NAI Realvest Negotiates New Office Lease for Law Firm in Downtown Orlando Historic Building

 MAITLAND, FL– NAI Realvest recently negotiated a new office lease agreement for for 2,339 square feet in Suite B, at 1000 Magnolia Ave. in downtown Orlando

 Jack W. Lynch (top right photo), senior associate at NAI Realvest negotiated the transaction representing the tenant, Moses Law Firm. 

 The landlord of the 6,500 square foot office/retail facility built in 1956 is 1000 Magnolia LLC, represented in the transaction by Tiffany Zullo of Tower Realty.

For more information,  please contact

Jack Lynch, Senior Associate, NAI Realvest 407-875-9989 or jlynch@realvest.com

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

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

Colliers International Completes 11,352 SF Office Lease with Personal Assistance Services Council of Los Angeles County at Gateway Metro Center in Pasadena, CA

 PASADENA, CA, Mar. 2, 2012 .– Colliers International, the third largest global real estate services organization represented Personal Assistance Services Council of Los Angeles County (PASC) in a 5-year, 11,352-square-feet office lease located at Gateway Metro Center (top left photo).

 The Class-A office building is located at 3452 East Foothill Boulevard, Pasadena, Calif. The transaction is valued at $1.4 million.

Kevin Fenenbock (top right photo), Senior Vice President and Shawn Salimian (middle left photo), Associate, both based in Colliers International’s Encino office, represented the Tenant, Personal Assistance Services Council of Los Angeles County, a public authority for in-home supportive services.

The property owner, Gateway Metro Center, LLC was represented by Shadd Walker (middle right photo), Senior Vice President and Eric Solomon, Associate Vice President of Colliers International Downtown Los Angeles office.

 “PASC was able to expand into a larger space as a full floor tenant in an institutional quality building in an excellent location with freeway visibility and Metro Gold Line/bus access,” said Fenenbock..

“The minimal tenant improvement costs coupled with a lower load factor as a full floor tenant, ultimately led PASC to significant savings over their current location.”

The new location’s close proximity to public transportation and increased accessibility throughout the building, will be beneficial for the seniors and individuals with disabilities that PASC serves.

 Colliers International representing both sides of this transaction helped accelerate the negotiation process and allowed both parties to successfully execute this transaction within a narrow time frame.” said Salimian. 

 Contact:

Jennifer Hsieh

Regional Marketing Manager

+1 949 724 5545

Jennifer.hsieh@colliers.com

HFF closes $147.5 million sale of 801 9th Street, NW in Washington, DC

WASHINGTON, D.C. – HFF announced today that it has closed the sale of 801 9th Street, NW (top left photo), a 236,054 square-foot, Class A office building in Washington, D.C. on behalf of the seller, Wereldhave USA.

The purchaser, NSP Ventures, acquired the property for $147.5 million and was represented by J Street Companies.

801 9th Street NW is fully leased on a triple net basis to the United States Mint through September 2019. 

 The eight-story property features Level III security and a two-level, 190-space underground parking garage.  Situated across from the CityCenterDC project that broke ground in April 2011, the property is close to the Gallery Place Metro Station, the Verizon Center and the New Convention Center in downtown Washington, D.C.

The HFF investment sales team representing the seller was led by executive managing director Stephen Conley (lower right photo), and by senior managing directors Jim Meisel, Dek Potts, and Andrew Weir.

Contacts:

STEPHEN C. CONLEY                      JAMES A. MEISEL                                

HFF Executive Managing Director     HFF Senior Managing Director      

(202) 533-2500                                   (202) 533-2500                                   

sconley@hfflp.com                             jmeisel@hfflp.com                              

STEPHEN “DEK” POTTS        

HFF Senior Managing Director         

(202) 533-2500                   

dpotts@hfflp.com                

ANDREW M. WEIR                            KRISTEN M. MURPHY

HFF Senior Managing Director          HFF Associate Director, Marketing

(202) 533-2500                                   713) 852-3500                                   

aweir@hfflp.com                                 krmurphy@hfflp.com                         

HUD Apartment Complex in Maryland Trades for $10.3 Million

  

 ABERDEEN, MD, March 1, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Perrywood Garden (top left photo), a 184-unit, 137,081-square foot apartment complex located in Aberdeen, part of the Baltimore-Towson metropolitan statistical area.

