NAI Heritage and NAI Realvest Complete $1.175 Million sale of Vacant Land in Sumter County, FL

  

The Villages, Lake and Sumter Counties, FL

  

ORLANDO, FL -- A 4.27 acre parcel located at 4477 East County Road 466. in Oxford, Fla. – west of The Villages in Sumter County – recently sold for $1,175,000.

Randy Buss

 Randy Buss of NAI Heritage in Ocala, negotiated the transaction representing Branch Banking and Trust Company, the Winston-Salem, N.C.-based seller referred by Robert Blackwell, SIOR of NAI Realvest in Orlando.

Robert Blackwell

 The buyer, Self Storage Associates, Inc. of Windermere, was represented in the transaction by Austin Anderson of Realty Executives-Lake County in Clermont.

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

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Charles Dunn Completes Sale of Vacant Multifamily Property in Los Angeles

  

2476 North Beachwood Drive, Los Angeles, CA

  

Michael Hibbert

LOS ANGELES, CA, Aug. 28, 2013 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $1.53 million sale of a vacant, five-unit multifamily property located just north of Franklin St. at 2476 N. Beachwood Drive in Los Angeles.

Michel Hibbert, senior managing director of Charles Dunn Company, represented the seller, an LLC from Los Angeles. The buyer was the Pachucki Family from Los Angeles who was represented by Andrew Maleski of ACM Properties. 

Andrew Maleski

“The property presented the investor with a strong value-add opportunity,” said Hibbert. “The buyer plans to renovate the vacant property in a submarket with just three percent vacancy and rising rents.”

According the Hibbert, the property was marketed for several months generating over 15 offers. “Through our extensive marketing program and sales expertise in the area, we were able to screen and select the ideal buyer who was the highest bidder with the highest likelihood of a smooth and quick closing. The property sold for 97 percent of the asking price.”

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

www.charlesdunn.com

MBA Reacts to Risk Retention Re-Proposal

                                         

WASHINGTON, D.C. (Aug. 28, 2013) – David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), issued the below statement following today's re-proposal of the risk retention rule.

David H. Stevens

“The re-proposed rule is a reflection of how well the notice and comment process can work.  Regulators proposed a rule and received a unanimous reaction from diverse groups within housing and real estate finance that the proposal would have unduly constrained  the availability of mortgage credit for many borrowers.

“As a result the regulators recognized the implications for consumers and the broad mortgage markets, and decided to alter and then re-propose a much better rule.

“We are extremely pleased with the proposal that aligns the Qualified Mortgage (QM) and Qualified Residential Mortgage (QRM) definitions for risk retention purposes.

“It is important to note that the risk retention rule impacts other asset classes including commercial mortgage-backed securities (CMBS). In that vein, MBA is gratified that the Premium Capture Cash Reserve Account (PCCRA) proposal was eliminated from the re-proposal. 

"The PCCRA would have required all issuer profits to be placed in a first-loss position, which would have eliminated the financial incentive for issuing CMBS.

“MBA applauds the regulators for carefully balancing the competing policy objectives in this rule, and looks forward to continuing to work with them to ensure that other portions of this rule are strengthened in order to bolster the real estate markets and also protect borrowers and investors.”

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

Rob Van Raaphorst

(202) 557-2799

Berger Commercial Realty Broker Judy Dolan Closes Five Leases at Merrill Industrial Center in Fort Lauderdale, FL

FORT LAUDERDALE, Fla. (August 28, 2013)- Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced broker Judy Dolan represented landlord Merrill Industrial Center, Inc. in five leases of warehouse space at Merrill Industrial Center in Fort Lauderdale.

Judy Dolan

Postal Center International renewed and expanded its lease to 32,568 square feet at 3406 S.W. 26th Terrace, Bay C-1.

World Wide Metric, Inc. renewed and expanded its lease to 12,213 square feet at 3402 S.W. 26th Terrace, Bay B-9-11.

