central to coastal Georgia team based in Atlanta, represented the seller, Haley Real Estate Group, in the transaction.

“As evidenced by the more than 14,000 jobs that have been created nearby since 2010, the immediate area is quickly becoming known throughout the Southeast as a key corridor for the growing automotive industry,” Adams said.

The property is located along the Alabama/Georgia border, 10 minutes from the KIA Motors manufacturing plant in West Point, Georgia.

“This unique investment provided an experienced national investor the opportunity to acquire a property featuring top-quality construction and unparalleled amenities at an exceptional basis with tremendous cash flows,” Stickel said.

Robert Stickel

Ryan Millsap, CEO of Irinda noted, "We bought a very well built asset for an irreplaceable basis.  We believe Kia and the surrounding economy will continue to expand for years to come.  

"The South is thriving and we are thankful to be a part of the economic expansion that is seeing capital from all over the world flow to Southern States."

Apartments at the Venue is located at 100 Sydney St. and features three resort-style swimming pools with outdoor fireplaces and grilling areas, two clubhouses, laundry facilities and a fully equipped fitness center.

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

Savannah Duncan

The Wilbert Group

404-343-0870 (O) 404-901-4433 (C)

sduncan@thewilbertgroup.com

www.usmha.com.

john greene Commercial Introduces Model to Bring Private Homebuilders Back to Work

Tim Greene

CHICAGO, IL (Aug. 13, 2015) – john greene Commercial, a brokerage firm with a 39-year history in the Chicagoland market, announced it has introduced a model to bring private production homebuilders back to work after the recession severely damaged the industry.

 Through a strategic partnership structured by john greene Commercial, the model links capital resources with local homebuilders for a number of planned residential developments in Chicago’s western and southwestern suburbs.

“Our firm has been working with private homebuilders since 1976, many of whom are family-owned businesses like ours, so to see so many leave the industry after the market crash was painful,” said Tim Greene, CEO of john greene Commercial. 

“We’re in a position now to help get them back into the market, and we’re proud to do so.”

 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

Marcus & Millichap Elects Alvin Mansour to Executive Vice President Investments

Alvin Mansour

SAN DIEGO, CA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has named Alvin Mansour an executive vice president investments, according to John J. Kerin, president and chief executive officer, and John Vorsheck, first vice president and regional manager in San Diego. 

Most recently Mansour held the position of senior vice president investments.

            Mansour joined Marcus & Millichap in September 2003 as an agent specializing in the institutional retail and net-leased property sectors and serves as an executive director of Institutional Property Advisors.

He also serves as a senior director of the firm’s National Retail Group and Net Leased Properties Group. Mansour rose to vice president investments in July 2008, first vice president investments in October 2008 and senior vice president investments in July 2009. 

John J. Kerin

Over the course of his career with the firm, he closed over $600 million in investment property transactions.

            “We are pleased to honor Alvin as an executive vice president investments,” says John J. Kerin, president and chief executive officer of Marcus & Millichap.

“Alvin’s achievements reflect his steadfast dedication to providing unrivaled client service, commitment to meeting his clients’ financial goals and expert knowledge of the retail and net-lease property sectors. 

For his contributions to the San Diego office and to the firm, Alvin deserves this prestigious honor.”

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

Gina Relva

Public Relations Manager

(925) 953-1716

Joint venture equity and financing arranged by HFF for downtown Denver open-air mall

Denver Pavilions, 500 16th Street, Downtown Denver, CO

Mary Sullivan

DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged joint venture equity and financing for a recapitalization of Denver Pavilions, a 351,347-square-foot, open-air, regional shopping mall located in downtown Denver, Colorado.

HFF worked on behalf of the owner, Gart Properties, to arrange a joint venture equity partnership with MetLife Real Estate Investors. 

Additionally, HFF placed a 10-year, fixed-rate loan for the partnership with Cornerstone Real Estate Advisers. 

Featuring a mix of restaurants, entertainment venues and national, regional and local retailers, Denver Pavilions is the largest retail shopping center in downtown Denver. 

Renovated in 2010, the 95-percent-leased mall is home to a flagship H&M store – Colorado’s first H&M location – in addition to a newly-renovated United Artists theater, Lucky Strike Lanes, Banana Republic, Forever 21, BareMinerals, Hard Rock Café, Coyote Ugly Saloon, Barnes and Noble and more. 

John Jugl

Complete with a 797-stall, two-level, subterranean parking garage, the three-story mall sits on 3.88 acres and covers two half-city blocks with a building bridge on levels two and three that spans Glenarm Place, the downtown street that bisects the mall.

 Located at 500 16th Street between Welton Street and Tremont Place in downtown Denver, Denver Pavilions is within walking distance to the Colorado State Capitol building, Civic Center Park, the Colorado Convention Center, the Denver Center for the Performing Arts and numerous hotels.

The HFF equity placement team was led by senior managing directors Mary Sullivan and John Jugl.

The HFF debt placement team was led by senior managing director Eric Tupler.