The sales price of $10,337,000 equates to $56,179 per unit or $75 per square foot. The property is subject to a project-based Housing Assistance Payment Contract for 100 percent of the units.

 

Donald “Ridge” MacLaren (top right photo), first vice president investments, Andrew Townsend (middle left photo), senior associate and Clarke Talone (lower right photo), associate, all based in Marcus & Millichap’s Philadelphia office, represented the seller, Perrywood Garden Associates LP.

 MacLaren, Townsend and Talone procured the buyer, Tryko Partners LLC. David Feldman, regional manager of the firm’s Washington, D.C. office, was the broker of record.

“Perrywood Garden is centrally located between Baltimore and Wilmington and is in close proximity to the United States Army’s Aberdeen Proving Ground,” says MacLaren.

 “The property has an in-place Housing Assistance Payment Contract and the new owner has a tremendous upside in reducing operating expenses and receiving yearly rent increases as the Aberdeen rental market continues to thrive.”

The property is located at 301 Mayberry Drive in Aberdeen on 18 acres of maturely landscaped grounds.

Perrywood Garden was built in 1971. The complex is composed of eight buildings featuring approximately 23 units each. The unit mix is 44 one-bedroom units and 140 two-bedroom apartments. Amenities include a large outdoor pool, basketball courts, a new children’s playground, ample on-site parking and laundry facilities in each building.

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

As New Miami Condo Boom Starts, Related Group Diversifies Into Brazil

MIAMI, FL---With various developers already planning 24 new condo towers for coastal South Florida, the tricounty region's largest vertical residential builder - the Related Group with Jorge Perez (top right photo) - has announced ambitious plans to begin constructing up to $1 billion in residential projects in South America's most populous country, Brazil.

After two years of analyzing the Brazil market, Perez is teaming up with Stephen Ross (top left photo) of New York-based Related Cos. to launch Related Brasil to be headquartered in that nation's largest city, Sao Paulo, according to the Miami Herald.  

Daniel Citron (middle right photo) -  a former head of the Brazil operations for the real estate development firm Tishman Speyer - has been selected to lead the initiative to develop residential and commercial projects in the growing Portuguese-speaking country of nearly 206 million that is slated to host upcoming World Cup and Summer Olympics events in the next four years.

Perez - whose company has built or managed more than 80,000 residential units in Florida - told Reuters: "Of all the possibilities we looked at, the country with the best growth prospects for the next 20 years to 30 years is Brazil. We see in Brazil many of the characteristics that the United States had some years ago."

Related's strategy to diversify outside of the U.S. market has been in the process even before the nation's housing market crashed.

Related's international efforts "debuted" with the luxury ICON Vallarata condo (middle left photo)project on the Pacific Ocean coast of Mexico, according to the company's website.

"Beyond Mexico, Related International plans to erect upscale condominiums and hotels in other tourist locations such as India, Brazil, Panama, Argentina, Uruguay, and the Caribbean," according to Related's website.   

Related's Brazil announcement comes as South Florida's condo market is showing signs of recovery as unsold developer units from the last boom are acquired and resale inventory dwindles in recent years. 

(Brazil beaches, lower right photo)

It is against this backdrop that several developers - including Related - are proposing to put up more than 4,500 new units in the tricounty South Florida region despite nearly 4,300 unsold units being available as of Dec. 31, 2011, according to an analysis based on the Condo Vultures Official Condo Buyers Guide™ series.

At least four projects have already hosted groundbreaking ceremonies in the last year, according to a recent CondoVultures.com report. 

According to the CondoVultures.com Preconstruction Condo Projects list, developers are planning to construct two dozen towers in the tricounty South Florida region as follows:

Miami-Dade County

- 10 new towers in Greater Downtown Miami;

- five new towers in Sunny Isles Beach; 

- two new towers in Key Biscayne;

- a pair of new towers in Miami Beach;

- a new tower in Aventura;

  

Broward County

- two new towers with more than 130 condo units in the Hollywood / Hallandale Beach market,

Palm Beach County

- two new towers in West Palm Beach market.

Several residential rental towers - that could be converted to condominiums in the future - are also being planned as buyers compete for development sites east of Interstate 95 near the coast in Miami-Dade, Broward, and Palm Beach counties, industry watchers said. 