Broadband Technical Resources, Inc. signed a new lease for 8,142 square feet at 3406 S.W. 26th Terrace, Bay C-8.

VKGS, LLC, doing business as Bingo Kings, renewed its lease of 8,142 square feet at 3402 S.W. 26th Terrace, Suite B-3/4.

Avenger Engineering, Inc., represented by Greg Milopoulos of Berger Commercial Realty, signed a new lease for 4,071 square feet at 3402 S.W. 26th Terrace, Suite B-5.

  

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

Marielle Sologuren

msologuren@piersongrant.com

(954) 776-1999, ext. 226

Hilton Worldwide Rolls Out Nearly 4,000 Hotels on Expedia Traveler Preference Program

Hilton Hotels Corp. headquarters, Beverly Hills, CA

  

Melissa Maher

Bellevue, WA, Aug.  28, 2013 – The Expedia® group, the largest online travel company in the world, announced that Hilton Worldwide has enabled nearly 4,000 hotels on the Expedia® Traveler Preference™ (ETP) program. These hotels now offer travelers choice on how they would like to pay for their reservation, either at the time of the booking or at the time of stay.

 “This innovation from Expedia’s ETP program will give us access to a wider pool of potential guests,” said Eduardo Schutte, ýsenior vice president of the Global Sales Services & Distribution Group at Hilton Worldwide.

Eduardo Schutte

 “Expedia Traveler Preference is a simple yet effective offering and we are delighted by the additional demand that we believe it will bring to our hotels.”

 In addition to Hilton Worldwide, other global brands that have rolled out ETP properties broadly include Accor and Marriott International, with about 1,500 and 3,000 properties live on the program respectively.

 “We are thrilled with the enthusiasm that Hilton Worldwide has shown for ETP,” said Melissa Maher, senior vice president of the Global Partner Group at Expedia. “Hilton has been the largest ETP rollout yet, and we see their commitment as a big endorsement of the value of the program.”

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

Lauralee@dalygray.com

Sperry Van Ness International Corp. Announces $19.65 Million Sale of 210-Unit Multifamily Property in Summerlin Area of Las Vegas

  

Indigo Creek apartments, 2200 Club Pacific Way, Las Vegas, NV

  

Las Vegas, NV (Aug. 28, 2013) Sperry Van Ness International Corporation (SVNIC) has announced the $19.65 million sale of Indigo Creek, a 210-unit Class A multifamily property in the Summerlin submarket of Las Vegas.  The property is located at 2200 Club Pacific Way near the 95 Freeway and Lake Mead Blvd.

David Baird

David Baird and Brandon Baird of SVNNV’s Las Vegas office represented the buyer, San Francisco-based FPA. Michael Miyagishima of SVNIC’s San Francisco office represented the seller, San Francisco-based Tomanek.

 “Las Vegas is in the early stages of recovery,” said David Baird, managing director. “Multifamily is arguably the strongest property sector for investment as the demand for quality rental units holds steady.

“Additionally, rental rates – which are still far below peak levels – offer plenty of room for value creation for an owner as rents are anticipated to continue to rise over the months and years to come.”

Michael Miyagishima

 Baird added that the property was a non-distress sale and the closing cap rate was a low 5.5 percent.

 Indigo Creek includes 21 buildings and is situated on 8.52 acres of land.  Community amenities include a fitness center, clubhouse, business center, playground, pool, and spa.

 There are 25 one-bedroom/two-bathroom units; 151 two-bedroom/two-bathroom units; and 36 three-bedroom/two-bathroom units with monthly rents ranging from $749 to $925. At the close of escrow, the community was 95 percent leased.

  

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

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Lincoln Wins New Leasing and Management Assignments in Metro Orlando

  

Kirkman Point, Orlando, FL

ORLANDO, FL (Aug. 28, 2013) – Lincoln Property Company Southeast (Lincoln) has been awarded new management and leasing assignments for four properties in metro Orlando.

