Marcus & Millichap Sells two-tenant retail property in heart of Biscyane retail corridor in North Miami, FL

NORTH MIAMI, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a two-tenant net-leased retail property located in North Miami, FL, according to Kirk A. Felici, First Vice President/Regional Manager of the firm’s Miami office.

The asset, which includes T-Mobile and Smoothie King as tenants, commanded a sales price of $3,250,000.

Drew A. Kristol (middle right photo) and Kirk D. Olson (lower left photo), Vice President Investments in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company headquartered in Miami Beach.   

“This property received tremendous interest because it has little to no deferred maintenance, strong cash flow and minimal management responsibilities,” Kristol explained.

“The building is located on a square lot of almost an entire acre of commercial land in the heart of a dense retail section of Miami-Dade County. The Smoothie King space also benefits from a rare drive-through window on the north side of the property,”

The property was recently gut-renovated in 2010 for the two tenants, T-Mobile and Smoothie King. T-Mobile signed a new 7-year lease in 2011 and Smoothie King, backed by a multiple-unit franchisee, executed a 5-year lease.  It is located on the northeast signalized corner of Biscayne Boulevard and Northeast 126th Street at 12605 Biscayne Boulevard in North Miami.

Press Contact:

Ashley Steele

Fort Lauderdale Office

954-245-3400

New Waterfront Condo Tower Proposed For Fort Lauderdale Beach, FL Market

MIAMI, FL--A developer is proposing a new waterfront condo tower in Fort Lauderdale Beach in East Broward County, and in the process has boosted the total number of planned buildings to 57 since the South Florida real estate crash began in 2007, according to a new report from CondoVultures.com.

With the newly announced 11-story Grand Birch tower fronting the Intracoastal Waterway, nearly 9,400 condo residences have now been proposed for the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties as of Aug. 15, 2012, according to the Preconstruction Condo Projects list compiled by the licensed Florida brokerage CVR Realty™.

Some five years after the South Florida condo market began to stall, one new tower has already been completed in the tricounty region and 11 other high-rises are under construction as the post-crash development era gains momentum, according to a recent CondoVultures.com report.

"The Downtown Fort Lauderdale and Beach coastal market is increasingly on the radar of residential developers who are considering new condo projects in South Florida," said Peter Zalewski (top right photo) a principal with the Greater Downtown Miami-based real estate consultancy Condo Vultures® LLC.

"Most of the proposed condo developments to date have been concentrated in the stretch from Greater Downtown Miami to South Beach to Sunny Isles Beach to Hollywood Beach.

This newly proposed project shows that developers are willing to start pushing north into Fort Lauderdale with new condo construction."

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

Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.

HFF arranges financing and joint venture equity for Timberstone Apartments in Houston, TX

AUSTIN, TX – HFF announced it has arranged acquisition financing and joint venture equity for Timberstone Apartments (top left photo), a 240-unit multi-housing community in Houston, Texas.

HFF worked on behalf of Commerce Capital Partners, LLC to secure the acquisition loan through RGA Reinsurance Company.  HFF also arranged a joint venture equity contribution for the acquisition from a private investor.

Timberstone Apartments is located at 4200 West FM 1960,  close to major Houston employers including Hewlett Packard, Exxon Mobil and Lone Star College in north Houston.  Situated on 13.4 acres, the property has 10 residential buildings that are 95 percent leased.  Community amenities include a pool, barbeque grills, clubhouse and fitness center. 

The HFF team representing Commerce Capital Partners, LLC was comprised of senior managing director Douglas Opalka (middle right photo), managing director Matt Kafka (middle left photo), and associate director Robert Wooten.

Commerce Capital Partners, LLC is a private real estate investment firm focused on multifamily acquisitions, management and asset management in Texas, Arizona and Florida.

The principals in ComCapp have ownership interest in more than 60 properties comprising more than 14,000 apartment units and 3.5 million square feet of commercial space in eight states.

