HFF closes $170 million sale of Pacwest Center in Portland’s central business district

Pacwest Center, 1211 SW 5th Avenue, Central Business District, Portland, OR

Nick Kucha

PORTLAND, OR – Dec. 21, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $170 million sale of Pacwest Center, an iconic, 30-story, 545,000-square-foot office tower in Portland, Oregon.

HFF marketed the property on behalf of the seller, The Ashforth Company and an institutional investor, and procured the buyer, LPC Realty Advisors I, LP, on behalf of a pension fund client.  The $170 million sale represents the largest commercial office transaction in Portland in 2016. 

Pacwest Center is located at 1211 SW 5th Avenue at the epicenter of Portland’s 57-block Transit Mall in the city’s central business district.  The immediate area surrounding the property has more than one million square feet of development currently underway, including Broadway Tower and 1320 Broadway.

  With a Walk Score® of 99, a Transit Score® of 96 and a Bike Score® of 92, the asset is a true transit-oriented property.  Pacwest Center features parking for 413 vehicles through valet and self-parking and is an Energy Star-rated building. 

The new buyer intends to significantly renovate the tower by modernizing the common spaces, the main lobby and shared amenities.  PacWest Center is 76 percent leased to tenants, including Merrill Lynch, Markowitz Herbold, Schwabe, Key Bank of Oregon and Perkins & Company. 

The HFF investment sales team representing the seller was led by senior managing directors Nick Kucha and Michael Leggett, co-head of HFF’s West Coast team.

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

 

Kristen Murphy

Director, Marketing

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

tel 617.848.1572 | fax 617.338.2150 | www.hfflp.com

krmurphy@hfflp.com

www.ashforth.com.

The Keyes Company’s Nash Group Selected to Market Bear’s Club Compound in Jupiter, FL with $10 Million List Price

Bear's Club Condominium, 191 Bears Club Drive, Jupiter, FL

JUPITER, FL, Dec. 21, 2016 – Billy Nash of The Keyes Company’s Nash Group has announced the marketing of a stately compound located in the exclusive Bear’s Club luxury residential and golf course community founded by the legend himself, golfer Jack Nicklaus, and his wife Barbara. The property will be offered at $10 million and globally marketed strategically.

The six-bedroom, seven-bathroom compound at 191 Bears Club Drive represents a rare opportunity to acquire a home within the private Bear’s Club, which includes a championship 18-hole golf course and Par 3 Nicklaus Signature course, as well as a 40,000-square-foot clubhouse.

Jack and Barbara NIcklaus

The community includes numerous celebrity homeowners who covet the exclusivity and amenities. Bear’s Club residents include Michael Jordan, tennis stars Serena and Venus Williams and PGA and LPGA touring pros Luke Donald, Ernie Els and Michelle Wie.

Custom built in 2005, the 191 Bears Club Drive compound has more than 17,000 square feet, with 13,000 square feet under air.

Venus and Serena Williams

The stunning home includes a 2,000-square-foot master bedroom, steam room/sauna and grand staircase that leads to a hallway specifically designed – with wall niches – to showcase fine art collections.

The more than one-acre property has expansive views of the third and fifth holes and is located just one mile away from the beautiful waters of Jupiter and 20 minutes from Worth Avenue in Palm Beach.

 “This compound is a spectacular masterpiece nestled in one of the most prestigious golf course communities in the world designed by ‘The Bear’ himself, Jack Nicklaus,” said Nash, who has spent nearly 25 years working with and advising ultra-high-net-worth individuals and their families. “It is an art collector’s dream to showcase your personal collection. Bring your Picassos and Rembrandts.”

Billy Nash

Keyes' Nash Group will leverage Nash’s exclusive relationships built over the last two decades. The Nash Group was also recently chosen to market a Key Biscayne compound with a $36 million list price.

“Ultra-luxury properties all have stories to be told, and to market them properly and identify the right buyer is an art form in itself,” said Nash.

The Bear’s Club and Key Biscayne listings and recent deals like the $25.8 million sale of a Gables Estates mansion, as well as the July 2016 merger with Illustrated Properties, reflect the strength of Keyes’ luxury position.

Michael Jordan

Following the merger, Keyes and Illustrated are, together, the largest independently-owned real estate firm in Florida and a Top 25-ranked firm in the entire United States. Keyes and Illustrated have doubled their $1 million-plus property sales throughout South Florida.

