Done Deals: Mar 16, 2019

Saturday, March 16, 2019

Marcus & Millichap Brokers $2.2 Million Sale of The 12-Unit Clay House Apartments in St. Pete Beach, FL

The Clay House Apartments, 7305 Bay Street, St. Pete Beach, FL

ST PETE BEACH, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of The Clay House, a 12-unit apartment property located in St Pete Beach, Fla., according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $2,200,000.

Natallia Musick

Nataliia Musick, Luis Baez, CCIM, Casey Babb, 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 private investor.

The buyer, a private investor, was also secured and represented by the four brokers.

Luis Baez

“St. Pete Beach is a high barrier to entry market with strong demand for apartments, both long term and short term. The rents were significantly below market at the time of sale, and with some improvements, the buyer will be able to achieve up to 32% increase in rental income,” said Musick.

“Through our expansive marketing campaign, we received multiple offers which included the buyer’s full price offer with favorable terms. The buyer and seller were able to close in 14 days,” added Baez.

The Clay House is located at 7305 Bay Street in St. Pete Beach, Fla. Situated on 0.26 acres at the foot of the Corey Causeway Drawbridge and overlooking the Boca Ciega Bay, the site features one, two-story building constructed of concrete block featuring a decorated brick front facade.

Casey Babb

Within the last 12 months, the property has received a number of recent renovations including a new roof and gutters, 9 of 12 new HVAC units, a new dock and partially renovated interiors. Residents enjoy common amenities such as a private dock as well as grilling and lounge areas overlooking the Boca Ciega Bay.

Shawn Rupp

The apartment homes are a mix of eight, one-bedroom/one-bathroom units and four, two-bedroom/one-bathroom units. The units feature fully-equipped kitchens, central HVAC units, semi-private porches, water views and screened-in patios. Many units have been partially renovated with new kitchens and/or new flooring.

CONTACT:

Whitney Davis

Marketing Coordinator

Marcus & Millichap
201 North Franklin St.
Suite 1100
Tampa, FL 33602

(813) 387-4700 main
(813) 387-4743 direct
(813) 387-4710 faxwhitney.davis@marcusmillichap.com

HFF announces $31 million refinancing for Sheraton Suites Galleria-Atlanta, GA

278-Room Sheraton Suites Galleria-Atlanta, 2844 Cobb Parkway, Atlanta, GA

CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announces that it has arranged a $31 million refinancing for Sheraton Suites Galleria-Atlanta, a 278-room, all-suite, full-service hotel in Atlanta, Georgia.

The HFF team worked on behalf of the borrower, Olshan Properties, to place the five-year, floating-rate loan with Mesa West Capital. Loan proceeds will be used to retire the existing loan, repatriate sponsor equity and cover closing costs and financing fees.

Nicole Aguiar

The borrower purchased Sheraton Suites Galleria-Atlanta in August 2013 and has invested more than $11 million in implementing a property improvement plan to transform the hotel into a state-of-the-art Sheraton, which included renovating guestrooms, corridors and the lobby; adding a Sheraton Club Lounge and Grab-and-Go outlet; and modernizing elevators.

Daniel Kaufman

Additional planned improvements are upgrading meeting space, building exterior and the food and beverage outlets, The Grill and Martini’s Bar. The hotel, which is part of the Marriott family, also features a fitness center, business center and indoor/outdoor pool.

Jeff Bucaro

Sheraton Suites Galleria-Atlanta is located at 2844 Cobb Parkway in northwest Atlanta adjacent to the Cumberland Shopping Center, across the street from the Cobb Galleria Convention Centre and across Interstate 285 from the newly-built SunTrust Park, the new home of the Atlanta Braves within The Battery Atlanta, a $1.1-billion mixed-use development.

The HFF debt placement team representing the borrower consisted of senior managing director Danny Kaufman, senior director Jeff Bucaro and directors Nicole Aguiar and Matt Casey.

CONTACTS:

DANNY A. KAUFMAN

HFF Senior Managing Director

(312) 528-3678

dkaufman@hfflp.com

JEFFREY G. BUCARO

HFF Senior Director

(312) 528-3678

jbucaro@hfflp.com

NICOLE AGUIAR

HFF Director

(312) 528-3678

naguiar@hfflp.com

MATT CASEY

HFF Director

(404) 832-8460

mcasey@hfflp.com

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com

738-Unit Princeton Self Storage, Melbourne, FL

PHILADELPHIA, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $5.8 million financing for acquiring and expanding Princeton Self Storage, an existing 389-unit self storage facility in the Central Florida community of Melbourne.

