REVA Development Partners Breaks Ground on Luxury Rental Community Northgate Crossing in Wheeling, IL

  

Rendering of planned Nosrthgate Crossing, Wheeling, IL

 CHICAGO, IL (Oct. 7, 2014) – Chicago-based REVA Development Partners announced it has broken ground on a 288-unit luxury rental community in north-suburban Wheeling, Ill., called Northgate Crossing.

REVA is partnering with Chicago-based Blue Vista Capital Management on the development.

Located at 250 Northgate Parkway, Northgate Crossing is part of the village’s Town Center district which is anchored by the municipal campus, fitness and aquatic centers, large-scale Heritage Park redevelopment and an existing Metra Station. 

Matt Nix

 The village also recently signed an agreement for the additional development of future residential and retail on an existing 17-acre village-owned parcel.

“The village board has worked tirelessly on this exciting town center development area, and we’re very happy to be such an integral part of it,” said Matt Nix, principal of REVA Development.

“With such a wide variety of retail, office development, park space, and, of course, residences within walking distance of the Wheeling Metra station, the town center is sure to become a destination for people in the north suburbs to live, work and play.”

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

Vanessa Irving, virving@taylorjohnson.com, (312) 267-4525

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

 www.kinziegroup.com.

www.revadevelopment.com.

HFF closes $32.8 million sale of retail power center in Destin, FL

Brad Peterson

ORLANDO, FL – HFF announced today that it has closed the sale of the Shoppes at Paradise Isle, a 171,837-square-foot retail power center in Destin, Florida.

               HFF marketed the property on behalf of the seller, Weingarten Realty Investors.  Stoltz Real Estate Partners’ fifth, U.S. diversified fund, which is currently investing capital, purchased the asset for $32.8 million free and clear of existing debt.

               The Shoppes at Paradise Isle is situated on 17.7 acres at 34940 Emerald Coast Parkway at the 17-lane intersection of US Highway 98 and Mid-Bay Bridge Road, the epicenter of the most dominant retail trade area between Pensacola and Panama City. 

Completed in 2005, the property is 89.7 percent leased and anchored by Best Buy, Big Lots, Michaels, PetSmart, Ulta and Office Depot.

               The HFF investment sales team representing the seller was led by senior managing director Brad Peterson and associate director Whitaker Leonhardt.

Whitaker Leonhardt

               “It is no exaggeration to say that the intersection of the Emerald Coast Parkway and the Mid-Bay Bridge is the best retail intersection in 40 miles,” Peterson said. 

“Destin’s economy is booming, and retailers are clamoring for the few remaining spaces that are available in the area.  Shoppes at Paradise Isle is one of the hallmark retail assets in the Florida Panhandle, so it is no surprise that it received very strong interest from the investment community.”

 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

www.weingarten.com.

Ardent To Manage Two New Manhattan Properties Affiliates with 1754 Properties, LLC

  

Si Sloman

 PHOENIX, AZ, Oct. 7, 2014—Officials of Ardent Hotel Management Company, a nationally recognized hotel management firm, today announced that the company has been engaged by a premier middle eastern investment company to manage two institutional, select-service hotels in Manhattan. 

            The newly built hotels, the 148-room Hampton Inn United Nations and the 135-room Holiday Inn Express Herald Square, are recent acquisitions in prime, mid-town locations that currently rank among the highest performing submarkets in the metropolis.

            The assignments come on the heels of 1754 Properties’ recent acquisition of an interest in Ardent. 1754 Properties, LLC, is an institutional investment and ownership company specializing in hotels properties in urban and infill resort areas.

            "We look forward to operating in Manhattan once again and leveraging the prior New York hotel experience of our principals to achieve maximum results for these two prime assets,” said Si Sloman, president of Ardent. “We will continue to grow our management services to institutional owners of urban 

hotels.”

Joe Smith

             “This transaction with a premier international investment group is representative of Ardent's capabilities and future growth potential,” said Joe Smith, founder of 1754 Properties.

            Opened in February 2013, the Hampton Inn United Nations is located between the United Nations and Grand Central Station, the city's transit hub, at 231 East 43rd St. 