. 

Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.

Structural Steel Work Completes on Torrance Memorial Medical Center New Patient Tower

  

 TORRANCE, CA—Construction is one step closer to completion on the new $450 million Torrance Memorial Medical Center Patient Tower. 

Located on the existing medical center site at 3330 Lomita Boulevard in Torrance, Calif., the project reached a major milestone when construction workers placed the final piece of structural steel on the 398,350-square-foot facility.

You may see a video of the event at: http://www.torrancememorial.org/Video_Center/Main_Tower_Construction/Topping_Out_Celebration.aspx .

McCarthy Building Companies, Inc., is serving as general contractor for the project which began construction in February 2010.

During the steel erection phase, iron workers from Herrick Steel placed 5,820 pieces of structural steel within three months in order to build the frame for the new tower.

The project team celebrated the topping out of structural steel on February 23, 2012 during a barbecue luncheon held for the construction workers and other project officials.  Later that same day, more than 75 hospital guests were invited to sign the ceremonial steel beam, which was adorned with an American flag and evergreen tree, then lifted 270 feet high to the top of the structure.

“The evergreen tree symbolizes growth, life and good luck for the construction workers and future occupants, and the flag is a patriotic symbol that signifies the united effort by the project team,” explained McCarthy Project Manager Erik Chessmore. “Everyone involved on the project has worked closely and collaboratively to come this far, and construction is currently nine-days ahead of schedule.”

“This day marks a tremendous milestone in our community’s healthcare history and future,” said Craig Leach (lower left photo), president and CEO of Torrance Memorial Medical Center. 

“It has taken a community to raise this tower, and we want to express our tremendous gratitude for its continued contributions of time and money in its shaping. The tower’s leading edge design will help us facilitate the standard of care our growing community needs and deserves well into the future.

 The project is scheduled to complete by November 2014 and open in spring of 2015.

 More information about the company is available online at www.mccarthy.com .

 Media Contacts: 

Laura Mickelson (LM Communications)                        

 (McCarthy Building Companies, Inc.)    

Lauramickelson@cox.net;

 (949) 453-0851                            

Susan Garritano

Sgarritano@mccarthy.com;

(314) 968-3300                          

Hendricks & Partners Negotiates sale of 44 Unit Oak Clusters West Apartments in Orlando for $1,188,000

 ORLANDO, FL. --- Hendricks & Partners, which ranks as one of the largest and most active multi-family investment banking and research companies in the U.S., recently negotiated the sale of Oak Clusters West Apartments at 5453 Oak Cluster Terrace in Orlando for $1,188,000.

Cole Whitaker (lower left photo), partner and director of the Southeast Division of Hendricks & Partners in Orlando said Associate Partner Hal Warren (top right photo) negotiated the sale representing the seller, Berkadia Commercial Mortgage, LLC.

A private investment group acquired the property.  Oak Clusters West, built in 1984, includes 44 two-bedroom townhome apartment units in 11 two-story buildings situated on 2.3 acres. 

For more information, contact 

Cole Whitaker, Southeast Partner, Hendricks & Partners, 407-218-8880, cwhitaker@HPAPTS.com;  

Hal Warren, Associate Partner, Hendricks & Partners, 407-218-8881, hwarren@HPAPTS.com;  

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

Marcus & Millichap Sells 144-Unit Apartment Building in St. Petersburg, FL

ST. PETERSBURG, FL, March 1, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Gateway Apartments (top left photo), a 144 unit Apartments property located in St. Petersburg, FL, according to Bryn D. Merrey, Vice President/Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $5,250,000.

Michael P. Regan (middle right photo) and Francesco P. Carriera (middle left photo), investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a special servicer. 

 The buyer, a private investor, was also exclusively secured and represented by Regan and Carriera.

Gateway Apartments is located at 2000 Gandy Blvd., within the Gateway Business district and in close proximity to major retail and national/regional headquarters for companies such as Raymond James Financial, The Home Shopping Network, Franklin Templeton Investments, Tech Data, Jabil Circuit and Danka Office Imaging Company.  Its convenient location, with direct access to Interstate 275 and US Highway 19, make it an ideal place to live. 

 “This sale was a major success for the client because they were focused on maximizing the property’s value and we helped them sell the asset for $400,000 over the clients target strike price,” Carriera said.

