Raintree Partners Acquires 392-Unit Luxury Apartment Community in Los Angeles for $77 Million

  

The Plaza at Sherman Oaks,
Los Angeles, CA

 LOS ANGELES, CA  (Jan. 18, 2013) – Raintree Partners, a Laguna Niguel, Calif.-based real estate investment and development company, has completed the $77 million acquisition of The Plaza at Sherman Oaks, a 392-unit luxury apartment community located in Los Angeles, Calif.

Marc Renard of Cushman & Wakefield represented both the buyer and the seller in the transaction. Financing for the acquisition was secured by Troy Tegeler of CBRE, and provided by Freddie Mac.

This acquisition brings Raintree’s holdings in California to 17 multifamily communities, consisting of approximately 2,800 units, according to Jeff Allen, CEO of Raintree Partners.

Jeff Allen

“This community is one of the largest and most accessible properties in the very supply constrained Sherman Oaks rental market,” Allen explained.  “We moved quickly to acquire this property, which is located in a densely populated area near many of the film studios.”

The Plaza at Sherman Oaks is located at 4500 Woodlman Avenue in the city of Sherman Oaks. The property contains 392-units located within eight, three-story buildings including studio, one- and two-bedroom units, as well as 20 three-story townhome villas.

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

Corynne Randel / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

CRandel@browermillercole.com  

Marcus & Millichap Announces Sale of Villa Serena Apartments in St. Petersburg, FL for $620,000.

Villa Serena Apartments, St. Petersburg, FL

 ST. PETERSBURG, FLA., January 17, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Villa Serena Apartments, a 9-unit garden-apartment community located in St. Petersburg, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset commanded a sales price of $620,000.

Casey Babb, a CCIM and senior multifamily specialist, and Luis Baez, associate, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the Tampa-based seller, a limited liability company.  

Casey Babb

Babb and Baez also secured the buyer of the property, Weller Residential, a private multifamily investment firm located in St. Petersburg, Florida.

Villa Serena Apartments was built in 1924 and is located at 336 8th Avenue Northeast.  The property consists of nine apartment units housed in a single-three-story, masonry-constructed building with a flat, built-up wood truss roof system. 

There is a mix of one efficiency unit and eight one-bedroom/one-bathroom units featuring renovated kitchens and bathrooms, hardwood floors, ceiling fans, window air conditioners and large, oversized closets.

The location off Beach Drive in St. Petersburg is irreplaceable and the surrounding ‘Old Northeast’ submarket is widely considered to be one of the strongest rental markets in the entire Tampa Bay area.

“Had it not been for some difficulty in overcoming fire code violations, we would have closed this transaction back in August or September, but the fact that the buyer remained in place during the process is a testament to what we’re seeing in the broader marketplace for well-located multifamily properties with management upside,” says Babb.

 “Currently, these assets can be financed with very favorable rates and terms.  Rental demand is very strong and will continue to be so and investment yields are outperforming other equity investment alternatives, such as stocks and bonds.  The buyer for Villa Serena is planning a major renovation, most of which was financed by the lender and will reposition the building into a trophy type of property in an already phenomenal location.”

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

Richard D. Matricaria

Regional Manager,

Tampa

(813) 387-4700

HFF secures $6.7 million refinancing for suburban Philadelphia retail power center

Jon Mikula

 FLORHAM PARK, NJ – HFF announced today that it has secured $6.7 million in acquisition financing for Burlington Towne Center, a 91,881-square-foot retail power center in Burlington Township, New Jersey.

                Working exclusively on behalf of The Hampshire Companies, HFF placed the seven-year, fixed-rate loan with Webster Bank. 

                Burlington Towne Center is located at 2703 Burlington Mount Holly Road, adjacent to the Burlington Center Mall and close to the New Jersey Turnpike and Interstate 295 about 20 miles northeast of Center City Philadelphia. 

Michael Klein

The center is fully leased to tenants including Dick’s Sporting Goods, Office Max, TGI Friday’s, AT&T Wireless, Burger King, Sleepy’s and IHOP.  Burlington Towne Center is shadow anchored by Home Depot, Target and Kohl’s, which are not included in the loan collateral.

