IPA Sells 328 Multifamily Units in San Antonio, TX

Will Balthrope

SAN ANTONIO, TX – Institutional Property Advisors (IPA), a division of Marcus & Millichap serving the needs of institutional and major private real estate investors, has arranged the sale of 328 multifamily units in San Antonio. The property’s name and transaction details were not disclosed.

            IPA executive director Will Balthrope represented both parties in the transaction.

            “The property is a first generation value-add opportunity,” says Balthrope. “It has been well maintained since its build in the mid-2000s. The implementation of a luxury enhancement package should allow management to push rents to the level of the neighboring peer assets.”

            Located in San Antonio, the property is close to the some of the city’s strongest employment centers. Units feature Whirlpool appliances, European cabinetry with decorative hardware, nine-foot vaulted ceilings and garden-style oval tubs. 

Community amenities include a resort-style pool with fountains, a 24-hour state-of-the-art fitness center, a complimentary tanning studio and an executive business center.

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

 Gina Relva

Public Relations Manager

(925) 953-1716

Retail Center in The Woodlands, Texas, Changes Hands

  

Nate Newman

 THE WOODLANDS, TX– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 242 Crossing, a 41,721-square-foot retail center in The Woodlands, Texas.

The exact terms of the sale were not released, however, the asking price was more than $11,500,000.

            Nate Newman, an associate in The Woodlands office of Marcus & Millichap, represented the seller, a well-established local developer.

            “The center sits at the southeast corner of Interstate 45 and FM 242 at the north entrance to The Woodlands,” says Newman.  “It was highly desired by the undisclosed buyer, who wanted to control the hard corner due to their plans for the surrounding development.”

            “The strategic nature of the parcel and keeping the identity of the buyer confidential prior to closing added to the complexity of the transaction,” Newman continues. “The property has benefited greatly from the large amount of new development in the area, including the 385-acre, three-million-square-foot ExxonMobil headquarters and the more than four million square feet currently being developed in The Woodlands.”

The Woodlands development, Woodlands, TX

            The center is located at 8000 Highway 242 in The Woodlands and is visible to more than 248,000 cars per day. The St. Luke’s Hospital district is across the interstate from the site. Annual median income in the area is $127,900.

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

 Gina Relva

Public Relations Manager

(925) 953-1716

Lincoln Harris Brokers CommunityOne’s New Office Lease in Raleigh, NC

Kaler Walker

RALEIGH, N.C. (Aug. 28, 2014) — Lincoln Harris has brokered CommunityOne Bank’s new lease of 4,871 square feet of office space at Rexwoods Center IV, located at 4325 Lake Boone Trail in Raleigh. 

CommunityOne Bank offers more than 50 branches and ATMs throughout North Carolina. This is the bank’s first office in Raleigh.

 Kaler Walker of Lincoln Harris’ Raleigh office brokered the lease on behalf of CommunityOne Bank. Highwoods Properties, the landlord, was self-represented by Jane Doggett.

 “Rexwoods Center IV is the perfect location for CommunityOne Bank’s new office because of its prime West Raleigh location, signage opportunities and easy access to I-40 and I-440,” Walker said.

 “Class A office space is disappearing in Raleigh, so tenants who are interested in higher quality space need to act quickly in order to get the best deals.”

Jane Doggett

 Rexwoods Center IV is a 42,331-square-foot Class A office building located in a campus in close proximity to Rex Hospital, banks, restaurants, neighborhoods and shopping. The building includes covered parking, fiber optic telecommunications and on-site maintenance.

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

Stephen Ursery

The Wilbert Group

404-549-7150 (O)

404-405-2354 (C)

sursery@thewilbertgroup.com

Lee & Associates Brokers Three Industrial and Office Leases Totaling 222,711 Square Feet in Atlanta’s Airport Submarket

Rick Tumlin

ATLANTA, GA (Aug. 28, 2014) — Lee & Associates’ Atlanta office has arranged three industrial and office leases totaling 222,711 square feet in the Airport submarket of Atlanta.

 Rick Tumlin and Mike Sutter of Lee & Associates, along with Mike Morgan of Interstate Tenant Advisors LLC, represented PrimeSource Building Products, Inc. in its lease of 159,153 square feet at 3060 South Park Blvd. in Ellenwood, Georgia.

