HFF closes $40.75 million sale of Class A multi-housing community in suburban Denver, CO

Encore Highpointe Park apartments, 9701 Pearl Street, Thornton, CO

Jordan Robbins

DENVER, CO – HFF announced today that it has closed the sale of Encore Highpointe Park, a 220-unit, Class A, garden-style multi-housing community in Thornton, Colorado.

                HFF marketed the property on behalf of a joint venture between Encore Enterprises and Inland Private Capital Corporation.  Asher Investments purchased the asset for $40.75 million free and clear of existing debt. 

Encore Highpointe Park is located at 9701 Pearl Street within one half mile of Interstate 25 in the desirable Highpointe Park retail development of Thornton, approximately 10 minutes north of downtown Denver. 

With units averaging 941 square feet, the newly developed community was approximately 90 percent leased at the time of sale.  Community amenities include a clubhouse, coffee lounge, fitness studio, yoga room, playground, swimming pool, spa, barbecue area and attached parking garages.

                The HFF team representing the seller was led by director Jordan Robbins and associate director Jake Young.

Encore Enterprises, Inc. is a privately owned national real estate investment company founded in 1999 with corporate headquarters in Dallas, Texas.  

Encore develops, acquires, and manages hotels, multi-family communities, retail shopping centers, commercial offices and public-private mixed-use developments.

Inland Private Capital Corporation, based in Oak Brook, Ill., offers replacement property investments for persons participating in a 1031 tax deferred exchange, as well as opportunities for accredited investors who are seeking a real estate investment. 

Asher Investments is a privately held real estate investment company located in Denver.  The company invests on its own behalf and is one of the largest private owners in Denver, with more than 3,000 units, along with other properties located in California and the Washington D.C. area.

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

tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 | www.hfflp.com

krmurphy@hfflp.com

www.encore.bz.

Sale of Panorama Corporate Center in Englewood, CC closed by HFF

Panorama Corporate Center, at the southwest corner of the Interstate 25/Dry Creek Road interchange adjacent to the Dry Creek light rail station, Englewood, CO

Mary Sulllivan

DENVER, CO – HFF announced today that it has closed the sale of Panorama Corporate Center, an 821,242-square-foot, Class A office campus in Englewood, Colorado.

                HFF marketed the property exclusively on behalf of the seller, a joint venture between Equity Office and institutional investors advised by J.P. Morgan Asset Management.  Miller Global Properties, LLC purchased the asset free and clear of existing debt.

Panorama Corporate Center is 92.3 percent leased and includes seven institutionally maintained buildings completed between 1996 and 2008. 

Situated on 53.3 acres, the property includes two additional land parcels totaling 11.3 acres, which are zoned for any combination of office, retail, industrial or residential uses. 

The property is located at the southwest corner of the Interstate 25/Dry Creek Road interchange adjacent to the Dry Creek light rail station. The asset is anchored by United Launch Alliance (ULA).

John Jugl

The HFF team representing the seller was led by senior managing directors John Jugl and Mary Sullivan.

Equity Office is one of the largest and most well-respected commercial real estate firms in the nation, with a portfolio encompassing 60 million square feet of Class A office space under management in superior locations throughout the country. 

J.P. Morgan Asset Management – Global Real Assets has more than $70 billion in assets under management and more than 400 professionals in the U.S., Europe and Asia, as of September 30, 2013.  

With a 40-plus-year history of successful investing, J.P. Morgan Asset Management – Global Real Assets’ broad capabilities provide many of the world’s most sophisticated investors with a global platform of real estate, infrastructure, maritime/transport and energy strategies.

Located in Denver, Colorado, Miller Global Properties, LLC and its affiliates sponsor value-add/opportunistic real estate investment vehicles.  The principals of Miller Global have been involved in transactions totaling more than 50 million square feet of buildings.  They have experience in all property types and have executed more than $7 billion of real estate transactions throughout their careers. 

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

Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.millerglobal.com.

www.equityoffice.com

GrayRobinson Leaving Brickell for Downtown Miami; Law Firm Signs 35,358 SF Lease at Wells Fargo Center

Wells Fargo Center, Downtown Miami, FL

Barbara Liberatore Black

Miami, FL,  Jan. 6, 2014 — GrayRobinson, one of the fastest growing law firms in Florida with 280 attorneys and 11 offices across the state, is relocating its Miami office.