                The HFF team representing The Hampshire Companies was led by senior managing director Jon Mikula and director Michael Klein.

The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey.  The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments.  Additional information on The Hampshire Companies is available online at www.hampshireco.com. 

Contact:

Kristen M. Murphy

Associate Director

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

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com

Ladder Capital and Pordes Residential Take Major Stake in Iconic Las Vegas Condos

Mark Pordes

LAS VEGAS–Two nationally recognized real estate companies recently closed one of the largest bulk condominium purchases in the western United States at the end of 2012.

 A joint venture between an affiliate of Ladder Capital Finance Holdings LLLP (“Ladder Capital”), based in New York City, New York, and Pordes Residential Sales & Marketing, LLC (“Pordes Residential”), based in Aventura, Florida, purchased 427 residential condominium units in Veer Towers from an affiliate of MGM Resorts International.

“High-rise condos on the Las Vegas Strip are a supply-constrained market, and the condos at Veer Towers are in a fantastic location surrounded by world-class amenities, including fine dining, casinos and entertainment,” stated Brian Harris, Ladder Capital’s founder and CEO.

 “We see premium value in the Las Vegas condominium market,” said Mark Pordes, CEO of Pordes Residential, who has over 25 years of experience marketing and selling luxury condominiums in Las Vegas and South Florida. “The unique qualities of Veer Towers and the worldwide appeal of Las Vegas make the offering attractive in this market rebound.”

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

Pordes Residential Medial Contact:

Boardroom Communications

Julie Talenfeld

jtalenfeld@boardroompr.com

(954) 370-8999

 Ladder Capital Media Contact:

Brunswick Group

Gemma Hart              

ghart@brunswickgroup.com

Andrew Roth

aroth@brunswickgroup.com

(212) 333-3810

Colliers International Hires Retail Team in Torrance, CA

     TORRANCE, CA -- Colliers International, Greater Los Angeles has hired one of Southern California’s most prolific retail investment teams.

    Kyle Matthews, a former Director of Marcus & Millichap’s National Retail Group, has joined Colliers International as Senior Vice President.

Also joining the team are Aron Cline, Chad Kurz, and Jordan Uttal.

John Hollingsworth

The team specializes in investment sales of retail properties across the U.S., with an emphasis on the West Coast. The team has completed over 120 deals with a combined value of over $350 million in revenue with both institutional and private investors.

Colliers Managing Director, John Hollingsworth states that Kyle "has created a unique team who demonstrate the ability to service the needs of their clients in this competitive retail market. We are very pleased to have them join Colliers International and provided them the additional service capabilities that they needed to continue to grow their business”.

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

Rainee Tiske

Marketing Specialist | PR GLA| Torrance, CA

Dir +1 310 381 2413

Main +1 310 381 1000

www.twitter.com/colliersgla

www.colliers.com

Americas Hotel Transaction Volume to Eclipse 2012 at $18.5 Billion in 2013

  

 CHICAGO, IL /PRNewswire/ -- Hotel real estate investors, who unlocked capital and aggressively bid on hotel assets in 2012, are expected to increase their buying activity in 2013.

The abundance of equity capital and improving debt markets will support a buoyant market for hotel trades this year.

Americas hotel transaction volume for the year is expected to surpass the $17.5 billion that 2012 netted, with a moderate increase to $18.5 billion[i], according to initial results from Jones Lang LaSalle's annual Hotel Investment Outlook report.

The Hotel Investment Outlook report is a forward-looking, global analysis which tracks key factors affecting the hotel investment market.

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

 Katie Sershon,

+1-312-228-2139,

Katie.Sershon@am.jll.com; or

Jessica Martin,

 +1-312-228-2983,

 Jessica.Martin@am.jll.com

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

IPA Arranges Two Portfolio Sales Totaling $72.4 Million

Spinnaker Wharf, Milford, CT

  MILFORD, CT– Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sales of two portfolios in Milford.

The two portfolios include a combined total of 335 multifamily units and 47,600 square feet of commercial space. Sold to separate investors, they commanded a total sales price of $72.4 million.

