CBRE Capital Markets Arranges Sale of Barrington Place Apartments in Oviedo, FL

Justin Basquill

Orlando, FL – CBRE Capital Markets arranged the sale of Barrington Place Apartments, a 233-unit apartment community in the Oviedo area of Orlando for an undisclosed amount. 

Located at 2785 Chaddsford Circle, the complex was completed in 1998 and has a current occupancy of 95%.

CBRE’s Shelton Granade, Luke Wickham, Robert Given and Justin Basquill executed the

transaction on behalf of Chicago-based Equity Residential, an apartment REIT with a portfolio

of more than 100,000 apartment units nationally.

The buyer was a private investment group with multifamily holdings across the country, including several properties in Central Florida.

“Investor interest in the UCF/East Orlando corridor has been very strong, driven by

employment growth around the University and the surrounding office/research parks,” said Mr.

Granade, Executive Vice President of CBRE Capital Markets, Multifamily.  “The property has excellent visibility on heavily-traveled Aloma Avenue near retail, dining, and employers.”

Robert Given

Barrington Place offers a host of amenities, including a resort-style pool, a large clubhouse, a

fitness center, a business center, and private garages.

Easily accessible from Aloma Avenue and State Road 417, the property is located just minutes from the Central Florida Research Park, Quadrangle Office Park, University of Central Florida, Valencia College and Full Sail University.

Mr. Granade, Mr. Wickham and Mr. Basquill have closed approximately $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

elizabeth.cross@cbre.com

Daniel Jimenez

407.839.3191

daniel.jimenez@cbre.com

Lincoln Brokers Leases Totaling Nearly 20,500 Square Feet at 303 Research Drive in Norcross, GA

Matt Davis

ATLANTA, GA – Lincoln Property Company Southeast (Lincoln) has brokered three leases totaling 20,456 square feet at 303 Research Drive, a 70,732-square-foot office building in Norcross, Georgia, in metro Atlanta.

 Matt Davis, a vice president of office leasing for Lincoln, and Jeff Henson, a senior associate in the firm’s Office Leasing Group, represented the landlord, Continental Property Group, in the transactions.

The details of the leases are as follows:

• Intravis, which provides vision inspection systems to the plastic packaging industry, signed a new lease for 10,345 square feet. Rob Coastworth and Jeff Richardson of CTR Partners represented the tenant.

• Valens Software signed a new lease for 7,219 square feet. Valens was not represented by an outside broker.

• Fenestrae, a provider of software programs aimed at helping businesses improve efficiencies and reduce paper use, renewed its lease of 2,893 square feet. The tenant was not represented by a broker.

Jeff Henson

Located in the Technology Park office park, 303 Research Drive features easy access to I-85 and a wooded and landscaped environment.

“As a whole, Atlanta’s office market is firmly in recovery mode, and we’ve seen a significant spike in tenant demand in the Northeast submarket in recent months,” Davis said. 

“303 Research Drive is well positioned to take advantage of this improving market, and we are confident that this property will thrive in the coming months.”

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

   

Savannah Duncan

The Wilbert Group

404-343-0870

sduncan@thewilbertgroup.com

HFF secures $26.128 million post-acquisition financing for beachfront hotel near St. Petersburg, FL

  

Postcard Inn, St. Petersburg, FL

MIAMI, FL  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $26.128 million in post-acquisition financing for the Postcard Inn, a 196-room, boutique resort located on the sand in St. Petersburg Beach near St. Petersburg, Florida.

Dan Peek

HFF worked on behalf of the borrower, CRP 6300 Gulf, LLC, to secure the five-year, floating-rate loan through BankUnited.  

Loan proceeds will be used to finance the property following the borrower’s recent purchase and renovation of the hotel, which the borrower plans to reposition as a premier beachfront destination.

The Postcard Inn is situated on an 8.5-acre oceanfront site at 6300 Gulf Boulevard in St. Petersburg Beach, a barrier island community 10.9 miles from downtown St. Petersburg and 30 miles from downtown Tampa.

 Originally constructed in 1935, the hotel underwent significant renovations in 2009 to convert it from a Travelodge to the current boutique hotel with a surfer-inspired motif and individualized guest rooms.

 The Postcard Inn features a junior Olympic-sized swimming pool with towel service, more than 16,000 square feet of indoor and outdoor function space, outdoor pool and ping pong tables, two fitness centers and three dining options, including the PCI Beach Bar & Snack Shack, the oldest bar on the beach. 

Scott Wadler

Other amenities include a communal fire pit, board games in the lobby, arcade, beach and watersport activities, live music on weekends and on-site parking.  

The property has 300 feet of direct Gulf of Mexico frontage and in addition to the hotel the site includes 1.17 acres of a retail strip center, which will be converted into additional meeting space.