Taylor & Mathis signed the firm to a long-term 35,358-square-foot lease at MetLife’s Wells Fargo Center in Downtown Miami.  The full service law firm is moving from 1221 Brickell to Wells Fargo Center in January 2015.

GrayRobinson along with several other tenants are moving from Brickell to Downtown Miami—and taking up residence at Wells Fargo Center.

 Brian Gale, Principal, and Ryan Holtzman, Leasing Director, both of Taylor Mathis, negotiated the long term lease on behalf of MetLife. 

Brian Gale

“GrayRobinson is the sixth tenant we have signed at Wells Fargo Center this year with new leases topping over 90,000 square feet,” stated Gale. GrayRobinson will occupy the 31st and 32nd floors of Wells Fargo Center.

Gale also stated, “Wells Fargo Center, because of its location at the south side of the Brickell Bridge, has drawn a plethora of Brickell tenants across the river”.

 “We explored several options in Brickell and Downtown Miami before settling on the Wells Fargo Center,” said Steven Zelkowitz, Managing Shareholder of GrayRobinson’s Miami office.

“Cresa helped us navigate the landscape and balanced our short-term and long-term needs with an eye toward sustainable growth. We’re convinced we’ve found a strategic location at the Wells Fargo Center.”

Barbara Liberatore Black, a Managing Principal at Cresa South Florida, represented GrayRobinson in the deal.

“It was important for GrayRobinson to establish the firm’s offices in a class A building in the urban core. Wells Fargo Center met all of the firm’s criteria,” said Liberatore Black. “GrayRobinson’s office space will facilitate the firm’s new office standards and technologies. The firm also has the ability to continue expanding at Wells Fargo Center by leasing additional space.”

Ryan Holtzman

 “GrayRobinson is a welcome addition to the high quality tenant roster at Wells Fargo Center. The development, a long-term investment for MetLife, has attracted many of the Country’s most notable companies this year,” stated Chuck Davis, regional director of MetLife’s Tampa real estate investment office.

 The law firm was attracted to Wells Fargo Center, in part, because it is attached to a world-class JW Marriott Marquis.

 GrayRobinson established a presence in Miami six years ago when it retrofitted existing office space at 1221 Brickell. 

Although the space accommodated the firm’s needs at the time, its rapid growth—now approaching 50-plus attorneys—required GrayRobinson to seek new class A office space that mirrors its other locations and gives the firm room for future growth as it continues to expand in South Florida. 

Byrd F. 'Biff' Marshall Jr.

GrayRobinson plans to lease temporary office space at Wells Fargo Center in January 2014 to accommodate immediate growth in its Miami office, and then move its entire legal staff to the building at the beginning of 2015.

“Our growth in Florida this year remained strong,” said Byrd F. “Biff” Marshall, Jr., President and Managing Director of GrayRobinson.

 “Finding quality real estate solutions in prime locations in the Florida cities we serve is vital to accommodate the needs of our clients.”

 The decision comes just months after GrayRobinson announced a new location in Boca Raton and recent expansions in Orlando and Ft. Lauderdale.

Wells Fargo Center is a 750,000 square foot Class A office tower located downtown one city block off Interstate 95 and south of the Brickell Bridge. 

 It is home to some of the most prominent and respected companies in the country, including Wells Fargo Bank, Greenberg Traurig, Deloitte, McDermott, Will & Emery and Littler Mendelson PA.  

Charles 'Chuck' Davis

The office building shares a site with the first of its kind JW Marriott Marquis hotel and the first Hotel Beaux Arts, a new hotel of Marriott International luxury group.  

Tenants benefit from the five-star amenities of the hotel, which include dining, conference facilities, an entertainment complex, fitness center, salon and spa, and the Jim McLean Golf School. 

