NAI Realvest Negotiates Investment Sale of Altamonte Springs, FL Office Building

Thomas E. Hankins

MAITLAND, FL – NAI Realvest recently negotiated a $310,000 sale for a 3,504 square foot stand alone office building at 299 Loraine Drive in Altamonte Springs.  

Thomas E. Hankins, CCIM, SIOR, principal Frank Scheraldi, broker-associate at NAI Realvest negotiated the sale of the two-story building, which was built in 1988, representing the local sellers Raziya M. Botee Family Trust FBO.    

The buyer is Hialeah, Fla. based L.I.M. Property Investments, LLC., who was represented by Ryan Beerbower of KW Commercial.   

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

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

Newell Building in Midtown Manhattan, NY Sells for $30.72 Million

Newell Building, 425-429 East 53rd Street, East Side, MIdtown Manhattan, NY

 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 the Newel Building, a 34,125-square-foot property located on the east side of Midtown Manhattan. The $30,720,000 sales price equates to $900 per square foot.

Anthony Finno

            Anthony Finno in Marcus & Millichap’s Manhattan office, represented the seller, Newel LLC. The buyer is Rakema Holdings LLC, an affiliate of Ruder Finn, a New York City-based public relations firm.

            “Located within a pre-war enclave in Manhattan’s Turtle Bay neighborhood, the building displayed the Newel Co.’s extensive inventory of decorative furniture and fine arts pieces for 34 years,” says Finno.

“With Newel moving into a larger space, it seemed that the building was destined for conversion to multifamily use, but the strong collaborative business space movement prevailed. 

"The structure’s high ceilings and wide columns, which date back to the 1920s, provide an ideal backdrop for the latest concept in office work space.”

            Built in 1926, the 34,125-square-foot, five-story building is located at 425-429 East 53rd St. in the Midtown East office district between the River House and RiverTower Apartments, three blocks from Citicorp Center.

United Nations Building, Manhattan, NY

 The property occupies 75 feet of mid-block frontage on the north side of East 53rd St. between First Avenue and Sutton Place. 

The United Nations headquarters, the Queens-Midtown Tunnel and the 59th Street Bridge are nearby.

Ceiling heights throughout the building range from nine feet at the basement level to between 13.5 feet and 15.8 feet on floors one through five. 

The property features a car-sized freight elevator, passenger elevators, sub-basement storage space, a loading dock and a ground-floor retail showroom.

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

Gina Relva

Public Relations Manager

(925) 953-1716

American Realty Advisors Sells Office Building and Data Center in Phoenix, AZ for $91.5 Million

American Express Building, 3151 and 3202 West Behrend Drive, Phoenix, AZ

 PHOENIX, AZ – American Realty Advisors, an institutional real estate investment manager with approximately $6.7 billion in assets under management, on behalf of one of its clients, has sold an office building and data center totaling 513,361 square feet in Phoenix, AZ for $91.5 million.

Jim Fijan

The property is fully occupied by tenant American Express Travel Related Services Company, Inc. (a subsidiary of FORTUNE 500 company American Express).

“This asset was poised for strong investor interest, based on the long-term commitment to the property demonstrated by American Express,” says Stanley Iezman, Chairman & CEO of American Realty Advisors. “This resulted in an attractive property with a stable rent roll to market to investment groups.”

This asset is situated on a 28.54-acre site located at 3151 and 3202 West Behrend Drive within a growing submarket of Phoenix where demand for office and data center properties continues to rise, according to Iezman.

“Several major data centers are located in the Phoenix market, based primarily on the region’s skilled workforce, affordable power, and low rate of natural disasters,” says Iezman. “This particular data center competes on both a national and international level, making the asset even more attractive to investors.”

Iezman notes that the sale of this property demonstrates American’s overall strategy to acquire, stabilize, manage, and sell assets in a way that drives the highest yields for its institutional investors, which include major pension funds, insurance companies, and foundations.

Jim Fijan and Chad Freese of CBRE represented the seller in the transaction. The buyer was Griffin Capital Corporation, a publicly registered non-traded REIT.

