Nixon's Western White House, La Casa Pacifica, in San Clemente, CA on Market for $57.5 Million

La Casa Pacifica, the seven-bedroom, 9,000-SF former Western White House of the 37th President of the United States, Richard M. Nixon, is up for sale in San Clemente, CA at $57.5 million,
 according to TopTenRealEstateDeals.com.

                                                                                   Photo by Jim Bartsch

President Richard M. Nixon

SAN CLEMENTE, CA -- La Casa Pacifica, the seven-bedroom, 9,000-SF former Western White House of the 37th President of the United States, Richard M. Nixon, is up for sale in San Clemente, CA for $57.5 million, according to TopTenRealEstateDeals.com.

 Nixon always enjoyed telling the American people what simple folk he and his wife, Pat, were in order to appeal to the middle-class voters.

Pat Nixon

Fond of saying that Pat wore plain cloth coats instead of mink, it seems reality told a different story.

 His unassuming simple lifestyle narrative was cast aside when it came to the choice of his vacation White House.

All presidents have had their special getaways, many were owned long before they became president.

Leonid Brezhnev

 But it was after Nixon became president in 1969 that he instructed a campaign aide to find him a presidential retreat to be used as his Western White House along the California coast.

Aide Fred Divel scoured the coastline and found the 26-acre Hamilton H. Cotton estate in the then sparsely developed town of San Clemente on a ridge overlooking the Pacific Ocean.

President Franklin D. Roosevelt

 It was grand and impressive enough for someone of Nixon’s new international importance; the home had even hosted Franklin D. Roosevelt in the past.

During his presidency, he and Pat entertained many heads of state there, including Leonid Brezhnev when signing the Soviet-American communique in 1973.

 It was where Nixon wrote his memoirs after he resigned his presidency to avoid impeachment after the Watergate scandal of the 1970s.

Fred Divel

A super luxurious enclave perched slightly above one of the best surfing beaches in California, La Casa Pacifica was modeled after a country home in San Sebastian, Spain and was designed by Carl Lindbom for Cotton in 1927 in the Mission-Colonial style.

 Structures are built within the current 5.45 acres with 450 feet of beachfront.

They include a main residence of approximately 9,000 square feet with seven bedrooms, a 3,000-square-foot poolside entertaining pavilion with guest wing, a two-bedroom guest house and multiple staff accommodations.

Carl Lindbom 

 When Nixon first arrived after buying the compound, he replaced the existing tennis court with a swimming pool and made the necessary additions to house the Secret Service.

The home’s location was adjacent to Camp Pendleton Marine Base providing convenient access to Air Force One and additional security.

San Clemente has grown considerably since the Nixons lived there. Located halfway between Los Angeles and San Diego, it is filled with Spanish architecture, lovely seaside parks and walking trails and is one of the best surfing spots along the California coast.

Packed with charm, and visual beauty, it is the southernmost city covered by the Los Angeles metropolitan area and carries the city slogan, "Spanish Village by the Sea.”

Linda May

The Nixons sold the estate in the mid 1980s to former Allergan Pharmaceuticals chief executive Gavin S. Herbert, who has now listed it for $57.5 million.

Gavin S. Herbert

The estate is co-listed with Linda May of Hilton & Hyland, Beverly Hills and Rob Giem of Compass Realty, Newport Beach.

CONTACT

Genelle C. Brown
Content Manager
 Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504
Twitter:  @toptenrealestat
facebook.com/toptenrealestat  

33-Year-Old Stonewood Village Shopping Center in Alpharetta, GA Gets New Owner

Stonewood Village Shopping Center, Alpharetta, GA

ATLANTA, GA — Newmark Knight Frank announced the sale of Stonewood Village, a 106,485-square-foot shopping center located at 670 North Main Street in Alpharetta, Georgia.

Mark Joines and Drew Fleming, senior managing directors with Newmark Knight Frank’s Capital Markets group, represented the seller, Nightingale Properties. Orkin & Associates purchased the property and was self-represented.

The transaction reflects continued investor demand for value-add shopping centers that are located in high-growth suburban areas and feature a healthy mix of service and necessity-based retailers, making them less vulnerable to e-commerce.

Mark Joines

According to one recent study, 99% of U.S. adults report that they regularly shop at brick-and-mortar shopping centers.

“Stonewood Village presented a rare opportunity for investors to capitalize on a well-positioned shopping center that offers significant value enhancement from the empty big box and outparcel development,” Joines said.

“It was no surprise that the buyer, with a focus on long-term ownership, jumped on the chance to own the property.”

Built in 1986, Stonewood Village offers an ideal value-add opportunity with flexible space options for grocers and junior anchors.

