HFF arranges $360 million financing for development of luxury condominium tower in Midtown Manhattan

Jennifer L. Keller

NEW YORK, NY – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $360 million in financing for the development of 100 East 53rd Street, a new luxury condominium project in Manhattan’s Midtown East neighborhood.

HFF worked on behalf of the borrower, a joint venture between RFR Holding LLC and Vanke Holdings LLC/China Cinda (HK) Asset Management Co. Ltd., to secure the construction loan through the Industrial and Commercial Bank of China.  

Hines is serving as co-developer of the project along with RFR Holding LLC.  Sales and marketing is being handled by Compass and Classic Marketing. 

100 East 53rd Street is situated at the corner of East 53rd Street and Lexington Avenue, adjacent to the renowned Seagram Building at 375 Park Avenue.  

The 61-story tower will have 94 for-sale residences along with ground- and second-floor retail and restaurant space.

Michael Gigliotti

 Due for completion in 2017, the Foster + Partners designed project will have studio, one-, two-, three- and four-bedroom floor plans.  

The amenity-rich project is planned to include a swimming pool, sauna, steam room, state-of-the-art fitness center, yoga room, pilates studio, massage/spa treatment rooms, lounge, media room and concierge service. 

The HFF debt placement team representing the borrower was led by senior managing director Mike Tepedino, managing director Michael Gigliotti and director Jennifer Keller.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

$10.1 Million Buys Mixed-Use Property in West Harlem, NY; Sale Brokered by Marcus & Millichap

Seth Glasser

NEW YORK, NY– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 2070 Frederick Douglass Blvd., a six-story elevator building with 16 residential units and two commercial spaces. 

The $10.1 million sales price equates to $667 per square foot.

            Peter Von Der Ahe, Scott Edelstein, Seth Glasser and Brett Garson, all in Marcus & Millichap’s Manhattan office, represented the seller, 2070 Uptown LLC and the buyer, Prince Street LLC.

            “The property is a fully rent-stabilized, low-maintenance apartment building with market- rate upside two blocks from Central Park,” says Glasser.

            The building is proximate to Columbia University, Barnard College and the A and C subway lines.

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

Gina Relva, 

Public Relations Manager

(925) 953-1716

JLL Bolsters Southwest Property Management Platform; Names Mike Ruppert as Senior Managing Director

Mike Ruppert

LOS ANGELES, CA – Institutional Investors’ desire to increase property values through the use of property management and agency leasing expertise has led JLL to add experienced talent to its roster.

The firm announced Mike Ruppert has joined its property management platform as Senior Managing Director, Southwest Region and property management lead for the Southwest region, including Phoenix.

“Mike’s proven track record of excellent client relationship management, combined with his ability to drive portfolio values, made him the obvious choice for the role,” said JLL President of Property Management Dan Pufunt. “Our clients will benefit immensely from his addition to our platform."

“The Southwest markets are already key targets for the investment community,” added JLL Southwest Market Director Peter Belisle. 

“Having Mike join JLL will allow us to add value in locations where we have a strong footprint, enhance service delivery and relationships with clients, and increase presence in the Southwest CBD markets.

Dan Pufunt

A more than 25-year industry veteran, Ruppert brings expertise in managing client relationships, coordinating best practices and executing management and leasing strategies on portfolios of office, industrial, retail and medical office assets.

He previously served in leadership positions with notable real estate services and development firms, a public office REIT and a private ownership firm. Mike pursued his degree in Business Administration from the University of Minnesota-Winona.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

Charles Dunn Company Completes $3.85 Million Sale of a 12,453-Square-Foot Office Building in Los Angeles, CA

3211 Cahuenga Boulevard West, Los Angeles, CA

LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $3.85 million sale of a two-story, 12,453-square-foot office building located at 3211 Cahuenga Blvd. West in Los Angeles. The property is fully occupied by several tenants.

Roger L. Beck, SIOR of Charles Dunn Company represented the buyer, Los Angeles-based 3211 Cahuenga LLC and Stacy Vierheilig-Fraser of Charles Dunn Company represented the seller, a private investor from Los Angeles.