Contacts:

 DOUGLAS OPALKA                       

HFF Senior Managing Director         

(512) 532-1900                                    

dopalka@hfflp.com  

ROBERT WOOTEN                    

HFF Associate Director               

(512) 532-1900                            

rwooten@hfflp.com  

KRISTEN MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

HFF arranges $5 million refinancing for Pine Hollow Shopping Center in Conroe, TX

  

DALLAS, TX – HFF announced it has arranged a $5 million refinancing for Pine Hollow Shopping Center (top left photo), a 107,358-square-foot retail center in Conroe, Texas.

HFF worked exclusively on behalf of Cencor Realty Services to secure the 10-year, fixed-rate loan through Aetna Life Insurance Company.

Pine Hollow is located at the southwest quadrant of Interstate 45 and Loop 336 North in Conroe, approximately 30 miles north of downtown Houston.  Currently 92 percent leased, tenants include Aaron’s, Northern Tool+Equipment, Dollar Tree and Star Cinema Grill.

The HFF team representing Cencor Realty Services was led by managing director Travis Anderson (lower righ photo).

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

TRAVIS ANDERSON                                                                           

 HFF Managing Director                                     

 (214) 265-0880                                                   

 tanderson@hfflp.com    

KRISTEN MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

Blood Bank Buys and Occupies $9.8 Million Office Building in Fort Lauderdale, FL

FORT LAUDERDALE, FL - OneBlood, Inc., a consolidation of several blood groups from around the state of Florida, has purchased the 75,000-square-foot office building located at 3000 W. Cypress Creek Road (top left photo) in Fort Lauderdale, FL.

The buyer was represented by Colliers International South Florida Chairman, Michael T. Fay (lower right photo) and Executive Vice President - Partner, John K. Crotty, CCIM.

  

 The seller, the Florida Department of Financial Services, was represented by Colliers Executive Vice President, Robert Listokin, SIOR and Senior Commercial Associate, Sal Bonsignore, CCIM. The all-cash transaction was completed for $9.8 million.

OneBlood will occupy the entire building, creating the BloodBank of Florida. OneBlood is made up of a merger of three not-for-profit blood centers including Community Blood Centers of Florida, Inc., Florida's Blood Center, Inc. and Florida Blood Services, Inc. The organization ensures that blood is available, safe and affordable for its hospital partners and patients.

"We had to work through the State of Florida as a receiver for a bankrupt business," explains Crotty. "The property had deed restrictions and a zoning issue conflicting with the buyer's use, which had to be addressed and overcome."

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

Crystal Proenza

Vice President of Marketing

Colliers International South Florida

Commercial Real Estate Services

Tel: 305 476 7138

Email: crystal.proenza@colliers.com

www.colliers.com

HFF closes sale of 230 West Monroe in Chicago

CHICAGO, IL – HFF announced  it has closed the sale of 230 West Monroe (top left photo), a 623,524-square-foot office building in Chicago.

HFF marketed the property on behalf of a national private investment firm.  A joint venture comprised of Lincoln Property Company and an investment fund purchased the property for an undisclosed amount.

230 West Monroe is located in Chicago’s West Loop district at the intersection of South Franklin Street.  Currently 89 percent occupied, the 29-story office tower is leased to tenants in the financial services, education, engineering, insurance, legal and real estate industries.  The property underwent lobby renovation, retail expansion and elevator modernization in 2003. 

The HFF investment sales team representing the seller was led by senior managing directors Jeff Bramson (middle right photo) and Jaime Fink (lower left photo) and director Mark Katz. 

 “We are very pleased to acquire this wonderfully located asset in Chicago’s West Loop with its diversified rent roll and near term opportunity to lease more than 100,000 square feet of full floor high-rise space in the coming year,” said John Grissim, senior executive vice president at Lincoln Property Company.

Lincoln Property Company is one of the nation’s largest private diversified real estate service firms in the United States. 

 It currently has more than $30 billion in assets under management including 144,000 residential units and 130 million square feet of commercial space.  Lincoln’s Chicago commercial region’s leasing and management portfolio totals more than eight million square feet. 

