Golf Resort and Conference Center in St. Michaels, MD Sells for $13 Million

Harbourtowne Golf Resort and Conference Center, St. Michaels, MD

Karianne Cibello

 ST. MICHAELS, Md., April 2, 2015 – 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 153-acre, 111-room Harbourtowne Golf Resort and Conference Center in St. Michaels, Md. 

The $13 million sales price equates to $117,117 per room.     

Gordon Allred, first vice president investments in Marcus & Millichap’s Ontario, Calif. office, Karianne Cibello, associate in the firm’s Washington, D.C. office and Shane Hanrahan, associate in Portland, Ore., exclusively represented the seller and procured the buyer.

Gordon Allred

“The buyer is an international hotel and leisure company with unique synergies to the property and the resources to reposition Harbourtowne Golf Resort and Conference Center as a world-class luxury resort,” says Cibello.

“The new owner plans to restore the Pete Dye golf course and thoroughly upgrade all of the facilities.”

“This is one of the Mid-Atlantic hospitality market’s premier hospitality transactions,” adds Allred. “The offering generated multiple offers and our national platform of hospitality property investment specialists collaborated to bring buyer and seller together.”

Shane Hanrahan

            Harbourtowne Golf Resort and Conference Center is located at 9784 Martingham Circle in St. Michaels on 153 acres of waterfront property and golf fairways at the cross waterways of the Chesapeake Bay and the Miles River.

The property features all waterfront guestrooms, and an 18-hole, 142.55-acre Pete Dye golf course.

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

Gina Relva

 Public Relations Manager

(925) 953-1716 

Intercontinental Real Estate Corp. and MG Properties Group Complete Largest Multifamily Acquisition in Southern California Since 2013

Madison Park Apartments, Anaheim, CA

San Diego, CA  – Intercontinental Real Estate Corporation (“Intercontinental”), a national real estate investment, development, and management firm headquartered in Boston, MA, and MG Properties Group (“MG”), a private San Diego-based real estate investor and operator, have announced their acquisition of the Madison Park Apartments in Anaheim, California.

Kevin Green

At 768 units, this is the largest single property by number of units to be purchased in Southern California since 2013. 

The price was not disclosed.

Madison Park is centrally located in West Anaheim near the I-5 freeway, between Disneyland and Knott’s Berry Farm.

 Apartment interiors have been recently renovated with high quality finishes and a contemporary aesthetic. The buyer intends to further invest in the property to improve common areas and select interiors. 

Madison Park was purchased from a private multifamily investment firm. Institutional Property Advisors (IPA) executive vice president investments Greg Harris and IPA director Kevin Green represented the seller.

Greg Harris

 The buyers represented themselves. The acquisition was financed with a 10-year fixed-rate mortgage from Fannie Mae, arranged by Brian Eisendrath at CBRE. 

 “The Orange County area continues to be a top performing market with favorable economic and real estate conditions.

“With convenient access to Anaheim’s major employers, Madison Park offers an affordable alternative to the area’s newer development projects,” says Jessica Levin, who is based in Intercontinental’s Los Angeles, CA office.

MG also owns the comparable 402-unit Crystal View Apartments in Garden Grove, CA. 

According to Mark Gleiberman, MG’s Chief Executive Officer, “Madison Park is an excellent addition to our portfolio, further expanding our scale in the Orange County region. We expect the property to have long term stability and to benefit from the diverse regional job base and growth potential.”

Jessica Levin

Designed as a resort-style community, the property features exceptional common area amenities, including two swimming pools, sports courts, a large fitness center and group exercise room, clubhouse, movie theater, banquet room, and a business center.

“Madison Park is a highly amenitized multifamily housing community that services an under-supplied segment of the submarket,” adds Greg Harris of IPA.

“Highlighting Madison Park’s position in the market as a rare combination of luxury living at an affordable price compared to competing assets of similar quality proved beneficial to both the buyer and seller,” notes IPA’s Kevin Green.

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

Lexi Astfalk or Jenn Quader

(949) 955-7940

LAstfalk@browermillercole.com

Arbor Appoints Ana Ramos as VP in Manhattan Beach, CA, Office

Ana Ramos

UNIONDALE, NY (April, 2. 2015) - Arbor Commercial Mortgage, LLC (“Arbor”), a national, direct commercial real estate lender, today announced the appointment of multifamily loan originator Ana Ramos as Vice President in the company’s Manhattan Beach, CA, office.

