Levin Johnston Brokers Trophy Apartments Property in Redwood City, CA

10 Birch Street Apartments, Mount Carmel Neighborhood,
 Redwood City, CA

            REDWOOD CITY, CA – Levin Johnston, a division of Marcus & Millichap and one of the top ten multifamily brokerage teams in the U.S., has directed the $13.6 million acquisition of 10 Birch, a 27-unit multifamily community located in the highly sought-after Mount Carmel neighborhood of Redwood City.

Levin Johnston represented the buyer, a private investor, in the acquisition. The seller, also a private investor, was a long-time owner of the property.

Adam Levin

“As a unique investment opportunity in a top-performing market, 10 Birch is a trophy asset that is a perfect fit for an experienced multifamily investor,” says Adam Levin, Senior Managing Director of Levin Johnston.

“When the property went to market, it immediately attracted a high volume of investor interest. Drawing upon our deep local knowledge and strong connections, we were successful in getting our buyer’s offer in front of the seller and negotiating a transaction that surpassed the competition and was beneficial to both sides.”

The asset is situated in the highly-coveted Mount Carmel neighborhood near downtown Redwood City, with accessibility to the San Francisco International Airport and several of the country’s top tech employers.

“Redwood City is located on the Peninsula, providing strong market fundamentals and renter demographics,” states Robert Johnston, Senior Vice President of Levin Johnston. “The property is near several major highways and transportation hubs, offering an easy commute to major companies such as Google and Oracle.”

Robert Johnston

The buyer plans to perform extensive renovations to the exterior of the property as well as a full interior remodel on each unit.

“This is a distinct value-add opportunity for our Client,” says Johnston. “By improving the asset, there is an opportunity to increase NOI and create a high-quality rental opportunity for the region’s highly educated renter base.”

The property is located at 10 Birch Street in Redwood City, California.

For more information, please contact:

Jenn Quader 

Brower Group

(949) 955-7940

jquader@brower-group.com

levinjohnston.com

Brett Forman

Delray Beach, FL,  June 14, 2018 –Trez Forman Capital Group has closed on a $20.59 million construction loan for a luxury condominium project on 1.12 acres located one block from famed retail, restaurant and entertainment destination Atlantic Avenue in Delray Beach. 

 The borrower, SOFA I, LLLP, plans on developing a five-story building with 70 residences and ground-floor retail.

Trez Forman President and CEO Brett Forman arranged the transaction, which closed on June 13, 2018. 

The project, called 111 First Delray, will have full amenities including a pool with cabanas, recreation deck, covered open-air lounge, summer kitchen, bar, billiard tables and a fitness center.  The pet-friendly building also features secured gated parking, bicycle valet, private storage, electric car charging stations and an atrium lobby.

Residences will be on levels two through five, with parking on the first two floors.

“This community is being developed in one of the hottest areas of Palm Beach County,” said Forman.  “It’s easily walkable to the restaurants, shops and nightlife on Atlantic Avenue, which has undergone a recent surge in commercial growth.”

Delray Beach, FL Oceanside View

Forman noted that a new iPic theatre and an office building are planned for the area and all within a half mile of the beach. First Delray is located at 111 SE First Avenue.

This transaction comes on the heels of a $16.5 million loan Trez Forman closed for an oceanfront townhome project just up the coast near Ocean Ridge.  A developer is planning to build 14 luxury townhomes on nearly two-acres of land at 30 Briny Breezes Blvd.

Last month, Trez Forman closed an acquisition loan for a property on the island of Palm Beach that is set to be redeveloped with a luxurious new spec home. The $3.5 million transaction took just three weeks to close.

In April, the company completed a $17 million construction loan for the high-end 30 Thirty North Ocean boutique condominium project in Fort Lauderdale Beach.

For more information, 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

www.trezforman.com

Outside the Lines Helps Complete Alaska's 50th State Anniversary Fountain

  

25-Foot Tall, 6 1/2 ton Whale Statue and Fountain
in Juneau, Alaska took 10 Years to Complete

JUNEAU, Alaska – Outside the Lines (OTL), a design-build construction company specializing in one-of-a-kind water features, rockwork and themed environments, has announced the completion of a unique celebratory construction project on behalf of Alaska’s 50^th year of statehood, according to Chris Roy, Director of Creative Design at OTL.

The whale sculpture and infinity fountain project is located on the banks of the Gastineau Channel at 350 Whittier St., Juneau, Alaska.

R.T. 'Skip' Wallen

A joint effort between The Whale Project—a non-profit created to finance and develop the project—and the City and Bureau of Juneau funded the sculpture and accompanying fountain. The project has been in the making for ten years.

Nature expert and sculptor R.T. “Skip” Wallen created “Tahku,”—a six-and-a-half ton, 25-foot tall breaching humpback whale statue. The park was designed by Tetra Tech, Inc., and the project was built by Admiralty Construction, Inc. of Juneau using local subcontractors for electrical, plumbing, control panels, concrete, waterproofing and finishes.

OTL’s Chris Roy was called in to help Tahku come to life. Using state-of-the-art engineering techniques as well as a quick and efficient timetable, Roy worked with all partners on the project to employ equipment supplied by Roman Fountains to operate the basin weir, splash effect jets, filtration system, lighting and internal plumbing, successfully replicating the effect of water streaming off the enormous bronze mammal.

