Tuesday, May 26, 2015

Gemstone Hotels & Resorts Expands into South Florida with $150 million Beachwalk Resort in Hallandale, FL




            PARK CITY, Utah/ May 26, 2015—Gemstone Hotels & Resorts, a full-service hotel management company that specializes in owning and operating luxury and upscale urban hotels and resorts, today announced the opening of the European-style Beachwalk Resort on the intercoastal waterway in Hallandale, Fla. 

Jorge Perez
The $150 million, 33-story resort is the latest project by The Related Group of Miami, Fla., the leading developer of luxury condominiums and multi-family residences, and comprises 300 units, 216 of which are divisible two-bedroom suites. 

It is the first of three Broward County projects currently under development by The Related Group that Gemstone will operate.

            "Gemstone has an impeccable track record of maximizing and managing complex resorts in top vacation destinations throughout the U.S.," said Jorge PĂ©rez, CEO of The Related Group. 

"By partnering with Gemstone on these projects, we are able to successfully expand our focus to include luxury hospitality services in our residential projects.”



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

Lauralee Dobbins, media
(703) 435-6293

Foxford Starts Sales at Somerset Townhomes in Downtown Lake Zurich, IL; First Deliveries Available June 2015


Peter Brennan
CHICAGO, IL, May 26, 2015 – Hinsdale, Ill.-based Foxford Communities today announced the start of sales at Somerset Townhomes, a community of 39 upscale townhomes along the lakefront in downtown Lake Zurich, IL.

Part of a plan to reshape downtown Lake Zurich, Foxford Communities acquired the Somerset property in 2011, completing 10 unfinished townhomes – all of which sold in just eight months – and improving architectural plans for the remaining 19 homes, located across three buildings.

 Foxford started construction of the final 19 residences in winter 2014, with delivery of the first homes slated for June 2015.

“Lake Zurich has been recognized year after year as being one of the top 10 cities in Illinois for young families largely due to the high-rated schools in District 95,” said Peter Brennan, president of Foxford Communities.

“We are excited to help revitalize downtown Lake Zurich by completing the homes at Somerset, which provide an affordable downtown location within walking distance to the lake, shops, restaurants, the weekly summer farmers market and annual downtown community events like the Rock the Block block party.

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

Friday, May 22, 2015

Lincoln Harris Brokers Two Office Investment Sales in Charlotte for a Total of $5.15 Million


Jubal Early
CHARLOTTE, N.C. (May 22, 2015) — Lincoln Harris’ Charlotte office has arranged two office investment sales in Charlotte for a total of $5.15 million.

·      Jubal Early of Lincoln Harris arranged the $4.75 million sale of The Boxer Building, a 41,073-square-foot office building at 1000 W. Moreland Street.

Early represented the seller, Boxer Building LLC, in the transaction. Monte Ritchey of Legacy Real Estate Advisors, LLC represented the buyer.

·      Early, Faith Lampkins and Marshall Williamson of Lincoln Harris brokered the $407,320 sale of Eastover Medical, a medical office building located at 2612 E. 7th Street.

Early, Lampkins and Williamson represented the seller, COM-RAD Leasing Co., in the transaction. Jeff Taylor of Wilkinson & Associates represented the buyer, Leegale Partners LLC.

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

Stephen Ursery
The Wilbert Group
404-549-7150 (O) 404-405-2354 (C)

Marcus & Millichap Brokers $1.2 Million Sale of Jefferson Street Apartments in Hollywood, FL


Derek R. Gibbs
HOLLYWOOD, FL – 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 Jefferson Street Apartments, a 14-unit apartment property located in Hollywood, Fla, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $1,200,000.

Derek R. Gibbs and Daniel J. Cunningham, senior associates, Evan Richardson, associate, and Tal I. Frydman, first vice president investments, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Hollywood, Fla.  

The buyer was a private investor from Hollywood, Fla.

Built in 1969, Jefferson Street Apartments sits on a 0.25 acre site.  The property consists of (13) one-bedroom/one-bathroom units and one two-bedroom/one-and-one-half bathroom units.

Within minutes of Young Circle and Interstate 95, Jefferson Street Apartments is situated two blocks west of South Federal highway at 1928 Jefferson Street in Hollywood, FL. 

