MBA Releases 2015 Mid-Year Commercial/Multifamily Servicer Rankings

Washington, DC -- The Mortgage Bankers Association (MBA)  released its mid-year ranking of commercial and multifamily mortgage servicers’ volumes as of June 30, 2015.

At the top of the list of firms is Wells Fargo Bank N.A. with $484.2 billion in U.S. master and primary servicing, followed by PNC Real Estate/Midland Loan Services with $465.8 billion, Berkadia Commercial Mortgage LLC with $230.4 billion, KeyBank N.A. with $189.9 billion, and GEMSA Loan Services, L.P. with $98.9 billion.

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

Ali Ahmad

aahmad@mba.org

(202)557-2727

Marcus & Millichap Brokers Sale of 80-Room Fairfield Inn & Suites by Marriott in Ocoee, FL

Fairfield Inn & Suites by Marriott, Ocoee, FL

Jonathan Ruprai

OCOEE, 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 an 80-room Fairfield Inn & Suites by Marriott  in Ocoee, Fla. The terms of the sale were not released.

Jonathan S. Ruprai, senior director of the firm’s National Hospitality Group, and Dennis Hopper, associate, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller. The buyer was sourced by Ruprai and Hopper.

“After completing a thorough renovation in 2013, the seller converted the hotel from a Courtyard to a Fairfield Inn & Suites,” says Hopper. “The repositioning allowed the hotel to increase its occupancy, which resulted in a significant increase in revenue.”

“The buyer plans on further growing the recent uptick in RevPAR by plugging in their management team and implementing a strategic business plan,” adds Ruprai. 

Dennis Hopper

“This acquisition was our first transaction with the buyer and we were extremely pleased with their ability to work diligently and move quickly, which ultimately led to a smooth closing.”

With an industry-leading hospitality team in more than 40 markets nationally, this marks the 107th hotel sold by Marcus & Millichap’s National Hospitality Group in 2015.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Completes Apartment Deals in Coral Springs, FL and Fort Lauderdale, FL

11609 NW 25th Street Apartments, Coral Springs, FL

13-Unit Building in Coral Springs Goes for $1.75 Million

CORAL SPRINGS, 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 11609 NW 25th Street, a 13-unit apartment property located in Coral Springs, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $1,750,000 equating to $134,000 per unit.

Adam Duncan, a senior associate, Joseph P. Thomas, a vice president investments, and Derek Soven, an associate, in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private investor from Jersey City, N.J., and the buyer, a private investor from Coral Springs, Fla.

“This sale represents one of the highest prices per unit achieved in Coral Springs for a small, non-institutional quality multifamily property,” says Soven. “The buyer was able to add to their footprint in Southern Broward County allowing for continued growth of their portfolio with the acquisition,”

11609 NW 25th Street consists of two, two-story townhome-style multifamily buildings totaling 13 units. The unit mix includes six two-bedroom/two and half bath apartments and seven three-bedroom/two and half bath apartments. The units feature spacious floorplans with ceramic tile flooring, electric appliances, walk-in closets and large balconies.

The property is located near many area schools and colleges including: Broward College, Coral Glades High School and Coral Ridge Christian Academy. 

Topanga Canyon Apartments in Fort Lauderdale Sold for $1.55 Million

Topanga Canyon Apartments, Fort Lauderdale, FL

FORT LAUDERDALE, 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 Topanga Canyon Apartments, a 12-unit apartment property located in Fort Lauderdale, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $1,550,000 equating to $129,166 per unit.

Brandon J. Rex, a vice president investments, and Evan P. Kristol, a senior vice president investments, both in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Oakland Park, Fla. 

The property is comprised of five one-bedroom units/one-bathroom units, three two-bedroom/one-bathroom units, and four two-bedroom/two-bathroom units. Topanga Canyon Apartments is situated just north of Commercial Boulevard and west of Federal Highway (US-1) at 2255 NE 51st Street in Fort Lauderdale, FL. 

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

Ryan Nee

Regional Manager

 Fort Lauderdale, FL

(954) 245-3400

Berkadia Facilitates Sales Worth More than $154 Million of Alabama Apartment Properties Over Last 90 Days

David Oakley

Birmingham, AL – Berkadia recently negotiated the sale of nine multi-family investment properties over the past 90 days.  The properties, which are located throughout Alabama, consist of 2,475 units and sold for a combined $154,060,000.

David Oakley, managing director of Berkadia’s Alabama office, said that his team negotiated the sales on behalf of the sellers.

“These deals are a testament to the dedication of our team and the strength of multi-family market across the Southeast.  We’re grateful for the opportunity to assist investors and look forward to continuing our relationships with them,” Oakley said.

The team’s largest sale of the period – Landmark at Magnolia Glen, a 1,080-unit property on Centennial Drive in Hoover, sold for $71.5 million to an investment group based in Irvine, Calif. 

Most recently, the team facilitated the sale of two Center Point communities, Devonshire and Sun Valley.  The communities sold together for a combined $14.11 million. 

