29th Street Capital Expands to Pacific Northwest; Heninger Seeks Portland and Seattle Value-Add Apartment Deals

Barry Heninger

Portland, Or – Barry Heninger has joined 29th Street Capital (29SC) as Senior Vice President of Multifamily Acquisitions for the Pacific Northwest.

Heninger is responsible for all facets of the privately-held real estate investment and advisory firm’s multifamily acquisitions and asset management strategies in this region.

 His first tasks include helping 29SC expand its platform in the Portland and Seattle areas by looking at value-add and opportunistic acquisition targets.

“Barry has significant experience in the Pacific Northwest and we are excited to grow our footprint with him,” said 29th Street Capital Managing Director Robert Bollhoffer. “We are extremely excited to have Barry join our team.”

“29th Street Capital has an aggressive passion for investing in multifamily assets,” Heninger said. “I am excited to lead the effort in the Pacific Northwest, a market that has great opportunities for growth.”

With more than 20 years of deal-making and operations experience, including executive experience at large international companies and serving as president and COO of a multifamily real estate investment management company, Heninger has a proven track record in financial management and commercial real estate.

Robert Bollhoffer

He possesses a strong understanding of investment principles and of the multifamily acquisition and management process, and is well-acquainted with the Portland and Seattle markets. Heninger earned his MBA in Finance at Oregon State University.

In addition to sourcing and completing acquisitions, his responsibilities at 29SC include complete oversight of projects and selecting third-party management as well as overseeing all capital projects, marketing/design and dispositions.

Formed in 2009, 29SC is a privately-held real estate investment and advisory firm that employs a value-added investment strategy on properties that are below the radar of institutional peers.

29SC’s rapidly-growing portfolio consists of nearly 7,000 units and it has acquired over 8,500 units across its 11 offices in the U.S. Investments typically require approximately $8 to $35 million of total capital and involve the acquisition or recapitalization of real estate assets, portfolios or platforms.

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

http://www.facebook.com/pages/Thornton-Communications/112101288827299 http://twitter.com/Ttho http://www.linkedin.com/in/TerriThornton Terri Thornton

Partner, Thornton Communications

Phone: 404-932-4347

Email: Terri@TerriThornton.com

Website: www.TerriThornton.com

www.29thstreetcapital.com

29th Street Capital to Expand Student Housing Acquisitions; Acquisition Opportunities Sought Nationwide

  

Villagio Student Apartments Pool and Clubhouse, San Marcos, TX

Austin, TX – Privately-held real estate investment firm 29th Street Capital (29SC) is looking to expand its foothold in the growing national student housing market.

The firm entered the market in July with the acquisition of the 492 bed Villagio student apartments near the campus of Texas State University in San Marcos, Texas. It is currently seeking other opportunities nationwide, and particularly in Texas.

Senior Vice President John Price heads the new division. He is seeking opportunities in markets where the supply of newer student housing assets is keeping pace with, but not exceeding, the demand of enrollment growth.

John Price

“29SC will continue to focus on investing in high-return amenities and quality interior upgrades at well-located properties acquired at a reasonable basis,” Price said.

“We feel this is a logical progression of our goal of offering investors excellent returns within this real estate asset class without taking on unnecessary development risk.” 

"Since its formation in 2009, 29SC has deployed over $450 million of investor equity, including more than $200 million for multifamily investments," said Managing Director Robb Bollhoffer.

"The capital allowed for the acquisition and renovation of more than 8,500 traditional multifamily units in properties across 11 U.S. states.

 Expanding on this existing footprint, student housing offers a promising new line of business for our value-add business model."

