Berger Commercial Realty Broker Steve Hyatt Closes Sale of Broward Lakes Business Park Property in Sunrise, FL for $600,000

Steve Hyatt

FORT LAUDERDALE, FL (Aug. 20, 2015) - Senior Vice President Steve Hyatt of Berger Commercial Realty, a full service commercial real estate firm based in South Florida, recently represented Ken Custer of Custer Capital, LLC for the sale of a property within Broward Lakes Business Park to Schaller Automation, LP for $600,000.

Located at 811 Shotgun Road in Sunrise, the 3,375-square-foot office / warehouse condo consists of 1,625 square-feet of office space and 1,750 square-feet of open warehouse space.

 It features upscale finishes in the office and showroom areas, a 22-foot ceiling, two bathrooms, a large eat-in kitchen area and one grade-level drive-in door.

Represented by Realty Associates, Schaller Automation is an international corporation that provides diesel engine monitoring and security systems to protect large engines from crankcase explosions.

811 Shotgun Road, Sunrise, FL

The German-based company supplies Visatron oil mist detector systems to over 40,000 large diesel, gas and dual fuel engines in marine, offshore and land-based power plants worldwide. Locally, Schaller Automation services cruise ships docked at the major ports in South Florida.

"The buyer liked the property because of its close proximity and easy access to Port Everglades and Port of Miami," said Steve Hyatt. 

"Because of the property's versatility as a showroom, warehouse and office space, Schaller Automation plans to use the building as a base for regional offices and a testing center."

The property is located on the corner of I-75, I-595 and the Sawgrass Expressway within the 120-acre Broward Lakes Business Park, a master-planned and controlled business park consisting of multi-tenant flex, office and industrial space.

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

 954-776-1999

Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Marielle Sologuren, ext. 226, msologuren@piersongrant.com

Lincoln Buys 196,488-Square-Foot Shopping Center in Louisville, KY for $36 million

  

Jeffeerson Commons Shopping Center, Louisville, KY

  

ATLANTA, GA (Aug. 20, 2015) – Lincoln Property Company Southeast (Lincoln) has acquired the 196,488-square-foot Jefferson Commons, a neighborhood shopping center located in Louisville, Kentucky on behalf of American Realty Capital - Retail Centers of America I & II, a publicly registered, non-traded REIT. GBT Realty Corp. sold the property for $36 million.

Jefferson Commons is conveniently located minutes from I-65, I-265 and the Louisville International Airport. Academy Sports + Outdoors anchors the center, and additional retailers include hhgregg, Michaels and Shoe Carnival.

Tony Bartlett

American Realty Capital – Retail Centers of America I & II seeks to acquire existing anchored, stabilized, retail properties, including power centers, lifestyle centers, grocery-anchored shopping centers and other need-based shopping centers located in the United States. The REIT currently owns more than 25 properties across the country.

“The retail sector continues to show strong signs of improvement, and well-tenanted assets in good locations are in high demand,” said Tony Bartlett, senior vice president of Lincoln. “Jefferson Commons includes an excellent tenant mix and a centralized location that was appealing to us as a buyer.”

For more information on the Southeast Region of Lincoln Property Company, please visit www.lpcsoutheast.com

To check out the blog, go to www.lpcsoutheast.com/blog.

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

Savannah Duncan

The Wilbert Group

404-343-0870

sduncan@thewilbertgroup.com

American Realty Advisors Sells Three-Building Office Complex in Prime Boston Submarket

  

10, 40, and 52 Second Avenue Office Complex, Waltham, MA

WALTHAM, MA – American Realty Advisors announced the sale of an office complex comprising 294,663 square feet located in Waltham, Massachusetts. 

The office complex is located at 10, 40, and 52 Second Avenue in Waltham, Massachusetts.  The property is accessible via exit 27 off Route 128, providing excellent visibility on Second Avenue and convenient access to Route 128, according to American.

Scott Darling

The property, which was sold to a strategic buyer for an undisclosed amount, consists of three buildings that are situated in one of the Boston metro’s premier suburban markets, according to Scott Darling, President of American Realty Advisors.

