Downtown New Haven Mixed-Use Property Sells for $7.2 Million; Northeast Private Client Group Represents Buyer and Seller

Bradley Balletto

SHELTON, CT, June 19, 2015 -- Investment sales broker Northeast Private Client Group has announced the sale of a 28,000 square foot mixed-use property in downtown New Haven, CT. 

Bradley Balletto, the firm’s regional manager, and David Almeida, senior associate in the firm's Connecticut office, represented the seller and the buyer in the off-market $7,225,000 transaction, which closed on May 1. 

“Our experienced team is at the forefront of sourcing and transacting mid-market investment opportunities between Boston and New York," said Edward Jordan, JD, CCIM, the firm’s managing director. 

"We have a proven track record of matching our clients with qualified buyers of multifamily and commercial properties.”

David Almeida

Located at 954 Chapel Street on The Green in downtown New Haven, CT, the property comprises 23 apartment units and three street-level retail suites.  The seller is a Florida-based private investor.

 The buying entity is affiliated with Navarino Capital Management of Bridgeport, CT, an owner/operator of southern New England multifamily and commercial assets. 

The property traded at a price that equates to more than $250 per square foot and represents a capitalization rate of 3.0% on the in-place net operating income. 

At the time of the sale, two of the three retail suites were vacant.  The new owner plans to re-lease these suites and renovate the existing apartments.

  “This transaction demonstrates our belief that successful outcomes result from forging long-term relationships with building owners and investors,” said Mr. Balletto.  “Throughout all market cycles, our team works closely with building owners to help meet their needs.” 

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

IPA Executive Director Lori Schneider Brokers Sale of Suburban Atlanta Shopping Center for $24.2 Million

Old Alabama Square shopping Center, 3005 Old Alabama Road, Alpharetta, GA

Lori Schneider

ALPHARETTA, GA,  June 19, 2015 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Old Alabama Square, a 103,268-square-foot Fresh Market- and Walgreens-anchored shopping center in Alpharetta, Ga. The sales price is $24,275,000, which equates to $235 per square foot.

            Lori Schneider, IPA executive director, advised the seller, a private investor. The buyer is Philips Edison Grocery Center REIT II, Inc. (Phillips Edison REIT II).

 Michael J. Fasano, first vice president, regional manager in Marcus & Millichap’s Atlanta office, and the firm’s broker of record in Georgia, assisted with the transaction.

“Our marketing process sourced a variety of qualified investors, from pension funds to cross-border profiles,” says Schneider. “Phillips Edison REIT II best understood the center’s demographics, curbside appeal and growth potential.”

Michael J. Fasano

Old Alabama Square is located on 12.8 acres at 3005 Old Alabama Road in Alpharetta. Old Alabama Road is an east/west thoroughfare that connects the suburbs north of Atlanta. There are three points of access from Old Alabama Road into the shopping center.

Fresh Market and Walgreens have occupied the center since it opened in 2000.

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

Gina Relva

Public Relations Manager

(925) 953-1716

American Realty Advisors Acquires Class A Industrial Portfolio in Metro Washington, DC

CHANTILLY, VA and STERLING, VA – American Realty Advisors, an institutional real estate investment manager with nearly $7 billion in assets under management, has acquired a 100 percent-leased Class A industrial portfolio totaling 453,883 square feet in Virginia.

The portfolio consists of two industrial buildings located within master-planned business parks in close proximity to the Dulles International Airport and Washington D.C.’s major roadways, according to Eric Cannon, Senior Director, Investment Group at American Realty Advisors.

“This region is experiencing strong positive net absorption, low vacancy, and continued rent growth, which is consistent with American’s research-driven investment strategy to source and acquire functional in-fill, multi-tenant industrial in well-located supply-constrained markets,” says Cannon.

James Cassidy

American Realty Advisors plans to implement a series of improvements to the properties that will increase the portfolio’s overall physical condition and curb appeal to maintain a high level of occupancy.

“Through our strategic and aggressive asset management process, American will be able to realize increasing cash flow over time and deliver predictable current yields to its investors over a long-term hold period,” says Cannon.

The two-property industrial portfolio is located at 3900 Stonecroft Boulevard in Chantilly, VA, and 45110 Ocean Court, in Sterling, VA.

The seller, an institutional investment management firm, was represented by James Cassidy of DTZ’s Washington D.C. office.

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

SVN AuctionWorks to Host Upcoming Real Estate Auctions with More Than 200 Commercial and Residential Properties located throughout Illinois and Wisconsin

Diana M. Peterson

CHICAGO, IL (June 18, 2015) – SVN AuctionWorks has announced the firm will host several upcoming online and sealed bid auctions featuring retail, mixed-use, industrial, office, income-producing residential, luxury residential, and vacant land properties located throughout Illinois and Wisconsin.

The auctions, slated for various dates throughout June, July and September, will feature more than 200 commercial and residential properties, including a 10,500-square-foot luxury estate; five separate portfolios comprising more than 150 income-producing, Section 8 residential rental properties; a former Fuddruckers restaurant; and many bank-owned properties. 

“These portfolios offer institutional investors a tremendous investment opportunity, especially for those looking to add Section 8 housing to their investment strategy,” said Diana Peterson, president of Chicago-based SVN AuctionWorks. “These single- and multi-family investments continue to produce strong returns, so auctions like this are a smart way to obtain these types of portfolios.”

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

Cara Mooses, cmooses@taylorjohnson.com, 312-267-4523

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

Senior Housing Portfolio in Texas Sold; DTZ Tampa’s Allen McMurtry Represents Seller

Allen McMurtry

TAMPA, June 18, 2015 – DTZ, a global leader in commercial real estate services, announced today that the team of Allen McMurtry, Megan Fetter and David Kliewer has arranged the sale of the leasehold interest in a five-property senior housing portfolio located in the Dallas metro area. 