An 18-year commercial real estate finance veteran with an extensive underwriting background, Ms. Ramos will be responsible for originating loans under all of Arbor’s multifamily and commercial product lines, including Fannie Mae, Freddie Mac, FHA, Bridge, CMBS and Mezzanine.

Ms. Ramos reports to Ken Fazio, Senior Vice President, National Production Manager.

Ken Fazio

Ms. Ramos has closed more than $1 billion in loan originations in her career. Prior to Arbor, she served as SVP, Regional Director for Hunt Mortgage Group in Irvine, CA. 

She managed loan originations in the company’s California region and specialized in small loan financing.

Earlier in her career, Ms. Ramos was a Managing Director for Greystone Servicing Corporation, where she managed the company’s top-producing West Coast office. 

Prior to Greystone, she worked as a Senior Underwriter at Berkshire Mortgage Finance, where she specialized in Fannie Mae and Freddie Mac loans.

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

Christopher Ostrowski

costrowski@arbor.com

HFF closes sale of Los Angeles-area corporate headquarters

2830 Orbiter Street, Brea, CA

IRVINE, CA – HFF announced today that it has closed the sale of a 101,420-square-foot PennySaver USA Publishing, LLC corporate headquarters building located at 2830 Orbiter Street in Brea, California, southeast of Los Angeles. 

Ryan Martin

HFF marketed the asset on behalf of the seller, a joint venture between Cohen Asset Management, Inc. and American National Insurance Company.

 Intercontinental Real Estate Corporation (Intercontinental) purchased the facility free and clear of existing debt.  In 2013, HFF secured financing and equity placement on behalf of the seller for this property.

2830 Orbiter Street is situated on 6.59 acres in the North Orange County Brea/La Habra submarket. 

The facility is adjacent to the Imperial Highway and less than 30 miles from downtown Los Angeles. 

The asset consists of 52,069 square feet of office space spread out over two floors and 49,351 square feet of industrial manufacturing, assembly and distribution space.

Anthony Brent

 The property is 100 percent leased to PennySaver and houses the operations for their weekly PennySaver pamphlet, web-based advertising systems and salesforce.

The HFF investment sales team was led by senior managing director Anthony Brent and managing director Ryan Martin.  

“The investment provided significant inflation adjusted rent growth and stable long-term cash flow,” Brent said.  “It was a well sought after asset due to its stable historical occupancy and its desirable location in the City of Brea.”

“It provides a high-quality, Southern California industrial asset for Intercontinental’s diverse real estate portfolio,” Martin added.

  

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.anico.com.

www.intercontinental.net

Griffin-American Healthcare REIT III Completes Acquisitions Totaling More Than $350 Million During 1Q15

Danny Prosky

IRVINE, CA (April 1, 2015) - American Healthcare Investors and Griffin Capital Corporation, the co-sponsors of Griffin-American Healthcare REIT III, Inc., announced today that the REIT completed the acquisition of 18 healthcare properties in 11 states, as well as a collateralized debt instrument, for an aggregate purchase price of $353.7 million during the first quarter of 2015.

The acquisitions were comprised of 14 medical office buildings, three senior housing facilities, a surgical hospital and the aforementioned collateralized debt instrument.

“Griffin-American Healthcare REIT III remained very active on the acquisition front during the first quarter of the year, adding a diverse collection of healthcare properties to our rapidly growing portfolio,” said Danny Prosky, president, chief operating officer and one of the largest stockholders of the REIT.

  “In just six months’ time, we have grown from approximately $41 million worth of assets to more than $631 million1 with a robust pipeline of acquisitions on the horizon.”

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

Damon Elder                                                                                                       

(949) 270-9207

delder@ahinvestors.com

ICM Realty Group Acquires Cypress Executive Center in Fort Lauderdale, FL

Cypress Executive Center, 1901 West Cypress Creek Road,
 Fort Lauderdale, FL

Bruce Timm

Fort Lauderdale, FL ---ICM Realty Group, the international real estate investment and management firm, announced today that it has purchased Cypress Executive Center, one of the area’s best located office properties at 1901 W. Cypress Creek Road in Fort Lauderdale.

