Marcus & Millichap Brokers Sale of Abacoa Corporate Center in Jupiter, FL for $6.95 Million

 

C. Todd Everett

JUPITER, FL,  Aug. 17, 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 Abacoa Corporate Center, a 25,566-square foot office property located in Jupiter, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office.

The asset sold for $6,950,000 equating to $272 per square foot.

Douglas K. Mandel, a senior vice president investments, and C. Todd Everett, SIOR, a director, in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a limited liability company from Melville, NY, and the buyer, a limited liability company from Palm Beach, FL.

  Steven Goldwyn, associate director with Marcus & Millichap Capital Corporation, provided financing.

“The sale of Abacoa Corporate Center is indicative of the strong demand we are experiencing for stabilized assets in high demographic sub-markets like Jupiter and exemplifies the collaborative capabilities of the Marcus & Millichap platform” says Everett. 

Steven Goldwyn

Abacoa Corporate Center is a 100 percent leased, two-story Mediterranean style office building.  The building features high ceilings, access control systems, second floor balconies, crown molding throughout the common areas and lush tropical landscaping.

Located at 1200 University Boulevard on a corner lot, the property is within walking distance to the shops, restaurants and other businesses in Jupiter’s high-end live-work-play district known as Abacoa Town Center.  

Roger Dean Stadium, the winter home to the Miami Marlins and St. Louis Cardinals, is located directly across the street.

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

Ryan Nee

Regional Manager

Fort Lauderdale, FL

(954) 245-3400

HFF secures $10 million in financing for three-property industrial portfolio near Austin, TX

Mona Carlton

DALLAS, TX – Aug. 17, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $10 million in financing for a three-property industrial portfolio totaling 171,058 square feet in the Austin suburb of Round Rock, Texas.

HFF worked on behalf of the borrower, KFG Investment Company, to arrange the 12-year, fixed-rate loan through Unum Life Insurance Company of America.  HFF is servicing the loan.

The portfolio includes three industrial/flex buildings in Round Rock, a suburb 19 miles north of Austin.  

Loan proceeds will be used to facilitate the purchase of AmorRon 6 and refinance Oakmont and Corridor Park.

·     AmoRon 6, 800 Paloma Drive,  51,928 SF, built 1985

·     Oakmont,  2711 Oakmont, 61,542 SF, built 2002

·     Corridor Park Pointe, Building E, 100 Michael Angelo Way, 61,766 SF, built

·     1999

Chad Russell

The HFF debt placement team representing the borrower was led by senior managing director Mona Carlton and associate director Chad Russell.

KFG Investment Company is a privately owned real estate and investment company that includes industrial and multifamily real estate; the development of residential land; and equity investments in real estate related funds and securities. 

The company is headquartered in Southern California with significant holdings in California and Texas.

 Unum is one of the leading providers of employee benefits products and services.  www.unum.com

 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

Charles Dunn Co. Completes $2.65 Million Sale of Multifamily Property in Hollywood Submarket of Los Angeles

Janet Neman

LOS ANGELES, CA, Aug. 17, 2015 – 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 a non-rent controlled, eight-unit multifamily property located at 6123 Eleanor Ave. in the Hollywood submarket of Los Angeles. 

Janet Neman, senior managing director with Charles Dunn Company, represented seller, Eleanor Avenue Properties, LLC. The buyer was Next Tuesday, LLC. The closing cap rate was 5.09 percent and the per-unit price was $331,250.

Built in 1990, the two-story building was 75 percent occupied at the close of escrow and consists entirely of two-bedroom units. An extensive renovation was recently completed on the property that included exterior upgrades and new interior features such as recessed, energy-efficient lighting, flooring, kitchen cabinetry and eco-friendly appliances.

6123 Eleanor Avenue Apartments, Hollywood, CA

 Several units offer views of the Hollywood sign. Situated one block south of Santa Monica Blvd. and one block east of Vine St., the asset is within a densely populated area rich in retail, dining, and entertainment amenities to serve the demands of the local resident and employment base.

