Affordable Senior Housing Community Opens in Long Beach, CA

                                                                              

Michael Gaber

LONG BEACH, CA – WNC, a national investor in real estate and community development initiatives, announced the completion of Ramona Park Senior Apartments, a 61-unit affordable senior housing community in Long Beach, Calif.

WNC provided $6.9 million in low-income housing tax credit (LIHTC) equity to fund the project, which demolished a vacant former bank in order to develop the affordable housing.

 Located at 3290 E. Artesia Blvd., the three-story building includes 49 one-bedroom units and 11 two-bedroom units offered to seniors aged 55 and above with household incomes of up to 60 percent of the area median income. The ground floor of the structure serves as a parking garage.

 The property was developed by DL Horn & Associates LLC, in association with WCH Affordable IV LLC and PC Long Beach Developers LLC. 

 “The creative reuse of this space was a collaborative effort involving input from neighborhood community members and the City of Long Beach Planning Department,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. “Ramona Park enhances the local area, and provides seniors with numerous recreational and unit amenities within a comfortable place to call home.”

Rendering of Ramona Park Senior Apartments
Long Beach, CA

 Property amenities of Ramona Park include: a community room, passive seating and reading areas, swimming pool, oversized outdoor fireplace, business center, kitchen, library, gym, dining area, tenant storage, common laundry facility, social services, public restrooms and on-site management. 

Each unit is equipped with an electric range and oven, window blinds, refrigerator, central heat/air conditioning, garbage disposal, dishwasher and patio or balcony.

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

Julie Leber

Account Manager

Spotlight Marketing Communications

18101 Von Karman Avenue, Suite 330

Irvine CA 92612

949-427-5172, ext. 703

julie@spotlightmarcom.com

www.wncinc.com

Marcus & Millichap Arranges Sale of Murdock Plaza in Port Charlotte, FL for $4.9 Million

Murdock Plaza, Port Charlotte, FL

PORT CHARLOTTE, 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 Murdock Plaza, an 83,165-square foot retail property located in Port Charlotte, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset sold for $4,980,000.

James Medefind, associate in Marcus & Millichap’s Tampa office, and John Nuzman, vice president investments in the firm’s Detroit office represented both parties in the transaction.

James Medefind

Murdock Plaza is a newly-renovated shopping center that was built in 1991 and located at 1700 Tamiami Trail in Port Charlotte, Fla. just a mile-and-a-half from Port Charlotte Town Center.  The center is currently 73 percent occupied and is anchored by Bingo Trail, Dollar General and a local appliance retailer.

“Murdock Plaza was a great example of the current supply-demand imbalance we are seeing in the retail market,” says Medefind. 

“Due to the lack of supply and overwhelming demand for well located, value add opportunities in the marketplace, we were able to drive three offers within the first 48 hours of bringing the asset the market,” adds Medefind. 

“This gave the seller options and negotiating leverage to obtain a phenomenal price and amenable terms that fit the seller’s timeline.”

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

Richard D. Matricaria

Vice President/Regional Manager, Tampa

(813) 387-4700

Berger Commercial Realty Leases 19,000 Square-Feet of Industrial Space at McNab Commercial Center in North Lauderdale, FL

Greg Milopoulos

FORT LAUDERDALE, FL -- Berger Commercial Realty Broker Associate Greg Milopoulos recently represented McNab Commercial Center No. 1, LLC in leasing space at the McNab Commercial Center to 13 new tenants.

 Located at 7544 W. McNab Road with easy access to the Florida Turnpike and Sawgrass Expressway, the North Lauderdale-based warehouse features ample parking, nine-foot by 12-foot overhead doors, 14-foot clear height ceilings, and an 8-foot by 10-foot office for every 1,000 square-feet of space leased.

 The center's new leases include 4,000 square-feet to SP Fine Custom Cabinetry Inc., 3,000 square-feet to Elite Auto Trade Inc., and 2,000 square-feet to Great Deals Auto Sales Inc. and to Tropical Party Supplies LLC.

Other leases included 1,000 square-feet to:

McNab Commercial Center, North Lauderdale, FL

All in One Handyman Company LLC;

AVI Solutions Inc;

Daphne Edwards;

Fingerprint Services of Florida, LLC;

Jamwas LLC;

Jeffrey William Leon West;

Mr. Crown Molding LLC;

Pure LED Lights LLC.

For more information about leasing at the McNab Commercial Center, contact Berger Commercial Realty at 954-358-0900.

