Strategic Student & Senior Housing Trust Acquires The District at University of Arkansas for $57 Million

H. Michael Schwartz

Fayetteville, AR – Strategic Student & Senior Housing Trust, Inc., a private real estate investment trust sponsored by SmartStop Asset Management, LLC, announced its acquisition of The District, a 198-unit, 592-bed student housing property adjacent to the University of Arkansas in Fayetteville. The purchase price for the building was $57 million.

Formerly known as Sterling District, the 2.3-acre student housing property is located at 376 W. Watson St. and includes one-, two-, three- and four-bedroom, fully furnished floor plans. The District is currently 95 percent pre-leased for the 2017-2018 academic year.

“The District represents a best-in-class, off-campus, purpose-built and pedestrian-to-campus student housing community at the University of Arkansas,” said H. Michael Schwartz, chief executive officer of Strategic Student & Senior Housing Trust.

John Strockis

“Completed in 2016, The District is an amenities-rich and modern urban wrap-design property that is consistent with our acquisition strategy of acquiring stabilized and purpose-built student housing assets adjacent to Tier 1 universities.

“The property includes many safety features, such as gated access, pass-key systems, on-site management with regular security patrols and an on-site, six-story controlled access parking garage.

“In addition, we have retained Asset Campus Housing, one of the nation’s premier third-party student housing managers, to provide on-site management.”

Asset Campus Housing, which is a member of The Institute of Real Estate Management and is recognized as an Accredited Management Organization, currently manages in excess of 210 properties and 118,500 beds.

“Situated three blocks from campus and the famed Dickson Street, part of the U.S. National Register of Historic Places, The District provides residents with great access to the campus, community and their peers,” said John Strockis, senior vice president of acquisitions of the REIT.

“The property also includes a 500 megabytes-per-second internet service that further promotes connectivity for students and parents.”

University of Arkansas, Fayetteville, AR

Each apartment unit is fully furnished with state-of-the-art amenities and energy efficient appliance packages. 

Community amenities include a computer lab and business center; study rooms; an expansive pool, spa and courtyard; and a fitness facility with a separate yoga room.

The District is certified by the U.S. Green Building Council as LEED-Gold, the second-highest certification level that recognizes properties that use less water and energy, and reduce greenhouse gas emissions.

In addition to its energy efficient appliances and other amenities, the property also provides preferred parking for fuel efficient vehicles, a bike-sharing program, increased natural light and close proximity to mass transit for ride-sharing.

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

Julie Leber, Damon Elder

Spotlight Marketing Communications

 (949) 427-5172, ext. 703

(949) 427-5172, ext. 702

julie@spotlightmarcom.com

 damon@spotlightmarcom.com

www.smartstop.ca

.

WNC Closes $85 Million California Institutional LIHTC Fund

Michael Gaber

 IRVINE, CA, June 30, 2017 – WNC, a national investor in real estate and community development initiatives, announced today it has closed WNC Institutional Tax Credit Fund 10 California Series 15, L.P. (CA 15), an $85 million institutional low-income housing tax credit (LIHTC) fund.

The fund will acquire eight properties in both suburban, urban and rural parts of California within the cities of Anaheim, Cathedral City, Lincoln, Los Angeles, Mission Viejo, Napa and San Luis Obispo. 

Combined, the properties will offer nearly 500 affordable housing units to seniors and families throughout the Golden State.

CA 15 is WNC’s 20th closed institutional fund focused on the development or rehabilitation of quality affordable housing in California, where demand far exceeds supply.  Upon completion of all eight property acquisitions, WNC will have acquired more than 300 properties within California.

“For 15 consecutive years, WNC has successfully offered and closed a LIHTC fund focused solely on supporting the affordable housing stock within the state of California, which is particularly limited,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. 

“Amid ongoing dialogues between the Trump administration and Congress regarding potential tax reform, WNC overcame unique structuring challenges to close this fund, working together with its development and investment partners to provide quality affordable housing units throughout the state.”

CA Fund 15 includes six institutional investors, five of which have previously participated in WNC funds.

