Las Vegas Strip Walgreens Hits the Market With an Expected Price in the Mid-$40 Million Range

  

Walgreens  on Las Vegas Strip, Las Vegas, NV

Ray Germain

LAS VEGAS, NV – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has retained the exclusive right to market for sale a net-leased Walgreens drugstore located on the world-famous Las Vegas Strip.

 The price is open bid, however, the net-leased commercial real estate investment specialists involved expect the asset to trade in the mid-$40 million range.

            The store is situated on a 1.61-acre parcel on the signalized corner of Las Vegas Boulevard and Convention Center Drive directly across the street from Las Vegas’s next mega-resort, Resorts World Las Vegas.

 The drugstore operates 24 hours a day, holds a full liquor license, sells fresh foods and features a W Café, which provides patrons with bistro-style fare, coffee and beverages. The store also has an 86-space off-street parking lot.

Lior Regenstreif

Ray Germain, an associate director of Marcus & Millichap’s National Retail Group in Las Vegas, Lior Regenstreif, first vice president investments in the firm’s Encino office, Dean Zang, first vice president investments in Washington, D.C. and Mark Taylor, first vice president investments in Philadelphia, are representing the ownership, a joint venture that includes Harbor Group International.

            “This Walgreens has substantial lease term remaining, phenomenal store sales, and we see tremendous appetite from domestic and foreign capital today for larger, trophy net-lease opportunities,” says Zang.

            “Walgreens will be subject to future rental increases that are extremely rare with this type of investment, and when coupled with the 24/7 nature of this exceptional location, we believe coastal markets buyers will gladly pay a comparable cap rate in ‘Sin City,’” adds Germain.

            The net-leased asset is located at 3025 S. Las Vegas Blvd. less than a quarter-mile north of the Encore at Wynn Las Vegas and in the midst of a significant amount of new hospitality development.

Dean Zang

The location serves as the closest pharmacy for visitors to the Las Vegas Convention Center and is on the most direct route to and from the Las Vegas Strip. 

Conventions drive approximately $7.4 billion in economic activity in Las Vegas and the greater Las Vegas metropolitan area attracts nearly 40 million visitors per year.

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

Gina Relva

Public Relations Manager

(925) 953-1716

IPA Brokers Sale of 1800 Broadway in San Antonio’s Lower Broadway Corridor.

1800 Broadway, Downtown San Antonio, TX

Will Balthrope

SAN ANTONIO, TX – Institutional Property Advisors (IPA), a division of Marcus & Millichap serving the needs of institutional and major private real estate investors, has arranged the sale of 1800 Broadway, a 230-unit apartment building located north of downtown San Antonio in the city’s Lower Broadway Corridor. 

The terms of the sale were not released.

            IPA executive director Will Balthrope and IPA director Drew Kile represented the developer, Criterion Property Company, LP of Dallas and Boston, and its equity partner, Cypress Real Estate Advisors of Austin.  The property was professionally managed by Greystar Real Estate Partners.

The buyer is Churchill Forge Properties, a Boston-based firm. One of Churchill Forge Properties’ owners, Paul Resnek, is based in San Antonio.

            “This premier multifamily commercial real estate investment asset is at the epicenter of growth near the Pearl Brewery in the emerging Lower Broadway Corridor, a submarket that shows promising strong future rent growth as it continues to draw residents at a record pace,” says Balthrope. 

Drew Kile

“This is the first multifamily asset in this submarket to sell, and it sets a great standard for all high-end multifamily assets in the San Antonio market.”

            “Compared to other Texas urban infill submarkets, the Lower Broadway Corridor is in the infancy of its growth,” Balthrope continues.

 “Strong existing demand, demonstrated by record lease-ups, will continue as more office, retail and entertainment options are added.  

"The area is emerging as a location of great interest to renters and investors, much as Uptown Dallas and Galleria Houston evolved,” Balthrope concludes.

