Marcus & Millichap Arranges Sale of Harvest Breeze Apartments in Pompano Beach, FL for $1.3 Million

Brandon J. Rex

POMPANO 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 Harvest Breeze Apartments, a 14-unit apartment property located in Pompano Beach, Fla, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office.

The asset sold for $1,350,000 equating to $96,429 per unit.

Harvest Breeze Apartments is situated just off South Ocean Boulevard and SE 12th Street, and just south of Atlantic Boulevard, at 3213 SE 12th Street in Pompano Beach, Fla.

Brandon J Rex, a vice president investments and Evan P. Kristol, a senior vice president of investments, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Delray Beach, Fla. 

The buyer, a private investor from Boca Raton, Fla, was secured and represented by Felipe J. Echarte, a vice president investments, in Marcus & Millichap’s Fort Lauderdale office. 

Evan P. Kristol

“Harvest Breeze Apartments offered the rare opportunity to acquire an extremely well-located apartment building east of the Intracoastal and close to the beach.

“Tenants benefit from the tranquil, residential setting surrounding the building, made up mostly of condominiums, and single family homes, and its close proximity to Atlantic Boulevard, which is lined with retail and dining from the beach all the way to Interstate 95.” Says Rex

Harvest Breeze Apartments is a two-story building comprised of 12 one-bedroom/one-bathroom units and two two-bedroom/two-bathroom units.

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

               

Ryan Nee

Regional Manager

Fort Lauderdale

(954) 245-3400

Hospitality Ventures Management Group (HVMG) Names Cheryl L. Mathews Vice-President of Accounting

  

Cheryl L. Matthews

 ATLANTA, Ga. (Oct. 1, 2014) – Hospitality Ventures Management Group (HVMG), an Atlanta-based, privately owned hotel ownership and management company, announced that Cheryl L. Mathews has been named vice-president of accounting.

 In her new role, Mathews and her team are tasked with ensuring that each hotel owner receives accurate and timely financial statements, supporting the hotels in all of their accounting and financial needs and ensuring proper asset management systems and processes are in place, including cash management and risk management, among other accounting related responsibilities.

            “With 26 years in the hospitality industry, more than 20 of which were focused on accounting, Cheryl brings a uniquely focused skill set that will prove invaluable as we continue to grow and augment our management platform and infrastructure,” said Maria D’Alessandro, senior vice president and CFO of HVMG.

Maria D'Alessandro

“Her experience working with some of the largest owners and operators in the industry to provide timely and proactive financial services proved pivotal in those companies’ growth.  We have every expectation that she will contribute the same at HVMG.”

            Previously, Mathews held executive positions at several hotel management companies, including Interstate Hotels and Resorts, Noble Management Group, Wyndham International and Renaissance Hotels & Resorts.

 As vice-president of treasury and vice-president of accounting at Interstate, Mathews led the implementation of an e-payment system which modernized and streamlined the accounts payable payment process and an electronic balance sheet account reconciliation system for all domestic and international full service hotels. 

            Mathews has won numerous industry awards, including 2002 Manager of the Year for Wyndham Hotel-Atlanta Downtown and Marriott’s Southeast Region Award for Internal Controls for 1998. 

            “Hotel owners deserve and expect robust, timely and transparent financial reports," Mathews said.  "Helping non-financial managers understand accounting is a particular passion of mine, so I feel very confident that I can make a positive impact by working with the property-level teams as we strive toward industry-leading reporting systems for our owners.”

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

Chris Daly

Daly Gray, Inc.

703-435-6293

chris@dalygray.com

www.hvmg.com

Taylor & Mathis Orlando Announces Close to 9,000 SF in Lease Transactions

Darryl Hoffman

ORLANDO, FL -- Damien Madsen, Principal of Taylor & Mathis Orlando announced today the completion of close to 9,000 square feet in leases in Lake Mary and Maitland.

 Damien Madsen and Darryl Hoffman recently completed a new lease totaling 4,914 square feet in Lake Mary at Tower I at Primera for stand up MRI Firm.

 In Maitland, Madsen and Hoffman finalized a lease for a little over 4,000 square feet for Neumors at the Point 100 building.  Taylor & Mathis represented the Landlord both of these transactions.

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

Buffy Gillette

(407) 622.6699

www.TaylorMathis.com.