The purchase represents ICM’s third investment in Florida in the past 12 months. 

The purchase was made on behalf of ICM’s (VII) U.S. Core Plus Realty Trust, a fully discretionary private equity fund focused on acquiring and developing office, retail and medical office properties.

As part of the purchase, ICM has committed to immediately completing significant capital improvements and adding building amenities. In addition, ICM intends to create an on-site property management office to better serve the needs of the building’s occupants.

”We are pleased to be investing further in a market that has and will continue to benefit from employment growth and the long-term opportunities created by the recovering economy,” said Bruce Timm, ICM’s CEO. “This transaction signifies our ongoing commitment to investing in the Southeast Florida markets.”

”A trademark of ICM is the company’s ability to provide tenants with immediate, positive changes resulting from ICM’s signature hands-on approach,” said ICM Managing Director Andrew Webb.

“This asset’s value-enhancement potential is an excellent fit with our investment strategy.”

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

Andrew Webb

Managing Director, USA

Main: (651) 398-2662

AWebb@icmgroup.net

www.icmgroup.ca

IPA Sells The Lane on the Boulevard in Redwood City, CA for $84 Million

The Lane on the Boulevard, 2580 El Camino Real, Redwood City, CA

REDWOOD CITY, CA,  April 1, 2015 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of The Lane on the Boulevard, a newly constructed, 141-unit, luxury multifamily community on the San Francisco Peninsula in Redwood City, Calif.

The $84 million sales price equates to approximately $596,000 per unit or $780 per square foot.

            Stanford Jones, IPA executive vice president investments, Philip Saglimbeni and Salvatore Saglimbeni, both IPA vice president investments, advised the seller, Summerhill Apartment Communities. The buyer is Oakwood Worldwide.

“The Lane on the Boulevard is situated within one of the strongest and most supply constrained rental markets in the country and is surrounded by some of the nation’s most affluent communities,” says Jones.

Philip Saglimbeni

“Downtown Redwood City has become a major cultural, entertainment and economic hub for the San Francisco Peninsula,” adds Philip Saglimbeni.

“In addition to the leading employers already in the immediate area, such as Facebook (Menlo Park) and Oracle, the recent influx of large tech companies to Redwood City has been pronounced.

“These include Google’s recent majority acquisition of Pacific Shores Center—934,000 square feet located just three-and-a-half miles from the property—and Box Inc.’s master lease of Crossing/900, its new 300,000-square-foot headquarters, which is located one mile from The Lane on the Boulevard.”

The property’s location at 2580 El Camino Real is within one mile of downtown Redwood City and adjacent to Atherton, considered one of the most affluent towns in the country.

Salvatore Saglimbeni

Menlo Park is four-tenths of a mile south of the apartment community and Palo Alto is three miles south of it. Both are easily accessed from the community via El Camino Real.

The Lane on the Boulevard by Summerhill Apartment Communities features one- and two-bedroom apartment homes that average 765 square feet.

The amenity package includes a fitness studio, a social lounge with a chef’s kitchen, a swimming pool and spa, an outdoor lounge with fireplace, outdoor grilling stations, bicycle storage and a five-level concrete parking structure. 

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

Gina Relva

Public Relations Manager

(925) 953-1716

Currahee Club at Toccoa, GA Named Among Top Four Golf Clubs in the Nation

Currahee Club, Toccoa, GA

Toccoa, Ga. (April 1, 2015) – Currahee Club, a stunning 1,200-acre gated community located in the foothills of the Appalachian Mountains boasting a 7,513-yard golf course overlooking Lake Hartwell, was recently honored as a top four finalist at The National Golf Course Owners Association (NGCOA)’s 2015 “Golf Club of the Year” awards ceremony.

Andrew Ward

This selection was announced at NGCOA’s Annual Conference, the golf industry’s largest gathering of owners and operators of daily fee, private, resort and municipal courses.

“The entire Currahee Club community is honored to receive this most coveted annual award,” said Andrew Ward, President at Currahee Club.

 “To be recognized by such an elite group of esteemed peers on a national level further drives our continued dedication to providing a world-class golf experience worthy of such a distinction.”

The club was recognized for exceling in the categories of quality, ownership and management, contributions to the community and to the game of golf.

