Marcus & Millichap Arranges Sale of 48-Unit Apartment Building in Tampa, FL

Paul Nudelman

TAMPA, 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 Moorland Village, a 48-unit apartment property located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $4,050,000.

Investment specialists, Nicholas Meoli, Michael Donaldson and Ned Roberts, in Marcus & Millichap’s Tampa office with Paul D. Nudelman, in the firm’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Nudelman.

Nicholas Meoli

“Our nationwide marketing campaign highlighted the property’s sought-after location and tremendous value-add opportunity, generating substantial investor demand.  Less than three weeks after launching the listing we put the property under contract with a buyer we identified, at 96.4 percent of the list price,” said Roberts.

“We actively managed the under-contract period, which included assumption of the seller’s existing debt and successfully closed the deal at the contract price,” added Donaldson.

Moorland Village on a major thoroughfare South Dale Mabry Highway with 34,000 vehicles driving by daily and minutes from MacDill Air Force Base, the Selmon Expressway and major employers in Downtown Tampa. Moorland Village is located at 3729 West Tyson Avenue in Tampa, Florida.

  

 For more information, please contact:

Crystal Marino
Brokerage Administrator/Front Desk
Marcus & Millichap 4030 W. Boy Scout Boulevard Suite 850 Tampa, FL 33607 (813) 387-4700 main (813) 380-7694 mobile (813) 387-4710 fax crystal.marino@marcusmillichap.com

or

Ari Ravi

Regional Manager, Tampa

(813) 387-4700

Marcus & Millichap Handles $2.4 Million Sale of Tampa, FL Apartment Portfolio

Casey Babb

TAMPA, 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 Branch Court & Candy Co. Flats, a 2-property, 19-unit apartment property portfolio located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The portfolio sold for $2,440,000.

Casey Babb, CCIM, Luis Baez, CCIM and Shawn Rupp, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a Tampa-based private investor.  The buyer, also a Tampa-based private investor, represented themselves internally.

Luis Baez

“Seminole Heights is an emerging market just north of Downtown Tampa and is popular for both young professionals and investors alike," said Babb. 

 "Many of the historic bungalows are being rehabbed, you have an exciting food and craft brew scene and, recently, two new mix-use properties broke ground representing the first new construction apartments within the submarket roughly 50 years.

 “At $128,500 per unit, this purchase came at a relative discount to what similar properties are trading for just a few miles south in Hyde Park,” added Rupp.

Shawn Rupp

 Branch Court was built in the 1920’s, this nine-unit brick complex is located in the heart of the Seminole Heights historic district. Branch Court is within walking distance to great restaurants, antique shops and the most popular Starbucks in Tampa.

Candy Co. Flats was built in 1925 which served as an early mixed-use building that originally housed Harry's Candy Co. and several apartments above the factory.

Ownership has maintained the vintage warehouse feel by incorporating industrial details throughout the renovation. Branch Court & Candy Co. Flats are located in the heart of the Seminole Heights submarket in Tampa, Florida. 

For more information, please contact:

Ari Ravi

Regional Manager, Tampa

(813) 387-4700

Trez Forman Capital Group Continues Carolinas Push with $42 Million Construction Loan

Brett Forman

Palm Beach, FL and Charlotte, NC – –Trez Forman Capital Group has closed a $42 million construction loan for a large-scale residential development in the Charlotte, N.C. suburb of Huntersville.

The borrower plans to develop a Class A, 20-building community with 297 units – mostly garden-style apartments with a mix of for-rent townhomes. 

Trez Forman President and CEO Brett Forman arranged the transaction, which closed on July 5. Caldwell Station NC, LLC is the borrower.

 The company’s development will also include 371 parking spaces and an array of amenities, such as a resort-style saltwater pool, clubhouse, fitness/cardio studio, lounge area and dog park.

Rendering of Planned Residential Project, Huntersville, NC

The 17355 Old Statesville Road project site is in close proximity to the Northcross Shopping Center, which is home to Harris Teeter,Homegoods, Lowe’s Home Improvement, Petco, Staples and many more retailers. Numerous restaurants and hotels are only a few minutes away.