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

Lexi Astfalk / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

LAstfalk@browermillercole.com

JLL Closes $10.5M Sale in Vacancy-Resistant McDowell Mountain Business Park in Metro Phoenix, AZ

McDowell Mountain Business Park, 9171 E. Bell Road, 9181 E. Bell Road
and 16611 N. 91st Street,  Scottsdale, AZ

PHOENIX, AZ – The Phoenix office of JLL has closed a $10.5 million ($164.67/sf), three-building flex office portfolio sale in McDowell Mountain Business Park, a segment of metro Phoenix that for years has sustained a sub 10-percent vacancy rate for its Class A flex office and industrial space.

Brian Ackerman

The portfolio buyer, California-based Crown Realty and Development, represented itself in this sale. Michelle Gardner with Shell Commercial will continue to maintain the buildings’ leasing assignment.

“This is a niche area of the northwest Valley that appeals to tenants looking for superior office, flex or industrial space,” said JLL Senior Vice President Brian Ackerman, who represented property seller Aegis I, LLC in the portfolio sale.

“It’s less than one mile from two Loop 101 freeway interchanges and only a few miles from the Scottsdale Airport, McDowell Mountains and some of the Valley’s most elite executive housing, retail and dining. 

The location, combined with the quality construction of these three buildings, will definitely stand the test of time.”

The three-building sale totals 63,763 square feet of institutional-grade flex office space at 9171 E. Bell Road, 9181 E. Bell Road and 16611 N. 91st Street in Scottsdale – at the southeast corner of Bell Road and 91st Street, just off of the Loop 101 freeway. 

All three buildings feature modern architecture, high ceilings and roll-up doors to accommodate high-profile retail showroom businesses and office users.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

Marcus & Millichap Arranges Sale of Elm Lake Apartments in Bradenton, FL

Michael Donaldson

BRADENTON, 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 Elm Lake Apartments, a 64-unit apartment property located in Bradenton, FL, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $2,500,000.

Vice President Investments Michael Donaldson and Vice President Investments Nicholas Meoli in Marcus & Millichap’s Tampa office along with Executive Vice President Investments Robert Sheppard, Senior Vice President Investments Armand Tiberio,  and Senior Vice President Investments Spencer Hurst, in Marcus & Millichap’s Seattle office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. 

The buyer, a limited liability company, was secured and represented by Nicholas Meoli, Michael Donaldson, Robert Sheppard, Spencer Hurst and Armand Tiberio. 

Elm Lake Apartments is located at 6318 14th Street East in Bradenton, Florida, less than four miles from scenic Sarasota Bay.

Elm Lake Apartments is a 64-unit apartment community consisting of five, two-story buildings and one, one-story building that functions as a leasing office.

Nicholas Meoli

 It is conveniently located within two miles of U.S. Highway 41 (US-41) in Bradenton and offers residents easy access to the area's major north/south thoroughfare without compromising the peace-of-mind created by its proximity to the coast.

The buildings are comprised of eight, one-bedroom/one-bathroom units with 592 rentable square feet, 32 two-bedroom/two-bathroom units with 840 rentable square feet, eight, two-bedroom/two-bathroom units with 1,081 rentable square feet, and 16 three-bedroom/two-bathroom units with 1,036 rentable square feet. 

Property amenities include a clubhouse, basketball court, volleyball court, playground and two on-site laundry facilities.

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

Richard D. Matricaria

Vice President/Regional Manager, Tampa

(813) 387-4700

The Altman Companies Brings New Luxury Apartment Community to Kendall, FL

Altis at Kendall Square, 16950 SW 93rd Street, Kendall, FL

MIAMI, FL  — Boca Raton-based The Altman Companies announces leasing is successfully underway for the new 321-unit luxury apartment community - Altís at Kendall Square.

Joel Altman

Located at 16950 SW 93nd St., the mixed-use, garden-style community is situated in the heart of Kendall. 

The community is located on North Kendall Drive near the growing Baptist Medical Center, Dadeland Mall and Miami International Airport.

“Altís at Kendall Square offers comfort and style that pushes luxury to a new level,” said Joel Altman, chairman of The Altman Companies. 

“Our residents work so hard on a daily basis that they deserve to reward themselves with the ‘altimate’ lifestyle by living in this one-of-a-kind community.”