“There is currently tremendous investor interest in high-quality Boston area office assets and this is driving prices to a premium,” said Darling. “Investors are willing to stretch for well-located premium assets with long term income stability.

“With a favorable market climate and our strategic management of the asset, American was able to achieve a favorable disposition execution.  This was clearly the ideal time to sell this property.”

Prior to the sale, American successfully extended the lease term with the existing anchor tenant.  The asset was 94% occupied at time of sale. 

Major leases in the property include its primary tenant, Massachusetts General Physicians Organization, Inc. and National Grid, the office complex’s second largest tenant. 

“We stabilized a steady stream of income and significantly enhanced the property’s value during our ownership,” continued Darling. “This increased and stable NOI was a key factor in strengthening the value of the asset.”

  

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

Lexi Astfalk / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

LAstfalk@browermillercole.com

 www.americanreal.com.

Marcus & Millichap Brokers Sale of 10-Unit Illinois Avenue Apartments in Fort Myers, FL

Adam Podbelski

FORT MYERS, FL, Aug. 20, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Illinois Avenue Apartments, a 10-unit apartment community located in Fort Myers, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

 The asset sold for $465,000.

Adam Podbelski, associate, Nicholas Meoli and Michael Donaldson, both vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer was secured and represented by Podbelski, Meoli and Donaldson. 

Illinois Avenue Apartments is a 10-unit apartment community consisting of a two-story building located at 2150 Illinois Avenue in Fort Myers, Florida.

Nicholas Meoli

Built in 1966, the structure is comprised of seven, one-bedroom/one-bathroom units with approximately 650 rentable square feet and three, two-bedroom/one-bathroom units with approximately 850 rentable square feet.

Sitting on an approximately 0.40 acre lot just a quarter-mile from the Edison and Ford Winter Estate, Illinois Avenue Apartments features tile flooring in all units, garden-style porches and an on-site laundry facility.

“The demand for multifamily product in Lee County, especially the downtown and River District of Fort Myers, has consistently increased over the past year,” says Podbelski. “Illinois Avenue Apartments is a great example of this as we closed with an all-cash buyer within 30 days of going to contract.”                              

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

 Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

$21.75 million sale of Vancouver, WA apartment community closed by HFF

The Addison Apartments, 7531 NE 18th Street, Vancouver, WA

 

Ira Virden

 PORTLAND, OR – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $21.75 million sale of The Addison, a 147-unit, garden-style apartment community in Vancouver, Washington.

HFF marketed the property on behalf of the seller, JB Matteson.  Jackson Square Properties purchased the asset free and clear of existing debt.  

HFF had previously secured fixed-rate financing for the property on behalf of the seller in 2011.

The Addison is located at 7531 NE 18th Street less than two miles from Interstate 205 and approximately 14 miles northeast of downtown Portland.  Completed in 2009, the property is 99 percent leased and has one-, two- and three-bedroom units.

Kerry Hughes

 Community amenities include a 24-hour fitness center, tanning bed, barbecue and picnic area, detached garages/carports and access to nearby walking trails and public transit.

The HFF investment sales team representing the seller was led by managing director Ira Virden and associate director Kerry Hughes.

 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.JBMatteson.com

Capital Square Realty Advisors Completes DST Offering of 7-Building Retail Center in Southern California

  

 

Louis Rogers

PALM SPRINGS, CA (AUG. 20, 2015) – Capital Square Realty Advisors, LLC announced that its Delaware Statutory Trust offering, CSRA Komar Desert Center, DST, comprised of a seven-building retail center in Southern California, has been fully subscribed by investors.

“Komar Desert Center is a daily needs shopping center with the advantage of an excellent location in an affluent area along the highly trafficked Highway 111 corridor,” said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors.

 “We couldn’t be more pleased this DST investment is fully subscribed and are enthusiastic about providing a variety of DST opportunities for Capital Square’s investors.

“With the economy recovering in the Coachella valley, Komar Desert Center has the potential to provide investors with superior risk adjusted returns from a net leased multi-tenant investment where rents increase over time.”

