Friday, October 18, 2013

MACK Companies Offers 10 Immediate Delivery Townhomes at Fay’s Point in Blue Island, IL


Fay's Point model home, Blue Island, IL

CHICAGO, IL– Tinley Park-based MACK Companies announced that 10 new construction townhomes are ready for immediate delivery at Fay's Point, a 27-acre marina community in Blue Island, Ill.

Eric Workman
 Five two-bedroom and five three-bedroom, two-story townhomes are available for sale, with prices ranging from $204,900 to $249,900 for 2,015 to 2,481 square feet.

 “Fay’s Point really has it all, as it combines high-quality housing, a prime location and affordable pricing, which appeals to a broad number of homebuyers, particularly those looking to purchase a home before interest rates get much higher,” said Eric Workman, vice president of sales and marketing at MACK.

“Single professionals and young couples will love being less than 20 miles from Chicago’s Loop, families will be drawn to the quiet marina neighborhood and empty-nesters will enjoy the laid-back lifestyle, with walking paths and boat dock right at their doorstep.”

Less than 20 miles south of Chicago, Fay's Point is in the early stages of development with a total of 30 existing townhomes, including the 10 new construction units available for immediate sale.

The development also includes home sites for 44 new-construction townhomes, five lots capable of up to 236 new multifamily units and a marina with more than 80 boat slips.

Planning for the new construction is underway, positioning this marina community to be a major destination in the thriving south Chicago suburb.
  
Keith Tarasiewicz
Fay’s Point is located just off of I-57, at 1522 Broadway in Blue Island, with close proximity to two Metra Rail stops and just minutes from a number of major retail outlets, restaurants and entertainment.  

For more information on the immediate-delivery townhomes or to schedule a tour, contact Keith Tarasiewicz by phone at 855-440-6225, email keitht@ibuymack.com or visit www.fayspoint.com.

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

Julie Liedtke
312-267-4521

Kim Manning
312-267-4527

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Sustainable Affordable Housing Community Utilizing Innovative Energy Saving Techniques Opens in Buena Park, CA

  
Park Landing Apartment Homes, 8850 La Palma Avenue, Buena Park, CA


 BUENA PARK, CA – WNC, a national investor in real estate and community development initiatives, announced today the completion of Park Landing Apartment Homes, a 70-unit, four-story affordable housing project in Buena Park, Calif.

Laura Archuleta
WNC provided $7.5 million in low-income housing tax credit (LIHTC) equity to fund the energy efficient project, which is believed to be the first in Orange County to incorporate a substantial sustainable “green roof,” totaling approximately 20,000 square feet. 

With a total project cost of $22 million, Park Landing Apartment Homes is located at 8850 La Palma Ave. and was developed in partnership with Jamboree Housing Corporation.

 The garden-style community offers a mix of one-, two- and three-bedroom units and is available to working families earning between 30 percent and 60 percent of the area’s median income level.

Property amenities include: an outdoor patio area; children’s play area with an Imagination Playground containing moveable building pieces to promote cognitive and social abilities; barbeque and picnic areas; and a basketball court. Residents are also able to enjoy a community center, fitness room, tutoring and computer lab, kitchen and laundry facilities.

Gregory Hand
“WNC is proud to have participated in the development of Park Landing Apartment Homes, which is nothing short of revolutionary for the Orange County area,” said WNC’s Gregory Hand, Senior Vice President, Underwriting.

 “Great care was taken to ensure that what was previously an urban infill site would become an exceptional affordable and sustainable community that improves the lives of its residents and the entire county.”

Park Landing Apartment Homes utilizes a 20,000-square-foot “green roof” that covers its 142-space asphalt parking area to promote biodiversity and carbon sequestration, which facilitates the absorption of carbon dioxide by nearby green plants. 

The green roof will reduce the so-called “heat island effect” generated by the asphalt of an open parking area, as well as capture, reduce and filter storm water runoff to be used throughout the property.