 “To do that,  we created a highly customized marketing approach designed to clearly articulate the potential future value of this property, the strength of its location and the growth of the submarket.

“We attracted 15 written offers from investors across the country procured by us, other Marcus & Millichap agents and other brokerage firms. The result was a sale price 8% over the seller’s expectations, which was a 6.44% cap rate.”

Press Contact:  Bryn D. Merrey, Vice President/Regional Manager, Tampa

(813) 387-4700

KW Property Management & Consulting Names Sandy Bennett Executive Director

Miami, FL --- March 2, 2012 – KW Property Management & Consulting, a leader in turnkey management and consulting, has named Accounting Executive Sandy Bennett (top right photo) as Executive Director.

Bennett is a Certified Public Accountant in the state of Florida with more than 27 years of experience.  Prior to this, she was the Accounting and Audit partner at Bennett & Bennett CPAs, P.A. in Ft. Lauderdale. 

Her accounting practice consisted of numerous developers, homeowners and condominium associations. 

She was responsible for various accounting and audit services such as compilations, reviews and audits of year end financial statements while under developer control and post developer control, audits of turnover financial statements from developer control to the owners, the preparation of federal and state income tax returns and engagements for agreed upon procedures.

 

Bennett will be responsible for various programs at KW including hospitality, value optimization for clients and developer services.

                

For more information, visit www.kwpropertymanagement.com.

Contact:

Christina Grate

Junior Account Executive

Becker Public Relations

2506 Ponce de Leon Blvd.

Coral Gables, FL 33134

Telephone 305/444-2181 x224

Email: cgrate@beckerpublicrelations.com

www.beckerpublicrelations.com

Twitter:@BeckerPRFirm

Advenir Acquires Class A Apartment Community in South Florida

LAKE WORTH, FL– Advenir, a premier provider of multi-family real estate investment and management services, has acquired Advenir at Boynton (formerly Colony Club) (top left photo), a 214-unit Class A apartment community located at 7132 Colony Club Drive in the Boynton Beach submarket of Palm Beach County, Florida for $26.65 million. 

“We were attracted to Advenir at Boynton because of the management upside, significant value to replacement cost, strong market fundamentals and lack of new construction,” said Todd Linden (middle right photo), Chief Acquisition Officer of Advenir. 

“Advenir is actively looking to acquire stabilized income producing multi-family assets in markets that have exhibited, and are projecting, healthy economies, positive employment growth, and in-migration.”

Linden went on to say that Advenir will implement a capital improvement program for this property focused on beautifying the exterior of the buildings and upgrading the community amenities.    

Built in 2005, Advenir at Boynton offers a for-sale feel with luxurious interiors including full size washer/dryers, ceiling fans, nine-foot ceilings, ceramic tile flooring, walk-in closets, Internet access, intrusion alarms, balconies/patios with hurricane shutters, windows with impact glass, gourmet kitchens with Whirlpool appliances, microwaves and direct-access one- and two-car garages. 

 Community amenities include automated gate access, clubhouse, pool with spa, fitness center, tot lot, two tennis courts, basketball court, sauna, locker rooms, picnic areas with BBQ, gazebo, extra storage, and onsite large lake creating beautiful waterfront views. 

Advenir at Boynton is 84 percent leased while the market is at 94 percent leased.  The community features 34 one bedroom/one bathroom units, 118 two bedroom/two bathroom units and 62 three bedroom/two bathroom units.  Currently, rents average $1,000-$1,600 per month.

 Advenir represented itself in the transaction.  Avery Klann (lower right photo) and Hampton Beebe (lower left photo) of Apartment Realty Advisors represented the seller, New York-based Holiday Organization.

 Additional Company information is available at www.advenir.net.

Contact:      

David Ebeling

Ebeling Communications

(949) 278-7851

david@ebelingcomm.com

Charles Dunn Co. Completes Two West Side Los Angeles Multifamily Deals Totaling $3.57 Million

LOS ANGELES, CA – Kimberly Roberts (middle right photo) Stepp, senior  managing director with Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed two multifamily property sales totaling $3,575,000 million within Los Angeles’ Westside submarket.  Roberts Stepp represented both sides on each of the two transactions.

