NAI Realvest Negotiates $475,000 Sale of former Long John Silver’s Restaurant Building in Orlando

MAITLAND, FL – NAI Realvest recently completed the sale of the 1,772 square foot former Long John Silver’s restaurant and its .84 acre site at 2259 S. Semoran Blvd. in Orlando. 

 The NAI Realvest team of Matt Cichocki and Kevin O’Connor, principals, negotiated the transaction representing the seller, CNL APF Partners, LP of Orlando.

 Cichocki said the local buyer, Angali Management LLC, paid $475,000 for the property and plans to convert the building for medical office use.  

For more information, contact:

Matt Cichocki, Principal NAI Realvest, 407-875-9989, mcichocki@realvest.com

Kevin O’Connor, Principal NAI Realvest, 407-875-9989, koconnor@realvest.com

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

NAI Realvest Negotiates Two Leases at Industrial Facilities in Winter Park, FL

  RLANDO, Fla. – NAI Realvest recently completed two new lease agreements at industrial centers in Winter Park.  

 Tom Kelley, II CCIM, principal at NAI Realvest, brokered a lease transaction for 3,000 square feet at 667-669 Cherry St. representing the local landlord, John J. Sharp Trust.   The new tenant is Lajur Inc. of Winter Park.   

 Kelley also negotiated an industrial lease at 700 Clay St. in Winter Park representing the landlord Sharp Properties of Orlando.   The new tenant JMC Lawn Services Inc. leases 750 square feet.    

For more information, contact:

Tom Kelley, CCIM, Principal, NAI Realvest, 407-875-9989, tkelley@realvest.com

Patrick Mahoney, President, NAI Realvest, 407-875-9989 pmahoney@realvest.com

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

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Belfry Restaurant at Eagle Creek Golf Club Hosts Popular Burger Night Tuesdays from 5 to 8:30 p.m.

  

ORLANDO, FL – The Belfry Restaurant at Eagle Creek Golf Club (top left photo) has scored a hole-in-one with East Orlando golfers and residents at Eagle Creek, the luxury golf community off Narcoossee Road near Lake Nona in southeast Orlando. 

 The Belfry’s new “Burger Night” on Tuesdays from 5 to 8:30 p.m. is an epicurean tribute to one of America’s favorite foods.

David A. Evangelista, general manager at Eagle Creek Golf Club, said Eagle Creek Executive Chef Jennifer Cappello  created the Belfry’s signature Black Angus Burger, topped with shredded lettuce, vine ripe tomatoes and red onions on a toasted buttery brioche bun and served with sides such as French fries, tater tots, homemade chips, creamy coleslaw or a house salad for $5.

 “Chef Cappello also serves an extensive menu of extra toppings and cheeses for only $1,” Evangelista said.

A specialty burger menu offers choices such as the “Mac Daddy” a Black Angus burger with melted American cheese, Applewood smoked bacon, beer-battered onion rings and the Belfry’s own bistro sauce, served with choice of side for $7.

Evangelista said the $2 kids only menu includes such items as mac and cheese and chicken fingers. The new menu has proved very popular.

“We are fast becoming the most popular local dining establishment for family meals,” Evangelista said.

The Belfry, open to the public, overlooks the Eagle Creek golf course at Eagle Creek.

For media information, contact:

Gene Garrote, President, Celebration Golf Management, 407-566-1045

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

Marcus & Millichap Sells 23,400-SF Self-Storage Facility in Port Charlotte, FL for $625,000

 PORT CHARLOTTE, FL, June 28, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Charlotte County Self Storage (top left photo), a 23,400 net rentable square foot self-storage facility located in Port Charlotte, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $625,000 or $26.71 per net rentable square foot.

Michael A. Mele (middle right photo), first vice president investments, and senior director of the National Self-Storage Group and Adam Wides (lower left photo), associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the Florida-based seller, a private investor.  The buyer, a limited liability company, was secured and represented by Mele and Wides. 

Charlotte County Self Storage was built around 1996 and is located at 4201 Whidden Boulevard.  This investment has 305 self-storage units, of which 43 are RV and boat parking spaces. 

The units range from 25 to 250 square feet.  The facility consists of one two-story climate controlled and non-climate controlled metal building.  Amenities include drive-up units, security cameras, computerized gate entrance, roll-up doors, manager’s office and an on-site apartment.

