118-Acre Reagan Center Mixed-use Development in Central Florida wins Approvals to Become Seminole County’s Largest Real Estate Development

Paul Partyka

Sanford, FL --- With full support of the Seminole County Commission, the 118-acre site on U.S. 17-92 in Sanford is about to become Seminole County’s largest real estate  development project ever. 

That means big positive changes in store for the 38-year old Flea World site.

Paul P. Partyka, Partner at NAI Realvest in Orlando and broker of record for Reagan Center, said the project, which fronts both U.S. Highway 17-92 and Ronald Reagan Boulevard at County Home Road, recently won approvals from Seminole County that dramatically increase allowable densities and building heights.

Partyka said he is very confident this development will be a great success. 

  “The Reagan Center has the right mix of factors needed to generate a phenomenal development. Within a 5-mile radius are some of Central Florida’s wealthiest communities with strong demographics and great Seminole county schools”.

A change in the property’s zoning to Planned Development (PD) opened the way for increased densities for the Reagan Center that could include a 14-story office building with retail stores and apartments, Partyka explained.

Located directly opposite Seminole County Government Operations Center, the Courthouse  and Seminole State College, Partyka said Reagan Center will ignite a 20-year effort by Sanford, Lake Mary, Winter Springs, Longwood and Casselberry to create a sustainable economic development corridor along U.S. 17-92.

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

Narsi Properties Acquires 96-Suite Homewood Suites by Hilton Durham-Chapel Hill/I-40

Homewood Suites by Hilton Durham-Chapel Hill/I-40

                DURHAM, NC and CHAPEL HILL, NC, June 25, 2015 — Narsi Properties, an established hotel owner/developer/operator based in North Carolina, today announced the acquisition of the 96-suite Homewood Suites by Hilton Durham-Chapel Hill/I-40 for an undisclosed sum. 

Deven Patel

The hotel is in the midst of a major renovation to upgrade to the brand’s multi-faceted enhancement program, Take Flight.

                 “We have an aggressive appetite for new hotel acquisition and development opportunities throughout the Southeast and continue to seek out deals like this that meet our criteria,” said Deven Patel, Narsi’s director of development. 

The renovation includes changes to the existing Homewood Suites prototypes by emphasizing three core areas, the "connect zone," the “dining zone,” and the “lounge zone," all re-designed to provide guests with comfortable, engaging spaces to relax, work, dine and interact. 

Suite upgrades include upholstered headboards, back-lit vanity mirrors, accent walls, ottomans with wrap-over tables and updated pendant lighting in the kitchen.  In addition to revitalizing existing spaces, the hotel will introduce two new features, an outdoor kitchen and lounge. 

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

Chris Daly, media

(703) 435-6293

chris@dalygray.com

Sale of 101-unit South Austin apartment community closed by HFF in Austin, TX

Terrain, South Austin, TX

Matt Pohl

AUSTIN, TX, June 25, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Terrain, a 101-unit apartment community in the South Austin submarket of Austin, Texas.

HFF marketed the asset on behalf of FBZ Williamson Creek.  A private buyer located in Northern California purchased the property for an undisclosed amount. 

Terrain is situated along Williamson Creek at 5112 South 1st Street near the intersection of West Stassney Lane, approximately four miles southwest of downtown Austin. 

Renovated in 2013, the 95-percent-leased asset also provides nearby access to St. Edward’s University and South Austin’s recreational/entertainment amenities, as well as major thoroughfares such as Interstate 35, Highway 71 and Mopac Expressway (Loop 1).

 The property has one- and two-bedroom units ranging from 504 to 850 square feet and amenities such as a resort-style swimming pool, fitness center, dog runs and lounge areas.

The HFF investment sales team representing the seller was led by director Matt Pohl along with senior managing director Sean Sorrell and senior real estate analyst Ryan McBride.

“Terrain is one of the more impressive renovations I have seen rolled out for 1980’s product in Austin. The interior and exterior upgrades implemented at the property in addition to being situated along Williamson Creek provided for a really unique offering to the market,” said Pohl.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 

HFF secures $18.247 million financing for development of 110-unit condominium project in Phoenix, AZ

Rendering of planned Edison Midtown Condominiums,
Midtown Neighborhood, Phoenix, AZ

 SAN DIEGO, CA –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $18.247 million in non-recourse construction financing for the development of Edison Midtown, a $30.5 million, 110-unit for-sale condominium project in Phoenix’s Midtown neighborhood.

Bryan Clark

HFF worked on behalf of the developer, Deco Communities (Deco), to place the 60-percent loan-to-cost, non-recourse, three-year construction loan with a commercial bank.  