Baldwin Park office building, Winter Park, FL

The firm won management and leasing assignments for Baldwin Park I and II and Kirkman Point.

Lincoln also won a management assignment for Water’s Edge Plaza, an office/medical office building less than two miles from Orlando Regional Hospital. Lincoln already has the leasing assignment for the property.

“We are honored that these property owners have entrusted these facilities to Lincoln, and we are exceptionally proud of our track record of delivering great results for our landlord clients,” said Scott Stahley, a senior vice president for Lincoln who oversees the firm’s Orlando office. 

Scott Stahley

“I’m excited to see the value our team will create with these new assignments.”

Built in 2003, Baldwin Park I and II are Class-A office buildings located in downtown Baldwin Park and are within walking distance of numerous restaurants, shopping centers and residential areas.

 The buildings total nearly 65,000 square feet and provide ideal locations for corporate headquarters and professional service firms. Baldwin Park I currently is fully occupied, and Baldwin Park II features up to 4,890 square feet of available office space.

Robert Kellogg

The four-story, Class-A Kirkman Point is LEED Silver-certified and is conveniently located off International Drive and one block from Universal Boulevard, with easy access to I-4, Florida’s Turnpike, John Young Parkway and the East/West Expressway.

Totaling 134,000 square feet, it features approximately 23,400 square feet of available ground-floor retail space.

The single-story, 47,000-square-foot Water’s Edge Plaza is ideal for family practice, medical and professional office use. It features ample parking and an on-site deli café.

Waters Edge Plaza,  Orlando, FL

Robert Kellogg, vice president – office for Lincoln, and Austin Stahley, a leasing associate with the firm, will oversee the leasing of Baldwin Park I and II and Kirkman Point. Kellogg already handles the leasing for Water’s Edge Plaza.

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

Stephen Ursery

The Wilbert Group

404-405-2354

sursery@thewilbertgroup.com

http://blog.lpcsoutheast.com. l

www.pcsoutheast.com

Michael Koontz Joins Voit Real Estate Management Services as a Real Estate Manager in Las Vegas, NV

Michael Koontz

Las Vegas, NV–Voit Real Estate Services’ Las Vegas office is continuing to expand in the greater Las Vegas market with the addition of Michael Koontz, a new real estate manager, according to Rob Cord, Managing Director of Voit’s Real Estate Management Services.

In his new position with Voit, Michael will be working with the existing management and leasing team for clients in the Las Vegas market.

Rob Cord

These responsibilities include leasing negotiations, document preparation, budgeting and financial analysis for all product types including office, industrial and retail.

 He will also be responsible for identifying new opportunities for the company in the Nevada market.

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

Jessamyn Miller  

Voit Real Estate Services

949-566-6422

jjmiller@voitco.com

www.voitco.com

.

NAI Realvest negotiates $1.08 Million Sale of professional office condominium in Sanford, FL for headquarters of national marketing firm

5739 Byron Anthony Place, Savannah Park, Heathrow, FL

Paul Partyka

Orlando, FL -- NAI Realvest recently negotiated the $1,080,000 sale of the entire second floor condo at 5739 Byron Anthony Place in Savannah Park at Heathrow off International Parkway and SR 46 in Sanford.   

Paul P. Partyka, principal and managing partner at NAI Realvest, who represented the local seller Home Office Holdings, LLC, said the property was purchased by 5739 BAP LLC d/b/a Xcel Media a provider of innovative direct mail campaigns for auto dealers nationwide.  

 Xcel Media will be locating their headquarters in the new class A office building which is part of the Savannah Park at Heathrow mixed use project.