 Altís at Kendall Square consists of 12 three-story residential buildings and a 6,000-square-foot retail component. The spacious floor plans include studio, one-, two- and three-bedroom apartments.

For leasing information on Altís at Kendall Square, please call (888) 428-7371 or visit http://altiskendallsquare.com/.

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

BoardroomPR

Todd Templin

 ttemplin@boardroompr.com

Ashley Fierman

afierman@boardroompr.com

(954) 370-8999

Passco Companies Acquires 300-Unit Class A Multifamily Community in Mobile, AL for $43 Million

The Arlington at Eastern Shore Apartments, Mobile, AL

MOBILE, AL  – Passco Companies, LLC has acquired The Arlington at Eastern Shore, a 300-unit, Class-A multifamily community located in the Spanish Fort suburb of Mobile, Alabama.

Gary Goodman

 The property was acquired using Fannie Mae financing, according to Gary Goodman, Senior Vice President Acquisitions of Passco Companies LLC.

“Located in the fastest-growing county in the state of Alabama, The Arlington at Eastern Shore has maintained an average occupancy rate of 96.5 percent over the past two years,” says Goodman. 

“With increasing population and job growth anticipated in the region, this property is poised for ongoing strong performance, and we are pleased to be able to provide such a concrete asset to our investors.”

Rock Apartment Advisors, a Birmingham, Alabama based multifamily brokerage team, facilitated the sale of the Arlington at Eastern Shore. 

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

Corynne Randel / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

CRandel@browermillercole.com

HFF closes $24.5 million sale of grocery-anchored retail center in suburban Chicago

Yorkville Marketplace, U.S. Route 34 and Illinois State Route 47, Yorkville, IL

CHICAGO, IL, May 28, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $24.5 million sale of Yorkville Marketplace, a 111,591-square-foot, grocery-anchored retail center in Yorkville, a western Chicago suburb.   

Amy Sands

HFF worked on behalf of the seller, a partnership between American Realty Advisors and Tucker Development. 

Inland Real Estate Income Trust, Inc. purchased the asset. 

Yorkville Marketplace is anchored by Jewel-Osco, which is Chicago’s No. 1 grocer by market share.  

The property is 92.5 percent leased to a strong mix of national and local necessity retailers, including Panera Bread, Office Max, Starbucks and AT&T. 

The center is situated on 17.95 acres at the intersection of U.S. Route 34 and Illinois State Route 47. 

This location is the connection point for the residents of Kendall, Kane, DuPage and Will Counties and has an average traffic count exceeding 39,000 vehicles daily.

The property is surrounded by a rapidly growing and affluent trade area with average household incomes of $92,000 within a three-mile radius.

Daniel Kaufman

The HFF investment sales team representing the seller was led by directors Amy Sands and Clinton Mitchell and managing director Daniel Kaufman.

“Over the past few years, there have been very few Jewel-anchored grocery centers on the market in Chicago,” Sands said. 

“Yorkville Marketplace was an excellent opportunity for investors to acquire a well-located property with a market dominant grocery operator.”

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.inlandincometrust.com.

www.americanreal.com.

www.tuckerdevelopment.com.

Crossman & Co. Opens Tampa, FL Office

Tampa, FL – Crossman & Company, the Orlando-based real estate firm, is excited to announce the opening of its fourth office, which will be located in Tampa, Florida.

The new Tampa office is located at 9950 Princess Palm Avenue, Suite 340, Tampa FL 33619, south of Florida State Road 574.

Crossman & Company has grown to more than 20 million square feet of retail space under leasing or management throughout six states in the Southeast, with offices in Atlanta, Boca Raton, Orlando and now Tampa. The firm provides services in leasing, management, receivership, marketing, consulting and investment sales for retail properties.

 “With 36 shopping centers in the Greater Tampa-area, Crossman & Company will continue to have a strong market presence. The addition of our Tampa-based office will position us to support continuous growth,” said Crossman & Company President John Crossman. “Our talented team serves a growing number of clients within Tampa, and expanding was a natural addition.”