 

“I can’t say enough about Mary, John and Eric,” said Mark Sidell, president of Gart Properties LLC.  “We have enormous respect and confidence in them and the entire HFF team.  This deal, among other recent transactions in Denver, underscores the emergence of Denver as a top-tier city for global retailers and investors alike.” 

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.gartcompanies.com.

www.cornerstoneadvisers.com.

www.metlife.com/realestate.

HFF secures $33 million refinancing for Southern California grocery-anchored shopping center

  

The Village at Nellie Gail Ranch, Laguna Hills, CA

 

James Fowler

IRVINE, CA – Aug. 13, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured a $33 million refinancing for The Village at Nellie Gail Ranch, an 87,561-square-foot, newly-renovated and expanded shopping center anchored by Smart & Final Extra in Laguna Hills, California.

HFF worked on behalf of the borrower, Fred Sands of Vintage Real Estate, to secure the two-year, floating-rate loan with three one-year extensions through Colony Capital.  

Loan proceeds will be used to refinance existing debt and fund capital expenditures related to tenant improvement costs and leasing commissions to lease the limited remaining vacant space.

The Village at Nellie Gail Ranch underwent massive redevelopment between 2013 and 2015, which included adding square footage with the construction of the 20,478-square-foot building for Smart & Final Extra, two additional buildings and a complete renovation and upgrade of the remaining center.

 Tenants of the five-building project include Smart & Final Extra, Chuck E. Cheese’s, Nothing Bundt Cakes, Banfield Pet Hospital, Rita’s Ice, Pharmaca, Laguna Hills Dental and Edible Arrangements.

Greg Brown

 The center is located at the intersection of Moulton Parkway and La Paz Road in Laguna Hills, just off State Highway 73, in an affluent suburban city in southern Orange County, which is seven miles from the Pacific Ocean.

The HFF debt placement team representing the borrower was led by managing director James Fowler and associate director Greg Brown.

“The comprehensive renovation of Village at Nellie Gail Ranch has transformed it into a modern and dynamic retail destination which has attracted a new host of specialty retailers, including Smart & Final Extra, the smaller store format for Smart & Final that focuses largely on fresh meat and a larger selection of organic produce,” Fowler said.

 “This is a welcome addition to the Laguna Hills community and will enhance this pivotal intersection.”

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.vintage-vre.com.

Marcus & Millichap Arranges Sale of Paradise Villas in Hialeah, FL for $3 Million

Adam Duncan

HIALEAH, 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 Paradise Villas, a 21-unit apartment property located in Hialeah, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $3,000,000 equating to $142,847 per unit.

Adam Duncan, a senior associate, and Joseph P. Thomas, a vice president investments, in Marcus & Millichap’s Fort Lauderdale office, and Paul D. Nudelman, a senior associate, and George Jimenez, an associate, in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor from Lighthouse Point, Fla. 

The buyer, a private investor from Miami Beach, Fla, was secured and represented by Arthur D. Porosoff, a vice president investments, in Marcus & Millichap’s Miami office. 

Paradise Villas is a three-story, 21-unit, apartment building comprised of 15 two-bedroom/two-bathroom units and six three-bedroom/two-bathroom units. The property is located at 1461 West 42nd Street, north of Okeechobee Road and east of the Palmetto Expressway in a dense residential neighborhood with many retailers and schools.

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

Ryan Nee

Regional Manager

Fort Lauderdale, FL

(954) 245-3400

Eight-Property Multi-Tenant Retail Center Portfolio Sold by Marcus & Millichap

Brett Chetek

ST. LOUIS, MO, Aug. 13, 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 an eight-property, 338,755-square-foot multi-state shopping center portfolio.

The portfolio sold for approximately $26,200,000 and included shopping strip centers in metro areas of St. Louis, Cincinnati, Memphis, Kansas City, and Indianapolis. 

Brett Chetek, a senior director of Marcus & Millichap’s National Retail Group in St. Louis had the exclusive listing to market the portfolio on behalf of the seller, Robert Walpert, and his limited liability companies.

“I am extremely pleased that the transaction worked out so well for everyone,” says Walpert. “Brett did a great job. I’m a big fan of his and always happy to endorse his work.”

“Brett did an excellent job marketing this portfolio,” adds Matthew Fitzgerald, first vice president and regional manager of Marcus & Millichap’s St. Louis office.

 “The challenge was to find a multi-tenant retail investor who could perform financially and operationally in several different states and with a range of center sizes and tenant profiles. Brett sourced qualified buyers from throughout the country and guided the sale through a lengthy due diligence process to closing.”

  

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

Gina Relva

Public Relations Manager

(925) 953-1716

$10.37 Million Buys Seminole County Single-Tenant Office Building in Longwood, FL

  

Todd Cohen

LONGWOOD, FL,  Aug. 13, 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 a 67,775-square-foot single-tenant office building in Longwood, Fla. 

The asset sold for $10,370,000, which equates to $153 per square foot.