Poinciana CommerCenter East
 Kissimmee, FL

Two Industrial Leases Completed  at Poinciana CommerCenter East in Kissimmee and Hanging Moss CommerCenter in Orlando

 ORLANDO, FL– NAI Realvest recently negotiated two lease agreements totaling 5,550 square feet of industrial space at Poinciana CommerCenter East in Kissimmee and at Hanging Moss CommerCenter in Orlando

Hanging Moss CommerCenter, Orlando, FL

Michael Heidrich, principal at NAI Realvest, represented landlord COP-Hanging Moss, LLC in a renewal lease agreement with Sunshine Hydroponics for 4,200 square feet at 6100 Hanging Moss Rd.  The tenant garden shop was not represented by an additional broker. 

 At the same time, Heidrich brokered a new lease representing the landlord Small Bay Partners LLC and the tenant JBO Fitness, LLC for 1,350 square feet in Poinciana CommerCenter East at 1741 Business Center Lane.   

The tenant who relocated from another Kissimmee industrial center was not represented in the agreement by a separate broker.

Crown Oak Center office condos, Longwood, FL

NAI Realvest negotiates $73,000 sale price for Longwood office condominium

  

ORLANDO, FL — NAI Realvest recently negotiated the $73,000 sale of an office condominium at Crown Oak Center off I-4 and SR 434 in Longwood.

Juan Jiminez

 NAI Realvest associate Juan Jimenez and managing partner Paul P. Partyka negotiated the sale of the 1,190 square foot office suite representing Zions First National Bank the Salt Lake City-based seller. 

The local buyer, Yashcon Investments, LLC was represented in the transaction by Raj Dasaee of DE-SAI Realty.

Stonegate Golf Course
at Solivita, Kissimmee, FL

Stonegate Golf Club at Solivita Redesigning 8th and 9th Holes at The Oaks Golf Course; Work to be completed in Two Weeks

KISSIMMEE, FL --- Stonegate Golf Club at Solivita in Kissimmee has launched a major redesign of the 8th and 9th holes on The Oaks golf course.

Christopher Russell, PGA, TPI, director of golf at Stonegate Golf Club at Solivita, said golf course architect George Clifton planned the work that will transform the 8th hole from a par 4 to a par 5. 

Christopher Russell

“Hole number 9 will become a par 4 and the par on the front side will remain a par 36, but with a different look from the tee that will allow for more decisions to be made on the approach,” Russell explained.

Russell said the work will take approximately two weeks to complete.

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

Beth Payan or Larry Vershel, Larry Vershel Communications 407-644-4142

Lvershelco@aol.com  

Has the Housing Market Stabilized? Listings, days on market and pending sales remained relatively unchanged over the past six weeks, Reports ZipRealty Inc.

  

EMERYVILLE, CA, Aug. 27, 2013 – ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ: ZIPR), the most prominent online technology powered residential real estate brokerage firm and real estate marketing solutions provider, has released the latest edition of its Housing Trends Report, which shows some initial signs of stability in the residential market, based on MLS data analyzed by ZipRealty.

Van Davis

“The trajectory of the real estate market as evidenced in the latest edition of ZipRealty’s Housing Trends Report is one of moderation with underlying strength,” according to Van Davis, ZipRealty’s President of Brokerage Operations.

“Home listings, median days on market and pending sales all remained relatively unchanged over the past six weeks. Additionally, the increase in median home prices moderated from 16.8% year-over-year in our last report to a still-strong 15.8%,” he adds.

 “Home listings remained 12% above 2012 levels as of July 31, 2013 at 170,492 in the markets we serve.

“As we noted in the last Housing Trends Report, several metros on the West Coast, which have had the greatest supply imbalances, are now seeing the biggest increases in listings.

“Listings grew 34% in Denver, 25% in Washington, DC/Northern Virginia, 24% in Portland, 22% in Orange County, and 21% in both Seattle and San Diego,” Mr. Davis says.

The volume of new home listings advanced the most in the following markets on a year-over-year basis as of July 31, 2013:

1)     Denver, 34%

2)     Washington, DC/Northern Virginia, 25%

3)     Portland, 24%

4)     Orange County, 22%

5)     Baltimore, 22%

“Even though it marks a 33% decline annually, median days on market in our 24 metros remained unchanged at 27 days from July 15 to July 31, 2013. 