“This transaction was a good example of the increased activity in the market place, as the seller was able to choose from multiple offers. It was a smooth transaction and the deal was closed in just over a month” said Wides.

 Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

$14.15 Million buys Central Florida Apartment Complex

  

LAKELAND, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Willowbrooke Apartments (top left photo), a 300-unit apartment complex in Lakeland. The property sold for $14,150,000, which represents $47,167 per unit and $50 per square foot.

Casey Babb (middle right photo), a senior associate in the firm’s Tampa office, represented the seller, Willowbrooke Apartments LLC, an affiliate of the Birmingham, Alabama-based Drummond Company Inc. The buyer, a Toronto, Canada-based investor, was represented internally.

“Prior to the sale, Willowbrooke Apartments was owned and meticulously operated by the original developer for more than 20 years,” says Babb.

  “The property received $3,200,000-plus in renovations between 2004 and 2007 and yet upside potential remains through the strategic renovation of original unit interiors. As a result, the offering commanded significant interest and 16 written offers,” adds Babb.

The 283,000-square foot property is located at 1100 Oakbridge Pkwy. on the south side of Lakeland, just north of  Polk Parkway along Harden Boulevard within Oakridge, one of the premier master-planned communities in Central Florida.

Willowbrooke Apartments was constructed in 1988 on a 23.38-acre site that features lush, mature Florida landscaping, private lakes and access to a two-mile walking, jogging and biking trail. Other community amenities include a large on-site leasing office and a clubhouse that opens onto a resort-style swimming pool, sundeck, fitness center and tennis and basketball courts.

The complex consists of 21 three-story, garden apartment buildings with breezeways and pitched shingle roofs. The unit mix features one-bedroom/one-bath, two-bedroom/two-bath and three-bedroom/two-bath floor plans averaging 943 square feet. Units feature semi-private entries, private patios/balconies, fully appointed kitchens and baths, full-size washer/dryer connections and fireplaces and vaulted ceilings in some units.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Jones Lang LaSalle Continues Phoenix Expansion; Names Pat Williams as Head of Tenant Representation Team

  

  

 PHOENIX, AZ– Highlighting its notable growth in Phoenix, Jones Lang LaSalle has expanded its local office space by 35 percent and named Pat Williams (top right photo) as head of the firm’s established tenant representation broker team.

The company’s new office occupies 11,934 square feet on the fourth floor of 3131 E. Camelback Rd., at 32nd Street and Camelback Road in Phoenix.

Jones Lang LaSalle’s Phoenix headquarters expansion consists of consolidating two offices and growing by more than 5,000 square feet of space.  This move expands the firm’s local presence and consolidates its capital markets, tenant and landlord representation, project development and research services into one space.

Enhancing the move, Jones Lang LaSalle has named 11-year real estate industry veteran Pat Williams to Managing Director, responsible for leading the established Jones Lang LaSalle Phoenix tenant representation team.

Williams has exclusively represented tenants since 2000, when he joined the Staubach Company. In 2008, Staubach was purchased by Jones Lang LaSalle to provide comprehensive, global commercial real estate services.

“Over the last decade, I have watched this office grow in numbers, expertise and services, and ultimately become part of a global platform through Jones Lang LaSalle,” said Williams. “Our new space strengthens that platform, and furthers the benefits and uncompromised trust we provide to our clients.”

 Williams holds a bachelor’s degree in business from the University of Arizona and is involved in the Phoenix Boys and Girls Club. He now directs the Phoenix office alongside Senior Managing Director Dennis Desmond, a 32-year industry veteran and top broker who leads Jones Lang LaSalle’s local operations.  Desmond has managed the acquisition and disposition of more than 12 million square feet of commercial properties valued at $1.5 billion.

Contact: Stacey Hershauer, focusAZ, Marketing & Public Relations

(480) 600-0195, www.focusaz.com

Seven Shaner Hotels’ Properties Earn TripAdvisor’s Certificate of Excellence

  

 STATE COLLEGE, PA, June 28, 2011—Officials of Shaner Hotels, a developer/owner/operator that currently owns and manages more than 30 hotels, today announced that seven of the company’s hotels received the Certificate of Excellence from TripAdvisor. 