With a total of 77,466 rentable square feet, Komar Desert Center is approximately 92 percent leased. Major tenants at the property include Starbucks, BevMo!, Burgers and Beer, Toda Moda, Souplantation and Mimi’s Café. Located at 79705 – 79845 Highway 111, Komar Desert Center was constructed in 2008 on 9.3 acres of land.

Komar Desert Center, 79705 – 79845 Highway 111
Palm Springs, CA

 The property has 429 parking spaces, or a ratio of 5.5 spaces per 1,000 square feet. Komar Desert Center is located on Highway 111, approximately three miles south of Interstate 10, connecting the Coachella Valley to Los Angeles by traveling west, and Phoenix by traveling east.

The Coachella valley is a collection of affluent resort communities, including Palm Springs, Palm Desert, La Quinta, Rancho Mirage, Desert Hot Springs, Indian Wells and Indio.

The area typically has a warm climate, and with proximity to the Greater Los Angeles area, is visited by many tourists from the northern United States and Canada. The Coachella valley retail market has achieved positive net absorption for five of the previous six quarters.

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

Julie Leber                                                                         

Spotlight Marketing Communications                    

949.427.5172, ext. 703                   

julie@spotlightmarcom.com

                                       

Lincoln Southeast, LLC, Appointed Receiver for 10 Park Place in Atlanta

  

 

Tony Bartlett

ATLANTA, GA – Lincoln Southeast, LLC, has been appointed as receiver for 10 Park Place, a 120,000-square-foot office building located in downtown Atlanta. 

In turn, the receiver has engaged its affiliate, Lincoln Property Company Southeast (Lincoln) to lease and manage the building.

“During the economic downturn that began in 2007, we began to build a resume as a receiver that could provide banks and special servicers with a one-stop shop from which to address challenged real estate,” said Tony Bartlett, senior vice president for Lincoln who oversees the firm’s Atlanta office.

 “Each asset presents a different challenge but as an owner-centric company, we believe we’ve been able to generate creative ideas and solutions for these troubled assets that have led to positive outcomes for our clients. 

10 Park Place, Atlanta, GA

"This is the latest in a string of prominent receiverships, and we believe that we will be able to protect and maximize the value of the asset efficiently and successfully.”

The property, built in 1932, is located a block from the "Five Points" intersection in downtown Atlanta and is adjacent to Woodruff Park, Georgia State University and the Hurt Building.

Lincoln has significant experience, managing, and leasing buildings in downtown Atlanta, including a nearly decade long association with The Equitable Building, located at 100 Peachtree St., and through its management and leasing of 55 Allen Plaza, located at 55 Ivan Allen Jr. Blvd

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

Savannah Duncan

The Wilbert Group

404-343-0870

sduncan@thewilbertgroup.com

HFF arranges $45 million financing for Class A multi-housing community in suburban Dallas, TX

Amalfi Stonebriar Apartments, 5725 Town and Country Boulevard, Frisco, TX

 

John Brownlee

 DALLAS, TX – Aug. 20, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $45 million in financing for Amalfi Stonebriar, a 395-unit, Class A multi-housing community in Frisco, Texas.

Working on behalf of the borrower, Pure Multi-Family REIT LP, HFF placed the 12-year, fixed-rate loan with TIAA-CREF.  Loan proceeds were used to acquire the property.

Amalfi Stonebriar is located at 5725 Town & Country Boulevard in the north Dallas suburb of Frisco across from the future headquarters of Toyota and FedEx, as well as the new Liberty Mutual office campus.

 Proximate to both the Sam Rayburn Tollway and the Dallas North Tollway, the property is near area amenities such as the Stonebriar Country Club and the Shops at Legacy.

 Completed in 2014, the property has units ranging from 603 to 1,689 square feet each with an overall mix of 69 percent one-bedroom and 31 percent two-bedroom units.  Community features include a swimming pool with sun deck, 24-hour fitness center, grilling areas, resort-style community courtyard and business center.  The asset is 94 percent occupied.

The HFF debt placement team representing the borrower was led by senior managing director John Brownlee and associate director Michael Cosby.