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

Brian Gale,

Taylor & Mathis

(305) 476-8880

 bgale@taylormathis.com

 www.taylormathis.com.

www.wellsfargocentermiami.com

   

New Castle Names Kevin Baker Director of Sales and Marketing for Westin Jekyll Island

  

Westin Jekyll Island hotel rendering, Jekyll Island, GA

Gerry Chase

SHELTON, CT and JEKYLL ISLAND, G.A, Jan. 6, 2014—Officials of New Castle Hotels and Resorts, a leading hotel owner, operator and developer, today named Kevin Baker director of sales and marketing for the under construction Westin Jekyll Island.

 The 200-room, oceanfront hotel is slated to open in the fourth quarter. 

Baker previously was the director of group sales for the Westin Hilton Head Island Resort and Spa in Hilton Head, S.C.  A career hotelier, Baker has worked within the Starwood family of brands since 2008 and earlier held various sales positions with Ritz Carlton, Marriott and Hilton.

 In his new role, Baker will develop and execute extensive marketing plans for the first oceanfront convention center hotel in the southeastern U.S.

 In addition to offering guests the only luxury hotel experience on the Jekyll Island beach, Westin Jekyll Island will be the anchor hotel for the recently-opened, 128,000 square foot Jekyll Island Convention Center. 

"Kevin has exactly the right experience to market the Westin Jekyll Island to both the meeting/ convention markets and the leisure traveler," said Gerry Chase, president and COO of New Castle Hotels and Resorts, which will operate the hotel. 

"With the opening of this hotel, Jekyll Island quickly will emerge as a direct competitor for businesses that currently choose other beach venues.

" Kevin's experience with both the Westin brand and similar, beachfront markets give our hotel an advantage right out of the gate."

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

Lauralee Dobbins

Daly Gray, Inc.

703-435-6293

Lauralee@dalygray.com

 www.newcastlehotels.com

Strategic Expansion Pays off for Stonemark Portfolio

Souad Belkheir

Atlanta, GA (Jan. 6, 2014) – Strategic changes that Stonemark Management put in place in the past 18 months are yielding strong results. 

The multifamily property management firm has strengthened its core operations and expanded service offerings.

This led to a significant increase in the size of the firm’s management portfolio by approximately 3,000 units net – which is more than 20% growth – while retaining its back-to-basics, hands-on approach.

Ashley Monroe

Starting in 2012, the firm began taking a series of strategic steps to broaden its internal executive staff, improve its financial and management functions and accommodate growth.

Several key hires made at that time have helped the firm move forward in many ways.

·        As Internal Risk Manager, Souad Belkheir has helped develop and administer risk management and loss-prevention policies and programs, while increasing supervision of legal and regulatory compliance functions.

·        Corporate Controller David B. Little, CPA, helped increased efficiency and accuracy in cash flow analysis and revenue projections, audits and a number of other tasks. He also provides additional support to the Vice President of Accounting. 

David B. Little

·         Ashley Monroe, who became Vice President of Operations a year ago, is celebrating her first year with the firm. The creation of the new executive role helped the company sharpen its existing procedures and practices and strategically position itself for growth.

“The internal strength we’ve added over roughly the past year lets us offer more value to our clients, which helps bolster the outlook for their investment assets,” said Michael Taylor, CEO of the Stonemark Group.

Stonemark manages multifamily communities for a large number of third-partner owners and investors, as well as joint ventures involving its corporate partner Stonemark Equities.

Michael Taylor

The Stonemark Group focuses on the acquisition, financing, ownership, management and disposition of multifamily real estate investments in the Southeastern U.S. and Texas.

The group includes Chicago-based Stonemark Equities and Atlanta-based Stonemark Management.

For more information, visit http://www.stonemarkmanagementllc.com.

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

  

Terri Thornton

 Terri@TerriThornton.com

(404) 932-4347

www.INNOVATIVErec.com

.

INNOVATIVE Real Estate Companies Adds Even More Talent; Lori Snider Joins as Vice President, Marketing & Team Development

Lori Snider

Houston, TX  (Jan. 6, 2014) – In keeping with the company’s strategy of hiring only top-tier talent, INNOVATIVE Real Estate Companies has announced the addition of Lori Snider to the team as Vice President, Marketing & Team Development.

Snider is a nationally-recognized educator and marketing trailblazer who specializes in delivering the highest-level customer experience through team development and purposeful messaging.