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

Julie Leber
Spotlight Marketing Communications
949.427.5172, ext. 703 – direct
509.338.5676 – mobile


Thursday, October 17, 2013

Charter Realty and Regency Centers Purchase Fellsway Plaza in Medford, MA


Fellsway Plaza, Medford, MA
 
Paul Brandes
MEDFORD, MA--(BUSINESS WIRE)-- Charter Realty & Development Corp. and Regency Centers Corporation (NYSE:REG) closed on the acquisition of Fellsway Plaza, a 150,000-square-foot neighborhood center anchored by a recently constructed Stop & Shop.

Located in Medford, Mass., the property was acquired from Berenson Associates of Boston through a joint venture between Charter and Regency. Permanent and development financing for the transaction was provided by PNC Bank. Hank Blake of Blake Commercial Property Group represented the buyer in this transaction.

Dan Zelson
 “Fellsway Plaza is an iconic infill location in the Boston metro area that cannot be replicated; exactly the kind of property we will continue to target,” said Paul Brandes, principal of Charter.

Constructed in multiple phases dating back to the 1950s, Fellsway Plaza has not changed hands since its original ownership built the property, which has always served as the gateway retail location for consumers traveling south on the Fellsway toward Boston. Stop & Shop at this location has consistently outperformed the other area grocers serving this trade area.

Barry Argalas
“We are excited to add this high quality asset to our growing portfolio and look forward to expanding our footprint within the Boston MSA,” said John Hricko, vice president and regional officer at Regency Centers.

Dan Zelson, principal of Charter adds, “Our redevelopment plans make this the type of project tenants are seeking in today’s marketplace. There are few opportunities of this nature.”

A modern theme will update the building’s aesthetics, while planned upgrades in existing tenancies will reinvigorate the property’s tenant mix. The common areas will be renovated with plantings and pedestrian scale elements to further enhance the shopping environment.

John Hricko
Slated to begin in the spring of 2014, construction will include a new satellite building along the property’s frontage. Charter will be responsible for development, property management and leasing on behalf of the joint venture.

“We truly look forward to working with Charter and believe our joint venture will be quite successful in implementing our strategies to upgrade the facility,” said Barry Argalas, senior vice president of national transactions at Regency Centers. “We fully expect this asset to be representative of other high quality properties in the Regency portfolio.”

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

Paul Brandes, 914-701-4002
Principal
or
John Hricko, 610-747-1205
Vice President, Regional Officer


Cohen Commercial Realty Signs Dr. Tim Willingham to New Lease in West Palm Beach, FL


Emporium Shoppes, Military Trail and Okeechobee Boulevard, West Palm Beach, FL

West Palm Beach, FL— Bryan S. Cohen and Allan Carlisle of
Bryan S. Cohen
Cohen Commercial Realty, Inc., announced the signing of Dr. Tim Willingham, to lease a 2,355-square-foot unit at Emporium Shoppes located on the northwest corner of Military Trail and Okeechobee Boulevard. Cohen Commercial Realty, Inc., represents the tenant. They join Tuesday Morning, The Vitamin Shoppe, Zuccarelli’s Italian Kitchen and Farmer’s Market.

Allan Carlisle
Dunkin Donuts Takes 3,000 SF at Lantana Village Square

Lantana, FL— Bryan S. Cohen, Allan Carlisle and Travis Langhorst of Cohen Commercial Realty, Inc., announced the signing of Dunkin
Donuts, to lease a 3,000-square-foot outparcel at Lantana Village Square located on the northwest corner of U.S. Highway One and Hypoluxo Road. Cohen Commercial Realty, Inc., represents the landlord, Equity One, and Alex Karas with Cap Rate Group represents the tenant. Dunkin Donuts joins K-Mart, Winn-Dixie and Bank of America.
  
Travis Langhorst
Half Price Furniture Warehouse Leases 3,887-SF Endcap at Village Marketplace in West Palm Beach, FL

West Palm Beach, FL— Bryan S. Cohen and Allan Carlisle of
Cohen Commercial Realty, Inc., announced the signing of Half Price Furniture Warehouse LLC, to lease a 3,887-square-foot endcap at Village Marketplace located on the northwest corner of Okeechobee Boulevard and Haverhill Road. Cohen Commercial Realty, Inc., represents the landlord. There they join Guitar Center, Family Dollar and La Brasa Rotisserie & Grill.