The Dallas-based company signed a long-term lease with extensive tenant improvements. Sean Boswell of Colliers International represented the landlord, First Industrial Realty.

 The Fulton County Government signed a 53,558-square-foot expansion and long-term extension at 3025 Commerce Way in Hapeville, Georgia. Tumlin, Sutter and Billy Snowden of Lee & Associates represented Cobalt Capital Partners, the landlord, in the lease.

 Tumlin, Sutter and Scott Prather of Lee & Associates represented Prologis, the landlord, in the leasing of more than 10,000 square feet of office leases at 510 Plaza Drive in College Park, Georgia.

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

Stephen Ursery

The Wilbert Group

404-549-7150 (O)

404-405-2354 (C)

sursery@thewilbertgroup.com

MBA Releases 2014 Mid-Year Commercial/Multifamily Servicer Rankings

  

 Washington, D.C. (Aug, 28, 2014) – The Mortgage Bankers Association (MBA) today released its mid-year ranking of commercial and multifamily mortgage servicers’ volumes as of June 30, 2014.

 At the top of the list of firms is Wells Fargo with $446.8 billion in U.S. master and primary servicing, followed by PNC Real Estate/Midland Loan Services with $378.2 billion, Berkadia Commercial Mortgage LLC with $242.9 billion, KeyBank National Association with $167.2 billion, and GEMSA Loan Services, L.P. with $95.7 billion.

Wells Fargo, PNC/Midland, KeyBank, and Berkadia are the largest master and primary servicers of commercial/multifamily loans in U.S. commercial mortgage backed securities (CMBS), collateralized debt obligations (CDO) and other asset-backed securities (ABS);

PNC/Midland, Prudential Asset Resources, GEMSA, and MetLife are the largest servicers for life companies; 

PNC/Midland, Wells Fargo, Walker & Dunlop, LLC, and Berkeley Point Capital, LLC are the largest Fannie Mae servicers; 

Wells Fargo, PNC/Midland, KeyBank, and GEMSA are the largest Freddie Mac servicers.

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

Shawn Ryan

sryan@mba.org

(202) 557-2727

South Florida Office and Retail Asset Sells for $13 Million

21/22 Center, Coral Way, Miami, FL

MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced it has arranged the sale of the 21/22 Center, an eight-story, 74,461-square-foot office and retail building on Coral Way in Miami.

 The $13 million sales price equates to $175 per square foot.

            Douglas K. Mandel, a first vice president investments, and Benjamin H. Silver, an associate vice president investments, both in Marcus & Millichap’s Fort Lauderdale office, represented both principals in the transaction.

            “The 21/22 Center is a stabilized asset that has received nearly $2 million in capital improvements during the last two years, including new elevators, chillers, common area upgrades and tenant improvements,” says Mandel.

Douglas K. Mandel

            The office and retail building is located on the corner of Southwest 21st Avenue and Coral Way at 2103 Coral Way in Miami. The location is between downtown Miami’s Brickell financial district and Coral Gables’ central business district. 

The building is approximately one mile west of Interstate 95, three miles southwest of downtown Miami, two miles east of downtown Coral Gables, Fla. and just a few miles east of Miracle Mile.  

            The 21/22 Center features 18,356 square feet of ground floor retail space and 56,105 square feet of office space. The building was constructed in 1983 utilizing cast-in-place isolated column footings and continuous footings. The exterior walls are finished with painted stucco and the building is fitted with an aluminum and glass curtain wall system and aluminum and glass windows.

            An attached five-story parking garage provides direct entrances to the office building from the second through fifth floors. The parking facility accommodates 172 parking spaces. The lower floors have an automated pay parking system. Two parking spaces are reserved for electrical vehicles and have charging stations.

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

Gina Relva

Public Relations Manager

Marcus & Millichap

(925) 953-1716

Andre Satchell Joins Marcus & Millichap capital Corp. as Associate Director in Houston, TX

Andre Satchell

HOUSTON, TX – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has added André Satchell as associate director in the firm’s Houston office, according to MMCC’s central region vice president Charles Krawitz.

            In his new position, Satchel will be responsible for securing commercial debt financing for an array of property types including multifamily, office, industrial, retail, manufactured housing and hospitality. He will be primarily focused on clients based in Texas with an emphasis on the greater Houston market.

