Atlantic | Pacific Companies Announces New Property Management Assignments in South Florida

Apogee Beach Hollywood Apartments
Hollywood, FL

MIAMI, FL  – Atlantic|Pacific Management (A|P Management), leasing and management platform under Atlantic|Pacific Companies (A|P), is pleased to announce the additions of Apogee Beach Hollywood, The Wave Condominium, and The Whitney Condominium to its property management portfolio. A|P Management will begin managing these luxury condominiums on June 1, 2013.

Apogee Beach Hollywood, located at 4053 S. Surf Rd in Hollywood, Florida, is an ultra-luxury living property. The property houses 49 units, available with two, three, and four bedroom floor plans, as well as penthouses within its 22nd floor.

All Apogee Beach Hollywood residences include floor-to-ceiling windows, large balconies, and first class amenities. Residences were inspired by Carlos Ott and designed by Cohen Freedman Encinosa, with social spaces envisioned by world-renowned Rockwell Group. Every detail is accounted for at the property, including an impressive two-story lobby, oceanfront pool deck, and beachfront cabanas.

The Whitney Condominium
West Palm Beach, FL

The Wave Condominium is located at 2501 South Ocean Drive in Hollywood, Florida. The Wave Condominium has 550 residential units, offering studio, one, and two bedroom floor plans. The property also houses 23 retail and professional spaces.

The Whitney Condominium is a luxury high rise condominium located at 410 Evernia Street in West Palm Beach, Florida. In the heart of the city, 

The Whitney is minutes away from Clematis Street and City Place with plentiful options for museums, dining, and shopping experiences. The property consists of 210 units, ranging from one to three bedroom floor plans, all with access to amenities such as a roof top heated lap pool, sun deck, and fitness center.

Luis Alicea

Luis Alicea, Director of Business Development at A|P Management, says “A|P Management has grown exponentially in the last five years, as evident by its expansion into Palm Beach and Broward Counties. A|P has become a property management contender.”

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For a complete copy of the company’s news release, please contact:

Jessica Wade Pfeffer / Jessica Wade Inc.

Jessica@jessicawadeinc.com

305.804.8424

Snyder Langston Names Steven Gabbert, CBCP, LEED™ AP as Director of Sustainability

Pelican Hill Resort, Newcoast, CA

IRVINE, CA— Snyder Langston, one of Southern California’s largest and most respected builders, has named Steven Gabbert, CBCP, LEED™ AP as Director of Sustainability.

Steven Gabbert

In his new role, Gabbert is responsible for leading the development and execution of Snyder Langston’s sustainability initiative. A passionate green building advocate, Gabbert will be a valuable in-house expert in demonstrating the value of sustainability to the firm’s clients. He will also proactively work with them to integrate sustainability into their projects and into their corporate platforms.

Over his nine-year tenure at Snyder Langston, Gabbert has held other positions including: project engineer, senior project engineer, and most recently served as project manager. He has been involved with significant Southern California projects including: Broadcom’s headquarters, The Pelican Hill Resort, and the new Hyundai North American Headquarters, among others.

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

www.snyderlangston.com

The Metro @ Hollywood in Hollywood, CA is the newest affordable senior housing community from Meta Housing Corp

        

The Metro @ Hollywood Apartments, Hollywood, CA

  

LOS ANGELES, CA  – Meta Housing Corporation has completed a $43.8 million transit-oriented mixed use development in Hollywood, Calif. The Metro @ Hollywood includes 5,500 square feet of ground floor retail space, and is made up of 120 one-and two- bedroom apartments which will provide new, affordable housing to seniors aged 55+. 

John Huskey

The property is located in a walkable Hollywood neighborhood within 200 yards of the Los Angeles County Metro’s Hollywood/Western Red Line subway station, which connects Hollywood with Downtown Los Angeles, according to John Huskey, President of Meta Housing Corporation.