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

Julie Leber

Spotlight Marketing Communications

949.427.5172, ext. 703

julie@spotlightmarcom.com

www.wncinc.com

Key City of Miami Board Approves Verzasca Group’s Rental Project in Edgewater Neighborhood

Robert Behar

MIAMI, FL – Developer Verzasca Group has obtained a critical approval from the City of Miami’s Urban Development Review Board for its 2000 Biscayne rental apartment project in the Edgewater neighborhood.

The board, which was created by the city to review all urban projects of more than 200,000 square feet in accordance with the Miami 21 zoning code, unanimously supported the development during its Thursday, June 29 meeting. 

The next step is approval from the city’s Planning and Zoning Department, followed by a 15-day appeal period.

Verzasca proposes to build a 36-story high-rise tower with 393 studio, one, two and three-bedroom apartment units totaling nearly 360,000 square feet of living space on the 2000 Biscayne Boulevard site. Dorsky + Yue International Architecture is the building designer.

Gerald Marsten

During the meeting, board Chair Robert Behar praised the project design, which accounted for the configuration of the site. The project is located on a portion of Biscayne Boulevard that is considered a transit corridor of the city and zoned for increased density.

Board member Gerald Marsten cited the landscaping plan and synergy between the project and surrounding urban environment.

“We are thrilled to get the support for our Edgewater project from this pivotal city board,” said Verzasca Managing Director Tim Lobanov. 

“The Edgewater neighborhood has experienced an incredible transformation into one of Miami’s most desirable urban areas to live in – particularly for renters. We are big long-term believers in the neighborhood.”

 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

Marcus & Millichap Brokers $6.25 Million Howell Branch Corners in Casselberry, FL

Douglas K. Mandel

CASSELBERRY, FL, June 30, 2017 – 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 Howell Branch Corners, a 14,765-square foot retail property located in Casselberry, FL, according to Ryan Nee, Vice President/Regional Manager of the firm’s Fort Lauderdale office.

The asset was 77 percent occupied at the time of sale and sold for $6,525,000 or $442 PSF.

Douglas K. Mandel, Senior Managing Director Investments, in Marcus & Millichap’s Fort Lauderdale office and Nicholas Hanson, Associate, in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a partnership, and secured and represented the buyer, a limited liability company.

Mandel states, “The transaction demonstrates the continued trend of capital inflow to Orlando from primary markets by investors seeking higher yields and the non-stop demand for quality retail assets throughout the MSA from out of area buyers attracted by the regions strong fundamentals and future growth potential.”

Nicholas Hanson

Howell Branch Corners is located at 2525 Howell Branch Road in Casselberry, FL.  Shadow-anchored by a Casselberry Commons, the property is located at the signalized corner of Howell Branch and Semoran Boulevard, one of the busiest thoroughfares in the Orland, offering tenants excellent exposure.

Howell Branch Corners is a 14,765-square foot, premium retail plaza boasting national tenants such as Starbucks, BB&T and T-Mobile. 

“Buyers are seeking premium assets in  nontraditional-class A locations where they can achieve strong returns with the opportunity to add value,” continues Hanson

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

 Ryan Nee

Vice President / Regional Manager, Fort Lauderdale

(954) 245-3400

Bull Realty's Website Debuts to Buy Commercial Real Estate Online

Michael Bull

ATLANTA, GA (June 28, 2017) — Atlanta based commercial real estate asset and occupancy services firm Bull Realty, Inc has created a new website to buy commercial properties, apartments, and land online.

Users can see available properties and execute purchase offers online with DocuSign, right on the website. For properties with more sensitive documents, users can sign confidentiality agreements online.

The home page features dramatic video of Downtown, Midtown, Buckhead, and Perimeter skyline sunset views.

Steve Barnes, President of Barnes Creative Studios, filmed the homepage video footage for the site in a helicopter. Of the website, Barnes said, “It’s refreshing to see a commercial real estate website that is highly functional and actually helps you get business done.”

The site can also send users alerts when properties become available that match their chosen property type, price range, and location of interest.