Chris Roy

            “The intent of the fountain is that the water looks like it is naturally streaming off of the sculpture and not spraying out like a sprinkler,” says Roy. “The team worked tirelessly to ensure that the project’s ‘whale breach sequence,’ a five-minute centerpiece show set to run every half-hour, had a natural and exuberant appearance.”

Roy notes that setting the effects for the show was a particularly interesting endeavor.

“The cost of running 22 individual lines out to the sculpture from the equipment room—over 150 feet away—was prohibitive, so water is supplied into a stainless steel manifold located in a chamber below the whale sculpture,” he explains. 

“During commissioning, the basin was partially drained so that a contractor decked-out in waders and a heavy-duty rain coat could access the valves and adjust them as needed based on feedback provided by others from outside the sculpture.”

The installation comes at a time when the North Pacific beluga whale population is at an all-time high risk of extinction due to declining fertility and birth rates, according to the National Oceanic and Atmospheric Administration’s recovery plan of 2017. 

Gastineau Channel, Juneau, Alaska

In fact, North Pacific right whales—which once appeared in the thousands along the Alaskan coast—have all but vanished, reaching numbers as low as 30 in 2010, according to Alaska Fisheries Science Center data. Positively, however, most humpback whales—the likes of which Wallen’s sculpture depicts in all their blubbery glory—dropped from the endangered species list in 2017.

Alaska’s 50^th statehood anniversary featured a celebration on the Gastineau Channel to bring attention to the natural beauty the land has to offer.

 “Now in regular operation, the sculpture, fountain and park are being enjoyed by Juneau’s citizens as well as the thousands of tourists that flock into the city each day from the large cruise ships that visit the port throughout the summer,” says Roy.

For more information, please contact:

Samantha Kay ·  Account Coordinator 
O 949 955 7940 

Brower Group, Inc.
The Smart Agency™ for Smart Clients who want Smart Work
895 Dove Street, Third Floor · Newport Beach, CA 92660

Email · Website · Facebook · Twitter · Instagram

 Or

  

Jenn Quader

Brower Group

(949) 955-7940

jquader@brower-group.com

www.otl-inc.com.

Hanley Investment Group Arranges Sale of New Single-Tenant Starbucks in Los Angeles Near University of Southern California for $3.54 Million

Starbucks, 1789 West Jefferson Boulevard, Los Angeles, CA

Bill Asher

LOS ANGELES, CA - Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced  the firm has completed the sale of a new construction single-tenant corporate Starbucks with a drive-thru located in Los Angeles, less than one mile from the University of Southern California (USC) campus.

The sale price of $3,538,000 represented a cap rate of 3.82 percent. 

Hanley Investment Group Executive Vice Presidents Bill Asher and Jeremy McChesney and Vice President Jeff Lefko represented the seller and buyer in the transaction. The seller was a private developer based in Phoenix, Arizona. The buyer was a private investor based in Los Angeles.

Built in 2017, the 1,486-square-foot Starbucks building with a drive-thru is situated on a .27-acre parcel at the northeast corner of Western Avenue and Jefferson Boulevard at 1789 W. Jefferson Boulevard in Los Angeles.

Jeremy McChesney

  The single-tenant corporate Starbucks has over 19 years remaining on the primary lease term on a rare 20-year absolute NNN lease with 10-percent rental increases every five years.

According to Asher, “We successfully procured a very qualified local buyer within the first two weeks of formally marketing the asset and closed at 99.5 percent of the asking price. We negotiated a 10-day due-diligence review and a 30-day escrow.”

McChesney adds, “The Los Angeles-based purchaser was an all-cash 1031 exchange buyer that understood the long-term overall value of the location, as the property is a rare drive-thru location within an area of Los Angeles zoning with high barriers to entry for new city-approved drive-thru sites.”

Located at the signalized intersection of Jefferson Boulevard and Western Avenue with an average daily traffic count of 50,000 cars per day, the property is approximately two miles from the Interstate 10 (311,000 CPD) and Interstate 110 (269,000 CPD) freeway on/off ramps and is the only drive-thru Starbucks in a two-mile radius. More than 1.3 million people reside within a five-mile radius of the property.

USC is home to more than 44,000 students with $562 million spent in the local community from USC-related student expenses. USC is also the largest private employer in the city of Los Angeles with 42,315 Los Angeles County jobs, which generates $8 billion annually in economic impact for Los Angeles County and California.

Jeff Lefco

“Over 60 percent of all store sales at a Starbucks now come through the drive-thru, which is why 80 percent of all new locations nationally for Starbucks include a drive-thru,” said Lefko.

“It’s a significant reason why single-tenant Starbucks investments continue to be one of the more sought-after triple-net assets from private investors across the country.

"Corporate Starbucks sites typically offer strong underlying real estate fundamentals combined with a long-term corporate guaranteed lease and rental escalations, providing investors with a secure income stream and a hedge against inflation.”

Asher adds that absolute triple-net leases have nearly zero landlord responsibility, which is another benefit that is appealing to private investors seeking a hands-off passive investment and a major reason this particular Starbucks in Los Angeles commanded the first-class price.

Asher notes that Hanley Investment Group has listed, sold or currently has in escrow more single-tenant coffee investments in California in the last 18 months than any other brokerage company with a total of 17 properties valued at over $50 million.

For more information, please contact:

Anne Monaghan
MONAGHAN COMMUNICATIONS, INC.
anne@MonaghanPR.com
830.997.0963

www.hanleyinvestment.com.