Stepp Commercial Completes $3.5 Million Sale of 20-Unit Atlantic Avenue Apartments in Long Beach, CA

  

Atlantic Avenue Apartments, Long Beach, CA

 

Robert Stepp

LONG BEACH, CA – Stepp Commercial, a leading multifamily brokerage firm in the Long Beach market, has completed the $3.5 million sale of Atlantic Avenue Apartments, a 20-unit property in Long Beach.

Robert Stepp, principal of Stepp Commercial, represented the seller, Los Angeles-based June Quest One, LLC, as well as the buyer, Los Angeles-based Realty Holdings PSBJ. The property closed at a 4.7 percent cap rate and a price per unit of $175,000.

Built in 1979 and located at 5075 Atlantic Avenue just north of Del Amo, the two-story property consists of nine one-bedroom units, 10 two-bedroom units, and one three-bedroom unit. The asset includes 18 garage spaces and nine parking stalls, controlled access entry, and some units feature private balconies.

“The seller was interested in buying a larger property via a 1031 exchange,” said Stepp. “We are currently in the process of identifying an upleg property for him,” said Stepp. “Stepp Commercial has been working with a number of 1031 exchange clients in recent months as many owners are looking to increase their market share in key Los Angeles area neighborhoods.”

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

Darcie Giacchetto

949.278.6224

www.SteppCommercial.com

Passco Promotes Alan Clifton and Suzy Cottle to C-Suite as Part of 2017 $1 Billion-Plus Acquisition Goal

Suzy Cottle

                IRVINE, CA (Jan. 25, 2017) –  In conjunction with announcing its goal to acquire more than $1 billion in commercial real estate this year, Passco Companies, LLC has announced the promotions of Alan Clifton to Chief Operating Officer and Suzy Cottle to Chief Financial Officer, according to Larry Sullivan, President of Passco Companies.

“Last year we were able to reach an acquisition volume totaling over $540 million,” says Sullivan who notes that the firm’s strong in-place team will play a tremendous role in doubling that figure this year.

 “Alan and Suzy have continuously demonstrated their expertise in real estate and will both be key to our smooth operations, financing, and investor reporting as we rapidly grow this year. By design, we’re readying our own infrastructure to ensure a positive experience for our clients, investors, partners and colleagues.”

Alan Clifton

In his new position, Clifton will negotiate and secure financing for new acquisitions as well as maturing asset loans, and oversee Company Operations, Passco Property Management and Passco Management Services. Clifton will continue his role within Passco Companies Development.

Clifton, a Certified Property Manager and licensed California Real Estate Salesperson, currently serves as the Western Division Operations Chair for the International Council of Shopping Centers (ICSC) and is also an active member of the Commercial Real Estate Development Association (NAIOP) and the Mortgage Banker Association (MBA) and National Multifamily Housing Council (NMHC).

Larry Sullivan

In her new role, Cottle, who has been with Passco since 2004, will be responsible for overseeing all financial reporting, risk management and strategic banking relationships for Passco Companies and its affiliates. 

Cottle is currently a member of Commercial Real Estate for Women (CREW), Alternative Direct Investments Securities Association (ADISA) and National Multifamily Housing Council (NMHC).

Passco Companies, LLC is a nationally recognized market leader in the acquisition, development, and management of multi-family and commercial properties throughout the U.S.

For more than 18 years, Passco has delivered sound investment strategies to clients and partners, enabling them to create, maintain, and add value to their portfolios through a full set of real estate services, including investment advice, asset management, and brokerage, as well as property development, construction, and management services.

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.passco.com

Trion Properties Repositions Value-Add Multifamily Asset in San Diego, CA

Willow Glen Apartments, San Diego, CA

SAN DIEGO, CA – Trion Properties, a private equity real estate firm that specializes in value-add multifamily investments, has successfully repositioned and rebranded Willow Glen, a 98-unit apartment community in San Diego, CA, nearly doubling the value of the property within 18 months, accordingly to Max Sharkansky, Managing Partner of Trion Properties.

Max Sharkansky

Located in the rapidly growing College Area submarket of San Diego, the property was purchased in June 2015 at an extremely low-cost basis with strong upside potential, presenting an opportunity to drive significant value for the asset through extensive renovations.

            “San Diego remains one of the most desirable markets for multifamily investments,” says Sharkansky. “The limited supply of multifamily product, coupled with the growing demand for quality housing near major schools and employers, is placing upward pressure on rents throughout the region.

“Our niche strategy of targeting and repositioning highly distressed assets in strong, central locations enabled us to recognize this opportunity and implement a comprehensive renovation plan that would maximize the property’s potential in record time.”

            Sharkansky notes that this property was acquired in the one of the lowest price per unit multifamily sales in San Diego that year, allowing Trion to invest more equity in its redevelopment, which included improving the overall design of the community and renovating the interior units.

            “Willow Glen’s close proximity to San Diego State University has particularly attracted strong resident demand from students in the area,” notes Sharkansky. “Our strategy was to leverage this demand and bring the asset up to market by converting it into a modern, high-quality community that would appeal to millennial renters in this submarket.”

Mitch Paskover

Trion Properties invested approximately $2.6 million in renovations, including the installation of quartz countertops, stainless steel appliances, and new cabinetry in each of the units. 