The awards follow shortly after eight Shaner-managed hotels received awards for operating excellence from Marriott International, Inc.

TripAdvisor’s Certificate of Excellence program, initiated in 2010, honors highly rated lodging businesses, based on travelers’ reviews.  Award criteria include a guest satisfaction score of 4.0 or more out of a possible 5.0; high frequency and quality of reviews; and successful communication from the hotel to travelers.  Award-winning hotels are indicated by a digital recognition badge displayed on their website.

The seven properties are:

·         Fairfield Inn & Suites Augusta

·         Durham Marriott City Center

·         Crowne Plaza Hotel Paramus

·         Courtyard Jacksonville Northeast/Kendall Town

·         Hampton Inn & Suites Miami–South/Homestead

·         Fairfield Inn & Suites St. Augustine I-95

·         Courtyard Jacksonville Beach Oceanfront

“Over the past 18 months, we have worked hard to raise our online profile, accessibility and effectiveness,” said Lance Shaner (top right photo), chairman and CEO of Shaner Hotels.

“TripAdvisor gets millions of visits every day, and the information posted there by travelers has become a vital part of the booking process. 

" These seven properties represent 22 percent of our portfolio, which is approximately double the average for competing management companies.  Receiving these awards speaks not only to our focus and attention given to the TripAdvisor site, but also to the quality of service provided by our teams on property.”

 For more information about the Shaner Group, please visit www.ShanerCorp.com

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Contact: Dave Kopac (Shaner Hotels, (814) 234-4460,  

dkopac@shanercorp.com

HFF arranges $80.5 million refinancing for Allegro Residences in Washington, D.C.

WASHINGTON, D.C. – HFF announced today that it has arranged an $80.5 million refinancing for Allegro Residences (top left photo), a 297-unit, Class A multi-housing community in Washington, D.C.

HFF worked exclusively on behalf of Federal Capital Partners to secure the five-year, floating-rate loan through Aareal Capital Corp.  Ownership used the loan proceeds to retire existing debt and make partnership distributions.

Allegro Residences is located at 3460 14th Street NW proximate to the Columbia Heights metro station in Washington, D.C.  Completed in 2009, the property is 94 percent leased. 

Community amenities include two interior courtyards, a lounge, athletic club and party room.  Allegro Residences was selected by Delta Associates as the Most Innovate Design in 2009 and the 2010 Best Lease-Up Pace for a Washington, D.C. Apartment Community, with a monthly lease-up rate of 17 units.

The HFF team representing Federal Capital Partners was led by managing director Mark Remington (lower right photo).

“This transaction was aggressively bid on by the lending community, confirming the high quality of both the asset and the sponsorship.  The result is a win-win situation…the lender generated an investment-grade earning asset on its books and Federal Capital Partners took advantage of the aggressive capital markets for multi-housing residential that exists today,” said Remington.

Federal Capital Partners (FCP) is a leading real estate private equity investment company based in Washington, D.C. Since its inception in 1999, FCP has invested more than $2 billion in residential and commercial assets.

Contacts:      

 Mark T. Remington, HFF Managing Director, (202) 533-2500                                           

mremington@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

krmurphy@hfflp.com

                                                                                                                                                                         

HFF secures $220 million in financing on behalf of Olen Properties Corp.

IRVINE, CA – HFF announced today that it has secured $220 million in financing for eight multi-housing properties in Florida and Nevada on behalf of Olen Properties Corporation. 

HFF worked exclusively on behalf of the borrower to secure eight separate fixed-rate loans through M&T Realty Capital Corporation.  The loans were sold through M&T’s Fannie Mae Program.  The 10-year terms provided Olen with a reduced cost of capital and additional liquidity.

The properties total 2,468 units and have an average occupancy of in excess of 90%.  Individual property details are below:

Property                                                City, State                             # of Units             

Club Lake Pointe                                  Coral Springs, FL                   240 Units              

Sanctuary Cove                                    Palm Beach, FL                     420 Units              

Weston Place                                       Weston, FL                            372 Units              

Red Rock Villas                                     Summerlin, NV                      192 Units              

Durango North & South                      Las Vegas, NV                        544 Units              

Falling Water                                        Las Vegas, NV                        288 Units              

Hidden Cove                                         Las Vegas, NV                        212 Units              

Horizon Ridge                                       Henderson, NV                     200 Units              

The HFF team representing Olen Properties Corporation was led by senior managing director Don Curtis (top right photo).  Also involved was Elliott Throne (bottom left photo) from the Miami office of HFF, as well as Greg Brown and Brian Torp from the Orange County office.

