IEC Signals Long-Term Commitment to San Diego with Acquisition of Value-Add $33.95 Million Multifamily Community

IEC Buys 133-Unit Apartment Community in La Mesa, San Diego, CA

 San Diego, CA – Institutional fund manager Interstate Equities Corporation (IEC) has moved into the San Diego market with the $33.95 million acquisition of a 133-unit, value-add multifamily asset in the La Mesa submarket of San Diego.

Marshall Boyd

This acquisition was on behalf of the firm’s IEC Institutional Fund III, L.P., a fully discretionary, $200 million commingled fund targeting value-add multifamily investments throughout coastal California.

“Entering the San Diego market is a natural progression for our firm’s investment platform,” says Marshall Boyd, Co-President and Chief Investment Officer of IEC.

 “We are extremely selective buyers and specialize in strategically acquiring unrenovated or partially renovated assets in coastal infill markets in the Bay Area and top markets in Southern California. 

"Over the years, as our firm has researched San Diego, we came to recognize the San Diego multifamily market is operationally resilient and has many similar characteristics to our best markets. This is why the extension was natural for our firm.”

More information is available at www.interstateequities.com.

For more information on this press release, please contact:

    Lauren Burgos/ Jenn Quader

    Brower, Miller & Cole

    (949) 955-7940

    Lburgos@browermillercole.com

Brian Batchelder Joins Berger Commercial Realty as Vice President of Brokerage

Brian Batchelder

FORT LAUDERDALE, FL – Berger Commercial Realty/CORFAC International recently welcomed Vice President of Brokerage Brian Batchelder to the team. A Florida licensed real estate broker and South Florida native, Batchelder brings more than 17 years of industry experience to the full service commercial real estate firm. 

Brian will be based at the firm’s Palm Beach County office, where he will handle leasing assignments totaling 500,000 square-feet of space.

Batchelder previously served as vice president at Stiles Realty, where he was responsible for multiple leasing and sales assignments totaling nearly one million square-feet of space. 

Some of his notable clients include the State of Florida, Allstate Insurance, Office Depot, Kodak, Nationwide Insurance, UAIG and Holy Cross Hospital. Prior to Stiles, Batchelder facilitated more than $200 million worth of lease and sales transactions at CBRE.

“Brian’s successful track record of representing high-profile landlords as well as local companies is a testament to his extensive market knowledge, industry expertise and adaptability,” said Berger Commercial Realty President Lloyd Berger.

Batchelder is a member of NAIOP South Florida and serves on the board of directors for Holiday Park Little League. He earned his Bachelor of Science degree from Florida Atlantic University and gained proficiency in Spanish at Academia Hispano Americana in San Miguel de Allende, Mexico.

For more information on this press release, please contact:

954-776-1999

Pierson Grant Public Relations

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

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

HFF announces the sale of Element Miami International Airport hotel

Alexandra Lalos

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of the Element Miami International Airport, a 209-room, extended-stay hotel near Miami International Airport in Miami, Florida.

The HFF team marketed the property on behalf of the seller, Norwich Partners.  Peachtree Hotel Group purchased the hotel unencumbered of an existing management contract.  Peachtree will also manage the hotel.

Denny Meikleham

Completed in 2012, the five-story Element Miami International Airport hotel features fully-equipped suites with kitchens, workspaces, connectivity panels and complimentary internet.

 The hotel contains multiple food and beverage options, including The Salon at Element full-service bar and restaurant, Rise breakfast bar, Relax evening reception and the Restore gourmet pantry for preparing meals in suite; a state-of-the-art fitness center; resort-style pool; business center; and fire pit and outdoor courtyard area overlooking Palmer Lake. 

Like all Element hotels, the Element Miami International Airport operates under sustainable and green practices.  Situated on 5.18 acres at 3525 NW 25th Street, the hotel is less than two miles from Miami International Airport, which serviced 44.6 million passengers in 2016, and half a mile from Miami Intermodal Center transportation hub.

 Additionally, the Element Miami International Airport hotel is six miles from downtown Miami and approximately five miles from multiple retail destinations, including Merrick Park, Miami International Mall and the Dolphin Mall.

The HFF investment sales team representing the seller included director Alexandra Lalos, managing director Denny Meikleham and senior director Alan Suzuki.

Alan Suzuki

“With one of the top international airports in the United States and all-time record visitation, Miami continues to be one of the best hotel markets in the country,” Lalos said.  “As new demand drivers and infrastructure deliver and demand returns from the Miami Beach Convention Center, which is only 11 miles from the property, the Miami hospitality market will be the beneficiary.”

“A best-in-class seller and buyer cooperated to complete the first hotel sale transaction in the Miami Airport/Civic Center submarket in 2017,” Meikleham added.

For more information on this press 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://peachtreehotelgroup.com.

http://www.norwichpartners.com