Plaza Advisors Announces Sale of Woodlake Plaza in Greenacres, FL

  

Jim Michalak

 TAMPA, FL -- Plaza Advisors is pleased to announce the sale of a grocery anchored shopping center named Woodlake Plaza in Greenacres (Palm Beach County) Florida.

The asset is situated at the intersection of Lake Worth Road and Sherwood Forrest Boulevard and totals 131,210 square feet of gross leasable area.

The major tenants include Monterrey Market, Dollar General, Goodwill, Phoenix Theatres, and Medical Institute of Palm Beach. The property also contains shadow freestanding outparcels: TD Bank, ABC Liquors, Olive Garden and Tire Kingdom. The asset was constructed in 1988 and was 97.6% leased at the time of sale.

Paul Bores

Jim Michalak and Paul Bores of Plaza Advisors represented the seller in the transaction. The seller and buyer were JBH Woodlake Plaza LLC and a south Florida private equity investor, respectively. 

Plaza Advisors is a real estate brokerage firm that specializes in the disposition of retail properties throughout the State of Florida. Plaza Advisors’ clients include private equity investors, developers, and major institutions including fund advisors, servicing agents, life insurance companies, REITs, and money center banks.

 Plaza Advisors has closed over 100 shopping center transactions, with a combined GLA exceeding 13 million square feet with an aggregate sales volume in excess of $1.5 billion.

Contact:

Jim Michalak

Managing Partner

3412 Bay To Bay Boulevard

Tampa, FL 33629

813.837.1300 Ext. 101

Fax 831.2627

jim.michalak@plazadvisors.com

 www.plazadvisors.com

SL Capital Arranges $34 Million CMBS Loan for Acquisition of Class A Student Housing Portfolio

Constantine Scurtis

 MIAMI, FLI – (Jan. 21, 2013) —SL Capital, an exclusive correspondent of Cantor Commercial Real Estate (CCRE), has provided financing that accelerated the purchase of a four-property, Class A student housing portfolio located in four separate states.

 A $33.5 million collateralized mortgage-backed security (CMBS) loan for the properties has a fixed rate, 10-year term, amortizes over 25 years and has 24 months of interest-only payments. The purchase price was $46.5 million.

 The buyer, Campus Evolutions, had initially sought financing from Freddie Mac. However, lender requirements stalled the buyer from closing on time. SL Capital stepped in and provided the financing needed to help the sale go through.

 “SL Capital can be more flexible and close faster than a government agency. We can be competitive with all lenders on this and other types of properties,” said SL Capital co-chairman and CEO Constantine Scurtis. 

The properties serve college students in Murray, KY, Ruston, LA, Warrensburg, MO, and Spartanburg, SC. All four student housing complexes were built in 2008 by the same developer and are all located within one mile from main campus. Almost all leases are based on a 12-month academic calendar.

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

 Media Contact:

Todd Templin

Boardroom Communications

954-370-8999 or 954-290-0810

ttemplin@boardroompr.com

Marcus & Millichap Announces Sale of 71,000-SF Self-Storage Facility in Fort Myers, FL

71,229-SF Self-Storage Facility, Fort Myers, FL

FORT MYERS, FL,Jan. 21, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a 71,229 square foot self-storage facility located in Fort Myers, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

Charles “Chico” LeClaire, a senior vice president investments in Marcus & Millichap’s Denver office and Michael A. Mele, a first vice president investments in the firm’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company based in California. 

Charles LeClaire

The Florida-based buyer was also secured and represented by LeClaire and Mele.

This self-storage facility was built in 2007 and is situated on approximately 4.8 acres of land. This investment has 537 self-storage units, of which 351 are climate controlled units, 116 are non-climate controlled units and 70 are RV/boat parking spaces.  Storage units range from 20 to 480 square feet. 

  The facility consists of one two-story building and three one-story buildings of concrete block with stucco finishing, garage-style, roll-up doors and steel seam roofs. 

Michael A. Mele

Amenities are top-of-the-line and include climate controlled units, drive-up units, security cameras, computerized gate entrance, roll-up doors, a manager’s office and a manager’s apartment above the front office.

“We were inundated with sellers demanding to close by year end to avoid the raise in capital gains tax in 2013,” says Mele.  “This self-storage transaction is a direct result of that push.”

  

Press Contact:

Richard D. Matricaria

Regional Manager, Tampa

(813) 387-4700

Marcus & Millichap Brokers Sale of Robinswood Apartments in Orlando, FL

Robinswood Apartments, Orlando, FL

ORLANDO, FL, Jan. 21, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Robinswood Apartments, a 33-unit garden-style community located in Orlando, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset commanded a sales price of $713,000 or $21,606 per unit.

Michael Donaldson, a senior associate and multifamily specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company and also represented the buyer.

Robinswood Apartments is located at 800 North Hastings Street.  Built in 1966 and 1969, the property consists of a two-story apartment building with 25 units and four duplexes. 

“The Robinswood Apartments was a classic value add sale that was unique because it included a 25-unit building and four duplexes, which were separately parceled,” says Donaldson.

