$88 Million Manufactured Housing Portfolio Sale in New York and Pennsylvania Arranged by Marcus & Millichap

Jonathan McClellan

CLEVELAND, OH – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of an 11-property, 2,413-site portfolio of manufactured homes located in western New York State and Pennsylvania. 

The sales price for the portfolio is $88 million.

Jonathon McClellan and Kyle Baskin, both in Marcus & Millichap’s Cleveland office, represented the seller, Pittsford, N.Y.-based Morgan Management. The buyer is a joint venture between Federal Capital Partners and Horizon Land Co. LLC.

J.D. Parker, first vice president, is Marcus & Millichap’s broker of record in the state of New York. Mark Taylor of Marcus & Millichap’s Philadelphia office is the firm’s broker of record in Pennsylvania.

Kyle Baskin

“With the limited supply of institutional-quality manufactured housing communities currently available, the seller felt that now was the time to test the market,” says McClellan. “I believe that all parties involved in the transaction met their financial goals.” 

 “The seller achieved an aggressive price and the buyer attained a significant number of high-quality sites that offer ample upside and continued growth,” adds Baskin.

Gypsum Mills Estates, a five-star, 563-site community makes up 16.25 percent of the portfolio.

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

Gina Relva, Public Relations Manager

(925) 953-1716

Broward County, FL Retail Center Sells for $10.5 Million

Shoppes of Hillsboro, Deerfield Beach, FL

 

DEERFIELD BEACH, 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 the Shoppes of Hillsboro, a 61,165-rentable-square-foot retail center in Deerfield Beach, Fla. The $10.5 million sales price equates to $172 per square foot.

Douglas K. Mandel

            Douglas K. Mandel, first vice president investments and Barry M. Wolfe, vice president investments, both in Marcus & Millichap’s Fort Lauderdale office, represented the seller, Kenneth Israel Shoppes of Hillsboro LLC. The buyer is a partnership between BREF Hillsboro and Dhanya of Miami Inc.

            “Continuing a trend from 2014, retail real estate investors like what they see in Broward County strip centers,” says Mandel. “Smaller neighborhood centers requiring less management are particularly desirable.”

            The center is located at 2201-2260 West Hillsboro Blvd. in Deerfield Beach less than one mile from access to Interstate 95 and Deerfield Beach’s Amtrak station and two miles from the Sawgrass Expressway. 

There are high-density multi-residential communities to the north and south of the property, including Century Village, a large, gated retirement community with more than 6,000 condominiums and over 100,000 square feet of entertainment, educational and other recreational space.

Shoppes of Hillsboro is a neighborhood retail plaza composed of two parcels with an inline strip and two single-tenant pads. 

The tenant mix includes many types of businesses, including medical, financial, clerical, food service, sundry retail and services.

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

Gina Relva, Public Relations Manager

(925) 953-1716

Two-Property Pinellas County, FL Multifamily Portfolio Sold by Marcus & Millichap for $16.6 Million

Michael P. Regan

LARGO, 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 Bryan Dairy Place and Forest Creek Apartment Homes, a two-property, 200-unit multifamily portfolio in Largo, Fla. 

The $16.6 million sales price equates to $83,000 per unit.

            Michael Regan and Frank Carriera, vice presidents investments in Marcus & Millichap’s Tampa office, represented the seller and the buyer.

            “The properties are stabilized assets with high occupancy,” says Carriera. “The seller has capitalized on the significant rent growth these assets have realized since the acquisition of the properties 24 months ago.

" The buyer foresees continued rent growth and property appreciation due to Pinellas County’s population density and high barriers to entry.”

            “The portfolio provides the new owner with economies of scale as the assets are located approximately two miles from each other,” adds Regan.

Francesco Carriera

            Bryan Dairy Place consists of six two-story residential buildings and 96 two-bedroom/two-bath units. Forest Creek Apartments features 11 one- and two-story buildings with 80 one-bedroom/one-bath units and 24 two-bedroom/two-bath apartments. 

All units in both communities have central heating and air conditioning and washers and dryers. Shared amenities at both properties include a grilling area, clubhouse and swimming pool.

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

Gina Relva, Public Relations Manager

(925) 953-1716

$11 Million Buys South Bay, CA Retail Center

Village Center, Torrance, CA

TORRANCE, CA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Village Center, a 31,153-square-foot multi-tenant retail center in Torrance, Calif. The $11 million sales price equates to $353 per square foot.

