Cushman & Wakefield negotiates sale of two apartment complexes for over $53 million

 TAMPA, FL – July 21, 2011 – Cushman & Wakefield’s Florida Apartment Brokerage Services, with apartment specialists in Tampa, Orlando, Jacksonville, Ft. Lauderdale and Miami, announces the sale of Sabal Palm at Carrollwood (top left map) for $39 million and Beneva Place (lower right photo) for $14.9 million. 

The purchaser of Sabal Palm at Carrollwood was CAPREIT and the purchaser of Beneva Place was Insula Properties, LLC.

Executive Director Byron Moger and Director Luis Elorza were the only brokers involved in the transactions.

Sabal Palm at Carrollwood, built in 1995, is located at 3602 Carrollwood Place Circle in Tampa, and is a 432-unit Class A apartment community within central Carrollwood.

Totaling 419,040 square feet, it offers a mix of 1, 2 and 3 bedrooms. The property features desirable floor plans, three-story design, vaulted ceilings, garages, a fitness center, a swimming pool and business center. A beautiful lake at the center of the property provides many of the units with fantastic water views.

Beneva Place, built in 1986, is located at 3451 Queens Street in Sarasota, and is a 192-unit apartment community within a desirable residential neighborhood just three miles from the white, sandy beaches of Siesta Key. Totaling 169,360 square feet, it offers a mix of 1and 2 bedrooms. The property features lush landscaping with mature trees, a beautiful outdoor pool and a large lake. 

 “Both properties have extraordinary infill locations and steady operating histories.  The apartment rental markets in Carrollwood and Sarasota are strong.  The lack of new inventory and continued strong demand will lead to higher market occupancy rates and rents.  Apartments investors today have a highly positive outlook on Florida’s economy and the multifamily market,” said Mr. Elorza.

Contact:

Cara Chodash

Manager, Media Relations

Cushman & Wakefield

Ft. Lauderdale: (954) 377-0508

Miami: (305) 533-2865

Cell: (917) 957-5606

Email: cara.chodash@cushwake.com

www.cushmanwakefield.com

HFF closes $25.45 million sale of northwest Florida regional grocery-anchored retail center

MIAMI, FL – HFF announced today that it has closed the sale of Santa Rosa Commons (top left photo), a regional grocery-anchored retail center in Pace (Pensacola), Florida.

HFF marketed the offering on behalf of the seller, Mpirical Development.  The property was sold without existing debt and purchased by Cole Real Estate Investments for $25.45 million.

Completed in 2008, Santa Rosa Commons has 124,414 square feet of retail space, which is anchored by Publix Supermarkets, TJ Maxx and PetSmart.

 The sale also included three leased outparcels to Regions Bank, Chili’s and AT&T.  The property is shadow anchored by Target, which is not included in the collateral.  Located in Pace at 4739 Highway US 90 (State Route 10), Santa Rosa Commons is about 10 miles northeast of downtown Pensacola.

The HFF team representing the seller included managing director Brad Peterson (middle right photo) and director Coler Yoakam (lower left photo).  Thomas Falatko, vice president of acquisitions, represented Cole.

According to HFF, Santa Rosa Commons is located on US-90, the most heavily traveled commercial corridor thru Santa Rosa County and a location in which retailers have been clamoring for positioning.

 In addition to Target, which shadow-anchors the property, Home Depot is immediately adjacent to Santa Rosa Commons, and Wal-Mart SuperCenter and Lowes Home Improvement are just down the road, creating a very vibrant retail trade area. 

 Further, Santa Rosa Commons had the ideal category-leading national tenant line-up, which features Publix Supermarkets, TJ Maxx and PetSmart.  Due to the strength of the trade area and tenant lineup, it was no surprise numerous offers were received on the property.

Based in Pensacola, Mpirical Development is a commercial real estate development company focused on creating quality developments that complement their surrounding communities.

Contacts: 

Brad Peterson, HFF Managing Director, (405) 286-5224, bpeterson@hfflp.com 

 Coler Yoakam, HFF Director, (214) 265-0880, cyoakam@hfflp.com  

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

krmurphy@hfflp.com

HFF hires William Stadler as senior managing director; bolstering the firm’s expanding hotel group

                   

DALLAS, TX – HFF announced today that it has hired William Stadler as a senior managing director in the firm’s hotel group in its Dallas office. 

Mr. Stadler will focus on institutional grade hotel and resort transactions throughout North America and the Caribbean. 