Contacts

:                

JEFFREY M. BRAMSON                           

HFF Senior Managing Director             

  (312) 528-3650                                       

jbramson@hfflp.com                            

JAIME F. FINK                                    

HFF Senior Managing Director     

312) 528-3650                                 

jfink@hfflp.com                              

KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500 

krmurphy@hfflp.com

Marcus & Millichap Announces Sale of 311-Unit Apartment development site in Tampa, FL for $4.8 Million

 TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of the NoHo Flats development site; a new 311-unit, loft-style apartment community being built on roughly 8.5 acres within the North Hyde Park district located near downtown Tampa, Florida. 

According to Richard D. Matricaria, Regional Manager of the firm’s Tampa office, the site commanded a sales price of $4,888,817.

Casey Babb (top right photo), CCIM and Paul Bouldin (middle left photo), both senior associates in Marcus & Millichap’s Tampa office, acted in a transactional brokerage capacity to help facilitate the sale between the Tampa-based seller, Hyde Park Realty Group, LLC and the buyer, Atlanta-based Pollack Shores Real Estate Group.

North Hyde Park is an urban, mixed-use redevelopment of what has traditionally been an industrial neighborhood generally located along Rome Avenue just north of Kennedy Boulevard.

In 2006, nearly 15 acres were assembled and entitled for 1,500,000 square feet of residential and commercial space and the NoHo Flats will become the second major apartment development within the site. 

The project will be built on roughly 8.5 acres encompassing three city blocks and will offer market-rate, loft-style apartments within three and four-story buildings with surface parking and a host of community amenities.

Press Contact:

Richard D. Matricaria

Regional Manager, Tampa

(813) 387-4700

Faris Lee Investments Completes $5.7 Million Sale of Retail Property in Lubbock, TX

IRVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $5.7 million sale of a single-tenant retail property occupied by Best Buy (top left photo).

Built in 2003, the 30,000-square-foot property is situated on 3.14 acres and is located at 5916 W. Loop 289 in Lubbock, Texas. 

Jeff Conover (middle right photo), senior managing director with Faris Lee Investments, represented the all-cash buyer, Cole BB Lubbock TX, LLC, a buying entity of Cole Real Estate Investments from Phoenix.

Conover also represented the seller, Hawaii-based Lubbock HPI, LP.  The property garnered multiple offers and closed at a 7.95 percent cap rate.

“Faris Lee marketed the property through our proprietary database of institutional, 1031 exchange, and private capital buyers,” said Conover.

“Ultimately, we identified Cole Real Estate Investments, a real estate investment trust from Arizona who saw the intrinsic value of the property based on its key location and high tenant sales volume, as well as the absolute triple-net lease from Best Buy, a national credit tenant.”  

Conover added that Best Buy has eight years remaining on its 15-year lease plus four, five-year options to extend the term.

The property is ideally positioned with strong visibility from State Loop 289 (60,000 vehicles per day) and State Spur 327 (21,400 vehicles per day) and caters to over 249,000 people within its trade area, including Texas Tech University with approximately 32,000 students.

Best Buy is also adjacent to many major retailers including Home Depot, Lowe’s, and Target. In addition, the property is across the freeway from the South Plains Regional Mall, which is the premier enclosed mall in West Texas and is anchored by Dillards, JCPenney, Bealls, and Sears.

Contact:             

 Darcie Giacchetto, 949.278.6224

Spaulding Thompson & Associates

For Faris Lee Investments

Charles Dunn Co. Completes $7 Million Sale of Retail Property Occupied by CVS in Imperial Beach, CA

  

LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the nearly $7 million sale of a 14,884-square-foot retail property occupied by CVS/pharmacy.

The property is situated on one-acre of land and is located at 800 Palm in Imperial Beach, Calif., south San Diego County.

Hamid Soroudi (lower right photo)and Kimberly Roberts Stepp (lower left photo) of Charles Dunn Company represented the buyer, Los Angeles-based Drooz Trust.  The seller was San Diego-based Imperial Beach Promenade, LLC and was represented by Sam Hanna of Marcus & Millichap.