Simon Mattox

         Simon Mattox, a member of Marcus & Millichap’s National Retail Group based in the firm’s West Los Angeles office, represented the seller. A local broker represented the buyer, a Los Angeles-based private investor.

            “I was fortunate to work with an experienced owner, as title insurance had not been issued on this property in 35 years,” says Mattox.

“At closing, I appreciated the owner’s confidence that we would resolve the title issues and he was pleased with the value we provided through the ability of our platform to attract qualified investors. 

"With cooperation, perseverance and a concisely executed plan, we completed the sale, fulfilled the seller’s financial objectives and provided the new owner with an excellent opportunity to enhance value.”

Rancho Palos Verdes, CA

            Built between 1972 and 1976 on approximately 2.6 acres at 4170 Pacific Coast Highway in Torrance, the center is located at the entrance of the affluent Rolling Hills and Rancho Palos Verdes neighborhoods.

Rancho Palos Verdes is the home to the Trump National Golf Club and the Terranea Oceanfront Resort. 

The property is adjacent to a Walgreens-anchored shopping center and close to major retailers such as Sprouts Farmers Market, Michaels, Bank of America, U.S. Bank, O’Reilly Auto Parts and Papa John’s Pizza.

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

Gina Relva, Public Relations Manager

(925) 953-1716

Freddie Mac to Purchase Its Largest Single Properety Loan, $878 Million, for Park La Brea in Los Angeles, CA; HFF Arranges Financing

Park La Brea apartments, Los Angeles, CA

McLEAN, Va. – Freddie Mac (OTCQB: FMCC) Multifamily and HFF announce the closing of an $878 million loan for Los Angeles’ historic Park La Brea, the largest apartment community on the West Coast.

David M. Brickman

HFF arranged the financing for repeat borrower Prime Residential to retire existing debt. Freddie Mac expects to securitize the loan through its K-Deal program.

The 4,245-unit property is rent-controlled, with about 10 percent of the units having below market-rate rents.

 The community includes 18 high-rise towers and 175 garden-style apartment buildings on 144 acres. Approximately 10,000 residents live in the community, which resembles a small city with 24-hour security patrol, courtyards, Wi-Fi cafes, fitness trails, a movie theater, hair salon and business and fitness centers. 

Originally built between 1944 and 1952, Park La Brea underwent renovations between 1995 and 2014.  

The 96.4-percent-leased complex is located at 6200 West Third Street, about seven miles west of downtown Los Angeles near the Miracle Mile district. 

“Park La Brea is one of a kind. Aside from being the largest single property that we have ever financed, it is a storied asset, with a rich and evolving history, in a dynamic neighborhood, with a beautiful and timeless design,” said David Brickman, EVP of Freddie Mac Multifamily.

Peter Smyslowski

 “We are thrilled to have been able to work so closely with HFF and Prime Residential to very rapidly rate lock the loan and contribute to the preservation of this unique community.”

Led by managing director Peter Smyslowski, HFF assembled a West Coast-based team with a strong background in multifamily financing.  

The team included executive managing director Jody Thornton, senior managing directors Paul Brindley and Kevin MacKenzie and managing director Charles Halladay.

“’Dense, infill location’ is often a misnomer when describing real estate locations; however, in the case of Park La Brea, that description is very fitting since it’s positioned at the epicenter of Los Angeles’ explosive growth in cultural arts, entertainment, transportation and employment,” Smyslowski said.  “The location is truly breathtaking.”

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF arranges $6.15 million mezzanine financing for Class A multi-housing community in suburban Houston, TX

Rendering of planned Kings Landing Apartmenets
Kingwood, TX

HOUSTON, TX – HFF announced it has arranged $6.15 million in mezzanine financing for the development of Kings Landing, a 327-unit, Class A multi-housing community in Kingwood, Texas. 

 

                HFF worked on behalf of the borrower, Mark-Dana Corporation, to secure the mezzanine loan through an affiliate of Prime Finance. 

  The senior construction loan was provided by Amegy Bank in a non-HFF related transaction.

                Due for completion in 2016, the property will be composed of 12 two- and three-story garden-style buildings with units averaging 989 square feet each and attached garage parking.

Colby Mueck

 Situated on 12.58 acres at 331 Forest Center Drive in Kingwood, the property will have frontage along Highway 59 between the intersections of North Park Drive and Kingwood Drive, approximately 24 miles north of downtown Houston.

                HFF’s equity placement team was led by managing director Colby Mueck.