“A seasoned foreign private investor purchased the property intending to stabilize the occupancy level and further capitalize on the desirable location just off West Colonial Drive and situated next to a recently renovated YMCA,” adds Donaldson.

Press Contact:

Richard D. Matricaria

Regional Manager, Tampa

(813) 387-4700

Julian Villas in Leesburg, FL Sold by Marcus & Millichap for $772,200

   

Julian Villas, Leesburg, FL

 LEESBURG, FL, Jan. 21, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Julian Villas, a 35-unit multifamily community located in Leesburg, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset commanded a sales price of $772,200 or $22,062 per unit.

Michael Donaldson, a senior associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the Florida-based seller and buyer, both limited liability companies.

Michael Donaldson

Julian Villas was built in 1984 and is located at 1103 Bentley Road.  The property has a unit mix of one, two and three bedroom units and is situated on 4.19 acres tangent to US-441, Leesburg’s main thoroughfare.

“Julian Villas received a large amount of interest from the investment community due to the 1980s construction, desirable unit mix and the fact that it was being offered well below replacement cost” says Donaldson.

“Even with the high number of offers generated, getting a buyer to the closing table proved to be a challenge due to the fact that there were two mortgage holders involved, both of whom were required to approve the short sale.

“Ultimately, we ended up closing with a very patient non-profit buyer with intentions of performing an extensive capital infusion upon takeover, that would provide future residents with a truly desirable place to call home,” concludes Donaldson.    

Press Contact:

Richard D. Matricaria

Regional Manager, Tampa

(813) 387-4700

$57 Million, Two-Property Multifamily Sale Arranged by Marcus & Millichap

  

Plantation Key Apartments, Brandon, FL

 BRANDON, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of two Tampa Bay Area multifamily communities totaling 982 units.

 The assets, Plantation Key and Providence Park, are located directly across the street from one another in Brandon. Their combined selling price is $57 million.

Jeffrey Meyer, a vice president investments, and Michael Donaldson, a senior associate, both in Marcus & Millichap’s Tampa office, represented the sellers, two private partnerships, and the buyer, a private Tampa-based real estate investment group.

Providence Park Apartments
Brandon, FL

 “These 1990-built properties required an investor with both a strong vision of the Brandon market and a proven ability to reposition a property within it,” says Meyer. “Our buyer has a history of successfully leveraging Tampa’s job growth and other favorable market conditions to achieve significant rent increases through common area and in-unit amenity upgrades.”

“Plantation Key and Providence Park’s superior location, in close proximity to a number of major employment centers and northeast Tampa’s desirable university area, supported the investor’s view that it was an excellent value-add candidate,” Meyer adds.

Jeffrey Meyer

“Typical buyers might have shied away from this property because of its large size and heavy unit concentration, which typically would have resulted in a management-intensive situation,” Donaldson concludes, “but thanks to his intimate market knowledge, this investor saw the upside potential in the location and the area’s job growth, and is even now planning a major entryway upgrade.”

The two Brandon properties are located at 1918 Plantation Key Circle and 401 Providence Road. They were built on 60.8 acres and total 871,380 square feet. The properties’ 15 distinct floor plans include 534 one-bedroom/one-bath units, 376 two-bedroom/two-bath units, and 72 three-bedroom/two-bath units.

Westfield Brandon Mall, Brandon, FL

Plantation Key and Providence Park are conveniently located less than half a mile from the intersections of State Road 60, the Crosstown Expressway and Interstate 75. Interstate 75’s office employment centers and the Tampa downtown business district’s own employment opportunities are both close by. 

Retail opportunities are highlighted by the Westfield Brandon shopping mall, a 1.2 million-square foot regional indoor shopping destination situated walking distance from the property.

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

Public Relations

(925) 953-1716

$6.8 Million Refinancing Arranged by Marcus & Millichap Capital Corp.

Glenn Gioseffi

KENMORE, WA – Marcus & Millichap Capital Corporation (MMCC) has arranged $6.8 million in new debt for a multifamily community in Kenmore, WA.

            Glenn Gioseffi, a director in MMCC’s Seattle office, arranged the loan.

            “The challenge in this transaction was to find comparables that supported the level of debt needed,” says Gioseffi. “As a result of paying off the existing loan early, the borrower needed higher leverage to offset a 2 percent prepayment penalty in addition to costs associated with the new loan. Comparables supporting our loan request were hard to come by,” adds Gioseffi.

Larry Corkins

            “Larry Corkins, a senior associate in the Seattle office of Marcus & Millichap Real Estate Investment Services, introduced us to the borrower, whom he had represented during the purchase of the property,” continues Gioseffi. “We turned to Mr. Corkins for comparables research, and he successfully located a number of sales that supported our appraisal.”

            “By providing appropriate comparables with Mr. Corkins’ help, we were able to raise the appraisal value by $400,000, which in turn added $300,000 to our loan amount for a more significant cash-out sum,” Gioseffi concludes.

            The 30-year loan amortizes over 30 years at 4.13 percent. The loan-to-value is 75 percent.

