Friday, November 1, 2013

Marcus & Millichap Capital Corp. Arranges $17 Million Bridge Financing for Hospitality and Marina Construction in St. Joseph, MI


Rendering of planned luxury boutique hotel and marina in St. Joseph, MI

Dean Giannakopoulos
ST. JOSEPH, MI– Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged a $17 million loan for the construction of a luxury boutique hotel and marina in St. Joseph, Michigan.

            Dean Giannakopoulos in the firm’s Chicago Downtown office and Steven Rock in its Manhattan office arranged the loan.

Steven Rock
            “The borrower required a construction loan to build a hospitality and marina project with a very tight timeframe,” says Rock. “MMCC secured a lender that was able to meet the borrower’s financing needs and close quickly.”

            “The property is located  near the waterfront of Lake Michigan and  will feature 92 hotel rooms, 14 luxury condominiums, conference space, a spa, and a 60 slip marina,” adds Giannakopoulos.

“The adjacent PGA signature golf course will be hosting the 75th Anniversary Senior PGA tour event, which added to our tight financing timeframe.”

Charles Krawitz
            “This construction loan was complicated and had to be closed quickly,” says Charles Krawitz, vice president/central region of MMCC. “Dean and Steve did a great job delivering both loans,” Krawitz concludes.

The three-year, interest only loan featured a 70 percent loan-to-value advance.

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

Gina Relva
Public Relations Manager
(925) 953-1716
         

Lower Manhattan Mixed-Use Building Brings $10.8 Million




Barbara Dansker
 NEW YORK, Oct. 28, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 123-127 Lafayette St., a partially vacant six-story elevator office building located between Canal Street and Howard Street in Lower Manhattan.

The $10,850,000 sales price equates to $663 per square foot. The sale was an all-cash transaction. 

            Barbara Dansker, in Marcus & Millichap’s Manhattan office, represented the seller, an owner/user. Dansker also represented the buyer, Stellar Management, a New York-based developer.         


“The building’s current configuration is three ground-floor retail units with eight office suites above,” says Dansker. “However, the existing certificate of occupancy allows for retail on the first three floors, which helps make the building a prime candidate for redevelopment.”

“The area is exploding with activity and renewal,” adds Dansker.

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

Gina Relva
Public Relations Manager
(925) 953-1716
         

RealtyTrac™ Reports 71 Percent of Single Family Homes Built Before 1990; Older Housing Stock Represents Less Competition, Lower Prices

  


IRVINE, Calif. –  RealtyTrac™ (www.realtytrac.com), the nation’s leading source for comprehensive real estate data, today released its Aging Homes Analysis, which shows that more than 70 percent of the U.S. single family homes were built before 1990 while 60 percent of 2013 sales year-to-date were for homes built before 1990. 

Jake Adger
“The high percentage of homes that are at least 20 years old and likely in need of some major repairs is eye-opening,” said Jake Adger, chief economist at RealtyTrac.

“However, given the low inventory of homes available for sale in today’s market, this challenge of aging U.S. housing supply can also be an opportunity for buyers looking for a bargain and homeowners looking to update their living space and improve the value of their homes.”

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

Jennifer von Pohlmann
949.502.8300, ext. 139

Brittney Marin
949.502.8300, ext. 107

Data and Report Licensing:
800.462.5193

MVP REIT Acquires Las Vegas Multi-Tenant Office Building

  
8905 West Post Road, Las Vegas, NV


LAS VEGAS, NV– MVP REIT Inc. announced today the acquisition of an approximately 22,000-square-foot Class A office building located at 8905 W. Post Road for $6.1 million. The acquisition was the fifth of six buildings in the office park. The total cost of all six buildings is $55.1 million. The acquisition closed on Oct. 24.

Mike Shustek
A two-story office building, 8905 W. Post Road is 91.08 percent leased to a mix of professional tenants, all subject to a triple net lease, under which the tenant is responsible for the majority of the costs associated with maintaining the building. The building was constructed in 2008 as part of a planned 16-acre office park. 