           1800 Broadway is on the corner of Broadway and Grayson streets directly across the street from the large mixed-use Pearl Brewery development, home of the Culinary Institute of America, many high-end retailers and 14 award-winning restaurants.

 Multiple on- and off-ramps for U.S. Route 281 and Interstate 35 are nearby and the world-famous San Antonio River Walk, featuring a hike/bike trail and riverboat shuttles that run throughout downtown San Antonio, is two blocks away.  There are more than 119,000 jobs—55 percent more than in any other San Antonio location—within a three-mile radius of the property.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Represents Purchaser of 140-Unit Central Boulder, CO Apartment Community

Jacob Steele

 BOULDER, CO – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Eastpointe Apartments, a 140-unit multifamily community in Boulder, Colo. 

The $18 million sales price equates to $128,571 per unit.

Built in 1974, the property is situated on seven acres at 1500-1590 Eisenhower Drive in

Boulder, Colo., across the street from the newly developed Foothills Community Hospital and within proximity of other major area employers such as the University of Colorado Research Park.

            Jacob Steele, associate vice president investments, and Nick Steele, associate, both in Marcus & Millichap’s Denver office, represented the buyer, Apartment Investment and Management Company (AIMCO).

Nick Steele

            “Eastpointe Apartments is a very well-situated asset in central Boulder within walking distance of major Boulder employment centers,” says Jacob Steele. 

“The property represents a rare value-add opportunity in Boulder, one of Colorado’s strongest rental markets.”

               Eastpointe Apartments is a garden-style community with quiet, well-groomed grounds, a pool, volleyball and tennis courts, a playground and laundry facilities. The unit mix features one-, two- and three-bedroom apartments with balconies and patios

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

Gina Relva

Public Relations Manager

(925) 953-1716

IPA Capital Markets Arranges $34.08 Million Refinancing in Aurora, CO

  

Anita Paryani

 AURORA, CO – Institutional Property Advisors Capital Markets (IPACM), a leading provider of debt and equity placements and advisory solutions for major investors, has arranged $34,080,000 in refinancing for a 454-unit multifamily investment property in Aurora, Colo.

            Jake Roberts and Anita Paryani, both first vice presidents capital markets in IPACM’s West Los Angeles office, structured the debt.

            “An IPA Capital client for more than 10 years, the property owner was confident we could take advantage of the low interest rate environment and maximize the leverage they needed to cash out money from the asset they have owned and created value in for nearly 20 years,” says Roberts.

“This required a solid appraisal and a lender who would go to 80 percent loan to value on a refinance,” adds Paryani.

 “IPA identified a lender who was willing to push the LTV to the necessary level and meet our client’s financial goals.”

Jake Roberts

The debt is structured with a seven-year term amortized over 30 years with a fixed 3.88 percent interest rate with a few years of interest only.

The 398,040-square-foot property was built in 1981 and renovated in 2000 and 2003.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Regency Centers Announces 2015 Earnings Guidance; Common Stock Offering; Preliminary 2014 Results and Dividend Increase

2015 Earnings Guidance

JACKSONVILLE, FL--(BUSINESS WIRE)-- Regency Centers Corporation (“Regency” or the “Company”) (NYSE: REG) today stated that as a result of its proposed equity offering announced on January 14, 2015, the Company’s full-year 2015 Core Funds From Operations (“Core FFO”) and Funds From Operations (“FFO”) guidance released on December 15, 2014 is not impacted. The Company has updated 2015 acquisitions and dispositions expectations to include recent activity.

Common Stock Offering 

JACKSONVILLE, Fla.--(BUSINESS WIRE)-- Regency Centers Corporation (“Regency” or the “Company”)(NYSE: REG) today announced that it plans to commence an underwritten public offering of up to 2,500,000 shares of its common stock in connection with the forward sale agreement described below. In addition, the Company will grant the underwriter a 30-day option to purchase up to 375,000 additional shares of its common stock.