Steve Barnes

“It’s pretty awesome …You know about new available properties in the exact property type, price range and area you want, as soon as they hit the market. Review due diligence, DocuSign a purchase offer, email a friend, all from the convenience of any device, including your phone,” said CEO, Michael Bull.

The site is online now at www.BullRealty.com.

For more information contact Bull Realty at 404-876-1640 or Info@BullRealty.com - Bull Realty, Inc. (www.BullRealty.com) is a commercial real estate asset and occupancy solutions provider headquartered in Atlanta, licensed in nine states providing acquisition, disposition, leasing and advisory services.

 The firm also produces and hosts America’s Commercial Real Estate Show (www.CREshow.com) and Atlanta’s Commercial Real Estate Show (www.ATLCREShow.com).

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

Melissa Henry

Communications Manager

Bull Realty, Inc. 

404-876-1640 x 110

BullRealty.com

CREshow.com

ATLCREshow.com

George Smith Partners Secures $26.5 Million in Financing for Gershwin Apartments and Adjacent Multifamily Community in Hollywood, CA

Gershwin Apartments, Hollywood Boulevard, Hollywood, CA

LOS ANGELES, CA (June 27, 2017) – Commercial real estate investment banking firm George Smith Partners has successfully secured $26.5 million in refinancing for Gershwin Apartments, a 163-unit apartment community with 10,500 square feet of ground-floor retail space, along with acquisition financing for an adjacent nine-unit multifamily asset located in Hollywood, California.

The financing was arranged by George Smith Partners’ Managing Director Shahin Yazdi.

Shahin Yazdi

“East Hollywood is the next up-and-coming neighborhood in Los Angeles,” says Yazdi. “The submarket’s central location, diverse array of cultural icons and entertainment venues, and explosive growth are driving an influx of residents and investment capital to this region, making it poised for tremendous revitalization and ongoing urbanization.”

Located on Hollywood Boulevard, the Gershwin Apartments was acquired by Massie Capital and Glenn & Shannon Dellimore in 2015.

 George Smith Partners arranged a competitive loan for that acquisition at a time when east Hollywood was just beginning to emerge as the next growth area of Los Angeles.

Two years later, after successfully executing the first phase of its renovation plan and exceeding its NOI expectations, the Sponsor requested another loan to refinance the existing loan and complete Phase II of the renovation, while simultaneously purchasing an adjacent multifamily property, bringing the property’s total unit count to 172.

Gershwin Apartments is located at 5533 Hollywood Boulevard, and Gershwin Villas is located at 1714 Garfield Place in Los Angeles, California.

“By merging the two assets, the Sponsor will be able to manage the two parcels as one, resulting in strong investment potential and opportunities for deep value creation,” explains Yazdi. “This investment strategy enables the sponsor to expand its presence as a multifamily owner in the region while leveraging existing demand for urban living in the east Hollywood submarket.”

  

The Sponsor will also reposition and rebrand the nine-unit multifamily asset as the Gershwin Bungalows, which will feature private patios and share the same resort-style amenities offered at The Gershwin Apartments.

  

Brian Massie

Brian Massie, Founder of Massie Capital, asserts that his team immediately recognized the value in this expansion opportunity.

“Gershwin Apartments is a unique asset with historic value and deep ties to the local community,” notes Massie. 

“This 1920s art deco building was formerly a hotel and was later redeveloped into an apartment community in 2013 by the previous owner, CIM Group. 

"We plan to further redevelop this property into a luxury apartment community with shared common areas and high-tech features, while also preserving the integrity of its Hollywood charm and historic character.”

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

Miki (Conant) Akil / Katie Kea

Brower, Miller & Cole

(949) 955-7940

makil@browermillercole.com

www.GSPartners.com

Rhodes+Brito Architects Earn Contract to Design Volusia County Schools’ First New Elementary in Years

Ruffin Rhodes

New Smyrna Beach, FL and Orlando, FL --- Rhodes+Brito Architects in Orlando was selected to design a brand new Chisholm Elementary, replacing the original building erected in the 1940s on Ronnoc Lane off of Wayne Ave. and Hwy. A1A in New Smyrna Beach. 