“This transaction highlights our strategy to purchase well-located properties with attractive attributes, including high occupancy and triple net lease contracts that minimize our long-term costs,” said Mike Shustek, chairman and chief executive officer of MVP REIT. “We are pleased to add 8905 W. Post Road to our portfolio.”

MVP REIT financed the acquisition through the assumption of approximately $3.5 million in existing debt and the transfer of approximately 296,106 shares of the company’s common stock at $8.775 per share.


Thus far, the five acquired properties include both two- and three-story steel/concrete office buildings, all built within the past 10 years. 

Each multi-tenant building was acquired with at least 90 percent occupancy, and contains a mixture of professional tenants under triple net leases. 

The buildings are located directly off Interstate 215 in the southwest region of Las Vegas, Nev.






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

Jill Swartz
Spotlight Marketing Communications
(949) 427-5172, ext. 701

Thursday, October 31, 2013

Marcus & Millichap Arranges Sale of Hardee’s Drive-Thru Restaurant in Spruce Pine, NC


Hardee's Drive-Thru Restaurant, 6187 Highway 19 East, Spruce Pine, NC

John E. (Jay) Brigel
SPRUCE PINE, NC – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Hardee's Drive-Thru Restaurant, a 2,732-square foot net-leased property located in Spruce Pine, NC, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,010,000.

James Allen Smith
John E. (Jay) Brigel, a senior associate in Marcus & Millichap’s Tampa office represented the seller, a private investor based in California.

 James Allen Smith, a vice president investments in Marcus & Millichap’s Charlotte Uptown office, served as broker of record in this transaction. 

Brandon Michaels
Brandon Michaels, a vice president investments, and Kyle Sterling, an associate both in the firm’s Encino office procured the buyer of the property, a California-based limited liability company.

Hardee's Drive-Thru Restaurant was built in 1984 and is located at 6187 Highway 19 East in Spruce Pine, NC. The property is situated on a 1.13-acre lot with frontage on busy US Highway 19 East, which is the major corridor linking the towns of Spruce Pine and Burnsville with Interstate 26.  

“I was able to create additional value and proceeds for my seller by reworking a short lease into a new, longer term with increases,” says Brigel.  “It was a win-win-win for seller, buyer and franchisee.”
  
For a complete copy of the company’s news release, please contact:

Richard D. Matricaria
Regional Manager
Tampa, FL
(813) 387-4700

Lori Kilberg of Hartman Simons to Serve as President of CREW Network in 2015

  



Lori Kilberg

ATLANTA, GA (Oct. 31, 2013) – Hartman Simons partner Lori Kilberg has been elected president-elect of the Commercial Real Estate Women (CREW) Network, the industry’s leading advocate for the advancement of women in commercial real estate.

The announcement was made at the 2013 CREW Network Convention & Marketplace, held in Dallas in October. Kilberg will become president of the organization in January 2015 and will serve a one-year term. In January 2014, she will begin her third year on CREW Network’s Board of Directors and will serve next year as president-elect.

 Judith Nitsch, a founding principal and chairman of Boston-based Nitsch Engineering Inc., will serve as president of the CREW Network in 2014.

 “This is a tremendous honor, and I’m very excited about the chance to lead an organization whose mission I deeply believe in and wholeheartedly support,” said Kilberg, who served as president of CREW’s Atlanta chapter in 2011.

Judith Nitsch

“I have been involved with CREW for more than a decade, and in that time I’ve seen it have a powerful effect on the careers of women throughout the commercial real estate industry. I look forward to continuing the organization’s important work.”

 “We are extremely proud of Lori’s election and her ongoing excellent work with CREW,” said Summey Orr, managing partner of Hartman Simons. “Lori brings a terrific combination of intelligence, experience and passion to her work here at Hartman Simons, and those traits will no doubt serve her and CREW well during her presidency.”