 For over 30 plus years, Olen Properties Corporation has dedicated itself to creating distinctive commercial and residential communities from coast-to-coast.  Olen’s portfolio boasts more than five million square feet of premier office and industrial projects ideally located throughout Orange County, California.  Olen’s multifamily portfolio of more than 10,000 units in 36 plus residential communities are primarily located in the Las Vegas and South Florida area.

Contacts:      

Donald J. Curtis, HFF Senior Managing Director, (949) 253-8800,

dcurtis@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

krmurphy@hfflp.com

                                                                                                                                                                         

Stirling Sotheby’s International Realty Named Exclusive Marketing Agents for $1.8 Million Lake Brantley Victorian Estate in Longwood, FL

ORLANDO, FL. --- Stirling Sotheby’s International Realty was recently named exclusive sales and marketing agents for a $1,799,900 Victorian lakefront estate home in Longwood in Seminole County.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said International Luxury Home Specialists Sally Andy and David Warren (top right photos) of the firm’s Heathrow Gallery are representing the 2004 custom-built home situated on an oversized cul-de-sac homesite on beautiful Lake Brantley.

The five-bedroom, five-and-a-half bath home offers 6,600 square feet of living space augmented with exquisite appointments – authentic antique stained glass, hand-crafted doors, hardwood floors and custom millwork throughout. 

 Other luxurious features include an old world library, bonus room, a separate guest apartment with full bath, a huge outdoor lanai, verdant gardens and spa, plus 110 feet of direct frontage on Lake Brantley.  Spacious two-story living and dining rooms feature panoramic views of the lake.

Photo Gallery: http://tours.tourfactory.com/tours/tour.asp?t=744925

For more information, contact

Sally Andy or David Warren, Stirling Sotheby’s International Realty 407-687-7295 or 407-928-3760; sally@sallyandy.com or david@sallyandy.com;

Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890; rsoderstrom@stirlingSIR.com

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

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Faris Lee Investments Completes $7.1 Million Sale of a 24 Hour fitness Occupied Retail Property in Lee’s Summit, MO

  

IRVINE, CA,  June 27, 2011 – Faris Lee Investments, the nation’s largest retail investment  advisory firm, has completed the $7.1 million sale of a NNN leased, single-tenant, 35,600-square-foot property occupied by 24 Hour Fitness (top left photo) located at 900 NE Deerbrook St. in Lee’s Summit, MO. 

Built in 2007 and situated on 3.53 acres, the property is just off highway 291 and is within a busy retail area that includes Wal-Mart Supercenter, Office Max, Sears and many other national retailers and dining.

 Matthew Mousavi, director with Faris Lee Investments, represented the buyer, a private family trust, from Hawaii. Baum Realty out of Chicago represented the seller, CFM 291 Fitness, LLC from Omaha, NE. The transaction closed in just 30 days.

“We were able to secure a phenomenal deal for our client,” said Mousavi. “The closing cap rate was 9.45 percent and will be a 10.65 cap rate in 2013 with 12 percent increases every five years thereafter. Faris Lee was able structure a very clean, quick, and no hassle all-cash offer that was lower than asking price to maximize value for our client.”

The buyer is currently working with Faris Lee’s Capital Markets Group for a potential refinance of the property that will take advantage of historically low interest rates.

“These low rates coupled with the high cap rate will result in the buyer’s immediate cash on cash return to be well over 14 percent,” added Mousavi.

 For more information, please visit www.farislee.com

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Contact: Darcie Giacchetto, 949.278.6224, Spaulding Thompson & Associates            

For Faris Lee Investments

                               

Marcus & Millichap Sells 91-Unit Student Housing Community in Florida

GAINESVILLE, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of The Courtyards (top left photo), a 110,597-square foot, 375-bedroom student housing community in Gainesville.