Lying within one of metro Atlanta’s fastest growing suburban corridors, the well-positioned shopping center is expected to benefit from a surge of nearby development and job growth.

Drew Fleming

More than 137,000 people work within a five-mile radius of Stonewood Village, with average household incomes in the area exceeding $146,000.

Key tenants at Stonewood Village include Dover Saddlery, Anytime Fitness, Queen of Hearts Antiques and Pure Spa. More than 32,000 square feet of space is currently available for lease, including a vacant big box. 

Alpharetta’s key economic indicators continue to trend upward. The city’s population has grown by approximately 15% over the last eight years, with nearly two-thirds of residents holding a bachelor’s degree. More than 5,000 companies are located within the city limits.

CONTACT

Nick Banaszak

1718 Peachtree St., Suite 1048 

Atlanta, GA 30309

M: 256-457-5384

www.thewilbertgroup.com

www.ngkf.com. 

Arbor Funds $15 Million Bridge Loan in Brooklyn, NY

2417 Albemarle Road, a 43-unit multifamily asset in Brooklyn, NY

UNIONDALE, NY – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a $15M bridge refinance loan in Brooklyn, NY.

 Arbor provided the loan for 2417 Albemarle Road, a 43-unit multifamily property. The deal provides an interest only loan over a two year term.

Eugene Yanovskiy of Arbor’s New York City office originated the loan.

“Arbor’s bridge product gave our client the opportunity to take out an expensive construction loan and lease up their property,” said Yanovskiy. “With our product, we will have a seamless transition into a permanent agency loan once the property is stabilized.”

Eugene Yanovskiy 

Built in 2018, 2417 Albemarle Road provides luxury living to its residents, with features such as keyed private elevator entrances, in-unit washers and dryers, polished concrete floors, centralized air and heat, and views of the iconic Manhattan skyline.

 Located just steps away from restaurants, shopping venues and several subway lines, the building also features an oversized common deck, bike storage, and an underground parking garage.

CONTACT

Bina Handa

Tel: 516.506.4229

bhanda@arbor.com

Arbor Funds $43 Million Bridge Loan in St. Charles, MO

               

The Boulders at Katy Trail, a 314-unit property at St. Charles, MO

UNIONDALE, NY, June 17, 2019 – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a $43M bridge loan in St. Charles, MO. 

Arbor provided the cash-out refinance loan with a 30-month floating rate for The Boulders at Katy Trail, a 314-unit property.

Brian Scharf of Arbor’s Uniondale office originated the loan.

Brian Scharf

 “Arbor was able to deliver competitive terms on a structured transaction for a long-time client,” said Scharf. “This is another great example of how we at Arbor always make client satisfaction and long-term relationships our number one priority.”

  

Built in 2002, The Boulders at Katy Trail offers its residents luxurious community features such as a 24-hour fitness center, movie theatre, indoor and outdoor pool with a clubhouse, putting green and on-site security.

 Its apartments are equipped with stainless steel appliances, granite countertops, crown molding, walk-in closets, full-size washers and dryers, and private decks or patio

CONTACT

Bina Handa

Tel: 516.506.4229

bhanda@arbor.com

29th Street Capital Picks Stonemark to Manage the 286-Unit Cumberland Crossing Apartments in Marietta, GA.

Cumberland Crossing Apartments, Marietta, GA

Atlanta, GA – Stonemark Management is now managing Cumberland Crossing Apartments, in Marietta, Ga. 29th Street Capital, which recently acquired the 286-unit property, appointed Stonemark to manage and lease the community. 

Stonemark will also oversee a capital program to renovate the interiors, upgrade the amenities and enhance curb appeal.

“We’ve managed several communities for 29SC, and are pleased they’ve entrusted us with Cumberland Crossing as well,” said Stonemark President Walt Lamperski.

Walt Lamperski

“We believe that our track record in managing upgrades – while negotiating with vendors for maximum savings – will enhance 29SC’s investment in the property reach its potential.

The quiet, gated, pet-friendly community has one-, two-, three- and four-bedroom apartments. It is located in fast-growing Marietta near several major employers, SunTrust Park, upscale shopping options and area universities.

Amenities include a pool, fitness center, business center, clubhouse, sauna, tennis court and playground. Apartments have fireplaces, full kitchens, patios or balconies, large closets and more.

“We are excited to continue to grow our partnership with Stonemark in Atlanta, ” said Javier Bustillo, Senior VP for 29th Street Capital. “They have outperformed expectations for us consistently and we look forward to another successful transaction.”

Javier Bustillo

Formed in 2009, 29th Street Capital is a privately-held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that typically fall below the radar of its institutional peers.