 “André’s sophistication and financial expertise will be of great value to entrepreneurial property owners,” says Krawitz. 

“He is smart, driven, tenacious and committed to bringing creative debt and equity solutions to commercial real estate investors throughout Texas.”

Charles Krawitz

            Prior to joining MMCC, Satchell served as senior associate with the financial advisory firm Duff & Phelps in its Real Estate practice group. In his prior post, he specialized in underwriting complex real estate portfolio transactions for investment and financing purposes.

Satchel graduated from Norfolk State University, where he earned a Bachelor of Science degree in Environmental Toxicology. 

He has also holds the Certified Commercial Investment Member (CCIM) designation and is a Candidate Member of the Appraisal Institute. He is also involved in the Young Leaders program organized by the Urban Land Institute.

  

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

Gina Relva

Public Relations Manager

Marcus & Millichap Capital Corp.

(925) 953-1716

Post Properties Announces Quarterly Dividends

  

ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, today announced quarterly dividends on its common stock of $0.40 per share for the third quarter of 2014. 

The dividend is payable on October 15, 2014 to all common stockholders of record as of September 30, 2014.

Post also announced regular quarterly dividends on its 8.5 percent Series A Cumulative Redeemable Preferred Stock of $1.0625 per share for the third quarter of 2014. The dividend is payable on September 30, 2014 to all Series A preferred stockholders of record as of September 15, 2014.

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

Post Properties, Inc.

Chris Papa, 404-846-5000 

Essex Realty Group Brokers the Sale Of 68-Unit Multi-Family Apartment Building in Chicago, IL

  

James Darrow

 CHICAGO, IL – Essex Realty Group, Inc. is pleased to announce the sale of 1622 N. California in Chicago, Illinois.

 The North Hotel at 1622 N. California, is a brick single room occupancy (SRO) hotel/apartment building in the Humboldt Park neighborhood which is comprised of 66 apartments/rooms and 2 retail spaces.

 The property is situated just north of the intersection of North and California Avenues, steps from beautiful Humboldt Park.

The sale price was approximately $1,750,000.

 Jim Darrow and Jordan Gottlieb were the listing agents. Doug Fisher represented the purchaser.

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

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

Douglas Fisher

Essex Realty Group, Inc.

773.305.4910

dougfisher@essexrealtygroup.com

www.essexrealtygroup.com

HSA Commercial Completes 60,000 SF Lease with Black Horse Carriers at New Spec Building in Plainfield, IN

Robert Smietana

CHICAGO, IL and INDIANAPOLIS, IN ( August 27, 2014) - HSA Commercial, Inc., announced today that the firm has executed a 59,770-square-foot lease with Black Horse Carriers, Inc. at the firm’s recently-completed speculative industrial development at 1025 S Columbia Road in Plainfield, Ind.

This is the first signed lease for Gateway Industrial III, the 220,000-square-foot warehouse facility developed by HSA Commercial in partnership with Great Point Investors LLC.

Carol Stream, Ill.-based Black Horse Carriers, a third-party logistics firm specializing in dedicated fleet services and private fleet replacement services for the consumer products industry, will take occupancy of its leased premises in October.

“Tenant interest in the project has been very strong so far given our unique capability to accommodate these types of smaller industrial clients,” said Robert Smietana, vice chairman and CEO of HSA Commercial. “We are feeling very confident about the depth of the industrial market and our potential for a full lease-up by the end of the year.”

Gateway Industrial III, 1025 South Columbia Road
Plainfield,  IN

Gateway Industrial III distribution center is located on 13 acres immediately southwest of the Indianapolis International Airport in the Gateway Business Park. 

The new facility features 32’ clear heights, 35 truck docks, four drive-in doors, 256 parking spaces, and quick access to Interstate 70 with convenient connectivity to the rest of the regional interstate system. This is the fourth building developed in the Gateway Business Park.

  

Brian Buschuk, senior associate with JLL, represented Black Horse Carriers, Inc. in the lease transaction. CBRE’s Terry Busch and John Hanley are responsible for leasing at Gateway Industrial III.

