Kiser Group Brokers Nine Property Sales of Apartment and Mixed-Use Buildings in Chicago and Evanston, IL Surpassing $20 million

  

Lee Kiser

 CHICAGO, IL – Kiser Group, Chicago’s leading mid-market commercial real estate brokerage firm, announces nine Chicago-area property sales that closed in July and August 2014.

The largest closing was a 206-unit, four-building portfolio in Chicago’s South Shore neighborhood.

Other Chicago sales include a 24-unit multi-family building near DePaul University in Lincoln Park; two 19-unit mixed-use buildings: one in Logan Square and the other in Ravenswood Manor; three six-unit apartment buildings in Woodlawn; a six-unit apartment building in Washington Park; and an eight-unit apartment building in northwest Evanston, Ill.

 Jeffery Portfolio – South Shore

Located at the intersection of 71st and Jeffery Boulevard in the South Shore neighborhood, this 206-unit portfolio, which includes 198 apartments and eight retail stores, sold for $7.05 million. It includes four vintage buildings: 1962 E. 71st Place (52 apartments and five retail stores), 7130 S. Jeffery (60 apartments and three retail spaces), 7147 S. Jeffery (38 apartments) and 7144 S. Jeffery (49 apartments and 41 parking spaces). The portfolio includes studios, one-, two- and three-bedroom units, and is professionally managed and maintained.

Noah Birk

“These apartments offer 1920s character as well as modern living comforts since they were completely renovated in the early 1990s,” said Lee Kiser, principal of Kiser Group. He and Noah Birk, managing director of Kiser Group, represented the seller in the transaction.

  

“The location was also a key selling point as the buildings are located near neighborhood shopping and the Metra station,” said Sean Connelly, senior managing director of Kiser Group, who represented the buyer in the transaction. 

“Also, CTA bus lines directly in front of the buildings offer north-south or east-west travel.”

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

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

Marcus & Millichap Arranges Sale of a 7,344-SF Miami Beach, FL Chevron for $5.05 Million

Ronnie Issenberg

MIAMI BEACH, 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 a 7,344 square-foot, triple-net leased property branded by Chevron in Miami Beach, Fla.

The asset sold for $5,050,000 representing $688 per square foot and a 7.1% CAP rate.

Ronnie Issenberg, a vice president investments, and Scott C. Sandelin and Gabriel Britti, associate vice president investments, in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor from Sunny Isles, Fla. 

Issenberg, Sandelin and Britti also secured the buyer, a limited liability company from Bay Harbor Islands, Fla. 

One-hundred percent leased to a one-unit operator and branded by Chevron, the tenant has seven years remaining on an absolute triple-net lease. The offering consisted of the service station, convenience store, U-Haul truck rental facility (situated on the adjacent parking lot) and second floor rental apartment units.

Scott C. Sandelin

“The North Beach business district has long been ignored and considered by investors as a dead area. The strong interest in this asset from the investor community marks a distinct change in the attitude towards this potential up and coming area,” says Sandelin.

“Due to its strategic location along Harding Avenue, a main south bound corridor leading directly to South Beach, the tenant enjoys considerably high margins, strong U-Haul rental rates and 100 percent occupied apartments,” adds Issenberg.

The property is located at 401 71st Street in Miami Beach, 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

MHA Brokers Sale of 224 Units in Macon, GA Apartment Community

Robert Stickel

ATLANTA, GA  — Multi Housing Advisors (MHA) has brokered the sale of Mill Creek Run, a 224-unit community, located at 6687 Skipper Road in Macon, Georgia.

 Robert Stickel, managing director at MHA, represented the seller, Mill Creek Run LLC, in the transaction. Hamilton Point Investments LLC acquired the property, which was 93 percent occupied at the time of the sale.

 “We are experiencing strong investor interest in multifamily properties in Georgia’s secondary markets, and we expect that to continue,” Stickel said. “Apartment communities in cities like Macon offer consistent, reliable returns and often provide higher yields than communities in metro markets like Atlanta.”

 Mill Creek Run, built in 2005, features a fitness center, business center, swimming pool, and cabana with an outdoor kitchen and picnic area.