 Kilberg represents clients in the acquisition, development, leasing and sales of regional malls, outlet centers, power centers, lifestyle centers, mixed-use developments, warehouses and distribution facilities, multifamily communities and urban redevelopment projects. Her clients include institutional and development firms as well as national retailers and industrial companies.

Summey Orr
 Kilberg’s involvement with CREW began with the Atlanta chapter in 2002. She graduated from the 2004 CREW Atlanta Leadership Program and has served on the board of the Atlanta chapter. 

As an Atlanta chapter delegate in 2009, she chaired the Atlanta CREW Network Liaison Committee, for which she won the Impact Award in 2010. 

She was editor of the Sponsorship Playbook and has served on the Membership Education Committee during the last four years.

 Kilberg is a frequent lecturer on real estate law and diversity issues.

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

Stephen Ursery
The Wilbert Group
404.549.7150 – office
404.405.2354 – cell


Sale of independent living community in Middletown, NJ closed by HFF


Regal Pointe, 1800 Highway 35 South, Middletown, NJ

DALLAS, TX – HFF announced today that it has closed the sale of Regal Pointe, a 128-unit, independent living community in Middletown, New Jersey.

Ryan Maconachy
HFF marketed the property on behalf of Middletown Senior Housing LLC, which was a joint venture among affiliates of Equity Resource Investments, LLC of Cambridge, Massachusetts; Beacon Communities LLC of Boston, Massachusetts; and Lincoln Street Capital LLC of Rockland, Massachusetts.

 An affiliate of The Carlyle Group, based in Washington, D.C., purchased the property, which was offered free and clear of existing debt.  Equity for the investment will come from Carlyle Realty Partners VI L.P., a $2.25 billion U.S. real estate investment fund.

Regal Pointe, which has been renamed Arbor Terrace at Middletown, is located at 1800 Highway 35 South along Monmouth County’s main traffic artery. 

Situated on 6.24 acres, the property features studio and one-bedroom units and recently underwent extensive renovations including an overhaul of residential units, main common areas and the kitchen.  Resident services include three meals-per-day, housekeeping, transportation and on-site third-party home health care and physical/occupational therapy.

Chad Lavender
The Carlyle Group intends to convert a portion of the existing units to assisted living and memory care to provide the current and future residents with several levels of care.  The Arbor Company has been selected to operate the community going forward.

The HFF team representing the seller was led by managing director Ryan Maconachy and director Chad Lavender.

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

HFF arranges financing for Lido Beach Resort in Sarasota, FL


Lido Beach Resort, 700 Ben Franklin Drive, Sarasota, FL

BOSTON, MA – HFF announced today that it has arranged financing for Lido Beach Resort, a 222-room beachfront hotel in Sarasota, Florida.

Dana Brome
               HFF worked exclusively on behalf of Ocean Properties, Ltd. to secure the seven-year, fixed-rate loan with Cornerstone Real Estate Advisers acting on behalf of an institutional investor.  Loan proceeds were used to refinance the existing loan.

               Lido Beach Resort is located at 700 Ben Franklin Drive, just north of Siesta Key in Sarasota.  Hotel amenities include two swimming pools, three poolside Jacuzzi’s, a beachside Tiki bar, fitness center and business center.

 In addition, Ocean Properties, Ltd. has planned a significant renovation of the rooms and commercial areas within the first 2.5 years of the loan term.  The extensive room renovation will include replacement of the kitchen appliances and cabinets as well as new soft goods.  The commercial area renovation will incorporate the lobby and pool/Tiki bar.

               The HFF team representing Ocean Properties, Ltd. was led by senior managing director Dana Brome.
      
  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


Greystone Bolsters Affordable Housing Lending Services with Proprietary Loan Program




New York –– Greystone, a leading national provider of multifamily and healthcare mortgage loans, today launched its Greystone Affordable Loan Program, which provides long-term, fixed, forward rate-lock financing for multifamily affordable housing properties.