  

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

Mark Thomton, mthomton@taylorjohnson.com, 312-267-4523

Jordan Bressler Joins CFLane as Vice President of Marketing

Jordan Bressler

ATLANTA, GA — Jordan Bressler, a veteran marketer with more than 25 years of experience in promoting awareness of major organizations and brands, has joined CFLane, a rapidly growing manager of multifamily real estate, as vice president of marketing.

 Bressler will oversee marketing strategy, public relations, internal and external communications, advertising and digital marketing for both CFLane and its parent company, the full-service multifamily investment firm Cocke, Finkelstein Inc. (CFI).

“Jordan is the perfect addition to CFLane and CFI,” said Byron Cocke, co-CEO of the two companies. “He brings a wealth of marketing experience from a number of different industries, and this wide-ranging expertise will propel our firms to an even higher level of visibility among investors, clients and the public.”

“I greatly admire the growth that CFLane and CFI have achieved over the past several years, and the vision of co-CEOs Byron Cocke and Brett Finkelstein,” Bressler said. 

Byron Cocke

“They have assembled a first-class team of professionals in all facets of their business, and are working to instill a culture and set of values that will further secure the companies’ future as leaders in the industry. 

"A top-notch communications and marketing strategy will only serve to reinforce this notion, and to ensure consumers and potential investors come to us first when considering a partnership, investment or home.”

 Bressler comes to CFLane from Listingbook, a software-as-a-service real estate search and client management platform based in Greensboro, North Carolina, where he served in a similar role. 

Prior to Listingbook, he was the owner and president of Leapfrog Marketing, PR & Design, a full-service public relations and design firm that eventually joined forces with The Sales Factory, a Greensboro-based strategic marketing agency, in 2011.

 A former reporter for The Miami Herald and Associated Press, Bressler developed his style of content-driven creativity in lengthy marketing stints with the NBA’s Miami Heat and Lorillard Tobacco Co. While with the Heat, he oversaw publicity efforts during the conceptual, construction and early operational phases of the AmericanAirlines Arena, which opened in 2000.

 A native of New York City, Bressler is married and has three children. He has a communications degree from Florida International University.

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

Stephen Ursery

The Wilbert Group

404-549-7150 (O) 404-405-2354 (C)

sursery@thewilbertgroup.com

Lee & Associates Arranges Two Industrial Leases Totaling 207,000 Square Feet in Northwest Metro Atlanta

  

Tommy Hiles

 ATLANTA, GA — Lee & Associates’ Atlanta office has brokered two industrial leases in northwest metro Atlanta totaling 207,000 square feet.

Tommy Hiles, SIOR and Billy Snowden of Lee & Associates represented the ownership of 2850 Barrett Lakes Blvd. in Kennesaw, Georgia, in the leasing of 150,000 square feet.

Jack Haden and Mike Chambers of NAI Brannen Goddard represented the tenant, Atlanta Bonded Warehouse Corp.

Hiles and Snowden also represented PrologicITS in its new 57,000-square-foot lease at 106 Northpoint Parkway in Acworth, Georgia. The landlord, Majestic Realty Co., was self-represented by Will Lombard.

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

Stephen Ursery

The Wilbert Group

404-549-7150 (O) 404-405-2354 (C)

sursery@thewilbertgroup.com

Lincoln Property Co. Acquires Freeport Distribution Center in Phoenix, AZ

Alisa Timm

PHOENIX, AZ – Lincoln Property Company (LPC) has acquired the two-building, 219,240-square-foot Freeport Distribution Center industrial project in southwest Phoenix.

Freeport Distribution Center is located at the northwest corner of Buckeye Road and 51st Avenue, just minutes from the Phoenix Sky Harbor International Airport.

 The project is a close-in infill site offering immediate connectivity to the I-10, I-17 and Loop 303 freeway. It boasts a strong tenant roster that includes Nestle North America and two Canadian-based, construction industry credit tenants: Moulding & Millwork (a subsidiary of Metrie) and Hardwoods Specialty (a subsidiary of Hardwoods Distribution, Inc.)

 LPC purchased Freeport Distribution Center from Atlanta-based IDI Gazeley Brookfield Logistics Properties and California-based BlackRidge Real Estate Group.