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

RealtyTrac® Reports U.S. Foreclosure Activity Increases 7 Percent in August

IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, released its U.S. Foreclosure Market Report™ for August 2014, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 116,913 U.S. properties in August, an increase of 7 percent from the previous month but still down 9 percent from a year ago — the smallest decrease in the last 47 consecutive months of year-over-year declines in U.S. foreclosure activity.

A total of 51,192 U.S. properties were scheduled for foreclosure auction during the month, down 1 percent from the previous month but up 1 percent from a year ago — the first annual increase in scheduled foreclosure auctions following 44 consecutive months of annual decreases.

Scheduled foreclosure auctions in judicial foreclosure states where foreclosures are processed through the court system increased 5 percent from a year ago.

Daren Blomquist

“The August foreclosure numbers demonstrate that although the foreclosure crisis is well behind us, the messy business of cleaning up the distress lingering from the housing bust continues in many markets,” said Daren Blomquist, vice president at RealtyTrac.

“The annual increase in foreclosure auctions — the first since the robo-signing controversy rocked the foreclosure industry back in late 2010 — indicates mortgage servicers are finally adjusting to the new paradigms for proper foreclosure that have been implemented in many states, whether by legislation or litigation or both.”

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

Jennifer Von Pohlmann

949.502.8300949.502.8300, ext. 139

jennifer.vonpohlmann@realtytrac.com

HFF arranges $7.5 million financing for Palomar Place in Carlsbad, CA

Josh Simon

DENVER, CO  – HFF announced it has arranged $7.5 million in acquisition financing for Palomar Place, a 15,317-square-foot, Class A retail center in Carlsbad, California.

               HFF worked exclusively on behalf of the borrower, Hannay Realty Advisors, LP, a subsidy of MCD Realty Advisors, Inc., to secure the 3.54 percent, seven-year fixed-rate loan through a correspondent life insurance company.  HFF is also servicing the loan.

Palomar Place is situated on 1.75 acres at the southwest corner of Palomar Airport Road and Armada Drive in Carlsbad, a coastal community 35 miles north of San Diego.

 Completed in 2013, the two-building center is shadow anchored by Costco and is 100 percent leased to nine tenants, including Starbucks, Wells Fargo Bank, Supercuts, GNC and AT&T.

The HFF team representing the borrower was led by directors Josh Simon and Pat Burger and real estate analyst Leon McBroom.

Josh Simon

“Palomar Place is a very attractive retail center with great credit tenants, strong visibility and convenient access and will provide stable cash flow to the borrower,” Burger said.

Hannay Realty Advisors, a subsidy of MDC Realty Advisors USA, Inc., is a private commercial real estate company focused on the commercial markets in the western United States.

 HRA and its affiliates currently manage approximately 12 million square feet of commercial properties and has offices in Phoenix, Denver, Los Angeles, Orange County, San Francisco, Kansas City and Las Vegas. 

Learn more at www.hannayrealtyadvisors.com.

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

krmurphy@hfflp.com

Easton & Associates Arranges $8.35M Sale of Miami Lakes, FL Industrial Building

Tom Kimen

DORAL, FL — Easton & Associates, the commercial real estate brokerage division of The Easton Group, arranged the sale of a 106,000 square foot industrial property in Miami Lakes, FL.  The purchase price was $8.35 million or $78 per square feet. 

 Easton & Associates Vice President Tom Kimen represented the seller, 3B Associates, a real estate investment partnership.

The buyer is Safari Topia, a manufacturer of educational toys and figurines.  Kimen said Safari Topia will conduct its business operations from the new facility.  The company had been located just a few miles away, but decided to purchase its own building once its lease came up for renewal.

 “With interest rates still at historic low levels, it makes a lot of sense for some businesses to own their real estate,” said Kimen.  “In the short term, they get reduced monthly payments, and in the long term, they get the appreciation of the asset.”

 The property is located at 5960 Miami Lakes Drive in the Miami Lakes Industrial Park.  

