Thursday, August 14, 2014

Franklin Street Capital Advisors Launches Mezzanine Lending Program


Danny York
ATLANTA, GA — Franklin Street Capital Advisors (FSCA) has launched a proprietary small-balance mezzanine loan program. In addition to offering direct mezzanine loans, FSCA also specializes in the placement of first mortgage debt and equity solutions.

 “With the amount of CMBS debt maturing during the next couple of years, we saw an opportunity to provide sophisticated investors a solution in the event of a refinance shortfall,” said Danny York, president of FSCA.

 “There are very few institutions providing small balance mezzanine loans. Our platform and infrastructure allows us to provide this type of product, where others may be unable to.”

 FSCA is interested in providing mezzanine loans for all property types, with an emphasis on multifamily and retails, in the Southeast.

The small balance mezzanine loan program features loans of $500,000 to $5 million; terms of three to five years; and carries interest rates of 12 to 15 percent, depending on the quality of asset, the sponsor, the loan-to-value ratio and the debt-service coverage ratio.

 FSCA works with clients to develop, optimize and implement plans that enable them to achieve more, retain more and profit more by taking a proactive and knowledgeable approach to arranging debt and equity for income-producing real estate investments.

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

Savannah Duncan • The Wilbert Group
1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309
O: 404-343-0870  • M: 404-901-4433


JLL Secures Benchmark Tenant Lease at Airport I-10 Business Park in Phoenix, AZ


PHOENIX, AZ – Wentworth Property Company/Clarion Partners and the Phoenix office of JLL have secured a benchmark 63,000-square-foot tenant lease commitment this week at Airport I-10 Business Park—one of the largest Sky Harbor Airport-area speculative industrial developments in Phoenix history.

The lease, made by Illinois-based Anixter International, Inc., fills almost half of Airport I-10’s “Building E” months before anticipated shell construction completion.

Pat Harlan
JLL Executive Vice Presidents Pat Harlan and Steve Sayre, and JLL Associate Kyle Westfall represented the building owner. John Werstler, Jerry McCormick and Cooper Fratt of CBRE represented Anixter.

“It is rare in today’s Phoenix industrial market to secure lease commitments on a spec property that’s still under construction—before tenants can physically see and touch the space,” said Harlan.

“The fact that Anixter has signed on at Airport I-10 at this early stage speaks volumes. It is a welcome post-recession event and a strong statement about the caliber of the project and our industrial market as a whole.”

“We are extremely pleased to welcome Anixter,” said Wentworth Property Company Principal James R. Wentworth.

“A commitment by such a large, well respected company confirms Airport I-10 Business Park as the preferred airport location for corporate users. It also underscores the ongoing need for new, high quality industrial product in the Airport submarket.

Steve Sayre
“This area continues to rank among Phoenix’s top industrial locations but has an extremely limited supply of land.”

Located at the northwest corner of 24th Street and Rio Salado, Airport I-10 Business Park represents the last large, developable parcel left in the Sky Harbor International Airport submarket.

Phase I includes three Class A industrial buildings totalling more than 600,000 square feet (277,954 square feet, 169,109 square feet and 156,000 square feet). This portion of the project is slated for completion in fall 2014.

For more insight from Harlan, visit http://bit.ly/1ps2sgj.

According to JLL research, while there is limited inventory of modern industrial space within the Sky Harbor Airport submarket, demand continues to climb. 

Of the 40 million square feet of industrial space in the submarket, only 218,052 square feet was built in 2009 or later. Yet in 2013, the Airport submarket still represented almost 30 percent of the more than 3.5 million total square feet of industrial space absorbed Valley-wide.

Kyle Westphall
At build out, the 58-acre Airport I-10 property will include five Class A industrial buildings totalling 920,584 square feet, with a modern environment for corporate users and fully equipped with state-of-the-art features such as ESFR sprinkler systems, 30- to 32-foot clear heights, cross-dock loading and 140- to 200-foot truck courts.