Spinnaker Walk, Milford, CT

IPA executive directors Victor Nolletti and Steve Witten were the sole advisors in the transactions. The buyers are Perpetual Real Estate Partners LP and Wolff Enterprises II.

“We’re proud to have served as advisors on these transit-oriented and pedestrian-friendly portfolios,” says Nolletti. “These assets are poised to provide excellent returns for their respective investors.”

Perpetual Real Estate Partners LP purchased Spinnaker Wharf, Spinnaker Walk and Spinnaker Square for $31,800,138. This portfolio overlooks Milford Harbor and  features 107 lifestyle rental units and 38,963 square feet of retail/commercial space all centered around downtown Milford. “This is irreplaceable real estate,” says Witten.

Victor Nolletti

Wolff Enterprises II LLC purchased Spinnaker Brook, Spinnaker Chase, Spinnaker Crest, Spinnaker Green, Spinnaker Hunt and Spinnaker Station for $40,603,227. These lifestyle- and transit-oriented assets are all within walking distance of the Milford train station, local restaurants and services. The portfolio consists of 228 multifamily units and 8,731 square feet of commercial space.

“This portfolio has it all,” concludes Nolletti. “It is located in an extremely high barrier to entry market dominated by high-income by-choice renters. The average rents are just 20 percent of the average resident’s income.”

 Contact:

 Public Relations

(925) 953-1716

Big Opportunity for Little Hotels: More Small Hotels Seeing Upside in Partnering with Expedia, Inc.

 Bellevue, WA – Jan. 18, 2013 - Expedia, Inc., the world’s largest online travel company, released data from the first nine months of 2012 indicating that the company has partnered with a larger number of small hotel partners, defined as hotels with 50 rooms or less, and an increase in net transactions from this sector by nearly 30 percent year on year for that period.

Small hotels represent about half of the hotels in Expedia’s direct global inventory.

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

Chris Daly

President

Daly Gray, Inc.

Ph: 703-435-6293

Cell: 703-864-5553

Charles Dunn Company Completes $5 Million Land Sale in Huntington Beach, CA to Hyundai Dealership

Albert Shilton

 LOS ANGELES, CA Jan. 17, 2013 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $5 million sale of a 1.64-acre parcel of land located in between Warner Ave. and Slater Ave. at 17222-17262 Beach Blvd. in Huntington Beach, Calif.

Albert Shilton and Blake Rogers of Charles Dunn Company represented the seller, Woodland Hills-based Hunbeach, LLC, and the buyer, Hardin Hyundai from Garden Grove.

Blake Rogers

Hardin Hyundai purchased the property all-cash with a seven day, non-contingent escrow.

“The well-located property garnered significant interest from developers and users of a variety of property types including multifamily, for-sale housing, retail, and auto dealerships,” said Rogers. “We procured 13 competitive offers and the property eventually sold for over the list price.”

The buyer plans on building a new dealership on the site.

“This was an ideal location for Hardin,” commented Shilton. “The site was previously entitled for an auto dealership, and has 394 feet of frontage along a main commercial artery within the City.”

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

W3 Partners and AllianceBernstein U.S. Real Estate Partners L.P Form Joint Venture to Acquire 64,336 SF Flex-Tech Building in San Jose, CA

  

3939 North First Street, San Jose, CA

 SAN RAFAEL, CA. (Jan. 17, 2013) W3 Partners, an institutional real estate investment manager and operating company, has acquired, on an off-market basis, a 64,336-square-foot, single-story flex-tech building in San Jose, Calif. from Prologis, in a joint venture with AllianceBernstein U.S.

Real Estate Partners L.P. Built in 1982 and situated on just under 4.3 acres, the property is located at 3939 North First Street.  The asset is currently vacant and undergoing improvements. 

Diane Olmstead

W3 Partners will be the operating partner for 3939 North First Street and is looking to complete the market-ready improvements for the property and commence an aggressive lease-up program.

Diane Olmstead, co-founding partner of W3 Partners, noted that this acquisition is their first co-invest joint venture with AllianceBernstein U.S. Real Estate Partners L.P. 