"Pending sales shrank to 97,797 as of July 31, 2013, compared to 100,402 on July 15, 2013, providing additional evidence of moderation. Pending sales increased 17% YOY at the end of July 2013, whereas they jumped 24% YOY in mid-July 2013,” Mr. Davis notes.

“This 7% drop is likely the result of rapid appreciation over the past 12 months coupled with mortgage rates increasing this summer.

“The home price of $278,987 on July 31, 2013, marks a 15.8% YOY increase, but shows a slight decline from the period ending July 15, 2013 when the sales price was $282,034.

Leading metros in terms of price growth include Sacramento, the Bay Area, Las Vegas, Los Angeles and Phoenix,” concludes Mr. Davis.

“Overall, the increase in listings coupled with moderating price growth and sales volumes provide significant evidence that the real estate market is beginning to become more balanced.”

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

Stacey Corso

510.735.2667

scorso@ziprealty.com

www.ziprealty.com

Essex Realty Group Brokers Sale Of Two Single-Story Retail Storefront Buildings in Chicago, IL

  

2925---2935 North Central, Belmont Cragin District, Chicago, IL

  

Matt Welke

CHICAGO, IL, Aug. 27, 2013 -- Essex Realty Group, Inc. is pleased to announce the sale of 2925-35 N. Central,  two single-story retail storefront buildings in Chicago, Illinois.

 The buildings have a total of 5090 square feet on 34,744 square feet of land fronting Central Avenue, and are located approximately 2 blocks south of Belmont Avenue in the heart of Chicago’s thriving Belmont Cragin District. 

Formerly the site of a garden center and home improvement store, the existing buildings were built in 1952 and are in good, workable condition.

 The Northwest Side residential community of Belmont Cragin is home to a large number of Polish restaurants, shops and other businesses.  Before it was annexed by Chicago in 1889, this town was named after the Cragin Brothers’ metalworking company.

David Schwartz

Matt Welke and David Schwartz of Essex were the brokers in the transaction.  The price was approximately $460,000.

 Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area. 

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

Douglas Fisher

Essex Realty Group, Inc.

773.305.4910

dougfisher@essexrealtygroup.com

www.essexrealtygroup.com

Advanced Auto Parts in Sulphur, LA Sells to All-Cash Buyer for $970,000

  

Advance Auto Parts, 1380 East Napoleon Street, Sulphur, LA

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 SULPHUR, LA (Aug. 27, 2013)—Franklin Street Real Estate Services announces the sale of a 7,050-square-foot Advanced Auto Parts for $970,000 at $137.58 per square foot. 

Bryan Belk

The seller, a developer out of South Carolina, and the buyer, a Real Estate Investment Trust out of California, were both exclusively represented by Bryan Belk, Director of Franklin Street Real Estate Services.

“Our challenge in this case was negotiating between two parties,” Belk said. “However, we were able to renegotiate a 10-year lease extension with Advance Auto Parts, while also negotiating with the purchaser to an agreeable price.

“At the end of the day, we were able to net the seller a higher price and the buyer got the lease term they desired.”

The buyer is planning a long-term hold for the current single-tenant asset and is interested in purchasing additional locations.

“This was quite a high price for a property, particularly in Louisiana,” Belk said. “However, the location is strong and the store has robust sales.”

The Advanced Auto Parts is located at 1380 E. Napoleon St. in Sulphur, Louisiana a suburb of Lake Charles, a major cultural, industrial, educational center home to McNeese State University, Sowela Technical Community College, and a retail hub with hundreds of tourists each year.