The HFF debt placement team representing the borrower was led by members of the firm’s Miami and Tampa offices, including senior managing director and head of HFF’s hotel group Dan Peek, associate director Scott Wadler, director Max Comess and real estate analyst Preston Reid.

“The debt markets responded aggressively and with great enthusiasm for the project, the extremely-strong sponsorship and the dynamic St. Petersburg Beach market,” Wadler said.  “We were pleased to close with BankUnited, who demonstrated creativity and flexibility in their loan facility to differentiate themselves in a highly competitive marketplace.”

Max Comess

“The Postcard Inn transaction demonstrates the continued evolution and relevance of St. Petersburg Beach as a nationally-renowned, institutional-grade resort market,” Comess added.  

“Growth of Pinellas County’s RevPAR [revenue per available hotel room] continues to outpace both Florida and national averages.”

HFF is particularly active in Tampa Bay’s coastal region, where it has recently closed transactions on hotels such as the Sandpearl Resort, Hyatt Clearwater Beach, Sheraton Sand Key, Hilton Tampa Downtown and the Residence Inn Clearwater.

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 secures $98.8 million acquisition financing for 8-property, 5-state FedEx® building portfolio

Part of Piret Industrial Portfolio

Kenneth Martin

INDIANAPOLIS, IN  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $98.8 million in acquisition financing for an eight-property portfolio that is 100 percent leased to FedEx® and totals 1.49 million square feet in California,  Florida, Illinois, New Jersey and Texas.

HFF worked on behalf of the borrower, Pure Industrial Real Estate Trust, to arrange the seven-year, fixed-rate loan through Guggenheim Commercial Real Estate Finance’s Chicago office.

Federico Boscaini

The HFF debt placement team representing the borrower was led by director Kenneth Martin and real estate analyst Federico Boscaini.  

“HFF welcomed the opportunity to assist PIRET in securing financing for the portfolio acquisition, which represented PIRET’s first major investment in industrial real estate in the United States after years of success building a portfolio in Canada,” Martin said.  

Property Location          City                         SF 

              

200 Old Ranch Road, City of Industry, CA, 91789            218,611                                                         5731 Premier Mark Drive, West Palm Beach, FL, 33407   119,165

7800 Turkey Hollow Road, Rock Island, IL, 61264            189,926

1234 Peterson Drive, Wheeling, IL, 60090                        147,006

5 Commerce Drive,Barrington, NJ, 08007                          200,61

1 Commerce Center Drive, Dover, NJ, 07801                     171,907    

15904 Impact Way, Pflugerville, TX, 78660                        199,865

9929 and 9943 Doerr Lane, Schertz, TX, 78154                  202,763

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.piret.ca

 www.sedar.com

www.guggenheimpartners.com.

HFF hires Jules Sherwood as a managing director in its Denver office

Jules Sherwood

 DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced Jules Sherwood has joined its Denver office as a managing director concentrating on commercial middle market investment sale transactions in  the Rocky Mountain region, as well as  providing nationwide online auction expertise to clients of the firm. 

Mr. Sherwood joins HFF from Rockwood Real Estate Advisors, where he was responsible for opening the Denver office of the firm, which is a wholly owned subsidiary of Auction.com. 

Additionally, he functioned as the lead broker for the office and was the broker of record for more than 20 states and more than 100 transactions over a two-year period. 

Prior to that, he was the regional director of real estate for the western United States for Trigild and prior thereto, held development positions at J.F. Shea Company and KB Home.

Eric Tupler

 Mr. Sherwood was also a Lieutenant in the United States Navy.  He holds a master of business administration degree from Arizona State University and a bachelor of science degree from Cornell University.

“HFF has been strategically building out its investment sales platform in Denver since we opened this office three years ago.  

"Jules is a perfect complement to our existing team and given his wealth of experience and industry knowledge will undoubtedly play a key role in continuing to provide superior investment sales solutions for our clients,” said Eric Tupler, senior managing director and head of HFF’s Denver office.

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 arranges $165 million financing for Palm Beach Outlets in West Palm Beach, FL

Palm Beach Outlets, 1751 Palm Beach Lakes Boulevard, West Palm Beach, FL

BOSTON, MA – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $165 million in financing for Palm Beach Outlets, a 459,633-square-foot, open-air outlet center in West Palm Beach, Florida.  

Riaz A. Cassum

The loan collateral also includes land for the future development of 105,000 additional square feet of retail space.

HFF worked on behalf of the borrower, New England Development and a commingled fund managed by Clarion Partners, to secure the long-term, fixed-rate loan through Cornerstone Real Estate Advisers LLC, acting on behalf of an institutional client.  Loan proceeds were used to acquire the property.