This is the fourth loan that Trez Forman has made in North Carolina this year as part of its efforts to increase its presence in the Carolinas.

In February, a developer borrowed $35 million from the lender to develop a mixed-use project in Wilmington.  

In May, Trez Forman closed on a $17.24 million loan for the acquisition of a 138-acre residential development site in the Raleigh-Durham-Chapel Hill metro area.

Around the same time, the lender completed a $2.5 million acquisition loan for a 195-acre residential development site in Surf City. 

“It is exciting to continue our Carolinas activity with this Huntersville transaction,” said Forman. “This is a suburban submarket with a strong appetite for Class A apartment product. We continue to target similar opportunities in the region.”

For Trez Forman, a joint venture formed in 2016 by Boynton Beach-based Forman Capital and Vancouver-based Trez Capital Group - one of Canada’s largest private commercial mortgage lenders, the latest activity continues the momentum from a first quarter highlighted by more than $200 million in completed deals.

The venture is on track to close more than a half-billion dollars in deals in 2018.

For more information, please contact:

Todd Templin and Eric Kalis

954-370-8999

ttemplin@boardroompr.com or ekalis@boardroompr.com

www.trezforman.com.

JLL sells fully leased Tempe, AZ Distribution Center

Tempe Distribution Center, 6718 South Harl Avenue, Tempe, AZ

PHOENIX, AZ – JLL’s Capital Markets experts announced the sale of the fully leased Tempe Distribution Center in Tempe, Arizona. The property, which totals 248,772 square feet in two buildings, sold to TA Realty LLC.

Mark Detmer

 Managing Directors Mark Detmer and Bo Mills, and Vice President Ryan Sitov led the JLL Capital Markets team on the sale. They worked with JLL Executive Vice President Steve Sayre, who serves as the exclusive leasing broker for the property seller, San Francisco-based Stockbridge Capital Group.

“Prime location and a strong institutional management strategy has allowed Tempe Distribution Center to attract and retain – and thrive with – a key group of long-term, ‘sticky’ tenants,” said Detmer. 

“This has carved out a very strong position for the property, in a market that has seen a 21 percent industrial rent growth in the last five years, with no signs of slowing.”

Bo Mills

Tempe Distribution Center is located on 13 acres at 6718 S. Harl Ave. and 9230 S. Farmer Ave., in the heart of the south Tempe industrial market. The 6718 building totals 149,755 square feet and is fully leased to Bunzl California and Canyon State Box and Container. The 9230 building totals 99,017 and is fully leased to Kovach LLC.

The project has more than 1 million workers located within a 15 mile radius and is in close proximity to several major transportation routes – minutes from a full diamond interchange at Interstate 10, within minutes of the Loop 101 freeway and Sky Harbor Airport, and less than sixteen miles from nearby rail yards. 

Regionally, the property is less than six hours from the Ports of Los Angeles and Long Beach, and less than 12 hours from other western U.S. distribution hubs such as San Francisco, Salt Lake City, Denver and Albuquerque.

Ryan Sitov

According to JLL, the overall Phoenix industrial vacancy rate sits at just 7.6 percent – its lowest in a decade.

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. 

Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. 

In doing so, we will build a better tomorrow for our clients, our people and our communities. 

JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 83,500 as of March 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

 

Steve Sayre

In Phoenix, JLL is a market leader employing more than 580 of the region’s most recognized industry experts offering office, industrial, retail, healthcare and data center brokerage, tenant representation, facility and investment management, capital markets, multifamily investments and development services, and related services within the real estate leasing, investment and management process. 

In 2017, the Phoenix team completed 35.7 million square feet in lease and sale transactions valued at $1.9 billion, directed $112 million in project management and currently manages a 24.2 million-square-foot portfolio. 

For more news, videos and research resources on JLL, please visit ir.jll.com or www.jll.com/phoenix.

For more information, please contact:

Stacey Hershauer

Phone: +1 480 600 0195

Email: stacey@focusaz.com

J.C. Penney Distribution Center Acquired for Redevelopment in Manchester, CT

                                                                                                               

      

JC Penney Distribution Warehouse, 1339 Tolland Turnpike, Manchester, CT

MANCHESTER, CT – Winstanley Enterprises, LLC of Concord, MA has acquired the J.C. Penney distribution warehouse facility located at 1339 Tolland Turnpike in Manchester, Connecticut.