Headquartered in Spring, Texas, Mark-Dana Corporation (MDC) is a full service real estate company. 

  MDC and its affiliates develop, build and manage multi-family housing in Texas and Virginia. 

The principals of MDC have been involved in developing, building and managing multi-family housing for more than 40 years.     

 

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

Two Midwest Industrial Properties Sell for $33 Million

  

1 and 2 World Packaging Circle, Franklin, WI

FRANKLIN, WI – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of  1 and 2 World Packaging Circle, two warehouse/industrial buildings totaling 418,000 square feet in Franklin, Wis.

Franklin Business Park

The total sales price for the two buildings is $33,000,027, which equates to $79 per square foot.

            Thomas Kopatich, senior associate in Marcus & Millichap’s Milwaukee office, represented the seller, a local business person and the buyer, a private equity fund.

            “The two buildings are 100 percent occupied and triple-net leased by two companies, Proteus Packaging Corp. and Transpak,” says Kopatich. 

“Their eight-year leases are guaranteed by Quad/Graphics (NYSE: QUAD), which owns both firms.”

The properties are located within the 425-acre Franklin Business Park with frontage on South Oakwood Park Drive and Ryan Road. Access to Interstate 94, Interstate 894, U.S. Highway 41, U.S. Highway 45 and State Trunk Highway 36 is nearby. The location is 20 minutes south of downtown Milwaukee and 80 minutes north of Chicago.

            The facilities were constructed of precast tilt-up concrete on 37.6 acres in 2006. Features include 30-foot to 40-foot clear height, natural light throughout the warehouse, enclosed docks, two 75-ton cranes, two 10-ton cranes, heated underground parking and an entrance fountain that is controlled by wind speed.

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

Gina Relva, Public Relations Manager

(925) 953-1716

NAI Realvest Negotiates Class A Office Space Leases totaling more than 30,700 square feet in Lake Mary, FL

Christi Alexander

Lake Mary, FL — NAI Realvest recently negotiated four lease agreements in the Lake Mary / I-4 corridor totaling 30,796 rentable square feet of Class A office space for firms specializing in internet security, wireless communications, engineering and construction.

Mary Frances West

Christie Alexander, Principal at NAI Realvest, Broker Associate Drew Saphos, CCIM, and Chairman George Livingston represented the internet security firm Team Cymru, Inc. in a 22,942 square foot renewal and expansion of the tenant’s headquarters at 901 International Parkway at Colonial Center Heathrow. 

The landlord DRA/CLP Heathrow Orlando LLC was represented by Sandy Chace of CBRE.

Darby Hold

Senior Broker Associate Mary Frances West represented the tenant, ZNES Group LLC a global microwave communications firm in a new lease of 5,324 square feet at 1485 International Parkway.

 The Austin Texas-based landlord for the property, WC Lake Mary Office, LP, was represented by Darby Hold of Hold-Thyssen. 

At the same time West represented the landlord, RREF Interchange-FL, Primera I LLC of Daytona Beach in two new lease agreements at Primera Court I, 725 Primera Blvd. 

  The engineering firm, F.R Aleman & Associates leased 1,408 square feet and Gator Consulting, Inc. dba Gator Construction and Consulting leased 1,122 square feet.  No additional brokers were involved in those two transactions. 

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com

Capital Square Realty Advisors Completes DST Investment Offering of Medical Office Building Portfolio in Texas and South Carolina

Louis Rogers

RICHMOND, VA – Capital Square Realty Advisors, LLC announced that its Delaware Statutory Trust investment offering, MOB Portfolio I, DST, comprised of two medical office buildings in Houston, Texas and Gaffney, S.C., has been fully subscribed by investors.

“This portfolio includes two quality medical office buildings 100 percent net leased on a long-term basis to stable tenants,” said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors. “This is Capital Square’s 11th sponsored DST offering to be fully subscribed by investors.  

"We are pleased to provide investors with the many benefits of owning investment-grade real estate in the medical sector through the DST structure.”

The single-story building located at 9551 Fannin St. in Houston is 100 percent leased to Mentis Neuro Rehabilitation.

 The second property in the portfolio, 722 Hyatt Street in Gaffney, S.C., is 100 percent leased to Novant Health and operates Novant Health Family Medicine and Novant Health Bone & Joint in the building.