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

http://www.facebook.com/pages/Thornton-Communications/112101288827299 http://twitter.com/Ttho http://www.linkedin.com/in/TerriThornton Terri Thornton

Partner, Thornton Communications

Phone: 404-932-4347

Email: Terri@TerriThornton.com

Website: www.TerriThornton.com

www.29thstreetcapital.com

CRÚ Food & Wine Bar to Deliver Sophisticated Wine Experience at The Summit at Fritz Farm in Lexington, KY

  

 

Patrick Colombo

 LEXINGTON, KY — The Summit at Fritz Farm, a $156 million mixed-use development located in Lexington, Kentucky, has added CRÚ Food & Wine Bar to its diverse list of restaurants set to open at the property in spring 2017. As the state’s first location, CRÚ Food & Wine Bar will bring a sophisticated wine experience to Lexington.

CRÚ Food & Wine Bar demystifies the world of wine by making hundreds of wines accessible in an elegant yet casually hip environment. 

Offering more than 300 selections, some 80 premium wines by the glass, 15 wine flights that change daily and Napa style foods for pairing, the staff at CRÚ Food & Wine Bar prides itself on educating customers and helping them pick the right selection for their occasion and price point.

“We chose The Summit at Fritz Farm because it's a one-of-a-kind, spectacular project that will attract people from all over Kentucky and surrounding states,” added Patrick Colombo, president and CEO of CRÚ Food & Wine Bar. “We also have a lot of faith in Bayer Properties because they do a great job cultivating these properties and they have secured a great list of tenants so far.”

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

Savannah Durban

 The Wilbert Group

Tel: 404-343-0870

Email: sdurban@thewilbertgroup.com

HFF closes $25.775 million sale of Franklin Marketplace in north Philadelphia, PA

Franklin Marketplace, 101-195 Franklin Mills Boulevard, Philadelphia, PA

Chris Munley

PHILADELPHIA, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $25.775 million sale of Franklin Marketplace, a 223,434-square-foot retail power center near Philadelphia Mills in northeastern Philadelphia.     

                        

HFF marketed the property on behalf of the seller, Benbrooke.  PAG Investments purchased the asset free and clear of existing debt.

Franklin Marketplace is 88.6 percent leased to a variety of national and regional tenants, including Kaplan, Big Lots, Dollar Tree, Retro Fitness, Harbor Freight Tools and Citizens Bank. 

Situated on 18.36 acres at 101-195 Franklin Mills Boulevard, the power center is located adjacent to Philadelphia Mills, the region’s largest outlet shopping center with more than 1.8 million square feet of retail space.

 Franklin Marketplace benefits from a dense population in its immediate vicinity with more than 300,000 residents within a five-mile radius.  Positioned at the gateway to the Northeast, the destination retail location benefits from direct connections to Interstate 95, U.S. Route 1 and the Pennsylvania Turnpike.

The HFF team representing the seller was led by managing director Chris Munley and senior managing director Jose Cruz, managing director Kevin O’Hearn and associate director Michael DiCosimo.

“Franklin Marketplace generated significant interest from the full capital spectrum due to its investment proposition and the continued institutional interest in Philadelphia,” Munley said.  “The property benefits from its close proximity to Philadelphia Mills and is surrounded by densely-populated neighborhoods generating high-consumer demand.”

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

 Kristen M. Murphy

Director, Marketing

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.benbrooke.com.

HFF closes $30 million sale of boutique office building in Old Towne Neighborhood, Pasadena, CA

150 East Colorado Boulevard Office Building, Old Towne Neighborhood, Pasadena, CA

LOS ANGELES, CA –- Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $30 million sale of 150 East Colorado Boulevard, a 62,286-square-foot, boutique office building in the Old Towne neighborhood of Pasadena, California.

HFF marketed the property on behalf of the seller, Equity Office.  The buyer was represented by Long Dragon Realty.

Ryan Gallagher

150 East Colorado Boulevard is situated on a 1.51-acre site near the 210 and 134 Freeways in the San Gabriel Valley community of Pasadena.  Its location in Old Towne Pasadena places it within walking distance of over 20 million square feet of retail amenities, providing the property with a Walk Score® of 97.

 Additionally, Pasadena is home to the 2nd largest concentration of Fortune 500 Companies in California. 

The property is 89.3 percent leased to tenants in the healthcare, insurance, technology and professional service industries, including OpTerra Energy Services, Companion Hospice, Intelecom Intelligent and American Postal Workers.     

