Marcus & Millichap Arranges Sale of Nine-Unit Apartment Building in St. Petersburg, FL for $885,000

Liv @ Villa Serena Apartments, Beach Drive, Old Northeast submarket, St. Petersburg, FL

 ST. PETERSBURG, 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 Liv @ Villa Serena Apartments, a nine-unit apartment property located in St. Petersburg, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $885,000.

Casey Babb

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

Liv @ Villa Serena Apartments is a Class “B” apartment building located on Beach Drive in St. Petersburg’s historic ‘Old Northeast’ submarket. 

The property consists of a single, three-story building on an oversized corner lot, built with masonry construction on an elevated pier foundation with a flat, built-up wood truss roof system, which was replaced in 2012. 

The building consists of eight large one-bedroom/one-bath units and a studio apartment, as well as an on-site laundry facility, resident storage units, a utility room and a building maintenance storage area. 

Community amenities include bike storage, common area laundry facilities, a shaded outdoor lounge with a brick paved patio deck, barbecue grilling stations and outdoor lounge furniture under a new wood pergola.

Ari Ravi

“Liv @ Villa Serena received a lot of attention from investors due to the ‘Class A’ location in the Old Northeast area of St. Petersburg, and we conducted no less than 20 property tours during the marketing campaign,” says Babb.

 “The buyer comes from Los Angeles, California and was attracted to the downtown St. Petersburg area as a whole, as well as the upside potential and in-place yields at the property relative to those in California, which are much lower,” concludes Babb.

  

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

Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

CBRE Orlando Lists Wickham Commons Office Building for Sale in Melbourne, FL

ORLANDO, FL -- CBRE, Inc. is the exclusive marketing broker for Wickham Commons, a six building offering located in Melbourne Florida. Excellent access to Interstate-95, strong occupancy and high quality nearby amenities make Wickham Commons an attractive investment.

 Investment Highlights • Credit tenants include Walgreens, Bank of America Merrill Lynch, and Brevard Community College.

Ronald J. Rogg

• NNN lease structure provides ownership a hedge against operating expense increases.

 • Brevard County office vacancy rate is only 10.4% as of 2Q 2014 (CoStar Office Market Report).

 • Well positioned to take advantage of Northrop Grumman expansion and Embraer building its second assembly plant.

• Significant upside in lease up of vacant space.

• NOI projected to grow 46% over the next 5 years.

• Strong in-place income unencumbered by debt.

• Superior location and excellent access to Interstate-95.

• Lack of available land and rising labor and construction costs creates a barrier to entry resulting in an excellent in-fill site.

• Approximately 60 minutes from Orlando International Airport.

• Can be acquired at well below replacement cost.

• Diversified nearby amenities including restaurants, shopping, personal services and recreation

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

Ronald J. Rogg, CCIM

Executive Vice President

+1 407 839 3194

ron.rogg@cbre.com

Plaza Advisors Brokers Shopping Center Sale in New Port Richey, FL

Pasco Square Shopping Center, New Port Richey, FL

TAMPA, FL -- Plaza Advisors is pleased to announce the sale of the Pasco Square Shopping Center located in New Port Richey, Florida. 

The grocery anchored shopping center is situated at the intersection of SR 54 and Rowan Road and totals 135,421 square feet of gross leasable area.

The major tenants include Beall’s Outlet, Dollar General Market, Badcock Home Furnishings and Dollar Tree. Other notable tenants include: GNC, Radio Shack, The UPS Store and Subway. The property was 90% leased at the time of sale.

Jim Michalak

Jim Michalak, Mike Cvetetic and Nick Castellano of Plaza Advisors represented the seller in the transaction. No other brokers were involved in the sale. The seller and buyer were Phillips Edison and Company, and Isram Acquisition Corp., respectively. 

“This asset was constructed in 1986 and has consistently reported an above market historical occupancy rate” Mike Cvetetic stated. “From a competitive standpoint Pasco Square has always effectively competed for tenants due to the aggressive rent structure the owner is able to offer” Cvetetic emphasized.