 “The buyer had sold two apartment properties in Santa Monica and wanted to complete a 1031 exchange by purchasing a single tenant investment with a corporate guaranteed long-term lease which would give her a higher cash flow and no management fee,” said Soroudi.

 Contact:

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

NAI Realvest negotiates renewal lease for 3,000 SF at Airport Industrial Center in Orlando

  

ORLANDO, FL – NAI Realvest recently negotiated a renewal lease of 3,000 square feet at 7480 Narcoossee Road in the Airport Industrial Center in southeast Orlando. 

Michael Heidrich, a principal at NAI Realvest, brokered the transaction representing the landlord, Columbus, Ohio-based Airport Investment Properties LLC and the tenant Plant It Earth, Inc. of Orlando.

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

Celebration Golf Club to host The Fat Guy’s Golf for Kids Tournament Oct. 5

 ORLANDO, FL– Celebration Golf Club in Osceola County will host The Fat Guy’s Golf for Kids Tournament Friday Oct. 5 to benefit the Threshold Center for Autism in Winter Park.

Kenny Nairn (lower left photo), club general manager and executive vice president of Celebration Golf Management, said the tournament will feature local celebrity “The Fat Guy” Dennis Salvagio (top right photo), whose garrulous nature and raucous support of the NBA Orlando Magic basketball team made him a fixture at the O-rena for more than a decade.

Modern Plumbing Industries, Inc. is sponsoring the tournament which will include 18 holes ofchampionship golf, a continental breakfast, free golf shirt, sleeve of golf balls, lunch in the Celebration Clubhouse, complimentary beverages and a silent auction following the tourney.

Tournament director Michael Gibbons said Fields BMW in Winter Park will give away a BMW to the first golfer to score a hole-in-one during tournament play and Orlando Yahama Kawasaki will give away a motorcycle.

Other prizes include closest to the pin, longest drive and numerous raffle prizes, Gibbons said.

“Dennis Salvagio and Modern Plumbing have really come forward to make this tournament one of the biggest and best of the entire fall season,” Nairn said.

For media information,  contact:

Kenny Nairn, Scottish PGA Golf Professional / Executive Vice President of Golf, Celebration Golf Management, 407-566-4653 x4606 Knairn@cgmgolfproperties.com.

Stephen Horne, Director of Sales, Celebration Golf Management 507-566.1045 ext 4610 shorne@cgmgolfproperties.com

Gene Garrote, President, Celebration Golf Management, 407-566-1045; ggarrote@cgmgolfproperties.com

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

Greystone Provides $21 Million Refinancing Deal to Connecticut Multifamily Housing Complex

  New York, NY –  – Greystone Servicing Corporation, Inc. (Greystone), a leading national provider of multifamily and commercial mortgage loans, today announced a $21 million refinancing deal for Windham Heights (top left photo), a 350-unit affordable housing complex located in Windham, Connecticut. 

Greystone has originated and will service the loan financed by the Freddie Mac Targeted Affordable Housing Mortgage Program. The deal was completed by Greystone’s Affordable Housing team, led by Jeff Englund.

As a Freddie Mac Targeted Affordable Housing Seller/Servicer, Greystone is one of a select number of firms able to originate, underwrite and close on behalf of Freddie Mac, in addition to offering all affordable lending products available through the organization.

 “Working with Freddie Mac allows us to further reach customers through a multitude of high-quality products,” said Jeff Englund.

“As Greystone works closely with a number of mortgage purchasing enterprises, we are able to offer the best programs for our clients, and we are excited to continue working closely with Freddie Mac and our other partners to serve the multifamily mortgage needs of the country.”

Contact:

 Jessica.Kleinman@cognitomedia.com

www.greyco.com

HFF secures $27 million refinancing for Round Rock, TX multi-housing complex

 AUSTIN, TX – HFF announced today that it has secured a $27 million refinancing for City North at Sunrise Ranch (top left photo), a 384-unit, Class A multi-housing complex in Round Rock, Texas.