Situated in a neighborhood of upscale residential towers and more than 35 million square feet of Class A office space, the area is home to such major corporations such as Pfizer, Mitsubishi, Wells Fargo, UNICEF and United Nations member nations. 

  The hotel offers a 24-hour business center, fitness center access, complimentary in-room internet service and Hampton's signature complimentary, hot breakfast daily.

            The Holiday Inn Express is located at 60 West 36th St. in the heart of the fashion district near Herald Square. 

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

Lauralee Dobbins/Chris Daly

Daly Gray, Inc.

703-435-6293

Lauralee@dalygray.com

NAI Realvest Team Negotiates 10 Central Fla. Industrial Leases in 30 Days totaling over 64,000 Square Feet

  

Kristen Kemp

ORLANDO, F --- NAI Realvest recently negotiated 10 industrial lease agreements throughout Central Florida during September totaling 64,041 square feet.   Michael Heidrich, a principal and associate Kristen Kemp negotiated the following transactions at the following locations:

Uncanny Fitness, LLC new tenant in 6,400 square feet at 957 N. Pennsylvania Ave. in Winter Park; representing local landlord WFI, LLP;

Distler Construction Co. of Sanford, new tenant in 2,100 square feet at 3875 S. Johns Parkway in Sanford where the local landlord represented is Instrument Specialties, Inc.;

1st Class Moving Storage  Inc., new tenant in 8,160 square feet at 8350 Parkline Blvd. in Orlando.  The landlord NAI Realvest represents is Columbus, Ohio based Parkline Properties, LLC;

True World Foods Orlando, LLC new tenant in 3,000 square feet at 5032 Forsyth Commerce Rd. representing Forsyth Central Commerce Park, LLC;

Michael Heidrich

Cat & I, LLC of Winter Garden new tenant in 5,600 square feet at 4981 Enterprise Drive, Kissimmee representing the Orlando-based landlord PSI, LLP;

Renewal lease to Garage Automotive Group Corp. for 2,206 square feet at Goldenrod CommerCenter, 1468 N. Goldenrod Rd. in Orlando representing landlord Goldenrod SPE, LLC.

Renewal/Expansion lease agreement with Tampa-based Global Food Concepts Inc. for Suites 1737 and 1757 on Business Center Lane totaling 2,700 square feet at Poinciana CommerCenter East in Kissimmee representing landlord Small Bay Partners LLC of Maitland;

Heidrich also brokered lease renewals with Hajoca Corp of Ardmore, Pa. for their 30,000 square feet at 2499 Mercy Drive in Orlando where the landlord is LB Sowell Corp of Brandon Fla.; 

Southern Custom Creations of Enterprise, Fla. for 2,000 square feet at 667 Progress Way where the landlord is Monroe South SPE, LLC of Orlando, and with Sundax Florida, Inc. for 1,875 square feet at Suite 180 of Carter CommerCenter, 890 Carter Rd. in Winter Garden. 

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

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

   

Gelt, Inc. Acquires 247-Unit Murray Ridge Apartment Property for $25.5 Million in Salt Lake City; Acquisition Marks Entry into Utah Market

Murray Ridge Apartments, Salt Lake City, UT

Los Angeles, CA– Marking its entry into the Utah market, Gelt, Inc., a Los Angeles-based real estate investment and asset management firm, has acquired Murray Ridge Apartments, a 247-unit apartment community in Salt Lake City, for $25.5 million.

Located at 4120 South 500 East, Murray Ridge Apartments includes 22 buildings and is situated on 10.36 acres. 

The property was developed in two phases with 103 units built in 1973 and 144 units built in 1977.

 Its on-site amenities include a fitness center, clubhouse, BBQ areas, business center and swimming pool.

Keith Wasserman

 “Salt Lake City is a very hot market that we have aggressively pursued over the past two years,” said Keith Wasserman, partner with Gelt, Inc. 

“We are pleased to acquire this prime property at significantly below replacement cost and at an excellent basis as very little product trades hands and many transactions occur off-market.”