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

  Marielle Sologuren

Pierson Grant Public Relations

msologuren@piersongrant.com

(954) 776-1999, ext. 226

Avison Young completes $10-million sale of creative office property in Hollywood, CA

Martin McDermott

 Irvine, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced it has completed the $10-million sale of a 19,750-square-foot (sf) creative office property in Los Angeles. The company also arranged the financing on behalf of the new buyer.

 Avison Young Principal Martin McDermott, based in the firm’s West Los Angeles office, represented the seller Hello and Company – a boutique production firm, which occupied the entire space.

 Avison Young Principals Christopher Bonbright and John Tronson, along with Senior Associate David Landau in the North Los Angeles office, represented the buyer – world-renowned conservatory and college, the American Musical and Dramatic Academy, College of the Performing Arts (AMDA).

Nick Roussos, a Vice-President in Avison Young’s Irvine, CA office who specializes in real estate debt, equity and structured capital, arranged the financing on behalf of AMDA.

John Tronson

Located at 1641 Ivar in the heart of Hollywood, the property now serves as a high-end creative space, but its past includes being host to the Bob Hope USO Special. 

Circling the property are two high-profile hotels – W Hotel and Redbury; a major development project, the Millennium Towers; Emerson College; the historic Sunset Gower Studios and other Hollywood attractions, retailers, popular restaurants and bars, apartment developments and creative-industry tenants.

 “We identified up front that this building was special and had potential, with the right marketing program, to achieve a new high point for Hollywood sales metrics,” comments McDermott. 

“Since we were able to generate multiple offers that were at, or close to, our asking price within weeks of launching the marketing program, we were then able to deliver to the seller not only a record price, but also the terms they wanted.”

Nick Roussos

“Arranging financing for this deal was very complex and could have been derailed without the financing expertise of our capital markets group,” adds Roussos.

“The buyer required a closing in less than 30 days, and being that the buyer was a non-profit entity, the loan had to be non-recourse. Furthermore, the borrower required a lenient prepayment penalty to retain the flexibility to refinance the purchased loan.

“Through deep-rooted lender relationships, I arranged a bridge lending source who delivered a loan that was ready to fund five days after first being presented with the buyer-specific loan requirements.”

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

Beau Moultrie Joins Crossman & Co.’s Atlanta Office

Beau Moultrie

ATLANTA, GA,  Sept.4, 2014 --Crossman & Company continues to expand throughout the Southeast. Due to the rapid growth of the leasing portfolio, the company has expanded their leasing team to include Beau Moultrie, a new Leasing Associate in the Atlanta office.

Prior to joining Crossman & Company, Beau was a Property Agent for Roberts Commercial Real Estate Services where he leased/managed retail shopping centers and office parks.

 Preceding his work at Roberts Commercial, Moultrie attended F.S.U.'s College of Business where he obtained his finance degree with an emphasis in commercial real estate.

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

Sydnie Cobb

Phone  407.581.6223 | Email  marketing@crossmanco.com

 Crossman & Company | 6400 Powers Ferry Rd. NW | Suite 300 Atlanta, GA 30339

Plaza Advisors Announces Sale of French Golden Gate Shopping Center in Bartow, FL

French Golden Gate Shopping Center, Bartow, FL

BARTOW, FL -- Plaza Advisors is pleased to announce the sale of the French Golden Gate Shopping Center in Bartow, Florida.

The shopping center is situated at the intersection of SR 60 and US Highway 98 and totals 141,350 square feet of gross leasable area.

The major tenants include Publix, Beall’s Outlet, Pet Supermarket and freestanding Walgreens and Burger King locations.

 The Publix store was the third store to open in the chain’s history and was originally constructed in 1960.

Jim Michalak

New Publix, Beall’s Outlet, Walgreens and Burger King stores were constructed and began operating in 2011. The property was 83% leased at the time of sale.

 Jim Michalak and Mike Cvetetic of Plaza Advisors represented the seller in the transaction. No other brokers were involved in the sale. The seller and buyer were French Golden Gate LLC and The Phillips Edison Group LLC, respectively. 

 “The capital market demand, including debt providers, for Publix anchored assets is overwhelming which commonly results in a tremendous amount of investor interest and elevated pricing” Jim Michalak stated.

Additionally Michalak emphasized that “the compelling reasons for the aggressive bidding for this asset were: the new Publix, Walgreens, Burger King and Beall’s Outlet long-term leases, investment grade credit and the 24,000 sf of vacant space, which presents considerable NOI growth potential”.

Mike Cvetetic

 Plaza Advisors specializes in the disposition of anchored shopping centers located throughout Florida. The company has successfully closed nine centers since December 2013. Those closings included: six Winn Dixie and two Publix anchored assets.