“Transit-oriented development continues to emerge as a smart growth solution for urban cities throughout the U.S.,” explains Huskey.  “By strategically placing our properties in pedestrian-friendly neighborhoods and utilizing public metro and bus systems, we have identified a viable and environmental solution to many of the traffic and parking issues which are typical in an urban neighborhood.”

The Metro @ Hollywood was completed with support from the State of California’s Department of Housing and Community Development, the Community Redevelopment Agency of Los Angeles, and the Los Angeles Housing Department.

For a complete copy of the company’s news release, please contact:

Jenn Quader/ Corynne Randel

Brower, Miller & Cole

JQuader@browermillercole.com

(949) 955-7940

www.metahousing.com

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Post Properties Announces Development of Buckhead, GA Luxury High-Rise and Acquisition of Houston, TX Development Site

Post Alexander Phase 2 Apartments, Buckhead, GA

ATLANTA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, announced today that it has commenced the development of its Post Alexander™, phase II, luxury high-rise community, located in the Buckhead submarket of Atlanta.

Post Midtown Square Phase 3, Houston, TX

The project will include 340 units, with an average size of 830 square feet, on 19 residential floors, built over seven levels of parking, with rents averaging approximately $1,790 per month.

The project’s luxury apartments will be complemented by amenities that include a roof-top terrace and elevated pool deck, fully-equipped fitness center and clubroom. 

The project is located adjacent to Phipps Plaza and near Lenox Square®, two of the Southeast’s leading high-end shopping venues, and benefits from proximity to the Buckhead commercial office district and high-end Buckhead and Brookhaven residential neighborhoods.

Post South Lamar Apartments, Austin, TX

The project’s total cost is expected to be $75.5 million, and the Company estimates that its unlevered, stabilized yield on cost will be 6 percent, after adjusting for a 3 percent management fee and $300 per unit replacement reserves.

The Company expects to fund the project out of its available cash balances, operating cash flow and borrowings, as needed, under its unsecured lines of credit. The Company expects to break ground on the project in the next several months.

Dave Stockert

The Company also announced today the acquisition of a 3.9-acre development site, located at the intersection of Richmond Avenue and Loop 610 in the Galleria submarket of Houston, where the Company expects to be able to develop approximately 390 luxury apartment units. The purchase price of the site was $13.1 million, which was funded out of available cash balances.

Finally, the Company announced today that its 124-unit Post Midtown Square®, phase III development, located in Houston, and 298-unit Post South Lamar™ development, located in Austin, have each achieved at least 95 percent apartment leasing.

Said Dave Stockert, Post’s CEO, “Creating value, by developing exciting new communities, is one of the most important drivers of our business. Today’s announcements reflect our focus on creating high-quality, well-appointed apartment homes, located in the places our customers want to be.”

For a complete copy of the company’s news release, please contact:

Post Properties, Inc.

Chris Papa, 404-846-5000

Post Properties Announces Acquisition of Orlando, FL Luxury Apartment Community

         Crosswater at Lakeside Village apartments, Windermere, FL

ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, today announced the closing of its acquisition of Crosswater at Lakeside Village, located in the affluent Windermere submarket of Orlando, Florida.

The 300-unit community, which has been renamed Post Lakeside™, was recently completed in 2013, and is in the late stages of its initial lease-up (currently 86 percent leased).

 The community has units averaging 1,070 square feet, with resort-style amenities oriented to maximize the impact of the lake and associated conservation area. The community is also located adjacent to a recently developed Publix-anchored shopping center, providing walkable retail amenities to residents.

The purchase price of the community was $48.5 million, and was paid out of the Company’s available cash balances. 

The Company expects the first-year stabilized yield on its investment to be approximately 5.2 percent, after deducting a 3 percent management fee and $300 per unit replacement reserve.

In connection with this acquisition, the Company expects to commence the sale of one of its older Atlanta apartment communities, with the intent to complete a reverse like-kind exchange. That sale and exchange is expected to be completed by the fourth quarter of 2013.

For a complete copy of the company’s news release, please contact:

Post Properties, Inc.