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

Sydnie Cobb

Crossman & Company

scobb@crossmanco.com

407.581.6261

www.crossmanco.com

American Realty Advisors Sells Office Building and Data Center in Phoenix, AZ for $91.5 Million

American Express Office Building and Data Center,  3151 and 3202 West Behrend Drive, Phoenix, AZ

PHOENIX, AZ  (May 28, 2015) – American Realty Advisors, an institutional real estate investment manager with approximately $6.7 billion in assets under management, on behalf of one of its clients, has sold an office building and data center totaling 513,361 square feet in Phoenix, AZ for $91.5 million.

Stanley lezman

The property is fully occupied by tenant American Express Travel Related Services Company, Inc. (a subsidiary of FORTUNE 500 company American Express).

“This asset was poised for strong investor interest, based on the long-term commitment to the property demonstrated by American Express,” says chairman and CEO Stanley Iezman. “This resulted in an attractive property with a stable rent roll to market to investment groups.”

This asset is situated on a 28.54-acre site located at 3151 and 3202 West Behrend Drive within a growing submarket of Phoenix where demand for office and data center properties continues to rise, according to Iezman.

“Several major data centers are located in the Phoenix market, based primarily on the region’s skilled workforce, affordable power, and low rate of natural disasters,” says Iezman. “This particular data center competes on both a national and international level, making the asset even more attractive to investors.”

Iezman notes that the sale of this property demonstrates American’s overall strategy to acquire, stabilize, manage, and sell assets in a way that drives the highest yields for its institutional investors, which include major pension funds, insurance companies, and foundations.

Jim Fijan and Chad Freese of CBRE represented the seller in the transaction. The buyer was Griffin Capital Corporation, a publicly registered non-traded REIT.

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

Lexi Astfalk / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

LAstfalk@browermillercole.com

www.americanreal.com.

HFF closes sale of Bay Area’s Orinda Theatre Square

Orinda Theatre Square, 1 Theatre Square, Orinda, CA

SAN FRANCISCO, CA, May 28, 2015 - Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Orinda Theatre Square, a 90,537-square-foot, mixed-use office and retail property in the San Francisco Bay Area community of Orinda. 

Steven Golubchik

HFF marketed the asset on behalf of the seller, GLL Real Estate Partners GmbH.

Originally built in 1941, Orinda Theatre Square was expanded in 1986 to its current eight-building configuration with a 324-space underground parking garage.  

Anchored by the art deco-style, three-screen Orinda Theatre, the two-level property has 47,610 square feet of office space and 42,927 square feet of retail space that is currently 98 percent leased to 34 tenants, including Starbucks, Serika Japanese Restaurant, Sweet Dreams Toy Store, Entourage Spa & Salon, Morgan Stanley Smith Barney, Wells Fargo Advisors and Chicago Title. 

Situated on 1.92 acres at 1 Theatre Square, the property is adjacent to the Orinda BART station.  The historic Orinda Theatre’s distinctive marque is visible from Highway 24, which is travelled by approximately 78.6 million people annually and is immediately accessible from the property.

Nicholas Bicardo

  Located less than 18 miles east of San Francisco, Orinda is an affluent Bay Area community with average annual incomes of $201,124 and median housing values of more than $1 million.

The HFF investment sales team representing the seller included senior managing director and co-head of HFF’s San Francisco’s office Steven Golubchik, managing director Nicholas Bicardo and senior real estate analyst Brandon Rogoff.

“The Orinda Theatre is the crown jewel of the city and an iconic and cultural centerpiece,” Golubchik said.  “Its neon marquee signage not only makes it one of the most recognizable properties in the Bay Area, but the property’s proximity to Highway 24 makes Orinda Theatre Square one of the most accessible assets in the region.”

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

HFF closes sale of grocery-anchored shopping center on St. Simon’s Island, Georgia

  

Retreat Village Shopping Center, 220 Retreat Village, St. Simons Island, GA

ATLANTA, GA, May 28, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Retreat Village, a 108,654-square-foot, grocery-anchored shopping center on St. Simons Island off the coast of Georgia.

Richard Reid

HFF arranged the sale of the property on behalf of the seller, a joint venture between Paces Properties, Inc. and Somera Capital Management, LLC.  