The HFF investment sales team representing the seller was led by senior managing director Ryan Gallagher and director Andrew Harper.

“The sale of 150 East Colorado will enable the new owner to occupy nearly 3,000 square feet of the vacant space for their headquarters, and realize significant near term upside as more than 40 percent of the leased square footage expires in the next three years, with in-place rents more than 10 percent below current market rate,” said Harper. 

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

 Kristen M. Murphy

Director, Marketing

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

HFF closes $23.25 million sale of San Diego-area grocery-anchored retail center

Old Grove Marketplace,  101, 125, 165 and 175 Old Grove Road, Oceanside, CA

                                                                                   (Photo by Patrick Tang of TAKE FLYT IMAGING)

  

NEWPORT BEACH, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $23.25 million sale of Old Grove Marketplace, an 81,279-square-foot, grocery-anchored retail center in the San Diego-area community of Oceanside, California. 

Gleb Lvovich

HFF marketed the property on behalf of the seller, Gerrity Group.  InvenTrust Properties Corp. purchased the asset free and clear of existing debt.

Old Grove Marketplace is 91.1 percent leased to anchor Ralph’s Marketplace and a variety of national and regional tenants, including U.S. Bank, Starbucks, Pick Up Stix, H&R Block, Oceanside Family Dentistry and AT&T. 

Completed in 2005, the four-building center is shadow anchored by Lowe’s.  Old Grove Marketplace is situated on 8.65 acres at 101, 125, 165 and 175 Old Grove Road at the intersection of Highway 76 and Old Grove Road in Oceanside, a coastal community north of San Diego.

 The retail center is visible to more than 65,000 vehicles per day from its location at one of the most heavily trafficked intersections in Oceanside, and more than 120,000 residents with an average household income of $74,360 live within a three-mile radius of the center.

The HFF retail investment sales team representing the seller was led by Gleb Lvovich, CJ Osbrink and Bryan Ley.

 “The offering generated significant activity from both private and institutional investors, demonstrating continued demand for grocery-anchored shopping centers along the western United States,” Lvovich said.

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

 Kristen M. Murphy

Director, Marketing

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.gerritygroup.com

HFF represents Menlo Equities in office acquisition in Austin, TX

Champion Office Park,  6433 Champion Grandview Way, Austin, TX      
                                                                                                                          (Photo by David Cox)                                           

Henry Bullock

 DALLAS, TX  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Champion Office Park, a recently-completed, Class AA office park totaling 221,136 square feet in Austin, Texas.

HFF marketed the property on behalf of the seller, Endeavor Real Estate Group and Granite Properties, Inc., and procured the buyer, Menlo Equities, who acquired the fully leased property for its recently-launched fund, Menlo Equities Absolute Return Fund.  

This is the first acquisition in Austin for the $450 million, open-end evergreen fund, which is actively seeking to invest in similar stabilized assets leased long term to investment-grade-rated tenants. 

Completed in 2016, the LEED Gold certified Champion Office Park consists of two office buildings designed by world-renowned architectural firm, Overland Partners.

 The office development features floor-to-ceiling glass, limestone facades, a vine-clad parking garage and a tree-lined pedestrian plaza.  Indeed, Inc. occupies 90 percent of the space with the remaining 10 percent leased to Jobs2Careers. 

Champion Office Park is located at 6433 Champion Grandview Way on a 28-acre, cliff side site overlooking Bull Creek and the Edwards Aquifer nature reserves in the Loop 360 Corridor of northwest Austin.

This location, at the intersection of Capital of Texas Highway (Loop 360) and FM 2222, provides easy access to Austin’s major roadways, including MoPac Expressway, US Highway 183, Bees Cave Road, Highway 71 and RM 620.

 Additionally, the property is close to numerous technology companies such as Apple, Google, IBM and Oracle that reside in Northwest Austin and the Loop 360 market.

