Wednesday, June 17, 2015

Hold-Thyssen negotiates two lease agreements totaling 8,200 square feet at Edgewater Commerce Center in Orlando


Darby Hold
WINTER PARK, FL --- The leasing team at Hold-Thyssen, Inc. recently negotiated two lease agreements totaling 8,200 rentable square feet of flex warehouse space representing the landlord Miami-based LNR Partners, LLC at Orlando’s Edgewater Commerce Center.

A textile importer leased 7,000 square feet at 6270 Edgewater Drive for five years.  

Urban Pixel leased 1,200 square feet for two years at 6250 Edgewater Drive. 

Since the beginning of this year, the Hold-Thyssen Leasing Team has completed seven deals at this 64,350 square foot commercial flex space facility which is currently 78 percent occupied.

Hold-Thyssen Inc. is a real estate firm providing 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 407-644-4142 lvershelco@aol.com

NAI Realvest Negotiates Sale of 2,604 Square foot Office Building in Orlando, FL for $562,000


Jeff Bloom
ORLANDO, FL– NAI Realvest recently completed the $562,000 sale of an office building at 934 Lake Baldwin Lane in Orlando just north of Executive Airport.

Jeff Bloom, CCIM, senior director at NAI Realvest, brokered the sale of the 2,604 square foot building.  The property and surrounding area is zoned for commercial office.

Bloom said Buyer 934 Lake Baldwin Lane, LLC plans to use the facility to house a technologyservices firm. The Seller is Columbus, Ohio-based Baldwin Lane Studio.


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


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

Net-Leased CVS/Pharmacy in Lynn, MA Sells for $10.5 Million in Deal Arranged by Marcus & Millichap


CVS/Pharmacy, 47 Boston Street, Lynn, MA

 LYNN, MA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of a 12,900-square-foot double-net-leased CVS/pharmacy in Lynn, Mass. The $10,539,783 sales price equates to $817 per square foot.

Laurie Ann Drinkwater
            Robert Horvath and Todd Tremblay, Marcus & Millichap vice presidents investments located in Boston, represented the seller. Laurie Ann (L.A.) Drinkwater, CCIM, vice president investments, also in Boston, and Seth J. Richard in Manhattan, procured the buyer.

            “CVS relocated to this site from an existing retail center located across the street,” says Horvath. “It’s a well-established location with strong demographics.”

            “The 25-year lease, signed in January 2014, has five five-year options and is guaranteed by CVS Caremark Corp.,” adds Drinkwater.

Built in 2014 and located at 47 Boston St. on the corner of North Bend Street and Boston Street, the property is close to downtown Lynn and 10 miles north of Boston.

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

Gina Relva
Public Relations Manager

(925) 953-1716

Villas at Dolphin Bay Whole Loan Sale in Carson City, NV Brokered by Marcus & Millichap


Villas at Dolphin Bay Apartments, 730 Silver Oak Drive, Carson City, NV

CARSON CITY, NV – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of the whole loan secured by the three-story, 146,364-square-foot Villas at Dolphin Bay apartment complex in Carson City, Nev. The terms of the sale were not released.

Kenneth N. Blomsterberg
            Kenneth N. Blomsterberg, first vice president investments, along with Ryan Rife and Benjamin Nelson, all in Marcus & Millichap’s Reno office, brought about the whole loan sale.

“The seller, a New York City-based investment fund, engaged Marcus & Millichap to reach a broad national base of clients, both middle-market and institutional, who would be interested in an attractive yield for the appropriate risk profile of the whole loan,” says Blomsterberg.

“Approximately one dozen bidders were involved in the best and final round of offers. The top bidder produced an exceptional outcome that met the fund’s investment goals.”
            
Villas at Dolphin Bay, the asset secured by the whole loan, was built in 2006 on 5.3 acres at 730 Silver Oak Drive in Carson City, 1.5 miles from the Carson Tahoe Health Medical Center, near the new Interstate 580 on- and off-ramps and 30 minutes from Reno and Lake Tahoe.

The property is composed of two studio units, 48 one-bedroom/one-bath apartments, 48 two-bedroom/two-bath units, 24 two-bedroom/two-bath apartments and 12 three-bedroom/two-bath units.

Apartments feature nine-foot living room ceilings; large kitchens with full-size walk-in pantries, countertop bars, designer appliances; washers and dryers, and large patios and balconies. Community amenities include gated access, walking paths, mature trees, specialized outdoor lighting, an indoor pool, a year-round spa, a fitness center, detached garages, and a clubhouse.