Through a sublease to Spartanburg Regional Hospital, the building also houses Gibbs Cancer Center & Research Institute. Situated on 8.6 acres of land, the building was originally constructed in 1996 and underwent an expansion and renovation in 2009. In 2011, more than 5,500 square feet of space underwent further renovation and an additional 3,015 square feet was added to the building.

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

Julie Leber

Spotlight Marketing Communications

949.427.5172, ext. 703

julie@spotlightmarcom.com

Berger Commercial Realty/TCN Worldwide Appointed as Exclusive Leasing Agent for Two Broward County, FL Office Properties

2425 East Commercial Boulevard, Fort Lauderdale, FL

FORT LAUDERDALE, FL -- Berger Commercial Realty/TCN Worldwide, a full service commercial real estate firm, has acquired two new exclusive lease listings in Broward County.

Brokers Joseph Byrnes, Keith Graves and Jonathan Thiel are representing Miami-based landlord SF Partners Mortgage, LLC in the marketing and leasing of both properties.

One of the properties, located in the affluent east-side market of Fort Lauderdale at 2425 E. Commercial Blvd., is a four-story boutique office building with 23,339 square-feet of rentable space. The area surrounding the building features a high-end residential base and a vibrant business community with area professionals and service firms.

4300 North University Drive, Lauderhill, FL

   The other property, located at 4300 N. University Drive in Lauderhill, is a two-story, multi-building professional campus with 102,120 square-feet of rentable space. 

Strategically located along the University Drive corridor, the property offers flexible floor plans, attractive lease rates, and around-the-clock access.

"We are delighted to work with SF Partners Mortgage," said Graves of the significant new contract. 

"Our goal is to further re-position each property within their respective submarkets. With responsible local ownership and ongoing renovations, both properties offer outstanding value for future tenants."

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

Marielle Sologuren

Pierson Grant Public Relations

msologuren@piersongrant.com

954-776-1999, ext. 226 

HFF closes sale of mixed-use retail and office building in Berkeley, CA

2190 Shattuck Avenue, Berkeley, CA

SAN FRANCISCO, CA  – HFF announced it has closed the sale of 2190 Shattuck Avenue, a 100-percent leased, 47,281-square-foot, mixed-use building in Berkeley, California, anchored by a ground-floor Walgreens with second-story creative office tenancy.

Nicholas Bicardo

HFF marketed the asset on behalf of the seller, a partnership between Sansome Pacific Properties, Inc. and Somera Capital Management. 

The property is situated directly on top of the Downtown Berkeley BART station and is within one block of the University of California at Berkeley, providing one of the most heavily trafficked locations in the region.

 Built in 1956 through 1957, 2190 Shattuck was significantly renovated in 2012, attracting Walgreens to sign a brand new 50-year lease to anchor the property, as well as two technology-oriented tenants that lease the creative office space and a medical training facility on the lower level. 

The HFF investment sales team representing the seller was led by managing director Nicholas Bicardo, associate director Danny Reddin, senior managing director Steve Golubchik and real estate analyst Brandon Rogoff.

“2190 Shattuck is an exceptional ‘covered land play’ where the existing income and location are rock solid, and the current zoning provides for several different exit strategies,” Bicardo said.

Steve Golubchik

 “We saw an overwhelming amount of capital show up, including a significant amount of foreign, highlighting the continued demand for infill sites situated near major transportation lines.”

“Additionally, the property benefits from lease provisions that allow redevelopment of the property,” Reddin added.  

“These provisions, combined with Berkeley’s critical housing shortage and pro-development initiatives, make 2190 Shattuck one of the premier redevelopment sites in the San Francisco Bay area.”

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

www.sansomepacific.com.

www.someracapital.com.

HFF places $14.475 million loan on Dupont Circle office building in Washington, D.C.

1509 16th Street, Washington, DC

 WASHINGTON, D.C. – HFF announced it has placed $14.475 million in financing for 1509 16th Street NW, a 32,000-square-foot office building in Washington, D.C.’s Dupont Circle.

Dan McIntyre

HFF worked on behalf of the borrower, MRP Realty and UberOffices, to secure the 10-year, fixed-rate loan through First National Bank.  Loan proceeds were used to acquire the building and fund renovation/lease-up costs.

1509 16th Street NW is situated in downtown Washington, D.C. about eight blocks from the White House and four blocks from The Dupont Circle Metro station. 

  Originally built in 1909, the building will be fully renovated by early 2016 for owner/user UberOffices, which will occupy the entire building.

