Stepp Commercial Completes $3.2 Million Sale of Value-Add Apartment/Commercial Property in Santa Monica, CA

Kimberly Roberts Stepp

 Santa Monica, CA – Stepp Commercial, a leading multifamily brokerage firm in the Santa Monica market, has completed the $3.2 million sale of a fully occupied 13-unit property located at 1313 Pico Boulevard in Santa Monica.

The commercially zoned, two-story property includes 11 residential apartment units as well as two commercial spaces occupied by a hair salon and an accounting firm.

Kimberly Roberts Stepp, principal, and Aynsley Armbrust, vice president, with Stepp Commercial, represented the seller, a private trust from Los Angeles, as well as the buyer, North Hollywood-based MGA Investments, Inc. The transaction closed at full asking price with a low cap rate of just 2.8 percent and gross rent multiplier (GRM) of 19. 

“This property offers the buyer the value-add potential of 80 percent upside in rents,” said Stepp. “The new owner is negotiating buyouts with existing tenants and will renovate and reposition the property in the near future in order to maximize value.”

Aynsley Armbrust

Stepp added: “This area of Santa Monica is continuing to improve with an influx of A-plus credit tenants, high-end restaurants and shops, new development and proximity to the Expo Line.”

Built in 1946, the property consists of 10 one-bedroom units, one two-bedroom unit, and two commercial units. The well-located asset is just 12 blocks from the numerous shops and restaurants on Ocean Avenue and Main Street.

 Stepp Commercial is a brokerage firm specializing in the multifamily sector for properties ranging in size from $1 million to $50 million. 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 more information visit www.steppcommercial.com

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

Darcie Giacchetto

949.278.6224

Cohen Commercial Realty Brokers Three New South Florida Leases

  

Bryan S. Cohen

 Humana Metcare Moving Into Abacoa Professional Center in Jupiter, FL

Jupiter, FL — Bryan S. Cohen and Allan Carlisle of Cohen Commercial Realty, Inc., announced the signing of Humana Metcare to lease a space at Abacoa Professional Center located on Heritage Drive in Jupiter, Florida. Cohen Commercial Realty, Inc. represents the Landlord in this transaction. 

Mount Bethel Human Services Corp. Occupies 930 SF at The Market Place in Lake Worth, FL

 Lake Worth, FL — Bryan S. Cohen, Thomas Whittelsey, and Travis Langhorst of Cohen Commercial Realty, Inc., announced the signing of Mount Bethel Human Services Corporation, to lease a 930-square-foot space at The Market Place located at 7330 Lake Worth Road in Lake  Worth, Florida. Cohen Commercial Realty, Inc. represents the Landlord in this transaction. 

Silvestri and Associates Insurance Leases 1,000 SF at The Market Place in Lake Worth, FL

 Lake Worth, FL — Bryan S. Cohen, Thomas Whittelsey, and Travis Langhorst of Cohen Commercial Realty, Inc., announced today the signing of Silvestri and Associates Insurance, to lease a 1,000-square-foot space at The Market Place located at 7330 Lake Worth Road in Lake Worth, Florida. Cohen Commercial Realty, Inc. represents the Landlord in this transaction. 

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

Donna Cordes

Cohen Commercial Realty, Inc.

561.471.0212 Office

561.471.5905 Fax

donnacordes@cohencommercial.com

www.cohencommercial.com

Windstream NuVox Signs Lease Renewal at Cameron Brown Building

 

Campbell Walker

CHARLOTTE, NC — Windstream NuVox has signed an 11,201-square-foot lease renewal and expansion for its Charlotte, North Carolina, Sales and Switch location at the Cameron Brown Building.

Campbell Walker of Lincoln Harris represented the tenant in the transaction, and Kris Westmoreland of Cushman & Wakefield represented the landlord, 301 South McDowell Street Holdings LLC.

“The Cameron Brown Building has served Windstream NuVox well, and they are looking forward to continuing their relationship with the landlord,” Walker said.

The 184,032-square-foot Cameron Brown Building is located at 301 S. McDowell St. Built in 1971, the Class B office building offers unobstructed views of Uptown, abundant on-site parking and convenient access to Interstate 277.

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

Meredith Pierce • The Wilbert Group

1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309

O: 404-343-0108 • M: 478-719-9958

@meredithfierce

Trion Properties Increases Investment in Portland, OR by Acquiring Value-Add Apartment Communiity in Beaverton Submarket

Hidden Villas,  14620 SW Farmington Road,  Beaverton, OR

Max Sharkansky

BEAVERTON, OR – Trion Properties, a private equity commercial real estate firm that specializes in value-add multifamily investments along the west coast, has acquired Hidden Villas, a 61-unit, value-add apartment community in the Portland submarket of Beaverton, Oregon, bringing its multifamily portfolio in the area to a total of 215 units.

The principals of Trion Properties are Max Sharkansky and Mitch Paskover, two real estate professionals with over 30 years of combined experience in finance, acquisitions, management and redevelopment.

“Beaverton is on the cusp of tremendous economic growth, making it an attractive market for multifamily investors,” says  Sharkansky, Managing Partner of Trion Properties. 

“The region’s rapid job growth, mass transit options, and high quality of life are driving resident demand for well-located multifamily communities near major employers in the area.”

Sharkansky explains that the Portland metro, also known as the “Silicon Forest,” is one of the most dynamic tech employment markets in the Pacific Northwest, and is home to a cluster of high-tech companies, including Intel, the largest for-profit employer in the state with over 17,000 employees.

In addition, the Portland metro has also established itself as the sports apparel capital of the nation, with brands such as Nike and Columbia Sportswear taking up residence here.

Mitch Paskover

 “Nike is currently undergoing a 3.2 million square-foot, $380 million expansion of its headquarters which is set for completion in 2018, adding thousands of new jobs in the next few years,” continues Sharkansky.

“This influx in new jobs, coupled with the property’s central location will further drive resident demand, resulting in stabilized cash flow and strong operating income for the asset over time. 

"Nike is located 1.8 miles from the apartment community, and Tektronix, an electronic equipment manufacturing firm, is located just 1.3 miles from the property as well.”

At nearly full occupancy, Hidden Villas has strong in-place cash flow with tremendous upside potential, according to Sharkansky, who adds that the property presents an opportunity to capture rent growth upon lease rollover.

“By repositioning and rebranding this asset through strategic renovations, we plan to bring rents up to market-value in order to optimize the property’s value-add potential, thereby increasing our internal rate of return,” Sharkanksy confirms.

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

Katie Kea / Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

kkea@browermillercole.com

http://www.trion-properties.com/