Royce Emerson

Other Birmingham area sales include Inverness Landing, a 322-unit property, which sold for $27.6 million; River Place on the Cahaba, a 213-property, which sold for $17.7 million; Town Park, a 270-unit property, which sold for $15.025 million; TimberChase, a 94-unit property, which sold for $4.825 million; and Fox Hall, a 36-unit property, which sold for $2.3 million.  In Mobile, Woodland Square, a 128-unit property, for $4 million. 

Royce Emerson and William Parkhurst brokered the River Place on the Cahaba and the Town Park transactions.  Josh Jacobs brokered the TimberChase and the Devonshire-Sun Valley transactions.  

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142, lvershelco@aol.com

Early Learning Coalition of Polk County renews lease with Six/Ten, LLC in Downtown Winter Haven, FL

  

203 Avenue A, Northwest, Downtown Winter Haven, FL

Winter Haven, FL  — The Early Learning Coalition of Polk County, a nonprofit agency focused on early education and care, has renewed its lease with Six/Ten, LLC at 203 Avenue A, N.W. in Downtown Winter Haven.

“We love what’s going on in Downtown Winter Haven. It is a perfect location to continue providing services to the children and families of Winter Haven and the surrounding areas,” said Gregg Heinkel, Community Outreach Coordinator.

The Coalition’s Winter Haven office is a full-service location with trained staff dedicated to working with parents to determine any child care or related needs. Enrollment kiosks are available for those interested in programs or community resources. Referrals for parents and families are also available.  This office will continue supporting affiliated child care providers on the east side of the county.

  

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

Michelle Friedman Griffith or Don Silver

BoardroomPR

407-973-8555

mgriffith@boardroompr.com

donsil@boardroompr.com

Crossman & Co.’s Thomas Bolen Featured Speaker at ICSC Florida Conference & Deal Making in Orlando, FL

  

Thomas Bolen

Orlando, FL – Crossman & Company’s Consulting Associate Thomas Bolen will serve as a featured speaker at the International Council of Shopping Centers (ICSC) Florida Conference & Deal Making on Aug. 31.

Bolen, a 2015-16 ICSC Foundation Fiala Fellow, will speak about his Fiala Fellowship and plans to increase the representation of Historically Black Colleges and Universities (HBCU) and its students within ICSC.

 Of the more than 1,400 student members in the ICSC, only 17 of them are HBCU students; and only two of the more than 400 schools represented within the ICSC are HBCUs.

 He will push to increase the HBCU’s student membership from 17 to 30 and to increase the HBCU’s representation from two schools to eight schools. Bolen also will lay the groundwork for the first HBCU represented at RECON.

Bolen will speak during the conference’s Breakfast/Opening Remarks & Program Overview, which will take place from 7:30 to 8:30 a.m. on Aug. 31 at the Orange County Convention Center in Orlando.

The annual ICSC Florida Conference & Deal Making will take place from Aug. 30 to Sept. 1 at the Orange County Convention Center in Orlando.

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

Sydnie Cobb

 Crossman & Company

scobb@crossmanco.com

407.581.6261

Third & Urban Acquires Seven Warehouse Buildings in Armour Yards

  

Pierce Lancaster

ATLANTA, GA – Third & Urban, a real estate development and investment firm, announces it has purchased four warehouse buildings with three more set to close by the end of the year in the up-and-coming Armour/Ottley industrial area adjacent to SweetWater Brewing Company and American Spirit Works.

The 275,000 square feet of warehouse buildings were chosen for their excellent access to I-85, Piedmont Park, future Atlanta BeltLine and Path 400 trail access and their proximity to Buckhead and Midtown. 

The $70 million redevelopment, called Armour Yards, is fully funded, with groundbreaking taking place in August 2015 and rolling deliveries scheduled between winter and summer of 2016.

“We’ve spent considerable time studying a lot of progressive office product in west coast markets over the past year—airy, approachable campuses in urban settings with a focus on community and quality of life,” says Pierce Lancaster of Third & Urban. 

“TAMI tenants (tech, advertising, media and information) have largely driven this shift, but we think the appeal is universal, and growing rapidly in the Southeastern U.S.”

Hank Farmer

Through assemblage of the seven warehouse buildings, Third & Urban has sufficient scale to make a true impact on the streetscape and overall environment of Armour Yards. 

The mixed-use buildings will provide tenants with physically inspiring office space, incorporating restaurants, a coffee shop and a variety of entertainment options.

“People are seeking a work environment that’s different from the status quo, that provides discovery and delight in every detail, and that has the comfortable feel of a place you enjoy,” says partner Hank Farmer.

Leasing for Armour Yards is being led by Jeff Bellamy, Brooke Dewey, and Liz Koteles of JLL. Gay Construction has been selected as general contractor for the first phase of development, with architecture by Smith Dalia Architects and Kronberg Wall.

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

Lapidus/Andi Hill

Liz Lapidus PR

404-688-1466

liz@lizlapiduspr.com

andi@lizlapiduspr.com

 www.armouryards.com.

Peachtree Center Cements its Place as Atlanta’s Next Dining Destination with the Addition of Three New Restaurants

 ATLANTA, GA — Peachtree Center, an office and retail destination located in downtown Atlanta, opened two new restaurants this summer and plans to unveil a third this fall, cementing its position as Downtown’s premier dining destination.