Completed in February 2014, Palm Beach Outlets consists of eight small retail buildings surrounding two larger retail structures in a racetrack design layout plus 3,182 parking spaces and five out-parcels (one to-be-developed).

 The property is anchored by Saks Off 5th Avenue and is 95.8 percent leased to 120 additional tenants including Nike Factory Store, Forever 21, Gap, Banana Republic, JCrew, Ann Taylor Factory Store, Brooks Brothers, Under Armour, Vera Bradley and Kenneth Cole. 

Palm Beach Outlets is situated on 58.5 acres at 1751 Palm Beach Lakes Boulevard and shares access with the 300,000-square-foot Whole Foods-anchored Marketplace at the Outlets (not included in the loan).  The property has one-half mile of frontage along Interstate 95 and direct access from the highway at Exit 71.

Robyn King

 This location has a daily traffic count of more than 195,000 cars per day and pulls from a trade area with an average household income of more than $77,000 annually. 

Palm Beach Outlets is the first and only retail outlet center in Palm Beach County, with no other outlet centers within a 55-mile radius. 

The HFF debt placement team representing the borrower was led by senior managing director Riaz Cassum and director Chris Drew.  Additional support was provided by senior real estate analyst Robyn King.

“Palm Beach Outlet’s irreplaceable infill location coupled with an impressive tenant lineup and superior sponsorship made this an ideal senior loan,” said Drew. 

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 arranges $31 million refinancing for Class A office in Miami’s Dadeland submarket

Dadeland Center I, 9155 South Dadeland Boulevard, Miami, FL

MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $31 million refinancing for Dadeland Centre I, a 130,000-square-foot, Class A office property in Miami, Florida.

Paul Stasaitis

HFF worked on behalf of the borrower, The Green Companies, to secure the 10-year, fixed-rate loan through New York Life Real Estate Investors. 

Dadeland Centre is located at 9155 South Dadeland Boulevard adjacent to the Dadeland South Miami Metrorail Station providing access to downtown Miami and as far north as Palmetto.

The property is highly visible from the Palmetto Expressway, and is close to US 1, the Dadeland Mall, Baptist Health Cancer Facility, Miami International Airport and Coral Gables.  

Completed in 2001, Dadeland Center I is 95 percent leased to tenants including Symantec, Ingham & Company and Eastman Chemical.

 The property features hurricane resistant glass, nine-foot ceilings, 400 covered parking spaces, and skyline and water views.  A $500,000 renovation to the property’s interior is currently underway.

Jose Carrazana

The HFF debt placement team representing the borrower was led by senior managing director Paul Stasaitis and associate director Jose Carrazana with additional support from real estate analysts Maxx Carney and Cecily Nazario.

 

“Capital providers held a very positive view of this loan request, essentially for many of the same reasons tenants enjoy a presence at the property, including a highly desirable transit-oriented location, dedicated hands-on ownership/management, and high-level building quality,” said Stasaitis. 

As one of Miami’s oldest real estate development and management firms, The Green Companies is a “best-in-class” sponsor with a long-term ownership philosophy and has built a reputation throughout the real estate community as one of the area’s most skilled operators and prolific developers of high quality real estate assets.

 With over 60 years of experience and more than two million square feet of highly successful office and mixed-use projects to their name, including Datran I and II, Dadeland Centre I and II, The Towers of Dadeland, and The Greenery Mall.

The Green Companies negotiating team was led by James Bernstein, Brian Bernstein and Elizabeth Green. 

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

JLL closes $42.2 million sale of White Star Portfolio in Phoenix, AZ

Mark Detmer

PHOENIX, AZ – Vacancy rates among Phoenix’s industrial product continue to fall, and with the ability to offer plenty of day trips to major distribution centers, investors are pursuing the market’s industrial portfolios.

On behalf of White Star, LLC, JLL’s Capital Markets experts announced the firm has closed the sale of the White Star Portfolio, which consists of nine industrial buildings near Phoenix Sky Harbor International Airport and the city’s interstate highway systems.

 The Realty Associates Fund X, L.P. purchased the portfolio for $42.2 million.

Managing Directors Mark Detmer and Bo Mills led the JLL team on the transaction.

“There is a limited supply of institutional-quality industrial product, so investors are aggressively chasing properties that provide barriers to entry, flexibility and are located along major transit routes,” said Detmer. 

“This portfolio features high quality buildings with credit tenants, further driving the properties’ value.”