Ruffin Rhodes, co-founder and partner at Rhodes+Brito Architects, said his firm is currently underway with the planning and design of the new 85,000 square foot school to accommodate 750 students, implementing 21st century design concepts that enhance the learning experience and student interaction.

The extra one-half cent sales tax in Volusia County finally raised enough funds to cover the much needed project that will revitalize the entire neighborhood of this historic Westside District of New Smyrna Beach, according to Rhodes.

The design phase will be completed by May of 2018 and construction, at an estimated cost of $17 million, will get underway in June of next year.    

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

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

Lincoln Property Co negotiates Leases at Airport Business Center in Orlando, FL for more than 6,391 Square Feet of Office / Flex Space

Sean Dupree

ORLANDO, Fla. – Lincoln Property Company Southeast, a full service commercial real estate firm based in Orlando, recently completed two new and one renewal lease for 6,391 rentable square feet at Airport Business Center, 5730-5892 S. Semoran Blvd. in Orlando.

Sean DuPree, Broker at Lincoln Property, negotiated the transactions on behalf of the Landlord Ros-Orlando Airport 371 LLC. 

Menzie’s Aviation, Inc, (www.menziesaviation.com) a global company providing outsourced airport services leased Suite 5842 with 3,500 square feet;

Green Mile, LLC. (www.greenmile.com) a logistics and route management software company,  leased Suite 5736 with 2,191 square feet; and

Excelsior Defense (www.excelsiordefense.com), a provider of uniformed security officers for government entities and private enterprises, renewed their lease of Suite 5840A with 768 square feet.  

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

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. Lvershelco@aol.com

 407-644-4142

Marcus & Millichap Arranges $4.85 Million Sale of Applebee’s Site in Fort Myers FL

James Medefind

FORT MYERS, FLORIDA, June 27, 2017 – 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 Applebee's, a 4,942-square foot net-leased property located in Fort Myers, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $4,852,000.

James Medefind and Jim Shiebler, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. 

The trophy location, 1.33 acre parcel, massive traffic count of over 79,000 cars per day and the fact that the restaurant is operated by a regional powerhouse franchisee were the rare attributes that this Applebee’s location possessed. 

“We accessed and leveraged Marcus and Millichap’s platform of the nation’s largest buyer pool and paired it with our knowledge of the local Southwest Florida market,” says Shiebler.

“The buyer, a private investor from Connecticut, was also secured and represented by our investment team member, James Weldon. He was attracted to the investment because he recognized that this restaurant property is uniquely positioned in a very affluent area in one of the densest retail corridors in all of Southwest Florida,”

Applebee's is located at 8043 Dani Drive in Fort Myers, Florida. The property was built to suit for Applebee’s in 2005, recently went through a $450,000 modernization plan and had over 15 years remaining on its lease. The area is also one of the fastest growing areas in the country and was voted Top 10 Hottest Real Estate Markets to Watch in 2017 by Forbes Magazine.

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

    

Ari Ravi

Regional Manager, Tampa

(813) 387-4700

Gelt, Inc. Acquires 472-Unit Mountain Run Apartments in Albuquerque, NM

Keith Wasserman

Los Angeles, CA - Marking the firm's foray into New Mexico, Gelt Inc., a Los Angeles-based real estate investment and asset management firm, has acquired Mountain Run Apartments, a 472-unit community in Albuquerque. The seller was Chartwell Capital Partners.

"With this acquisition, Gelt has acquired more than 6,000 units valued at $940 million and we are pleased to have entered a new market with this buy. We now have a portfolio that spans eight Western states," said Keith Wasserman, partner with Gelt.

 "Albuquerque has shown consistent multifamily fundamentals for many years, mainly due to a lack of new supply. While other major cities saw significant rent declines in the last recession, Albuquerque remained stable, and we like that story."