Westwood Financial Corp. purchased the asset free and clear of existing debt.

Retreat Village is 97 percent leased and anchored by Winn-Dixie.  Additional notable tenants include Edwin Watts, Bonefish Grill, H&H Lifestyles, Burger King, AT&T, Great Clips, Radio Shack, Subway and Verizon. 

Located at 220 Retreat Village, the center is near the gateway to St. Simons Island and Sea Island.

The HFF investment sales team representing the seller was led by senior managing directors Richard Reid and Jim Hamilton and real estate analyst Brad Buchanan. 

 “The property benefits from its unique location, high barriers to entry and the surrounding high-end St. Simons Island and Sea Island resort communities with average household incomes approaching $100,000,” said Reid.

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

HFF closes $29 million sale of 2-property Winn-Dixie-anchored retail portfolio in Florida

MIAMI, FL, May 28, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $29 million sale of a Winn-Dixie-anchored shopping center portfolio totaling 333,276 square feet in Florida.  

Daniel Finkle

The 87.3-percent-leased portfolio consists of Promenades in Port Charlotte, Florida, and Highlands Plaza in Lakeland, Florida. 

HFF marketed the property on behalf of the sellers, Mount Kellett Capital Management L.P. and Morning Calm Management, LLC.

Renovated in 2009, Promenades is a 230,704-square-foot mixed-use center with two available outparcels for future development. 

The center is home to Winn Dixie, Bealls Outlet, Tuesday Morning and YouFit Health Club, in addition to medical office tenant Fawcett Memorial and the Charlotte County Sheriff’s Office.

  Situated on 26.4 acres at 3280 Tamiami Trail, the property is at the entrance to the Medical Arts District in Port Charlotte, a waterfront community on the Gulf of Mexico’s Charlotte Harbor. 

The 102,572-square-foot Highlands Plaza features 461 parking spaces on its 15.68 acres and has two available outparcels for future development.

Luis Castillo

 In addition to the Winn-Dixie anchor, the center’s tenants include Florida Speech and Wellness Center, Fantastic Sam’s, Highlands MRI and Music Go Round. 

Highlands Plaza is located at 2900 Lakeland Highlands Road one mile off Polk Parkway in Lakeland, a central Florida community approximately 35 miles east of Tampa.  The center serves a trade area of almost 60,000 residents within three miles.

The HFF team representing the seller was led by senior managing director Daniel Finkle, managing director Luis Castillo and associate director Nat Scarmazzi.

“The opportunity to acquire high-performing and well-established grocery-anchored centers is becoming increasingly rare in Florida,” Castillo said.  

“Given the high-growth nature of these markets and meaningful value creation potential for the individual properties, this portfolio garnered significant interest from investors.”

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

Two new tenant companies at Aloma Business Center in Winter Park, FL boost occupancy to 100 Percent

Winston Schwartz

WINTER PARK, FL --- Winston-James Development recently added two new tenants to its business center on Aloma Avenue in Winter Park.

Winston Schwartz, president of Winston-James Development, said LGPL, Inc. a Chic- Fil-A franchisee leased 1,875 square feet at Aloma Business Center in Winter Park.

At the same time, Albors Associates LLC also leased 1,875 square feet at Aloma Business Center.   Albors Associates is a translation consulting firm, Schwartz said.

Aloma Business Center, which opened in 2002 with 75,000 square feet of commercial suite space, is now 100 percent leased.

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

Beth Payan, Larry Vershel, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

NAI Realvest Negotiates New Long Term Lease for High End Basketball Footwear Retailer in Downtown Orlando

Mitch Heidrich

ORLANDO, Fla. – NAI Realvest recently completed a long-term lease agreement on behalf of Sneaker Syndicate LLC, for its new downtown Orlando headquarters at 213 N. Magnolia Ave.  

NAI Realvest Broker Associate Mitch Heidrich, brokered the transaction on behalf of both the landlord, D. Arthur Yergey, and the tenant, a designer of high end basketball footwear who relocated to the new 1,450 square foot retail store from an E. Pine Street location.    

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

Beth Payan, Larry Vershel, Larry Vershel Communications 407-644-4142 lvershelco@aol.com