 Learn more about 29SC at 29thstreetcapital.com.

About The Stonemark Group

The Stonemark Group focuses on the acquisition, financing, ownership, management and disposition of multifamily real estate investments in the Southeastern U.S. and Texas. The group includes Atlanta-based Stonemark Equities and Stonemark Management.

 For more information, please visit stonemarkmanagementllc.com.

CONTACT

Terri Thornton
Partner, Thornton Communications

Phone: 404-932-4347
Email: Terri@TerriThornton.com 
Website: www.TerriThornton.com 

Grover Corlew Announces 26,482-SF Lease at Delray Central in Delray Beach, FL

   

 

Mark Corlew

DELRAY BEACH, FL – Grover Corlew, a South Florida-based real estate investment management group, has leased 26,482 sq. ft. of office space to Specialized Health Care Partners (SHP) at Delray Central, a two building office complex in Delray Beach. 

Specialized Health Care Partners, which works to maximize insurance recovery on behalf of its clients and provides consulting management services to hospitals, will consolidate offices and relocate its headquarters to the 1615 Congress Avenue building in October.

Grover Corlew will complete more than $1 million in renovations in addition to enhancements planned by SHP.

“We have a longstanding relationship with SHP,” said Partner Mark Corlew. “We leased the company their first office space in 2013 when we owned 220 Congress and have been fortunate to maintain a close relationship with them, accommodating their changing needs with our portfolio of modern office spaces.”

Anuj Grover

In 2015, Grover Corlew bought the 1615 and 1625 Congress office buildings, which were originally developed for IBM.

At the time of their purchase, the circ-1981 buildings were only 79 percent leased and in need of extensive renovation and a rebranding in order to attract high profile tenants.

"We have created a niche for ourselves by bringing new life to some of the older, yet geographically desirable, suburban office buildings in Broward and Palm Beach counties,” said Partner Anuj Grover. “That has paid off with the number of headquarters that have moved and will move to our buildings.”

Grover Corlew, which focuses on acquiring, developing and operating office and retail properties across the Southeastern U.S., invested approximately two million dollars into property renovations bringing occupancy to nearly 100 percent.

CONTACT

Samantha Van Nuys

O: 954.776.1999  ext. 115 |C: 954.648.9132

grovercorlew.com.

NAI Realvest Closes on Three Industrial Leases in Seminole County, FL

  

Allison Reynolds

ORLANDO, Fla. -- NAI Realvest recently closed on three long term lease agreements totaling over 16,140 square feet at industrial centers in Longwood, Oviedo and Sanford .   

 Paul P. Partyka, CCIM, MICP, partner at NAI Realvest, negotiated all three transactions on behalf of the landlords. 

New Hampshire-based NEFCO Fire Investigations, with over 100 experts serving 30 states, leased 5,000 square feet at 751 Fleet Financial Ct. in Longwood’s Fleet Financial Center .  The family-owned forensic fire investigation firm is expanding its presence in Central Florida .   

 Allison Reynolds of Select Commercial Real Estate represented the tenant. 

At South Park Business Center in Oviedo , Partyka represented Landlord WSV Gilbert LLC of New York in the lease of 2,040 square feet at 532 S. Econ Circle .

Paul Partyka

The new tenant is Arcade Monsters, LLC. a retro arcade, store and event venue business with antique games, food and beverages. South Park Business Center ’s close proximity – 1.3 miles – to UCF and easy access via SR 434 and 417 was a key attraction. 

Real Deal Steel, LLC signed a lease for 9,100 square feet at 1220 30^th St. in Sanford for their USA body assembly plant and parts warehouse for shipments to dealers and customers.  

The car restoration business is looking into an additional building according to Partyka, who represented the landlord Sanford Airport Authority.   

 CONTACTS:

Paul P. Partyka, CCIM, MICP, Partner, NAI Realvest,

407-875-9989  ppartyka@realvest.com

Patrick Mahoney, President / CEO,  NAI Realvest,

407-875-9989  pmahoney@realvest.com

Beth Payan, ,Larry Vershel, Larry Vershel Communications Inc. 

407-644-4142 or 406-461-3781 beth@larryvershel.com

 

Grand Rapids, MI TruGreen industrial property for sale at $1.5 million

Tim Hain

CHICAGO, IL – B+E, the first brokerage and technology platform for net lease real estate, announced that the TruGreen property located at 3116 Dixie Avenue, Grandville, MI, is for sale for $1.5 million.

The building is +/-14,300 SF on +/-1.41 acres of land and includes parking.  The property carries a cap rate of 6.15% with a remaining term of 10 years.

