Illustrated Properties Arranges Sale of Former Bonnette Hunt Club Site in Palm Beach Gardens, FL to Major Developer; Platinum Top Producer Lynn B. Telling facilitates transaction

 

Lynn B. Telling

 PALM BEACH GARDENS, FL – Illustrated Properties, a member of The Keyes Family of Companies, has announced the sale of more than seven acres – including the former site of the famed Bonnette Hunt Club – in Palm Beach Gardens.

Lynn B. Telling, a Platinum Top Producer and Luxury Specialist with Illustrated, arranged the sale to Parkwood Distinctive Homes and was also the listing agent on the transaction.

A leading national homebuilder, Parkwood plans to develop up to 28 single-family homes starting at 2,400 square feet under air. 

The homes are expected to be priced between $500,000 and $800,000. Parkwood, which plans to unveil additional project details in the coming months, aims to complete the homes by summer 2018.

The $2.55 million sale of the 5307 and 5309 Hood Road site to Parkwood closed on Friday, June 16.

Started by retired Navy warrant officer William Bonnette in 1961, the Bonnette Hunt Club was a popular hangout for celebrities, millionaires, foreign dignitaries and the Palm Beach elite.

Regulars included Burt Reynolds, Bing Crosby, Jack Nicklaus, Jordan’s King Hussein and former Florida governors Lawton Chiles and Claude Kirk, Jr.

The partnership that sold the site to Parkwood includes Bonnette’s daughter Alix Dummett and Major C. Fussell, whose involvement with the club dates back to its early days.

Mike Pappas

“We congratulate Lynn Telling and the team at Illustrated for completing this sale to a developer we know will create a beautiful new community while respecting the rich history of this site,” said Keyes CEO Mike Pappas.

 “This is truly a gem located in the heart of Palm Beach Gardens. The proximity to Scripps Research Institute and the newly constructed United Technologies campus and other major employment hubs will certainly drive interest in the new homes.”

A member of the Bonnette Hunt Club since 2005, Telling has deep personal ties to the club and surrounding community. Her son received his final merit badge at the site on his way to becoming an Eagle Scout.

“I feel that each transaction in a community deserves commitment and follow-through in a changing real estate market using the latest technology without minimizing personal counsel,” said Telling. “Parkwood Distinctive Homes deserves the level of attention that we provide to cultivate the roots, growth and needs of the community. We look forward to continuing to work with Parkwood.” 

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

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Eric Kalis or Jasmin Curtiss, BoardroomPR

ekalis@boardroompr.com/jcurtiss@boardroompr.com

954-370-8999

Berger Commercial Realty Named Exclusive Leasing Agent for 60,000-Square-Foot Office Building in Fort Lauderdale, FL

John Forman

FORT LAUDERDALE, FL – Berger Commercial Realty/CORFAC International Senior Vice President Keith Graves and Sales Associate John Forman were recently appointed by 2601 M L Fund, LLC as the exclusive leasing agent for 2601 E. Oakland Park Blvd., a 59,878-square-foot, six-story office building located in Fort Lauderdale.

Located adjacent to Coral Ridge Mall, which is anchored by Publix and Target, just east of the Oakland Park Blvd. and Federal Highway intersection, the multi-tenant office building offers ocean views, surface and garage parking and recently upgraded common areas.

“The building accommodates a mix of professional service firms and financial tenants and offers outstanding visibility and a convenient location in the heart of east Fort Lauderdale,” Graves said. “It’s also within walking distance of many local restaurants and shops.”

For more information about Berger Commercial Realty’s leasing services, call 954-358-0900

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

954-776-1999

Pierson Grant Public Relations

Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Marielle Sologuren, ext. 226, msologuren@piersongrant.com

Arbor Funds $15.4M in Fannie Mae Deal in Charlotte, NC

Pressley Ridge Apartment Homes, Southwest Charlotte, NC

 UNIONDALE, NY -- Arbor Realty Trust, Inc. (NYSE:ABR), a real estate investment trust and national direct lender specializing in loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets, has funded a loan totaling $15,400,000 for the acquisition of Pressley Ridge Apartment Homes, located in Charlotte, NC under the Fannie Mae Standard DUS® Loan program.