HFF also sourced joint venture equity capital for the project from an alternative investment manager ($5 billion AUM) in late 2014.

HFF’s debt and equity placement team was led by director Bryan Clark.

Due for completion in late 2016, Edison Midtown will be situated on 1.3 acres at the intersection of North Central Avenue and East Monterey Way.

 The transit-oriented project provides immediate access to light rail and is located midway between downtown Phoenix and the Camelback Corridor, two of the largest employment centers in the state. 

Designed by Harley Ellis Devereaux, the modern seven-story condominium building will have five stories of one- and two-bedroom residential units situated above a two-level parking garage.  Property amenities will include a 2,000-square-foot fitness center, swimming pool and spa. 

Edison Midtown represents the third transaction that HFF has completed for Deco in less than 24-months. 

HFF also arranged non-recourse construction financing and joint venture equity for Deco’s $38 million Envy development, an 89-unit, for-sale luxury mid-rise condominium project located in downtown Scottsdale that is currently under construction, as well as joint venture equity for Deco’s Inspire on Earll condominium development, located just south of Old Town Scottsdale, which is soon to start construction.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.decocommunities.com

HFF closes $14.225 million sale of mixed-use building in Brooklyn, NY

2217 Caton Avenue, Prospect-Lefferts Gardens Neighborhood, Brooklyn, NY

Rob Rizzi

 NEW YORK, NY – June 23, 2015 – HFF announced today that it has closed the $14.225 million sale of 2217 Caton Avenue, a 24,214-square-foot mixed-use building in Brooklyn’s Prospect-Lefferts Gardens neighborhood.

HFF marketed the asset on behalf of the seller, Second City Real Estate.  Caton Acquisition Partners, LLC purchased the asset free and clear of existing debt.  HFF previously assisted the seller in securing financing for the property in January 2014.

2217 Caton Avenue is located at the intersection of Caton and Bedford Avenues, approximately four blocks from the Church Avenue subway station.

 Built as condominiums in 2010, the nine-story property has 29 two-bedroom residential rental units that are 97 percent leased and 2,698 square feet of ground floor retail space, which is fully occupied by a local daycare center.  

The property is near Prospect Park and benefits from a 421-a and ICIP tax abatement. 

The HFF investment sales team was led by managing directors Rob Rizzi and Jeff Julien, associate director Rob Hinckley and real estate analyst Steven Rutman.“Second City Real Estate executed an exceptional repositioning strategy, getting into a prime Brooklyn neighborhood early in the cycle, substantially improving the asset’s operations and creating impressive increases in profitability and ultimately value,” said Rizzi.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

Lifescapes International Named Landscape Architect for The Block, a $250 Million, 720,000-SF Mixed-Use Development in San Diego, CA

Julie Brinkerhoff

Diego, CA (June 25, 2015) - Lifescapes International, the landscape architectural firm behind iconic landscape designs such as the Fillmore in San Francisco, 8500 and The Grove in Los Angeles, and the recently reinvigorated design at the Hilton San Diego Bayfront in downtown San Diego, has been selected by developer Zephyr Partners as the landscape architect for The Block, a new 720,000 square-foot mixed-use, high-rise residential development in the heart of downtown San Diego.

“The Block is unlike any other residential development in the Southern California region,” says Julie Brinkerhoff, President of Lifescapes International. 

“This project goes above and beyond amenity space, incorporating large open and community environments that will drive the owner’s target renter - the Millennial executive.”

Rendering of The Block,
planned for Downtown San Diego, CA

The Block is situated on a 60,000 square-foot site, and is planned to feature both a 41-floor and a 21-floor tower. Lifescapes International will design an expansive amenity deck, resort style pool, and transitional gardens, as well as the ground floor streetscape for the project.

“A project of this magnitude calls for truly out-of-the-box thinking that will result in the ultimate resident experience, which is something our firm has proven experience in creating,” says Brinkerhoff.

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

Lexi Astfalk or Jenn Quader

Brower, Miller & Cole

(949) 955-7940

Lastfalk@browermillercole.com

Crossman & Company brokers $11.5 million sale of Belle Isle Commons in Orlando, FL

 

Scott Crossman

Orlando, FL– Daryl E. Carter and Scott E. Crossman recently sold Belle Isle Commons shopping center in Orlando, Fla. to a private investor. Managing Director of Investment Sales, Mark Thompson with Crossman & Company represented the seller in the $11.5 million transaction.

The 82,093-square-foot center is located at 5126 S. Conway Road, near the Orlando International Airport. It is anchored by Planet Fitness and was 98 percent occupied at the time of the sale.