Chris Papa, 404-846-5000

Marcus & Millichap Ranked Among Top 50 Firms Nationally in Technology and Helpdesk Support Achievement

  

  

CALABASAS, CA, May 31, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has been ranked #28 out of the top 50 helpdesk support centers in the 2013 HDI CSAT Elite 50.

Richard Peltz

HDI, the world’s largest professional association and certification body for technical service and support professionals, uses the HDI Customer Satisfaction Index (CSI) Service to track and trend customer satisfaction ratings for some 800 companies from year to year.

Based solely on the data collected over a 12-month period, participating technical service and support centers are identified as leaders in the industry. The 50 support centers with the highest scores are then recognized by HDI as members of the HDI CSAT Elite 50.

Teams that qualify for the HDI CSAT Elite 50 ranking receive a certificate of recognition and are recognized at the HDI Annual Conference & Expo, where they are lauded as industry leaders in front of their peers and other organizations.

Bill Benoist

“This award symbolizes our commitment to providing our more than 1,000 agents across the country with the resources and information services (I.S.) customer support to realize their potential and give them pride of association with our firm,” says Richard Peltz, Senior Vice President and Chief Information Officer at Marcus & Millichap.

 “Bill Benoist, Vice President of Information Services, and his team have raised the support bar every year and are committed to achieving the highest level of support available in the industry,” says Peltz.

The HDI CSAT Elite 50 award is the latest recognition of Marcus & Millichap’s focus on technological excellence. The firm has also ranked among the top 500 leading global companies in the InformationWeek 500 for the past seven years.

For a complete copy of the company’s news release, please contact:

Ben Johnson

 Marketing Director

(925) 953-1736

RealtyTrac Reports U.S. Foreclosure Sales in First Quarter Down 22 Percent from Year Ago

  

IRVINE, CA, May 30, 2013 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties and real estate data, today released its Q1 2013 U.S. Foreclosure & Short Sales Report™, which shows a total of 190,121 U.S. properties in some stage of foreclosure or bank-owned (REO) were sold during the quarter, a decrease of 18 percent from the previous quarter and down 22 percent from the first quarter of 2012.

Daren Blomquist

“We expected foreclosure-related sales to be lower given the downward trend in new foreclosure activity nationwide over the past two and a half years, but the decrease in non-foreclosure short sales was a bit of surprise given the 11 million homeowners nationwide still underwater,” said Daren Blomquist, vice president at RealtyTrac.

“Rising home prices in many markets are stunting the continued growth of short sales by reducing incentive for both underwater homeowners and lenders.

”Underwater homeowners may be willing to stick it out a few more months or even years in the hope that they will be able to walk away with money at the closing table and without a hit to their credit rating, and for lenders a failed short sale may no longer translate into bigger losses down the road, given that average prices of bank-owned homes are rising — at a faster pace than non-distressed home prices in many markets.”

For a complete copy of the company’s news release, please contact:

Jennifer von Pohlmann

949.502.8300, ext. 139

jennifer.vonpohlmann@realtytrac.com

Ginny Walker

949.502.8300, ext. 268

ginny.walker@realtytrac.com

Data and Report Licensing:

Data Sales Department

800.462.5193

datasales@realtytrac.com

HFF closes $9.625 million sale of two-building industrial property in Dulles, VA

WASHINGTON, D.C. – HFF announced today that it has closed the sale of Northpointe B & C, a two-building, 83,086-square-foot industrial property in Dulles, Virginia.

Bruce Strasburg

HFF marketed the property on behalf of the seller, Velsor Properties, LLC.  The property sold for $9.625 million free and clear of debt.

Northpointe B & C are located at 44901 and 44931 Falcon Place adjacent to Dulles International Airport and proximate to Dulles Toll Road (Route 267) and Route 28. 

  Situated less than one half of a mile from Dulles International Airport’s cargo entrance, the buildings are 87 percent leased to a diverse tenant base including The Richards Corporation. 

Samuel Fagelson

The HFF investment sales team representing the seller was led by senior managing director Bruce Strasburg and real estate analyst Samuel Fagelson.