 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.sedar.com.

www.puremultifamily.com

Christopher Peck

NEW YORK, NY – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and secured $150 million in financing for the acquisition of 520 Fifth Avenue, a premier development site located at the southeast corner of 43rd Street and Fifth Avenue in Manhattan.

A joint venture between Ceruzzi Holdings (Ceruzzi) and Shanghai Municipal Investment USA (SMI USA) purchased the property.  

The 12-month loan, which was led by J.P. Morgan with mezzanine financing provided by Fisher Brothers, will preface the future development of a state-of-the-art tower with more than 33,000 square feet of irreplaceable Fifth Avenue retail.  

520 Fifth Avenue is a 10,625-square-foot site with 85 feet of prime frontage along Fifth Avenue.  The new owners plan to develop a state-of-the-art mixed-use tower that will consist of flagship retail and either luxury condominiums or a combination of luxury condominiums and hotel.  

Andrew Scandalios

The undeveloped parcel has zoning square footage that will accommodate up to 355,000 square feet resulting in dramatic skyline views.

The HFF investment sales team representing the seller was led by senior managing director Andrew Scandalios.

HFF’s debt placement team was led by senior managing director David Nackoul and associate director Christopher Peck.

“Given my long history and relationship with J.P. Morgan and 520 Fifth Avenue’s unrivaled development potential, we are delighted to have found a pre-development financing solution that allows us to set in motion a development project that will positively change the landscape of Fifth Avenue for generations. 

"It comes as no surprise that J.P. Morgan was able to deliver an attractive financing solution under a short timeframe,” said principal of Ceruzzi Holdings, Louis L. Ceruzzi, Jr.

“We are delighted to have entered into our second transaction with our New York partner, Ceruzzi Holdings, and are looking forward to bringing another iconic building to New York City,” said Kevin Gao, a representative of SMI USA.

David A. Nackoul

“It was a privilege to have worked alongside the Ceruzzi and SMI USA teams to capitalize the last large-scale development parcel along the renowned Fifth Avenue that will pave the way for one of the most iconic mixed-use developments in the world,” said Christopher Peck.

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

NAI Realvest completes a Long Term Office Lease for 3,640 SF at Wilshire Plaza in Casselberry, FL

  

Mary Frances West

ORLANDO, FL -- NAI Realvest recently completed a long-term lease agreement for 3,640 rentable square feet at Wilshire Plaza, 110-210 Wilshire Blvd. in Casselberry.

Mary Frances West, CCIM and Tom R. Kelley, II, CCIM, principals in the firm, negotiated the transaction on behalf of the landlord, Wilshire Plaza, LLC of Winter Park.

The tenant is Carmen Behavioral Services LLC of Oviedo. 

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

   

Stepp Commercial Completes Two Apartment Property Sales totaling $3.45 Million in Santa Monica, CA

  

Kimberly Roberts Stepp

 Santa Monica, CA, Aug. 20, 2015 – Stepp Commercial, a leading multifamily brokerage firm in the Santa Monica market, has completed two sales of fully-occupied apartment properties in Santa Monica, one of the hottest locations for multifamily properties in Los Angeles county.

The sales total $3.45 million and closed at or below 3.6 percent cap rates. Kimberly Roberts Stepp, principal with Stepp Commercial, represented the private, Los Angeles-based seller and buyer on each transaction. 

The first property is located at 1405 Ocean Park Blvd. It includes all one-bedroom, bungalow style units with private patios and closed at a 3.6 percent cap rate. 

It is located in the Green Street district and was a turn-key opportunity for the buyer as it had recently been extensively remodeled.

1405 Ocean Park Boulevard,
Santa Monica, CA

The second property is located at 2614 Kansas Ave. on an oversized lot of over 11,000 square feet. 

It includes six, two-bedroom units and one, one-bedroom unit and closed at a 3.3 percent cap rate. 

The asset provided the buyer with a long-term, value-add opportunity to upgrade the existing building and bring rents up to market rates when units become available.

“The Santa Monica market has some of the highest rents in the county and investors seek the long-term stability as the area continues to attract business and residents looking for a lifestyle that offers convenient access to the beach, dining, shops, nightlife, and entertainment venues,” said Stepp.

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

Darcie Giacchetto

949.278.6224