john greene Commercial Taps Cory E. Ramey to Lead Industrial Division

Cory E. Ramey

CHICAGO (March 23, 2015) – john greene Commercial, a full-service commercial brokerage firm headquartered in Naperville, Ill., announced that Cory E. Ramey has joined the firm as commercial broker and will lead the firm’s industrial division. 

Ramey, formerly vice president at Elmhurst, Ill.,-based Darwin Realty and Development Corporation, brings 15 years of experience in industrial real estate sales, acquisitions and leasing in Chicago’s western suburbs.

“Cory’s experience in the industrial sector is a perfect complement to our team who, combined, bring the greatest depth of market intelligence and creative thinking available in the industry,” said Tim Greene, CEO of john greene Commercial. 

“Having Cory lead our industrial division is a natural extension of his strengths and expertise, as well as an opportunity for us to grow that part of our business.” 

 

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

Julie Liedtke, jliedtke@taylorjohnson.com (312) 267-4521

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

ONYX Magazine honors Crossman & Company

John Crossman

Orlando, Fla. – Crossman & Company was awarded ONYX Magazine’s Publisher’s Award for their work in promoting real estate education in all historically black colleges and universities.

John Crossman accepted the award on behalf of Crossman & Company at the 11th annual ONYX Awards on Saturday, March 28. 

The Publisher’s Award is presented to an individual or company that had provided dedicated service, consistent advocacy and outstanding leadership to the higher education community on a regional or state level.

“We’re thrilled to be recognized with this esteem honor. Real estate is important in all communities,” Crossman said.

Rich Black

“The ONYX Awards serves as the premiere event in Florida to celebrate and recognize the accomplishments and contributions of African-Americans and those of African Diaspora,” said ONYX Magazine Publisher Rich Black.

“We are delighted to pay tribute to a stellar group of individuals and companies that are making a difference throughout the state in the areas of business, sports, education and community service.”

The ONYX Awards serves as a fundraiser for the Tri-County Sickle Cell Association, The Young Fathers of Central Florida and the literacy program for the Orange County Jr. Wildcats and Polk County Rattlers. 

The awards also paid tribute to Florida’s four historically black colleges and universities – Bethune-Cookman University, Edward Waters College, Florida Agricultural and Mechanical University and Florida Memorial University.

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

Sydnie Cobb

Crossman & Company

scobb@crossmanco.com

 407.581.6261

Chicago-based Fat Papa’s ventures into Florida with two locations

Kim Fitzgerald

Orlando, Fla. – The Chicago-based Fat Papa’s opens two Florida locations – in Fort Lauderdale and Manalapan.

The Fort Lauderdale restaurant will be 2,400 square-feet and located within Galt Ocean Marketplace, located at 3700 N. Ocean Blvd. 

The 105,589-square-foot shopping center is anchored by Winn-Dixie, Starbuck’s and CVS and houses such establishments as Bank of America and Dunkin’ Donuts.

The Manalapan restaurant will be 2,865 square-feet and located within Plaza Del Mar, positioned at the intersection of A1A and East Ocean Avenue. 

John Fitzgerald

The shopping center is 102,715 square-feet and Fat Papa’s will join SunTrust, Allstate Insurance, Plaza Theater and other merchants at the shopping center.

The shopping centers are owned and managed by Kitson & Partners.

  Kim Fitzgerald and John Fitzgerald with Crossman & Company represented the landlord.

Fat Papa’s specializes in hot dogs and Italian sausage.

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

Sydnie Cobb

Crossman & Company

scobb@crossmanco.com

 407.581.6261

Four Westchester Buildings Sell for $12 Million in Multiple Transactions; Northeast Private Client Group Represents Buyers and Sellers

Edward Jordan

WHITE PLAINS, NY, April 3, 2015 -- Investment sales broker Northeast Private Client Group has announced the sale of four buildings located in lower Westchester County, New York.