Preliminary 2014 Results; Dividend Increase 

JACKSONVILLE, Fla.--(BUSINESS WIRE)-- Regency Centers Corporation (“Regency” or the “Company”) (NYSE: REG) today announced preliminary financial and operating results for the quarter- and year-ended December 31, 2014.

While the audit of Regency’s 2014 financial statements is not yet complete, the Company expects that Core Funds From Operations (“Core FFO”) per diluted share for the fourth quarter of 2014 will be in the range of $0.70 - $0.72 and Fund From Operations (“FFO”) per diluted share for the fourth quarter of 2014 will be in the range of $0.76 - $0.79.

 Further, the Company affirmed full-year 2014 Core FFO and FFO guidance as reported via separate press release on December 15, 2014.

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

Patrick Johnson, 904-598-7422

PatrickJohnson@RegencyCenters.com

Maureen Reynolds of Stirling Sotheby’s International Realty Closes Three Vacant Land Sales at Spruce Creek Fly-In at Port Orange, FL

Maureen Reynolds

PORT ORANGE, FL --- Stirling Sotheby’s International Realty recently closed on three vacant land sales at Spruce Creek Fly-In in Port Orange near Daytona Beach.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said Trusted Real Estate Specialist Maureen Reynolds of the firm’s Spruce Creek Fly-In Marketing center negotiated the three transactions totaling $986,500.

All three land deals were listed by Reynolds and were closed in December 2014.

The sales included a 0.27 acre site sold to a Brazilian buyer; a 0.55 acre site that was purchased for the buyer’s primary residence; and a 0.6 acre site located on a taxiway with runway access, and where the buyer plans to build a primary residence with an airplane hangar. 

The three December sales boosted the overall 2014 lot sales in Spruce Creek to 10. 

“The market is strengthening,” Reynolds said. “And the desirability of Spruce Creek Fly-In is evidenced by the increase in sales of vacant lots there this past year.” 

“Buyers are of varied backgrounds -- International,  from the Northeast and from right here in Volusia County, but they were all looking for the same unique qualities of the Spruce Creek Fly-In location and the opportunity to tailor a home to their own individual requirements,” Reynolds explained.

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

Berkadia Closes on 88 Units in Gardendale, AL for $4.1 Million

   

Gardendale Manor, Gardendale, AL

Josh Jacobs

BIRMINGHAM, AL --- Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated, financed and closed (towards the end of the year) on the sale of two Gardendale apartment communities -- Gardendale Manor with 48 units for $2,200,000 and Gardendale Oaks with 40 units for $1,900,000.

David Oakley, Partner, and Josh Jacobs, Associate, located in the Berkadia Alabama office, negotiated $4.1 million dollar sale of Gardendale Manor and Gardendale Oaks representing the Birmingham based Seller.

A Colorado-based private equity firm purchased all 88 units.

Gardendale Manor, built in 1996, is 100 percent two-bedroom units while Gardendale Oaks, built in 1986, is comprised of 25 percent one-bedroom and 75 percent two-bedroom units. Both garden-style, two-story apartment communities are located in the thriving submarket of Gardendale, Alabama and will be managed by Birmingham’s Highline Property Advisors.

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

David Oakley, Partner, Berkadia – Alabama, 205.918.0785 x1, David.Oakley@berkadia.com

Josh Jacobs, Associate, Berkadia – Alabama, 205.994.2694 x4, Joshua.Jacobs@berkadia.com

Larry Vershel or Beth Payan, Larry Vershel Communications 407.644.4142 lvershelco@aol.com

Faris Lee Investments Completes $4.4 Million Sale of Shops at Camarillo Town Center in Camarillo, CA

Shops at Camarillo Town Center, Camarillo, CA

Connie Kim

IRVINE, CA – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $4.4 million sale of Shops at Camarillo Town Center in Camarillo, Calif.