Rick Holmstrom

Founded in 1994 by Henry Bullock and Rick Holmstrom and headquartered in Palo Alto, California, Menlo Equities is a vertically integrated commercial real estate company engaged in the acquisition, development and operation of properties in select technology markets in the western United States.  

Since its founding, Menlo Equities has acquired or developed approximately $5 billion in assets comprising more than 100 separate transactions. 

Menlo continues to be an active buyer and is seeking additional acquisition opportunities for its Absolute Return Fund, with a focus on extremely well located, Class A office properties, NNN-leased to credit tenancy. 

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

 Kristen M. Murphy

Director, Marketing

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.menloequities.com

www.endeavor-re.com.

Lexington Homes Starts Sales, Opens Decorated Model for Lexington Square 4 Rowhomes in Chicago’s Bridgeport Neighborhood

Jeff Benach

 CHICAGO, IL – Chicago-based Lexington Homes has kicked off sales for Lexington Square 4 by opening a fully decorated model at the community of 21 rowhomes in Chicago’s popular Bridgeport neighborhood.

Since entering the Bridgeport community in 2009, Lexington has built more than 100 single-family homes and rowhomes in the area and has no plans to slow down given Bridgeport’s recent accolades as a popular Chicago neighborhood for homebuyers. 

“When we decided to build in Bridgeport, we felt the neighborhood was like a hidden gem that hadn’t been discovered,” said Jeff Benach, co-principal of Chicago-based Lexington Homes.

 “Well now, the secret is out. I like to think we had something to do with helping Bridgeport’s transformation over the past seven years, by creating a family-friendly enclave of new-construction homes that have drawn couples and families looking to move up from their West Loop or South Loop condo/apartment.

“As the families continue to move in, a growing number of retailers and restaurateurs are following them.”

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

: Kelly Shumaker, kshumaker@taylorjohnson.com, 312-267-4519

Kim Manning, kmanning@taylorjohnson.com, 312-267-4527

First Bank Joins SouthCourt Building in Raleigh, NC

  

John Mikels

RALEIGH, N.C. (Aug. 31, 2016) — First Bank, a North and South Carolina community bank, has signed a 1,274-square-foot lease at the SouthCourt Building in Raleigh, North Carolina.

 Kaler Walker and John Mikels of Lincoln Harris’ Raleigh office represented the landlord, Torchlight Investors, in the transaction, and Murray Forbes III of Real Estate Associates represented the tenant.

“The addition of a community bank at SouthCourt shows the landlord’s continued commitment to maintaining the property’s reputation as one of Raleigh’s leading office buildings,” Walker said.

The SouthCourt Building, located at 3211 Shannon Road, includes 131,869 square feet of Class A office space featuring panoramic views of Durham and neighboring Chapel Hill and 15,000 square feet of ground-floor retail space.

Torchlight Investors recently completed a renovation of the parking lots and landscaping. Amenities include a landscaped courtyard with a water feature, cherry wood paneling, bronze elevators, decorative wall coverings and granite finishes. A two-story lobby features a steel and bronze monumental stairway.

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

Savannah Durban

The Wilbert Group

404-343-0870         

sdurban@thewilbertgroup.com

Atlanta Property Group Acquires 5871 Glenridge and Waterford Centre bringing APG’s portfolio of owned properties to 2.7 million square feet

5871 Glenridge, Central Perimeter Submarket, Atlanta, GA

 

Jonathan Rodbell

ATLANTA, GA– Atlanta Property Group (APG), a locally based real estate investment firm, said today it has acquired both 5871 Glenridge in Atlanta’s Central Perimeter submarket and Waterford Centre in the Peachtree Corners submarket.

“We acquired these properties at an attractive basis and the investments present compelling risk-adjusted returns,” said Jonathan Rodbell, a partner with APG.

“In today’s market, a significant amount of equity is focused exclusively on institutional-sized office investments; however, there are relatively few well-capitalized buyers pursuing stabilized, middle-market office buildings creating appealing opportunities for our platform.”