Independently-owned and operated since its founding in 1926, Keyes stays very active in luxury residential real estate alongside its Valore Group Real Estate and Platinum Properties divisions.

Michelle Wie

 Keyes annually sells $650 million in luxury homes priced at $1 million or more. The company expects to grow its annual sales velocity in that category to more than $1 billion.

Keyes is a founding member and shareholder of Leading Real Estate Companies of the World®, a global network of more than 550 premier real estate firms encompassing 4,000 offices and more than 128,000 Sales Associates in 55 countries, and Luxury Portfolio International™.

Luke Donald

Independently-owned and operated since 1926, The Keyes Company is a leader in the real estate industry. Keyes completed a merger with Illustrated Properties in July 2016.

Following the merger, Keyes has 58 offices, more than 3,000 Associates and nearly $6 billion in annual real estate sales and services. Keyes’ offices are distributed throughout six counties – Miami-Dade, Broward, Palm Beach, Martin, St. Lucie, and Volusia. Keyes expands our Associates’ reach globally as a Founding Member and Shareholder of Leading Real Estate Companies of the World®.

Ernie Els

 In addition to our Associates’ expertise, The Keyes Company offers a suite of resources to cover whatever needs arise while buying or selling your home. Your mortgage, title, insurance, and property management needs can all be managed in-house, allowing us to close your deal with speed and efficiency while giving you the opportunity to talk to a real person whenever you have a question.

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

 

Eric Kalis

Account Director, BoardroomPR

ekalis@boardroompr.com

O 954-370-8999

C 305-794-5123

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

               

The Academy apartments sells above list price in the Hyde park submarket of south tampa, FL

Shawn Rupp

TAMPA, FL, Dec. 21, 2016 – 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 The Academy, an 18-unit apartment building located in the Class A, Hyde Park submarket of Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. 

The asset sold for $2,205,000, which was 111 percent of the list price.

“This was a truly one-of-a-kind asset in the historic Hyde Park submarket of South Tampa,” says Shawn Rupp, associate in Marcus & Millichap’s Tampa office. 

“Our marketing efforts generated 22 tours and multiple offers over list price. This property had a tremendous amount of future potential, which we were able to help the market visualize with detailed interior and exterior photo renderings and a solid business plan.”

Rupp, along with Luis Baez, CCIM and senior associate, and Casey Babb, CCIM and vice president investments, both in the firm’s Tampa office, had the exclusive listing to market the property on behalf of the seller.  They also procured and represented the buyer.

The Academy is an 18-unit apartment building located at 404 South Newport Avenue in the Hyde Park submarket of South Tampa, arguably one of the strongest rental submarkets in the Tampa Bay area. 

It is just south of Platt Street and a short walk to Hyde Park Village, South Howard Avenue and Bayshore Boulevard. Built in 1924, this building features the charm and character typical for buildings from this historically rich construction era. 

The two-story building consists of four studio apartments, 11 one-bedroom/one-bathroom units and three, two-bedroom/one-bathroom ranging in size from 570 to 1,050 rentable square feet.

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

                 

Ari Ravi

Regional Manager, Tampa

(813) 387-4700

Atlantic | Pacific Companies Acquires its 9th Apartment Community in Texas

  

Greg Ward

MIAMI, FL – Florida-based Atlantic | Pacific Companies (A|P Companies) with their co-sponsored fund, Blue Atlantic Partners, completed its 5th acquisition this year – and 9th in the state of Texas – with the acquisition of Vintage Park Apartments located in Houston, TX.

The recently closed transactions increase A|P’s holdings in Texas to over 3,000 units and expands A|P’s regional reach to 35 market-rate multifamily communities. Atlantic | Pacific Management (A|P Management), the property leasing & management platform under A|P, will handle all property management responsibilities for both properties.

The property is located near Vintage Park Shopping, and boasts a full suite of luxury amenities including a swimming pool with splash pad, fire pit, HDTV’s, picnic areas with barbeque grills, business center, 18-seat media room, state-of-the-art fitness center, lush landscaping, a children’s playground, covered parking, and an outdoor seating area with a fireplace.

                  

Vintage Park Apartments, consisting of 324 units, offers residents a range of one and two-bedroom floor plans featuring ceramic tile flooring, modern Whirlpool appliances, marble tile with mosaic accents in bathrooms, garden tubs and full-size stackable washer and dryer. Select units in the community offer island kitchens, walk-in showers and fossilized stone fireplaces.