The first property is located at 1412 17th Street in Santa Monica near the major cross streets of Santa Monica Blvd. and 17th Street. The 7-unit property sold for $2,025,000 and closed escrow at a low 4.3 percent cap rate. The seller was Picone Trust and the buyer was LS Investments from Los Angeles.

“This property sold for $25,000 over the asking price and closed in just 14 days,” said Roberts Stepp. “This is another testimony to the reemerging strength of the Westside apartment market and a result of the current shortage of product.” 

The second property is located at 2820 3rd Street in Santa Monica (top left photo) near Main Street. The 6-unit property sold for $1.55 million and closed escrow in less than three weeks at a sub 4 percent cap rate. The seller and buyer were both private investors from Los Angeles.  

“The investment presented significant upside in rents. Additionally, the buyer had the opportunity to obtain seller financing on the property,” said Roberts Stepp.  “Even with cap rates in the 4 percent range in the Santa Monica area, investors see the opportunity for a stable, well located investment that appreciates over the long term.”

 

 A top broker with Charles Dunn Company, Roberts Stepp specializes in the sale and exchange of multifamily, development sites and commercial real estate in the areas of Santa Monica and the Westside.  

Contact:  Darcie Giacchetto, 949.278.6224

www.charlesdunn.com

NAI Realvest negotiates Industrial Lease of 2,000 SF at Monroe CommerCenter South in Sanford, FL

MAITLAND, FL --- NAI Realvest recently negotiated a new lease agreement for 2,000 square feet of industrial space at 631 Progress Way at Monroe CommerCenter South (top left photo) in Sanford.      

 Michael Heidrich, a principal in the firm, brokered the transaction representing the landlord, Maitland-based COP-Monroe LLC and the tenant Half Full Coffee, Inc. d/b/a Twisted Cuban, a local mobile Cuban cuisine kitchen.

For more information, contact:

Michael Heidrich, Principal, NAI Realvest 407-875-9989 mheidrich@realvest.com

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

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

HFF closes sale of and arranges financing for St. Andrews Apartments in suburban Houston

  

 HOUSTON, TX – HFF announced today that it has closed the sale of and arranged financing for St. Andrews Apartments (top left photo), a 472-unit, Class A multi-housing community in Pearland, Texas.

HFF marketed the property on behalf of the seller, a T-I-C ownership group managed by Joseph and Henry Mandelbaum of RealTax Inc.  Venterra Realty purchased St. Andrews Apartments for an undisclosed amount.

Fixed-rate financing for the acquisition was arranged by HFF through PPM Finance, Inc.  HFF will also service the loan.  PPM was represented by Holly Wathan, CCIM, associate regional director for PPM Finance, Inc.

St. Andrews Apartments is situated on a 20-acre site at 9900 Broadway Street close to Highway 288, the Texas Medical Center and downtown Houston in Pearland.  The property has an average unit size of 945 square feet and is 99.6 percent leased. 

The HFF investment sales team representing the seller included senior managing directors Craig LaFollette (middle right photo), Todd Stewart (middle left photo) and Todd Marix (lower right photo), director Tre Banks and associate director Chris Curry. 

 HFF’s debt placement team representing Venterra Realty was led by director Cortney Cole (lower left photo).

Venterra specializes in the identification, finance, acquisition and management of multi-family residential communities in the southern United States. 

Venterra currently manages a portfolio of multi-family real estate assets totaling over $850 million in value that generates gross annual income in excess of $90 million. 

The organization has completed in excess of $1.5 billion of real estate transactions.  Venterra has offices in both Houston and Toronto and employs over 450 people.

Contacts: 

                   

TODD STEWART                                  CORTNEY COLE                                

HFF Senior Managing Director              HFF Director                                  

(202) 533-2500                                      (202) 533-2500                               

tstewart@hfflp.com                                ccole@hfflp.com                             

KRISTEN MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

Marcus & Millichap Names Jason S. Vitorino Senior Director of National Retail Group in Dallas, TX

 DALLAS,  TX– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Jason S. Vitorino (top right photo) senior director of the firm’s National Retail Group in Dallas, according to Bill Rose, national director of the National Retail Group.

Vitorino joined Marcus & Millichap’s sales intern program in September 2003. He became an agent in April 2004. During his career, Vitorino has closed more than 200 transactions valued at over $660 million.

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