“TruGreen is a $1B business with over 300 branches throughout the US,” said Tim Hain with B+E.  

“This property features a corporately guaranteed lease from TruGreen Lawn Care, which has a 34-year history at this location.”  

Property improvements include new HVAC units, upgrades to the parking lot, fencing, warehouse upgrades and LED lighting throughout.   The property is located in a dense industrial park surrounded by a variety of quality tenants including Nabisco, Harbor Foam, PODS, Airgas, Viking Spas, Hadley and K&M Tire.

  Contacts:

John Vita

John Steven Vita Communications

John.vita@jsvcom.com

847/853-8283

Tim Hain

THain@benetlease.com 

 www.benetlease.com.

U.S. Home Flipping Rate Reaches Nine-Year High in First Quarter 2019

Todd Teta

IRVINE, CA— ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), released its Q1 2019 U.S. Home Flipping Report, which shows that 49,059 U.S. single family homes and condos were flipped in the first quarter of 2019, down 2 percent from the previous quarter and down 8 percent from a year ago to a three-year low.

The 49,059 homes flipped in the first quarter represented 7.2 percent of all home sales during the quarter, up from 5.9 percent in the previous quarter and up from 6.7 percent a year ago — the highest home flipping rate since Q1 2010.

Homes flipped in Q1 2019 sold at an average gross profit of $60,000, down from an average gross flipping profit of $62,000 in the previous quarter and down from $68,000 in Q1 2018 to the lowest average gross flipping profit since Q1 2016.

The average gross flipping profit of $60,000 in Q1 2019 translated into an average 38.7 percent return on investment compared to the original acquisition price, down from a 42.5 percent average gross flipping ROI in Q4 2018 and down from an average gross flipping ROI of 48.6 percent in Q1 2018 to the lowest level since Q3 2011 — a nearly eight-year low.

“With interest rates dropping and home price increases starting to ease, investors may be getting out while the getting is good, before the market softens further,” said Todd Teta, chief product officer at ATTOM Data Solutions. 

“While the home flipping rate is increasing, gross profits and ROI are starting to weaken and the number of investors that are flipping is down 11 percent from last year. 

"Therefore, if investors are seeing profit margins drop, they may be acting now and selling before price increases drop even more.”

Home flipping rate up from year ago in 62 percent of local markets

Eighty-five of 138 metropolitan statistical analyzed in the report (62 percent) posted a year-over-year increase in their home flipping rate in Q1 2019, including Columbus, Georgia (up 83 percent); Raleigh, North Carolina (up 73 percent); Charlotte, North Carolina (up 65 percent); McAllen-Edinburg, Texas (up 55 percent); and Milwaukee, Wisconsin (up 49 percent).

 

Along with Raleigh, Charlotte, and Milwaukee, other metro areas with a population of at least 1 million and a home flipping rate increasing in the double digits were San Antonio, Texas (up 47 percent); Houston, Texas (up 41 percent); Atlanta, Georgia (up 38 percent); Pittsburgh, Pennsylvania (up 36 percent); and Minneapolis, Minnesota (up 33 percent).

The number of homes flipped reached new peaks in Q1 2019 for Raleigh, North Carolina and San Antonio, Texas in the first quarter of 2019.

Home flip lending volume up 35 percent to 12-year high

The total dollar volume of financed home flip purchases was $6.4 billion for homes flipped in the first quarter of 2019, up 35 percent from $4.7 billion in Q1 2018 to the highest level since Q2 2007 — over a 12-year high. 

Flipped homes originally purchased by the investor with financing represented 37.5 percent of homes flipped in Q1 2019, down from 39.5 percent in the previous quarter and down from 41.2 percent a year ago.

 

Among 53 metropolitan statistical areas analyzed in the report with at least 1 million people, those with the highest percentage of Q1 2019 completed flips purchased with financing were San Diego, California (56.0 percent); Seattle, Washington (52.5 percent); San Francisco, California (51.7 percent); Denver, Colorado (51.6 percent); and Boston, Massachusetts (51.3 percent).

11 Markets where investors are doubling their ROI

Among the 138 metropolitan statistical areas analyzed in the report with at least 50 home flips completed in Q1 2019, those with the highest average gross flipping ROI were Pittsburgh, Pennsylvania (131.2 percent); Flint, Michigan (127.6 percent); Shreveport, Louisiana (112.5 percent); Scranton, Pennsylvania (112.0 percent); and Knoxville, Tennessee (105.0 percent).

 Along with Pittsburgh, Pennsylvania metro areas with a population of at least 1 million and an average gross flipping ROI of at least 79 percent were Cleveland, Ohio (100.0 percent); Philadelphia, Pennsylvania (100.0 percent); Buffalo, New York (89.7 percent); and Memphis, Tennessee (79.2 percent).