Anixter International, Inc. is a leading global distributor of enterprise cabling and security solutions, electrical and electronic wire and cable, and OEM supply fasteners and other small parts. It operates approximately 210 warehouses in more than 250 cities and more than 50 countries.

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

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

Marcus & Millichap Brokers $4.8 Million Sale of Bay Point Villas Apartments in St. Petersburg, FL


Bay Point Villas Apartments, St. Petersburg, FL
ST, PETERSBURG, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Bay Point Villas Apartments, a 136-unit multifamily community located in St. Petersburg, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

 The $4,800,000 sales price equates to $35,294 per unit.

Michael P. Regan and Francesco P. Carriera, vice presidents investments in Marcus & Millichap’s Tampa office, and Evan P. Kristol and Still Hunter III, senior vice president investments in the firm’s Ft. Lauderdale office, represented both parties in the transaction.

Michael P. Regan
Bay Point Villas Apartments were built in 1972 and are located at 2150 62nd Terrace South in St. Petersburg, Florida. 

The property consists of seven, two-story residential buildings and a one-story building that serves as the leasing office, clubhouse and laundry facility.

 The residential buildings are comprised of 76 one-bedroom/one-bathroom units, 30 two-bedroom/one-bathroom units and 30, two-bedroom/two-bathroom units.  All units have central heating and air-conditioning and the buildings are situated on approximately an 8.64-acre parcel of land.

In 2014, the property received capital improvements which included a remodeled clubhouse and new brick pavers around the pool area.  Amenities include an on-site laundry facility and management office, a clubhouse and a sparkling swimming pool. 

“Bay Pointe Villas was a stabilized asset with room to raise rents through the continued improvement of unit interiors,” says Regan. 

“The Pinellas Pointe submarket seems to be on the rise with the renovation of Mariners Pointe and new, single-family homes being built in the market,” concludes Regan.

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

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


East Tampa, FL Industrial Building Sale of $1 Million Arranged by Marcus & Millichap


Luke Elliott
TAMPA, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of the East Tampa Industrial building, a 135,432 rentable square foot industrial property located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,000,000.

Michael A. Mele, a senior vice president investments and Luke Elliott, associate in Marcus & Millichap’s Tampa office, represented the Florida seller. 

East Tampa Industrial is located at 2515 East Hanna Avenue in Tampa, Fla.  This facility has a total of 135,432 square feet and currently includes approximately 36,000 total square feet of office space. 

 “With current businesses expanding and new companies coming to the Sunshine State, demand for industrial real estate has been increasing at a healthy rate,” says Elliott.

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

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


Marcus & Millichap Arranges Sale of Doral, FL Self Storage for $4.6 Million


Michael A. Mele
MIAMI, Fla., August 13, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Doral Self Storage, a 58,177-square foot self-storage facility located in Miami, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $4,600,000.

Michael A. Mele, a senior vice president investments in Marcus & Millichap’s Tampa office, represented both parties in the transaction.

Doral Self Storage is located in the highly desirable primary market of Miami, Fla., at 5055 NW 77th Avenue. 

This facility was built in 1986 and consists of 611 units for a total of 57,240 net rentable square feet.  Units range in size from 15 to 300 square feet and there are thirteen rentable parking spaces.  

All units are located on the ground level for easy drive-up access and hassle-free uploading from the driveways.  The perimeter is entirely fenced and surveillance cameras are prevalent throughout the property. 

Doral Self Storage, 5055 NW 77th Avenue
 Doral, FL
  Access is granted through electronic keypad entry, guaranteeing secure storage.  Doral Self Storage features an on-site rental office and a second-story apartment that allows for easy and efficient on-site management. 

“This was a very smooth deal and beneficial for both the buyer and the seller,” says Mele.  “It also demonstrates the continued consolidation of self-storage in the Dade County market.”