Cushman & Wakefield’s Andy Slowik Honored by NAIOP

Andy Slowik

 ORLANDO, FL -- Cushman & Wakefield announced today that Andy Slowik has received the prestigous 2014 NAIOP Developing Leaders Award. Slowik, a Land Brokerage Services Associate in the firm's Orlando office, was one of only ten recipients of the award across North America.

The Developing Leaders Award is given to "up-and-coming professionals under the age of 35 who have distinguished themselves among their colleagues and show great promise as future industry leaders."

The award will be presented during NAIOP's Development '14: The Meeting for Commercial Real Estate, to be held October 27-29 in Denver, Colorado.

"We are very proud to have Andy recognized with such a prestigious award," said Cushman & Wakefield Senior Managing Director and Florida Market Leader Larry Richey. "He consistently demonstrates great leadership skills — especially for such a young professional — and is well respected by his peers, clients, and the Orlando business community."

Larry Richey

"These individuals are being recognized for their insight and leadership qualities that undoubtedly will help grow the industry, guiding it as it adapts to emerging trends and economic opportunities while instilling diverse and creative thinking,” said Thomas J. Bisacquino, president and CEO of NAIOP. “Their abilities, actions and accomplishments make the industry a powerful example for others to follow."

Slowik began his career with Cushman & Wakefield as an intern before joining the firm full time in 2011. 

He is an Associate on the Land Brokerage Services Team headed by Margery Johnson.

 In 2012, Slowik was named Orlando's Rookie of the Year. He is the 2014 NAIOP Developing Leaders President and a 2013 NAIOP Developing Leaders Board Member.

"I am honored to receive the award," said Slowik. "And I am proud to be associated with NAIOP and its mission."

NAIOP (formerly the National Association of Industrial and Office Properties) was founded in 1967 and has evolved into one of North America's most influential commercial real estate organizations. NAIOP provides networking opportunities, educational programs, research on trends and innovations and legislative representation.

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

David.Meyer@cushwake.com

Arbor Finances $128.9M in Multifamily Deals Nationwide

Joseph Charneski

UNIONDALE, NY  - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, and a national, direct commercial real estate lender, announced the recent funding of 14 loans totaling $128,872,739 under the Fannie Mae Delegated Underwriting & Servicing (DUS®) Loan, Fannie Mae DUS Dedicated Student Housing Loan, CMBS Loan and Arbor Realty Trust Loan Bridge product lines.

 All of the loans were originated by Joe Charneski, Vice President in Arbor’s New York City office.

 “Deal by deal, borrowers require a variety of different loan product types to fit their individual needs and investment strategies in today’s market, including both permanent and interim loans. Such was the case with these most recent funding transactions,” Charneski explained.

“The transactions also took place across a vast array of markets nationwide. Being able to serve your borrowers wherever their business takes them is critical for a multifamily lender that prides itself on personalized and customized service.”

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

Christopher Ostrowski

costrowski@arbor.com

Suffolk Construction to Move to One Biscayne Tower in Downtown Miami, FL

Ryan Holtzman

Miami, FL -- Taylor & Mathis of Florida has signed Suffolk Construction to a lease at Miami’s One Biscayne Tower.  Suffolk Construction is relocating from the airport submarket and expanding their offices into nearly 15,000 square feet downtown.  

“Suffolk is excited to expand into a larger and more collaborative space in Miami. Not only are the views phenomenal, but the central location of One Biscayne Tower will allow us to better serve our clients and partners in the area,” stated Suffolk’s Vice President of Miami operations John Planz.

The Suffolk deal was negotiated by Taylor & Mathis’ Ryan Holtzman representing the owner and co-broker Lance Benson of Newmark Grubb Knight Frank representing the tenant. 

Lance Benson

One of the largest privately-held building contractors in the country, Suffolk’s Southeast Region has been headquartered in South Florida for 20 years. 

The Southeast Region office has experienced tremendous growth in the past 18 months, adding over 100 new leadership and staff positions.  It is currently managing construction of Met3, Jade Signature, Sinai Residences, and The Jewel of Sarasota.

Planz will oversee the Miami Worldcenter and the All Aboard Florida Miami Terminal.