He has a diverse background spanning more than 30 years in the lodging industry and has worked for a number of high-profile firms during his career, including U.S. lodging companies Marriott and Promus Corporation; real estate syndicators VMS Realty and Montgomery Realty Investors; and FelCor Lodging Trust, a publicly-traded lodging REIT. 

“We are excited to welcome Bill as an integral part of our hotel team, which has grown significantly within the last year.  Since June of 2010, HFF has added hotel professionals in San Francisco, New York and Tampa, expanding our geographic reach and allowing us to better serve our hotel clients nationwide,” said Dan Peek (top right photo), senior managing director and hotel practice leader at HFF.

Contacts:

Daniel C. Peek, HFF Senior Managing Director, (813) 870-1001 dpeek@hfflp.com                                                                  

Andrew S. Levy, HFF Senior Managing Director, (214) 265-0880 alevy@hfflp.com  

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

krmurphy@hfflp.com

Fitch: Is CMBS 2.0 a Sign of Healthy Growth or Cause for Concern?

NEW YORK, NY--Amid  mounting  concern  that  U.S.  CMBS underwriting standards are on the decline,  Fitch  Ratings  believes  that  there is quite a way to go before standards approach levels seen in 2007, viewed by many as the most volatile vintage for CMBS.

Some  market participants fear that we will shortly see loans comparable to

the  worst of the loans made between 2006 and 2008. While Fitch agrees that

underwriting  standards  have declined in recent months, it should be noted

that that deterioration thus far has been off of its very high standards.

‘It  was  only a matter of time before CMBS underwriting standards began to

decline  from  such an unusually high level,’ said Huxley Somerville (top right photo), Group

Managing Director and head of U.S. CMBS for Fitch.

Fitch  anticipated a drop in underwriting standards in its ratings, already

raising  credit enhancement levels for new CMBS to ensure ample credit risk

protection.

 ‘If  CMBS credit metrics begin to drop more precipitously, Fitch will raise credit enhancement levels accordingly,’ said Somerville.

Fitch  discusses this trend in greater detail in its latest U.S. Structured Finance  Snapshot,  which  is  available  at  www.fitchratings.com  under

‘Latest Research’.

Contact:

Huxley Somerville, Head of U.S. CMBS

Group Managing Director

+1-212-908-0381

Fitch, Inc., One State Street Plaza, New York, NY 10004,

Media Relations: Sandro Scenga +1-212-908-0278, New York;

sandro.scenga@fitchratings.com

Additional information is available at www.fitchratings.com

Business Publication Names National Entrepreneur Center move to Orlando Fashion Square 'Best Headquarters Campus Relocation'

  

ORLANDO, FL. – A business trade publication has named the National Entrepreneur Center’s recent move to 21,000 square foot facilities at Orlando Fashion Square on East Colonial Drive near downtown Orlando as the Central Florida region’s “Best Headquarters Campus Relocation”.

 John Crossman, president of Crossman & Company in Orlando, which represents Orlando Fashion Square owners Pennsylvania Real Estate Investment Trust and negotiated the new long term lease with the National Entrepreneur Center (NEC) said the recognition is well-earned.

“The National Entrepreneur Center – formerly the Disney Entrepreneur Center – broke new ground with its retail mall location,” Crossman said.

 “It’s a convergence of two major trends in American business — a growing diversity in mall facilities and the move by business incubation and entrepreneur agencies to get closer to small business,” he said.

 Crossman said the new NEC’s headquarters is a showcase facility at Orlando Fashion Square that drives traffic to the downtown Orlando retail center.

For more information, contact:

Jerry Ross, National Entrepreneur Center, 407-420-4848 Jerry@NationalEC.org

Judy Trias, CMD Vice President, Retail Marketing Preit Services, 215 875 0122 triasj@preit.com

John Crossman, Crossman & Company 407-581-6218 jcrossman@crossmanco.com

Whitaker Leonhardt, Crossman & Company 407-581-6238 wleonhardt@crossmanco.com

Larry Vershel, Larry Vershel Communications 407-644-4142 or 461-3780 Lvershelco@aol.com  

$14.3 Million Buys 444 Units in Tampa Bay Area Short Sale

 LARGO, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the lender-approved short sale of Chaparral Apartments (top left photo), a 444-unit 451,420-square foot multifamily property in Largo. The sales price of $14.3 million equates to $32,207 per unit and $32 per square foot.

Norman Eastwood (middle right photo), a senior vice president investments in Dallas, and Tal Frydman, a vice president investments in Fort Lauderdale, represented the seller, a Houston-based partnership and the buyer, a Massachusetts-based partnership.

“This property generated a great deal of interest,” says Frydman. “We conducted 34 property tours and received 27 offers from investors located throughout the United States and Canada.”