The previous owners invested $3 million from 2007-2014 into Murray Ridge including asphalt resurfacing, interior upgrades to some units, renovations to the leasing office and clubhouse areas, and pool upgrades. 

Gelt plans to make additional capital improvements to some of the units, as well as upgrades to common areas and landscaping. 

Gelt was represented by Sage Sawyer and Jed Millburn of Equimark in the transaction. The same brokerage team represented the seller.

  

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

MHA Brokers Two Apartment Community Sales Totaling $27.7 Million in the Carolinas

  

Tides at Calabash apartments, Sunset Beach, NC

 CHARLOTTE, NC — Multi Housing Advisors (MHA) has brokered the $12.6 million sale of Tides at Calabash in Sunset Beach, North Carolina, and the $15.1 million sale of Cherry Grove Commons in North Myrtle Beach, South Carolina.

Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in the transactions. Hamilton Point Investments LLC acquired both properties and did not use a broker. The two properties are approximately 15 miles apart.

Berkadia sold the 168-unit Tides at Calabash, located at 7112 Town Center Road. The property, built in 2011, includes a business center, fitness center, bocce ball court, pool, volleyball court, and grilling and picnic areas.

Marc Robinson

Aspen Square Management sold the 172-unit Cherry Grove Commons, located at 1100 David St. The property, built in 2001, includes a business center, fitness center, pool and laundry facility.

“We continue to see strong investor interest for Class A multifamily assets in the primary and secondary markets throughout the Carolinas,” McCarley said.

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

Two Net-Leased Assets in Port Orange, FL Bring $32.27 Million

BJ's Wholesale Club and BJ's Fuel Center, Port Orange, FL

PORT ORANGE, FL,  Oct. 6, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of two centers in Port Orange, Fla.

The first property, a BJ’s Wholesale Club and BJ’s fuel center, sold for $15,131,194 or $175 per square foot.

The second property is Altamira Village shopping center anchored by a 45,000-square-foot LA Fitness and 18,000 square feet of small shops. The LA Fitness-anchored center sold for $17,142,680 or $271 per square foot. The combined sales price for the two assets is $32,273,874.

LA Fitness, Port Orange, FL

            John Nuzman, a vice president investments in Marcus & Millichap’s Detroit office, represented the seller, Collett, a North Carolina-based development company.

 Robert Horvath and Todd Tremblay, both vice presidents investments in the firm’s Boston office, represented the buyer. Kirk Felici, first vice president in Marcus & Millichap’s Miami office, is the firm’s broker of record in Florida.

            “These two net-leased assets are adjacent to each other on the same parcel within the Altamira Village shopping center,” says Nuzman. “The BJ’s has a 20-year lease that began in September 2013 and the LA Fitness has a 15-year lease that started this year.”

Robert Horvath

            “Net-leased properties remain a popular target for commercial real estate investors as both a capital preservation vehicle and steady cash-flow investment,” adds Horvath.

            The 163,000-square-foot Altamira Village shopping center is located near the intersection of Interstate 95 and Dunlawton Avenue, State Route 421, south of Daytona Beach in Volusia County, Port Orange. 

Other Altamira Village tenants include CVS, Golden Corral and the small shop space on two out-lots. Situated across the street is a Lowe’s and Super Target. 

The Pavilion at Port Orange is an outdoor lifestyle center anchored by Belk’s, Hollywood Theatres, Marshalls, HomeGoods, and Michaels. The Pavilion is located at the Interstate 95 and Taylor Road interchange.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Brooklyn, NY Apartment Building Brings $17.5 Million

68 Richardson Street, Brooklyn, NY

NEW YORK, NY, Oct. 6, 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 68 Richardson St., a 25-unit, 32,500-square-foot elevator building in the North Williamsburg area of Brooklyn. 

The $17.5 million sales price equates to $700,000 per unit.

            Shaun Riney, Michael Salvatico and James Saros, all in Marcus & Millichap’s Brooklyn office, along with Matthew Fotis in the firm’s Manhattan office, represented the seller. Riney, Salvatico and Saros represented the buyer.