Plaza Advisors specializes in the disposition of anchored shopping centers located throughout Florida. The company has successfully closed twelve centers since December 2013. Those closings included: six Winn Dixie, three Publix and one Dollar General Market 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

NAI Global Leadership Conference in Orlando Focuses on Expansion in Canada, Germany, South and Central America

Robin L. Webb

ORLANDO, FL--- NAI Realvest hosted the NAI Global Leadership Conference in Orlando recently, which drew representatives from 375 commercial real estate brokers with 6,700 agents worldwide.

Robin Webb, CCIM, CPM, who serves as managing director at NAI Realvest, said the three-day conference focused on new acquisitions and expansion in South America, Canada, Germany, Costa Rica and Mexico.

NAI Realvest, which ranks as one of the most active commercial property companies in Orange, Lake, Seminole, Osceola, Volusia and Polk counties, focused its presentations on more expansion into Volusia County.

Webb said NAI Realvest has one office in the Daytona Beach area and currently has 35 listings in Volusia County. The firm has posted 350 listings in its five-county region.

“As we put the Great Recession behind us, the commercial real estate market is really coming alive with significant growth in asset value and significant interest on the part of new and expanding businesses,” Webb said.

NAI Realvest currently employs 29 broker associates. The firm has experienced a 29 percent increase in transactions, year to date over 2013, and 2013 was almost double over the prior year

Webb said NAI Realvest is also focused on expanding its property management division, which currently manages more than three million square feet of commercial space.

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

  Robin L. Webb, Managing Director, NAI Realvest, 407-875-9989 Rwebb@realvest.com

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

MBA Honors Pulte Mortgage’s Debra Still with Distinguished Service Award

Debra W. Still

LAS VEGAS, NV (Oct. 21, 2014) – Today, the Mortgage Bankers Association (MBA) awarded Debra W. Still, CMB, with its Andrew D. Woodward Distinguished Service Award.

 The award is presented in recognition of dedication and prominent service to MBA and the mortgage lending industry in a variety of capacities involving both legislative and regulatory activities. 

Still was presented the award in a ceremony held at MBA's Annual Convention & Expo in Las Vegas, Nevada. 

“Deb’s continued hard work and dedication to the mortgage finance industry make her a clear choice for this award,” said Bill Cosgrove, Chairman of the MBA. 

The Distinguished Service Award is the highest honor an individual can receive from his or her fellow MBA members.  Nominees for the annual award must meet the following criteria:

Debra Still is President and Chief Executive Officer of Pulte Financial Services, which includes Pulte Mortgage LLC, PGP Title and PCIC Insurance and employs 750 individuals throughout the U.S. Still is also President and CEO of Pulte Mortgage, a nationwide lender headquartered in Englewood, Colorado.

She is also Chairman of the MBA Opens Doors Foundation, MBA’s 501(c)(3) organization dedicated to helping families with a critically ill or injured child to keep their home, even in the face of significant medical bills.

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

Shawn Ryan

sryan@mba.org

(202) 557-2727

E.J. Burke and Martha Burke Presented with MBA Opens Doors Foundation Community Champion Award

E.J. Burke

AS VEGAS, NV (Oct. 21, 2014) – Today, the Mortgage Bankers Association (MBA) announced E.J. Burke, the former Chairman of MBA, and his wife, Martha Burke, have been awarded the “MBA Opens Doors Foundation Community Champion Award.”

 The award recognizes those who have dedicated significant time and effort to advance the foundation’s mission to enable families with a critically ill or injured child to keep their home, even in the face of significant medical bills.

“I am thrilled to present the 2014 MBA Opens Doors Foundation Champion Award to E.J. and Martha Burke,” said Debra Still, CMB, Chairman of the MBA Opens Doors Foundation.  “Mr. and Mrs. Burke have gone above and beyond to contribute to the Foundation. 