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

Jim Michalak

Managing Partner

Plaza Advisors

3412 Bay To Bay Boulevard

Tampa, FL 33629

813.837.1300 Ext. 101

Fax 831.2627

jim.michalak@plazadvisors.com

www.plazadvisors.com

RECI Reports Interest Rates Continue to Drop as Investors Seek Safety

Jeanne Peck

CHICAGO, IL – Real Estate Capital Institute Reports Interest rates continue to decline as

bond investors seek safety from geopolitical turmoil, rather than worrying
about inflation fears.  

By the end of August, even as the US economy shows
favorable gains (e.g.,  a seven-year low in jobless claims), treasury yields
reached a 15-month low due to the problems facing Europe and the Middle
East.

Real estate capital markets are the beneficiaries of continued global
unrest.  

Therefore, expect another banner year for commercial and multifamily lending.   Borrowers want low rates; Debt investors want safer
yields with some reasonable premium.  

Commercial mortgage markets fill the void in comparison to other investment vehicles, BBB-rated bonds, for
instance.   A clear sign of this investment trend includes life insurance
companies increasing their allocation to mortgages, looking to raise
allocations to as much a 15% of their portfolios.

Ultimately, anticipation of the Fed's raising rates in the near future
should pose a challenge to realty investors seeking various types of
longer-term debt.  But for now with more pressure to fund longer-term
commercial mortgage loans, underwriting standards are loosening based on
intense competition from banks, Wall Street and life companies.  The net
result includes higher leverage, more interest-only underwriting and less
restrictive property-type and location profiles.   Rating agencies and loan
underwriters still maintain discipline, mainly by focusing on higher-quality
transactions within various sectors backed by proven sponsorship.

Overall mortgage rates are regularly dipping below 4% for 10-year money,
even for fully leverage loans. Meanwhile, short term rates remain unchanged
as borrowers enjoy floating-rate debt priced at generationally low levels.
Property owners enjoy selling at record high prices, or financing at record
low interest rates. Both scenarios are "win-win," as pricing on realty debt
and equity return to levels not seen since 2006-07.


Jeanne Peck, the director of the real estate capital Institute, advises "The
notion of real estate as an illiquid asset is changing-especially going into
an economic upturn (though slow).  Investors love brick-and-mortar, whether
debt or equity.   More and more people understand it as an institutional
investment vehicle offering competitive yields with solid collateral."

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, Illinois USA 60624
Contact: Jeanne Peck, Executive Director
director@reci.com 
www.reci.com

NAI Realvest Negotiates Lease of 35,120 square foot office building in the Florida Central Industrial Park in Longwood, FL

Tom R. Kelley II

ORLANDO, FL - NAI Realvest recently negotiated a long term lease of 1124 Florida Central Parkway, a 35,120 square foot office/warehouse building in the industrial community located off SR 434 and 427 in Longwood.

Tom R. Kelley II, CCIM, a principal in the firm, and associate Chris Adams negotiated the lease on behalf of the Chicago-based landlord, G&G Partners, LLC.   

 Tenant TopTech Systems, Inc. which is a major supplier of terminal automation systems to major companies in the petroleum industry, leased the two-story building for its national headquarters.

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142  

Sale of 482-unit Waterfield Court Apartments in suburban Denver, CO closed by HFF

Jordan Robbins

DENVER, CO – HFF announced it has closed the sale of Waterfield Court, a 482-unit, garden-style multi-housing community in Aurora, Colorado.

                HFF marketed the property on behalf of the seller.  Aragon Holdings, LLC purchased the asset free and clear of existing debt.

 

                Waterfield Court is located at 3499 South Uravan Way near the intersection of East Hampden Avenue and South Buckley Road and is situated within proximity of the Denver Tech Center and Southeast Business Corridor, which encompasses more than 34 million square feet of office space.  

The property was more than 97 percent leased at the time of sale and includes one- and two-bedroom units averaging 792 square feet.  Community amenities include two swimming pools, indoor spa, basketball court, clubhouse and pet park.

Jeff Haag

                The HFF team representing the seller was led by director Jordan Robbins, associate director Jeff Haag and real estate analyst Jared Buffington.

                Aragon Holdings is a private real estate investment and fund management company headquartered in Los Angeles, California.  Founded in 2008, the firm has since acquired nearly 10,000 apartment units in 10 major metropolitan cities within seven states across the U.S.

 Aragon’s team is comprised of real estate, fund management and financial professionals that collectively have more than 75 years of experience successfully acquiring, building, developing, financing and operating commercial and residential real estate.  