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

Todd Templin

Boardroom Communications

ttemplin@boardroompr.com

954-370-8999/954-290-0810

                         

Marcus & Millichap Arranges Sale of Santona Corner in Coral Gables, FL for $17.4 Million

Benjamin H. Silver

CORAL GABLES, Fla., Sept. 9, 2014– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Santona Corner, a 37,130-square-foot retail property with a private parking garage composed of 159 spaces, located in Coral Gables, Fla.

The asset sold for $17,400,000, which equates to $469 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, procured a buyer for the property on behalf of the seller.

“This was an opportunity for an investor to acquire a trophy retail asset across from the University of Miami with prominent and high exposure on busy U.S. 1,” says Silver. “The distinguished building was designed by Mateu Architecture and offers its tenants an upscale modern façade.”

Santona Corner has an abundance of on-site parking with the private parking garage and provides excellent access to Miami International Airport and Downtown Miami. The property is located on the corner of South Dixie Highway (U.S. Route 1) and Santona Street at 1430 South Dixie Highway.

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

Gina Relva

Public Relations Manager

(925) 953-1716

                          

IPA Sells 903-Unit Multifamily Portfolio in Hartford, CT

Part of  903-Unit Apartment Portfolio, Hartford, CT

HARTFORD, CT– Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of a 903-unit multifamily portfolio in Hartford, Conn.  The transaction details were not disclosed.

            IPA executive directors Victor Nolletti and Steve Witten, along with IPA associate Eric Pentore represented the buyer and seller in the transaction.

            “The portfolio consisted of a number of addresses that encompassed a range of solid locations serving the first-time renter and workforce housing needs of those living and working in and around the city of Hartford,” says Nolletti. 

            Built in the 1960s, the rentable square footage of the portfolio totals almost 800,000 square feet.

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

Gina Relva

Public Relations Manager

(925) 953-1716

                      

Lincoln Brokers Engel & Völkers’ Nearly 2,000-Square-Foot Lease at Buckhead Atlanta

Amy Fingerhut

ATLANTA, GA – Lincoln Property Company Southeast (Lincoln) has brokered Engel & Völkers’ new 1,875-square-foot lease at Buckhead Atlanta, a 1.5 million-square-foot, mixed-use development at the intersection of Peachtree and Pharr roads.

 Chip Sipple, a senior investment analyst with Lincoln, represented the international real estate brokerage firm in the transaction; Amy Fingerhut of CBRE represented the landlord, developer OliverMcMillan.

 Engel & Völkers Buckhead Atlanta’s office will be located on Pharr Road across the street from the Elle Apartments and will open when the first phase of the development is complete, which is expected to be this fall.

Chip Sipple

Engel & Völkers is one of the world’s leading companies specializing in the sale and lease of premium residential and commercial properties and yachts.

 “It was very exciting to place this high-profile firm in one of Atlanta’s highest-profile developments,” Sipple said. “This transaction is another example of Lincoln’s proven ability to put tenants in exactly the right spaces.

“This couldn’t be a better fit. As a well-known luxury brand, Engel & Völkers is a perfect fit for a project that will be home to a wide range of high-end tenants and retailers.”

“We’re thrilled to have Engel & Völkers join the Buckhead Atlanta community,” added Jeff Zeigler, senior managing director of retail services for OliverMcMillan. “Their offerings complement the varied roster of tenants we have lined up to date, and we are confident that Engel & Völkers brings a unique element to this destination that our guests won’t be able to find elsewhere.”

Jeff Zeigler

 Fingerhut, vice president at CBRE, further defined the benefits of the deal, saying, “This deal signifies the beginning of a meaningful partnership between one of the largest luxury real estate and lifestyle brands and an iconic Atlanta community. This brings the global Engel & Völkers network to native Atlantans and international clients moving to the area.”

 Engel & Völkers plans to open more offices throughout metro Atlanta, and Lincoln and Sipple are currently assisting the firm in its efforts to locate space in Alpharetta.

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

Stephen Ursery

The Wilbert Group

404-405-2354

sursery@thewilbertgroup.com

                                   

SVN Crossroads Management Awarded 157,000 SF of Property Management Contracts

  

Kirsten Bowersox

SCHAUMBURG, IL– Schaumburg-based SVN Crossroads Management, LLC has been awarded property management contracts for five separate properties comprising 157,000 square feet of space.