The portfolio was sold on behalf of Steven Vick and Signature Senior Living.

The portfolio of 375 units was developed and operated by Signature Senior Living. It comprises 255 assisted living units and 120 memory care units and is over 90% occupied. Legend Senior Living of Wichita, KS, will be the operator.

Since 1988, the Tampa-based DTZ (formerly Cassidy Turley) Senior Housing team has sold 165 senior housing communities in 31 states with an aggregate sales volume over $2 billion. The team’s average transaction size over the past decade exceeds $35 million.

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

Nicole J. Grzywacz

Marketing Manager | DTZ

4301 Anchor Plaza Parkway, Suite 400 | Tampa, FL 33634 | USA

Direct: 813-349-8545

nicole.grzywacz@dtz.com

 | www.dtz.com

Stirling Sotheby’s International Realty Selected to Market 8+ Acre High Profile Commercial Property on West Colonial Drive in Winter Garden, FL

Barbara Ashley Jones

ORLANDO, Fla. --- Stirling Sotheby’s International Realty has been named exclusive sales and marketing agents for 8.39 acres of commercial property that includes a four-bedroom house with 3,202 air-conditioned/heated square feet and a five-car garage at a high profile location in Winter Garden.

The property, with convenient access to the Florida Turnpike and the 429, is located at 15401 W. Colonial Drive.   It has 400 feet of frontage on West Colonial (SR 50), and a traffic count in excess of 25,000 cars per day.

Zoned C2 for flexible use of retail or medical / professional offices, “The property is ideal for an investor,” said Stirling Sotheby’s International Realty founder and owner Roger Soderstrom. 

Stirling Sotheby’s Associates Beatrice Moxey and Barbara Ashley-Jones are representing the property, which has been listed at $915,000.  

The property is located minutes from a new Florida Hospital opening in the fall, Winter Garden Village Mall, historical downtown Winter Garden, the massive Horizon West residential development and some of Florida’s major attractions.

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

Renovation of Two Affordable Housing Communities Completed Near Tupelo, MS; WNC provided $3.3 million in LIHTC equity to fund renovations at Regal Ridge Apartments and Wisteria Apartments

Michael Gaber

Tupelo, MS, June 17, 2015 – WNC, a national investor in real estate and community development initiatives, announced today the completion of renovations to Regal Ridge Apartments, which offers 24 units of affordable housing, and Wisteria Apartments, offering 30 units of affordable housing, in the Tupelo suburb of Plantersville, Miss.

WNC provided approximately $3.3 million in low-income housing tax credit (LIHTC) equity to fund the renovation projects. 

“We are excited to help provide a much needed upgrade to the affordable housing offered to local families of Plantersville,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. 

“The rehabilitation of Regal Ridge Apartments and Wisteria Apartments will help to sustain and elevate the local rental housing supply.”

Regal Ridge Apartments is located at 200 Cedar St. and is comprised of 24 residential units divided between six buildings. Each of the two-bedroom units is equipped with a range, refrigerator, central air conditioning, ceiling fans, window blinds and ample storage space. Community amenities include onsite property management, laundry facilities, a computer center, gazebo and playground.

Herbert J. Peterson from CMS Real Estate Development and Chase Dudley from Barron Lane were the project developers. CMS Real Estate Development received the LIHTC financing to help fund the renovations.

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

Julie Leber

Spotlight Marketing Communications

949.427.5172 ext. 703

julie@spotlightmarcom.com

HFF closes $22.5 million sale of office portfolio in Morristown, NJ

55 Madison Avenue, Morristown, NJ

FLORHAM PARK, NJ, June 17, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of a two-property medical office and office building portfolio totaling 128,000 square feet in Morristown, New Jersey.  The two properties within the portfolio are: 55 Madison and 101 Madison Avenue.   

Jose Cruz

HFF marketed the assets on behalf of the sellers, a joint venture of Ivy Realty and CenterSquare Investment Management.  Atlantic Health System, represented by Colliers International, purchased both buildings for $22.5 million free and clear of any existing debt.

55 and 105 Madison Avenue are located across from the Morristown Memorial Hospital about two miles from downtown Morristown and the Morristown train station, which provides access to New York’s Penn Station 25 miles to the east. 

The property has immediate access to Interstate 287 as well as close proximity to Interstates 80 and 280, and Routes 24, 10 and 202.  101 Madison is a 39,000-square-foot medical office building that was most recently renovated in 2008. 

55 Madison was updated in 2009 and consists of an 89,000 square-foot-office building.  Major tenants include Regus, Keller Williams, Fresenius Medical Care and BioReference Laboratories. 

The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn and real estate analyst Robert Borny.

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

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

Theresa Margaris

WINTER PARK, Fla. --- 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.

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

Rhodes+Brito Awarded Contract to Design Renovations for the Nemours Hospital Administrative Support Group in Lake Nona, FL

Ruffin Rhodes

ORLANDO, FL --- Rhodes+Brito Architects, based in Orlando, was recently awarded a contract to design a new office build-out of an existing four story building at Lake Nona.

Ruffin Rhodes, co-founder and partner at Rhodes+Brito, said the scope includes a complete interior fit out of the third floor of approximately 20,000 square feet and approximately 6,200 square feet of the fourth floor. 

The building is located at Lake Nona Town Center 6941 Lake Nona Blvd. Orlando.

Rhodes+Brito, which opened in Orlando in 1996, currently employs a staff of 20, including seven registered architects. The firm has exceptional experience providing architectural services to a wide variety of agencies thorough the state of Florida, including municipal government agencies, federal, education, aviation and senior living facilities.

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

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