Bo Mills

The White Star Portfolio totals 460,669 square feet of multi-tenant industrial space. The institutionally maintained and managed properties are located near Phoenix Sky Harbor International Airport and the city’s interstate highway systems, specifically at:

• White Star Corporate Center (2110 – 2140, S. 7th Ave., Phoenix)

• Baseline Foothills (4401 – 4409 E. Baseline Rd., Phoenix)

• 3710 E. University Dr., Phoenix

• 2501 W. Phelps Rd., Phoenix

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

 

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

National Architecture Firm C&K Architects | Interiors, Inc. Renews Downtown Winter Haven, FL Lease

Beymer Building, Winter Haven, FL

Winter Haven, FL — An architectural and interior design firm with projects around the U.S. has renewed a five-year lease in downtown Winter Haven.

Bud Strang

The firm, C & K Architects|Interiors, Inc., (formerly Collman and Karsky Architects, Inc.) will retain its office at the ground floor of the Beymer Building. Six/Ten, LLC, serving as landlord, handled the lease renewal.

“C&K Architects has been responsible for many of the area’s most well-known projects, such as the new Heartland Community Church complex, award-winning downtown parking garage and the new Central Tavern , coming to downtown Winter Haven. We are happy to have them renew their commitment to being in Winter Haven,” said Six/Ten’s CEO, Bud Strang.

C&K worked with Six/Ten to refurbish several buildings in the downtown area to attract new businesses, including work on the 331 and 347 W. Central Avenue properties. Some of C&K’s current projects in the area include a 64-unit residential building in Haines City, and work on 273 W. Central and the Mann Building in downtown Winter Haven. The firm currently has projects in 12 states. 

Bryan Karsky

Formed in 1961 in Tampa, C&K has maintained a presence in Winter Haven since 2006. One of the firm’s first projects in Winter Haven was transforming the Verizon building into a multi-tenant project that today is part of the Inland Fiber & Data Technology Park.

C&K leader Bryan Karsky says his goal is to continue expansion of the firm’s Winter Haven business by of adding more commercial and mixed use multi-family  projects. “We chose Winter Haven because of its great growth potential,” said Karsky. 

“With the addition of CSX, Florida Polytechnic University, the growth of Legoland and Polk State College converting to a four-year school, this area is really beginning to blossom.”

For more information on C&K Architects | Interiors, Inc., please see the website at www.ck-arch.com.

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

 

Michelle Friedman

BoardroomPR

407-973-8555

mfriedman@boardroompr.com

Marcus & Millichap Brokers Sale of 7,000-SF Retail Property in Miami Beach, FL for $3.3 Million

Drew A. Kristol

MIAMI BEACH, 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  a vacant 7,000-square foot commercial space in Miami Beach. The asset sold for $3,276,000.

Drew A. Kristol and Kirk D. Olson, vice president investments in Marcus & Millichap’s Miami office, represented the seller, a limited liability company from Florida.  The purchasers are companies affiliated with Time Equities, Inc.  

“1019 5th Street is a rare retail property located on the busy 5th Street commercial corridor of South Beach that is ideal for retail, showroom or other tenants seeking visibility on busy 5th Street, the primary entry point into South Beach from Interstate 395 and Downtown Miami,” said Kristol.

On behalf of the purchaser, Max Pastor, Associate Director of Acquisitions and Senior Counsel at Time Equities, Inc. said, "We see this transaction as a value-add opportunity to acquire, re-tenant and reposition a quality asset in a premier market."

The property was recently renovated on the interior with new tile, drop ceilings and paint. It features a roll-up door on the northwest side of the property accessible to the alleyway which is very useful for moving equipment or merchandise in and out of the rear of the building.

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

Kirk A. Felici

First Vice President/District Manager

Miami, FL

(786) 522-7000

Marcus & Millichap Arranges $9 Million Sale of 42,123-SF Office Building in Downtown Miami, FL

  

Alex D. Zylberglait

 MIAMI, 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 219 East Flagler Street, a 42,123-square foot office property located in Miami. 

The asset sold for $9,000,000 representing $214 per square foot.

Alex D. Zylberglait, a first vice president investments, and Ryan T. Shaw, an associate vice president investments, in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Miami.  The buyer was a Miami private investor. 

“The building is currently stabilized with below market rents, which provides an opportunity for the buyer to lease the property at higher rents.  The majority of the spaces are small and would command executive suite rates,” says Zylberglait.

This six-story office building with ground floor retail is approximately 42,000 square feet and was built in 1984. The building recently underwent extensive renovations including: its lobby, new HVACs on each floor, a cooling tower and a new sprinkler system.

Located at 219 East Flagler Street, the asset is strategically situated in the heart of Downtown Miami on the city’s most travelled street.  The property will benefit from the city’s planned improvements which include more Flagler Street pedestrian space allowing for new restaurants and cafes.

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

Kirk A. Felici

First Vice President/District Manager

Miami, FL

(786) 522-7000

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