James Fiesel

James Fiesel, Originator, based in Arbor’s New York office, originated the deal.

“The favorable financing terms we were able to provide are reflective of both the asset and sponsorship group we were working with. This asset, in this market, has great upside, and the new owners have a long track record of successful execution.” Fiesel said.

The 7/6 ARM acquisition loan represents 80% of the purchase price and features a 24-month interest-only term. 

                                             

Pressley Ridge Apartment Homes, located in Southwest Charlotte, is a two-story, 504-unit multifamily property that was built in 1969. Located on a Charlotte Area Transit System (CATS) bus line, the property is in close proximity to the uptown area and its dining and shopping.

The property currently consists of one-, two- and three-bedroom apartments with a unit mix of 176 one-bedroom units, 224 two-bedroom units, and 104 three-bedroom units. Amenities include on-site management, picnic grills, washer/dryer in every unit, and access to the new community center, playgrounds and soccer fields.

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

Arbor Realty Trust, Inc.

 Bonnie Habyan

333 Earle Ovington Blvd, Suite 900                                                 516.506.4615

Uniondale, NY 11553                                                                       bhabyan@arbor.com

800.ARBOR.10

www.arbor.com

Olive Hill Group Announces $1.5 Million Redevelopment of Creative Office campus in Dynamic Silicon Beach, CA Market

Tim Lee

LOS ANGELES, CA  – Olive Hill Group, a Los Angeles-based private investor, operator and developer of commercial real estate, has announced a $1.5 million redevelopment of its 205,135 square-foot creative office campus in the emerging Culver City submarket of Silicon Beach.

The firm is rebranding the property to the Courtyard at Culver Pointe, according to Michael Cho, President of Olive Hill Group.

Located in one of the fastest growing and most dynamic creative markets in California, the Class A office property features a 30,000 square-foot central courtyard which Olive Hill Group plans to redevelop into a campus-like setting with outdoor amenity areas.

“The Silicon Beach office market is experiencing explosive growth,” explains Cho. “Fueled by the creative synergies of tech giants such as Google and Facebook, Silicon Beach continues to attract major players in the digital media, entertainment, and technology industries seeking creative workspaces to support their growth and expansion.

“Our strategy is to capitalize on this momentum by converting this property into a creative office campus, thereby delivering a true live/work/play experience that today’s tenants are demanding.”

Silicon Beach, CA

Olive Hill Group plans to activate and modernize the courtyard by incorporating the latest amenities that will attract creative users. 

The proposed redevelopment plan will include a food truck loading zone, upgraded seating areas throughout the courtyard, hammocks within a lounge setting, bike-friendly pathways, and a bocce ball court, among others.

“The property’s campus orientation presents a unique value-add opportunity to expand the on-site amenities by optimizing the outdoor courtyard space,” continues Cho. “By integrating amenities such as shaded dining areas, we are cultivating an environment that will foster socialization and relaxation, enabling us to attract and retain quality tenants. In doing so, we will be able to drive tenant retention and long-term value for this asset.”

“As the office sector continues to evolve, tenants are increasingly demanding flexible, creative workspaces that encourage collaboration and innovation,” notes Tim Lee, Vice President of Corporate Development and Legal Affairs at Olive Hill Group. “In order to attract and retain today’s millennial workforce, employers are seeking work/play environments with outdoor gathering spaces and the latest lifestyle amenities, and are willing to pay a premium for creative spaces that support this lifestyle.”

Lee notes that the Courtyard at Culver Pointe will offer tenants a true value-oriented alternative to office space in neighboring Venice or Santa Monica, while still providing the same quality amenities and features that will attract talent.