Exterior upgrades included a complete revamping of the façade with new paint, as well as the integration of drought-tolerant landscaping to minimize operating costs and improve the sustainability of the property.

Through aggressive lease-ups and hands-on management, Trion transformed Willow Glen into a strong, cash-flowing asset, achieving an internal rate of return of approximately 30 percent.

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.

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

Lauren Burgos / Katie Kea

Brower, Miller & Cole

(949) 955-7940

lburgos@browermillercole.com

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

HFF secures $63 million financing for two Seaport District office properties in Boston, MA

Summer Street Offices, Seaport District, Boston, MA

Frederic Wittmann

BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $63 million in financing for 320 and 333 Summer Street, two office properties totaling 217,000 square feet in Boston’s Seaport District.

Working on behalf of the borrower, ASB Real Estate Investments, HFF placed the 10-year, 3.65 percent, fixed-rate loan with The Hartford Financial Services Group, Inc.  The buildings are owned by ASB’s Allegiance Fund, a $6.8 billion, open-end core investment vehicle, in joint venture with Lincoln Property Company. 

320 and 330 Summer Street are positioned directly across from each other along Summer Street just across the Fort Point Channel from South Station and Boston’s Financial District.  The properties feature loft-style office space that is 97 percent leased to LogMeln, a PC data systems management firm, which is merging into a subsidiary of Citrix.

The HFF debt placement team representing the borrower was led by senior managing director Frederic Wittmann and director Brett Paulsrud.

 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

HFF closes sale of and arranges $13.375 million acquisition financing for regional retail center in Bloomington-Normal, IL

Shoppes at College Hills, 314 South Towanda Avenue, Normal, IL

CHICAGO, IL, Jan. 25, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of The Shoppes at College Hills and The Plaza at College Hills, an open-air regional retail center totaling 441,995 square feet in the Bloomington-Normal area of central Illinois.  HFF also arranged $13.375 million in acquisition financing for The Shoppes at College Hills.

Amy Sands

HFF marketed the property on behalf of the seller, Miller Capital.  A partnership between M&J Wilkow and ALTO Real Estate Funds purchased the asset.  Additionally, working on behalf of the new ownership, HFF placed the 10-year, fixed-rate acquisition loan with Benefit Street Partners L.L.C. for The Shoppes at College Hills portion of the property.

The Shoppes and Plaza at College Hills is 95 percent leased to 30 tenants, including Gordman’s, Hobby Lobby, Chico’s, Francesca’s, J. Jill, LOFT, White House Black Market, Starbucks, Jos. A Banks, Motherhood Maternity and Panda Express.

 Target and Von Maur shadow-anchor the center along with a 128-room Hampton Inn and Suites.  Situated on 34.32 acres at 314 South Towanda Avenue in Normal, the center is bordered by and has frontage along Veterans Parkway, the major retail corridor of Bloomington-Normal, one of the fastest-growing communities in Illinois.

Claudia Steeb

 The Shoppes and Plaza at College Hills is exposed to approximately 184,800 vehicles per day, and more than 90,700 people earning an average annual household income of approximately $75,723 live within a three-mile radius of the center.

The HFF investment sales team representing the seller was led by directors Amy Sands and Clinton Mitchell and senior managing director Barry Brown.

Barry Brown

The HFF debt placement team representing the new owners was led by managing director Claudia Steeb.

Miller Capital is an investment advisor with headquarters in Skokie, Illinois, a suburb of Chicago.  The firm also operates a regional office in Austin, Texas.  

The firm manages property investments throughout the entire United States.  Real estate investments under management totaled approximately $9.4 billion as of December 31, 2016.  Miller Capital specializes in fashion-oriented retail and mixed use properties.

 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

http://www.miller-capital.com.

http://www.alto-investments.com

www.wilkow.com.

HFF named to market for sale 2.2 million-square-foot office portfolio in Bergen County, NJ

  

Part of the Mack-Cali Realty Corp. Office Portfolio for Sale Throughout Bergen County, NJ

 

Jose Cruz

 FLORHAM PARK, NJ, Jan. 25, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has been named to market for sale a nine-property, 2.2 million-square-foot office portfolio located throughout Bergen County, New Jersey.

HFF is marketing the portfolio on behalf of the seller, Mack-Cali Realty Corporation. 

The portfolio is a collection of nine Class A office buildings that are 71.78 percent leased to 115 tenants.  The properties are located along the Garden State Parkway corridor in Paramus, Woodcliff Lake and Rochelle Park with ample access to Midtown Manhattan about 20 to 25 miles southeast.

 Within minutes of all of the properties are several of the largest thoroughfares in the state, including Route 17, Route 4, Interstate 80 and the Garden State Parkway, and some of the largest shopping and recreational centers including The Paramus Park Mall, Tice’s Corner and The Garden State Plaza.

The HFF investment sales team representing the seller is led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Michael Oliver and Stephen Simonelli and associate director Marc Duval.

“This is one of the largest office portfolios ever on the market in New Jersey, representing 42 percent of the Route  4/17 and Upper Parkway submarkets inventory (2.2 million SF out of 5.3 million total SF) and 13 percent of the Bergen County Class A office market inventory,” said Cruz.

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

www.mack-cali.com.