“The Hollywood market is thriving and prices for multifamily assets continue to be on the rise,” said Neman. “Because this property was recently renovated and repositioned, it is poised to capture prime rental rates and appreciation in a well-located neighborhood.”

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

Darcie Giacchetto

949.278.6224

www.charlesdunn.com

Multi Housing Advisors Brokers Sale of Apartment Community in Augusta, GA

  

Robert Stickel

ATLANTA, GA (Aug. 17, 2015) — Multi Housing Advisors (MHA) has arranged the sale of Gateway Crossing, a 240-unit apartment community located in Augusta, Georgia.

Robert Stickel, Managing Director of MHA’s Central to Coastal Georgia team based in Atlanta, represented the seller, Giddings Communities Group, in the transaction. LMS Real Estate Investment Management, LLC and Romspen Real Estate Investments, Inc. purchased the property. 

“Gateway Crossing is the premier apartment community in the Augusta market, and provides compelling investment returns,” said Stickel.

 “The property’s strategic location provides access to various job centers throughout Augusta, which has experienced explosive employment growth including more than 14,700 jobs created or announced in the last 26 months. This has created strong fundamentals and investor demand continues to grow in this emerging market.”

Gateway Crossing is located at 601 Giddings Court and features a clubhouse with an Internet cafe, a community garden, resort-style swimming pools with outdoor kitchen and entertainment areas, a state-of-the-art fitness facility and concierge units.

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

Savannah Duncan

The Wilbert Group

404-343-0870

sduncan@thewilbertgroup.com

One Eleven, a Downtown Orlando, FL Tower, Gets a Facelift with New Murals

  

One Eleven, Downtown Orlando, FL

 

Scott Stahley

 ORLANDO, FL (Aug. 17, 2015) – Lincoln Property Company Southeast (Lincoln), with the cooperation of the Orlando arts community, has replaced the 44-foot tall murals covering the parking garage on One Eleven, a 31-story mixed-use high-rise encompassing office, retail and residential space, located in downtown Orlando.

In commitment to enhance the presence of the dynamic Central Florida art community, artists in the surrounding area were asked to submit ideas reflecting the vibrant energy of downtown Orlando to enhance the surrounding community.

Lincoln and the board members of See Art Orlando, including Mayor Buddy Dyer, judged the entries. The pieces chosen are “E Scape in Blue” and “The Universe in my Head” by Marla E and “The Continental Shelf” by Roberto Gonzalez.

“These murals showcase Lincoln’s dedication to the Orlando culture and the Downtown art scene,” said Scott Stahley, Senior Vice President for Lincoln who oversees the firm’s central Florida office. “We are committed to keeping the city beautiful and supporting local artists through our efforts.”

The winning artists will have their work displayed over the streets of Downtown Orland for five years, and will each receive a cash prize of $2,000.

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

Savannah Duncan

The Wilbert Group

404-343-0870

sduncan@thewilbertgroup.com

HFF closes sale of and secures $33.23 million financing for 142-unit independent living facility in Teaneck, NJ

Heritage Pointe of Teaneck, 600 Frank West. Burr Boulevard,
 Teaneck, Bergen County, NJ

Ryan Maconachy

DALLAS, TX – Aug. 17, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and secured financing for Heritage Pointe of Teaneck, a 142-unit independent living facility in Teaneck, Bergen County, New Jersey.

HFF marketed the property on behalf of Lowe Enterprises Investors, acting on behalf of an investment client, to an undisclosed buyer. 

In addition, HFF secured a $33.23 million floating-rate loan on behalf of the buyer through Investors Bank and TIAA Direct, a division of TIAA-CREF Trust Company, FSB.

Completed in 2004, Heritage Pointe of Teaneck is a four-story independent living property that has 45 one-, 94 two- and three three-bedroom units averaging 1,045 square feet each. 

The property is 97.2 percent occupied and includes amenities such as a restaurant-style dining room, exercise room, wellness room, arts and crafts room, card room, resident lounge with fireplace, business center, recreation room, hair and nail salon and tennis courts. 