Rebecca VanReken

The HFF team worked on behalf of the borrower, SecYour Storage Property Group, to secure the first mortgage financing. Loan proceeds were used to fund both the acquisition of the existing self storage property and the development of an additional 349 climate-controlled units, which will bring the total number of units to 738. CubeSmart will manage the property.

Michael Pagniucci

Situated on 4.18 acres at 1060 Polo Drive, Princeton Self Storage is in a highly active residential and retail corridor of Melbourne, a community 70 miles southeast of downtown Orlando.

The property is 1.5 miles east of Interstate 95 and adjacent to three residential developments. It shares an access easement with Princeton Park Apartments. Within two miles of the property, there are more than 500 multi-housing units, and more than 74,000 residents live within a three-mile radius of Princeton Self Storage.

Ryan Ade

HFF’s debt placement team representing the borrower included director Michael Pagniucci and managing directors Ryan Ade and Rebecca VanReken.

“We are very excited about the acquisition and repositioning of this property as we continue to execute on our business plan of acquiring value-add self storage facilities throughout the United States,” said Chris Corr, managing principal and CEO of SecYour Storage Property Group.

“This facility represents our third acquisition in Florida along with a very solid pipeline of opportunities to follow. Our partnership with CubeSmart as a third-party manager continues to produce positive results for us, and we look forward to maintaining that relationship well into the future.

Chris Corr

"Additionally, the team at HFF has continued to produce very strong partners for us on the debt side, and we look forward to furthering that relationship throughout 2019 and beyond.”

About SecYour Storage Property Group

SecYour Storage Property Group, LP is a private equity real estate investment and development company focused on acquiring and developing self storage facilities on a national level.

CONTACTS:

MIKE PAGNIUCCI
HFF Director
(484) 532-4200
mpagniucci@hfflp.com

RYAN ADE

HFF Managing Director

(484) 532-4200

rade@hfflp.com

REBECCA VANREKEN

HFF Managing Director

(407) 745-3900

rvanreken@hfflp.com

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com

Spice Girl Mel B’s 1928 Hollywood Home on Market for $5.9 Million

Spice Girl Mel B

HOLLYWOOD, CA -- Spice Girl Mel B “Scary Spice” Brown's West Hollywood home is for sale at $5.9 million. Celebrity neighbors are Leonardo DiCaprio, Jennifer Aniston and Keanu Reeves

Hollywood Spice Girl Band 1994 -- 2000

Listing agents are Ben Belack and Blair Chang of The Agency, Beverly Hills and Lucy Nargizyan of Dilbeck Real Estate, Burbank.

Leonardo DiCaprio

Located in the storied Bird Streets neighborhood legendary for its spectacular views and its slew of celebrity residents, the four-story, 5,226-square-foot home was built in 1928 and has recently undergone a cutting-edge renovation.

Mel gained fame and wealth as a member of the popular girl band, Spice Girls, from 1994 through 2000.

Jennifer Aniston

She plans to start of a 12-performance Spice Girls reunion tour this summer.

The group hit the big time with their first album Spice, which immediately gained No.1 status in over 17 countries, selling 30 million copies worldwide.

Keanu Reeves

It was only the beginning of the group’s record-breaking success. Mel branched out as a solo artist even before the group split in 2000.

She continued her career as a solo artist, actress, author of her new book 'Brutally Honest' and as a favorite judge on 'The X Factor' in Britain and Australia and 'America’s Got Talent' in the United States.

Stephen Belafonte

Mel is divorced from filmmaker Stephen Belafonte with whom she co-owned the West Hollywood home since 2014.

The sleek contemporary has ceilings up to 20-feet high and massive glass walls that capture the views of downtown Los Angeles. Encompassing a total of four bedrooms and six baths, the entire fourth floor is devoted to the master suite with two of almost everything including televisions, bathrooms, dressing rooms and private terraces.

Lucy Nargizyan

The lush suite also has both a refrigerator and microwave. The main living area contains formal living and dining, chef’s kitchen, recording studio, fully-equipped gym, game room and family room.