“Investors were attracted to Northpointe because it offered the opportunity to acquire a well-leased property with a strong tenant base in immediate proximity to Dulles Airport’s cargo entrance.  

"Combined with the capital markets imbalance of scarce supply and strong demand for well-located assets, Northpointe attracted substantial interest from the investment community,” commented Strasburg.

Dulles International Airport, Main Terminal

Founded in 1997, Velsor Properties, LLC is recognized as one of the fastest growing real estate ownership companies in the metropolitan Washington, D.C. area.  

Velsor, through its affiliates, owns and manages 53 industrial, flex and office buildings in Northern Virginia and Maryland.  As of January 2013, Velsor owns and manages more than three million square feet of property.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

 Associate Director

 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

Mixed-Use Residential and Retail Asset Hits the Market in San Francisco at $13.9 Million

  

  347-359 Grant Avenute and 507 Bush Street, San Francisco, CA

SAN FRANCISCO, CA,May 29, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has the exclusive listing for 347-359 Grant Ave./507 Bush St., a mixed-use retail/residential asset featuring two ground-floor retail spaces and 56 residential/SRO units, 16 of which are licensed for tourist occupancy.

Mark Mason

Located in the San Francisco’s Union Square district, the property is listed at $13.9 million.

            Mark Mason, a first vice president investments in the San Francisco office of Marcus & Millichap, is representing the seller, a local Bay Area real estate investment group.

“The property generates a diversity of income from two distinctly different product types and is one of the most attractive investment offerings in the Bay Area,” says Mason. 

“The ground floor is leased to two national retailers, Starbucks Coffee Co. and American Apparel Inc. The residential portion is leased to EF Education First Ltd., the world’s largest international language school,” adds Mason.

            The building is located at the southwest corner of Grant Avenue and Bush Street, two of San Francisco’s major arterials and one of the city’s top foot-traffic intersections.

Union Square district, San Francisco

            The property received extensive renovations from 2002 through 2008. Improvements include a seismic retrofit, upgrades to a high percentage of the plumbing and electrical systems, new HVAC and new fire and life safety systems. 

An ADA-compliant wheelchair lift provides access from the Bush Street entrance to the first floor residential units and meets San Francisco’s ADA requirements.

 For a complete copy of the company’s news release, please contact:

Ben Johnson,

Marketing Director

(925) 953-1736

Marcus & Millichap Reports Foreign and Exchange Investors Drive Property Sales in Broward County, FL

                   Flagler Village rendering, Fort Lauderdale, FL

FORT LAUDERDALE, FL -- An influx of residents and increased spending will play a large factor in improving the county’s retail market this year, according to Marcus & Millichap’s second-quarter report.

Retail sales jumped in the past 12 months, attracting retailers, especially in high-traffic locations, such as the Federal Highway Corridor where Flagler Village is under way.

 The mixed-use redevelopment will include retail space among more than 700 apartment units in an urban village setting. Another 390 residential units are under way just blocks away. Residential construction has retailers preparing for the new households.

The Plaza at Coral Springs, FL

Fresh Market, for example, recently opened across the street from Flagler Village. Residential construction is also surging in areas such as Coconut Creek, where more than 600 housing units are under way.

 In addition, a casino-hotel has been proposed at the Seminole Casino Coconut Creek, which would boost jobs, traffic and tourism. In nearby Coral Springs, the redevelopment of the Plaza at Coral Springs II will add BJ’s Wholesale Club and Dick’s Sporting Goods to its tenant roster. Escalating space demand this year will allow operators to implement the largest rent gains since the recession began.

For a complete copy of the company’s news release, please contact:

John Chang

Vice President, Research Services

(602) 687-6700

john.chang@marcusmillichap.com

Fort Lauderdale Office:

Gregory Matus

Vice President, Regional Manager

gmatus@marcusmillichap.com

American Healthcare Investors Expands Unsecured Credit Facility to $450 Million on Behalf of Griffin-American Healthcare REIT II

NEWPORT BEACH, CA (May 29, 2013) – American Healthcare Investors and Griffin Capital Corporation, the co-sponsors of Griffin-American Healthcare REIT II, Inc., announced today the expansion of the REIT’s existing unsecured revolving line of credit from $200 million to $450 million.