 Average home flipping returns continue to slip

Homes flipped in the first quarter of 2019 were sold for a median price of $215,000, a gross flipping profit of $60,000 above the median purchase price of $155,000, down from a gross flipping profit of $62,000 in the previous quarter and a gross flipping profit of $68,000 in Q1 2018 — to the lowest levels since Q1 2016.

Of those 138 markets with at least 50 or more flips and a population greater than 200,000 in the first quarter of 2019, those that saw the lowest gross flipping profit were McAllen-Edinburg, Texas (profit of $8,752); Daphne, Alabama (profit of $15,761); Boise City, Idaho (profit of $18,332); Lexington, Kentucky (profit of $20,000); and San Antonio, Texas (profit of $23,596).

Average time to flip nationwide at 180 days

Homes flipped in Q1 2019 took an average of 180 days to complete the flip, up from an average 175 days for homes flipped in Q4 2018 but down from 182 days a year ago.

 

Among the 138 metro areas analyzed in the report, those with the shortest average days to flip were McAllen-Edinburg, Texas (127 days); Memphis, Tennessee (136 days); Raleigh, North Carolina (142 days); Mobile, Alabama (144 days); and Phoenix, Arizona (151 days).

 

Metro areas with the longest average days to flip were Naples, Florida (235 days); Bridgeport, Connecticut (230 days); New Haven, Connecticut (225 days); Provo, Utah (219 days); and Hartford, Connecticut (219 days).

 

Flipped homes sold to FHA buyers increases from previous quarter

Of the 49,059 U.S. homes flipped in Q1 2019, 14.2 percent were sold by the flipper to a buyer using a loan backed by the Federal Housing Administration (FHA), up from 13.2 percent in the previous quarter but down from 15.2 percent a year ago.

Among the 138 metro areas analyzed in the report, those with the highest percentage of Q1 2019 home flips sold to FHA buyers — typically first-time homebuyers — were Worcester, Massachusetts (30.0 percent); Shreveport, Louisiana (29.0 percent); Modesto, California (27.3 percent); Hartford, Connecticut (27.2 percent); and Springfield, Massachusetts (27.0 percent).

Eight zip codes with a home flipping rate of more than 30 percent

Among 1,433 U.S. zip codes with at least 10 home flips in Q1 2019, there were eight zip codes where home flips accounted for more than 30 percent of all home sales, here are the top five: 93212 in Kings county, California (48.0 percent); 11433 in Queens county, New York (35.7 percent); 33147 Miami-Dade county, Florida (32.7 percent); 38115 in Shelby county, Tennessee (32.4 percent); and 92802 in Orange county, California (32.1 percent).

  CONTACTS:

Jennifer von Pohlmann

949.412.3897

Jennifer,vonpohlmann@attomdata.com

 

Data and Report Licensing:

949.502.8313

datareports@attomdata.com

EagleBridge Capital Arranges $9.4 Million Mortgage Financing for Metro Boston Residential Portfolio

  

The portfolio includes 25 living units composed of 18 two-family dwellings, 4 one-family dwellings, and 3 residential condominium units located in Cambridge, Somerville, Medford, Malden, Watertown, Brighton, Jamaica Plain, and West Roxbury, MA

Boston, MA -- EagleBridge Capital has arranged mortgage financing totaling $9,435,000 for a residential rental portfolio of single and two-family homes located in several communities in Metro Boston.

The mortgage financing was arranged by EagleBridge principal Ted. M. Sidel who stated that the loan was provided by a leading Massachusetts financial institution.

Ted M. Seidel

The portfolio includes 25 living units composed of 18 two-family dwellings, 4 one-family dwellings, and 3 residential condominium units located in Cambridge, Somerville, Medford, Malden, Watertown, Brighton, Jamaica Plain, and West Roxbury, MA.

According to Sidel, “The units were all in excellent condition. We were to meet the goal of consolidating a number of separate mortgages at a great fixed rate with an interest only period, a twenty-year term, thirty-five year amortization, and flexible prepayment terms.”

EagleBridge Capital is a Boston-based mortgage banking firm specializing in arranging debt and equity financing as well as joint ventures for apartment, industrial, office, and r & d buildings, shopping centers, hotels, condominiums and mixed-use properties as well as special purpose buildings.

 CONTACT:

STAN SIDEL

ssidel@eaglebridgecapital.com

ONE BOSTON PLACE   BOSTON, MA 02108    TEL: 617.292.7177   FAX: 617.292.7575

www.eaglebridgecapital.com