“The buyer had been looking for a well-located office investment for over a year,” commented Beck. “Over that time period office pricing has risen more than $50 per-square-foot largely due to the lack of inventory and buyer demand. We were able to act quickly by presenting a strong, all-cash offer and quick closing prior to the property hitting the market.”

Roger L. Beck

Beck noted that the property is extremely well-located across the freeway from Universal Studios and close to both Hollywood and the San Fernando Valley markets. 

The buyer is planning on making significant improvements to the asset to add value and garner market rate rents.

“The demand for small office property in Los Angeles is extremely high as investors are seeking tangible assets as way to diversify their investment holdings,” said Vierheilig-Fraser. 

“It is very seldom that a quality, ideally located property becomes available and because of this, many transactions are closed off-market.”

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

Darcie Giacchetto

949.278.6224

Essex Realty Group Brokers the Sale of 63 Condominium Units in Schaumburg, IL

Doug Fisher

CHICAGO, ILLINOIS – Essex Realty Group, Inc. is pleased to announce the sale of 63 individual condominium units within Hawthorn Estate (1919-31 Prairie Square), a 219-unit condominium community in Schaumburg, Illinois.

The property is situated adjacent to the Motorola Solutions global headquarters to the west and the Schaumburg Convention Center to the south, directly beyond which is Woodfield Village Green Shopping Center, IKEA, Woodfield Mall and numerous other commercial centers.

 Further, the property is situated just northwest of the intersection at I-90 and I-290, offering easy access to O’Hare International Airport, the Ned Brown Forest Preserve of Cook County and downtown Chicago 25 miles southeast.

Jason Fishleder

The Hawthorn Estates community consists of four three-story, brown-brick low-rise elevator buildings. The offered units are situated within two of the four buildings, the majority of which have been maintained in their original condition. 

Three different floorplans (Walnut, Aspen and Oak) offer prospective tenants a variety of layout options. The complex features a private pool and two tennis courts.

The sale price was approximately $4,200,000.

Doug Fisher and Jason Fishleder represented the seller and Matt Welke represented the buyer.

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:

Douglas Fisher

Essex Realty Group, Inc.

773.305.4910

dougfisher@essexrealtygroup.com

www.essexrealtygroup.com

Marcus & Millichap Arranges Sale of Two Trophy Office Buildings in Coconut Grove, FL for $42 Million

Bayview Executive Plaza, Coconut Grove, FL

COCONUT GROVE, 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 two office buildings in Coconut Grove, Fla., Bayview Executive Plaza and Continental Plaza.

The total sales price for the two properties is $42 million.

            The team of Douglas K. Mandel, first vice president investments, and Benjamin H. Silver, associate vice president investments, both in Marcus & Millichap’s Fort Lauderdale office, represented the seller and procured the buyer, Allegra Holding.

Continental Plaza, Coconut Grove, FL

            “These buildings are well positioned to reap the benefits associated with the explosive growth of new developments in ‘The Grove’ and the buyer will be able to take advantage of future spikes in demand that will push rental rates to new highs,” says Mandel.

“Both assets provide tenants with access to secure and covered parking, world-class restaurants and amenities, and were fully occupied at the time of sale. Bayview Executive Plaza has spectacular views of Biscayne Bay and downtown Miami.”

Located at 3225 Aviation Ave., Bayview Executive Plaza is one block west of Bayshore Drive, the world-famous Monty’s Raw Bar and the Biscayne Bay waterfront. 

Douglas K. Mandel

The 57,155- rentable-square-foot property is occupied by a mix of professional tenants, including Femwell Group Health Inc., Wolfberg Alvarez & Partners and Pinchasik Yelen Muskat Stein LLC. The building has a covered parking garage and an elevated exterior plaza with seating areas.

            Continental Plaza is a unique, 80,380-square-foot, five-story red-brick building located at 3250 Mary St. across the street from the new Park Grove development site, which is three planned 20-story condo towers plus retail and office space. Tenants include The Downs Law Group and HealthSun Health Plans Inc.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Hartman Simons Names Abbye Dalton Equity Partner

Abbye Dalton

ATLANTA (April 30, 2015) – Hartman Simons & Wood LLP (Hartman Simons) has named Abbye Dalton as an equity partner. 