 Existing lenders Bank of America, N.A., KeyBank National Association, RBS Citizens, N.A., and Comerica Bank are joined by new lenders Barclays Bank PLC, Fifth Third Bank, Wells Fargo Bank, N.A., Credit Agricole Corporate and Investment Bank and Sumitomo Mitsui Banking Corporation.

The unsecured credit facility may be utilized to acquire, finance or re-finance properties, as well as for other corporate purposes, and may be increased to $650 million upon meeting certain conditions.

Jeff Hanson

“Since January 2012, the portfolio of Griffin-American Healthcare REIT II has more than tripled in size to approximately $1.5 billion, based on aggregate purchase price, and we continue to source attractive acquisition opportunities and execute our investment strategy on behalf of stockholders,” said Jeff Hanson, principal of American Healthcare Investors and chairman and chief executive officer of Griffin-American Healthcare REIT II.

 “Thanks to our key lending relationships, Griffin-American Healthcare REIT II is well-equipped to continue its rapid growth.”

For a complete copy of the company’s news release, please contact:

Damon Elder

SVP, Marketing & Communications

American Healthcare Investors

4000 MacArthur Boulevard

West Tower, Suite 200

Newport Beach, CA 92660

(949) 270-9207 direct

(714) 356-1460 cell

delder@ahinvestors.com

www.AmericanHealthcareInvestors.com

Lincoln Property Company Southeast Brokers 17,500 Square Feet of Leases at 730 Midtown in Atlanta, GA

  

Sabrina Altenbach

ATLANTA, GA – Lincoln Property Company Southeast (Lincoln) has brokered five leases totaling 17,500 square feet at 730 Midtown in Atlanta.

Leigh Braswell, a vice president at Lincoln Property Company Southeast, and Sabrina Altenbach, a senior leasing associate with the firm, represented the property owner, Colony Realty Partners, in the transactions.

Included among the transactions:

Leigh Braswell

• Microsemi, which manufactures semi-conductors, renewed its lease of 5,600 square feet.

• Outbrain, an online content recommendation service, signed a new lease for 3,800 square feet.

• The online financing firm Kabbage expanded its lease by 3,800 square feet.

• Red Clay Interactive, an online marketing company, expanded its lease by 2,500 square feet.

• BlueBear Law Enforcement Services, which develops software to help law enforcement agencies, renewed its lease of 1,800 square feet.

730 Midtown

Located in the heart of Midtown Atlanta’s live-work-play environment on Peachtree Street, the Class-A, 11-story 730 Midtown is within walking distance of MARTA and features easy access to interstates 75 and 85.

The building features covered parking, 24-hour manned security, on-site management office, a café and a mail center. The building is also near the Fox Theatre, numerous restaurants and hotels. Lincoln also manages 730 Midtown.

 “These four leases reflect the continuing appeal of 730 Midtown to technology firms,” Braswell said. “With the local economy continuing to recover and the city’s technology sector growing stronger, the future of this outstanding facility is very bright.”

 For a complete copy of the company’s news release, please contact:

Stephen Ursery

The Wilbert Group

404-405-2354

sursery@thewilbertgroup.com

HFF secures $23 million construction/permanent financing for Cambridge, MA multi-housing project

 The three-building Wyeth development rendering, Cambridge, MA

BOSTON, MA – HFF announced today that it has secured $23 million in financing for The Wyeth, a three-building, 63-unit multi-housing development in Cambridge, Massachusetts.

Greg Labine

                Working exclusively on behalf of Broder Properties, HFF placed the 15-year, fixed-rate financing with Eastern Bank.  The loan will fund construction of the property and convert to a permanent loan thereafter.

                The Wyeth consists of 45 Yerxa Road, a 19-unit property renovated in 2008, and 120 and 124 Rindge Avenue, partially completed multi-housing buildings with 28 and 16 units respectively.