Tenants at the creative office campus, which is currently 95 percent occupied by a diverse range of businesses, include global companies such as Ipsos Insight, Omnia Media, as well as DataScience Inc., Paychex and Shiseido Cosmetics, among others.

The property is located at 200-300 Corporate Pointe in Culver City, California. AKA Architecture, based in downtown Los Angeles, has been commissioned as the architect for this redevelopment project. The estimated completion date of the project is September 2017.

  

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

Katie Kea

Account Executive

Brower, Miller & Cole

895 Dove Street, Third Floor

Newport Beach, CA 92660

p: (949) 955-7940

KKea@browermillercole.com

Marcus & Millichap Brokers $7.98 Million Sale of Three Florida Wendy locations

Ronnie Issenberg

MIAMI, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of three Florida Wendy’s located in the cities of Ocala, Dunnellon and Tamarac, according to Kirk A. Felici, regional manager of the firm’s Miami office. The portfolio sold for $7,981,907.

Ronnie Issenberg and Gabriel Britti, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listings to market the properties on behalf of the sellers, limited liability companies from Florida.

“We had multiple backup offers at ask price for these assets, which shows the demand, not only for South Florida Real Estate, but also for fast food assets” says Issenberg.

 “In an economy where most investors are afraid of the internet and Amazon hurting their retail investments, fast food net-leased assets really stick out. As of now, you cannot order a hamburger and fries on Amazon.”

Gabriel Britti

“In our opinion, QSR net-leased assets will continue to be the most favorable for investors, which will lead to cap rates holding steady throughout the next few quarters” adds Britti.

“We have followed our gut instinct, have listed, and will continue to list fast food net-leased assets to fulfill the demand we are seeing from net-leased investors” adds Issenberg.

According to Marcus & Millichap, Britti and Issenberg are two of the top net-leased brokers in the United States.

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

Ronnie Issenberg / Gabriel Britti

First Vice Presidents, Miami

(786) 522-7000

HFF closes $57.8 million sale of and arranges $46 million financing for 312-unit multi-housing community in suburban Denver, CO

  

Silver Cliff Apartments, 5725 South Delaware Street, Englewood, CO

 

Jordan Robbins

DENVER, CO –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $57.8 million sale of and arranged $46 million in acquisition financing for Silver Cliff, a 312-unit, garden-style multi-housing community in the south Denver suburb of Englewood, Colorado.

HFF marketed the asset exclusively on behalf of Weidner Apartment Homes.  Phoenix Realty Group (PRG), a national multifamily real estate fund manager, investor, operator and developer, purchased the unencumbered property jointly with a third-party family office and discretionary-affiliated investment vehicle. 

Additionally, working on behalf of the new owner, HFF placed the seven-year, fixed-rate loan with three years of interest only amortization with Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.  

The securitized loan allows flexible prepayment in year six to seven and will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.

Silver Cliff is situated on approximately 10.6 acres at 5275 South Delaware Street just west of the intersection of South Broadway and Belleview Avenue.  Bounded by two of the region’s most affluent suburbs, Greenwood Village and Littleton, the community is proximate to numerous parks, major retailers, the South Broadway corridor and RTD Light Rail service. 

Anna Stevens

Silver Cliff has nine residential buildings consisting of one- and two-bedroom units averaging 815 square feet along with a full suite of amenities, including a swimming pool, dog run, playground, 24-hour fitness center, garages and carports and sweeping views of the Rocky Mountains.  The property was 97 percent leased at closing.

Jeff Haag

 The HFF investment sales team representing the seller was led by managing director Jordan Robbins and associate directors Jeff Haag and Anna Stevens.

HFF’s debt placement team representing the new owner was led by managing director Josh Simon.

Weidner Apartment Homes was founded in 1977 by Dean Weidner.  With a commitment to providing quality apartment home living for all of its residents, Weidner Apartment Homes is currently ranked 17th on NMHC’s top 50 list of apartment management companies and has 48,000 units throughout the U.S. and Canada

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 |www.hfflp.com

ohennessey@hfflp.com