 The 8,000-square-foot property is fully occupied by Subway, T-Mobile, Lindora Weight Loss Center, and Eyeglass Factory. It is part of Camarillo Town Center, a 457,128-square-foot power center anchored by The Home Depot, Target, BevMo, Ross, Walmart Neighborhood Market, among others.

Chris DePierro, managing director, and Jeff Conover, senior managing director, of Faris Lee Investments represented the seller, a private investor from Orange County, Calif.

 The buyer, YS Properties, LLC was represented by Connie Kim of Coldwell Banker Wilshire. The closing cap rate was 5.66 percent, and the price-per-square-foot was $550 which is the highest per-square-foot price for a multi-tenant retail property in Ventura County over the past 12 months.

Chris DePierro

“Faris Lee’s strategy was to target California-based 1031 exchange buyers through our FLI exchange network,” said DePierro. 

“We positioned the asset as a secure and stable, well-located investment within the area’s most prominent retail center, that also offered an investor a strong cash-on-cash return.”

Built in 2002 and located at 415 W. Ventura Blvd., Shops at Camarillo is situated at the southwest corner of the 101 Freeway and Las Posas Blvd. It is also across from the highly successful Camarillo Premium Outlets which includes more than 160 outlet stores, generating excellent crossover traffic to the property.

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

PCCP, LLC Provides $31.2 Million Senior Loan to Refinance the W Hotel San Diego

  

W Hotel San Diego, San Diego, CA

  

Los Angeles, CA – PCCP, LLC announced it has provided a $31.2 million senior loan to refinance the W Hotel San Diego on behalf of the ownership, a joint venture between Rockpoint Group and SCS Advisors.

The 258-room full-service hotel is well located in Downtown San Diego with convenient access to the San Diego Convention Center, Gaslamp district, Class A office buildings, and City and County offices.

“This new loan from PCCP provides flexible financing to allow the ownership to complete its business plan and create additional value,” said Mike Johnson, associate vice president with PCCP, LLC. 

“Rockpoint and SCS Advisors are top-tier real estate firms and PCCP is pleased to work with them on this high-quality institutional asset.”

Built in 2002, the 17-story luxury hotel features the Kelvin restaurant, The Rooftop Bar, 16,000 square feet of meeting space, and the lobby lounge and bar.

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

On-site Sales Center Now Open at Park Ridge Place Townhomes in Illinois

Jeff Benach

Chicago, IL (Jan. 14, 2014) - Chicago-based Lexington Homes is now welcoming homebuyers to its on-site sales center at Park Ridge Place, a gated community of 16  townhomes in the upscale suburb of Park Ridge, Ill. 

Pre-construction sales are already underway at the community, with first deliveries available in spring 2015.

Bordering Chicago’s northwest side, just 15 miles from downtown and minutes from a variety of entertainment, dining and retail shops, Park Ridge Place provides a premier inner suburb location.

Located at 100 S. Dee Road, a quarter mile south of Touhy Avenue, Park Ridge Place offers  two floor plans with 1,758 and 1,913 square feet. The townhomes are based-priced from $374,990 and $389,990.

“Now that we moved sales onto the actual property, buyers can see firsthand what a great location this is and how close they are not only to Park Ridge’s bustling downtown retail district and transit, but especially to Chippewa Woods Forest Preserve, which is basically the backyard of Park Ridge Place,” said Jeff Benach, co-principal of Lexington Homes.

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

Kelly Shumaker, kshumaker@taylorjohnson.com, 312-267-4519

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

Capital Square Realty Advisors Acquires 7-Building Retail Center in Southern California

Louis Rogers

PALM SPRINGS, CA – Capital Square Realty Advisors, LLC announced it has acquired Komar Desert Center, a seven-building neighborhood retail center in La Quinta, Calif.

“Komar Desert Center is one of the newest developments along the Highway 111 corridor, located in the midst of Southern California’s affluent Coachella Valley area,” said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors.