Rooms are sized for grand entertaining that can continue out to the pool-spa terrace with its outdoor kitchen, television, fire pit and lots of room for guests.

In addition to updating the mechanical systems in the house such as plumbing and electric, Brown and Belafonte also upgraded the digital “smart” system which will now operate the entire house including the fireplace.

Ben Belack

There is a four-car garage and tall hedges and plantings provide total privacy.

CONTACT:

Terry Walsh
Marketing Coordinator
terry@toptenrealestatedeals.com

HFF arranges $18 million construction loan for Class A office development in Charlotte, NC

Rendering by BB&M 2100 South Tryon, Charlotte, NC

Travis
Anderson

CHARLOTTE, NC – – Holliday Fenoglio Fowler, L.P. (HFF) announces that it has arranged an $18 million construction loan for 2100 South Tryon, a to-be-built, 85,415-square-foot, Class A office building with ground floor retail space in Charlotte, North Carolina.

HFF worked on behalf of the borrower, Vision Ventures, to secure the construction loan through Bank OZK.

Designed by BB&M and due for completion in 2020, 2100 South Tryon will consist of 72,790 square feet of office space and 12,625 square feet of retail space.

Cory Fowler

The property will offer abundant parking, unobstructed views of Charlotte’s Uptown skyline and spacious, open floorplates. The 2.8-acre site is strategically located just half a mile east of Interstate 77 in Charlotte’s Midtown/South End submarket.

This location is within walking distance of Charlotte’s Light Rail, connecting the property to the central business district, and within 15 minutes of the Charlotte Douglas International Airport.

The HFF debt placement team representing the borrower included senior managing director Travis Anderson and senior director Cory Fowler. Leasing efforts at the property will be led by Tom Fitzgerald and Barry Fayban with JLL. Barringer Construction is the contractor for the development.

Tom Fitzgerald

About Vision Ventures

Since its inception in 1998, Vision Ventures has built a reputation on in depth analysis, focus, and discipline in the world of commercial real estate.

As a well-capitalized acquisition, brokerage, construction and development company, their expertise ranges from strategic attainments of debt and equity to the execution of development and construction projects.

To learn more about the company, please visit: www.visionventures.net.

About HFF

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry.

Barry Fabyan

HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing.

HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

CONTACTS:

TRAVIS ANDERSON

HFF Senior Managing Director

(704) 526-2800

tanderson@hfflp.com

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

HFF announces acquisition financing for Holiday Inn Ann Arbor Near The University of Michigan

Holiday Inn Ann Arbor, 3600 Plymouth Road,
Near The University of Michigan,
Ann Arbor, MI

CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announces that it has arranged financing for the acquisition of Holiday Inn Ann Arbor Near The University of Michigan, a 225-room, full-service hotel situated just off the University of Michigan in Ann Arbor, Michigan.

Nicole Aguiar

The HFF team worked on behalf of the borrower, an affiliate of Linchris Hotel Corporation, to arrange the five-year, fixed-rate loan. Loan proceeds will be used to acquire the hotel and execute a property improvement plan that will include modernizing the guestrooms, bathrooms and building envelope.

Since its development in 1980, the Holiday Inn Ann Arbor Near The University of Michigan has been one of the only full-service hotels on the north side of Ann Arbor.

The hotel, which was last renovated in 2012, features more than 6,800 square feet of meeting space, a full-service restaurant, fitness center, tennis and basketball courts, video arcade, 24-hour business center, on-site salon and seasonal indoor/outdoor pool.

Greg LaBine

Located at 3600 Plymouth Road, the hotel is just off the heavily trafficked U.S. 23, which provides immediate access to downtown Ann Arbor, U.S. 14, Interstate 94 and major local cities, including Detroit, Ypsilanti and Toledo.

Additionally, the hotel is proximate to the University of Michigan and Eastern Michigan University, which have a combined enrollment of more than 65,000 students.

The HFF debt placement team representing the borrower consisted of managing director Greg LaBine, senior director Jeff Bucaro and director Nicole Aguiar along with managing director Matthew Schoenfeldt, a licensed Michigan real estate broker.

Jeff Bucaro

“HFF was pleased to assist Linchris in their continuing expansion into other markets,” LaBine said. “Linchris’ ability to utilize superior management techniques to improve operations through appropriate expense controls has been proven to work successfully regardless of brand or location.”