For information on Currahee Club or to schedule a discovery tour, visit www.curraheeclub.com.

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

Tucker Berta/Andi Hill

 Liz Lapidus PR

404-688-1466

tucker@lizlapidsuspr.com

                                                                                                            andi@lizlapiduspr.com

NAI Realvest closes two new leases for industrial space totaling 12,000 square feet on Premier Row in Orlando Central Park

Jeff Bloom

ORLANDO, FL --- NAI Realvest recently negotiated two new leases for a total of 12,000 rentable square feet of industrial space in Orlando Central Park.    

 Jeff Bloom, senior director at NAI Realvest, and associate Megan Minter brokered the transactions representing St. Cloud-based Moon’s Saw and Tool, Inc., the landlord, and both local tenants.  

MIC PCB Assembly Services, a microelectronics firm, leased 6,500 square feet at 1620 Premier Row, and Orlando Novelty leased 5,500 square feet at 1624 Premier Row.

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

 Beth Payan or Larry Vershel, Larry Vershel Communications, Inc. 

  407-644-4142 Lvershelco@aol.com

  

NAI Realvest Negotiates New Retail Lease for 7,450 square feet in Apopka, FL

Kevin O'Connor

ORLANDO, FL – NAI Realvest recently negotiated a new lease agreement for 7,450 rentable square feet of retail space at 933 S. Orange Blossom Trail in Apopka. 

 Kevin O’Connor and Matt Cichocki, principals at NAI Realvest and Associate Mitch Heidrich negotiated the lease representing the local Landlord 1st Source Cabinets, LLC. 

 The tenant, Universal Church Corp. headquartered in Newark, N.J., intends to use the property for an Apopka branch of The Universal Church.   The tenant was represented by Rosana Wolters of Wolters International Realty.

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

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

  

NAI Realvest Brokers $750,000 sale of Kissimmee, FL Medical Office Building

George Viele

ORLANDO, FL – NAI Realvest recently negotiated the $750,000 sale of a 12,304 square foot multi-tenant, medical office building located at 1502 Village Oak Lane off Orange Blossom Trail in Kissimmee.  

NAI Realvest Associate George Viele negotiated the transaction on behalf of the seller, Nashville-based Osceola Regional Hospital, Inc.   

The buyer is Village Medical Plaza, LLC, an Orlando-based investor who purchased the building that was built in 1990 and 20 percent occupied at the time of sale.  

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

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

  

Lisbeth Yori to Lead Sales Effort at Maine's Cliff House Resort and Spa

Lisbeth Yori

OGUNQUIT, ME and SHELTON, CT - - March 30, 2015—Officials of New Castle Hotels & Resorts, a leading hotel owner, operator and developer, today announced that Lisbeth Yori of Hampton, N.H., has been named director of sales and marketing of Maine's historic 166-room resort, The Cliff House Resort and Spa, a Rockbridge portfolio hotel, which reopens next month for its 143rd season. 

Most recently, Yori was the corporate area sales manager for Ocean Properties, representing five Maine hotels and resorts.

Gerry Chase

"Lisbeth is a proven sales talent who has risen through Starwood's sales and marketing ranks, exceeding goals and building top line business for every hotel she represented," said Gerry Chase, president and COO of New Castle.

 "The Cliff House has so much to offer corporate and leisure groups, and I'm certain that Lisbeth will do an exceptional job of introducing the resort beyond its traditional base."

Yori came to Maine from the Sheraton Downtown Denver Hotel where she was the director of group sales, responsible for a team of 13 and overall rooms revenue in excess of $47 million. She brings 25 years of sales and catering management experience to her new role.

"The Cliff House is an extraordinary hotel with a fascinating history and limitless potential," said Yori.  

"I have no doubt that its best days are ahead, and I look forward to bringing new groups and creative ideas to the resort and meeting the legacy guests who have made The Cliff House their vacation and special event destination for generations."

The Cliff House Resort and Spa atop Bald Head Cliff in Ogunquit, ME

            The Cliff House Resort and Spa is situated on 70 oceanfront acres high atop Bald Head Cliff in Ogunquit, on the southern coast of Maine. Each of the 166 guest rooms features a large, picture window and deck with views of the coast and the ocean. 

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

Lauralee Dobbins

Daly Gray, Inc.