Dalton has extensive experience representing developers in connection with ground-up retail development transactions as well as national retailers, specializing in restaurant and entertainment uses.

“Abbye’s deep knowledge of the commercial real estate industry and long history with Hartman Simons makes her an invaluable asset to our firm,” said Gil Y. Burstiner, managing partner of the firm. 

“We are proud to make her a part owner of Hartman Simons, and know that she will continue to deliver great value to her real estate clients going forward.”

Dalton began her law career at Hartman Simons’ predecessor firm, Altman Kritzer & Levick. She is a graduate of the University of Florida’s Levin College of Law and holds a Bachelor of Science in Psychology from Virginia Tech.

Gil Y. Burstiner

Based in Atlanta, Hartman Simons & Wood LLP, the nation’s leading commercial real estate law firm, is respected for its integrity, experience and value-driven results.

 Businesses of all sizes count on its team of attorneys and paralegals for sound, practical and effective legal solutions.

Hartman Simons & Wood is recognized for its proven expertise in the following practice areas: commercial real estate, construction & sustainable development, corporate & tax, creditor’s rights and bankruptcy, environmental, investment & finance, land use & government relations and litigation.

For more information check out our website at http://www.hartmansimons.com and our blog http://hartmansimons.typepad.com

.

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

Stephen Ursery

The Wilbert Group

404.549.7150 – office

404.405.2354 – cell

sursery@thewilbertgroup.com

New Haven, CT Area Multifamily Portfolio Sells for $14 Million--Northeast Private Client Group Represents Buyer and Seller

David Almeida

SHELTON, CT -- Investment sales broker Northeast Private Client Group has announced the sale of a 203-unit, four-building multifamily portfolio in New Haven and West Haven, CT.

 David Almeida, senior associate in the firm’s Connecticut office, and Bradley Balletto, the firm’s regional manager, represented the seller and the buyer in the $14,200,000 transaction, which closed on April 23. 

“The success of this transaction is the direct result of our relationship approach to investment sales,” said Edward Jordan, JD, CCIM, the firm’s managing director. 

The portfolio consists of Diamond Ridge Apartments, a 92-unit property located at 115-277 Diamond Street in New Haven; Crestview Apartments, a 63-unit property located at 62 Treat Street in West Haven; Boulevard Apartments, a 24-unit property located at 1495 Ella T. Grasso Boulevard in New Haven; and Tamarack Apartments, a 24-unit property located at 169 West Spring Street in West Haven.

Bradley Balletto

The properties traded at a price that equates to nearly $70,000 per unit, which represents a capitalization rate of 7.0% on the current net operating income. 

  The seller, Harvest Apartments, is a national multifamily investor based in Wethersfield, CT.  

The buying entity is affiliated with Navarino Capital Management of Bridgeport, CT, an owner/operator of southern New England multifamily and commercial assets.  Goldman, Gruder & Woods, LLC was the buyer's legal representative.

“High occupancy and growing rents in New Haven are driving strong demand for multifamily properties,” said Almeida.  “These assets performed well over the years for the seller and will continue to do so for the new owner.”

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

Shoppes of Aloma in Winter Park, FL Welcomes Two New Tenants

Craig Katterfield

WINTER PARK, FL – Shoppes of Aloma welcomes two new tenants, Lady Jane’s Haircuts for Men and Smoothie King, to the shopping center.  

Founded in 2004 and now with more than 40 locations in seven states, Lady Jane’s Haircuts for Men opens its first store in Florida in the 1,273-square-foot space at Shoppes of Aloma, as a part of its expansion plan for growth in 10 states.

            Shoppes of Aloma also welcomes Smoothie King to the center.  New Orleans-based Gold Sky LLC will open their first of five Smoothie King’s in June in the 880-square-foot space at Shoppes of Aloma.  Smoothie King currently has eight Central Florida locations with more than 1,000 across the U.S. 

To read more about Smoothie King’s expansion, please see the Orlando Business Journal article.

Crossman & Company Senior Associate, Craig Katterfield, CCIM represented the landlord of Shoppes of Aloma for both the 1,273 SF and 880 SF lease agreements. 