“As anyone who attended MBA’s CREF Convention last year can attest, even the Burke’s daughters got into the act of supporting Opens Doors, drawing a direct line from their family to the very people our Foundation was created to help. 

“The Burke’s leadership within the organization and personal generosity has made it possible for us to keep more than one hundred families in their homes during their time of need.  I applaud their efforts and thank them for all they have done.”

Opens Doors is a 501(c)(3) organization and all contributions are tax deductable.  For more information about the Foundation or to make a donation, please go to www.mbaopensdoors.org.

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

Shawn Ryan

sryan@mba.org

(202) 557-2727

HFF secures $7.46 million in construction-permanent financing for multi-housing development in San Diego’s Hillcrest neighborhood

Aldon Cole

SAN DIEGO, CA – HFF announced today that it has secured $7.46 million in construction-permanent financing for the development of Hillcrest Apartments, a 36-unit, five-story apartment building in San Diego’s Hillcrest neighborhood.

HFF worked on behalf of Hillcrest Veritas, LP to secure the 71 percent loan-to-cost, 12-year, fixed-rate construction-permanent loan through a correspondent life company lender.  

The construction loan converts to a permanent loan at stabilization and the lender allowed the borrower to lock the 4.29 percent rate, with an interest-only period of up to 27 months, at application.  In addition, the loan carries an earn-out feature that allows the borrower to draw additional loan dollars at stabilization.

                Hillcrest Apartments will be located on a 15,200-square-foot parcel at 4021 Eighth Avenue immediately northwest of Balboa Park.  Due for completion in early 2016, the property will include one- and two-bedroom floor plans averaging 877 square feet, which will be situated above grade-level parking.

Bryan Clark

                The HFF debt placement team was led by senior managing director Aldon Cole and associate director Bryan Clark.

                Veritas Urban Properties was founded to fill a growing need for creative solutions in the urban landscape. 

  The company has development experience that includes more than 1,000 residential units and 60,000 square feet of commercial space and was recognized by San Diego Magazine as one of San Diego’s Next Generation of Civic Leaders. 

  For more information please visit veritasurban.com. 

                The builder on the project is Murfey Construction, Inc., an expert in commercial and residential mixed-use urban infill general contracting. 

For more information please visit murfeyconsruction.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

Plaza Advisors Announces Sale of Two Orlando, FL Area Shopping Centers

Jim Michalak

TAMPA, FL -- Plaza Advisors is pleased to announce the sale of the Phillips Village in Orlando, Florida. The shopping center is located in the affluent area of Dr. Phillips, near Interstate 4 and Sand Lake Road.

The asset is contiguous to a 219,814 sf Walmart Supercenter and totals 66,218 square feet of gross leasable area. Phillips Village tenants include: Planet Fitness, Dollar Tree, Mattress Firm, GameStop, Sally Beauty, Ideal Image and Sprint.

The center sold for $18,750,000 ($283/sf). The property was constructed in 2007 and was 95% leased at the time of sale. The seller and buyer were Weingarten Realty Investors (a NYSE REIT) and Portland Investment Company of America, respectively. 

Mike Cvetetic of Plaza Advisors stated, “Phillips Village resides in a very strong trade area with the vast majority of assets owned by institutional entities.

“The property is within two miles of numerous tourist attractions, the convention center and more than 13,000 hotel rooms. The retail trade area occupancy level is 98.2% and the competitive retail rents average $31.63 psf, which are some of the highest rents in the Orlando MSA”   

Mike Cvetetic

 The second Plaza Advisors sale was East Towne Center, a Publix anchored asset located in Clermont, an Orlando suburb. The property contains 69,840 sf of space and includes notable tenants: Chase Bank, Pizza Hut, Publix Liquors, Hair Masters and The UPS Store. The project was built in 2003 and was 92% occupied at the time of sale.