The HFF debt placement team representing the borrower was led by director Dan McIntyre.

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

www.MRPRealty.com.

HFF secures refinancing for One City Centre in downtown Houston, TX

One City Centre, 1021 Main Street,
Houston, TX

HOUSTON, TX – HFF announced it has secured refinancing for One City Centre, a 608,660-square-foot, Class A, 32-story office tower and two parking garages in downtown Houston, Texas, owned by Accesso Partners, LLC.

               HFF worked on behalf of the borrower, Hallandale Beach, Florida-based Accesso, to secure the 10-year, fixed-rate loan through J.P Morgan Chase Bank, National Association.

 Loan proceeds were used to retire existing debt that was used to purchase the property in 2012 in an HFF-brokered transaction.  HFF was also involved in the prior trades of the property in 2007 and 2008.

               One City Centre is located at 1021 Main Street with direct access to the Metro Light Rail line and tunnel system in downtown Houston. 

  Originally built in 1961, the property was most recently renovated in 2010 and is LEED EB Gold certified.  

Tenants at the 86 percent leased tower include Waste Management and Energy XXI.  One City Centre also includes the 758-space One City Centre Garage and the 611-space Fannin Garage.

The HFF debt placement team representing the borrower was led by senior managing director Susan Hill and real estate analyst Michael Johnson.

Susan Hill

Accesso Partners LLC is a full-service, vertically-integrated commercial real estate investment manager, owner, and operator that aims to provide superior returns to its U.S., international and institutional investors.

  Accesso Partners LLC is headquartered in Hallandale Beach, Florida with offices in Houston, Dallas, Minneapolis, and Atlanta. 

  To learn more, please visit  www.accessopartners.com

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

HFF arranges $28 million financing for 11-property multi-state theater portfolio

  

De'On Collins

DALLAS, TX – HFF announced it has arranged $27.877 million in acquisition financing for an 11-property theater portfolio totaling 109 Cinemark- and Regal-branded screens in eight states.

HFF worked on behalf of the borrower, a joint venture between United Development Company, LLC and Iron Point Real Estate Partners III, L.P., to secure the two-year, floating-rate loan through CapitalSource, a division of Pacific Western Bank.

  Loan proceeds will be used for the acquisition of the portfolio and real estate improvements to four locations with restructured leases.

When the venture went under contract with the portfolio, there were limited lease terms remaining for each location, and they were able to restructure new, long-term leases for four of the 11 locations. 

Three theaters will operate as luxury United Artist Theatre Circuit, Inc. theaters, and one will operate as Cinemark’s new upscale theater brand.  The theaters are located in Dallas, Fort Worth and Grand Prairie, Texas; Englewood, Colorado; Lake Charles, Louisiana; Clinton and Ridgeland, Mississippi; Sewell, New Jersey; Larchmont, New York; Asheville, North Carolina and Lawton, Oklahoma. 

HFF’s debt placement team was led by associate director De’On Collins and real estate analyst Michael George.

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

www.udcglobal.com.

www.capitalsource.com.

www.ironpointpartners.com

Essex Realty Group Brokers Sale of 6-Unit Mixed-Use Building in Chicago’s Ukrainian Village neighborhood.

                    939 North Western Avenue apartments, Ukrainian Village Neighborhood,
                                                             Chicago, IL

CHICAGO, IL - Essex Realty Group, Inc. is pleased to announce the sale of 939 N. Western Ave.

939 N. Western Ave. is a 6-unit mixed-use walk-up building located in Chicago’s Ukrainian Village neighborhood.  The residential units all offer attractive floor plans with eat-in kitchens. 

Matt Welke

Four (4) apartments have new kitchen cabinets and two (2) apartments include granite countertops.  In addition, the commercial space boasts high ceilings and offers 1,100 square feet of additional private basement storage space.  The building has hardwood floors throughout and offers one (1) private storage unit per apartment.

The property is situated on the east side of Western Avenue, just south of Augusta Boulevard, and is located steps from several well-known Chicago destinations such as the Empty Bottle and Lockdown Bar & Grill. 

  In addition, the property is located within close proximity to multiple CTA bus stops along Western Avenue and Chicago Avenue, as well as the Western Avenue Metra Station. 

The sale price was approximately $805,000.

Abe Eilian and Matt Welke were the brokers on the transaction.

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

Douglas Fisher

Essex Realty Group, Inc.

773.305.4910

dougfisher@essexrealtygroup.com

www.essexrealtygroup.com