 “The strength of the rental market in Largo provides the buyer with an excellent opportunity to reverse the fortunes of this underperforming asset,” adds Frydman. “The average apartment occupancy rate in Largo is 92 percent and at closing, Chaparral Apartments was approximately 50 percent vacant and had approximately 15 down units.”

 The property is located at 601 East Rosery Road Northeast in Largo, the third-largest city in Pinellas County, Florida’s most densely populated county.

Built in 1971 on 23.5 acres, Chaparral Apartments offers residents a choice of one-, two- and three-bedroom floor plans ranging from 765 square feet to 1,375 square feet. Each unit has a fully equipped kitchen package, ceiling fans, walk-in closets and a patio or balcony. The two- and three-bedroom floor plans have full-size washer/dryer connections.

Community amenities at Chaparral Apartments include three swimming pools with sun decks, tennis courts, a workout room and exercise facility and a newly designed clubhouse. The property also has five laundry facilities, a boat storage area, 24-hour maintenance service and a car-washing and car-vacuuming area.

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

           

Marcus & Millichap Sells 344-Unit Complex in Milwaukee Suburb

GREENFIELD, WI– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Briarwick Pool Apartments (top left photo), a 344-unit apartment complex in Greenfield, an affluent suburb Milwaukee. The terms of the sale were not disclosed.

 Matthew Whiteside, a vice president investments, in the firm’s Milwaukee office, represented the seller, Jack Styza. After a tremendous amount of activity with the listing, Whiteside ultimately represented the buyer, Blake Capital Corp. 

“Apartment deal flow in the Milwaukee area is growing as investors move off the sidelines to seek stabilized long-term cash flow opportunities.” says Whiteside.

 “Briarwick Pool Apartments is a meticulously maintained multifamily community in an excellent location that offers a tremendous combination of quiet residential living, excellent demographics, easy access to the metropolitan area and close proximity to local businesses.”

            The property is located at 9050 West Waterford Square South on the west side of Greenfield, just four minutes away from freeway access and less than 20 minutes from downtown Milwaukee. Wisconsin’s largest shopping mall, Southridge Mall, is seven minutes away.

 Built in 1972 on 17.8 acres, Briarwick Pool Apartments is composed of 13 buildings and a clubhouse. The unit mix is 128 one-bedroom units and 216 two-bedroom apartments. Amenities include private entrances, underground parking, in-unit washer and dryer connections and a heated pool.

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

           

11% Of New Condos Still Unsold In Greater Downtown Miami

MIAMI, FL--Less than 11 percent of the nearly 22,250 condos created in various projects in Greater Downtown Miami during the South Florida real estate boom remain unsold and under the control of the original respective developers as of June 30, according to a new report from CondoVultures.com.

The remaining 2,300-unsold units controlled by the original developers are situated in two dozen of the more than 80 condo projects that were created in a 60-block stretch comprised of the Brickell Avenue Area, Downtown Miami, and the Biscayne Boulevard Corridor during the real estate boom that began in 2003, according to an analysis based on the Condo Vultures® Official Condo Buyers Guide To Miami™.

A year ago in June 2010, developers still controlled 23 percent - more than 5,000 units - of the new inventory in Greater Downtown Miami. In June 2009, the number of unsold developer units represented 40 percent - more than 8,800 units - of the new inventory added to the market during the condo boom, according to the report. 

"Foreign investors and the Florida legislature deserve a lot of credit for bailing out the Greater Downtown Miami condominium market when it was at the brink of disaster," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"Foreign buyers - armed with strong currencies and a bullish outlook on Greater Downtown Miami - have flooded into the market in the last three years to purchase new units for investment.

“These international buyers account for a super majority of the individual transactions that are occurring in projects located between the Julia Tuttle and the Rickenbacker causeways east of Interstate 95.

"The other ingredient that is proving critical in the turnaround in Greater Downtown Miami is the work in 2010 by the Florida legislature and former Gov. Charlie Crist to ease liability related to completing bulk transactions.

“The legislative revisions effectively put hedge funds and private equity groups on notice that their assistance and investment dollars were welcome in Greater Downtown Miami and across the state of Florida."

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com

Marcus & Millichap Facilitates Sale of Scot’s Arms in Orlando, FL for $400,000

 ORLANDO, FLA., July 21, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Scot’s Arms (top left photo), a 14-unit apartment complex located in Orlando, Fla., according to Bryn Merrey, Vice President/Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $400,000.

George Pjevach, investment specialist in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a developer.  Michael Donaldson (bottom right photo), a multifamily specialist in the firm’s Tampa office, secured the buyer, a foreign investor.