The seller and buyer were Regency Centers (a NYSE REIT) and Publix Supermarkets, respectively. 

“Publix was a logical buyer. The Publix store sales volume is very high, the inline space rents are poised for growth and the 5,600 sf of vacant space provides for income upside,” commented Nick Castellano of Plaza Advisors

Jim Michalak, Mike Cvetetic and Nick Castellano of Plaza Advisors represented the seller in the transactions. No other brokers were involved in either sale.

Nick Castellano

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

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

Jim Michalak

Managing Partner

 3412 Bay To Bay Boulevard

Tampa, FL 33629

813.837.1300 Ext. 101

Fax 831.2627

jim.michalak@plazadvisors.com

www.plazadvisors.com

Cushman & Wakefield Brokers $13.75 Million Sale of Crossroads Square Shopping Center in Jacksonville, FL

Karl Johnston

JACKSONVILLE, FLORIDA- The Capital Markets Group of Cushman & Wakefield of Florida, Inc. announced today that it has finalized the sale of the Crossroads Square Shopping Center, a 174,153 square foot community shopping center anchored by Floor & Décor, Office Depot, and Harbor Freight Tools.

The shopping center is located at 8102 Blanding Boulevard in Jacksonville, Florida within the Orange Park retail submarket.

 The property, previously owned by Global Fund Investments, LLC, was purchased by “Sierra Building Group”, a Canadian investor based out of Toronto, Ontario for a sales price of $13,750,000. On Tuesday, October 14th, 2014.

Karl Johnston, Senior Director, Mark Gilbert, Executive Vice President, and Adam Feinstein, Executive Director, of Cushman & Wakefield’s Capital Markets Group handled the transaction for Global Fund Investments, LLC.

Mark Gilbert

Joel Coykendall of Northmarq Capital’s Jacksonville office handled the financing and loan origination for the buyer.

Originally developed in 1985, Crossroads Square is situated on a strategic 18.84 site offering a Regional Mall and I-295 beltway setting at the gateway to one of Jacksonville’s largest suburban communities.

Crossroads Square offers a strong fundamental and strategic location with an outstanding occupancy history within its submarket. 

While the offering received strong interest from the investment community Sierra Building Group was the ideal purchaser for the center, said Johnston, Senior Director with Cushman & Wakefield's Jacksonville office.

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

Karl Johnston

Senior Director

karl.johnston@cushwake.com

HFF closes sale of three-building Houston, TX industrial portfolio

Rusty Tamlyn

HOUSTON, TX – HFF announced today that it has closed the sale of a three-building industrial portfolio totaling 243,100 square feet in Houston, Texas.

HFF marketed the portfolio on behalf of the seller, EastGroup Properties.  Cabot Properties Incorporated purchased the assets for an undisclosed amount free and clear of existing debt.

The 100-percent-leased portfolio consists of Clay-Campbell I and II in northwest Houston and Kirby Business Center in south Houston. 

Clay-Campbell I and II are located at 4300-4320 and 4444-4456 Campbell Road.  The buildings are situated in Houston’s premier submarket and offer tremendous access to both the Northwest Freeway (Highway 290) as well as Beltway 8. 

Completed in 1982, both buildings have 58,846 square feet and are equipped with cross-dock, dock-high loading bays with a building depth of 220’. 

Kirby Business Center is located at 9350-9370 South Point Drive, which is just south of both NRG Stadium and the Texas Medical Center.  Loop 610 is less than one mile from the property, allowing easy access to all major freeways.  The 125,408-square-foot building was completed in 1980 and is equipped with dock-high, front-load bays with an approximately building depth of 204’.

Trent Agnew

The HFF investment sales team was led by senior managing director Rusty Tamlyn, director Trent Agnew and real estate analyst John Rogers.

”Because of their tremendous functionality, these assets have enjoyed a strong historical performance under EastGroup’s ownership and generated significant interest from both institutional and private capital investors,” Agnew said.