Heritage Pointe of Teaneck is located at 600 Frank W. Burr Boulevard and is approximately a half of a mile from Holy Name Hospital and near Englewood Hospital and Hackensack Medical Center.

Chad Lavender

The HFF team representing the seller was led by managing directors Ryan Maconachy and Chad Lavender along with senior managing director Jose Cruz, managing director Kevin O’Hearn and associate director Michael Oliver.

HFF’s debt placement team was led by managing director Steven Klein.

 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

www.LoweInvestors.com.

ConAm To Increase National Management Portfolio: Names Julie Brawn-Whitesides as Executive Vice President of its National Property Management Division

  

Julie Brawn-Whitesides

 SAN DIEGO, CA, Aug. 17, 2015 – The ConAm Group (ConAm) is aggressively increasing its national multifamily property management portfolio through both company-owned and third-party fee management assets and has announced the appointment of Julie Brawn-Whitesides as its new Executive Vice President of Property Management as part of that strategy, according to Rob Singh and Bob Svatos, Co-Presidents of ConAm.

Brawn-Whitesides will be a member of the company’s senior management team and will be responsible for overseeing management operations for ConAm’s nationwide apartment portfolio.

“With her strong background in property operations, Julie’s leadership will complement ConAm’s existing platform,” says Singh.  “We are very excited for Julie to lead our property management team, overseeing current and future fee-managed and company-owned assets.” 

Rob Singh

A 22-year veteran of the multifamily industry, Brawn-Whitesides was previously responsible for an 80,000-unit national portfolio as the Executive Vice President of FPI Management. 

According to Svatos, “Julie was instrumental in the growth of her previous company during her tenure there. 

"With this hire, we have found someone who will uphold ConAm’s reputation as an excellent apartment manager of our existing 50,000-unit portfolio, and who will be an important factor in growing our portfolio. 

“As we continue to rapidly acquire company-owned units which she will oversee, Julie will also be seeking out new third-party contracts nationwide.”

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

Lexi Astfalk or Jenn Quader

(949)955-7940

LAstfalk@browermillercole.com

Banker Lopez Gassler P.A. Leases Full Floor at First Central Tower in Downtown St Petersburg, FL

Mia Jarrell

 ST. PETERSBURG, FL – Banker Lopez Gassler P.A. is relocating its downtown St. Petersburg office to First Central Tower later this year. The law firm has leased a full floor, 15,296 square feet, at the building.

The long term lease was brokered by Mia Jarrell of Colliers International.

“After 32 years in the same building, we’re excited to move to an upgraded space where we can work more efficiently together on one floor," said Jeff Winkler,  Banker Lopez Gassler’s St. Petersburg Office Managing Shareholder.

"We selected First Central because we could combine the use of our lease space with the building’s amenities, like the tenant lounge and conference center, for an all-around improved experience for our team."

 “We are executing a complete build out and expect for our 55 St. Petersburg employees to move-in during November.”

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

Tammy Youngman, Asset Marketing, Inc. (813)968-1388

Fifield Cos. Strengthens Amenity List at E2 Luxury Apartmentsin Downtown Evanston, IL; Adds exhale Boutique Fitness Studio

Randy Fifield

CHICAGO, IL  (Aug. 17, 2015) – Chicago-based Fifield Cos. and Carroll Properties have announced premier boutique fitness studio exhale Evanston will open its second Chicago area location at E2 Apartments, the co-developers’ 356-unit luxury apartment project in downtown Evanston, Ill. The ground floor studio is set to open in December 2015.

“We are so proud to join forces with exhale and bring yet another luxury amenity to E2 for residents to enjoy,” said Randy Fifield, vice chairman of Fifield Cos.

“As a premiere boutique fitness studio, exhale is an ideal partner, complementing E2 as a true lifestyle building. With amenities like exhale, E2 continues to demonstrate why the luxury rental lifestyle has become the preferred option for today’s urban dweller.”

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

Kim Manning, kmanning@taylorjohnson.com, 312.267.4527

Cara Mooses, cmooses@taylorjohnson.com, 312.267.4523