Press Contact:

Marcus & Millichap Capital Corporation

(925) 953-1716

CBRE Orlando Closes 558-Unit Lakeside Community in Orlando, FL

Carlton Arms South Apartments, Orlando, FL

ORLANDO, FL -- CBRE is pleased to announce that it has completed the sale of Carlton Arms South apartments for $15,300,000.

Shelton Granade, Luke Wickham, and Justin Basquill of CBRE’s Orlando office exclusively represented the seller in the transaction.

Built in 1972, Carlton Arms South offers studio, 1, 2, and 3 bedroom floor plans averaging 721 SF. The community features two pools, a large clubhouse, and a fitness center, and was 90% occupied at closing.The closing was a market leading 33rd multi-housing transaction locally in 2012 for CBRE.

Contact:

Shelton D. Granade, Jr., Executive Vice President

CBRE | Investment Properties - Multihousing

189 S. Orange Avenue, Suite 1900 | Orlando, FL 32801

T 407 839 3103 F 407 404 5001

Shelton.Granade@cbre.com

 www.cbre.com

 www.cbre.com/shelton.granade

Beech Street Capital Once Again Doubles Volume, Reaching $4 Billion in 2012

Grace Huebscher

BETHESDA, MD – Beech Street Capital, LLC, announced it has maintained its remarkable growth trajectory through its third year.  

It provided $4.0 billion in multifamily financing in 2012, achieving a 100 percent annual growth rate for the last two years. 

“We were determined this year to demonstrate that we could maintain our momentum,” says Grace Huebscher, Beech Street’s president and CEO.  “Thanks to our growing relationships with Fannie Mae, Freddie Mac and FHA, the support of our customers, and the determination of our team to deliver on every single transaction, we succeeded.” 

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

 Courtney Lewis at 240-507-1948 or

Jenifer Bernardi at 240-507-1946.

 www.beechstcap.com

Final Push: 850 New Condos Unsold In Greater Downtown Miami As Of 2012

Peter Zalewski

Some six years after the South Florida condo crash first began in 2007, about 850 new units created in Greater Downtown Miami during the last real estate boom remain under the control of the original developers as of the fourth quarter of 2012, according to a new report from CondoVultures.com.

New condo sales in Greater Downtown Miami transacted at a pace of about 67 units per month between January and December of 2012 compared to about 145 units per month in the same period in 2011, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Miami™. 

Even with the slower pace, buyers purchased more than 800 new units in Greater Downtown Miami for nearly $345 million - an average price of about $375 per square foot - between January and December of 2012, according to an analysis based on Miami-Dade County Clerk of the Court records.

A contributing factor in the reduced new condo sales pace is the weakening foreign currencies of some key countries from which international buyers are active in South Florida, including Argentina (-12%) and Brazil (-9%) on a year-over-year basis as of Dec. 31, 2012, according to the currency exchange website OANDA.com. 

"Greater Downtown Miami's new condo oversupply is on pace to sell out by the first quarter of 2014," said Peter Zalewski, a principal with the Greater Downtown Miami-based real estate consultancy Condo Vultures® LLC.

"Credit for the turnaround in Greater Downtown Miami's condo market should be given primarily to foreign buyers who have flooded into South Florida to purchase condo units at discounted prices.

“Several additional factors have also contributed to foreign investment in Greater Downtown Miami condos including the desire for wealth preservation, strong exchange rates, and strengthening rental rates."

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

Condo Vultures® LLC  at 800-750-0517.

HFF arranges $18.5 million financing for mixed-use property in Manhattan’s Chelsea neighborhood

Chelsea Muse Apartments
West Chelsea, New York City

NEW YORK, NY – HFF announced today that it has arranged $18.5 million in acquisition financing for the Chelsea Muse, a 28-unit, Class A multi-housing rental building with substantial retail in Manhattan’s West  Chelsea submarket.

                HFF worked on behalf of the borrower, Tavros Capital Partners USA, LP, to secure the five-year, fixed-rate loan.  The loan proceeds were used to acquire the property.

                The Chelsea Muse is located at 537 West 27th Street adjacent to the High Line Elevated Park in West Chelsea.  

Steven Klein

Tavros plans to re-brand the building through a focused marketing campaign.  Built in 2011, the residences were fully leased within five weeks of completion.  

The 18,000-square-foot retail component of the property is 100 percent occupied and consists of Pinch Food Design and a large below-grade event space leased upon closing to Skylight Group.

                The HFF team representing Tavros Capital Partners was led by managing director Steven Klein.

“Tavros Capital Partners had the vision and the foresight to purchase the property with the retail component vacant and was immediately able to add value to the property by signing a lease with the property’s largest retail tenant.  Through this acquisition, Tavros increases their footprint in Manhattan and in the West Chelsea submarket,” said Klein.

                Tavros Capital Partners is a privately-owned real estate investment management firm with offices in the U.S. and Europe.  Tavros owns or is developing five assets in New York City, totaling approximately 340,000 square feet, including: 560 West 24^th Street, 180 Avenue of the Americas, and 448-452 Broome Street.

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

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