Marcus & Millichap Arranges $2.38 Million Sale of 33-Unit Lake Worth Apartment Portfolio in Lake Worth, FL

   

Daniel J. Cunningham

LAKE WORTH, FL – 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 Lake Worth Portfolio, a 33-unit, three property apartment portfolio in Lake Worth, Fla. The portfolio sold for $2,385,000.

“Many buyers look to more affordable properties in Lake Worth because the submarket offers assets that can be repositioned to raise revenues. 

"Average cap rates here vary within the high-6 to mid-7 percent range. This was a great opportunity to acquire three well-maintained apartment buildings with historically high occupancy,” says Daniel J. Cunningham, a vice president investments in Marcus & Millichap’s Fort Lauderdale office. 

“We received interest from across the country and ultimately sold the property to a New York investor who was in a 1031 exchange.”

Cunningham as well as Evan Richardson, an associate, also in Marcus & Millichap’s Fort Lauderdale office, represented the seller and the buyer.

Evan Richardson

The properties are all located on 19th Avenue North between the main traffic arteries of Interstate 95 and North Dixie Highway with easy access to Florida’s beaches.

1242 19th Avenue North is a 16-unit apartment building with 14 one-bedroom/one-bathroom units and two two-bedroom/one-bathroom units.

1219 19th Avenue North is an 11-unit apartment building with eight one-bedroom/one-bathroom units and three two-bedroom/two-bathroom units. 1234 19th Avenue North is a six-unit apartment building with all one-bedroom/one-bathroom units.

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

   

Ryan Nee

Vice President / Regional Manager

 Fort Lauderdale, FL

(954) 245-3400

Lincoln Property Company Southeast Arranges $2.1 Million Acquisition of Office Building in Kennesaw, GA

 

Jeff Henson

ATLANTA, GA – Lincoln Property Company Southeast (Lincoln) has facilitated the $2.1 million purchase of 1945 Vaughn Road, a 27,300-square-foot office building located in Kennesaw, Georgia, just outside of metro Atlanta.

Jeff Henson of Lincoln represented the buyer, Cloud9Ortho, in the transaction, and Randy Hoye and  Enio Guerra Bull Realty represented the seller, AMLI Residential.

Built in 1994, the two-story office building  is located within a master-planned office park and is maintained with quality controls. 

The former corporate headquarters has been updated and outfitted with energy efficient features such as solar panels and motion lights.

Nearby amenities include the Noonday Creek Trail, Town Center Mall and easy access to interstates 75 and 575.

Randy Hoye

“There’s been a significant uptick in these small to mid-size owner/user sales during the last 12 months, largely due to a lack of inventory,” Henson said.

 “Demand for quality, well-constructed owner/user buildings is far outpacing supply right now, which is increasing the price per square foot. 

"Office sales in the first quarter totaled 46 transactions with a total volume of $677 million, compared with 25 transactions with a total volume of $560 million in the first quarter of 2015. 

"We believe office sales activity will continue to tick up for the remainder of the year.”

   

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

 Savannah Durban

The Wilbert Group

404-343-0870

sdurban@thewilbertgroup.com

Mortgage Bankers Association Reports Commercial/Multifamily Originations Remain Strong

Jamie Woodwell

WASHINGTON, DC -- According to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, second quarter 2016 commercial and multifamily mortgage loan originations were one percent higher than during the same period last year and 17 percent higher than the first quarter of 2016.

 “Borrowing and lending backed by commercial and multifamily properties remained strong during the second quarter,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research.  

“Low interest rates combined with strong commercial property market fundamentals to further support lending and to keep overall borrowing levels on pace with last year’s strong level.”

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

Ali Ahmad

aahmad@mba.org

(202) 557-2727

NAI Realvest Negotiates Lease Agreements with Orange County at Sunport Commerce Center, Shop Factory Direct at Crossroads Business Center in Winter Park, FL

 

George Livingston

ORLANDO, FL --- NAI Realvest recently negotiated two leases totaling 17,979 rentable square feet of flex space -- One at Sunport Commerce Center near Orlando International Airport and one at Crossroads Business Center in Winter Park. 

NAI Realvest Associates Drew Saphos CCIM and Chris Adams, and Chairman George Livingston represented the landlord, Miami-based Adler Realty Services, in a long-term lease renewal with Orange County, Florida at 8026 Sunport Drive, Suites 307–311.   The county was represented by Chris Sproles of CBRE.  

At the same time the Livingston team represented landlord Adler Realty in a new lease for 2,754 square feet in Suite 200 at Crossroads Business Center, 931 S. Semoran Blvd.  The new local tenant is Shop Factory Direct, Inc.