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

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


RealtyTrac Reports U.S. Foreclosure Activity Increases 2 Percent in July


Daren Blomquist
IRVINE, CA, Aug. 14, 2014 — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its U.S. Foreclosure Market Report™ for July 2014, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 109,434 U.S. properties in July, an increase of 2 percent from the previous month but still down 16 percent from a year ago.

The report also shows one in every 1,203 U.S. housing units with a foreclosure filing during the month.

“July was the 46th consecutive month where U.S. foreclosure activity was down on a year-over-year basis,” said Daren Blomquist, vice president at RealtyTrac.

“After nearly four years of falling foreclosures, we are starting to see evidence that foreclosure numbers are normalizing at the national level. 

"The 16 percent decrease in July was exactly half the annual decrease we saw a year ago in July 2013, when U.S. foreclosure activity was down 32 percent on a year-over-year basis.

“The number of state and local markets with persistent foreclosure problems is becoming fewer and farther between, although there were some surprise spikes in foreclosure activity in July in markets that had previously been experiencing long-term downward trends in foreclosure activity,” Blomquist noted.

 “For example, Houston foreclosure activity jumped 66 percent in July compared to a year ago following 23 consecutive months of decreases, and Los Angeles foreclosure activity was up 10 percent from a year ago following 31 consecutive months of decreases.”

For a complete copy of the company’s news release, please contact:
  
Jennifer Von Pohlmann
 949.502.8300949.502.8300, ext. 139

Melrose Lifestyle Services launches offering lifestyle programs to home developers, HOAs and CDDs throughout Florida

  
Jack Hanson

 ORLANDO, FL -- Jack Hanson, President of Melrose Management Partnership announces the launch of Melrose Lifestyle Services.

 Mr. Hanson has been involved in the Florida housing market for 20+ years, and saw the demand for a lifestyle management company to work with new home community developers, HOA boards, and CDD boards to offer professional services at a competitive price.

Melrose Lifestyle Services’ goal is to create a sense of community in housing developments through events, festivals, resident clubs, and other programs; while also being a marketing tool to developers looking to bring in new home buying prospects to their community. 

Bill Fife, director of Melrose Lifestyle Services, will lead the launch of this new venture. He brings over 10 years of experiences creating small, private events to large scale festivals for communities in Florida.

 “I’m happy to be part of the Melrose team and be able to come in and guide the launch of Melrose Lifestyle Services,” said Fife. “There is great potential in the Florida for Lifestyle Services.”

 Melrose Lifestyle Services, is a sister company of Melrose Management Partnership, a property management firm that ranks the highest over the past 18 years managing over 1200 associations statewide, from small to large high-rise buildings, master associations, condominiums, and multi-family and active adult communities.

 Visit http://www.melroselifestyle.com or call 407-581-3333 for more information.

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

Bill Fife
Director – Melrose Lifestyle Services
407-581-3333
407-902-3681 (cell)

Griffin-American Healthcare REIT III Enters Agreement to Acquire Lee’s Summit Medical Office Building Near Kansas City, MO


Dan Prosky

Kansas City, MO – American Healthcare Investors and Griffin Capital Corporation, the co-sponsors of Griffin-American Healthcare REIT III, Inc., announced the REIT has entered into an agreement to acquire Lee’s Summit Medical Office Building, an approximately 39,000-square-foot, multi-tenant medical office building in the affluent Kansas City suburb of Lee’s Summit, Missouri. 

The acquisition is subject to customary closing conditions and the satisfaction of other requirements as detailed in the agreement. 

 Located at 301 Northeast Mulberry, Lee’s Summit Medical Office Building is 89 percent leased to multiple tenants, including Diagnostic Imaging Centers, Saint Luke’s East Hospital and Ostetrix Medical Group. Built in 2007, the Class A building is less than half-a-mile away from the 141-bed Saint Luke’s East Hospital and within 10 miles of three other area hospitals. 