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

Ryan Nee
Regional Manager
Fort Lauderdale

(954) 245-3400

Marcus & Millichap Arranges Sale of Snow White Village Site in Kissimmee, FL


Paul Bouldin
KISSIMMEE, FL, May 22, 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 Snow White Village, a 12.86 acre parcel located in Kissimmee, FL, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. 

The asset sold for $3,321,000.

Paul Bouldin, Senior Associate, and Dan Mulkey, Vice President Investments, of Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller.  

The buyer, a developer, was secured by Paul Bouldin of Marcus & Millichap’s Tampa office. 
Snow White Village is located at 4567 Seven Dwarfs Lane in Kissimmee, FL.  

The land was originally a housing location for Disney employees that were brought to Central Florida from all over the world to work at Epcot’s various themed country pavilions. In 2006, the land was sold to a developer and approved for a new 630 room hotel, Marquis Orlando. The project was never built due to market conditions and changes to the credit environment.

Paul Bouldin, a land and development specialist at Marcus & Millichap was engaged to help market the property. Prior to this closing, the new buyer submitted plans for a 250 plus unit, market rate apartment project. Construction is scheduled to start this summer with a completion date of late summer 2016.

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

Richard D. Matricaria
Vice President/Regional Manager
Tampa

(813) 387-4700

Thursday, May 21, 2015

RealtyTrac Reports U.S. Foreclosure Activity Increases 3 Percent in April to 18-Month High Driven by Rising Bank Repossessions



Daren Blomquist
IRVINE, CA,  May 21, 2015 — RealtyTrac®(www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its April 2015 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 125,875 U.S. properties in April of 2015, up 3 percent from the previous month and up  9 percent from a year ago, an 18-month high.


The U.S. foreclosure rate in April was one in every 1,049 housing units with a foreclosure filing.

“The REO increase in April was foreshadowed by a 23-month high in scheduled foreclosure auctions in October 2014,” said Daren Blomquist, vice president at RealtyTrac.

 “Many of those scheduled auctions are now taking place, and properties are going back to the foreclosing lender. 

Mark Hughes
"Meanwhile we continue to see foreclosure starts decrease, and foreclosure starts nationwide are now running consistently below pre-crisis levels — indicating that the overall increase in foreclosure activity in April is a continuation of the clean-up phase of the last housing crisis, not the start of a new crisis.

“We’ve seen distressed inventory work its way through the auction and REO process at a varying pace depending on local market conditions and price points,” said Mark Hughes, chief operating officer with First Team Real Estate, covering the Southern California market. 

“The uptick in April is a natural part of that flow toward equilibrium and a more stable market.”

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

Ginny Walker
949.502.8300, ext. 268

HFF arranges $38.1 million in preferred equity for Midtown South office property in Manhattan, NY

  

95 Morton Street, Midtown South, Manhattan, NY

 NEW YORK, NY -- HFF announced today that it has arranged a $38.1 million preferred equity investment in 95 Morton Street, a 205,000-square-foot Class A office property located in Midtown South, Manhattan.

Jay Marshall
HFF worked on behalf of the owner, Brickman, to secure the preferred equity through a national REIT.  The capital will be used to complement existing low-leverage financing, support further lease-up and allow for additional base building capital improvements.

95 Morton Street is located in the West Village neighborhood of Manhattan, one block from the Hudson River and Hudson River Park, and within walking distance of subway lines 1, ACE, BDF and the PATH train.   Originally built in 1911, the property was renovated in 2000 and is 88 percent leased to a variety of technology, advertising, media and information tenants. 

The HFF equity placement team was led by senior managing director Jay Marshall, associate director Christopher Peck and associate director David Fowler.

“Brickman’s foresight to invest in the West Village office market prior to its emergence as a premier submarket resulted in a tremendous amount of imputed value.  We were pleased to be able to provide a national REIT with an excellent investment opportunity in a hyper competitive market and at the same time lower Brickman’s original basis,” said Marshall.