The 65,000-square-foot 5871 Glenridge building, built in 1985, is located at 5871 Glenridge Drive near the intersection of Interstate 285 and Georgia 400. The four-story building features nine-foot ceilings, full height windows, and an atrium lobby with marble accents. The property is currently 61 percent leased.

The 86,000-square-foot Waterford Centre building, also built in 1985, is strategically located at 5555 Triangle Parkway, less than half a mile from The Forum and the Wesleyan School. The property also features nine-foot ceilings and full-height windows, as well as a 5.5-acre lake, an outdoor patio and a fitness center. The four-story building is currently 88 percent leased.

Waterford Centre, Peachtree Corners, GA

“Atlanta Property Group’s goal remains to be the go-to provider of well-located, quality office space for value-conscious small and mid-size tenants,” said Austin Chase, director of leasing at APG.

“By utilizing our brand, proprietary leasing and operations strategies, market presence and extensive local relationships, we remain Atlanta’s top owner and operator in this asset class.”

David Meline, Stewart Calhoun, Samir Idris and Casey Masters of Cushman & Wakefield represented the single seller in the transaction.

These acquisitions bring APG’s total portfolio of owned and third-party assignments to over 3.3 million square feet in 12 properties.

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

Savannah Durban

The Wilbert Group

404-343-0870         

sdurban@thewilbertgroup.com

Lincoln Harris Selected to Lease Prime Office Space at Palisades I and II in Raleigh, NC

  

 

Kaler Walker

RALEIGH, NC — Lincoln Harris has been selected to lease 161,480 square feet of Class A office space at Palisades I and II in Raleigh, North Carolina.

Kaler Walker of Lincoln Harris’ Raleigh office will oversee leasing efforts on behalf of the owner, Capridge Partners, which recently acquired the buildings from two separate sellers.

“Having both buildings under unified ownership is beneficial for present and future tenants,” Walker said. 

“With the new ownership and the buildings’ attractive location in the West Raleigh submarket, we believe the remaining 30,135 square feet will be very appealing to tenants seeking space in Raleigh.”

The 78,701-square-foot Palisades I is located at 5400 Trinity Road, and the 82,779-square-foot Palisades II is located at 5410 Trinity Road. 

The properties, built in 2006, offer close proximity to major thoroughfares including Interstates 40 and 440 and U.S. Highway 1, full light access to Trinity Road and regional connectivity to economic, entertainment and employment centers.

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

Savannah Durban

The Wilbert Group

404-343-0870         

sdurban@thewilbertgroup.com

Sponsored by Sunbeam Properties & Development, the At-Risk-Youth program is a joint community initiative between the Miramar Police Athletic League and the City of Miramar, FL

  

Sunbeam Properties & Development Vice President Maridee Bell, City of Miramar Police Officer and Miramar Police Athletic League Executive Director Scott Hadley
and Sergeant Julie Black

  

MIRAMAR, FL (Aug. 30, 2016) – Visits to the beach, bowling alley, skating rink and arcade were just a few of the activities enjoyed by more than 80 at-risk youth in Miramar during the one-of-a-kind “Hangin’ with 5-0” summer camp, a joint community initiative between the Miramar Police Athletic League and the City of Miramar.

Sponsored by Sunbeam Properties & Development and the Miramar Park of Commerce, the largest locally owned and managed business park in South Florida, “Hangin’ with 5-0” is in its 14th year.

“The program turns 14 this year thanks to Sunbeam Properties, whose support saved ‘Hangin’ with 5-0’ from elimination due to budget cuts in 2008,” said City of Miramar Police Officer and Miramar Police Athletic League Executive Director Scott Hadley. “They have supported us every year since then, and we can’t thank them enough.”

 “It’s a great way for us to provide a safe environment for the kids during summer when they’re not in school. We offer a ton of fun activities that they wouldn’t get to do otherwise and many of them come back year after year,” said Sergeant Julie Black. “Plus, it’s a lot of fun.”

“We are delighted to support ‘Hangin’ with 5-0’ for the eighth consecutive year,” said Maridee Bell, vice president of Sunbeam Properties, developer of the Miramar Park of Commerce. “The program meets a need in our community and certainly brightens the summer season for so many students. We have no doubts that it will continue to do so.”