 “Like EastGroup, Cabot continues to be bullish on Houston’s long-term prospects and these assets are a great compliment to their current holdings and give them exposure to the market within their latest fund.” 

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

Concord Hospitality Earns Top Honors From Marriott

Mark LaPort

RALEIGH, NC  (Oct. 20, 2014)—Concord Hospitality Enterprises, one of the nation’s top-ranked hotel developer/owner/operators, announced that the company received three awards, including the prestigious Partnership Circle Award, at the recent Marriott International National Association (MINA) full service owners’ conference held in Tucson, Ariz. 

The accolades included:

1. Partnership Circle Award – which honors companies for excellence in full service operational execution, a high focus on engaged associates that deliver  strong customer service and a long-term commitment and partnership embracing Marriott’s brands with an aligned vision with Marriott’s culture.  Concord has been a multiple year recipient of this award.

2. Service Excellence - awarded to companies whose portfolio of full service Marriott and Renaissance hotels consistently earned outstanding guest satisfaction scores. 

3. Food & Beverage Excellence - awarded for outstanding culinary standards that enhance guests’ experiences at Marriott’s full service hotels.

  

                Concord operates five full-service Marriott properties, including three Renaissance and two Marriott hotels.

“Over our 30 year history, Concord’s success has been enhanced by tremendous partnerships, notably our affiliation with Marriott,” said Mark Laport, Concord’s President and CEO.  “To be recognized again by one of the most respected names in the industry is truly an honor that we cherish."  

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

Lauralee Dobbins, Chris Daly

(703) 435-6293

Paul Roeser to Oversee Business Development, Marketing and Communications for IDI Gazeley’s Global Platform

Paul Roeser

ATLANTA (Oct. 20, 2014) – IDI Gazeley, a leading global investor and developer of logistics warehouses and distribution parks, today announced that Paul Roeser will join the team as Senior Vice President – Global Business Development, Marketing and Communications on October 27, 2014.

Based in Atlanta, he will also oversee the marketing, branding, communications and information technology efforts for the company.

Jay Cornforth, Managing Partner, Global Head of Industrial at Brookfield  Property Partners and interim CEO of IDI Gazeley North America says, “Paul’s wealth of experience and industry knowledge make him a valuable addition to the IDI Gazeley team.

“Our growing portfolio and increasing demand in Europe and North America led us to look for an addition to our team who fits with our ethos of innovation and exceptional service.  We’re confident that Paul will play a key role in delivering these values and leveraging the Brookfield brand to our customers and partners around the world.”

Jay Cornforth

Roeser joins IDI Gazeley from Jones Lang LaSalle where he served on the Logistics and Industrial Services group and Supply Chain and Logistics Solutions team.

 He brings expertise in tenant representation, strategic real estate planning and industrial site selection.

 He also created Blackbird, a proprietary geo-spatial intelligence program that compares real estate data with metadata such as incentives, labor and transportation. Prior to Jones Lang LaSalle, he held positions at The Staubach Company, Alliance Partners and RCI Civil Engineering. He is a graduate of the University of Georgia.      

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

  

IDI Gazeley

Andria Kriss

404-479-1675

andria.kriss@brookfieldlogistics.com

Kathleen Armstrong Presented with MBA Education Lifetime Achievement Award

E. Michael Rosser

LAS VEGAS, NV (Oct. 20, 2013) –MBA Education, the Mortgage Bankers Association’s (MBA) educational initiative, today presented Kathleen Armstrong, CMB, with its E. Michael Rosser, CMB, MBA Education Lifetime Achievement Award.

“Kathleen is a seasoned mortgage banker with decades of experience,” said Bill Cosgrove, MBA Chairman. 

“She rose professionally at a time when it was necessary to learn virtually every aspect of the industry, from originating and underwriting to servicing and marketing. 

“That impressive base of knowledge is what made Kathleen a perfect instructor for MBA’s School of Mortgage Banking, a position she held for more than a quarter of a century. 