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

Jamie Crocker
561.471.0212 phone
561.471.5905 fax

Taylor & Mathis Orlando Announce Over 10,000 SF in Lease Transactions in Central Florida


Primera Tower Two, Lake Mary, FL

Damien Madsen
ORLANDO, FL --  Damien Madsen, Principal of Taylor & Mathis Orlando announced today the completion of over 10,000 square feet in leases in Lake Mary and Maitland.

 Damien Madsen and Darryl Hoffman recently completed two leases totaling 6,600 square feet in Lake Mary including one lease totaling 3,696 square feet in Tower I at Primera for Phacil, Inc. and a 2,904 square foot lease for Michael Baker in Tower II at Primera. 

Darryl Hoffman
In Maitland, Madsen and Hoffman finalized a 3,500± SF lease for the Recovery Village at the Point 100 building.  Taylor & Mathis represented the Landlord in these transactions.

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

Buffy Gillette
222 W. Maitland Blvd
Maitland, FL  32751
407.622.6699

NAI Realvest Negotiates Five Leases totaling 27,457 Square Feet of Industrial space at Goldenrod, Hanging Moss and Monroe CommerCenters in Central Florida


Goldenrod CommerCenter, 1476 North Goldenrod Road, Orlando, FL


Michael Heidrich
ORLANDO, FL– NAI Realvest recently completed five lease agreements, including new, renewal and expansion leases, totaling 27,457 square feet at Goldenrod, Hanging Moss and Monroe CommerCenters in Orange and Seminole counties.

 NAI Realvest Principal Michael Heidrich represented Landlord Monroe North SPE, LLC in a lease renewal agreement with ABM Building Services LLC formerly Linc Services Co. for 10,786 square feet at Monroe CommerCenter North, 4150 Church St. in Sanford.  Katie Trott of CNL Commercial represented ABM.

Hanging  Moss CommerCenter, Orlando, FL
At Monroe CommerCenter South, Heidrich represented Monroe South SPE, LLC, in a renewal and expansion lease agreement with Advantage Medical Systems, Inc. who occupies 4,320 square feet in Suite 1029 but also expanded into Suite 1021 with 2,160 square feet.

 Heidrich also negotiated a renewal of  6,000 square feet in suites 440-460 occupied by Automatic Racing, LLC at Hanging Moss CommerCenter representing landlord Hanging Moss SPE, LLC.


Jason Schrago
  Jason Schrago of CNL Commercial represented the tenant.    In other business for the landlord at Hanging Moss, Heidrich leased 2,000 square feet to a new tenant, Stagg, Inc., a landscape maintenance and irrigation firm.

 A lease renewal was negotiated by Heidrich on behalf of the landlord Goldenrod SPE, LLC at Goldenrod CommerCenter, 1476 N. Goldenrod Rd.  Tenant Mobile Oval Auto Repair LLC occupies Suite 325 with 2,191 square feet. 
  
For a complete copy of the company’s news release, please contact:

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

NAI Realvest Negotiates Sale of 1.25 Acre Retail Lot in Oviedo, FL for $665,000


Former Bruster's Ice Cream Shop, 1024 Lockwood Boulevard, Oviedo, FL

George Viele
ORLANDO, FL – NAI Realvest recently negotiated the $665,000 sale of 1.25 acres of retail land, the former site of a Bruster’s Ice Cream shop, at 1024 Lockwood Blvd. in Oviedo.  

 George Viele, associate at NAI Realvest, negotiated the transaction representing the seller, Bank of America, NA of Baltimore.

The buyer UP Fieldgate US Investments-Lockwood Blvd. LLC, was represented in the sale by Jared B. Ettinger of Berkshire Realty LLC.    