Located in the north, northwest and south suburbs of Chicago, the properties consist of industrial, office and industrial flex.

“As I said earlier this year, we are making a full-court press to increase our market share,” said Kirsten Bowersox, chief operating officer of SVN Crossroads. 

“Our targeted marketing efforts combined with a reputation for providing responsive, ownership-style management services has been noticed by building owners across Chicago.”

The 157,000 square feet of new property management contracts, all located in Illinois, includes 103,000 square feet of industrial space in three separate properties at 525-533 S. Ashland Ave. in Chicago Heights; 740 Industrial Drive in Cary and 726 McHenry Ave. in Woodstock. It also includes a 6,900-square-foot office space at 630 N. Route 31 in Crystal Lake.

The fifth new property management contract is for a 47,000-square-foot industrial flex building at 1940-1950 Lehigh Ave. in Glenview.

  

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

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

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

                          

Waterton Purchases The Apartments at Denver Place in Colorado

Matt Masinter

CHICAGO, IL – Waterton Associates LLC, a U.S. real estate investor and operator, is pleased to announce the acquisition of The Apartments at Denver Place, a 193-unit high-rise apartment community located in downtown Denver. The community is the fifth property purchased by Waterton in 2014.

 The Apartments at Denver Place is located within a larger mixed-use property known as Denver Place, which also includes a high-rise office building, a fitness facility and a controlled-access underground parking garage.

The apartments are located in a 37-story mixed-use tower that contains 24 for-sale condominiums and a five-star Ritz-Carlton hotel on the first 14 floors of the building.

Residents of The Apartments at Denver Place have access to the hotel’s full suite of luxury amenities including the 9,000-square-foot Ritz-Carlton spa, as well as the newly renovated 68,000-square-foot TruFit Athletic Club.

 “This is a very high-quality property with a unique opportunity to further improve the residential units, common areas and amenity spaces,” said Matt Masinter, senior vice president of acquisitions at Waterton. “We are very pleased to add Denver Place to our portfolio, as we see a lot of growth potential in this market and some great value-add upside at this property.”

The Apartments at Denver Place, Denver, CO

The Apartments at Denver Place is conveniently located within walking distance of downtown Denver’s most desirable employment, nightlife and entertainment districts, including the 26-block Arapahoe Square Urban Redevelopment Area, just one block northeast of the property. 

Since the area became eligible for tax increment financing in 2011, eight sites have been redeveloped, including the Denver U.S. Patent and Trademark Office.

The office, which opened in June 2014, is home to 125 professionals and is expected to generate $439 million of economic activity over the next five years.  Lastly, the highly anticipated Union Station redevelopment is located just six blocks from the property.

For leasing information, call (866) 995-0446 or visit www.aptsatdenverplace.com.

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

  Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

Virginia Love, vlove@wallc.com, (404) 937-2061

Marcus & Millichap Arranges Sale of 2,400-SF Verizon Wireless-Leased Building in Valrico, FL for $1.9 Million

James Medefind

 VALRICO, 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 Verizon Wireless, a 2,400-square foot net-leased property located in Valrico, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset sold for $1,936,000.

Armando Rodriguez, associate and James Medefind, senior associate in Marcus & Millichap’s Tampa office, represented both parties in the transaction.

Verizon Wireless is located at 3330 Lithia Pinecrest Road in Valrico, Florida.  The property is well located at the corner of a four-way intersection with a traffic count over 50,000 per day.  The property is situated among 300,000 square feet of retail space, giving the property great synergy with the other retailers.

Armando Rodriguez

“This particular asset drove several offers, but at the end of the day we were able to find a local private investor who was willing to pay the most aggressive price of over $806 per square foot, which is a record for a single-tenant net-leased Verizon building,” says Rodriguez. 

  “This was also a win for the buyer who was looking for inflation protection and limited management responsibility.”

 “In addition, with annual rental escalations, the return over time made this asset the best on-market out there,” adds Rodriguez.

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

Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

HFF represents Kimco in the $27.15 million sale of a Stop & Shop-anchored center in Waterbury, CT to Slate Properties

Jim Koury

 BOSTON, MA – HFF announced it has closed the sale of Waterbury Plaza, a 141,443-square-foot, grocery-anchored retail center in Waterbury, Connecticut.

