Marcus & Millichap Sells 342-Unit Wichita, KS Apartment Complex

The Shores Apartments, 2701 South Emporia Street, Wichita, KS

Brett Meinzer

WICHITA, KS – 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 Shores Apartments, a 342-unit multifamily complex in Wichita, Kan.

The terms of the sale were not released.

            Brett Meinzer, associate, Michael Sullivan, senior associate, and Grant Kollman, associate, all in Marcus & Millichap’s Kansas City, Kan. office, along with Alex Blagojevich, vice president investments in the firm’s Tampa office, and David Gaines, vice president investments in the Chicago Downtown office, represented the seller, a private, Florida-based investor.

Alex Blagojevich

The buyer is Kirkland, Wash.-based Weidner Apartment Homes. Greg Bates, associate in the firm’s Kansas City, Kan. office, is Marcus & Millichap’s broker of record in Kansas.

“The transaction was completed all-cash and took less than 45 days to close,” says Meinzer. “After an extensive national marketing campaign to private investors, we received registration for information from over 100 buyers, garnered 11 initial offers and seven ‘best and final’ offers. 

"Based on the trailing 12 months’ net operating income, the sale closed at a 5.84 percent cap rate.”

The property is located at 2701 South Emporia St., approximately three miles south of Wichita’s central business district and near Interstate 235 and U.S. routes 81 and 400.

Built in 1985 on 10.5 acres, The Shores Apartments consists of 19 three-story buildings with 174 one-bedroom/one-bath units and 168 two-bedroom/two-bath units. 

Apartment amenities include spacious floor plans, private patios/balconies, and large, eat-in kitchens with vinyl flooring, dishwashers, disposals and ovens with ranges.

Select units include washers and dryers and fireplaces. Community amenities include a large pool, a clubhouse, a business center, a fitness center, a playground, a tennis court, on-site management and maintenance staff, dry cleaning services and laundry facilities

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

Gina Relva

Public Relations Manager

(925) 953-1716

Manhattan Upper East Side Mixed-Use Asset Hits the Market at $45 Million

  

1313--1315 Third Avenue, Upper East Side, Manhattan, NY

John Stewart

NEW YORK, NY – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has the exclusive right to market for sale 1313-1315 Third Ave., a five-story, walk-up, mixed-use building on Manhattan’s Upper East Side. The listing price is $45 million.

            John Stewart and Michael Sadowsky in Marcus & Millichap’s Manhattan office are representing the seller.

            “In addition to the existing apartments and retail, the property has 34,960 square feet of development rights,” says Stewart. “The building is neither landmarked nor part of a historic district, and the retail tenant has a demolition clause in its lease.”

            The mixed-use investment real estate asset is located between 75th Street and 76th Street at 1313-1315 3rd Ave. with 56 feet of frontage on Third Avenue in New York City. The building contains 32 residential units and one commercial unit.

 There are 31 one-bedroom apartments and one studio. One unit is rent controlled and five are rent stabilized. The remaining apartments are market rate. The commercial tenant, Citarella, occupies approximately 5,250 square feet.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Arranges Sale of 115-Unit Apartment Portfolio in West Palm Beach, FL for $8.49 Million

Harrison Rein

WEST PALM 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 portfolio of 12 apartment properties located in West Palm Beach and Coconut Creek Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office.

The 115 unit-portfolio sold for $8,490,000.

Harrison Rein, an associate, and Robert S. Hunter, a senior associate, in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private investor from Chicago, IL and the buyer, a private investor from Miami Beach, Fla.

“The portfolio presented an opportunity for the buyer, who was in a 1031 exchange looking to expand on their South Florida holdings, to acquire a critical mass of units in close proximity to the Downtown West Palm Beach area,” says Rein.

The portfolio is comprised of nine buildings in West Palm Beach and three buildings in Coconut Creek.  The unit mix consists of six studios, 85 one-bedroom/one-bathroom units, six two-bedroom/one-bathroom units, 16 two-bedroom/two-bathroom units and two three-bedroom/one-bathroom units.

The properties are located at:

·         515 South Sequoia Drive, West Palm Beach, Fla

·         306 N Lakeside Court, West Palm Beach, Fla

·         314 N Lakeside Court, West Palm Beach, Fla

·         311 Pine Terrace, West Palm Beach, Fla

·         315 Pine Terrace, West Palm Beach, Fla

·         1305 Florida Avenue, West Palm Beach, Fla

·         1701 Georgia Avenue, West Palm Beach, Fla

·         1707 Georgia Avenue, West Palm Beach, Fla

·         2716 S. Dixie Highway, West Palm Beach, Fla

·         2724 S. Dixie Highway, West Palm Beach, Fla

·         460 Sunshine Drive, Coconut Creek, Fla

·         470 Sunshine Drive, Coconut Creek, Fla

·         471 Sunshine Drive, Coconut Creek, Fla

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

Ryan Nee

 Regional Manager

Fort Lauderdale, FL

(954) 245-3400

Gelt, Inc. Acquires 628-Unit Apartment Portfolio for $67.5 Million in Salt Lake City, UT Area

Keith Wasserman

Los Angeles, CA – Gelt, Inc., a Los Angeles-based real estate investment and asset management firm, has acquired a 628-unit apartment property portfolio for $67.5 million.

The two-property portfolio is located within the greater Salt Lake City region and includes Miller Estates, a 294-unit property, and Layton Meadows, a 334-unit property.