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

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

NAI Realvest Negotiates New and Renewal Leases at the Citadel International III in southeast Orlando, FL


Citadel International III, 5950 Hazeltine National Drive, southeast Orlando, FL

Mary Frances West
ORLANDO, FL – NAI Realvest recently completed three lease agreements for office space totaling 23,605 square feet at the Citadel International III office building located at 5950 Hazeltine National Drive in Southeast Orlando.

 Senior Associate Mary Frances West, CCIM and Matt Cichocki, principal, negotiated the lease transactions on behalf of the landlord, Citadel Partners, LTD., of Groveland, Fla. 

 The U.S. Dept of Homeland Security, a tenant in the building since 2002, renewed its lease of suite 140 with 19,905 square feet for another long-term.  


Matt Cichocki
A new tenant, Guidance Software Inc., a Pasadena, Calif.-based firm globally recognized as a leader in digital forensics, cyber security and e-discovery solutions, has leased suite 620 with 2,876 square feet.   John Gay of Cresa Orlando and Carlo Brignardello of Cresa Los Angeles represented the tenant.

 Altenesol LLC renewed its lease of suite 290 with 824 square feet.

 NAI Realvest handles management and leasing of the Citadel International III.

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

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

Wednesday, October 16, 2013

Affordable Senior Housing Community Opens Near Charlotte, NC

  


CHARLOTTE, NC– WNC, a national investor in real estate and community development initiatives, announced today the completion of Highland Memorial Apartments, a 75-unit senior housing community in the Charlotte, N.C. suburb of Gastonia.
  
Gregory Hand
WNC provided $10.2 million in tax credit equity, using a combination of low-income housing tax credits (LIHTC) and historic tax credits to fund the project that converted the abandoned hospital into a quality affordable home for seniors.

With a total project cost of $11.7 million, Highland Memorial Apartments consists of two buildings that were redeveloped by The Landmark Group of Winston-Salem, N.C.

Located at 401 N. Highland St., Highland Memorial Apartments offers a mix of one- and two-bedroom units, with monthly rental rates ranging from $254 to $595.

 The property is available to seniors earning between 30 percent and 60 percent of the area’s median income. Unit amenities include washer/dryer hookups, new appliances and hardwood floors. The property also offers two community rooms for tenants and onsite adult education classes.

“Highland Memorial Apartments was converted through the adaptive reuse of an abandoned hospital originally constructed in the early 1920s,” said WNC’s Gregory Hand, Senior Vice President, Underwriting.

“The property is located in an area with a significant need for low-income senior housing and immediately received numerous applications as soon as the process began.

“We are thrilled to expand our relationship with Landmark, with whom we have provided a number of properties to seniors and families in need, and are pleased to offer the seniors of Gastonia this modern, affordable housing option.”

Highland Memorial Apartments, Gastonia, NC
Asheville-based Rowhouse Architects provided architectural services while Rehab Builders Of Winston-Salem served as general contractor. 

Through its Neighborhood Stabilization Program, the City of Gastonia provided a $600,000 loan to help finance the Highland Memorial Apartments project. Non-profit Preservation North Carolina aided in the development of the project.

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

Jill Swartz
Spotlight Marketing Communications
949.427.5172, ext. 701 – direct
949.485.1552 – mobile


County of San Bernardino Proves to Be Location of Choice for Trident Case; Manufacturer Adds 42,000-Square-Foot Facility Bringing Total County Operations to More Than 110,000 Square Feet of Space



  


  
Lip Yow
COUNTY OF SAN BERNARDINO, CA, -- Trident Case, based in Ontario in the County of San Bernardino, has announced plans to move more of its manufacturing to the U.S. from China. The firm acquired a 42,000-square-foot manufacturing facility in Rancho Cucamonga to facilitate the expansion.

According to Lip Yow, president and founder, Trident Case, the mobile device case manufacturer started operations in 2010 in a 2,000-square-foot manufacturing facility in Chino.

The firm has now grown to more than 111,000-square feet including its new 42,000-square-foot manufacturing facility in Rancho Cucamonga and a 70,000-square-foot corporate office in Ontario.