Jeff Harris, COO with Gelt, added: "We are seeking cash-flowing, stable investments for the long term, and the supply-constrained Albuquerque multifamily market is conducive to that strategy.  Our goal is to own and operate at least 1,000 units here over the next 18 months."

Built in 1985, the community offers a tranquil, park-like setting on nearly 16 acres of land and is located at 5800 Eubank Blvd. NE. It includes 312 one-bedroom units and 160 two-bedroom units within 35 two- and three-story buildings.

Jeff Harris

In 2012 a major renovation occurred and included unit enhancements such as the addition of stainless steel appliances, granite counter tops in some units, custom maple cabinetry, washer/dryers in every unit, upgraded lighting, and faux wood flooring in kitchens and dining areas.

 On-site amenities include a heated swimming pool, business center, indoor spa, fitness center, basketball courts, movie theater, and resident lounge.

In order to further enhance the value and appeal of the property, Gelt will renovate the leasing office, clubhouse and fitness center, as well as conduct upgrades to the sport court, and add barbecue/gazebo areas and a bike room.

Mountain Run is located in the highly coveted Far Northeast Heights market of Albuquerque.  The region boasts a highly-rated school district, and proximity to major employment corridors.  Additionally, the area is extremely supply constrained which is driving tremendous multifamily fundamentals. 

The asset is immediately adjacent to Mountain Run Shopping Center, which has a Smith's Grocery Store, a Walgreens, Wells Fargo banking center, and a U.S. Postal Service branch, amongst others.  The community is also located across the street from Academy Hills Park, which is a recently renovated 13.4-acre park adding a convenient amenity for Mountain Run's residents.

David Eagle, Billy Eagle and Ryan Mills of CBRE represented both the buyer and the seller in the transaction. Brian Eisendrath, Brandon Smith and Cameron Chalfant of CBRE represented Gelt in originating the financing.

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

http://www.geltinc.com/

Electra America Acquires 300-Unit Community in Raleigh, NC

The Flats on 401 Apartments, 5721 Goodstone Drive, Raleigh, NC

                                                                                                                      (Photo by Clear Sky)

 

Jeff Glenn

RALEIGH, NC – Electra America, one of the fastest-growing multifamily owner-operators in the Southeastern U.S., has acquired a 300-unit apartment community in Raleigh, NC.

Completed in 2015, the asset, currently known as The Flats on 401, will be rebranded as Level at 401, and enhanced with a variety of new features and amenities catering to Raleigh renters.

With this acquisition, Electra America now owns five garden-style multifamily communities in the Raleigh area, totaling over 1,500 units. This is the company’s second North Carolina acquisition this year – it recently acquired a property in Charlotte. Nationally, Robbins Electra’s portfolio includes more than 23,000 apartment units totaling over $2.5 billion in value.

Justin Good

 HFF marketed the property for the sellers, a local partnership. The HFF investment sales team was led by managing directors Jeff Glenn and Justin Good, and director Allan Lynch. Through their skills, the transaction was privately negotiated and closed in a transaction beneficial to both buyer and seller.

“Apartment demand in Raleigh is strong thanks to job and population growth,” said Joe Lubeck, CEO of Electra America. “Our pet-friendly, reasonably priced apartment communities cater to working professionals - police officers, nurses, and office workers. 

"By modernizing these properties, and providing outstanding customer service, I believe we are serving a niche in the market where demand definitely outstrips supply.”  

Located at 5721 Goodstone Drive, Level at 401 includes studio, one- and two-bedroom apartments in three separate four-story buildings. Apartments feature 9-foot ceilings, balconies, and a washer and dryer in each unit. The pet-friendly community offers resort-style amenities including a swimming pool, clubhouse, fitness center, professional area, spin room, outdoor fireplace and cabana area, and secluded courtyard gardens. 

Allan Lynch

Electra America will carry out a $1.5 million upgrade to apartment units and common areas, including installing granite countertops in each unit, adding plank flooring in common areas, and executing a remodel of the clubhouse, fitness center and pool deck area.

For more information on the Level at 401 acquisition or Electra America, please visit Electra America.com.