The non-agency program complements Greystone’s existing Fannie Mae, Freddie Mac, and FHA lending platforms, providing borrowers with a comprehensive range of options for financing affordable housing developments, acquisitions and rehabilitations.

 The Greystone Affordable Loan Program offers 15- or 30-year term non-recourse mortgages for loans of minimum $1,000,000. Loan to value ratios can range from 80% to 85% for LIHTC properties. 

The availability of this fixed-rate financing structure enables borrowers to either obtain an early rate lock for long-term financing, where new construction and/or repairs can be completed during the forward rate lock period, or immediate funding for moderate rehab transactions, where repairs or renovations occur upon closing of the permanent mortgage. 

 “We’re seeing more demand from borrowers as the affordable housing market matures, but there are few competitive financing solutions available today,” said Jeff Englund, managing director and head of Greystone’s Affordable Housing group.

 “Greystone’s Affordable Loan Program fills a widening gap in the affordable housing lending sector, while at the same time, we continue to offer a full spectrum of lending options through our traditional GSE platforms to meet our borrowers’ financing needs.”

 Greystone, ranked as a top-10 Fannie Mae DUS lender by volume, top-5 Fannie Mae Multifamily Affordable Housing lender by volume and the number one FHA lender for 2012, offers a full range of long term, bridge, gap, Fannie Mae, Freddie Mac, FHA and CMBS lending solutions.

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

Greystone
Karen Marotta
212 896 9149

Cognito
Jessica Kleinman/Josh Gerth
646 395 6300

Goddard Investment Group Acquires Overlook III Building in Vinings, GA

  
Overlook III, on Mount Wilkinson also known as Vinings Mountain, Vinings, GA

  
ATLANTA, GA – Goddard Investment Group, LLC, has acquired the 440,000-square-foot Overlook III building in Atlanta.

Robert C. Goddard III
 Situated atop the highest point inside Interstate 285, Overlook III offers skyline views from every floor. Located on Mount Wilkinson (also known as Vinings Mountain), the 21-story building’s 18 balconies and ample covered parking make Overlook III one of the top Class A office buildings in the Northwest Atlanta submarket.

 The acquisition was completed through the Goddard Value-Add Office Fund I, L.P.

 The building boasts proximity to sought-after housing in Vinings and Buckhead as well as an array of excellent restaurants and shopping within walking distance. Overlook III currently is 70 percent occupied by diverse local, regional and national tenants.

 “Like many people in Atlanta, I have always believed this is one of the highest quality buildings in the city,” said Robert C. Goddard, III, chairman and CEO of Goddard Investment Group.

“The design and prominent location of Overlook III make it unique. We are excited to improve this great asset and reintroduce it in the coming months with major improvements to the public spaces and amenities.”

 Building on Overlook III’s quality infrastructure, Goddard will begin a substantial renovation and repositioning program to re-establish the building as a contemporary, best-in-class asset. Plans call for improvements to the public areas, including the lobbies, elevators, water feature and landscaping.

 Goddard Value-Add Office Fund I, L.P. is a commingled, institutional fund sponsored by Goddard Investment Group, which was founded in 2000 and is headquartered in Atlanta with a regional office in Dallas. The company has acquired and managed more than 9 million square feet of commercial property and currently has investments in Atlanta, Dallas, Houston, Miami and Tampa.
  
For a complete copy of the company’s news release, please contact:

Rachel Tobin
(404) 724-2501

HFF closes sale of first property in a seven-asset Southeast & Mid-Atlantic multi-housing portfolio


The Apartments at Blakeney, Charlotte, NC


Jason Nettles
ATLANTA, GA – HFF announced today that it has closed the sale of The Apartments at Blakeney, a 295-unit multi-housing community in Charlotte, North Carolina. 