  Broder bought the properties out of foreclosure and is renovating 120 and 124 Rindge to LEED Platinum standards. 

  The properties are located between Porter Square and the Fresh Pond/Alewife neighborhood of Cambridge close to Davis Square, Interstate 93 and the Massachusetts Turnpike as well as MBTA stations at Porter Square and Alewife providing access into downtown Boston.  The 2.27-acre site also includes 97 surface parking spaces.

                The HFF team representing Broder Properties was led by director Greg LaBine.

                “Broder intends to hold these properties long term as a core portion of their growing portfolio,” said LaBine.  “Eastern Bank provided Broder with construction funds to complete the renovations while allowing Broder to lock in long-term rates in the current attractive interest rate environment.”

                Broder Properties is a privately-funded real estate partnership based in Boston’s Back Bay. 

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 

krmurphy@hfflp.com 

www.twitter.com/hff

www.hfflp.com

Marcus & Millichap Reports Retailers Gradually Stepping into the Healthcare Industry

WALNUT CREEK, CA -- Retailers that typically occupy net-leased space are reacting to changes in consumer spending patterns and attempting to diversify to capture higher returns on existing footprints.

Fast-food restaurants are luring health-conscious individuals into establishments by revamping their menus.

Chains with at least 20 locations are undergoing preparations to list calories on their menus upon the full implementation of the Affordable Care Act (ACA) in 2014.

McDonald’s and Wendy’s are leading the charge in making new offerings healthier to broaden their customer bases.

The ACA will also impact drugstores due to an anticipated increase in the number of prescriptions. Despite the uptick in demand, expansion plans by major drugstores are waning as the number of desirable locations fades.

 The resurgent national housing market should reverse this trend beginning in 2014 as additional suburban corners become available.

Grocers, Target and Wal-Mart are also aiming to capture a slice of the government and corporate-sponsored healthcare dollars. Several of these chains are offering clinical services in addition to pharmacies, which should boost revenues without a new major square-footage commitment.

For a complete copy of the company’s report, please contact

Ben Johnson

 Marketing Director

 Marcus & Millichap

2999 Oak Road

Suite 210

Walnut Creek, CA 94597

 (925) 953-1700 ext. 1736

(925) 953-1710 fax

(925) 270-9079 cell

ben.johnson@marcusmillichap.com

 Follow us at http://www.Twitter.com/mmreis

HFF arranges $8.4 million financing for showroom/flex property in Scottsdale’s Art District

                          Scottsdale Design District 2708-2732 N. 68th Street

                                              Scottsdale, AZ

LOS ANGELES, CA – HFF announced today that it has arranged $8.4 million in financing for Scottsdale Design District, a 109,652-square-foot showroom/flex property in Scottsdale, Arizona.

Todd Sugimoto

                HFF worked on behalf of the borrower, Wilshire Capital Partners, LLC, to secure the five-year, 3.86 percent, fixed-rate loan through CIBC World Markets.  Loan proceeds were used to acquire the property from a joint venture between Andell, Inc. and Fenway Properties. 

                The Scottsdale Design District consists of seven buildings that were most recently renovated in 2008, and are 88.1 percent leased to a tenant base catering to interior designers, architects, trade professionals and their clients.  The two largest tenants, which are under long-term leases, are John Brooks, Inc. and Dean-Warren. 

Situated on 9.24 acres, the property is located at 2708-2732 N. 68th Street in the southern portion of Scottsdale’s Arts District, which is considered to be the epicenter of Phoenix’s art scene.

                The HFF team representing the borrower was led by managing director Todd Sugimoto and real estate analyst Steven Paskhover.

                Wilshire Capital Partners, LLC is a private real estate firm that invests in apartment, office, industrial and debt opportunities throughout the Western United States.

For a complete copy of the company’s news release, please contact

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873

krmurphy@hfflp.com

www.twitter.com/hff

www.hfflp.com

www.pacprime.com