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

954-776-1999

Pierson Grant Public Relations

Lexi Robinson, ext. 255 lrobinson@piersongrant.com

Chicago Title Insurance Co. Expands, Extends Lease at Centerview I in Raleigh, NC

Kaler Walker

RALEIGH, NC — Chicago Title Insurance Co. has extended and expanded its lease by 2,209 square feet at Centerview I, located at 5540 Centerview Drive in Raleigh.

 The company now occupies a total of 4,583 square feet. Kaler Walker and John Mikels of Lincoln Harris’ Raleigh office represented the landlord, True North Management Group, in the transaction, and the tenant Gardner Gibson with Davis Moore and Steve Sharpe with Orion Realty Group represented the tenant.

“Within less than a year of occupancy at Centerview I, Chicago Title Insurance Co. already needed to nearly double its space,” Mikels said. “This is indicative of Raleigh’s thriving business environment, and we are glad Chicago Title Insurance Co. has been happy with their space at Centerview I.”

The landlord recently completed renovations of the building’s common areas, including the addition of new bathrooms.

 A new 3,628-square-foot spec suite on the fourth floor was recently completed as well. The building, located at 5540 Centerview Drive, offers a prime location in West Raleigh with convenient access to Interstate 40.

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

Savannah Durban

The Wilbert Group

404-343-0870

sdurban@thewilbertgroup.com

.

Lowes Foods Opens Anchor Store at Morganton Park South in Southern Pines, NC

John Mikels

 RALEIGH, N.C. — Lowes Foods has opened a 50,000-square-foot anchor store at Morganton Park South, a 71,000-square-foot retail center located at 2482 Morganton Road in Southern Pines, North Carolina.

“The store’s grand opening was a huge success, filled with vendors, promotions and fantastic live music,” said John Mikels of Lincoln Harris’ Raleigh office, the leasing agent for the property.

“The store is focusing on stocking its shelves with products from local businesses, which has been very well received by the local community.”

Morganton Park South is part of the 188-acre Morganton Park master-planned community and is the first phase of development, located on the south side of Morganton Road. 

In addition to the 50,000-square-foot Lowes, the first phase of development included 21,000 square feet of additional retail space, 18,438 square feet of which remains available, as well as four outparcels for sale or lease.

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

Savannah Durban

The Wilbert Group

404-343-0870

sdurban@thewilbertgroup.com

.

Homes Grand Opening of Gated Community in Dr. Phillips –Ruby Lake – set for Sept. 17 in Orlando, FL

Lyndsey Patterson

ORLANDO, FL --- Pulte Homes will host a grand opening Saturday, Sept. 17, at Ruby Lake, its newest gated community in the Dr. Phillips area offering single-family homes priced from the $400s and resort-style amenities.

Lyndsey Patterson, Director of Marketing for Pulte’s North Florida division, said

the event is open to the public from 1 to 3 p.m. with food, refreshments, live music and crafts for the kids included in the festivities along with tours of two model homes – the Siena and the Pompeii with Loft.

Ruby Lake Clubhouse, Orlando, FL

 Located off of Palm Parkway in the Dr. Phillips area, Ruby Lake is accessible to highly rated Dr. Phillips schools.  

It sits in close proximity to all of Orlando’s major attractions and is a five-minute drive to “Restaurant Row” on Sand Lake Rd.

Among the community’s 236 home sites, nearly 100 of them come with breathtaking waterfront living and views of picturesque Ruby Lake. 

Patterson said nine one and two-story home designs are offered at Ruby Lake ranging from more than 1,900 square feet to over 5,000 square feet of living area with from three to seven bedrooms, two-and-a-half to six-and-a-half baths with two and three car garages. 

Visit http://pulte.com/RubyLake

 or call 877-792-1144 for more information.