“Belle Isle Commons represented an opportunity for this investor to capture a very well-maintained and managed neighborhood center positioned between two major market drivers in both Downtown Orlando and the Orlando International Airport. said Crossman & Company Managing Director, Mark Thompson.

“As downtown continues to push South along Orange Avenue and the airport continues to drive new development North along Semoran Boulevard, Belle Isle Commons is uniquely positioned in one of the few locations within the city that will allow an asset to benefit from both major economic drivers,”

Financing was provided through HC Real Estate Capital, LLC in Delray Beach, Fla.

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

 Sydnie Cobb

 Crossman & Company

 scobb@crossmanco.com

 407.581.6261

Marcus & Millichap arranges sale of cvs plaza at coral way in miami for $6.45 million

Kirk D. Olson

MIAMI,FL,  June 24, 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 CVS Plaza at Coral Way, an 18,214-square foot neighborhood shopping center located in Miami. The asset sold for $6,450,000.

Kirk D. Olson and Drew A. Kristol, vice president investments, and Jonathan Gerszberg, 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, a limited liability company from Miami Springs, Fla., was secured and represented by Jonathan De La Rosa, an associate, and Scott C. Sandelin, an associate vice president investments, also in Marcus & Millichap’s Miami office. 

“This was a rare opportunity to acquire a fully-occupied center with 65 percent of its tenants operating from the location for more than 10 years,” says Kristol. “The property has excellent curb appeal and sits in a growing retail corridor of west Miami Dade County.”

Drew Kristol

“This sale is a testament to the strength of the 1031 exchange market which is one of the main factors driving the high velocity for retail properties in Miami,” adds De La Rosa. 

“The buyer was attracted to the property’s diverse tenant mix and location next to a CVS that will provide long-term stability.”  

Located at 2411 SW 147th Avenue, the center is situated on the northeast corner of SW 26th Street (Coral Way) and SW 147th Avenue. 

The property is shadow anchored by a free-standing CVS Pharmacy building which sits on the hard corner and was not included in the sale.

CVS Plaza at Coral Way was developed in 2004 and remains in very good condition with no deferred maintenance. 

The center is 100 percent occupied, with a good blend of local tenants, including a restaurant, preschool and medical center. The property sits on 2.17 acres of land and has abundant parking and excellent visibility to SW 147th Avenue.

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

Kirk A. Felici

First Vice President/District Manager, Miami

(786) 522-7000

Phoenix + Food: $4.7 Million JLL Dos Gringos Portfolio Sale in Arizona Reflects Strength

Dos Gringos portfolio, Arizona

Tyson Switzenberg

PHOENIX, AZ – Phoenix loves its food, a characteristic that’s growing the local restaurant industry and building a strong investment story for restaurant real estate. 

This strength is evidenced by JLL’s recent $4.7 million Dos Gringos, Inc. restaurant portfolio sale, a multi-building deal spanning three active retail markets.

JLL’s Tyson Switzenberg, John Reva, Trask Switzenberg and Matthew Berres completed the sale on behalf of Arizona-based Dos Gringos and the portfolio buyer, STORE Capital.

The Dos Gringos portfolio totals 14,695 square feet in three single-tenant, freestanding restaurants in three active retail submarkets: Chandler, South Tempe and Scottsdale. All three buildings are 100 percent leased to the award-winning Dos Gringos restaurant chain.

According to JLL research, Phoenix’s retail market is emerging from the ashes of the recession, fueled by the resurgence of the residential market and an influx of quality employers created by the growing tech scene. 

Trask Switzenberg

This has helped to deliver three straight years of positive net absorption greater than 1.5 million square feet and vacancy rates that have finally dropped below 10 percent for the first time since 2008. 

Economists are expected to stay high on Phoenix as continued job and population growth drive down vacancies and raise rents. In turn, the market is receiving more demand from all types of investors.

The Dos Gringos portfolio locations deliver prime locations in busy retail corridors and a dense population base. Within three miles of each Dos Gringo portfolio location, the average population exceeds 110,000 and average household incomes are nearly $74,000.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

Marty Alston Joins Fifield Cos. as Managing Director

         

Marty Alston

                                                                     

CHICAGO, IL (June 24, 2015) – Chicago-based developer Fifield Cos. has announced Marty Alston has joined the firm as a managing director.

 In this role, Alston is responsible for developing and expanding institutional investor relationships across the firm. 

In collaboration with Fifield’s existing team, he will also oversee the firm’s fundraising efforts for new construction development and value-add acquisitions. 

“I’ve known Marty for more than 20 years, and I can tell you that his industry knowledge and key relationships with institutional investors are unmatched,” said Steve Fifield, president and CEO of Fifield Cos.