This is the first property to close in a seven-asset, Class A Southeast and Mid-Atlantic U.S. multi-housing portfolio that HFF marketed on behalf of the owner, Northwood Ravin and affiliates.  

Matthew Lawton
Associated Estates Realty Corporation purchased The Apartments at Blakeney.  Associated Estates expects to close on the balance of the portfolio in stages through fourth quarter 2014.

The HFF investment sales team representing the seller was led by senior managing director Jason Nettles and executive managing directors Matthew Lawton and Mark Gibson.

Mark Gibson
“High-quality, well-located assets are in short supply and portfolio transactions offer institutional investors the opportunity to acquire assets that would be difficult to assemble in one-off purchases,” said Nettles. 

John Kukral
“This was a very limited offering process, with a handful of very qualified buyers competing for some of the highest quality multi-housing assets in the Southeast and Mid-Atlantic.”

Northwood Ravin was formed by Northwood Investors LLC and Ravin Partners LLC.  Northwood Investors is a privately-held real estate investment advisor with more than $3 billion of assets under management. 

David Ravin
Northwood Investors was founded in 2006 by John Z. Kukral.  Ravin Partners was established in 2011 by David Ravin, the former president of the Residential Division of Crosland.  Northwood Ravin develops, constructs and manages award-winning luxury multifamily communities throughout the southeast.
  
For a complete copy of the company’s news release, please contact:

Olivia Hennessey
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 |

HFF closes sale of grocery-anchored retail center in Loganville, GA


Loganville Crossing, 4753 Atlanta Highway (U.S. 78), Loganville, GA

Jim Hamilton
 ATLANTA, GA – HFF announced today that it has closed the sale of Loganville Crossing, a 120,819-square-foot grocery-anchored retail center in Loganville, Georgia.

                HFF marketed the property on behalf of the seller, Loganville Crossing Investment LLC & Downtown Square Capital, LLC.  American National Insurance Company, which was represented by Realm Realty Company, Inc., purchased the asset. 

Loganville Crossing is located at 4753 Atlanta Highway (U.S. 78) in Loganville, northeast of downtown Atlanta.  Built in 2008, the center is 98 percent leased and is anchored by Kroger.  Other tenants include Edible Arrangements, Great Clips, Marco’s Pizza, Quest Diagnostics and Shane’s Rib Shack.

Richard Reid
                The HFF team representing the seller was led by managing directors Jim Hamilton and Richard Reid and real estate analyst Mike Allison.

 For more information, visit www.anico.com.

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

Olivia Hennessey
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 |


HFF closes sale of multi-housing development site in Neptune, NJ

  
Rendering of Signature Place, 3360 Route 66, Neptune, NJ


 FLORHAM PARK, NJ - HFF announced today the sale of Signature Place, a 25.37-acre, fully-approved multi-housing development site in Neptune, New Jersey.

Kevin O'Hearn
HFF marketed the property on behalf of a partnership between Highview Homes and Chase Partners.  The property sold for an undisclosed amount free and clear of debt. 

The site is located at 3660 Route 66, south of Corporate Drive and west of Jumping Brook Road just off Exit 100 on the Garden State Parkway and in close proximity to the Jersey Shore Premium Outlets. 

Once completed, the development will include 272 luxury apartment units, 8,142 square feet of retail space and associated parking.  Current plans include community amenities such as a 3,792-square-foot clubhouse with fitness center, outdoor swimming pool, tot lots, rain garden, picnic area and two free-standing parking garages. 

Jose Cruz
The HFF investment sales team representing the seller was led by managing director Kevin O’Hearn along with senior managing director Jose Cruz and real estate analyst Marc Duval. 

According to O’Hearn, “HFF is pleased to have played a role in this transaction.  The buyer is getting a fully-approved, extremely well-located site that will be developed into one of the top Class A apartment communities is Monmouth County.”

Highview Homes and Chase Partners are leading real estate development companies with expertise in acquisition, planning, design and construction of multi-housing communities.  Each partner has experience in completing acquisitions and developments throughout New Jersey and the surrounding Tri-State area.