“The leasing momentum we are seeing downtown and in particular at One Biscayne Tower is unprecedented in recent times,” according to Holtzman.  “We are thrilled to add another top notch firm to our tenant roster with even more on the way.”

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

http://www.suffolk.com

www.taylormathisflorida.com

www.onebiscaynetower.com

$6.4 Million Multifamily Acquisition Loan Arranged by Marcus & Millichap Capital Corp. in Santa Monica CA

Sharone Sabar

SANTA MONICA, CA– Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged $6,465,000 in financing for the purchase of a 20,612-square-foot multifamily property in Santa Monica.

Sharone Sabar, vice president capital markets in Marcus & Millichap’s Encino office, arranged financing for the loan.

            “The property is a rent-controlled multifamily asset with a low cap rate and a high GRM,” says Sabar. “Most capital sources would provide debt up to 40 percent loan to value but the borrower was looking for more than that. MMCC sourced a lender that was comfortable with pro forma rents and provided a loan-to-value of 67 percent.”

            The five-year loan amortizes over 30 years and is fixed at 4.75 percent.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Promotes Tony Cassie to Vice President Investments in Portland, OR

Tony Cassie

PORTLAND, OR – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced that it has promoted Tony Cassie to vice president investments, according to Justin P. White, regional manager of the Portland office.

 Most recently, Cassie held the title of associate vice president investments, specializing in seniors housing investment sales.

            “It’s an honor to recognize Tony as a vice president investments,” says White. “His outstanding performance as a brokerage professional, dedication to providing the best client service and in-depth knowledge of the seniors housing industry make Tony very well-deserving of this promotion.”

            Cassie began his career as an investment specialist with Marcus & Millichap in October 2005, and earned the firm’s Pacesetter award during his first year. In 2007, he was named regional manager of the Portland office, after consistently being named one of its top producers annually. Cassie returned to the sales force in early 2013, and was named an associate vice president investments that same July.

            During his tenure with Marcus & Millichap, Cassie has arranged more than $300 million in transactions, primarily in seniors housing investment sales in the Pacific Northwest and Mountain States.

Justin P. White

Prior to joining Marcus & Millichap, Cassie was a consultant for a Big 4 accounting and consulting firm where he worked exclusively with nursing home, hospital and health insurance clients.

 He has extensive knowledge of Medicare and Medicaid reimbursement strategies, membership/enrollment/billing, streamlining operations, strategy and management, as well as technology implementation within the healthcare and seniors housing industry.

Cassie received his bachelor’s degree in accounting from the University of Montana-Missoula.

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

Gina Relva

Public Relations Manager

(925) 953-1716

$22.5 million sale of the gateway to miami beach arranged by marcus & millichap

  

The Gateway to Miami Beach building
1100 5th Street, Miami Beach, FL

 MIAMI, 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 The Gateway to Miami Beach for $22,500,000, or $1,241 per square foot. 

The property consists of two net-leased buildings and is occupied by two national tenants. 

It is located on the southeast corner of 5th Street and Alton Road where the MacArthur Causeway (Interstate 395) accesses Miami Beach; this intersection, in South Beach’s South of Fifth (SOFI) neighborhood, is one of the most visible and highly sought after locations in Miami Beach.

Scott Sandelin

Scott C. Sandelin, an associate vice president investments in Marcus & Millichap’s Miami office, represented the seller, a Miami Beach-based limited liability company. Jonathan Gerszberg, a senior associate, also in the Miami office, secured the buyer, a private investor from New York.

“The properties’ current mixed-use commercial zoning designation allows for several different uses in addition to retail,” says Sandelin.

“This will allow for many future redevelopment options. The Miami Beach retail market demand continues to grow due to the proliferation of international, national, regional and local tenants and the tourists, visitors and locals who frequent the area to shop, eat, and enjoy the community.” 

“The buyer is extremely bullish on the South Florida market and plans to enjoy the cash flow from the long-term tenants as the surrounding market continues to appreciate,” adds Gerszberg.

Jonathan Gerszberg

The property is located at 1100 5th St. in Miami Beach, Fla. The two national tenants are Burger King and Pier 1 Imports. The Pier 1 building consists of 8,504 square feet on the ground level with an additional 3,432 square feet on the second floor.