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

Kelsy Pazur

813-839-7300, ext. 337

Kelsy.Pazur@FranklinSt.com

@FranklinST_llc

www.FranklinSt.com

ARA Announces $12.5 Million, 224-Unit Sale in East Jacksonville, FL

  

Rendering of Huntington at Hidden Hills, East Jacksonville, FL

Jacksonville, FL — The Jacksonville office of Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently brokered the sale of 224-unit Huntington at Hidden Hills in the desirable East Jacksonville, FL, submarket.

Matt Wilcox

The ARA Central and North Florida-based sales team, led by Senior Vice President, Matt Wilcox and Principals Kevin Judd and Patrick Dufour represented San Francisco, CA-based McDowell Properties and GA-based AREA Properties Partners in the $12,500,000 sale. 

Jacksonville, FL-based Michaelson Group purchased the asset, which was 96% occupied at the time of sale.

Kevin Judd

Michaelson Real Estate Group targets multi-family assets with value-add potential in order to enhance values by utilizing its core marketing, management and repositioning capabilities.

“Huntington at Hidden Hills is a prime example of the rebound in the Jacksonville Multi-Family sector.

“The asset was last purchased from a distressed situation in 2011. The seller turned and stabilized the tenant base and infused necessary deferred capital.

Patrick Dufour

“The buyer will continue the work with value-add upgrades to the property amenities and unit interiors bringing the performance in-line with the stabilized comp set,” commented Matt Wilcox.

Built in 1986, Huntington at Hidden Hills Apartment Homes benefits from an excellent location with superb visibility along Monument Road, with an average daily traffic count of 26,000.

The property enjoys convenient accessibility to I-295 and the Arlington Expressway, both located just minutes west, providing a quick route to downtown and “beltway” access to the greater Jacksonville area.

“Jacksonville continued its upward trend in occupancy rates through 2012, and as of 4Q 2012, occupancy was recorded at 92.7%, representing a full 2% improvement year-over-year and a drastic 3.7% increase over two years,” added Wilcox.

  

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

 Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or

Amy Morris at amorris@ARAusa.com, 678.553.9366;

 locally, Marti Zenor at mzenor@ARAusa.com or 561.988.8800. 

HFF secures $21.4 million construction/permanent loan for anticipated LEED Platinum multi-housing community in North Portland, OR

Rendering of planned Cathedral Apartments, 8680 North Ivanhoe Street
North Portland, OR

PORTLAND, OR – HFF announced today that it has secured $21.4 million in construction/permanent financing for Cathedral Apartments, a to-be-built, 165-unit multi-housing development in North Portland, Oregon. 

Tom Wilson

               HFF worked on behalf of the borrower, St. Johns Ivanhoe LLC, in arranging the 42-year, 4.76 percent, fixed-rate loan through Greystone, the leading FHA multifamily lender in the country. 

It is anticipated that the apartments will be LEED Platinum certified.  LEED, an acronym for Leadership in Energy and Environmental Design, is a certification offered by the U.S. Green Building Council (“USGBC”). Platinum is the highest designation available through the USGBC.  If the apartments successfully obtain LEED certification, this will be the first LEED Platinum Certified construction project HUD has completed in the nation.

Patrick H. Kessi

The property is located at 8680 North Ivanhoe Street, close to the St. Johns Bridge and the Willamette River in North Portland.

Due for completion in late 2014, the apartments will consist of a four-story building with studio, one-bedroom and two-bedroom residences. 

The current plans also include live-work spaces.  In addition to the 165 residences, there will be gated underground parking, bicycle parking and ground-floor retail. 

The building will feature a club lounge and demonstration kitchen, fitness center, pet-grooming area, interior courtyard complete with water feature, fire feature, and BBQs, and rooftop patio with BBQs and outdoor seating. 

               The HFF team representing the borrower was led by managing director Thomas Wilson.

“Tom Wilson and HFF are part of a great team,” said developer Patrick H. Kessi. “This team’s efforts will help bring an environmentally and economically responsible development to the community of St. Johns, creating a building of which the community can be proud for the years ahead.”

 . 

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

 www.twitter.com/hff