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

Olivia Hennessey
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 |

Wednesday, October 30, 2013

Charles Dunn Company Completes $1.75 Million Sale of 8-Unit Multifamily Property in Los Angeles

  
12757 Mitchell Avenue, Mar Vista enclave, Los Angeles, CA


LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $1.75 million sale of a fully occupied, eight-unit multifamily property located near the cross street of Venice Boulevard and Washington Place at 12757 Mitchell Ave. in the Mar Vista enclave of Los Angeles.

Michel Hibbert
Michel Hibbert of Charles Dunn Company represented the seller, a private individual from Los Angeles. The 1031 exchange buyer was Los Angeles-based Norman Green Trust who was represented by Manual Galvan of Chris Walker Realty. The transaction closed at a cap rate of 4.2 percent and $292 per square foot, a favorable price for a property built in 1957.

“This transaction was sold for one of the lowest cap rates in the area,” said Hibbert. “The buyer assumed an existing loan with an interest rate of 3.85 percent fixed for four years, then converting to a variable rate for the remaining 25 years. Mar Vista has had and will continue to have strong rental and appreciation growth in the future.”

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

Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224

Lincoln Property Company Sees Potential; Continues Phoenix Industrial Push With Second Major West Valley Business Park

  
Add caption

                                        Aerial of planned 10 Lincoln Development, Phoenix, AZ


PHOENIX, AZ – Just two weeks after unveiling its plans to develop a major new business park in Goodyear, Ariz., Lincoln Property Company (LPC) has announced another new business park project, 10 Lincoln.

David Krumwiede
10 Lincoln will total more than 1 million square feet on 72 acres. The development consists of five buildings ranging in size from 500,000 square feet to 80,000 square feet, with anticipated uses of distribution, e-commerce, manufacturing assembly and retail.

Together with LPC’s just-announced Goodyear AirPark, the firm now offers approximately 340 acres of active West Valley industrial opportunities, with the potential to bring more than 5,000 new jobs to the Phoenix market.

“Phoenix’s West Valley submarkets are becoming increasingly well known as convenient, cost effective sites for some of the nation’s largest distribution and e-commerce firms,” said Lincoln Property Company’s Executive Vice President, David Krumwiede.

“We expect this demand to only continue, and will approach these new business parks accordingly. Ultimately, we see both as multi-year projects—ones that will allow us to offer local and national clients with the best shovel-ready land in the Southwest.”

Marc Hertzberg
10 Lincoln is located at 83rd Avenue in Phoenix, directly fronted by Interstate 10 to the north and bordered by Van Buren Street to the south.

The project is Foreign Trade Zone capable, offering the potential for a 75 percent reduction in real and personal (equipment) property tax. Immediate corporate neighbors include Amazon, PetSmart, Cardinal Health, Target, Bose, Home Depot, Costco, Living Spaces and Sysco.

 Butler Design group has provided the project site plans. The site sits at a full diamond interchange.

“This is one of the West Valley’s last close-in, still undeveloped industrial parcels,” said Jones Lang LaSalle Managing Director Marc Hertzberg, who along with Jones Lang LaSalle Managing Director Anthony J. Lydon serve as the exclusive marketing coordinators for the project.

 “It is surrounded by established commercial and residential development, giving incoming companies a built-in employment and amenities base, and allowing 10 Lincoln to immediately begin serving and employing those who live and work nearby.”

Anthony J. Lydon
The announcement of 10 Lincoln falls just two weeks after plans were unveiled for Goodyear AirPark, a 267-acre business park located just south of the southwest corner of Litchfield Road and the newly widened Highway 85, and directly south of the Goodyear Airport.

LPC is the exclusive developer for the project, which is a joint venture with Carefree Partners Investments.

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

Stacey Hershauer
focusAZ
Marketing & Public Relations
(480) 600-0195