The property was purchased for $70 million. The two-million square-foot facility boasts high visibility and convenient interstate highway access, connecting future tenants to the largest metropolitan hubs in the Northeast. 

Adam Winstanley

Winstanley Enterprises plans to renovate the interior and exterior of the sprawling facility and transform the location into a state-of-the-art bulk warehouse and distribution center.

“This facility is one of the largest distribution warehouses on the Eastern Seaboard, and we are very excited to breathe new life into the property,” said Adam Winstanley, a Principal of Winstanley Enterprises. “We look forward to working closely with the community, creating new local jobs and offering distribution tenants a top-tier facility centrally located here in Manchester.”

Winstanley Enterprises is one of the largest owners and operators of warehouse and distribution space on the East Coast, bolstering their portfolio to over 10 million square-feet with this acquisition.

 The landlord-developer brings a track record of local success and experience from recent acquisitions and projects in Connecticut, having transformed both warehouse-manufacturing and commercial retail spaces into vibrant contributors in their communities.

In addition to the prime location of the warehouse facility, Winstanley Enterprises is excited about the adaptability of the building and plans to make significant investments in the property including a new roof, building exterior enhancements, site and signage improvements, LED lighting, updated mechanical systems and a new EFSR sprinkler system. The improvements are estimated to cost approximately $40 million.

“The existing building has some very marketable layout features, access to rail and a centralized location,” noted  Winstanley. “We feel strongly that the capital infusion our team is committing to this property will draw high-quality tenants to occupy portions of the warehouse.” 

For more information, please contact:

Matt Watkins

Watkins Strategies                                                                                            

 (617) 571-4582 (cell)                                                                                     

HFF announces capitalization of Gramercy Plaza in Torrance, CA

Gramercy Plaza, Along 190th Street Corridor, Torrance, CA

AJ Manas

NEWPORT BEACH, CA –– HFF announces the capitalization of Gramercy Plaza, a 158,000-square-foot, four-story, Class A office building centrally located along the 190^th Street corridor in Torrance, California. 

The HFF team worked exclusively on behalf of the sponsor, Preylock Real Estate Holdings (Preylock), to secure both the financing and the joint venture equity for the acquisition. 

The financing was structured as a three-year, floating-rate, interest-only loan with a specialty finance debt fund.  The total loan commitment is equal to 75 percent of the anticipated total project costs, including future funding to modernize the building’s interiors and exterior designs and implementation of a leasing initiative. 

Greg Brown

In addition, the team arranged Preylock’s joint venture equity with a national life insurance company.  Preylock acquired the asset on June 21^st for a purchase price of $26.18 million. 

Gramercy Plaza is located at 2050 W 190^th Street in the South Bay area of Los Angeles County, which is one of the fastest growing office submarkets in the Greater LA region. 

This location is proximate to the Ports of Long Beach and Los Angeles, and close to the Interstate 405 and 110 interchange connecting South Bay to the heart of Los Angeles. 

Gramercy Plaza will also benefit from the Metro Light Rail – South Bay expansion project, which will eventually link Torrance directly to LAX and the broader Los Angeles market. 

John Chun

The HFF team representing the sponsor included senior directors Greg Brown and John Chun and associate AJ Manas.

“We are excited to have closed this transaction with two new capital partners who differentiated themselves following a highly competitive marketing effort run by HFF,” a spokesperson for Preylock said. 

“HFF’s deep knowledge and relationships with institutional capital sources allowed us to strategically partner to complete this unique value-add opportunity. We look forward to continuing to collaborate with all parties involved on future transactions.”

Holliday GP Corp. (“HFF”) is a real estate broker licensed with the California Bureau of Real Estate, License Number 01385740.

For more information, please contact:

KRISTEN MURPHY

HFF Director, Public Relations

(617) 848-1572

krmurphy@hfflp.com

 http://www.preylockholdings.com/