Working exclusively on behalf of McShane Development Company and Arsenal Real Estate, HFF placed the seven-year, floating-rate loan, which included a third party interest rate cap, with Freddie Mac (Federal Home Loan Mortgage Corporation).  HFF will service the loan through its Freddie Mac Program Plus® Seller/Servicer program.

City North at Sunrise Ranch is located at 2800 Sunrise Road about 20 miles north of downtown Austin via Interstate 35.  Completed in 2009, the 93 percent leased property has 19 buildings with one-, two- and three-bedroom units averaging 949 square feet each.  Community amenities include a swimming pool, fitness center, clubhouse and billiard room.

The HFF team representing McShane Development Company and Arsenal Real Estate was led by senior managing director Douglas Opalka (middle right photo) and included director Charles Halladay (lower left photo) and associate director Robert Wooten.

McShane Development Company is a diversified commercial real estate firm that develops, repositions, acquires, constructs, consults and manages properties within its portfolios.

Arsenal Real Estate Partners is a private real estate investment management firm serving a variety of clients that include pension plans, foundations, endowments and high net worth individuals.

Contacts:    

                

DOUGLAS OPALKA                                                   

HFF Senior Managing Director                                    

(512) 532-1900                                                              

dopalka@hfflp.com

                               

KRISTEN MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

Marcus & Millichap Sells 13-Unit Hialeah, FL Apartment Building

HIALEAH, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Cordero Apartments, a 13-unit apartment property located in Hialeah, FL, according to Gregory Matus, Vice President/Regional Manager of the firm’s Ft. Lauderdale office. The asset commanded a sales price of $1,275,000.

Cordero Apartments is located at 405 West 11th Street in Hialeah, FL.  The property consists of one two-story building with 13 two-bedroom, one-bathroom units each approximately 800 rentable square feet.

Tal I. Frydman (middle right photo), Daniel J. Cunningham (lower left photo) and Derek R. Gibbs, multi-family investment specialists in Marcus & Millichap’s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Miami Lakes, FL.  The buyer, a limited liability company from Coral Gables, FL was secured and represented by the agents as well.  

“Over the past decade Hialeah has seen a great share of its inventory of rental apartments reduced due to condo conversions and no new rental properties have been built,” says Frydman.

“The reduction in supply has improved the fundamentals of this already strong rental market. In properties where landlords have actively pushed rents, they have been met with little to no resistance. The strength of the market is further evidenced by the fact that vacancies are virtually non-existent and concessions are unheard of,”

“We generated 15 tours and 10 offers on this property. The buyer was awarded this deal not only because of their competitive offer but also because of a short due diligence period leading to a quick closing,” he adds.

Press Contact:

Ashley Steele

Fort Lauderdale Office

(954) 245-3400

Marcus & Millichap Promotes Eight Northeast Agents to Vice President Investments

 CALABASAS, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted eight Northeast-based agents to vice president investments.

This designation exemplifies superior performance achieved by an associate during his or her sales career at Marcus & Millichap and in the investment real estate brokerage profession, according to Gene A. Berman, executive vice president and managing director.

The agents, their office locations and specialties are:

·         Robert M. Horvath, Boston, retail and net-leased (middle right photo) 

·         Scott Edelstein, Manhattan, multifamily (lower left photo)

·         Matthew Fotis, Manhattan, multifamily

          Joseph Koicim, Manhattan, multifamily

·         Ross J. Mezzo, Manhattan, multifamily

·         Mark A. Thomson, Philadelphia, multifamily

·         Ken Wellar, Philadelphia, multifamily (top right photo)

·         David Weber, Washington, D.C, multifamily (top left photo)

Before being promoted, all of the agents above except for Horvath held the title associate vice president investments. Previously, Horvath was a senior associate. 

“With this promotion, these commercial real estate investment specialists have earned a prestigious designation within the firm and solidified their reputations as knowledgeable and successful investment professionals,” says Berman. “Their focus on providing superior client services has earned them a high degree of loyalty and respect from investors as well as from their peers.”

           

Contact:

Stacey Corso

Public Relations Manager

(925) 953-1716