Olmstead said, “W3 is thrilled to have AllianceBernstein as a co-investment partner. The formation of this joint venture demonstrates W3’s current capitalization strategy whereby we consummate transactions using capital from our original partners, Hunt Realty Investments and Teacher Retirement System of Texas, which provides the competitive market advantage of certainty of close.”

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

George Smith Partners Secures Joint Venture Partner for Coastal Condo Development

Malcolm Davies

LOS ANGELES, CA (Jan. 17, 2013) – Commercial real estate investment banking firm George Smith Partners has successfully arranged $13 million in joint venture equity for its client, Zephyr Partners, which will assist the firm in beginning the development of a new, 35-unit luxury condo community called Ocean Street Condominiums, in Carlsbad, Calif., according to Senior Vice President Malcolm Davies.

Ocean Street Condominiums will be located at 2303 Ocean St. in downtown Carlsbad, Calif., within walking distance to the ocean and Buena Vista Lagoon. The project is estimated to be completed in 2014.

Carslbad, CA view of Pacific Ocean

The new joint venture partner for the project, a New York- based investment management company, provided the $13 million of equity for the coastal property where Ocean Street Condominiums will be built. 

  The property, which is currently occupied by a 51-unit apartment complex, was purchased by Zephyr in 2011.  Zephyr also holds the necessary entitlements to demolish the current structure.

Zephyr and the investment management company are now positioned to seek construction financing, and plan to break ground on the Ocean Street Condominium project in 2013.

“We arranged this partnership through our Equity Introduction Program, through which our team connects our clients with joint venture partners prior to the identification of a specific project,” explained Davies.

  “Through this process, we are able to more easily marry the needs of clients requiring equity with investors looking for projects in which they can invest.”

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

Corynne Randel/ Judith Brower

Brower, Miller & Cole

(949) 955-7940

Crandel@browermillercole.com

www.GSPartners.com

IPA Arranges Sale of Archstone Long Beach for $46 Million

Archstone Long Beach Apartments
Long Beach, CA

LONG BEACH, CA– Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Archstone Long Beach, a 206-unit, 145,276-rentable square foot multifamily community located in Long Beach’s Traffic Circle neighborhood.

The sales price of $46 million equates to $223,300 per unit.

Greg Harris

IPA executive vice president investments Greg Harris and directors Kevin Green and Joseph Grabiec advised the seller, Archstone, and represented the buyer, Western National.

“Archstone Long Beach is a true value-add renovation opportunity with a significant projected upside in rents,” Harris says. “This non-rent-controlled asset provides the investor with a unique opportunity to increase the property’s value by executing a sound renovation plan.”

Kevin Green

“Close to the Port of Long Beach, freeways and Cal State University, this property is in a prime submarket with a growing employment base,” adds Green.

Located at 1613 Ximeno Avenue, the property is less than 1.5 miles from Cal State University, 2.5 miles from the upscale beach community of Belmont Shore and just 7.5 miles from the Port of Long Beach, employer of over 30,000 people or one in eight Long Beach residents.

Joseph Grabiec

The complex provides easy access to interstates 405, 710 and 605, also known as the San Diego, Long Beach and San Gabriel freeways respectively, with an easy commute to employers throughout Orange and Los Angeles counties.

Constructed in 1985, Archstone Long Beach is comprised of 17 two-story buildings.

 The complex features eight different floor plans whose units include central air conditioning and heating, linoleum flooring, private patios and balconies, energy-efficient appliances, wall-to-wall carpeting, ceiling fans, mirrored wardrobes, fireplaces and walk-in closets in select units, and vaulted ceilings in second-floor units.

Community amenities including a swimming pool and spa, lighted tennis court, barbecue stations, landscaped courtyards, electronic card-operated laundry facilities, a modern leasing office, and covered and assigned parking.

 Contact:

Public Relations

(925) 953-1716

Raintree Apartments in Topeka, KS Sold by Marcus & Millichap for $5 Million

Raintree Apartments, Topeka, KS

TOPEKA, KS, Jan. 17, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Raintree Apartments, a 184-unit apartment complex located in Topeka, Kansas, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $5,150,000.