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

HFF closes sale of Class A multi-housing community in Hillsboro, OR

Ira Virden

PORTLAND, OR – HFF announced it has closed the sale of Seneca Village Apartments, a Class A, 264-unit multi-housing community in Hillsboro, Oregon.

                HFF marketed the property on behalf of an institutional client of Invesco Real Estate.  Greystar Real Estate Partners purchased the community for an undisclosed amount.

                Seneca Village Apartments consists of 12 apartment buildings containing 156 one-bedroom units, 100 two-bedroom units and 8 three-bedroom units. 

Community amenities include a swimming pool and hot tub, barbecue area, clubhouse, business center, covered parking and detached garages. 

  The property is situated on 11.8 acres at 6710 NE Vinings Way, which is considered to be the “Silicon Forest,” named for its proximity to tech companies Intel, Sales Force, TriQuint, Geetch and Oracle.

Kerry Hughes

 The property is 14.7 miles west of downtown Portland and within a five-mile walk to two neighborhood shopping centers. 

 It is a half mile away from the Orenco/NW 231st Avenue MAX Light Rail Station that connects to downtown Portland and the Portland International Airport.

                The HFF investment sales team was led by director Ira Virden and associate director Kerry Hughes.

“The ability to buy late 1990’s construction with nine-foot ceilings, and close proximity to high-paying tech jobs is extremely rare in Portland,” Virden said. 

 “Seneca Village will benefit from the new construction in Orenco Station, and by implementing a value-add business plan, it will continue to be an extremely strong performer.”

Additional information is available at invescorealestate.com.

To learn more about Greystar, visit www.greystar.com.

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

HFF secures $95.2 million financing for multi-state suburban office portfolio in Connecticut and New York

Jon Mikula

 FLORHAM PARK, NJ - HFF announced it has secured $95.2 million to finance the acquisition of six office properties totaling 780,781 square feet in Connecticut and New York.

HFF placed the three-year, floating-rate loan with Cornerstone Real Estate Advisers LLC, acting on behalf of its clients. 

Keystone Property Group, which acquired the properties through a joint venture with Mack-Cali Realty Corporation as part of a larger portfolio deal, will use a portion of the loan to fund upgrades to the properties. 

 In July, HFF secured $47.5 million to finance the acquisition of 412 Mt. Kemble Avenue in Morris Township, New Jersey, another property in the portfolio deal between Keystone and Mack-Cali.

The properties in the latest acquisition include Soundview Plaza located at 1266 E. Main Street in Stamford, Connecticut; 555, 565 and 570 Taxter Road in Elmsford, New York; and Talleyrand Office Park, comprising two buildings at 200 and 220 White Plains Road in Tarrytown, New York. 

Jim Cadranell

The 179,610-square-foot Soundview Plaza is located 1.5 miles from Interstate 95 in the Stamford submarket.  Renovated in 2001, the seven-story building is situated on 1.82 acres and includes a 205,075-square-foot parking garage. 

The Class A Taxter Road office buildings total 422,422 square feet and are situated at the Interstate 87-287 junction approximately 29 miles north of New York City.  The buildings were constructed in 1972, 1985 and 1988. 

Talleyrand Office Park is located 25 miles north of midtown Manhattan and contains two 89,000-square-foot, six-story buildings, which are part of a 12.856-acre park.

The HFF debt placement team was led by senior managing director Jon Mikula, managing director Jim Cadranell and associate director Andy Roland.

“HFF is proud to have played a role in Keystone and Mack-Cali’s strategic vision for these well-located buildings,” Mikula said.

For more information, visit www.cornerstoneadvisers.com.

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

HFF arranges financing for Hyatt Place Houston/Sugar Land in Sugar Land, TX

John Bourret

DALLAS, TX – HFF announced it has arranged an acquisition financing for the Hyatt Place Houston/Sugar Land, a 214-room hotel in Sugar Land, Texas.

Working on behalf of the borrower, Noble Investment Group, HFF placed the five-year, floating-rate loan with Texas Capital Bank. 

The Hyatt Place Houston/Sugar Land is located on 3.69 acres at 16730 Creek Bend Drive in Sugar Land at the intersection of Highway 6 and U.S. 59. 

The hotel, which opened in 2010, has 6,000 square feet of meeting space, round-the-clock food and beverage options, outdoor swimming pool, express check-in and check-out kiosks, complimentary shuttle service and a 24-hour fitness room and business center.

The HFF debt placement team representing the borrower was led by managing director John Bourret and director Colby Mueck.