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

Gina Relva
Public Relations Manager

(925) 953-1716

Marcus & Millichap Brokers $11.8 Million Sale of Vista Self Storage in Orlando, FL


Michael A. Mele
ORLANDO, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has negotiated the sale of Vista Self Storage, a 696-unit facility in Orlando for $11,801,000, according to Richard Matricaria, vice president and regional manager of the Tampa office.

The property sold at a sub-5 percent cap rate on a trailing income with adjustments for property taxes and management.

            Michael A. Mele, a senior director of the firm’s National Self-Storage Group (NSSG) based in Tampa, represented the seller, a Florida-based private client. Mele also procured the buyer of the property, Wesport Properties, Inc.

“With an exceptional location on Narcoossee Road in Orlando, this institutional-quality, state-of-the-art self-storage facility has all of the amenities today’s self-storage investors are seeking: a high-density location on a main thoroughfare with excellent accessibility, surrounded by a growing population base, which should fuel demand and steady rent increases over the long term,” says Mele. 

        Located at 6707 Narcoossee Road, developers built the 97,300-square foot Vista Self Storage in 2003, expanded it in 2005, and renovated the facility in 2014. The 696-unit self-storage asset is situated on nearly seven acres.

       “The steady flow of equity and debt into the self-storage sector, and expectations of a near-term rise in interest rates, point to a continued increase in transactions nationally throughout 2015,” says Richard Bird, national director of Marcus & Millichap’s NSSG.

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

Gina Relva
Public Relations Manager

(925) 953-1716

CBRE Capital Markets Arranges $12.75 Million Sale of Marbella Lakes Apartments in Orlando, FL


Luke Wickham
Orlando, FL – June 15, 2015 – Shelton Granade, Luke Wickham, and Justin Basquill of CBRE
Capital Markets arranged the sale of Marbella Lakes, a 200-unit apartment community in
Orlando, Florida.

The gated community, located at 1980 Lake Fountain Drive, was acquired from IMT Residential by Blue Rock Partners for $12.75 million. CBRE exclusively represented the seller in the transaction.

“Downtown Orlando is booming, and that growth has had a tremendous ripple effect on the
surrounding submarkets,” said Mr. Granade, Executive Vice President of CBRE Capital
Markets, Multifamily. 

”Marbella Lakes is just 10 minutes from downtown in a high-demand rental area, and is a prime candidate to add value through minor property upgrades to the unit interiors and amenities.”

Marbella Lakes was built in 1985, and has a current occupancy of 95%. The property is
conveniently located near the exclusive Mall at Millenia and Universal Studios Resort and
Theme Park. Community amenities include a fitness center, laundry facility, large clubhouse,
and a resort-style swimming pool.

Granade, Wickham and Basquill have closed more than $2 billion in multifamily sales in
Central Florida from 2013 to date.

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

Elizabeth Cross
305.428.6373

Daniel Jimenez
407.839.3191

Easton & Associates Brokers Sale of Multifamily Property on North Miami Beach, FL for $3.47 Million



David Olalde
DORAL, FL, June 17, 2015 — Easton & Associates arranged the sale of a 22-unit apartment building in the North Beach section of Miami Beach.

David Olalde of Easton represented the buyer, 7640 Carlyle Associates, LLC, who paid $3,470,000 for the property.  The buyer is a private investor from New York City that owns about 250 residential units in the metropolitan area.

 “My client already owns industrial assets in South Florida, so they asked if we could help them find apartments here since they’ve been priced out of New York City. We were able to locate a great property with a lot of upside in an area that is growing in popularity and where rents continue to rise.”

Olalde said the buyer plans on spending about a half million dollars to upgrade common areas and individual units. The apartment building is located at 7640 Carlyle Avenue.

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

Todd Templin
BoardroomPR

954-370-8999/954-290-0810

29th Street Capital Acquires Durham Apartments; Acquisition is Firm’s First in North Carolina


Seven Oaks Townhomes, 200 Seven Oaks Road, Durham, NC

Durham, NC – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, acquired the Seven Oaks Townhomes at 200 Seven Oaks Road in Durham, N.C. this month. The new owner plans $1 million worth of renovations for the 272-unit multifamily community.

David Berrien
“This is the first of many acquisitions we plan in the Carolinas,” said David Berrien, 29SC’s Vice President of Acquisitions for the Carolinas.

 “Seven Oaks is the only townhome-style community – which is popular with families – in the area. It’s also close to work, recreation and education centers in one of the fastest-growing areas of the U.S.”