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

HFF closes sale of Adventist Health Lacey Medical Plaza in Hanford, CA


Adventist Health Lacey Medical Plaza, 1524 West Lacey Boulevard, Hanford, CA

 SAN DIEGO, CA, May 21, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Adventist Health Lacey Medical Plaza, a 48,606-square-foot, single-tenant medical office building in Hanford, California.


Evan Kovac
HFF marketed the property on behalf of the seller, a private development company.  American Realty Capital Healthcare Trust II, Inc. purchased the asset.

Adventist Health Lacey Medical Plaza is located at 1524 West Lacey Boulevard at the intersection of Mall Drive in downtown Hanford, a suburb about 28 miles southeast of Fresno. 

This location is directly across from the Hanford Mall, adjacent to the King’s County Civic Center and Community Courthouse, and close to the Adventist Medical Center.  

Completed in 2002 as part of a build-to-suit for Adventist Health, the property is fully leased to Adventist Health Physician Network. 

The HFF investment sales team was led by managing director Evan Kovac.

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

HFF closes $6.633 million sale of and secures $5.3 million financing for Woodland Park Estates in Portland, OR


Woodland Park Estates, 1820 NE 104th Avenue, Gateway Neighborhood, Portland, OR

PORTLAND, OR  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $6.633 million sale of and secured $5.3 million in financing for Woodland Park Estates, a 74-unit multi-housing community located in Portland’s Gateway neighborhood.

Nick Klein
HFF marketed the property on behalf of the seller, Rael Development Corporation (“Raelcorp”).  Trion Properties purchased the asset free and clear of existing debt and plans to perform an extensive renovation and repositioning strategy with the property. 

HFF also worked on behalf of the buyer to secure an 80 percent LTV, seven-year, floating-rate loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. 

  The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.  HFF previously worked with Raelcorp to secure a fixed- rate loan to purchase the property in 2011.

Woodland Park Estates is located at 1820 NE 104th Avenue, approximately one half of a mile from the entrances to Interstates 205 and 84 and eight miles northeast of downtown Portland. 

  Situated on three acres, the property has two- and three-bedroom units averaging 962 square feet each.  Property amenities include a swimming pool, community common area, resident parking and on-site laundry facilities.  The property is currently 98 percent leased.

Tyler Linn





The HFF investment sales team representing Raelcorp was led by associate directors Nick Klein and Tyler Linn.

HFF’s debt placement team representing Trion Properties was led by managing director Mark Wintner.

“This process started with a complicated loan assumption but with the help of our experienced debt team, along with the cooperation of both the buyer and the seller, we were able to source new financing and execute a smooth and successful transaction with results that met the needs of both parties,” said Wintner.

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

HFF closes $49.5 million sale of multi-housing community in Wilsonville, OR


Canyon Creek, 26310 SW Canyon Creek Road, Wilsonville, OR

 PORTLAND, OR, May 21, 2015 - Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $49.5 million sale of Canyon Creek, a 372-unit, garden-style multi-housing community in Wilsonville, Oregon.

Ira Virden
HFF marketed the asset on behalf of the seller, a private investor.  Aukum Management LLC purchased the property for $49.5 million free and clear of existing debt.

Canyon Creek is situated approximately 16 miles south of downtown Portland on a 29.76-acre site at 26310 SW Canyon Creek Road near major area highway and public transportation arteries such as Interstate 5 and the Westside Express Service commuter rail. 

The property is 95.7 percent leased and has units averaging approximately 858 square feet each. 

  Community amenities include a swimming pool, hot tub, fitness center, playground, clubhouse and business center.

The HFF investment sales team was led by managing director Ira Virden and associate director Kerry Hughes.

“Wilsonville is an extremely supply-constrained submarket, with an abundance of high-paying, white-collar jobs.  Coupled with the ability to enhance value through implementing a value-add business plan and buying well below replacement cost, the asset proved to be an attractive offering for investors,” said Virden.

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


Hold-Thyssen Negotiates Sale of Retail Site on State Road 44 in New Smyrna Beach, FL



Therese Taylor
New Smyrna Beach, FL -- Hold-Thyssen, Inc.  a real estate services firm based in Winter Park, recently completed the $275,000 sale of a 1.7-acre retail site at 1932 Canal St. (SR 44) in New Smyrna Beach.  