The adjacent Burger King building is 5,000 square feet and includes a second floor with 1,200 square feet of air conditioned storage/office space. The lot totals 32,650 square feet.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Hold-Thyssen Negotiates Office Building Purchase for Leading On Line Car Rental provider at Lexington Professional Park in Tampa, FL

Theresa Margaris

TAMPA, FL --- Hold-Thyssen, Inc., a commercial property firm based in Winter Park, with offices in Tampa, recently negotiated the purchase of a $350,000 office building at Lexington Professional Park.  

Theresa Margaris, transaction specialist in Hold-Thyssen’s Tampa office, negotiated the transaction representing the buyer. 

Sevy Group Real Estate, LLC purchased the 2,500 square foot office facility to house the customer service team of Car Rental 8, America Car Rental and National Travel Deals, an online service that provides car rentals and hotels in 125 countries and 17,000 locations worldwide.

The local seller was Waterman Enterprises, Inc.

Hold-Thyssen, Inc. provides commercial property and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

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

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

HFF secures $15 million in financing for manufactured home community in Rancho Cordova, CA

Zach Koucos

SAN DIEGO, CA – HFF announced  that it has secured $15 million in financing for Mobil Country Club, a 479-unit, senior (55+) manufactured home community in Rancho Cordova, California.

                Working exclusively on behalf of Country Club Investors, LP and Storz Management Company (SMC), HFF placed the 15-year, fixed-rate, 30-year amortization loan with Voya Investment Management (formerly ING).  Proceeds will be used to retire existing debt on the property and for capital reserves.

                Mobil Country Club is situated on a 54.6-acre site at 2473 Sunrise Boulevard, approximately 10 minutes east of downtown Sacramento. 

Completed in three phases, the community is 99.2-percent occupied and includes off-street and guest parking, as well as 110 RV/boat storage spaces.  Community amenities include a heated swimming pool, clubhouse, billiard room, library, sauna and enclosed spa.

Typical Mobil Country Club Home, Rancho Cordova, CA

                The HFF team representing the borrower was led by director Zach Koucos.  HFF worked directly with SMC’s CFO Mark Weiner and president Andy Carey on the transaction.

                “Our life insurance company correspondents are very aggressive right now for long-term, fixed-rate loans on high quality multi-housing properties such as Mobil Country Club.  Many of our clients with long-term hold objectives are taking advantage of today’s unique recapitalization opportunities,” Koucos said.

“I have worked with many lending institutions and intermediaries on transactions of various sizes, and my recent experience with HFF was by far one of the best,” Weiner said.

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

Marcus & Millichap Arranges $26.8 Million Sale of Cedar Trace Apartments in Maryland Heights, MO

Alex Blagojevich

 ST. LOUIS, MO, Sept. 29, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has arranged the sale of Cedar Trace Apartments, a 372-unit property in Maryland Heights, a suburb of St. Louis. The $26.8 million sales price equates to $72,043 per unit.

Marcus & Millichap vice presidents investments David Gaines and Alex Blagojevich arranged the sale, along with senior associate William Holman, Marcus & Millichap’s broker of record in Missouri.

“Cedar Trace is a stable apartment community located in a thriving northwestern St. Louis suburb,” says Gaines. “The buyer intends to take advantage of the strong demand in the rental marketplace by updating unit interiors and driving revenue at the property.”

Cedar Trace Apartments is located at 2000 McKelvey Hill Drive in Maryland Heights, 20 miles northwest of downtown St. Louis.  Its proximity to Westport Plaza, West County Mall, Interstate 270 and the Bi-State bus line make it a convenient location for its residents.

Built in 1972, the property features 50 two- and three-story buildings. The average unit size is 1,158 square feet and the average monthly rent is $854.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Arranges Sale of Burger King in Indiantown, FL for $1.1 Million

  

Lane Schwartz

INDIANTOWN, FL, Sept. 29, 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 a 2,450-square foot Burger King located in Indiantown, FL, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office.

The asset sold for $1,601,500 representing a 6.25% CAP rate.

Barry M. Wolfe, a vice president investments, and Alan Lispky, an associate, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Vero Beach, Fla.

 The buyer, a private investor from Tarzana, CA, was secured and represented by Lane Schwartz, a first vice president investments, in Marcus & Millichap’s West Los Angeles office. 