Vintage Park Apartments, Houston, TX

Greg Ward, Chief Investment Officer, remarked, “Houston is one of the fastest growing metropolitan areas in the country.  

Acquiring a value-added property like Vintage Park Apartments makes this investment compelling.   We are proud to add the community to our portfolio.”

 For more information about A|P Companies and its array of real estate services including development, property management, affordable housing, and construction, visit www.apcompanies.com/management or call (800) 918–1145. Follow A|P on Facebook (@AtlanticPacificCompanies), Instagram (@APCompanies) and Twitter (@APCompanies).

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

Jessica Wade Pfeffer | JWIPR

jessica@jwipr.com | 305.804.8424

Margie Sernik | JWIPR

margie@jwipr.com | 786.200.2516

Rhodes+Brito Names New Project Architect

Chad Jones

ORLANDO, FL  – Rhodes+Brito Architects recently named Chad Jones, AIA as a project architect for the firm. 

 Ruffin Rhodes, AIA, co-founder of the architectural firm, said Jones graduated from Washington University in St. Louis with a Bachelor of Science in Architecture and holds a Master of Architecture from the University of Miami.

Jones has more than 10 years of project experience in urban design and project management involving libraries, colleges, civic centers and public schools.  

In his new role at Rhodes+Brito, Jones will be responsible for overseeing architectural aspects of design development, production of construction documents and coordinating needs of the client with staff and consultants. 

 His special focus will be on the higher education and K12 education market sectors of Rhodes+Brito. 

Rhodes+Brito, an Orlando firm founded in 1996, currently employs a staff of 21, including eight registered architects. The firm has exceptional experience providing architectural services to a wide variety of agencies throughout the state of Florida, including municipal government agencies, federal, education, aviation and senior living facilities. Rhodes+Brito Architects is the current Orlando AIA 2016 Firm of the Year.

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.

   

Hunter's Ridge in Ormond Beach, FL gearing up to proceed on DRI with Unanimous County Commission Vote

Marisol Santiago Soderstrom

Ormond Beach, FL --- The Flagler County Commission recently voted unanimously to lift the hold imposed five years ago on the Hunter’s Ridge DRI, now positioning the mixed-use project for immediate development on SR 40 three miles west of Interstate 95 on the Flagler-Volusia border.

John Kurtz and Marisol Santiago Soderstrom of Premier Sotheby’s International Realty in Lake Mary, brokers of record for the project, said the DRI was held up in 2011 until impact issues and other concerns were ironed out.  

The real estate market had then softened so developers decided to coast awhile to do more research and planning.

At the Dec. 5 county commission meeting the project was in full compliance.   All four commissioners voted for Hunter’s Ridge to proceed with the 5,000-acre updated DRI (development of regional impact) that includes 1,900 acres designated as a recreational park to be deeded over to Flagler County early next year, an important aspect of the DRI sanction, Kurtz said.

“The commissioners expressed delight that this development will be moving forward and that it would be a community they’ll be proud of,” said Allan Feker, principal of U.S. Capital Alliance, developer.   Feker has been developing and investing in real estate projects in Florida, including Golden Ocala, for some 30 years.

Kim Booker, Attorney for U.S. Capital Alliance, said her team has been working closely with the County staff and council for most of the year to get the lingering issues ironed out. “We are very happy and thankful for the hard work of everyone at Flagler County, and look forward to their continued support,” said Booker.

“We are excited about the resurgence of Hunter’s Ridge and believe that the development’s connection to a large regional park and preserve will create a unique and desirable community within which to live, work and play,” said Craig Coffey, Flagler County Administrator.

Kim Booker

The remaining 3,100 acres at Hunter’s Ridge provides entitlements for approximately 1,900 residential units and 600,000 square feet of commercial space, according to Kurtz.

International Commercial Investment Specialists Soderstrom and Kurtz are heading a campaign to market the property globally. “Hunter’s Ridge is going to be an economic engine for the Flagler-Volusia area,” Kurtz said. “Area demographics are strong.”

Hunter’s Ridge is located minutes from the Florida Memorial Hospital, along with major medical complexes, retail and dining. The Daytona Beach International Airport and Speedway are also nearby.

“With all of these factors along with the uptick in the real estate market, we are confident Hunter’s Ridge will be a great success,” Soderstrom said.

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.