Therese Taylor, broker associate at Hold-Thyssen in Winter Park, negotiated the transaction representing the Orlando-based seller, PNC/Midland. 

The property is adjacent to the Publix Center, Bank of America and Taco Bell. 
The buyer, who was not disclosed, plans a commercial-office development on the site, Taylor said.    Charlotte A. Smith of Collado Real Estate represented the buyer.

Hold-Thyssen provides commercial property and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

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


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

Wednesday, May 20, 2015

HFF secures refinancing for three Dallas, TX Market Center buildings






Jody Thornton
 DALLAS, TX, May 20, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured financing for three buildings totaling 3.3 million square feet that are part of the Dallas Market Center in Dallas, Texas.

HFF worked on behalf of Crow Holdings to secure the loan for the World Trade Center and Dallas Trade Mart with Goldman Sachs Mortgage Company and the financing for the International Trade Plaza with Comerica Bank.

Composed of the World Trade Center, Dallas Trade Mart, International Trade Plaza and Market Hall, the 110-acre Dallas Market Center (DMC) is the largest wholesale market center in the world, totaling more than 5.5 million square feet – twice the size of the Empire State Building. 

The buildings house space for wholesale merchants around the world to connect with more than 75,000 buyers from all 50 states and 80 countries.

  DMC welcomes approximately 375,000 people to more than 50 market events annually where an estimated $8.5 billion in transactions occur.


Andy Scott
 More than 1,200 tenants in categories including women’s, men’s and children’s fashion and accessories; jewelry; lighting; rugs; home accents and toys rent space in the DMC buildings.  

The buildings are located at 2000, 2050 and 2100 Stemmons Freeway (Interstate 35) in northwestern Dallas close to Dallas-Love Field.  Market Hall is not included in the financing.

The HFF debt placement team representing the borrower was led by executive managing director Jody Thornton, senior managing director Andy Scott, director Jim Curtin and real estate analyst Gay Thomas.

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

Resolve Marine Group Purchases Harbor Place Building in Fort Lauderdale For $8.9 Million in Deal Brokered by Berger Commercial Realty


Judy Dolan
FORT LAUDERDALE, FL (May 20, 2015) - Regional commercial real estate firm Berger Commercial Realty announced the $8.9 million purchase of Harbor Place, a 36,000-square-foot office building located at 1600 S.E. 17th St. in Fort Lauderdale, by Resolve Marine Group, a Fort Lauderdale-based company that provides a variety of marine services to the global maritime industry.

Resolve Maritime Academy, a division of Resolve Marine Group, has been a tenant in the building since 2012.

Sold by 1600 17th St. Causeway, LLC, Harbor Place was 100 percent occupied at the time of sale, which closed May 14.

 In addition to Resolve Maritime Academy, other tenants include HSBC bank, MHG Insurance, Vecenergy and Berger Commercial Realty.

Last year, Resolve Maritime Academy expanded its space in the Harbor Place building from 6,954 square-feet to 14,088 square-feet. The building currently houses a full mission engine room simulator, an ECDIS (electronic chart display information system) classroom to teach paperless navigation, and several classrooms for fire and safety courses, as well as the academy's administrative offices.


Raquel Monge
Resolve plans to further expand the school with the addition of cruise ship engine and bridge room training simulators, which were previously housed nearby at Resolve's corporate headquarters, located at 1510 S.E. 17th St.

"We are moving our high-tech simulators into the building so we can offer our students all of our training modules under one roof," said Joseph Farrell, Jr., president and CEO of Resolve Marine Group. 

"We are very proud of our presence along the marine corridor of S.E. 17th Street and look forward to continuing to serve the worldwide marine community from our offices in Fort Lauderdale, long considered the marine capital of the world."

Judy Dolan and St. George Guardabassi of Berger Commercial Realty represented Resolve Marine Group in the off-market deal. Lloyd Berger and Keith Graves, also of Berger Commercial Realty, represented the seller, 1600 17th St. Causeway, LLC.


Resolve Marine Group retained the commercial real estate firm to lease and manage the building. Dolan and Guardabassi will serve as the property's exclusive leasing agents, and Raquel Monge, a senior property manager at the firm, will oversee the management and operations of the building.