 “Lee’s Summit Medical Office Building is a modern facility with desirable tenancy and a premier location in a growing and affluent metro region,” said Dan Prosky, a principal of American Healthcare Investors and president and chief operating officer of Griffin-American Healthcare REIT III.

 “With the local hospital as a significant tenant, this building will be an excellent addition to the quickly growing portfolio of Griffin-American Healthcare REIT III.”  

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

Damon Elder                                                                                              
 (949) 270-9207


HFF closes sale of Southwest Corporate Center in Houston, TX


Rhonda Toming
HOUSTON, TX – HFF announced it has closed the sale of Southwest Corporate Center (SWCC), a 525,580-square-foot office complex in Houston’s southwest/Beltway 8 submarket.

               HFF marketed the property on behalf of seller, TX 9700 Bissonnet LLC.  Omninet Capital purchased the property for an undisclosed amount on an all cash basis and closed in less than twenty days.

Southwest Corporate Center was transformed from the former Westwood Mall and renovated in 2000. The property is 61.9 percent leased to tenants including Stewart Lending Services, Texas Children’s Health Plan and Corinthian College. 

Rusty Tamlyn
The two-story property is situated on more than 40 acres at 9700 Bissonnet Street close to the U.S. Highway 59 and Beltway 8 interchange, and the Memorial Herman medical complex in southwest Houston. 

               The HFF investment sales team representing seller was led by senior managing director Rusty Tamlyn and Wesley Hightower along with Rhonda Toming, formerly with HFF and now at Fischer Companies.

“OmniNet focused on this asset due to its size and scale and the substantial value creation through lease up of the primarily secondary generation vacancy. 

“They moved at a very fast pace through their due diligence and closing, and intend to keep CBRE on the asset for leasing and management in the interim,” according to Tamlyn.

“Due to the current opportunities in the Texas markets, Omninet has decided to allocate an additional $250,000,000 in Texas in the next 12 months,” said Michael Daniel, a partner with Omninet.

               Omninet Capital is a private real estate investment firm based in Los Angeles, with commercial properties located in Austin, Dallas and San Antonio with SWCC being their first acquisition in Houston.

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 closes sale of Kissimmee, FL power center


The Loop shopping center, Kissimmee, FL
MIAMI, FL – HFF announced it has closed the sale of The LOOP, a 434,909-square-foot power center in Kissimmee, Florida.

               HFF marketed the property on behalf of AEW Capital Management, L.P. (AEW).  AEW managed the asset on behalf of one of its institutional clients.  Metropolitan Life Insurance Company purchased the asset.

               The LOOP is located on approximately 57 acres at the northwest corner of the intersection of Osceola Parkway and John Young Parkway.  Built in 2005, the 99-percent leased retail center has 43 tenants, including Regal Cinema, Kohl’s, Sports Authority, Michael’s, Petco and CVS. 

Daniel Finkle
               The HFF investment sales team representing the sellers was led by senior managing directors Danny Finkle and Brad Peterson, managing director Luis Castillo and director analyst Kim Flores.

“The LOOP is one of Florida’s most successful retail destinations,” Finkle said.  “The combination of location, design and tenant performance made The LOOP one of the highest quality retail investment opportunities in the Southeast.” 

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



Wednesday, August 13, 2014

Bristol, CT Apartment Portfolio Sells for $3.75 Million


Bradley Balletto

BRIDGEPORT, CT, Aug. 13, 2014 –- Investment sales broker Northeast Private Client Group has announced the sale of 45 Hawthorne Street and 288 Pine Street, a 56-unit multifamily portfolio in Bristol, CT. 

Bradley Balletto, the firm’s regional manager for Connecticut, represented the seller and the buyer in the $3,750,000 transaction, which closed on August 7. 