Scot’s Arms is located at 11600 Mendel Drive, across from the University of Central Florida, the nation’s second largest university. Built in 1973 and recently renovated, the apartment complex is comprised of 14 units; 12 one-bedroom and 2 two-bedroom units.

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

Marshall Hotels & Resorts, Inc. Adds Four Properties to Management Portfolio

SALISBURY, Md., July 21, 2011—Officials of Marshall Hotels & Resorts, Inc., a leading, Maryland-based hotel management and services company, today announced the addition of four properties to its management portfolio.

The properties include  the  90-room Pocono Inne Town Magnuson Hotel, in Stroudsburg, Pa.; 131-room Sea Esta Motels, spanning Dewey Beach, Del., and Long Neck, Del.; 88-room Four Points by Sheraton Long Island City/Queensboro Bridge in Long Island City, N.Y.; and the 60-room Econo Lodge University Arena, in Charlottesville, Va.

“Although the rebound continues to gain traction,  hotels still face numerous challenges, creating significant opportunities for management companies like Marshall that have a strong track record in turn-arounds,” said Mike Marshall (middle right photo), president and CEO.

 “Many markets across the country still lag behind last year’s forecasts, and we have adapted our revenue management approach appropriately.  Marketing efforts are the key to driving same store sales and penetration.  People are getting restless and moving on from the notion that the government will fix everything.  However, the hotel industry is not quite as agile.”

About the Properties

Pocono Inne Town Magnuson Hotel—Located at 700 Main Street, in Stroudsburg, Pa., the property is the only hotel in the heart of downtown Stroudsburg and is within walking distance to more than 20 dining options

Sea Esta Motels—This four-motel complex is located on the beach in Dewey Beach, Del., and nearby Long Neck, Del.  The properties feature two double beds per room; refrigerator; microwave; and daily maid service

Four Points by Sheraton Long Island City/Queensboro Bridge (top left photo)—Located at 27-05 39th Avenue, in Long Island City, N.Y., near the Statue of Liberty and Museum of Modern Art, the hotel offers panoramic views of the Manhattan skyline.  The property features a 24-hour business center, state-of-the-art fitness facility, and dining at Michael’s Café and Bar, serving American cuisine in a casual setting. 

Econo Lodge University Arena—Situated at 400 Emmet Street North in Charlottesville, Va., off I-64, exit 118B (US 29), the hotel is within walking distance of the University of Virginia, University Hospital and John Paul Jones Arena.  . 

Additional information about Marshall Management may be found at the company's Web site: www.marshallhotels.com.

Contact:  Jerry Daly, media, Daly Gray Public Relations, (703) 435-6293

jerry@dalygray.com

                           

HFF Orange County names Kevin MacKenzie head of local debt placement group

                                       

IRVINE, CA – HFF announced today that senior managing director Kevin MacKenzie (top right photo) will be relocating from the firm’s Dallas office to its Orange County office. 

Mr. MacKenzie will be in charge of the local debt placement and structured finance team and will assume the role of office head along with senior managing directors Ryan Gallagher (middle left photo) and Sean Deasy (middle right photo).

Since joining HFF in 2004, Mr. MacKenzie has been involved in more than $4.0 billion of commercial real estate financings for retail, office, multi-housing and industrial properties nationally.

Prior to HFF, he worked in strategic finance and business development roles at various venture capital backed technology companies in Silicon Valley.  Mr. MacKenzie is affiliated with Urban Land Institute, International Council of Shopping Centers and The Real Estate Council. 

He graduated Magna Cum Laude with a Bachelor of Science degree from California Polytechnic State University.

“HFF has purposely and strategically grown its West Coast presence over the past two years,” said Mark Gibson, executive managing director and member of HFF’s four-person leadership team.

“In that time frame, we have successfully recruited four significant investment sales teams in Orange County and San Francisco specializing in office, multi-housing, retail and industrial product types and also have expanded via the addition of many individual capital market specialists across our five West Coast offices (San Diego, Orange County, Los Angeles, San Francisco and Portland).  

“Kevin’s relocation to the West Coast and his promotion to an office head/leadership role is in keeping with our corporate mission, which is to identify future leaders of our business, quickly put them in positions, which appropriately match their leadership skills, and align interests to significantly grow our presence in a given market and/or business line.

 “It is our strong preference to organically grow the firm given our unique culture and Kevin is an excellent example of an individual who trained as an analyst, quickly demonstrated extraordinary talent and leadership skills and is now in a significant leadership position within the firm.”