St. George Guardabassi

Dolan and Guardabassi have represented Resolve in a number of real estate transactions over the past five years, including the company's original 2012 lease at Harbor Place. 

The brokers also represented Resolve in the purchase of:

  • ·     the company's corporate headquarters building at 1510 S.E. 17th St.;
  • ·     property in Port Everglades for the expansion of the company's salvage business;
  • ·     and an 11,709-square-foot office building for $4 million from Ardell Marina, Inc. in 2014. That building is located at 1550 S.E. 17th St., directly in between Harbor Place and Resolve's corporate headquarters. 

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

Media Contact: 954-776-1999
Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Marielle Sologuren, ext. 226, msologuren@piersongrant.com

Two Properties Managed by Atlantic | Pacific Management Receive Highest Recognition at 7th Annual Florida Communities of Excellence Awards


Trump Hollywood Condominiums, Hollywood, FL
MIAMI, FL – Atlantic | Pacific Management (A|P Management), the property leasing and condominium association management platform under Atlantic | Pacific Companies (A|P Companies), is delighted to announce that two of the properties they manage received prestigious awards at the 7th Annual Florida Communities of Excellence Awards ceremony, which took place on Friday, May 15th at the Bonaventure Resort & Spa in Weston.

The awards ceremony, which was founded in 2009 and is presented annually, included an educational session, trade show, awards program and gala after-party.

The ceremony had nominees from across the state who received awards from various categories including water conservation, energy efficiency, civic volunteerism and advocacy, family-friendly programs and initiatives, and disaster preparedness. The organization recognizes outstanding communities that invest time in improving the quality of life of their residents.


Apogee Beach Condominiums, Hollywood, FL
The two winning properties are:

* Water Conservation – Water Management and Conservation Programs.
Small Community: Apogee Beach Condominium Association, Hollywood, FL

* Disaster Preparedness – Protecting lives & Properties, as well as for community restoration in the aftermath of an emergency.
Small Community: Trump Hollywood, Hollywood, FL

For more information about A|P and its platforms, visit www.apmanagement.net
 or call (800) 918–1145.

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

Jessica Wade Inc.:  
Jessica Wade Pfeffer | jessica@jessicawadeinc.com (305) 804 - 8424
Margie Sernik | margie@jessicawadeinc.com  (786) 200 - 2516


MetroGroup Realty Finance Secures $35.7 Million in Financing for Client to Acquire Broadcom Building in San Jose, CA


Broadcom Building, 3151 Zanker Road, San Jose, CA


Orange County, CA, May 20, 2015 – MetroGroup Realty Finance, a private, Orange County-based mortgage banking firm, has successfully arranged $35.7 million in financing on behalf of its client for the acquisition of the 200,000 square-foot Broadcom Building in San Jose, California.

Patrick Ward
The property, which was acquired by an affiliate of Oakmont Corporation, is 100 percent occupied by Broadcom Corporation, a FORTUNE 500 tech company that is recognized as a leader in semiconductor solutions for wired and wireless communications.

“The technology sector is driving commercial property demand forward at a tremendous rate today, making this investment extremely well-timed for our client,” says Patrick Ward, Founder of MetroGroup Realty Finance. 

The asset, which encompasses research and development, data center, and corporate offices, is located within a growing submarket of San Jose, just outside of Silicon Valley’s tech epicenter.

“With continued demand from the large population of Millennials and tech firms in the region, we anticipate that this investment will be a sound, stable investment for our Client over time,” explains Ward.

“We immediately recognized the value of this asset, based on strong market fundamentals in this region and the property’s existing high-caliber tech tenant,” Ward continues.  “We effectively demonstrated this value to lenders in order to provide competitive terms for our client.”


Ward notes that, in doing so, MetroGroup was able to structure financing in a way that met each of its client’s investment objectives in this transaction.

“Our experience and 38-year history in providing financing for commercial properties has given us the right tools to identify key elements that help us structure a transaction that is attractive to lenders, while also ensuring the best terms for our clients,” says Ward.


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

 Lexi Astfalk or Jenn Quader
 Brower, Miller & Cole
 (949) 955-7940