Ryan Martin

Brett Tremaine, Anthony Brent, Ryan Martin and Tom Simmons from HFF represented the seller. LPC will provide exclusive property management services for the new acquisition.

 “Phoenix’s southwest Valley is an extremely sought-after industrial real estate submarket,” said Lincoln Property Company’s Executive Vice President David Krumwiede. “Freeport Distribution Center is a great example of the submarket’s strength and its potential to become even stronger as its key assets continue to stabilize.”

Krumwiede quickly engaged LPC’s property management team to capitalize on the project’s potential, and is looking for additional opportunities across the Southwest to do the same.

“As a medium-size bay project, Freeport provides a nice balance to our regional portfolio. It is a welcome part of our company’s continued growth.”

 “Freeport Distribution Center allows LPC to do what we do best, which is to bring a good asset up to its maximum value,” added Lincoln Property Company’s Director of Management Services Alisa Timm, who oversees a more than 6.5 million-square-foot management portfolio for the company’s Desert West Region.

David Krumwiede

 “We do this by providing the services that today’s owners need most: financial savvy, positive relationships and creative ideas that keep tenants and buildings at the top of their game.”

 Located on approximately 11 acres at 5240 and 5302 W. Buckeye Road in Phoenix, Freeport Distribution Center includes one 135,114-square-foot industrial building and one 84,126-square-foot industrial building. The project features 25 – 28-foot clear heights, ESFR sprinkler system, front-load configuration and 240 – 260-foot shared truck court.

 Lincoln Property Company is actively seeking development and acquisition opportunities throughout the Valley. 

For more information, contact David Krumwiede, Executive Vice President, or Amr Ceran, Vice President, with Lincoln Property Company at (602) 912-8888.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

Marcus & Millichap Arranges Sale of Urban Heights in Tampa, FL for $595,000

Casey Babb

TAMPA, 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 Urban Heights, a 14-unit apartment property located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $595,000.

Ari Ravi, associate, Casey Babb, a CCIM and vice president investments and Luis Baez, senior associate in Marcus & Millichap’s Tampa office, represented both parties in the transaction.

Urban Heights is located at 5113 North Nebraska Avenue in Tampa, Florida. 

This 1980s built property consists of 12 one-bedroom/one-bathroom apartments and two studio apartments, housed in a single, two-story concrete block/wood frame building with pitched shingle roofs and interior corridor entries. 

Ari Ravi

Units feature semi-private, interior corridor entries, central HVAC, floor tile coverings, fully appointed kitchens, double basin sinks and dishwashers in select units and fully appointed baths.

“Urban Heights was a value-add opportunity in the emerging Seminole Heights submarket and garnered significant investor activity,” says Ravi.  “We generated four offers in the first week and the property went under contract within ten days, resulting in a quick, hassle-free closing.”

“This transaction further solidifies Seminole Heights as a market of interest for small apartment investors,” add Ravi.

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

Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

Charles Dunn Co. Completes 15,300-Square-Foot Creative Office Lease with Television Production Firm in Glendale, CA

  

Gelena Skya-Wasserman

LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed a 15,300-square-foot, five-year creative office lease with Tim & Eric, Inc., a television production company, in Glendale, Calif. valued at approximately $1.5 million.

The lease includes fully occupying two previously vacant buildings that include a 10,800-sf property at 1500 Flower Street and an adjacent 4,500-sf building at 1442 Flower Street.

Roger Beck and Gelena Skya-Wasserman of Charles Dunn Company represented the tenant, Tim & Eric, which is relocating and consolidating space from several Hollywood locations. Stevenson Real Estate represented the landlord, Avalon Investment Company.

“Avalon had purchased the property and was undergoing an extensive renovation when we reached out on behalf of our client. We negotiated and finalized the lease prior to the space hitting the market and before the renovation was completed,” said Beck.

Roger Beck

 “The market for quality creative office and production space is very tight in this area and is usually leased up the day it is listed.”

According to Beck, the tenant will be using the larger building for its production and general office space. The small building will be utilized for the company’s studio and filming activities.

Tim Heidecker and Eric Wareheim, known collectively as Tim & Eric, are an American comedy duo and creators of the Adult Swim television series Tom Goes to the Mayor; Tim and Eric Awesome Show, Great Job!; and Check It Out! with Dr. Steve Brule.

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224