Forbes calls The Raleigh-Durham/Chapel Hill area one of America’s best cities for Young Professionals. It grew by roughly half between 2000 and 2010, and ranked last year in the Top Five in the nation for job growth.

Seven Oaks is less than five miles from downtown Durham, and about 15 miles from Research Triangle Park, the state’s economic hub. 

It is in an excellent school district, near Eno River State Park, and convenient to the area’s best shopping venues. It is also within a few miles of Duke University, UNC-Chapel Hill and NC State University.

The community has been renovated within the past three years, and 29SC plans even more improvements. These include adding a fitness center, installing screen doors, and upgrading the exteriors and the pool area.

For investment  inquiries, contact:
Stan Beraznik, Founder and Managing Principal at 29th Street Capital

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

Thornton Communications
p:404-932-4347 | e:Terri@TerriThornton.com | w:www.TerriThornton.com
http://www.facebook.com/pages/Thornton-Communications/112101288827299 http://twitter.com/Ttho http://www.linkedin.com/in/TerriThornton

Millennium Partners and Michael Mina to Introduce PABU Boston in New England


Chef Michael Mina
BOSTON, MA (June 17, 2015) – Millennium Partners, developer of award-winning projects in Downtown Boston and various cities in U.S., today announced that Michelin-starred, James Beard Award-winning chef Michael Mina and renowned sushi chef Ken Tominaga will bring their lively izakaya and sushi bar concept, PABU, to Boston as part of the highly anticipated Millennium Tower Boston development. 

Slated to open in Fall 2016, PABU will be Mina’s first venture in New England.

PABU Boston will be the second location of Mina and Tominaga’s acclaimed Japanese restaurant and sushi bar, which was awarded a place on San Francisco Chronicle’s Top 100 Restaurants List in 2015 and an impressive three-star rating from the newspaper’s restaurant critic, Michael Bauer. 

PABU was also designated as one of the Hottest Japanese Restaurants in the Country by Zagat in its first year of opening. 

Chef Ken Tominaga




The concept adds yet another dimension of flair and liveliness to the historic Downtown Crossing neighborhood.

 Mina’s presence will serve as a unique amenity for Millennium Tower Boston residents, who will have unrivaled access within their building to both PABU Boston and Mina at the Tower, a private restaurant, bar and club room exclusively for owners.

 The partnership represents the latest chapter in the long-standing relationship between Mina Group and Millennium Partners – Mina has been both a resident and restaurant operator (RN74) in Millennium Tower San Francisco for more than five years. 

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

Hwee Peng Yeo
Vice President, Asia Markets
Glodow Nead Communications
San Francisco • New York • Singapore • Shanghai
Level 21, Centennial Tower, 3 Temasek Avenue • Singapore 039190
Level 15, One Corporate Avenue, 222 Hubin Road, Shanghai China, 200021
1700 Montgomery Street, Suite 203 • San Francisco, CA • 94111
Asia: 65.9768.6087  US:415.394.6500 • E: hweepeng@glodownead.com


Tuesday, June 16, 2015

Marcus & Millichap Arranges Sale of 10,000-SF Industrial Building in Tampa, FL


Matt Kim
TAMPA, FL, June 16, 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 51st Street Industrial, a 10,000-square foot industrial property located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. 

The asset sold for $285,000.

David Joyce, Matt Kim and William Wamble, Associates in Marcus & Millichap’s Tampa office had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer was secured and represented by David Joyce.

51st Street Industrial is located at 2022 51st Street in Tampa, Florida near the industrial corridor of East Tampa, moments from the vibrant Port of Tampa and just a mile-and-a-half from the Selmon Expressway. 

This vacant facility was constructed in 1987 and consists of two separate buildings with grade level overhead doors and outside storage potential.

“We had multiple offers for this property and a local business owner ended up becoming the buyer, seeing the advantage of relocating their business to the area. Demand has been increasing for the Tampa Bay area industrial product, and with financing readily available I believe we can expect to see demand continue to rise,” Joyce commented.

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

Richard D. Matricaria
Vice President/Regional Manager, Tampa

(813) 387-4700

MVP REIT Acquires Five Parking Facilities in Texas, Colorado, Missouri and Wisconsin


Mike Shustek
SAN DIEGO, CA – MVP REIT, Inc. announced today that the REIT has recently completed the acquisition of five parking facilities in four states for an aggregate purchase price of $36 million. 

The acquisitions are comprised of parking garages and surface parking lots.