 Lori has developed, delivered and implemented training programs and award-winning marketing initiatives for many of the country’s top apartment firms. 

Her career includes positions with Lincoln Property Company, Legacy Partners, Draper and Kramer,  For Rent Media Solutions and Creativity For Rent – a multifamily marketing and design firm she co-founded – in addition to dozens of clients she has served as one of the industry’s premier consultants.

“Adding Lori to the team reflects our commitment to building a great company,” said Jared Miller, President of Multifamily Operations and Principal.

Jared Miller

“She has worked with so many multifamily organizations and been an extended part of so many teams, we are very fortunate to add her as a full-time member at INNOVATIVE where she will oversee all marketing and team development functions. 

"There are only a few marketing and training professionals who stand out in multifamily, and even fewer are as well-rounded, creative, passionate, intelligent and driven as Lori.”

In addition to marketing and team development, Snider will oversee “experience management” initiatives and encourage the cultural environment that makes INNOVATIVE a convention-defying company and an incubator for new ideas.

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

Terri Thornton

 Terri@TerriThornton.com

(404) 932-4347

www.INNOVATIVErec.com

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Berger Commercial Realty Broker Associate Greg Milopoulos Closes Four New Tenant-Rep Leases Totaling More Than 14,000 Square Feet in South Florida

Pompano Center of Commerce, 1800 NW 15th Avenue, Pompano Beach, FL

Greg Milopoulos

FORT LAUDERDALE, FL (Jan. 3, 2014)- Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced broker associate Greg Milopoulos recently represented four tenants in signing new leases totaling more than 14,000 square feet of space in Broward and Palm Beach counties.

Milopoulos represented:

American Speed Factory Inc., in a lease of 8,000 square feet of warehouse space, located at 990 N.W. 11th Ave. in Fort Lauderdale, from JAFED Properties Co., represented by Randy Rauch of Rauch Heim Commercial Real Estate;

Randy Rauch

 Plan B Engineering in a lease of 3,204 square feet of flex-warehouse space at the Pompano Center of Commerce, 1800 N.W. 15th Ave. in Pompano Beach, from Prologis Pompano, represented by Tom Viscount of Butters Realty and Management;

 JCAL Holdings LLC in a lease of 2,025 square feet of warehouse space, located at 1700 Depot Ave. in Delray Beach, from Depot Warehouse LLC;

and Armour Settlement Services LLC in the sublease of 1,000 square feet of office space, located at 608 S.W. 4th Ave. in Fort Lauderdale, from Blue Interactive Agency LLC.

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

Marielle Sologuren

msologuren@piersongrant.com

(954) 776-1999, ext. 226

New Long-Term Treasury Benchmark of 3 Percent-Plus Not Seen in Two years

  

Chicago, IL, Jan. 3, 2014 – Real Estate Capital Institute reports that as 2014 unfolds, markets awake to a newlong-term treasury benchmark of three-percent-plus, a rate not seen in two years. 

 The yield level has exceeded many analysts' expectations for 2013 - there may be room for some volatility throughout the year.  Many investors remain more bearish on treasuries and corresponding low mortgage rates, expecting rates to rise 25 to 100 basis points throughout the year. 

While treasuries rates increased more than 100 basis points last year, funding

sources absorbed much of these increases by accepting lower mortgage spreads.

In the face of a rising rate environment, major realty capital markets trends for 2014 year include:

*    Mortgage rates approaching the historical norms of the past decade
--- within 5.5% to 6% range for 10 year funds and about 4% for shorter-term
debt.

*    More funds available for all levels of the capital stack for property types.  Investors are seeking joint venture, preferred equity and other types of funding opportunities in search of more attractive yields.

*    Investors are pulling back as multifamily properties reach stratospheric pricing levels.  Yet strong demand remains for housing in general, as more investors instead move into the single-family sector. 

*    A steady course continues on lending formats as life companies provide the best long-term debt pricing based upon lower leverage, banks tackle markets with floating-rate loans and conduits pursue tertiary markets and more structured transactions.

*    As the economy continues to recover, new construction funds are more available for retail, industrial and lodging properties, but becoming more selective on multifamily ventures. In particular, commercial properties with strong preleasing of 50% to 70% attract attention.  Most construction lenders want to see at least 25% equity based upon project costs.