Barry M. Wolfe

“This Burger King is located on the primary trucking corridor between Lake Okeechobee and The Palm Beaches.  The lease includes unusually high rent increases for a Burger King which will increase the CAP rate for the buyer to over 7 percent in the next couple of years,” says Lipsky.

Burger King has operated from 15608 SW Warfield Boulevard in Indiantown, Fla for more than 20 years.

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

Ryan Nee

Regional Manager

Fort Lauderdale, FL

(954) 245-3400

Berger Commercial Realty Negotiates $24 Million Purchase of Palm Beach County Portfolio in Florida

Lloyd C. Berger

FORT LAUDERDALE, FL (Sept.  29, 2014) – Berger Commercial Realty announced the opening of a new office in Boynton Beach as a result of a $24 million deal it negotiated for its client, Kendall Properties.

 Kendall Properties purchased a 280,000-square-foot office portfolio from LouJA Realty in a deal that closed on Friday, Sept. 26. The portfolio consists of seven buildings on four different properties in Boynton Beach and Delray Beach.

 "Our client recognized that Palm Beach County offers better upside and saw the opportunity this portfolio provided," said Berger Commercial Realty President and founder Lloyd Berger, who brokered the deal on behalf of Kendall Properties.

 Berger Commercial Realty plans to hire six full-time staff members in its Boynton Beach office to manage and lease the buildings in the Kendall Properties portfolio, as well as existing assignments in Palm Beach County. The regional commercial real estate firm also has offices in Fort Lauderdale and Miramar, where its property management team currently oversees 7 million square feet of space throughout the tri-county area.

Woolbright Corporate Park
1901 and 1903 South Congress Avenue
Boynton Beach, FL

 The Palm Beach County portfolio consists of:

·        Delray Office Park, located at 4723, 4731 and 4733 W. Atlantic Ave. in Delray Beach; 

·        Woolbright Corporate Park, located at  1901 and 1903 S. Congress Ave. in Boynton Beach;

·        Gulfstream Professional Building, located at 500 Gulfstream Boulevard in Delray Beach;

·        Woolbright Professional Building, located 2240 W Woolbright in Boynton Beach.

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

Marielle Sologuren

Pierson Grant Public Relations

(954) 776-1999, ext. 226

msologuren@piersongrant.com

Prime Property Investors Selects Greystar to Lease and Manage Newly Acquired Estates at Fountain Lake in Houston, TX

Barbara J. Gaffen

CHICAGO, IL (Sept. 29, 2014) – Northbrook, Ill.-based Prime Property Investors (PPI) announced today that it has designated Greystar Real Estate Partners to oversee leasing and property management at Estates at Fountain Lake, a 13.6-acre luxury rental community in Houston that consists of 14 three-story garden-style buildings with a total of 306 units.

Greystar is the largest operator of apartments in the United States.

 Located on Fountain Lake Drive, just east of South Dairy Ashford Road, Estates at Fountain Lake is in Houston’s Fort Bend County, one of the fastest-growing counties in the nation, according to the U.S. Census Bureau.

PPI acquired the property from Dallas-based Trammell Crow Residential (TCR) earlier this year and is in the process of executing a “value-add” strategy to further enhance the property to meet the increasing demand for upgraded luxury apartments in the area.

According to Barbara J. Gaffen, co-CEO of PPI, hiring Greystar was step one in elevating the community to one of the most exclusive luxury rental properties in the area.

“Creating a high-end living environment for residents is more than upgrading units and common areas, it’s also providing an unprecedented level of service,” said Gaffen.

Estates at Fountain Lake Apartments, Houston, TX

“Given Greystar’s world-class expertise with multifamily housing in Houston, we are confident they will provide the highest level of service to everyone living at Estates at Fountain Lake.”

The property consists of 198 one-bedroom, one-bath apartments and 108 two-bedroom, two-bath units. It is currently 98 percent pre-leased and more than 96 percent physically occupied. Average rents are approximately $1,300 per month.

For more information on Estates at Fountain Lake call (281) 494-7744 or visit http://www.estatesatfountainlake.com/.

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

Kelly Shumaker

Senior Account Executive, Taylor Johnson

Direct:    312-267-4519

Phone:   312-245-0202

Fax:        312-245-9205

E-mail:   kshumaker@taylorjohnson.com