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

 Olivia Hennessey

Public Relations Specialist

HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | hfflp.com

ohennessey@hfflp.com

http://www.electraamerica.com/.

Hanley Investment Group Completes Sale of Brand New Two-Tenant Retail Property in La Quinta, CA for $8.86 Million

Washington Park Shopping Center Retail Building, 78-825 Highway 111, La Quinta, CA

Bill Asher

LA QUINTA, CA - Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced the firm completed the sale of a two-tenant retail building occupied by T.J. Maxx and ULTA Beauty at 78-825 Highway 111 in La Quinta, Calif.

The 33,708-square-foot pad building is part of Washington Park Shopping Center, which includes major tenants Target, Lowe’s, Trader Joe’s, ALDI, Stein Mart and Century Theatres. The sale price was $8,862,500.

Hanley Investment Group's Executive Vice President Bill Asher and company President Ed Hanley represented the seller, a private partnership based in Southern California. The buyer, a private investor from Los Angeles, was represented by Steven Gelber of Gelber Realty Corporation in Los Angeles.

Ed Hanley

Remodeled in 2016, the building is situated on 3.61 acres within the Washington Park Shopping Center at the signalized intersection of Highway 111 and Simon Drive and immediately surrounded by notable retailers ALDI, Chase Bank, Lowe’s and In-N-Out. T.J. Maxx and ULTA Beauty featured two new corporate-backed long-term leases.

Asher said that there was no shortage of interest in the property due to its location, quality of tenants and long-term leases.

 “We generated multiple qualified offers and ultimately proceeded with an all-cash 1031 exchange buyer based in Southern California who owned other similar assets in their portfolio,” said Asher. “We negotiated a one-week contingency period with a 30-day closing.”

Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $5 billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved. For more information, visit www.hanleyinvestment.com.

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

Anne Monaghan

MONAGHAN COMMUNICATIONS, INC.

anne@MonaghanPR.com

830.997.0963

HFF closes sale of Alexan Melrose in San Diego, CA area

Alexan Melrose Apartments, 1401 North Melrose Drive, Vista, CA

 

Hunter Combs

 SAN DIEGO, CA  -– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Alexan Melrose, a 410-unit, Class A apartment community in the northern San Diego suburb of Vista, California.

HFF marketed the property exclusively on behalf of Trammell Crow Residential and its joint venture partner.  MG Properties Group purchased the asset free and clear of existing debt.

Alexan Melrose is situated on approximately 20 acres at 1401 North Melrose Drive about seven miles from beachfront recreation and close to two full-service grocery stores, downtown Vista Village and Del Oro Marketplace. 

Completed in 2015, the three-story, garden-style community has one-, two- and three-bedroom units averaging 985 square feet with best-in-class finishes such as quartz countertops in the kitchens and baths, European-style cabinetry, stainless steel appliances, hardwood-style flooring, in-unit washers and dryers, soaking tubs and attached garages and carports. 

Community amenities include a resort-style pool and spa with cabanas, fire pit and grills; state-of-the-art fitness facility with kids’ entertainment suite; lounge with kitchen, billiards and gaming system; clubhouse with gourmet kitchen, coffee bar and flat screen TV; dog park and dog washing station; community garden; and outdoor tot lot.  The community is 97 percent occupied.

Sean Deasy

The HFF investment sales team was led by director Hunter Combs and senior managing director and co-head of the national multi-housing investment sales platform, Sean Deasy.

“This was a unique opportunity to acquire 410 highly-amenitized, transit-oriented units in the supply constrained submarket of Vista,” Combs said.  “Alexan Melrose is well-positioned for long-term growth resulting from its strategic location along the North County Sprinter line, giving residents a convenient commute to emerging downtown Vista and Cal State San Marcos.

“ Additionally, the property is near two of the State Route 78 corridor’s top employment hubs, Oceanside and Vista, with approximately 30,000 highly skilled jobs within industries such as life science, pharmaceuticals, action sports and information and communication technologies.”