Alex Blagojevich, senior associate in Marcus & Millichap’s Tampa office and David N. Gaines, vice president investments in the firm’s Chicago office, had the exclusive listing to market the property on behalf of the seller, a limited liability company based out of California. 

Alex Blagojevich

The Florida-based buyer was also secured and represented by Blagojevich and Gaines.  Adam Christofferson is Marcus & Millichap’s broker of record in Kansas.

Raintree Apartments was built in 1974 and is 95 percent occupied.  This 184-unit apartment complex is located at 3708 SW 29th Street and is in close proximity to multiple interchanges at I-470, I-335 and I-70. 

Press Contact:

Richard D. Matricaria

Regional Manager,

Tampa, FL

(813) 387-4700

Net-Leased Whole Foods Store in Chicago Brings $11.58 Million

Whole Foods Store, Chicago, IL

 CHICAGO, Jan. 16, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a net-leased Whole Foods store in Chicago. 

The 41,148-square foot asset commanded a selling price of $11,580, 000, which equates to approximately $281 per square foot.

            Vice president investments Sean Sharko and senior associate Austin Weisenbeck, both in Marcus & Millichap’s Chicago Oak Brook office, represented the seller, a local partnership.

Sean Sharko

The buyer was represented by Juan DeAngulo of Transwestern Investment Management.

“With strong store sales, an irreplaceable location and a Whole Foods guaranty, the asset drew significant interest and multiple offers from the investment community,” says Sharko.

            “Moreover, the lease had ample term remaining and minimal landlord responsibilities, making it a near-ideal investment,” adds Weisenbeck.

Austin Weisenbeck

            Located at 6020 North Cicero Avenue on the city’s north side, the store sits at ground level in a multi-story 136-unit condominium complex that offers 37 surface parking spaces, as well as a 130-space underground garage exclusively for store patrons.

Situated at the lighted, hard corner of Cicero and Peterson, the grocery store is highly visible from Interstate 94 and easily accessible from the Peterson Avenue off-ramp. Traffic counts at the corner exceed 57,000 vehicles per day; Interstate 94’s own traffic adds 160,000 to the count.

Juan DeAngulo

The property’s lease commenced in February 2007 for a 15-year base term with five five-year options. As a net-lease operator, Whole Foods is responsible for its pro-rata share of taxes, insurance and common area maintenance. Currently, rent is approximately 2.5 percent of the company’s total sales. The asset’s new investor assumed the current in-place, nonrecourse loan.

Contact:

Public Relations

(925) 953-1716

Marcus & Millichap Announces Sale of 15.6-Acre Site in Winter Haven, FL for $340,000

Paul Bouldin

 WINTER HAVEN, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the year-end sale of King's Landing, a 15.60-acre parcel of land located in Winter Haven, Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office. The property was sold for $340,000.

Paul Bouldin and Michael Donaldson, senior associates in Marcus & Millichap’s Tampa office, represented the institutional seller, a limited liability company based out of Texas.  Mr. Bouldin and Eshenbaugh Land Company represented the buyer, a developer from Oklahoma.

Michael Donaldson

 King's Landing is located at the northeast corner of King Road and Crosstower Drive in Winter Haven, Florida.  It is situated approximately 200 feet north of the intersection of King Road and Winter Lake Road which has a traffic count of approximately 18,500 vehicles per day.  

Winter Haven is home to LEGOLAND Florida which is Florida’s newest theme park.   LEGOLAND Water Park was unveiled in May of 2012, just seven months later.

“In an effort to respond to the seller’s needs, we were able to migrate from offering, to contract execution, to closing in just a few weeks,” says Mr. Bouldin.  “The result satisfied the seller’s request and represented real value to a buyer willing and able to respond to the opportunity,” adds Mr. Bouldin.  “It was a very tight timeline and the successfully completed transaction was a real testament to everyone involved.

Press Contact:

 Richard D. Matricaria

Regional Manager, Tampa

(813) 387-4700