Jon Hellein of Hybridge Commercial, in cooperation with Louis Ciotti of Landmark Commercial Real Estate Services, represented Lady Jane’s.  Janet Galvin of Liberty Universal Management represented Smoothie King.

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

Sydnie Cobb

Crossman & Company

scobb@crossmanco.com

407.581.6261

Charles Dunn Company Completes $2.4 Million Sale of a 16-Unit Apartment Property in Los Angeles

Joseph Mackin

LOS ANGELES, CA– Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $2.4 million sale of a 16-unit apartment property in the East Hollywood submarket of Los Angeles.

Joseph Mackin, director with Charles Dunn Company, represented the buyer in the transaction, Essential Management. 

The seller, a private overseas investor was represented by First Investment & Realty. The property closed at a 5.5 percent cap rate.

Located at 634 N. Kingsley Dr., the property consists entirely of one-bedroom, one-bathroom units and was 100 percent occupied at the close of escrow.

“This property was in poor shape and has significant improvements that need to be addressed for safety as well as aesthetic reasons,” said Mackin. 

“This suited the buyer as it specializes in the major renovation of Hollywood-area apartment properties and will be able to add significant value to the asset upon completion of the improvements and lease-up with market rates.”

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

Darcie Giacchetto

949.278.6224

Meta Housing Corp. Completes its First Family Arts Colony in San Pedro Neighborhood of Los Angeles, CA

Meta Housing Corp.'s new, 49-unit arts-focused 

affordable apartment community in

the San Pedro neighborhood of Los Angeles, CA

LOS ANGELES, CA – Meta Housing Corporation has completed its first “family arts colony” apartment project - a new, 49-unit arts-focused affordable apartment community that integrates artistic live/work space in the San Pedro neighborhood of Los Angeles, California. 

The community, the Pacific Avenue Arts Colony, is the fourth arts colony project developed by Meta Housing, and the first that is open to non-senior residents.

Located at 303 South Pacific Avenue in San Pedro, California, the Pacific Avenue Arts Colony is comprised of affordable one-, two-, and three-bedroom floor plans.  More information is available at www.pacificavenueartscolony.com.

“Our senior arts colony apartment communities have proven successful in supporting and encouraging imaginative thinking and meaningful creative achievement among residents, while also bringing affordable housing and thoughtful architecture to many Cities,” says Kasey M. Burke, President of Meta Housing Corporation.

Kasey Burke, President of Meta Housing Corp. (center) and community members
 cut the ribbon at the Pacific Avenue Arts Colony Grand Opening event on April 25.

“The Pacific Avenue Arts Colony will deliver a new level of creativity and connection to the San Pedro community,” continues Burke.  “By focusing on integrating affordable housing and studio space for artists, we are supporting the City’s goals of attracting new artists and patrons to Downtown San Pedro.”

(From left) Chris Maffris, Senior Vice President, Meta Housing Corporation,
Sandra Gibbons, Vice President/CFO, Western Community Housing, Inc.,
Councilman Joe Buscaino, City of Los Angeles, 15th District,
Tim Carpenter, Founder, EngAGE and Mee Semcken, Vice-Chair, DLA/LA  
 were honored at the Grand Opening of the Pacific Avenue Arts Colony.

Constructed on a former automotive repair facility lot in the historic core of the City of San Pedro, the 49-unit Pacific Avenue Arts Colony, or “Pac Arts,” offers six ground-floor live/work units for resident artists, and includes a full-scale professional level art gallery space that will encourage connection and collaboration with the nearby arts district.

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

Lexi Astfalk/Jenn Quader

Brower, Miller & Cole

LAstfalk@browermillercole.com

(949) 955-7940

Avanath Capital Management Acquires Affordable/Workforce Housing Portfolio in Orlando, FL and North Carolina for $45.9 Million

John R. Williams

IRVINE, CA – Avanath Capital Management, LLC, a private real estate investment manager, has acquired a two-property, 553-unit affordable housing portfolio in Orlando, Florida and Cary, North Carolina for $45.9 million through an off-market transaction.

Avanath specializes in the acquisition and operation of affordable and workforce housing assets nationwide, with a focus on supply-constrained markets.