Jeanne Peck

*    More competitive forward-delivery and pre-sale programs will emerge as investors seek to capture new construction deals vs. tightly-priced, existing project opportunities.

The Real Estate Capital Institute's director, Jeanne Peck, advises "The 'action' in the capital markets is in the new construction arena.  

" Projects with proven sponsorship in infill locations attract a feeding frenzy among banks; lifecos are designing ways to compete, with a few offering new construction/ and perm programs.”

The Real Estate Capital Institute(r) is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates including treasuries, bank prime and LIBOR. 

 Furthermore, call the Real Estate Capital RateLine at
7RE-CAPITAL (773-227-4825) for daily rate updates.

The   Real Estate Capital Institute(r)
3517 West Arthington Street
Chicago, IL USA 60624
Contact: Jeanne Peck, Executive Director
director@reci.com

http://www.reci.com/

Stephen A. Horn Named Chief Acquisition Officer of National Retail Properties Inc.

Stephen A. Horn

Orlando, FL - National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced that Stephen A. Horn was named Executive Vice President and Chief Acquisition Officer.

Mr. Horn joined NNN in 2003 and has been a prolific originator of single tenant, net-leased retail investments for National Retail Properties.

“Steve’s passion, hard work and expertise have been instrumental in developing and nurturing many long-term client relationships for NNN,” said Craig Macnab, CEO and Chairman of the Board.

 “His understanding of retail real estate and his tireless deal making in the net let space have made him a valuable partner to NNN’s portfolio of retailers.”

Craig Macnab

Prior to joining NNN, Mr. Horn worked in the Mergers & Acquisitions Group at A.G. Edwards & Sons in St. Louis and served on active duty in the United States Marine Corps. 

He is a graduate of the University of Southern California and a member of the International Council of Shopping Centers.

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.

 As of September 30, 2013, the company owned 1,850 properties in 47 states with a gross leasable area of approximately 20.3 million square feet. 

For more information on the company, visit www.nnnreit.com.

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

Kevin B. Habicht

Chief Financial Officer

(407) 265-7348

$7.6 Million Sale of Strategic Biscayne Corridor Parcel in Miami’s Edgewood, FL Neighborhood Arranged by Marcus & Millichap

  

The 36,864-SF Boulevard site is at 3360 Biscayne Boulevard, Miami, FL

Ryan T. Shaw

MIAMI, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of The Boulevard, a 36,864 square-foot land parcel fully approved for a mixed-use project, located in Miami, FL. The asset sold for $7,600,000.

Ryan T. Shaw and Jonathan Gerszberg, Senior Associates in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Hollywood, FL. 

“This was a unique opportunity for an investor to purchase a fully entitled, shovel ready, mixed-use development project in Edgewater, one of the most actively growing markets in Florida,” says Shaw. 

“Located on the intersection of Biscayne Boulevard and 34th Street, The Boulevard is ideally positioned between Downtown, Midtown, and the Design District.

Jonathan Gerszberg

“The site is fully approved for 150,510 square feet, consisting of approximately 13,000 square feet of ground floor retail, and a 127-unit, 16-floor, residential tower,”

This is the third sale Shaw has facilitated in the Biscayne corridor this year.  He also brokered the sale of Staples, located at Biscayne Boulevard and 21st Street, and the 27,750-square foot land parcel located at Biscayne Boulevard and 28th Street.

“The sale of The Boulevard is an excellent example of the demand foreign investors have for stable investments in Miami, as well as our firm’s ability to facilitate that demand,” adds Gerszberg.

The Boulevard is located at 3360 Biscayne Boulevard in Miami, FL.

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

Kirk A. Felici

First Vice President/Regional Manager

 Miami, FL

(786) 522-7000

www.MarcusMillichap.com

$900,000 Sale of Tampa, FL Apartments Brokered by Marcus & Millichap

 This 24-unit, garden-style apartment community
is located at 4005 East Humphrey Street, Tampa, FL

Michael Donaldson

TAMPA, FL, Jan. 3, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a 24-unit apartment community located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. 

The asset sold for $900,000.