Dorothy Jackman (middle right photo), a vice president investments and Travis Prince (lower left photo), a senior associate, both in the firm’s Tampa office, represented the seller, Trimark Properties. The buyer is an owner/developer operating in Florida.

“The Courtyards occupies irreplaceable real estate directly across the street from the University of Florida,” says Jackman. “The buyer will operate the property for a period of time but will ultimately redevelop the site into a mixed-use asset.”

The Courtyards is a dorm-style student housing community situated on a split site. The unit mix features one two-bedroom/1.5-bath flat, one two-bedroom/one-bath townhome, eight four-bedroom/1.5-bath flats, 66 four-bedroom/1.5-bath townhomes and 15 five-bedroom/1.5-bath flats.

The units are fully furnished with newly remodeled kitchens, oversized living rooms, balconies or patios a. All utilities, plus cable and Internet, are included in the monthly rent. Many of the apartments overlook a large center courtyard swimming pool.



Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Marcus & Millichap Capital Corp. Names Jason Dean as an Associate in Indianapolis Office

INDIANAPOLIS, June 24, 2011 – Marcus & Millichap Capital Corporation (MMCC) has named Jason Dean (top right photo) as an associate in the firm’s Indianapolis office, according to William E. Hughes, senior vice president and managing director of MMCC.

“Jason has an impressive track record of arranging commercial real estate financing in the Midwest,” says Hughes. “He brings well-rounded experience in arranging debt and equity finance transactions for a variety of property types, including office, retail and multifamily to his new position.”

Prior to joining MMCC, Dean was a financial advisor at Morgan Stanley Smith Barney LLC. He is the founder and proprietor of Access Financial LLC and has held sales manager positions at Monon Mortgage Corp. LLC and Forbes Mortgage Corp.

Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation,
(925) 953-1716
http://www.mmcapcorp.com/

MAA Announces Apartment Acquisition in Jacksonville, FL

MEMPHIS, TN, /PRNewswire/ -- MAA(NYSE: MAA) announced today that it has completed the acquisition of Tattersall at Tapestry Park (top left photo), a 279-unit upscale apartment community located in the highly desirable Southeast sub-market of Jacksonville, Florida.

The price was not disclosed.

The acquisition was funded by common stock issuances through MAA's at-the-market program and borrowings under our current credit facilities.

The community is located between the beaches and downtown Jacksonville and offers close proximity to a number of major employers in the area including the regional corporate headquarters of Fidelity National Financial and CSX. The area is also home to two of Jacksonville's top employers: Blue Cross & Blue Shield and Merrill Lynch.

Commenting on the announcement, Al Campbell, EVP and CFO said, "We are very pleased to expand our portfolio in the Jacksonville market to include Tattersall at Tapestry Park. Jacksonville is North Florida's employment hub and home to the largest deepwater port in the South. We believe Jacksonville will continue to offer strong leasing fundamentals for the foreseeable future."



Contact: : Investor Relations of MAA, +1-901-682-6600, investor.relations@maac.com


Web Site: http://www.maac.com/

Cloudy Commercial Real Estate Market Starting to Show Silver Lining

ST. PETERSBURG, FL. Commercial real estate — typically a lagging indicator of economic vitality — is starting to show signs of recovery, says one expert. ---

Rachel Elias Wein (middle right photo), AIA, founder and principal of WeinPlus Real Estate Advisory Services in St. Petersburg, recently returned from the International Council of Shopping Centers’ annual Re-Con Convention, which drew an estimated 30,000 real estate brokers, developers and retailers to Las Vegas.

Billed as the nation’s annual gathering of commercial real estate dealmakers, Re-Con was just that, Wein said.

“I’ve never seen so many principals and top executives looking for deals,” Wein said.

 “Development deals, anchor tenant deals, power broker deals, retailers shopping market demographics, and the bread and butter of retailers, it was very encouraging,” Wein said.

Wein said commercial real estate developers and retailers are showing signs of improved confidence that improved economic conditions are eminent.

“I think the industry is seeing pent up demand from all sides,” Wein said. “The convention was an energetic, exhausting and entirely optimistic experience,” she said.

For more information, contact

Rachel Elias Wein, AIA, Founder / Principal, WeinPlus, 727-386-9346, www.weinplusassociates.com;

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