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

Olivia Hennessey

Public Relations Specialist

HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | hfflp.com

ohennessey@hfflp.com

http://tcr.com

Core5 Industrial Partners Sells Initial Metro Atlanta Development

Core5 Logistics Center at Shugart Farms, Metro Atlanta, GA

ATLANTA, GA – Atlanta-based Core5 Industrial Partners announced the recent sale of their initial development in Metro Atlanta, 873,800-square-foot Core5 Logistics Center at Shugart Farms, to a private institutional investor.

 The high cube logistic facility completed construction in early 2017 and is fully leased on a long-term basis to The Duracell Company, a wholly-owned subsidiary of Berkshire Hathaway.

Lisa Ward

“The location, building quality, site functionality and the tenant were all key elements which made this asset highly sought after by investors,” stated Lisa Ward, Senior Vice President and Managing Director for Core5.

“We are delighted with the results of our first investment in Metro Atlanta. Core5 is very bullish on the market and has another 4.8 million square feet in seven projects under construction or in the immediate pipeline around the city. We continue to see significant demand from large-scale users in the metro area with absorption outpacing supply.”

Chris Riley

Core5 was represented on the investment sale by Chris Riley, Frank Fallon and Trey Barry of CBRE National Partners.

“Core5 Logistics Center at Shugart Farms was one of the best industrial investment offerings in the country and achieved pinnacle pricing for the Atlanta market,” noted Chris Riley of CRBE National Partners.

Core5 Industrial Partners is an industrial real estate property company with expertise in development and acquisition of Class-A industrial properties throughout the United States. Headquartered in Atlanta, Georgia and named for its five core business principles, Core5 was capitalized in 2015 by Kajima USA Group following the sale of their $2 billion-dollar portfolio, IDI, to Brookfield.

With current development activity totaling over 7.5 million square feet in Atlanta, Chicago, Dallas, Los Angeles/Inland Empire, Memphis and South Florida, Core5 expansion plans include the key logistic hubs throughout the US.

Frank Fallon

For more information on Core5 Industrial Partners, visit www.c5ip.com.

Located in six key logistics hubs across the country, CBRE National Partners is the national market share leader in industrial investment sales transacting more than 132 million square feet in 2016. The Southeast team has been responsible for $18.2 billion in transactions nationwide.

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

RITA SKAGGS

RED DART Real Estate Consulting

404.788.3231

rita@reddart.co

Westwood Financial Acquires Trader Joe’s Anchored Shopping Center in Charlotte, NC

The Arbors at Mallard Creek Shopping Center, Charlotte, NC

Joe Dykstra

Charlotte, NC (June 26, 2017) – Westwood Financial LLC, a Los Angeles-based owner-operator of high-quality shopping centers with a portfolio totaling over $1.5 billion throughout the U.S., has acquired The Arbors at Mallard Creek, a 55,323 square-foot, Trader Joe’s-anchored neighborhood center in Charlotte, North Carolina for $25.1 million.

“Trader Joe’s is one of the strongest and fastest growing specialty grocers in the nation today, outperforming other fresh format and traditional grocery stores in sales per square foot,” says Joe Dykstra, Co-CEO of Westwood Financial.

“This retailer has created great customer loyalty, which we have experienced for many years in California, while differentiating itself by delivering a unique shopping experience and quality at a reasonable price point because 80 percent of its store merchandise consists of proprietary brands.

“With 464 stores in highly educated and affluent locations throughout the U.S., Trader Joe’s is a strong anchor-tenant at neighborhood centers such as The Arbors.”

98 percent occupied at acquisition, the center boasts a high-quality tenant mix of 19 national and regional specialty retailers, including Petco and Massage Envy, as well as restaurants such as Hickory Tavern, Zoë’s Kitchen, and more.

Randy Banchik

“This center has commanded historically high renewal rates and strong leases with scheduled rental increases, providing stable cash flow and upside potential,” continues Dykstra. 

“As one of the primary retail centers in Charlotte with the only Trader Joe’s in a 10-mile radius, the asset faces limited competition and will continue to perform extremely well over time.”