“Each of these parking facilities enjoy superior locations in close proximity to popular destinations, including retail stores, sporting arenas, hotels, office buildings and tourist attractions,” said Mike Shustek, chairman and chief executive officer of MVP REIT. 

“Adding to their attractiveness, each of these properties is leased on a long-term basis to proven parking operators.”

Fort Worth, Texas

Among the REIT’s five acquisitions is an eight-story parking garage in downtown Fort Worth situated directly across from the 14-story Fritz G. Lanham Federal Building.The facility has 1,000 striped spaces and is 100 percent leased to SP+.
Houston, Texas

Fritz G. Lanham Federal Building
Downtown Fort Worth, TX
The REIT also acquired a four-story parking garage in downtown Houston with 265 striped spaces.  The garage is 100 percent leased to operator iPark Services.

St. Louis, Missouri

MVP REIT acquired a surface parking lot in downtown St. Louis, striped with 221 spaces. The lot is 100 percent leased to SP+.
 Milwaukee, Wisconsin

The REIT also acquired a surface parking lot located within a few blocks of the Milwaukee River. The parking lot is striped with 54 spaces and is 100 percent leased to SP+.

Denver, Colorado

MVP REIT acquired a surface parking lot centrally located on the eastern edge of downtown Denver. Striped with 28 spaces, the parking lot is 100 percent leased to the City of Denver School District.

Three of the parking lots acquired are operated by SP+, formerly known as Standard Parking. 

The Standard Parking and Central Parking brands of SP+ operate approximately 4,200 parking facilities with more than 2.1 million parking spaces in hundreds of cities across North America, including parking-related and shuttle bus operations serving more than 75 airports.

MVP REIT’s parking portfolio contains eight surface parking lots and three parking garages with a total of 2,927 parking spaces. The REIT’s total property portfolio is valued at approximately $60.7 million.

For a complete copy of the company’s news release, please contact:Jill Swartz            
Julie Leber
Spotlight Marketing Communications                                              
949.427.5172, ext. 701 
949.427.5172, ext. 703

Lincoln Brokers Sale of 164,000-Square-Foot Warehouse Facility in Dalton, GA


Denton Shamburger
ATLANTA (June 16, 2015) – Lincoln Property Company Southeast (Lincoln) has brokered the sale of 1029 South Hamilton Street, a two-building, 164,000-square-foot warehouse facility in Dalton, Georgia.

 Denton Shamburger and Chip Sipple of Lincoln represented the seller, Rialto Capital Management. Bolyston Crown Properties purchased the property, which was built in the early 1900s, for $525,000.

The property sits on 13.5 acres and is located just 2.5 miles east of Interstate 75 and directly south of downtown Dalton.

“This facility provides the new owner a great opportunity as it was purchased well below replacement cost and is in a great location,” Sipple said. “The size of the site and the property allow the new owner a wide range of opportunities in the future.”

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

Stephen Ursery
The Wilbert Group
404-405-2354

Mortgage Bankers Association Reports Commercial/Multifamily Mortgage Debt Continues Growth in First Quarter


Jamie Woodwell
Washington D.C. (June 16, 2015) - The level of commercial/multifamily mortgage debt outstanding increased by $40.4 billion in the first quarter of 2015, as all four major investor groups increased their holdings. That is a 1.5 percent increase over the fourth quarter of 2014.

Total commercial/multifamily debt outstanding stood at $2.68 trillion at the end of the first quarter. Multifamily mortgage debt outstanding rose to $989 billion, an increase of $20.6 billion, or 2.1 percent, from the fourth quarter of 2014.

“Strong first quarter mortgage originations boosted the level of commercial and multifamily mortgage debt outstanding,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research.

“Multifamily mortgages continued to grow even more quickly than the market as a whole, with banks increasing their portfolios by $8 billion and agency and GSE portfolios and MBS increasing their holdings by $10 billion.“

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

Ali Ahmad

(202)557-2727

Post Properties Appoints Virginia Means as New Senior Vice President of Human Resources


Virginia Means
ATLANTA, GA (BUSINESS WIRE)-- Post Properties, Inc. has named Virginia Means as its new Senior Vice President of Human Resources. 

In her new role, Means brings more than two decades of human capital leadership and consulting experience on behalf of domestic and global organizations.

Means will oversee all aspects of human resources for Post Properties, including recruiting, educational development, performance management, health and welfare benefits, retirement services, payroll, compensation and employee relations.

“Virginia is a tremendous addition to the team,” said David Stockert, President and CEO of Post Properties. “Her compassion and wealth of experience in personnel management will help us continue to grow as a company. Virginia’s innovative thinking is expected to generate a fresh perspective and direction aimed at creating positive results.”