 The Rancho Cucamonga facility is now running at 25 percent capacity, with a target of being at full capacity by the end of summer 2014, adding 75 new jobs by the end of the year. 

Kelly Reenders
The growth is a result of the company’s goal of rapidly moving to onshore 50 to 75 percent of its manufacturing business from China to inland Southern California.

“Trident Case is a perfect example of how successful an innovative manufacturing company can be in the County of San Bernardino,” said Kelly Reenders, economic development administrator, County of San Bernardino.

“While the company benefits from our large workforce and strategic location, our County and City representatives and associated team members have been able to provide significant assistance and resources to help Trident Case to grow and thrive – and more importantly hire more employees to further expand their market share.” 

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

Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224



HFF arranges $62.4 million financing for condominium development in Manhattan’s Greenwich Village

  
Rendering of planned residential condominium community at
12 East 12th Street, Greenwich Village, Manhattan, NY

NEW YORK, NY – HFF announced today that it has arranged a $62.4 million construction loan for the redevelopment of 12 East 13th Street, a for-sale residential condominium project in Manhattan’s Greenwich Village neighborhood.

Michael Gigliotti
HFF worked on behalf of the borrowing team of DHA Capital, Continental Properties and Ramius.  HFF secured the non-recourse loan through Apollo Commercial Real Estate Finance (NYSE: ARI).  Proceeds will be used to redevelop an existing eight-story parking garage into a 12-story, luxury residential condominium property called 12 East 13th Street.

The building is located just south of Union Square between University Place and Fifth Avenue in Greenwich Village.  The project is scheduled for completion in spring 2015 and will consist of eight large residences along with street level retail. 


Andrew Scandalios
The property will include three-, four- and five-bedroom homes with high ceilings and top of the line finishes.  The website for the building is: www.12e13.com.          

               The HFF team representing the borrower was led by associate director Michael Gigliotti and senior managing director Andrew Scandalios.

               “12 East 13th Street has an exceptional Greenwich Village location and each unit will have a private automated parking space along with the best finishes in the market, feeding the pent-up demand for large-format, super luxury residences,” mentioned Gigliotti. 

Greenwich Village, Thompson Street
Manhattan, NY
“The owner recognized this potential when purchasing the site and Apollo Commercial Real Estate Finance confirmed the borrower’s vision by providing a unique and comprehensive construction loan product.”

DHA Capital LLC is a NYC-based real estate development and investment firm.  Founded in 2009, DHA focuses on the development of high-quality urban infill real estate projects.  The Principals of DHA are Daniel Hollander and Joshua Schuster.

Continental Properties, one of the largest and most successful residential building and development organizations in the tri-state region, was founded more than 50 years ago. 

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

Pine Lakes Mobile Estates in Prescott, AZ Sells for $38 Million, Highest Recorded Sale of Manufactured Home Community in Arizona


Pine Lakes Mobile Estates, 3707 West Pine Lakes Drive, Prescott, AZ

PRESCOTT, AZ – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Pine Lakes Mobile Estates, a 315-space, age-restricted manufactured home community in Prescott, Ariz.

Evan C. Barry
The sales price of $38 million equates to $120,635 per space, which is the highest price ever recorded in the state.

            Evan C. Barry, an associate director of Marcus & Millichap’s National Manufactured Home Communities Group in Newport Beach, Calif., represented the seller, a private owner selling his third and final manufactured home property.

Barry also represented the buyer, Hometown America, a private investment group.  Sanford Burstyn, a vice president investments in the firm’s Phoenix office, is Marcus & Millichap’s broker of record in Arizona.

Sanford Burstyn
Marcus & Millichap Capital Corp. (MMCC) arranged the original assumable first trust deed on the property in July 2012 and Rick Judge, a vice president capital markets in MMCC’s Newport Beach office, assisted in arranging the second trust deed.

            “Improving operations, steady cash flow potential, and generally higher yields than offered by other investment property types are attracting more and more investors to manufactured housing assets,” says Barry. “Our marketing efforts on behalf of Pine Lakes Mobile Estates attracted the attention of buyers from across the investment spectrum.”