 “This enviable location affords Komar Desert Center daily frontage traffic of nearly 60,000 motorists and easy access for the entirety of the regional populace.”

The approximately 77,000-square foot retail center is 95 percent leased to major tenants, including:  Starbucks, BevMo!, Burgers and Beer, Toda Moda, Souplantation and Mimi’s Café.

Located at 79705 – 79845 Highway 111, Komar Desert Center was constructed in 2008 on 9.3 acres of land.

 The property has 429 parking spaces, or a ratio of 5.5 spaces per 1,000 square feet. The property is shadow-anchored by a 139,000-square-foot Costco and is across Highway 111 from The Home Depot.

Komar Desert Center, La Quinta, CA

Komar Desert Center is on Highway 111, approximately three miles south of Interstate 10, which connects the Coachella Valley to Los Angeles to the west, and Phoenix to the east.

The Coachella valley is a collection of affluent resort communities that include Palm Springs, Palm Desert, La Quinta, Rancho Mirage, Desert Hot Springs, Indian Wells and Indio. 

The area typically has a warm climate, and with proximity to the Greater Los Angeles area, is a popular tourist destination throughout the year. 

The Coachella valley retail market has achieved positive net absorption for five of the previous six quarters.

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

Julie Leber

Spotlight Marketing Communications

949.427.5172, ext. 703

509-338-5676 - cell

julie@spotlightmarcom.com

HSA Commercial and Innovative Capital Advisors Equity Fund Plans Adaptive Reuse of Schwaab Stamp Factory Building in Wauwatosa, WI

          

Timothy C. Blum

CHICAGO, IL and MILWAUKEE, WI  — A joint real estate fund formed by commercial mortgage lending specialists, Innovative Capital Advisors (ICA), and Chicago-based HSA Commercial Real Estate, a full-service real estate firm, recently purchased the Schwaab Stamp Factory building located at the southwest corner of Burleigh Street and 114th Street across from The Mayfair Collection in Wauwatosa, Wis.

HSA Commercial plans to adaptively repurpose and expand the current light industrial building into a 32,000-square-foot multi-tenant retail shopping center that will complement the firm’s mixed-use development taking place across the street.

The Schwaab building, located at 11415 West Burleigh Street, is immediately south of The Mayfair Collection, a 270,000-square-foot retail shopping center anchored by Nordstrom Rack and Saks Fifth Avenue OFF 5TH.

“In a lot of ways, we see the Schwaab property as being a gateway to The District given its prominent visibility to travelers on Highway 45 and visitors of The Mayfair Collection,” said Tim Blum, executive vice president of Retail Development with HSA Commercial.

Rendering of The Mayfair Collection Development
Wauwatosa, WI

 “In order to achieve the City’s vision for a vibrant, mixed-use corridor, we necessarily have to redevelop this building into a retail flagship that will signify the transformation of this historically industrial area.”

HSA Commercial plans to break ground on the redevelopment in fall 2015 with delivery scheduled for retail tenants in summer 2016.

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

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

Kiser Group Brokers Seven Apartment Property Sales; Hoffman Estates complex sells for $17.45 million; six closings in Chicago surpass $14 million

  

Salem Ridge Apartments, 600--750 North Salem Ridge Drive, Hoffman Estates, IL

                                                                                             

CHICAGO, IL (Jan. 12, 2015) – Kiser Group, Chicago’s leading mid-market commercial real estate brokerage firm, announces seven Chicago-area apartment sales valued at nearly $32 million that closed in the fourth quarter of 2014.

The sales include a 249-unit, three-building apartment complex in Hoffman Estates, Ill., and six Chicago properties including a 69-unit mid-rise in South Shore; a 77-unit, two-building portfolio in Hyde Park; a 34-unit walk-up in East Rogers Park; six-flat and a three-flat in Lakeview; and a 16-unit building in South Shore.