Todd Cohen, an investment sales specialist with more than 20 years in commercial real estate, along with Kirk D. Olson and Drew A. Kristol, vice presidents investments, all in Marcus & Millichap’s Miami office, represented the seller, a private investor. Cohen procured the buyer, a billion-dollar fund of single-tenant assets.

“This was an opportunity to acquire an improved office building occupied by an investment-grade tenant with a brand new 10-year lease,” says Cohen. “The sale includes additional land for the development of a 15,000-square-foot building that provides expansion options for the existing tenant.”

The building is occupied by a prominent tenant that has occupied the building since it was built in 1983. The property is located at 140 Wekiva Springs Road in Longwood.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Dollar Flooring leases 7,100-square-foot retail space in Fort Myers, FL

Ryan Leffler

FORT MYERS, FL  – Dollar Flooring has leased a 7,100-square-foot retail space at 14580 S. Tamiami Trail in Fort Myers.

Ryan Leffler of Colliers International Southwest Florida represented the landlord, Southtrail Properties, LLC. Jack Liptak of VIP Commercial represented the tenant.

“As residential development in Southwest Florida continues to thrive, the demand for flooring and other home goods has increased exponentially,” said Leffler, Director, Office and Healthcare Services for Colliers International Southwest Florida.

 “This property was a good fit for the tenant because of its size, access and visibility from South Tamiami Trail.”

This will be Dollar Flooring’s first location in Southwest Florida.

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

Leah Saunders 

Senior Account Executive

B2 Communications

p 727.895.5030 x104 | c 813.924.0367

www.B2Communications.com

Proper Title Announces Launch of Proper Giving; Charitable program to deliver funding through transactions, employee contributions

Ben Niernberg

                                                                         CHICAGO, IL– Northbrook, Ill.-based Proper Title, LLC, a full-service title insurance agency serving the residential and commercial real estate industries, announced it has launched Proper Giving, a charitable program designed to raise proceeds for Ann & Robert H. Lurie Children’s Hospital of Chicago, as well as other philanthropic organizations.

Since the program’s launch last month, Proper Giving has raised more than $10,000 and expects to raise more than $40,000 by the end of the year. 

“At Proper Title, we have experienced tremendous growth in the two years since the firm’s inception, and feel a responsibility to share that success by helping those in need,” said Ben Niernberg, executive vice president of business development and operations at Proper Title.

“Because we’re making a contribution for every closing transaction, as we continue to grow, so does our positive impact on the children at Lurie’s and their families.”

 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

Passco Companies Acquires 598-Unit Class-A Multifamily Community in Nashville, TN for $93.5 Million

The Lexington Apartments, Bellevue submaket, Nashville, TN

Colin Gillis

NASHVILLE, TN  – Passco Companies, LLC has acquired The Lexington Apartments, a 598-unit, Class-A garden-style multifamily community located in the Bellevue submarket of Nashville, Tennessee for $93.5 million, according to Colin Gillis, Passco Companies’ Director of Acquisitions, Southeast.

“Nashville is one of the fastest growing cities in the country, boasting population and job growth numbers that have outperformed the national average each year post-recession,” explained Gillis. “The Lexington Apartments is a solid acquisition for Passco.”

According to Gillis, the Nashville market is directly aligned with Passco’s current acquisition strategy, through which the company focuses on identifying markets that are poised for significant growth.

The Lexington is located in Bellevue, one of the most attractive submarkets of Nashville, Gillis added, and the closest submarket to the area’s vast urban employment centers.

Vince Lefler of JLL’s Nashville office facilitated the sale of The Lexington Apartments.

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

Corynne Randel / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

CRandel@browermillercole.com

      

Newmark Grubb Knight Frank Completes New Restaurant Lease with Dolce Pane e Vino in The Village at Pacific Highlands Ranch in San Diego, CA

  

 

Randee Stratton

San Diego, CA (August 13, 2015) — Newmark Grubb Knight Frank (NGKF) has completed a new lease with Dolce Pane e Vino, a casual upscale dining restaurant with farm-to-table wood-fired cuisine, a wine bar and hand-crafted cocktails.

The restaurant’s new location will also offer a cheese and wine retail venue as well as curb-side service. 

The 10-year lease is valued at $3.2 million and totals 5,126 square feet at The Village at Pacific Highlands Ranch in the North County Carmel Valley area of San Diego, California.

Dolce Pane e Vino is anticipated to open its doors at 5980 Village Way in November 2015.

Randee Stratton, managing director with NGKF in the firm’s La Jolla office, completed the lease on behalf of Dolce Pane e Vino. CBRE represented the seller, PHR Village, LLC. 

  “The restaurant’s newest location is ideal, as it will be situated in a premier, mixed-use center with a complementary tenant mix that is surrounded by an affluent customer base adjacent to the 56 Corridor,” said Stratton. “Additionally, this market is becoming similar to Silicon Valley, as companies continue to expand along the 56 corridor from the nearby 5 and 15 interstates.”

  Dolce Pane e Vino has one other San Diego location that opened in 2010 in Rancho Santa Fe and has established itself as a local favorite.

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

 http://www.bgcpartners.com/.

www.ngkf.com.