The property is a particularly appealing community with just 4.7 homes per acre,” adds Barry. “Mountain lakes and forest views give the place a private, mountain retreat-like feel, yet it is close to town.”

Rick Judge
            The park is located 3707 West Pine Lakes Drive in Prescott, Ariz., with direct access to Prescott National Forest.

            Amenities at Pine Lakes Mobile Estates include two fishing lakes, a large clubhouse, an outdoor heated swimming pool and Jacuzzi, weight-training facility, tennis court and RV storage. The community’s topography and landscaping promote and encourage walking, hiking, biking and fishing.

Local municipalities and service companies provide the property’s utilities.
       
For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
(925) 953-1716


$12.8 Million Multifamily Sale in Utah Arranged by Marcus & Millichap


Broadway Place Apartments, 556 East 300 South, Salt Lake City, UT

Daniel Shin
SALT LAKE CITY, UT  – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Broadway Place, a 73-unit senior living apartment property in Salt Lake City.

            Daniel Shin, a senior associate in Marcus & Millichap’s Salt Lake City office, represented the buyer, a limited liability company.

            “Well-located properties in Salt Lake City like Broadway Place are attracting a high degree of investor interest as out-of-state buyers, especially those from the West Coast, are expanding the buyer pool and chasing higher first-year yields than those found in coastal markets,” says Shin. “Demand for seniors housing units is also intensifying, thanks to a rapidly improving housing market.”

The property is located at 556 East 300 South in Salt Lake City’s central city historic district.

Built in 2012, the 78,330-square-foot Broadway Place is a pet-friendly community that provides residents with 24-hour emergency maintenance services, secure underground parking, a garden courtyard, a large social room and a discounted Internet and satellite TV package.

Apartments feature nine-foot ceilings, TV and data outlets in the living room and bedrooms, washer and dryer, built-in microwave and dishwasher and private patio or balcony.

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

Gina Relva
Public Relations Manager
(925) 953-1716


$13 Million Apartment Building Sale in Northeast Philadelphia Arranged by Marcus & Millichap


Beechwood Gardens Apartments, 9805 Haldeman Avenue, Philadelphia, PA

PHILADELPHIA, PA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Beechwood Gardens, a 160-unit apartment property in northeast Philadelphia. The asset sold for $13,000,000, which represents $81,250 per unit.

Ridge MacLaren
Clarke Talone, Ridge MacLaren, and Andrew Townsend, investment specialists in Marcus & Millichap’s Philadelphia office, facilitated the transaction between the seller, a New York-based limited liability company, and the buyer, a local limited liability company.

“We sold this asset four years ago during a time when not much was trading,” says Talone.  “The sellers did a good job managing the property and have consistently maintained occupancy in the mid-to-high 90 percent range.”

“Beechwood Gardens represented an excellent opportunity for the buyer to break into the strong northeast Philadelphia apartment market with immediate scale,” adds Talone. “We worked with the buyer for several years before we identified the right asset to pursue and ultimately execute our strategy.” 

Clarke Talone
The buyer assumed an agency loan with a rate higher than current market rates. 

“The assumption process took some time, but the buyer and seller were very cooperative with one another,” notes MacLaren. “This transaction is indicative of the fact that there is an abundance of capital pursuing quality multifamily assets right now.

“In fact, the supply of capital far outweighs the available inventory of on-market properties,” MacLaren adds. “Therefore, well-priced real estate in solid in-fill locations will continue to generate significant buyer interest.”

Andrew Townsend
            Beechwood Gardens is located at 9805 Haldeman Ave. in Philadelphia, with easy access to U.S. Route 1 and Interstate 95. Southeastern Pennsylvania Transportation Authority regional rail lines provide convenient transportation to Center City, Philadelphia. 

Built in 1967 on 5.7 acres, Beechwood Gardens contains 80 one-bedroom units and 80 two-bedroom apartments.  Over two-thirds of the units have been renovated. 

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

Gina Relva
Public Relations Manager
(925) 953-1716