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 tampa, fl gardens apartments for $3.55 million

Tampa Gardens Apartments, 1545 West Spruce Terrace, Tampa, FL

   

TAMPA, FL, Jan. 12, 2015 – 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 Tampa Gardens Apartments, a 135-unit apartment property located in Tampa, Fla, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

Casey Babb

The $3,550,000 sales price equates to $26,296 per unit.

Casey Babb, CCIM and vice president investments, and Luis Baez, senior associate in Marcus & Millichap’s Tampa office, represented both parties in this transaction.

Tampa Gardens Apartments is located at 1545 West Spruce Terrace in Tampa, Fla.  This 1960s vintage, Class “C”, apartment community is located on 4.42 acres within the heart of the West River Redevelopment Area in West Tampa.  Units are a mix of one-, two and three-bedroom floor plans averaging 820 square feet and housed in 12, two-story block constructed buildings with built-up flat roofs.

The West River Redevelopment Area encompasses 150-acres north of I-275 and west of the Hillsborough River near downtown Tampa, and will soon be redeveloped into a vibrant mixed-use neighborhood with upwards of 1,600 mixed-income, intergenerational rental and for-sale housing units. 

Luis Baez

 It will also include a series of waterfront parts, schools, enhanced pedestrian-friendly streetscapes and a commercial/entertainment district along the western edge of the riverfront. 

“Given the massive redevelopment plan for the area, the local buyer was attracted to Tampa Gardens as a future redevelopment play,” says Baez. 

 “Beyond that however, they also saw an opportunity to improve the asset both from a physical and a management standpoint, to generate current cash-flow yields that are significantly higher than what is generally being achieved in the broader commercial real estate marketplace. 

“Tampa as a whole is in a transformative growth stage right now and the West River Plan, combined with The Heights project, Tampa Housing Authority’s Encore project, and Jeff Vinik’s billion-dollar redevelopment downtown, is truly astonishing to watch and will catapult the City of Tampa to an altogether higher level,”  adds 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

Cobalt Capital Partners Announce the Sale of its Industrial Portfolio and Operating Platform to Colony Financial Inc. for $1.6 Billion

Lewis D. Friedland

IRVING, TX  /PRNewswire/ -- Cobalt Capital Partners announced that it has sold its highly diversified portfolio of 256 primarily light industrial assets for approximately $1.6 billion to Colony Financial Inc.

The portfolio is leased to over 600 tenants and comprises over 30 million square feet across 16 major U.S. markets, with significant concentrations in Atlanta, Dallas and Chicago.

Cobalt's management team, led by Lewis D. Friedland, has joined Colony to run the day-to-day operations of the business, including investments, asset and property management.

Friedland, former Managing Partner of Cobalt Capital Partners, said, "We're pleased to have executed this sale on behalf of our investor partners, including our long-time partner USAA Real Estate Company. 

"Our entire team has done an excellent job over the last ten years building this business into a leader in the industrial sector.

Len O'Donnell

“We're excited to be joining Colony, one of the real estate industry's premier companies, and look forward to continuing to grow our portfolio."

Len O'Donnell, CEO of USAA Real Estate Company said, "We are extremely pleased with this

transaction as it represents an outstanding outcome for the investors.

“ We are also very proud to have worked with Lew and his team in building the Cobalt platform over the last 10 years. 

"They have been great partners and they will be missed, but I know they will continue to be successful

with Colony."

Kristin Gannon

Cobalt was represented in the transaction by an Eastdil Secured team led by Steve Silk and Jay

Borzi,  the CBRE National Partners team led by Jack Fraker and Chris Riley, and Gannon Gerrity

Advisors, led by Kristin Gannon and Kevin Gerrity.

Locke Lord served as Cobalt's legal advisor

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

Lewis D. Friedland

972-893-7000

 lfriedland@colonyinc.com