  

Contacts: 

Kevin C. MacKenzie, HFF Senior Managing Director,  (949) 253-8800, kmackenzie@hfflp.com                                                                                                                      

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

krmurphy@hfflp.com

HFF named to market for sale value-add multi-housing high-rise in Chicago’s River North neighborhood

 CHICAGO, IL – HFF announced today that it has been named to market for sale 77 West Huron (top left photo), a 304-unit, 25-story luxury multi-housing community with ground-floor retail space in Chicago’s River North neighborhood.  

The HFF team representing Archstone includes executive managing director Matthew Lawton (bottom right photo) and managing directors Marty O’Connell and Sean Fogarty.  The property is offered without a formal asking price free and clear of existing debt.

77 West Huron is located within walking distance of “The Magnificent Mile” and CTA train and bus service in Chicago’s River North neighborhood. 

The property has studio, one-, two- and three-bedroom homes that range in size from 536 square feet to 2,862 square feet and offer panoramic views of the downtown skyline.

 The 25th floor functions as the amenity level and features an indoor heated pool, sauna, exercise room, locker rooms and sundeck with lounge furniture and grills.  Additional community amenities include doorman service, a laundry room, on-site dry cleaners, bicycle storage and a 192-space parking garage. 

“The property has excellent value-add potential through a renovation program for both kitchens and baths as well as common areas.  Being located in the River North neighborhood is ideal for residents and is further supported by its current occupancy of 99%,” commented Lawton.

  

Contacts: 

Matthew D. Lawton, HFF Executive Managing Director, (312) 528-3650, mlawton@hfflp.com                                  

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

krmurphy@hfflp.com

                                       

Marcus & Millichap Names Justin White Vice President, Pacific Northwest

  

ENCINO, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Justin White (top right photo) vice president, Pacific Northwest, according to John J. Kerin (lower left photo), president and chief executive officer.

“Justin brings a great deal of knowledge and experience to the position gained from his time as a successful sales agent and in his previous management roles with the firm,” says Kerin. “He will be a great resource for our clients and for our agents in Northern California, Northern Nevada and the Pacific Northwest.”

White began his career with Marcus & Millichap in the fall of 1999 as an agent in the Long Beach office, specializing in multifamily investment properties.

During his brokerage career, he provided representation to more than 100 clients and was a three-time national achievement award winner.

White was promoted to sales manager and then to regional manager of the firm’s Long Beach office in 2003 and was elected a vice president in April 2008.

 During his management career, White was also the regional manager of Marcus & Millichap’s West Los Angeles office. He rejoined the sales force in Long Beach as a vice president investments in February 2010.

White graduated from UC Santa Barbara with a Bachelor of Arts degree in environmental studies.

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

Marcus & Millichap Capital Corp. Arranges $6 Million Student Housing Loan

      

CORVALLIS, OR – Marcus & Millichap Capital Corporation (MMCC) has arranged $6 million in refinancing with cash out for an 87-unit student housing property in Corvallis.

 Steven Wiltshire (top right photo), an associate director in the firm’s Portland office, arranged the financing.

“The property is a fully stabilized asset in a captive market with no loss of occupancy during breaks in the academic year,” says Wiltshire. “MMCC provided supportive data for the underwriting and helped established unit value.

“ We also demonstrated demand for the asset, which further supported the market value needed to complete the loan request,” adds Wiltshire. “We established rate-lock early in the process and were prepared to close in 45 days.”

 The loan is for five years, amortized over 30 years with a fixed interest rate of 5.04 percent. The LTV is 70 percent.

The property was built in 2006.

Press Contact: Stacey Corso , Marcus & Millichap Capital Corp., (925) 953-1716

www.mmCapCorp.com

Berger Commercial Realty Corp. Broker Keith Graves Awarded Exclusive Sales Listings from Wells Fargo Bank for Seven Properties Throughout South Florida

 FORT LAUDERDALE, FlL – Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced broker Keith Graves, CCIM (top right photo), has been awarded exclusive sales listings from Wells Fargo Bank for seven properties located in Hallandale, Miami, Doral, Opa Locka, Pompano Beach and Royal Palm Beach, Fla.

 Graves has more than 22 years of experience in South Florida's commercial real estate market, specializing in industrial, office, land and retail transactions.

He provides strategic commercial real estate services to local and national companies, including lease acquisition and disposition, market and site analysis, financial analysis, transaction structuring, and long-term strategic planning.

 For more information, visit www.bergercommercial.com.

Contact:  Marielle Sologuren, Pierson Grant Public Relations, (954) 776-1999, ext. 226, msologuren@piersongrant.com