“Kathleen is responsible for helping hundreds of mortgage bankers hone their skills, and she remains active in the Society of Certified Mortgage Bankers.  It is with great pleasure that MBA presents its ‘E. Michael Rosser, CMB, MBA Education Lifetime Achievement Award’ to Kathleen Armstrong, CMB.”

A graduate of Northeastern University with a degree in real estate finance, Ms. Armstrong was a forty-two year employee of Shawmut Bank (now Bank of America). 

She rose within Shawmut from a clerical position in special checking in 1953 and eventually retired from the commercial real estate syndicating and participation division of the bank.

 In 1974, she was recruited into the bank's officer training program and attended her first MBA convention two years later. She has held numerous leadership positions on various committees at MBA and received her CMB designation in 1985.  She has taught at MBA’s School of Mortgage Banking for nearly 28 years and is a member of the Master Faculty.

The E. Michael Rosser MBA Education Lifetime Achievement Award is presented to an individual who has shown outstanding service to the Association, Certified Mortgage Bankers Society and the real estate finance industry.

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

Shawn Ryan

sryan@mba.org

(202) 557-2727

Wyndham Brand Expands in Florida with New Jupiter Hotel

Wyndham Grand Jupiter at Harbourside Place, Jupiter, FL

PARSIPPANY, N.J. (Oct. 20, 2014) – Wyndham Hotel Group, the world’s largest hotel company with approximately 7,540 hotels and part of Wyndham Worldwide Corporation (NYSE: WYN), today expanded the footprint of its upscale Wyndham Hotels and Resorts® brand in Florida with the opening of the newly constructed, 179-room Wyndham Grand Jupiter at Harbourside Place, the brand’s fourth Wyndham Grand® property in the state.

The full-service, waterfront hotel in Jupiter features a rooftop pool, 15,000 square feet of indoor and outdoor event space, award-winning dining at the country’s second deep blu seafood grille and contemporary, elegant décor throughout.

Owned by Harbourside Place, LLC, and managed by Wyndham Hotel Group’s management company, Wyndham Grand Jupiter is situated in Harbourside Place, a new commerce and entertainment development that is near the area’s beaches, major businesses and 17 miles from Palm Beach International Airport.

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

Christine Da Silva

Wyndham Hotel Group

22 Sylvan Way

Parsippany, NJ 07054

+1 (973) 753-6590

christine.dasilva@wyn.com

Wyndham Hotel Group’s Rui Barros to Oversee North America Franchise Operations

Rui Barros

Parsippany, N.J. (Oct. 20, 2014) – Wyndham Hotel Group, the world’s largest hotel company with approximately 7,540 hotels and part of Wyndham Worldwide Corporation (NYSE: WYN), today announced the appointment of Rui Barros as president and managing director of North America franchise operations.

In this role, Barros will be responsible for Wyndham Hotel Group’s field and brand operations functions, overseeing operational performance, ongoing franchisee support efforts and preferred client services for Wyndham Hotel Group properties in North America. He will be based in the company’s Parsippany, New Jersey offices.

A seasoned hospitality industry veteran, Barros has held a number of high-level operations positions with Wyndham Hotel Group. Most recently, he served as president and managing director, Europe, Middle East, Africa and Indian Ocean, responsible for Wyndham Hotel Group’s development, operations and cross-functional brand initiatives throughout the region.

Previously, Barros was brand senior vice president for the company’s Howard Johnson®, Travelodge® and Microtel Inn & Suites by Wyndham® hotel brands.

 He has also served the company as vice president of group operations, in which he played an instrumental role in establishing the company’s field operations efforts; and senior vice president of operations, Latin America, in which he provided oversight for all of Wyndham Hotel Group’s brands and services in that region.

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

Christine Da Silva

Wyndham Hotel Group

22 Sylvan Way

Parsippany, NJ 07054

+1 (973) 753-6590

christine.dasilva@wyn.com