703-435-6293

Lauralee@dalygray.com

www.newcastlehotels.com.

www.cliffhousemaine.com.

Miramar Park of Commerce in Miramar, FL Announces Over 400,000 Square Feet of Lease Renewals

Maridee Bell

MIRAMAR, Fla. – Miramar Park of Commerce, the largest locally owned and managed Business Park in South Florida, has announced more than 400,000 sq. ft. in lease renewals. 

The announcement comes as the Park is celebrating its 30th anniversary.

The following companies have renewed leases in the Miramar Park of Commerce:

Coaster Company of America has renewed its lease for 250,441 sq. ft. of office, showroom and warehouse and distribution space at 10700 Enterprise Way. 

Caterpillar Inc. has renewed its lease for 45,000 sq. ft. of office and warehouse space at 3450 Executive Way.

Ryan Goggins

Bunzl Distribution Southeast, Inc. has renewed its lease for 76,326 sq. ft. of office, warehouse and distribution space at 9702 Premier Parkway.

BlueStar Latin America, Inc has renewed 25,238 sq. ft. at 3561 Enterprise Way.

Records storage and management company Patterson Pope has renewed its lease for 4,503 sq. ft. of space at 10340 USA Today Way.

“Our high renewal rate is a testament to the leasing and property management team approach we take to accommodate and meet the needs of tenants,” said Maridee Bell, vice president of Sunbeam Properties, developer of the Park.

Miramar Park of Commerce, Miramar, FL

“The aesthetics of the Park and responsiveness of property management ensure that tenants are happy with their space and the environment in which they work. They are among the reasons tenants renew in the Park.”

For all transactions, the Miramar Park of Commerce was represented by Bell and Ryan Goggins of Sunbeam Properties.

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

Kathryn Gallagher

Pierson Grant Public Relations

954-776-1999, ext. 242

kgallagher@piersongrant.com

Jim Darrow of Essex Realty Group speaking at Multi-Family Summit in Chicago, IL

Jim Darrow

CHICAGO, IL –  March 30, 2015 - Essex Realty Group, Inc. is pleased to announce that Jim Darrow will be speaking at the 6th Annual Bisnow Multi-Family Summit on April 2nd at the JW Marriott in Chicago at 7am where the leaders of the commercial real estate community will come together to discuss the state of Chicago and the National multi-family market.

Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

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

Jim Darrow

Essex Realty Group, Inc.

773.305.4920

jimdarrow@essexrealtygroup.com

www.essexrealtygroup.com

Fifield Cos. Contributes $3.1 Million to Chicago’s Affordable Housing Fund

  

Kara Breems and Alan Schactman

CHICAGO, IL – (March 30, 2015) — Chicago-based Fifield Cos. has contributed $3.1 million to the city of Chicago’s affordable housing fund on behalf of the firm’s upcoming luxury apartment development NEXT, which will be located at 347 W. Chestnut St. in River North’s NoCA neighborhood.

Recently, Alan Schachtman, executive vice president of Fifield Cos., presented a $3.1 million check to Kara Breems of the Chicago Department of Planning and Development as part of the city’s Affordable Requirements Ordinance.

Randy Fifield

 The city’s affordable housing fund will use the $3.1 million for rent vouchers for low income families as well as for grants to non-profit affordable housing projects in Chicago. The ARO has received $59 million to date from residential projects like NEXT in NoCA.

"We are glad that we can help facilitate the provision of more affordable housing in the city," said Randy Fifield, principal and vice chair at Fifield Cos. “Giving back to the city of Chicago has always been an important part of our mission at Fifield.” 

Chicago skyline to the north, east
and south

Fifield Cos. will soon begin construction on NEXT, a 28-story, 310-unit apartment building, in the emerging NoCA (North of Chicago Avenue) area of River North. The building is expected to deliver in early 2017.

  

“As more jobs are created downtown, projects like NEXT are meeting a huge demand for rental housing in hot new areas like NoCA in River North,” said Schachtman.

“At the same time, this commercial activity is helping to ensure affordable housing is available through the city’s affordable housing fund. It’s a win-win for Chicago.”

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

Kim Manning, kmanning@taylorjohnson.com,

 312-267-4527

Mark Thomton, mthomton@taylorjohnson.com,

 312-267-4523