“The seller believed this was an opportunistic time in the cycle to exit,” says Riney. “The property was sold at a low cap rate on market rents after an intense marketing campaign that attracted interest from all over the country.”

Shaun Riley

The building is a short walk from McCarren Park and near the Bedford Avenue “L subway station.

“The sale is symbolic of North Williamsburg’s rise as one of New York City’s top-tier neighborhoods,” adds Salvatico.

 “The metrics of the transaction solidify the fact that the neighborhood is now able to attain pricing on par with many of the best locations in Manhattan. Our marketing process generated 15 offers and the resulting competition resulted in an excellent price per unit and a 4.3 percent cap rate.”

The 68 Richardson St. building has 24 loft-style apartments and one commercial space.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Daniel Garrett Joins WNC as Vice President, Originations

Will Cooper Jr.

IRVINE, CA, Oct. 6, 2014 – WNC, a national investor in real estate and community development initiatives, announced today that 20-year housing equity veteran Daniel Garrett has joined the company as vice president, Originations. 

“Daniel has a wealth of experience and brings numerous relationships to his new role at WNC,” said Will Cooper Jr., president and chief executive officer of WNC.

Garrett joins WNC from Garrett Development Group, a company he founded to assist general partners in structuring and developing low-income housing tax credit (LIHTC) projects. Previously, he spent 12 years with a Midwest-based tax credit syndication company, ultimately serving as executive vice president and responsible for operations in Iowa.

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

Julie Leber

Spotlight Marketing Communications

949.427.5172, ext. 703

julie@spotlightmarcom.com

HFF closes sale of Eldorado Market Place in Frisco, TX

Doug Hazelbaker

DALLAS, TX – HFF announced today that it has closed the sale of Eldorado Market Place, a 162,331-square-foot grocery-anchored retail center in the north Dallas suburb of Frisco, Texas.

               HFF marketed the property on behalf of the seller, WD Eldorado & Tollway, LP, an affiliate of Duggan Realty Advisors, LLC and Waitt Investments.  An affiliate of Fidelis Realty Partners, Ltd purchased the asset for an undisclosed amount free and clear of existing debt.

               Eldorado Market Place is located at the northwest corner of the Eldorado Parkway and the Dallas North Tollway in Frisco, which Forbes recently named one of the “Top 25 Places to Relocate” in 2013. 

The property’s Dallas North Tollway location offers immediate access to the center, which is approximately 30 miles from downtown Dallas. 

Ryan Shore

Built in 2008, Eldorado Market Place is 99 percent leased to 35 tenants, including Market Street, PetSmart, Raising Cane’s, RE/MAX, The UPS Store, Jersey Mike’s, AT&T and Dynamic Fitness.  The sale also included approximately 24 acres of land for future development.

               The HFF investment sales team representing the seller was led by senior managing director Doug Hazelbaker and managing director Ryan Shore.

According to HFF, the center offered excellent value enhancement potential with the phase two land component, and this offering aligned with Fidelis’ acquisition strategy.

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

www.fidelisrealtypartners.com.

www.dugganrealty.com.

Lincoln Harris Arranges Burger Bach’s Lease of 2,888 Square Feet in Durham, NC

Matt Larson

RALEIGH, N.C. (Oct. 6, 2014) — Matt Larson of Lincoln Harris’ Raleigh office has brokered Burger Bach’s lease of 2,888 square feet at the Shops at Erwin Mall, located at 737 Ninth St. in Durham. The location will be Burger Bach’s first in the Research Triangle area.

Larson represented the tenant in the transaction. Paul Muñana represented the landlord, Regency Centers.

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

Voit Reports Inland Empire Industrial Market Has Positive Absorption for Eight Consecutive Quarters

Jerry Holdner

INLAND EMPIRE, CA, (Oct.  6, 2014) –The Inland Empire industrial market took significant strides toward continued improvement in 2014 with positive absorption for the year thus far, a six cent or 16 percent increase in asking lease rates, and drops in both vacancy and availability compared to the previous quarter.