 Edward Jordan, JD, CCIM, the firm’s managing director, and Steven Dambrosio of the firm’s White Plains office, exclusively represented the sellers and sourced the buyers in multiple transactions totaling $12,000,000; all of the transactions closed during the first quarter of 2015.

“The success of these transactions is the direct result of our relationship approach to investment sales,” said Jordan.  “Leveraging our multi-state platform we were able to create competition and source the most qualified buyers for each of these assets.”

Steven Dambrosio

On March 31, Northeast Private Client Group closed the sale of 106 Locust Hill Avenue, a 42-unit multifamily property located in Yonkers, NY.  The seller, JAM 3 Property LLC of Bedford, NY, transferred to the property to a Yonkers-based investor for $4,550,000.  This price equates to a price per unit of more than $108,000 and a capitalization rate of 7.6% on the current net operating income. 

On March 26, Jordan and Dambrosio closed the sale of 6 East Sidney Avenue in Mount Vernon, NY.  The 27,000-square foot property includes six stores and 24 apartments.  The seller, Trion Real Estate Management of Yonkers, NY, transferred to the property to a Bronx-based investor for $3,150,000.  This price equates to a price per square foot of more than $116 and a capitalization rate of 7.7% on the current net operating income.  

Northeast Private Client Group closed an earlier transaction for seller Trion Real Estate Management on January 22 with the sale of 5 West 4th St in Mount Vernon, NY.  The 34,000-square foot property, comprising three stores and 36 apartments, was sold to a Bronx-based investor for $3,200,000.  This price equates to a price per square foot of more than $94 and a capitalization rate of 7.9% on the current net operating income.  

Finally, Jordan and Dambrosio sold a nine-unit multifamily property located at 259 Webster Avenue in New Rochelle, NY.  The transaction closed on January 30 between two private Westchester investors at a price of $850,000.  This price equates to a price per unit of more than $94,000 and a capitalization rate of 6.5% on the current net operating income. 

“Westchester multifamily and mixed-use assets are trading at record pricing,” said Dambrosio.  “Local owners and investors benefit from our long-term relationships, competitive process, market knowledge and history of successful transactions.”

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

Randy Savicky

Founder/CEO

Strategy+Communications

Connecting the New PR & Marketing to Business Goals

www.strategypluscommunications.com

203-226-6156

Southeast Mississippi Retail Center Sells for $16.75 Million

HATTIESBURG, MS, 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 Academy Sports + Outdoors and Shops at Turtle Creek, a 98,673-square-foot shopping center in Hattiesburg, Miss.

Alvin Mansour

The $16.75 million sales price equates to $170 per square foot.

            Alvin Mansour, senior vice president investments and Ryan Gomez in Marcus & Millichap’s San Diego office, and Anne Williams, senior associate in the firm’s Memphis office, represented the seller, a private Texas-based developer, and the buyer, an institutional net-lease investor.

            “Academy Sports and Shops at Turtle Creek attracted significant interest from throughout the retail property investment community,” says Mansour.

“The new owner is well positioned to benefit from the center’s strong lineup of triple-net tenants and location within the Turtle Creek Crossing shopping mall.

Anne Williams

  The property is situated along the area’s main retail corridor at 6173-6175 U.S. Highway 98 in Hattiesburg within the 504,000-square-foot power center, Turtle Creek Crossing.

 The center is also across from a 180,000-square-foot Walmart Supercenter and immediately west of Turtle Creek Mall, an 843,000-square-foot regional mall anchored by Belk, JCPenney, Dillard’s and Sears.

Built in 2011, the shopping center consists of a 75,760-square-foot Academy Sports + Outdoors built in 2011 and two shopping spaces built in 2012 totaling 22,913 square feet that are leased to Mattress Express, Massage Envy Spa, Keesler Federal Credit Union, Papa Murphy’s, and J. Allan’s.

  

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

Gina Relva

 Public Relations Manager

(925) 953-1716 

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