“The success of this transaction is the direct result of our relationship approach to investment sales,” said Balletto.  “With our extensive experience in the Connecticut market, we were able to match two of our long-term clients in a deal that accomplished important objectives for both of them.”

The Hawthorne Street property comprises 32 apartment units in a quiet residential location, while the Pine Street property comprises 24 apartment units in a similar area.  Both properties are elevator buildings with ample off-street parking and tenant-paid utilities.

Edward Jordan
The seller, Pine Bristol LLC & Hawthorne Bristol LLC of Lenox, MA, was a long-time owner capitalizing on the current strength of the multifamily investment sales market. 

  The buyer, MPT Partners LLC of Torrington, CT, purchased the two-building portfolio as an IRS 1031-exchange strategy for a price that equates to nearly $67,000 per unit, which represents a capitalization rate of 7.4% on the current net operating income. 

“Once again, successful transactions start with relationships,” said Edward Jordan, JD, CCIM, Northeast Private Client Group's managing director.  “With our regional brokerage platform, we successfully connected this Massachusetts seller with the right Connecticut buyer to get the deal done.”

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

Randy Savicky
Founder/CEO
Strategy+Communications
Connecting the New PR & Marketing to Business Goals
21 Brierbrook Lane, Weston CT 06883
T: 203-226-6156
M: 203-571-8151
E: randy@strategypluscommunications.com
L: www.linkedin.com/in/randysavicky
F: www.facebook.com/randy.savicky
T: @randysavicky
W: www.strategypluscommunications.com

Check out our blog at http://www.strategypluscommunications.com/blog-0/

Foxford Communities Opens Wimbledon Estates in Lake Bluff, IL


Wimbledon Estates home, Lake Bluff, IL
CHICAGO, IL – Hinsdale,Ill.-based Foxford Communities has announced the grand opening of Wimbledon Estates, an exclusive community of seven custom-built homes on one-acre lots in Lake Bluff.

Construction has already begun on a 5,000-square-foot French Provincial-style home set for completion by November of this year.

 Located off of Green Bay Road, just over a mile from downtown Lake Bluff, Wimbledon Estates is nestled in a quaint cul-de-sac surrounded by mature trees.

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

Kelly Shumaker kshumaker@taylorjohnson.com, 312-267-4519

Emily Johnson, ejohnson@taylorjohnson.com, 312-267-4522



Jersey City, NJ Mayor and Concord Hospitality Commence Construction on Hyatt House Hotel


City and Concorn Hospitality officials sign a beam
for planned construction of Hyatt House Hotel, Jersey City, NJ

Jersey City, NJ  Mayor Steven M. Fulop
JERSEY CITY, NJ— Concord Hospitality Enterprises and Jersey City Mayor Steven Fulop began construction on a 258-room Hyatt House hotel in the Exchange Place district of Jersey City, part of a public/private revitalization effort that will bring 350 construction jobs, and 80 permanent and 60 part time hotel jobs to New York's Hudson River neighbor. 

“That Jersey City continues to attract the interest of prominent international brands, such as Hyatt, and well respected developers like Concord Hospitality who are willing to make substantial investments in our community is a testament to our location as a destination, the quality of our workforce, and our City’s commitment to grow our tax base by attracting new business,” said Mayor Fulop.

 “Concord Hospitality is taking great care to transform the state’s oldest bank building into a new hotel, which speaks to their thoughtful and respectful approach to the projects they undertake.  Today, with the signing of a support beam, Concord and Hyatt become part of the very foundation of Jersey City’s thriving economic redevelopment.”

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

Lauralee Dobbins                                                     
Sr. Vice President                                          
Daly Gray, Inc.                                                           
703-435-6293                                                             


Crown Group Awarded Industry’s Top Design Award for Green Square Project in Sydney, Australia


SYDNEY, AUSTRALIA  - A Sydney-based property developer has won a prestigious industry design award for its innovative mixed-use development at Sydney’s new Green Square precinct in Zetland.