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

   

Sale of newly-built San Francisco Bay Area retail center closed by HFF

Alameda Landing Shopping Center, 2600-2700 Fifth Street, Alameda, CA

SAN FRANCISCO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of a Real Estate Investment Trust (REIT) that owns Alameda Landing, a newly-built, 165,777-square-foot, grocery-anchored shopping center in the San Francisco Bay Area community of Alameda, California.

HFF represented the seller, Catellus.  AFL-CIO Building Investment Trust, for which PNC Bank is trustee and PNC Realty Investors, Inc. is investment advisor, purchased the REIT free and clear of existing debt but subject to certain preferred stock holders.      

Nicholas Bicardo

Situated on almost 80 acres at 2600-2700 Fifth Street, Alameda Landing is located on Alameda Island, an affluent community in the heart of the San Francisco Bay Area. 

The center is accessible from Interstates 80, 580, 880 and 980 and adjacent to the Webster Street Tube, which is less than a quarter of a mile away from the subject property.

 Alameda Landing is 86 percent leased to national and regional tenants, including grocery-anchor Safeway, Michaels, Orange Theory Fitness, Chipotle, AAA Insurance and Bank of America.  Alameda Landing is also shadow-anchored by Target.

The HFF retail investment sales team representing the seller was led by managing director Nicholas Bicardo.

“Alameda Landing is one of the highest-quality, newly-built grocery-anchored retail centers in the Bay Area,” Bicardo said.  “Deals of this scale and quality rarely come available in the San Francisco Bay Area.  This will be a trophy in the buyer’s portfolio for generations to come.”

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

http://www.catellus.com

HFF closes sale of first parcel within St. Albans at Midtown in Raleigh, NC

  

1100 St. Albans Drive, Raleigh, NC

 CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $3.8 million sale of a 3.39-acre parcel within the larger 51.32-acre St. Albans at Midtown development site near North Hills in Raleigh, North Carolina.

HFF marketed the site on behalf of the sellers:  Wells Fargo Bank, acting as Trustee for a local family; and Henry Sink and Richard Williams, acting as Co-Trustees for another local family. 

Coastal Federal Credit Union, which operates its headquarters on the adjacent parcel, purchased the site free and clear of debt.  Jake Jones at Avison Young represented Coastal Federal Credit Union.

Justin Good

The St. Albans at Midtown development site is situated less than one half of a mile from the terminus of North Hills, a growing area of Midtown Raleigh that has more than one million square feet of lifestyle amenities and nearly 1.1 million square feet of office space either completed or underway. 

With North Hills approaching build-out, the St. Albans at Midtown development site provides an opportunity to extend the North Hills area, often considered Raleigh’s second central business district. 

The site at 1100 St. Albans has immediate access to Interstate 440 and to Wake Forest Road, which links the property to Duke Raleigh Hospital, executive housing in North Raleigh, and the tech hub of Downtown Raleigh.

The HFF investment sales team representing the seller was led by managing director Justin Good and director Allan Lynch.

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 $35 million sale of 2-building industrial portfolio in Durham, NC

Tech Distribution Center, 2012 T.W. Alexander Drive, Durham, NC

CHARLOTTE, NC – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $35 million sale of a two-building, 100-percent-leased, Class A industrial portfolio totaling 448,385 square feet in Durham, North Carolina. 

HFF marketed the property on behalf of the seller, Stoltz Real Estate Partners.  Principal Real Estate Investors purchased the portfolio.

Chris Norvell

The portfolio comprises Tech Distribution Center and Tri-Center North V.  The 245,000-square-foot Tech Distribution Center is located at 2012 T.W. Alexander Drive and features a two-story glass entrance along with 30’ clear heights, 50’ by 50’ column spacing, 180’ deep truck courts and 24 dock-high doors. 

Completed in 2001, the facility has approximately 28,000 square feet of office area (11.4 percent of the building). 

Located at 3500 Tri-Center Boulevard, the 203,385-square-foot Tri-Center North V is situated on 20 acres within Research Tri-Center, a 130-acre master-planned industrial park. 

Originally constructed as a built-to-suit for IBM, the facility has both a 185’ deep truck court and a 120’-130’ truck court, providing a significant opportunity for on-site trailer storage in addition to almost 20,000 square feet of office space (9.7 percent of the building). 

The HFF investment sales team representing the seller was led by senior managing director Chris Norvell.

”We continue to see strong demand for industrial investment opportunities throughout the Carolinas,” Norvell said.  “The Raleigh-Durham market is particularly strong in that there are significant barriers to entry for development, particularly in the RTP/I-40 corridor submarket where total occupancy is hovering around 100 percent.  It’s an excellent long-term investment.”

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.stoltzusa.com