“Overall in the Inland Empire industrial market over the last five years, vacancy and availability have decreased over 50 percent,” explains Jerry Holdner, Vice President of Market Research at Voit. 

  “The substantial decreases in vacancy and availability are contributing to the gains in asking lease rates and higher occupancy costs.”

Industrial vacancy and availability continued trending downward throughout 2014.

Vacancy ended the third quarter of 2014 at 5.70 percent, an increase of 1.24 percent from 2013’s third quarter, due to almost five million square feet of new construction that was added during the quarter. 

“This is notable, since 21 million square feet of new product has been delivered to the market over the past five quarters.  Likewise, availability posted a rate of 8.0 percent at the close of the quarter, a decrease of almost 3.5 percent from a year ago.”

  

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

Carla Mantecon

Voit Real Estate Services

(714) 978-7880

cmantecon@voitco.com

$8.2 Million Sale of Lucaya Delray Condominiums Arranged by Marcus & Millichap in Delray Beach, FL

Tal I. Frydman

 DELRAY BEACH , FL, Oct. 6, 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 135 condominiums in Lucaya Delray Condominiums, a 324-unit apartment property located in Delray Beach , Fla. The condominium portfolio sold for $8,250,000.

Tal I. Frydman, a first vice president investments, Daniel J. Cunningham and Derek R. Gibbs, senior associates in Marcus & Millichap’s Fort Lauderdale Office, along with Joe LaFleur, a senior associate, and Johnny Pullman, an associate, in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a private investor from Dania Beach, Fla. 

The buyer, a publicly traded company from Israel, was secured and represented by Frydman, Cunningham, Gibbs, LaFleur and Pullman.

Daniel J. Cunningham

“Lucaya Delray Condominiums represented the rare opportunity for an investor to acquire 135 condominium units in a 324-unit community. 

"The high occupancy property has excellent visibility on Linton Boulevard and is within close proximity to I-95.  The buyer will enjoy immediate cash flow as well as significant upside through renovating additional units and increasing the rent,” says Frydman.

Lucaya Delray Condominiums was developed between 1972 and 1978 and consists of 81 four-unit buildings situated on 22 acres.  The portfolio consisted of 105 two-bedroom/one-bathroom units, 18 two-bedroom/one-and-half-bathroom units and 12 two-bedroom/two-bathroom units.

The property is located just one block west of Interstate 95 at the northwest corner of the intersection of Congress Avenue and Linton Boulevard at 1630 Catherine Drive in Delray Beach, Fla.

  

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

Ryan Nee

Regional Manager

Fort Lauderdale, FL

(954) 245-3400

Taylor & Mathis Orlando Announces $470,000 Building Sale in Downtown Orlando, FL

126 East Lucerne Circle, Downtown Orlando, FL

ORLANDO, FL –  Taylor & Mathis Orlando has completed a building sale in Downtown Orlando. Damien Madsen and Buffy Gillette representing the seller, The Central Florida Sports Commission, recently closed the sale of the 3,663 square foot professional office building at 126 E Lucerne Circle.

 The property was sold to Northboro Builders for $470,000.   

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

Buffy Gillette

 (407) 622.6699

MBA Appoints Lisa J. Haynes as Chief Financial Officer

David H. Stevens

WASHINGTON, D.C. (Oct.  6, 2014) – David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), today announced the appointment of Lisa J. Haynes as Chief Financial Officer.   Ms. Haynes joins MBA from Fannie Mae, where she was most recently Vice President for Operational Accounting.

Ms. Haynes is a seasoned executive with more than 25 years of finance, accounting, planning and leadership experience, with a focused expertise on budgeting, expense management, forecasting and cash flow projections.   

"Lisa knows finance and accounting, and she knows the real estate finance business, so she is a perfect fit for MBA,” said Stevens.  “She has a wide range of expertise, including strategic planning and execution, which will make her a critical member of MBA’s senior leadership team.”

 She will start at MBA within the next month and will report to MBA’s President and CEO David H. Stevens.   

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

John Mechem

jmechem@mba.org

(202) 557-2727