Crown Group was awarded Best Concept Design for its 301-303 Botany Road Zetland development at the 20th Annual Urban Development Institute of Australia (UDIA) NSW hosted Austral Bricks Awards for Excellence, held at Star Casino in Sydney on Friday night.

 Crown Group CEO Iwan Sunito said the prestigious UDIA NSW Concept design award recognised the company’s dedication and hard work to create an innovative design concept for the important site.

 Designed by Koichi Takada Architects, the building’s curved form provides a smooth transition to the plaza and public domain spaces. 

"Our Green Square site is a unique opportunity for Crown Group to create a world-class development with architectural significance,” Mr Sunito said.

 “The project draws on Crown Group's 18 years' experience developing residential property in Sydney and will showcase the world's best in innovative residential design.

“It will be a landmark building within the new Green Square Town Centre.”

 Located at 301-303 Botany Road, a short distance from Green Square train station, Crown Group’s project is located within the new Green Square town centre, a major new residential, retail and cultural hub – which sits at the heart of a broader $8 billion redevelopment of Green Square.

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

Hwee Peng Yeo
Vice President, Asia Markets
Glodow Nead Communications
San Francisco • New York • Singapore • Shanghai
Level 21, Centennial Tower, 3 Temasek Avenue • Singapore 039190
1700 Montgomery Street, Suite 203 • San Francisco, CA • 94111
Asia: 65.9768.6087  US:415.394.6500 • E: hweepeng@glodownead.com

Lifescapes International Completes One-Acre Rooftop Deck with Las Vegas Flair at Lyon Communities’ New Apartment Community ‘The Marke’


Julie Brinkerhoff-Jacobs
Orange County, CA– Suburban apartment communities have never had the feel of a Las Vegas pool party setting – until now. 

Lifescapes International, landscape architectural firm and the creative force behind popular destinations such as the Wynn Resort’s Encore Beach Club, Tao Beach at the Venetian and Station Casino’s Red Rock Resort in Las Vegas, has completed a one-acre rooftop design that creates a Las Vegas level of excitement at The Marke, a new apartment community in Orange County developed by Lyon Communities.

The recently completed rooftop at The Marke incorporates a variety of Las Vegas style amenities, including fire pits, a resort-style saltwater pool and spa, a bar, an outdoor theater, and private cabanas, as well as two clubhouses, one of which includes a two-lane bowling alley, a full bar/restaurant area, and gaming. 

  The second clubhouse is dedicated to an elite training facility that features Ryan Capretta of Proactive Sports Performance.

Frank Suryan Jr.
According to Julie Brinkerhoff-Jacobs, president of Lifescapes International, her firm was selected as the landscape architect for The Marke, in part, based on its tremendous depth of experience in Las Vegas, which includes 12 of the most notable destination resorts on the Strip and many others throughout the city.

“In one of our first meetings, Lyon Communities’ Chairman and Chief Executive Officer Frank Suryan, Jr. said to me, ‘Some things that happen in Las Vegas shouldn’t stay in Las Vegas.’  

"So we set out to design and deliver an environment that is as fun and as entertaining as the successful young professionals who are moving into The Marke,” Brinkerhoff-Jacobs explains.

The Marke Apartments, Santa Ana, CA
            “We recognize that beautiful and creative outdoor spaces aren’t just about having a great look, but are also about generating a vibrant energy.  At The Marke, we’ve delivered a true nightlife and entertainment vibe,” she adds. 

            The Marke apartment community is itself a cutting-edge, five-story, 300-unit luxury apartment community designed to transcend the area’s more typical offerings by bringing an entirely new level of millennial and empty-nester luxury to its residents. 

 Additional information is available at www.lifescapesintl.com.

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

 Lexi Astfalk
Jr. Account Executive
Brower, Miller & Cole
895 Dove Street, Third Floor
Newport Beach, CA 92660
p: (949) 955-7940