Located in the University City neighborhood of Charlotte, home to over 20 Fortune 500 companies, The Arbors at Mallard Creek serves a highly educated and affluent community. 

The average household income in a one-mile radius is $120,727, and population growth is projected to increase 2.24% over the next four years.

“Charlotte has emerged as a financial powerhouse and currently ranks as the second largest financial center in the country,” explains Co-CEO Randy Banchik. “The market has demonstrated rapid growth and strong employment gains across all sectors, especially in the financial industry. Based on these fundamentals, this retail center is well-positioned to cater to local businesses and nearly 90,000 employees within a five-mile radius.”

Casey Rosen

Banchik notes that the property is located in close proximity to the University Research Park, and about four miles away from the University of North Carolina, Charlotte, serving as the primary daily needs center for employees and students throughout the area. 

The region’s highly educated and affluent demographic translates to enormous consumer buying power and will continue to drive strong demand for this retail asset, according to Banchik.

Grocery-anchored, necessity retail centers in densely populated areas are enjoying high demand and resiliency in the midst of the evolving retail landscape, according to Banchik.

Mike Burkard

“As the retail landscape continues to evolve, daily needs centers have proven to be resilient to pressures facing traditional brick-and-mortar retailers,” adds Banchik. 

“This asset boasts a variety of internet resistant tenants, insulating it from factors such as the rise of online shopping. Overall, this acquisition is well-aligned with our strategy of targeting daily needs centers with high-quality tenants that can cater to the demands of today’s consumers.”

The Arbors at Mallard Creek is located at 2121 E. Arbors Drive in Charlotte, North Carolina. The property is situated at the intersection of Mallard Creek Church Road and Senator Royall Drive, a mile away from the I-85 freeway, and is visible to 43,000 vehicles per day.

Mike Burkard and Casey Rosen at CBRE | National Retail Partners represented both the buyer and seller in this transaction.

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

Lauren Burgos / Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

LBurgos@browermillercole.com

www.westfin.com.

HFF arranges $28.5 million sale and joint venture partnership for the acquisition of Torrey Hills Medical Plaza in San Diego, CA

                                                                                  

Torrey Hills Medical Plaza, 4765 Carmel Mountain Road, Carmel Valley Submarket,
 San Diego, CA

                                                                                                              (Photo by Bill Robinson)

 

Evan Kovac

SAN DIEGO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged the $28.5 million sale of Torrey Hills Medical Plaza, a 44,091-square-foot, Class A medical office building in the Del Mar Heights/Carmel Valley submarket of San Diego, California.

HFF marketed the property on behalf of the seller, Torrey Pines Enterprises, LLC, and procured the buyer, Torrey Hills MOB, LLC. 

Additionally, HFF worked on behalf of the buyer in arranging a joint venture with an institutional equity investor and negotiating the assumption and modification of the existing life insurance company loan. 

Torrey Hills Medical Plaza is located on a 2.59-acre site at 4765 Carmel Mountain Road within the Von’s-anchored Torrey Hills Center.  This location is accessible to the 5 and 805 Freeways as well as US Route 56, providing connectivity to all areas of San Diego. 

Additionally, the property is within minutes of UCSD’s Thornton Hospital, Scripps Research Institute, Scripps Memorial Hospital, The Salk Institute San Diego and the VA Medical Center.  Completed in 2005, the two-story building is 92 percent leased and anchored by Fresenius Medical Care.  

The HFF investment sales team representing the seller was led by managing director Evan Kovac, director Nick Frasco, associate Andrew Milne and real estate analyst Trent Jemmett. 

Nick Frasco

HFF director Zack Holderman led the efforts in arranging the joint venture, as well as working with the current life company lender on the assumption and loan modification.

“The quality of the asset and expertise of the buyer, along with a desirable asset and high barriers to entry, enabled HFF to parallel the investment sales process and successfully capitalize this complex transaction in a condensed timeframe. 

"We are fortunate to have a dedicated medical office capital markets team working together to provide dynamic solutions for our clients.” said Holderman.

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

Kristen M. Murphy

Director, Public Relations

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