Nicholas Meoli

Michael Donaldson and Nicholas Meoli, senior associates in the Tampa, Fla. office of Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, a limited liability company in Land O’ Lakes. 

The local buyer, a limited liability company, was secured by Luis Baez, an investment specialist also in the firm’s Tampa office.

The 24-unit, garden-style apartment community is located at 4005 East Humphrey Street in Tampa, Fla.  

Luis Baez

Built in 1972, the complex is situated on approximately a 0.60 acre lot which consists of two, two-story buildings.  Amenities of the property include private patios/porches, and central air-conditioning in each unit.

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

Richard D. Matricaria

Regional Manager

 Tampa, FL

(813) 387-4700

www.MarcusMillichap.com

Marcus & Millichap Arranges Sale of 12,090-SF Seniors Housing Property in Sebring, FL

                 Former Sebring Assisted Living Facility, 2301 US 27 South, Sebring, FL

Krone Weidler

SEBRING, FL, Jan. 3, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of  a former Sebring Assisted Living Facility, a 12,090-square foot seniors housing property located in Sebring, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. 

The asset sold for $415,000.

Krone Weidler, an associate vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a financial institution.  Ms. Weidler also procured the buyer of the property, a limited liability company from Winter Haven, Fla.

This former Sebring Assisted Living Facility is located at 2301 US 27 South in Sebring, Florida. 

This bank-owned asset is a former 32-unit/45-bed assisted living community that was built in 1960 and 1981. 

The property consists of two buildings totaling 12,090 square feet; a one-story assisted living facility and a two-story office building. The property ran as an assisted living community with a limited mental health (LMH) license.

“The seller, a financial institution outside of Florida, is a well-established client of our firm. When asked to do a proposal on this asset, it was important to ensure the asset could re-open as an assisted living community,” says Ms. Weidler. 

“After getting a comfort level that the asset could re-open as assisted living, finding the right buyer became much easier.  There were multiple offers on the asset, which shows the continued strength of seniors housing in Florida.”

“The buyer plans an extensive renovation to provide a fully secured memory care community, a demand that continues to grow around the country and particularly in Florida with our aging population,” concludes Ms. Weidler.

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

Richard D. Matricaria

Regional Manager

 Tampa, FL

(813) 387-4700

www.MarcusMillichap.com

Kiser Group Retained to Sell Four Apartment Buildings and One Mixed-Use Property in Chicago Area

  

127 Ridge Apartments, Evanston, IL

Lee Kiser

CHICAGO, IL  (Jan. 2, 2014) – Kiser Group, Chicago’s leading mid-market commercial real estate brokerage firm, has been retained for four new listings in the Chicago area – a five-unit mixed-use building at Sheffield and Wellington avenues in Chicago’s Lakeview neighborhood; a 16-unit walk-up near Northwestern University in Evanston; a 19-unit apartment building just steps from Lake Michigan in Chicago’s South Shore neighborhood; and a two-building portfolio in Hyde Park offering 77 units.

3000-3002 N. Sheffield - Lakeview, IL

Listed for $1.9 million and located at 3000-3002 N. Sheffield, this five-unit mixed-use property in Chicago's Lakeview neighborhood is located within one block of the Brown Line Wellington ‘L’ Stop on a vibrant corner with bars and restaurants. The apartments have been renovated, yet still feature vintage architectural details from the original 1898 construction.

Brian Semel

“This Lakeview opportunity presents an investor the opportunity to acquire a renovated, stabilized property with established, long-term commercial tenants,” said Lee Kiser, principal of Kiser Group, who is marketing the listing.

 “It’s highly desirable location just steps from the Brown Line ‘L’ Stop appeals to renters that work downtown, and the retail and restaurant tenants benefit from all the commuters walking by every day.”

                                                    

127 Ridge - Evanston, IL

 Listed for $1.8 million, 127 Ridge is a 16-unit walk-up apartment building in Evanston.

The corner property consists of one three-bedroom, 10 two-bedroom, two one-bedroom, and three duplex apartments. Building upgrades include new copper plumbing and recent roof work. The property is blocks from both Evanston and Chicago public transportation. The units are fully leased, and most of the tenants are long-term residents of the building.