 “I’m thrilled to bring him on board and leverage his experience to help nurture and expand Fifield Cos.’ long-term institutional relationships.” 

Previously, Alston was a partner and head of portfolio and asset management at Capri Capital, where he was active in new business development, investor relations and private equity fund management, and oversaw a transaction volume of $5 billion during his tenure.

 In addition, Alston was responsible for a $3.5 billion national real estate portfolio comprising more than 15,000 apartment units and 3 million square feet of office, retail, mixed-use, condominium and lodging assets. He was also a member of Capri’s Investment Committee.

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

Kim Manning, kmanning@taylorjohnson.com, 312.267.4527

Cara Mooses, cmooses@taylorjohnson.com, 312.267.4523

Stepp Commercial Completes $3.2 Million Sale of Apartment Property in Long Beach, CA

Robert Stepp

LONG BEACH, CA – Stepp Commercial, the leading multifamily brokerage firm in the Long Beach market, has completed the $3.2 million sale of a 16-unit apartment property located at 1175 2nd Street in Long Beach. 

Robert Stepp, principal, and Michael Toveg, vice president, with Stepp Commercial, represented both the buyer, Joda Investments, and the private seller in this off-market transaction. The property closed at a 5.1 percent cap rate and $200,000 per unit.

Joda Investments plans to completely renovate the face of the property as well as make significant improvements to the units, which include installing hardwood floors and new stainless steel appliances in addition to making other updates to modernize the units.

“The seller was reluctant to let go of his Alamitos Beach property but agreed to look at offers after learning that properties in the area were selling for a premium,” said Toveg. “We procured an off-market offer that exceeded the seller’s price expectations from a buyer that was attracted to the building’s upside potential.”

Michael Toveg

Stepp added that Stepp Commercial also worked with the buyer obtain a 2.88 percent, 5-year fixed rate, $2.35 million permanent loan on the property.

Built in 1964, the property is well-located near many retail and dining amenities, Miracle on 4th Street Park, East Village Arts Park and Bixby Park, and is just three blocks from the beach.

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

Darcie Giacchetto

949.278.6224

CBRE Closes $23.65 Million Sale of Altamonte Springs, FL Apartment Communituy

Lakeshore Apartment Homes, Altamonte Springs, FL

Orlando, FL– CBRE Capital Markets arranged the sale of Lakeshore Apartment Homes, a 224-unit rental community in the Altamonte Springs area of Orlando.

Located at 210 Altamonte Bay Circle, the lakeside property was acquired from a private equity group based in Denver by a Canadian investment firm for $23.65 million.

CBRE’s Shelton Granade, Luke Wickham and Justin Basquill exclusively represented the seller in the transaction.

“Seminole County and Altamonte Springs are highly coveted by multifamily investors due to the excellent public schools and proximity to major white-collar employers,” said Mr. Granade, Executive Vice President of CBRE Capital Markets, Multifamily.

“The Lakeshore sale was particularly competitive given its premier location on Lake Orienta, and the asset’s strong potential for increased net operating income long-term through modest property enhancements.”

Luke Wickham

Currently 97% occupied, Lakeshore is situated on the 142-acre recreational lake, Lake Orienta, just 15 minutes from downtown Orlando.

 Built in 1986, the community offers scenic water views and amenities that include two clubhouses, a fitness center, tennis court and a resort-style pool.

The property is located within walking distance to a Publix Super Markets-anchored shopping center, the Altamonte Mall, Crane’s Roost Park and Florida Hospital Altamonte.

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

Elizabeth Cross or Daniel Jimenez

+1 305 428 6373 +1 407 839 3191

elizabeth.cross@cbre.com

 daniel.jimenez@cbre.com

NAI Realvest Negotiates Six Industrial Leases at Orange and Seminole County CommerCenters totaling 35,900 Square Feet

                     Michael Heidrich

ORLANDO, FL– NAI Realvest recently negotiated six lease agreements for more than 35,900 rentable square feet at Orlando, Casselberry and Sanford industrial centers. 

Michael Heidrich, principal and Kristen Kemp, associate at NAI Realvest negotiated a new lease for 16,500 square feet at Hanging Moss CommerCenter representing Landlord Hanging Moss SPE, LLC.  

Orange County leased the space at 6136 Hanging Moss Rd. in Orlando and was represented in the transaction by Chris Sproles of CBRE.  

Heidrich also negotiated a lease renewal for 2,000 square feet occupied by EuroCar Clinic, Inc. at 6148 Hanging Moss Rd. and the following leases at additional industrial centers:

A new lease of 3,000 square feet to Big Prospects Baseball & Softball Academy LLC. at 211 Reese Way in Casselberry representing the Longwood landlord, Justin Time Developers, LLC.    