               HFF marketed the property exclusively on behalf of the seller, Kimco Realty Corporation (NYSE: KIM).  Slate Properties, Inc. purchased the asset for $27.15 million. 

               Waterbury Plaza is located at 410 Reidville Drive, adjacent to Interstate 84, approximately 16 miles north of New Haven in Waterbury, Connecticut.  The fully leased center is anchored by Stop & Shop and Raymour & Flanigan.

The HFF investment sales team was led by senior managing director Jim Koury.

For further information on Kimco, please visit www.kimcorealty.com, the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.

For more information on Slate, please visit www.slateretailreit.com.

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

krmurphy@hfflp.com

Faris Lee Investments Completes $7.6 Million Pre-Sale of New Construction Retail Property in Charlotte, NC Submarket

  

Matthew Mousavi

 IRVINE, CA – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $7.6 million pre-sale of Petco & Shops, an approximately 22,500-square-foot newly constructed property in Gastonia, NC, a rapidly growing submarket of Charlotte.

The property is fully leased and includes a 12,500-square-foot free-standing building occupied by Petco, and two free-standing pad buildings each totaling approximately 5,000 square feet with Select Comfort, Massage Envy Spa, Firehouse Subs, and Tijuana Flats as tenants.  All the tenants have new 10-year triple-net leases.

Matthew Mousavi and Patrick Luther of Faris Lee Investments represented the seller, a privately held development company based in North Carolina. Shaun Riley of Faris Lee Investments represented the buyer, a private investor from Arizona who was in a 1031 Exchange.

 Situated on 2.26 acres at 2272-2290 E. Franklin Boulevard, Petco & Shops is within a growing retail corridor. It is ideally located at the north side of East Franklin Boulevard/Highway 74 and is near the on/off ramp of Interstate 85.

Patrick Luther

As part of a pre-sale strategy, Faris Lee marketed the property well before the completion of construction, ensuring certainty of execution for the developer, while still capturing full forward-looking value for the asset. Faris Lee's buyer was non-contingent with a non-refundable deposit in place prior to property’s tenants opening for business.

  

“Faris Lee’s marketing outreach highlighted the growing market and surrounding retail fundamentals of the immediate area,” said Mousavi.

 “We also repositioned the center as a "Lifestyle" retail destination for the community, and renamed the property to better suit the tenancy and the retail orientation of the property.

“We generated multiple competing offers from across the country and helped the seller select a qualified, out-of-state buyer who offered very aggressive price and terms.”

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

Stirling Sotheby’s International Realty’s Lake Nona/Medical City Marketing Center opening soon with New Professional Team

                    Top from left Tiffany Licata and Melissa Ziarko

                          Front,  Laurie Branch-Conner 

ORLANDO, FL -- Three seasoned professionals have formed a team for the launch and growth of Stirling Sotheby’s International Realty’s new Lake Nona/Medical City Real Estate Marketing Center opening on Narcoossee Rd. this fall.

 Team founder, Laurie Branch-Connor has had a longstanding career in all aspects of real estate including residential re-sales, new homes, international sales, investors, and property management.

 Melissa Ziarko, Laurie’s sister, received her real estate license two years ago and has dealt with many real estate transactions involving foreign investors and has also been involved in property management.  Ziarko is very knowledgeable about market trends and closing deals.

 Tiffany Licata, the newest member of the team, brings a background in hospitality/restaurant management.  Since starting her real estate career, Licata has been leasing and listing properties and pursuing investors interested in the area surrounding Southeast Orlando’s robust Medical City.

Roger Soderstrom

 “The Branch-Conner, Licata and Ziarko Team offers a triangular solution to the real estate needs of customers and clients seeking to locate in this rapidly expanding, upper tier job-growth area,” said Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty.

 “They are outstanding professionals and committed to new and established communities in the Lake Nona Medical City / Saint Cloud region, he said.

 Among communities Branch-Conner, Licata and Ziarko will be servicing are Harmony, St. Cloud and Kissimmee.  

  

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.