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

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

Stepp Commercial Completes Sale of Value-Add Apartment Property with 100% Rental Upside in Santa Monica, CA

                                                                    

Kimberly Roberts Stepp

                                              Santa Monica, CA,  Aug. 30, 2016 – Stepp Commercial, a leading multifamily brokerage firm in the Santa Monica market, has completed the $2 million sale of a fully occupied six-unit apartment property located at 1937 17th Street in Santa Monica. 

Kimberly Roberts Stepp, principal, and Aynsley Armbrust, vice president, with Stepp Commercial, represented the seller, a private investor from Los Angeles. 

Stepp also represented the buyer, Pasadena-based Downstream Exchange Company. The transaction closed at a very low cap rate of 2.6 percent and the price per unit was $333,000. 

“This property offers the buyer a huge value-add opportunity to renovate the asset and increase rents by 100 percent, bringing them to market rate as vacancies occur,” said Stepp. 

“We garnered a strong amount of interest in this property with a total of eight offers, and closed at one of the lowest cap rates in the market to date for comparable apartment deals in the area.”

Built in 1948 and 1960, the two-building property consists of five two-bedroom units and one three-bedroom unit. Some of the units have private patios and formal dining rooms. 

The well-located asset is one-quarter mile from the new 17th Street/Colorado Blvd. Metro Expo Line station and is just one block from Santa Monica Community College. 

 Stepp Commercial is a brokerage firm specializing in the multifamily sector for properties ranging in size from $1 million to $50 million.

Aynsley Armbrust

Stepp Commercial’s mission is to provide apartment owners with a fully integrated sales platform that includes comprehensive market knowledge and local real estate expertise to successfully complete any type of multifamily transaction.

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

Darcie Giacchetto

949.278.6224

www.teamstepp.com

Marcus & Millichap Brokers $8.57 Million Sale of Ridgestone Apartments in Hudson, FL

Frances P. Carriera

HUDSON, 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 Ridgestone Apartments, a 112,552-square foot multifamily community in Hudson, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $8,570,000.

Francesco P. Carriera and Michael P. Regan, both first vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was secured and represented by Carriera and Regan.

“The buyer saw an opportunity that was more attractive than those in South Florida for an equal quality product of similar vintage,” says Carriera. “The buyer plans to add value by implementing an interior renovation program.”

Ridgestone Apartments is 136-unit multifamily community located at 12429 Little Road in Hudson, Florida, which is in Pasco County.  The property consists of eight, two-story residential buildings and a single-story building that serves as the clubhouse, leasing office, business center and fitness center.

The residential buildings are comprised of 64 one-bedroom/one-bathroom units with 761 rentable square feet, 16 two-bedroom/one-bathroom units with 802 rentable square feet and 56 two-bedroom/two-bathroom units ranging from 902 to 965 rentable square feet.

The buildings sit on an approximately 26.67 acre parcel of land, and amenities include washer and dryer connections in all two-bedroom units, on-site laundry facility, fitness center, business center, clubhouse and a resort-style pool.

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

Ari Ravi

Regional Manager

Tampa, FL

(813) 387-4700

Marcus & Millichap Arranges $4.15 Million Sale of Two Miami, FL Apartment Buildings

Arthur D. Porosoff

MIAMI, 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 500 NE 78th Street and 522 NE 78th Street, two apartment properties located south of the affluent waterfront community of Miami Shores. The 43-unit portfolio sold $4,150,000.

            “Across the street from the redevelopment of the Immigration building, these properties offered an excellent opportunity for investors to acquire a multifamily property with upside income potential by re-purposing the buildings and increasing its rents,” says Vicente Rodriguez, associate in Marcus & Millichap.

The buyer, a limited liability company, was secured and represented by Rodriguez and Arthur D. Porosoff, vice president investments in Marcus & Millichap’s Miami office.

500 NE 78th Street consists of one two-bedroom/one-bathroom unit, seven one-bedroom/one-bath units, 14 studios and one efficiency. 522 NE 78th Street consists of three, two-story buildings with 20 one-bedroom/one-bathroom units. In total, the buildings offer approximately 19,526 rentable square feet.