A new lease of 4,240 square feet at 4265 Church St. in Monroe CommerCenter South. Heidrich represented Landlord Monroe South SPE, LLC and the local tenant, Clements Filter Products, Inc. was represented by Paul Osborne of Venture I Properties;

Kristen Kemp

Heidrich represented the same landlord in a renewal agreement with Advanced Van & Truck Equipment of Sanford who occupies 5,000 square feet at 4141 Incubator Ct. at Monroe CommerCenter South;

 At Goldenrod CommerCenter, Heidrich negotiated another lease renewal with Invacare Corporation of Elyria, Ohio for 2,206 square feet occupied at 1468 N. Goldenrod Rd.  Goldenrod SPE, LLC is the landlord.

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

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

   

NAI Realvest Senior Broker Associate Mary Frances West Completes Five Office Leases for over 7,600 rentable square feet in Orlando and Lake Mary, FL

ORLANDO, FL – An NAI Realvest senior broker associate completed five leases in May and June alone totaling 7,622 rentable square feet at office buildings in the Airport and East Orlando submarkets, downtown Orlando and Lake Mary.

Senior Broker Associate Mary Frances West, CCIM represented RREF Interchange–FL Rouse, LLC of Daytona Beach in a lease agreement with Advantage Point Corporation d/b/a Signal 88 Security. The tenant leased Suite 120 with 1,380 square feet at University Court, 3361 Rouse Rd. in Orlando.

   At the same address West negotiated another new lease agreement with Hub Enterprises, Inc. of Broussard, La. for suite 145 with 1,122 square feet of office space.   

In downtown Orlando West negotiated a new lease for 1,626 square feet representing the tenant, American Financial Advisors, Inc. for suite 1005 in the Seaside Building at 201 S. Orange Ave. Catherine Reeves of Highwood Realty represented the landlord, HIW-KC Orlando, LLC. 

Catherine Reeves

West brokered a renewal lease agreement with tenant Altenesol, LLC for the 824 square feet in Suite 290 of The Citadel III building at 5950 Hazeltine National Drive near Orlando International Airport.   She heads the leasing team for landlord Citadel Partners, LTD.

At Primera Court I, 725 Primera Blvd. in Lake Mary, West completed a renewal agreement for Suite 215 with 2,670 square feet leased by Jensen Hughes Inc. f/k/a Hughes Associates, Inc.   West represents Landlord RREF Interchange-FL, Primera I, LLC of Daytona Beach.

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

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

   

Colliers International Tampa Bay’s Amanda Cooper moves from valuation division to become Director-Multifamily Investment Sales

Amanda Cooper

TAMPA, FL (June 23, 2015) – Colliers International Tampa Bay has named Amanda Cooper as Director-Multifamily Investment Sales, as she brings significant experience in the multifamily market from her previous role as Multifamily Market Leader for the Florida valuation team.

Cooper and her valuation team worked on multifamily transactions, refinances and owner valuations totaling 125,000 units and nearly $7 billon in value over the past three years.

 With over 10 years of industry expertise, she has established a reputation for offering a high standard of customer service, which she brings to brokerage.

John Stone

In her new role, Cooper will partner with John Stone, CCIM, Principal & Managing Director, Multifamily Housing for Colliers International Tampa Bay.

Cooper’s responsibilities include investment sales, business development, managing existing client relationships, property analysis, marketing analysis, financial underwriting/modeling, and transaction management.

She has focused on multifamily assets since 2009, working on everything from garden apartments and urban high-rise rentals to mixed-use assets, fractured condominiums and affordable housing throughout Florida.

She also works closely with Colliers’ Capital Markets team for multifamily finance needs, including new loans, refinance, debt/equity, mezzanine, and other capital markets structures.

Prior to joining Colliers, Cooper worked for CBRE in Tampa and in Kansas City, and earlier in her career worked with PricewaterhouseCoopers in its Financial Advisory Services division.

Lee Arnold

“Amanda has been a tremendous leader on our multifamily valuation team, and we are excited that she is bringing that experience to the brokerage side,” said Lee Arnold, CEO of Colliers International Tampa Bay, Central and Southwest Florida.

 “Teaming with John Stone, she will provide unique value to our multifamily clients, given her background, as valuations have risen to historic levels.”

For the latest news from Colliers International, visit Colliers.com or follow us on Twitter (@ColliersIntl) and LinkedIn.

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

Leah Saunders

B2 Communications

(727) 895-4030, ext. 104

Leah@B2communications.com