Marti Blackstock

Tin Lizzy’s Cantina and Gus’s World Famous Fried Chicken recently opened at the Downtown hub, and Panbury’s Double Crust Pies will open this fall.

These diverse eateries are joining Peachtree Center’s varied roster of dining options, including Middle Eastern hotspot Aviva by Kameel, which earlier this year was named the top restaurant in Atlanta by review website Yelp.

“As the downtown Atlanta market continues accelerating, Peachtree Center, being at the center of the area and on top of a MARTA station, is ready and able to attract the diversity of people visiting, working or living in Downtown,” said Marti Blackstock, vice president of Banyan Street Capital, which owns Peachtree Center.

  

“Adding this next layer of culinary options to our roster is an important step in driving home the message that this iconic Atlanta landmark continues to offer guests and tenants up-and-coming restaurants with both local and global flare.”

  

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

Hadley Creekmuir

The Wilbert Group

404-343-4080

hcreekmuir@thewilbertgroup.com

www.peachtreecenter.com

facebook.com/peachtreecenter

Ackerman & Co. Names Leo Wiener Head of Retail

Leo Wiener

Atlanta, GA –  Ackerman & Co. welcomes Leo Wiener as President of Ackerman Retail. In this role, Wiener will focus on strengthening and expanding Ackerman’s retail platform throughout the Southeast.

Wiener brings more than 25 years of experience, as well as depth and knowledge, to his new role. 

He will work closely with Ackerman’s other service line leaders, including Kris Miller, President of Ackerman & Co.; F. Keene Miller, President of  Brokerage; Vivian Barnes, EVP and CFO, Property Management and Financial Services to seamlessly integrate its client retail services across service lines.

“We are very excited to have Leo on board,” said Kris Miller. “We look forward to his contributions to our existing and future retail development and leasing and management initiatives.” 

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

Fara Wilson

Vice President, Marketing

P: 770.913.3904    C: 678.358.2060    F: 770.913.3965

www.ackermanco.com

Essex Realty Group Completes Three Sales in Chicago, IL

617 West Fulton Street in the West Loop Sells for About $2.85 Million

Matt Welke

CHICAGO, IL --  Essex Realty Group, Inc. is pleased to announce the sale of 617 W. Fulton St.

617 W. Fulton St. is a 15,900 square foot commercial property located in Chicago’s West Loop neighborhood.

Situated on the south side of Fulton Street, between Desplaines Street and Jefferson Street, the property is conveniently located less than one quarter-mile from the CTA Clinton-Green Station (Green and Pink Lines) and one half-mile from the CTA Grand-Blue Station (Blue Line).

In addition, the building is located within one block of two CTA Bus Stations (Routes 50 and 56) and within close proximity to the Kennedy Expressway (I-90/94), which provides easy access throughout Chicago and to O’Hare International Airport.

The sale price was approximately $2,850,000.

Matt Welke and Jason Fishleder were the brokers on the transaction.

Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

Office/Wareouse Building Sold in West Town Neighborhood

CHICAGO, ILLINOIS –  Essex Realty Group, Inc. is pleased to announce the sale of 2720 W. Chicago Ave.

Jason Fishleder

2720 W. Chicago is an 8,923 square foot office/warehouse property located Chicago’s fastest growing and developing neighborhood of West Town.

The property is situated on the north side of Chicago Ave., between Fairfield Ave. and Washtenaw Ave. It is conveniently situated along the Chicago Ave. bus route and is less than one mile from the Western Ave. Metra Station (MD-N, MD-W and NSC lines).

The sale price was approximately $715,000.

Matt Welke and Jim Darrow were the brokers on the transaction.

7-Unit Multi-Family Building in Lincoln Park Neighborhood Goes for About $1.6 Million

  

CHICAGO, ILLINOIS  - Essex Realty Group, Inc. is pleased to announce the sale of 1951 N. Fremont St.

  

1951 N. Fremont St. is a 7-unit, walk-up apartment building located in Chicago’s Lincoln Park neighborhood. The building consists of three (3) 1Bd/Ba and four (4) 2Bd/1Ba apartments. Four (4) of the units have been updated to include granite countertops, stainless steel appliance and renovated bathrooms. In addition, there is a common patio and two-car garage in the rear.

The property is situated steps from Armitage Avenue in the heart of Lincoln Park, and is within walking distance of a multitude of boutique ships, restaurants and the Armitage and North CTA stations (Brown, Purple & Red lines). 

Douglas Fisher

In addition, the building is located within close proximity to many name brand retail stores including Mariano’s, Trader Joe’s, Whole Foods, Binny’s, Bed Bath & Beyond, CVS, Dunkin’ Donuts and Starbucks. 

Other area neighbors include DePaul University, Lincoln Park High School, the Lincoln Park Zoom Oz Park, and the Steppenwolf Theater.

The sale price was approximately $1,610,000.

Jason Fishleder and Doug Fisher were the brokers on the transaction.

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

Douglas Fisher

Essex Realty Group, Inc.

773.305.4910

dougfisher@essexrealtygroup.com

www.essexrealtygroup.com