Means will also serve as the Executive Director of Post HOPE Foundation, a corporate initiative that helps provide resources and fundraising support for those in need. Post HOPE hosts a number of annual fundraisers, including golf tournaments, silent auctions, comedy nights and other events in order to raise funds for its charities.

David Stockert


As a part of the initiative, the company closes its doors for one day each year for the Post HOPE Day of Service, encouraging all employees to go out into the community to volunteer.

Means is also the Chairman of the Board of Directors for Society for Human Resources Management — Atlanta. She also serves on the Human Resources Leadership Forum (HRLF) Board of Directors. 

She earned her undergraduate degree from the University of Georgia and then attended the Wharton School of the University of Pennsylvania to obtain her Human Resources Business Certification.

To learn more about the leadership team at Post Properties, visit http://www.postproperties.com/Leadership-Team.

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

Nebo Agency
Caroline Brown, 1 404-885-1201

Meta Housing Corp. Completes Mixed-Use Affordable/Workforce Housing Project in Torrance, CA


Cabrillo Family Apartments, 1640 Cabrillo Avenue, Torrance, CA


TORRANCE, CA, (June 16, 2015) – Meta Housing Corporation has announced the completion of the Cabrillo Family Apartments, a 44-unit, mixed-used, affordable/workforce family apartment community at 1640 Cabrillo Avenue in Torrance, California.

Kasey M. Burke
“Like many communities in Los Angeles County, Torrance has a deep need for quality affordable housing to accommodate its growing workforce,” says Kasey Burke, President of Meta Housing Corporation.

 “By replacing a run-down, vacant commercial building in downtown Torrance with this newly designed, quality affordable housing, we are filling a void in the community and creating an environment where local workers and families can thrive.” 

Burke notes that apartment rents continue to rise throughout the Los Angeles metro area, creating an even more urgent need for affordable developments.

“As job growth continues and rents climb, workers are often forced to seek housing outside of their city of employment. Cabrillo Family Apartments will help to alleviate this problem in Torrance by delivering housing that workers can afford in a location that is close to employment.”

Meta Housing Corporation worked closely with the City of Torrance, as well as its longtime partner Bank of America to obtain the financing necessary to bring this project to fruition.

Bank of America Merrill Lynch acted as the tax credit investor and provided construction financing for the project, for a combined total of nearly $23 million. Additional financing partners included the City of Torrance, and the California Community Reinvestment Corporation.

Charmaine Atherton
Bank of America Merrill Lynch has successfully partnered on 14 projects with Meta Housing, and we’re excited to continue supporting their vision with Cabrillo Family Apartments, our third grand opening with them this year,” says Charmaine Atherton, senior vice president of community development banking at Bank of America Merrill Lynch.

 “Cabrillo Family Apartments is a great demonstration of the bank’s commitment to the South Bay, generating economic growth and creating safe, high-quality affordable housing available to families in Torrance.”

Constructed above 3,731 square feet of neighborhood-serving retail, Cabrillo Family Apartments sits three stories high along the front of Cabrillo Avenue and four stories high along the alley towards the rear of site, explains Meta Housing Corporation Senior Vice President Aaron Mandel.

“Cabrillo Family Apartments serves as a catalyst for economic revitalization for the city,” says Mandel. “The project brings together workers and families, as well as retail and affordable housing. 
Through this cohesion, we are able to improve the vitality of the surrounding neighborhoods and create a community that contributes to a more productive workforce and a happier, healthier city.” 

Aaron Mandel

Mandel notes that the development of the retail spaces directly below the apartment community will not only increase the retail offerings in the area, but also create an environment where residents can further connect with their community.

“Today’s workers, especially those in the Millennial demographic, like to live, work and play all in the same location,” Mandel continues. “This development delivers that connected lifestyle, allowing residents to live affordably in housing that is close to their jobs, and also easily walkable to nearby amenities and retail offerings.”

According to Mandel, Meta Housing is committed to developing projects that contribute to its residents’ overall well-being, while also contributing to the cities in which these projects are built.

The Cabrillo community offers a variety of amenities, including private balconies and a 7,580 square-foot courtyard, as well as a community room, classroom, and recreational deck, among others.

The Cabrillo Family Apartment community was developed by Meta Housing in partnership with Synergy Community Development Corporation, and was built to LEED Gold Certification standards.
The apartment community is comprised of affordable one-, two-, and three-bedroom floor plans.

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

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