On the opposite side of 79th Street the Triton Center, formerly Immigration Tower, is being revitalized into a Hilton Garden Inn with 325 apartment suites and approximately 25,000-square feet of rentable commercial space. Popular areas surrounding the assets include Aventura, Miami Shores, and the Design District.

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

Kirk A. Felici

First Vice President/Regional Manager

 Miami, FL

(786) 522-7000

Stirling Development Names Andrea Wachter as Marketing and Transaction Coordinator

Andrea Wachter

 FOOTHILL RANCH, CA (Aug. 29, 2016) – Stirling Development announced it has named Andrea Wachter as Marketing and Transaction Coordinator.

 In this role, Wachter will support transactions and marketing-related activities for Stirling’s development projects including Southern California Logistics Centre (SCLC) in Victorville and Ocean Ranch in Oceanside.

Her responsibilities will include due diligence, escrow and title coordination for land and property developments, as well as lease coordination for new tenants.

She will also be responsible for marketing and public relations outreach, government and community affairs, and will act as a liaison with brokers, tenants and other strategic partners.

“We’ve experienced tremendous activity and success at both SCLC and Ocean Ranch driving even more demand for quality team members such as Andrea,” said Dougall Agan, President and Chief Executive Officer of Stirling.

“Not only is she an important addition as we build an even greater presence in strategic Southern California industrial markets, but Andrea will help to lead our outreach and communications effort so we can be an even more proactive part of the communities we serve.”

Wachter comes to Stirling from the Black Creek Capital family of companies, where she was Operations Coordinator for the Western Region at Industrial Income Trust (which was recently acquired by GLP) and Industrial Property Trust.

Dougall Agan

Wachter worked directly with the Senior Vice President and Regional Vice President of Development assisting with contract administration, and she also worked with the Regional Vice President of Asset Management coordinating lease transactions, property marketing and event planning. Prior to that, Wachter served at Capital Pacific Holdings and Crown Realty and Development.

Wachter holds a bachelor’s degree from California State University, Fullerton (CSUF) in Psychology and is currently completing her thesis for a Masters of Arts degree in Psychology from CSUF. 

She is a certified mediator and has volunteered more than 200 hours of mediation services through the non-profit organization OC Human Relations.

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

 www.globalaccessvictorville.com.

JLL completes $56.2 million sale of Goodyear Crossing II

Goodyear Crossing II, Goodyear, AZ

Bo Mills

PHOENIX, AZ  – As investment grade tenants continue to see the value of locating in Phoenix, investors are seeking out the market’s high-quality industrial assets. 

On behalf of Gramercy Property Trust, JLL’s Capital Markets experts announced the firm facilitated the sale of Goodyear Crossing II, an 820,384-square-foot, Class A fulfilment center in Goodyear, Arizona.

Hines purchased the fully leased asset for $56.2 million.

Managing Directors Bo Mills and Mark Detmer led the JLL team on the sale.

“The Phoenix industrial market is in the early stages of recovery, making assets in this market a very sound investment,” said Mills. “Goodyear Crossing II is a high-quality asset with investment grade tenancy and is a tremendous addition to Hines’s portfolio.”

Goodyear Crossing II features a 30-foot clear height, 268 spaces for trailer parking, 178 dock-high doors and is fully air conditioned. 

The building also features 15,000 square feet of office space and is easily demisable to accommodate multiple tenants. Goodyear Crossing II’s proximity to the I-10 Freeway and Loop 101 offer access to major markets in the Southwest, California and Phoenix metropolitan area, respectively.

Mark Detmer

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients —   whether a sale, financing, repositioning, advisory or recapitalization execution.

In 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital   Markets team comprises more than 2,000 specialists, operating all over the globe.

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

Stacey Hershauer

 Phone:

 +1 480 600 0195

 Email:

 stacey@focusaz.com

 www.jll.com.

http://bit.ly/18P2tkv.

 www.gptreit.com

 or contact Investor Relations at 212-297-1000.