Noah Birk

 “127 Ridge presents tremendous upside potential for an investor because as-is rents could be considerably higher than current levels,” said Brian Semel, senior managing director of Kiser Group, who is marketing the property.

 “The apartments offer more square footage than is typical in the area, and it’s located near downtown Evanston and Northwestern University, an area with extremely high rental demand.”

7234 S. Coles – South Shore, IL

Listed for $950,000, 7234 S. Coles is a 19-unit apartment building situated just blocks from Lake Michigan and South Shore Golf Course.

The unit mix consists of six two-bedroom and 13 one-bedroom apartments, each with one bath. Units feature hardwood floors throughout and newer kitchens and bathrooms. 

Some of the many updates to the building include: new roof, new porches, newer windows, newer boiler, and updated units.

Bill Baumann

“7234 S. Coles provides stable income,” said Noah Birk, managing director of Kiser Group, who is listing the property. “The location offers both the recreational benefits of Chicago’s lakefront and quick access to downtown via the CTA’s Lakeshore Drive express buses.”

5135 S. Blackstone and 5111 S. University – Hyde Park, IL

Listed for $4.5 million, this portfolio in Hyde Park offers two corridor-style buildings, comprised of 77 units. 5135 S. Blackstone consists of 33 studio apartments and 3 one-bedroom units, while 5111 S. University offers 41 studio apartments.

Located a few blocks from the University of Chicago’s main campus, Lake Michigan, public transportation and numerous shops and restaurants, the properties are in a sought-after portion of Hyde Park. The properties offer on-site laundry and management.

  

5111 South University, Hyde Park, IL

“This is a very desirable neighborhood that attracts a large tenant pool, from professionals to students,” said Kiser, who, along with Bill Baumann, senior managing director, is listing the property. 

“There are few opportunities available that allow for such a sizeable portfolio in Hyde Park, making this a very appealing option for investors.”

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

Mark Thomton

 (312) 267-4523

 mthomton@taylorjohnson.com.

 www.kisergroup.com.

Stirling Sotheby’s International Realty Negotiates Sale of 398 Home Sites at Hunter’s Ridge in Ormond Beach, FL for $8.7 Million

Hunter's Ridge community, Ormond Beach, FL

John Kurtz

ORMOND BEACH, FL --- Stirling Sotheby’s International Realty recently negotiated the sale of 398 home sites at Hunter’s Ridge in Ormond Beach for a total of $8.7 million.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said associate John Kurtz negotiated the two part sale representing both the sellers.

Sixty-eight estate home sites of Ashford Lakes Estates at Hunter’s Ridge sold for $2.2 million to The Resource Group LLC, an investment and development group out of Jacksonville. The seller was Ashford Lakes Estates, LLC

BADC Huntington Communities, LLC purchased 330 partially developed single-family and townhome sites for $6.5 million. 

The sale included Huntington Townhomes, Huntington Lakes and Huntington Woods. The seller was TP Investments, LLC.

Roger Soderstrom

Hunter’s Ridge is a 5,000-acre DRI located on S.R. 40 just west of I-95. Hunter’s Ridge still has 1,100 undeveloped acres approved for 1,900 more home sites as well as commercial space, a new school and other amenities.

 Kurtz is also representing the seller of this remaining acreage, which is on the market for $15,000,000.00.

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

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

www.StirlingSIR.com.

Trepp December Loss Analysis: Volume, Severity Stay Steady

NEW YORK, NY -- December liquidation volume and loss severity stayed fairly close to November’s levels, which were a rebound from two months of below average activity, reports New York-based Trepp.

Liquidation volume registered $1.28 billion in December, up slightly from $1.21 billion in November and in line with the 12-month moving average of $1.18 billion. Of the loans liquidated, 90% fell into the greater than 2% loss severity category.

December loss severity came in at 50.36%, up from November’s 48.10% and considerably higher than October's 38.58%. The 12-month moving average for loss severity is 45.57%.

The number of loans liquidated in December was 93, which resulted in $647.17 million in losses, making the average disposed balance of $13.82 million--well above the 12-month average of $11.64 million.

Since January 2010, servicers have been liquidating at an average rate of $1.18 billion per month.

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Eric@greatink.com