Colby Mueck

Founded in 1993, the Noble organization specializes in making value-added, opportunistic investments in the lodging and hospitality real estate sector. 

Through its private equity real estate funds, Noble has invested more than $2.5 billion in upper upscale and upscale hotels located throughout the United States, which are affiliated with premium brands by Marriott, Hyatt, Hilton and Starwood. 

For additional information, please visit www.nobleinvestment.com.

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

HFF closes sale of two Class A office buildings in Austin, TX

Barton Oaks Plaza II and III, Austin, TX

DALLAS, TX – HFF announced it has closed the sale of Barton  Oaks Plaza II and III, two Class A office buildings totaling 237,835 square feet in southwest Austin.

HFF marketed the property exclusively on behalf of the seller, a joint venture between HPI Real Estate and Sarofim Realty Advisors.

 Invesco Real Estate purchased the assets for an undisclosed amount. 

Barton Oaks Plaza II and III are located on 6.79 acres in the Barton Oaks Plaza complex at the intersection of MoPac Expressway and Bee Caves Road. 

The buildings, approximately five minutes from downtown, are close to the Austin residential neighborhoods of Tarrytown, Rollingwood and West Lake Hills.

 The five-story buildings are 90 percent leased to a variety of tenants, including Fiserv Solutions, Graeber Simmons & Cowan, American Association of Nurse Practitioners, Oppenheimer and Parsons Brinkerhoff. 

Additional information is available at invescorealestate.com.

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

Chick-fil-A Signs Long-Term Lease for 111,252-Square-Foot Industrial Facility Near Atlanta Airport

Rendering of Airport West Distribution Center
near Atlanta's Hartsfield International Airport

ATLANTA, GA – Lincoln Property Company Southeast (Lincoln) is developing a 111,252-square-foot industrial facility at Airport West Distribution Center near Atlanta’s Hartsfield International Airport.

Denton Shamburger

Chick-fil-A, whose corporate headquarters on Buffington Road is across the street from Airport West, has signed a long-term lease to fully occupy the building upon its completion in January 2015.

 Denton Shamburger, vice president for Lincoln, represented the landlord, Morgan Stanley, in the lease and was the only broker involved in the transaction.

 The lease means Chick-fil-A will occupy nearly 85 percent of Airport West when the third building in the park is completed. Airport West currently features two buildings totaling 287,703 square feet, of which Chick-fil-A occupies 221,449 square feet.

 “Airport West has been a great success story, and Denton has done an outstanding job of leasing this industrial park,” said Tony Bartlett, senior vice president at Lincoln who oversees the Atlanta office. “Chick-fil-A is every owner’s dream tenant, and we are proud to be able to call them one of our valued clients

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

Stephen Ursery

The Wilbert Group

404-405-2354

sursery@thewilbertgroup.com

Smith Equities Negotiates Sales of Two Student Housing Communities in Tampa, FL Totaling $22.3 Million

TAMPA, FL (Aug. 28, 2014)  –Orlando-based Smith Equities Real Estate Investment Advisors  “SEREIA” recently  arranged  the  sale  of  two  “purpose” built  student  housing communities serving the University of South Florida (USF).

Geoff Harlan

 Campus Club, built in 2005, is a 64 unit, 256 bedroom community on East Fletcher that sold  for  $10.5  million.  Campus  Club  has  all  4  bedrooms,  4.5  baths  and  is  the  only property to have the extra half bath in the USF market.

College Court, built in 2004, is a 92 unit, 356 bedroom community on North 56th Street that sold for $11.8 million. College Court has apartments that are a mix of 3 bedrooms, 3 baths and 4 bedrooms, 4 baths.

Both communities are gated and have resort style pools.

Paul  Guyet  and  Geoff  Harlan  of  Smith  Equities  teamed  up  to  work  with  two  different sellers to secure one buyer for both properties.

“Since no new student housing communities were built this past year and enrollment was up, the off-campus market was very active this past leasing cycle” stated Mr. Guyet.

“In addition, a major business publication just reported that USF intends to double its student body which will fuel more investment in this market”.

“Although both of these properties were owned by different sellers, we were able to put both under contract with the same investor” stated Mr. Harlan.

Paul Guyet

 “Since the properties were so close to each other physically, we saw value in presenting them together to investors that were looking for opportunities in the USF student housing market.”

“Smaller Student Housing Properties represent a unique challenge to sell,” said Robert Smith, CCIM, president and founder of Smith Equities Real Estate Investment Advisors.

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

Paul M. Guyet, 407.422.0704, ext. 105

pguyet@smithequitiescorp.com