“Undersupplied affordable housing markets, particularly in high-growth cities, are experiencing even greater pressure as general multifamily rents continue to rise throughout the nation,” notes John R. Williams, President and CIO of Avanath.

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

Amanda Brenner/ Jenn Quader

Brower, Miller & Cole

(949) 955-7940

Abrenner@browermillercole.com

Sean Delaney Expands The Mele Storage Group into Midwest Market

Sean Delaney

Tampa, FL – Marcus & Millichap announced that Sean Delaney, First Vice President Investments at Marcus & Millichap will expand the Mele Storage Group brand into the mid-western states.

 Sean will partner with Michael Mele, Senior Vice President Investments and founder of The Mele Group of Marcus & Millichap. Sean will serve as a broker, marketing self-storage properties in the firm’s Chicago office.

In the Mele Group, Sean is joining the industry’s most knowledgeable and experienced self-storage investment team. 

The Mele Group is comprised of the most qualified and highly driven individuals that specialize in investments and provide in-depth and relevant market analysis for self-storage owners and investors.

Michael A. Mele

Sean Delaney joined Marcus & Millichap, the nation’s largest real estate investment services firm, in late 2003 specializing in self storage assets with a focus on the Midwest. In September 2005 he became an Associate of the Firm and in March 2007 reached Senior Associate status.

 In July 2012 he was promoted to Associate Vice President Investments then in July 2013, by vote of the managing directors, given the distinction of Vice President Investments.

 Prior to joining Marcus & Millichap Sean played seven years of professional baseball for the Kansas City Royals and the Saint Paul Saints. 

Sean has successfully facilitated the purchase or sale of roughly $200 million in self storage properties.

Mr. Delaney has been the recipient of the coveted Marcus & Millichap Sales Achievement plaque five times over the course of his career.

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

Michael Mele

Senior Vice President, Tampa

Michael.mele@marcusmillichap.com

(813) 387-4790

IPA Sells Rare Bayfront Property in Newport Beach, CA for $25.5 Million

The Waterfront, Newport Beach, CA

Stewart I. Weston

NEWPORT BEACH, CA  – Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, is pleased to announce the sale of The Waterfront, a 17-building, 64-unit, bayfront multifamily community in Newport Beach, Calif.     

IPA senior director Stewart I. Weston represented the seller, BT Real Estate Group. The buyer is Waypoint Property Group.

            “The Waterfront is one of just three bayfront properties in Newport Beach,” says Weston.  

“With approximately 1,000 linear feet of water frontage on Newport Bay, 34 boat slips and a private beach, the asset exhibits an undeniable presence. Revenue enhancement opportunities exist for the new owner through the continuation of the renovation program that began in 2011.”

            The property was built in 1964 at 919 Bayside Drive in Newport Beach overlooking Newport Harbor and across from Balboa Island, which is accessible via a pedestrian bridge. 

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

Gina Relva,

 Public Relations Manager

(925) 953-1716

Peachtree Hotel Group Announces Opening of Hampton Inn & Suites Vero Beach Downtown in Florida

Tammie Taylor

                VERO BEACH, FL,  April 30, 2015—Officials of Peachtree Hotel Group, one of the nation’s fastest growing hotel investment and management platforms, today announced the grand opening of the 90-room Hampton Inn & Suites Vero Beach Downtown. 

Owned by VBH Miracle Mile LLC, and operated by Peachtree, the hotel was conceived by Vero Beach residents Frank Christy, Christy & Associates president, and Keith Kite, managing member of Kite Properties LLC.  The lender for the project is WesBanco, a West Virginia regional bank holding company.

“The Hampton Inn & Suites Vero Beach Downtown is our fifth hotel in Florida, a thriving market we will continue to watch with interest for future investment opportunities,” said Tammie Taylor, Peachtree vice-president of operations. 

 “With our existing Florida portfolio concentration and local market expertise, we expect this hotel to ramp up quickly and become the preferred, select-service destination in the area.”

Situated at 611 20th Place, the three-story hotel is within walking distance of the pedestrian-friendly Miracle Mile and its numerous restaurants, entertainment, shopping and services.  

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

Chris Daly, media

 (703) 435-6293

 chris@dalygray.com