 Both properties are located in dense, infill areas that are poised for population growth and as a result, increasing demand for rental housing over the next several years. 

Gelt plans to add value to the assets by conducting capital improvements to both the interior units and common areas, as well as implementing an enhanced management program through community building and excellent customer service.

 These strategies will enable the firm to achieve market rents and higher resident retention.

  

Layton Meadows

“We like the Salt Lake City market for investment because of its growing workforce, population, and economic health of the region and the state overall. 

"It will continue to be one of our targeted areas for investment, and we hope to build a portfolio of at least 3,000 units in the greater Salt Lake area over the next couple of years,” said Keith Wasserman, partner with Gelt, Inc.

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

Darcie Giacchetto

949.278.6224

The Carlyle Group Acquires Lauderdale Marine Center, Nation's Largest Yacht Repair Facility

Thad Paul

FORT LAUDERDALE, FL - Global alternative asset manager The Carlyle Group (NASDAQ: CG) announced the acquisition of Lauderdale Marine Center (LMC), the nation's largest yacht repair facility in terms of the number of large vessels it can haul and service. Equity for the transaction comes from Carlyle Realty Partners VII, a U.S. real estate investment fund.

"In partnership with the outstanding management team and staff at LMC, we will build upon LMC's success through growth and continued innovation and superb customer service," said Thad Paul, Managing Director at The Carlyle Group.

 "Favorable demand trends in the mega-yacht industry and the high barriers to entry for new supply in Southeast Florida attracted us to the investment."

 Located in Fort Lauderdale on the New River, visible from I-95 and close to Fort Lauderdale/Hollywood International Airport, LMC is a 50-acre facility consisting of a boatyard, marina and marine service center.

 It accommodates boats up to 200 feet with 19 covered sheds and 156 wet slips, has three marine travel lifts with haul-out capacity up to 330 tons, and features 7,000 linear feet of dockage.

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

Pierson Grant Public Relations

 (954) 776 - 1999

 Daniel Grant, ext. 235

dgrant@piersongrant.com

www.carlyle.com

www.LauderdaleMarineCenter.com.

Real Estate Capital Institute Finds Low Floating Rates Could Still Interest Investors

Jean Peck

Chicago, IL – Real Estate Capital Institute reports the Low-Rate streak may be coming to an end, but by waiting, borrowers are rewarded with low floating rates.

Interest rates steadily climbed since April, fluctuating about 20 basis points and ending at nearly the same levels as a month ago.  This time, the Greek financial crisis takes credit for rates steeply dropping by month's end.

With midyear funding goals and objectives on [or often ahead of] schedule, numerous balance sheet lenders, namely life insurance companies, are hitting their funding goals and objectives.  Many of them cite funding targets in excess of 10% or more.

 These lenders are expected to widen out their pricing as well as tighten underwriting standards, as a result. Since absolute mortgage rates are at already near historical lows, motivation to invest more capital in this sector is now more tempered.

The acquisition market is progressing at a healthy pace with pushes from 1031 exchange buyers and from buyers' growing perception that real estate is moving out of the "alternative asset class" definition.  The increase in rates may somewhat interfere with the downward trend in cap rates.

Greece

Balance sheet lenders are not alone, as mortgage conduits and debt funds expect to also hit post Great-Recession funding targets for the remainder of the year. While no shortage of capital exists, securitized lenders will also widen spreads in response to LifeCo rate increases. 

Borrowers will tolerate rate hikes of 10 to 50 basis points before starting to seriously reevaluating cost-of-capital issues as part of their investment strategies.

The end result?  Expect low mortgage rates for the remainder of the year, but at slightly higher spreads over treasuries.  Conservative, lower leverage loans in nearly all property sectors will enjoy the strongest funding demand, but secondary quality loans will still generate demand as long as cash flow prospects remain strong.

"What is certain is the insatiable appetite for higher-quality, cash flowing commercial real estate," suggests Jeanne Peck of the Real Estate Capital Institute(r).  

"Borrowers are spoiled with lower cost of capital, and owners/sellers with record high prices. Nothing on the horizon will change these conditions for the second half of 2015."

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

Jeanne Peck, Executive Director

director@reci.com

http://www.reci.com

Crossman & Co. brokers New London Professional Park in Snellville, GA

Beau Moultrie

Atlanta, GA – Crossman & Company recently arranged the $1.2 million transaction of New London Professional Park in Snellville, Ga. to Shalom New London, LLC.

The 31,338-square-foot office center is located at 2301 Henry Clower Boulevard, within close proximity to City Hall, restaurants and shopping. It was 72 percent occupied at the time of the sale.

Crossman & Company Associate Beau Moultrie represented Wells Fargo Bank, who sold the property to Shalom New London, LLC.

“We have enjoyed working with Shalom New London, LLC on this very important property and look forward to working with them again in the future to expand their portfolio,” Moultrie said.

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

Sydnie Cobb

Crossman & Company

scobb@crossmanco.com

407.581.6261

C.T. Hsu + Associates Hires Three New Employees in Orlando, FL

Nathan Ferrer

ORLANDO, FL – C.T. Hsu + Associates announces it has hired three new employees.

Nathan Ferrer is an Architectural Intern with the firm. Nathan is the firm's second graduate hired from the 2+2+2 architectural program that offers every step of an architectural education in Central Florida housed facilities. Nathan completed his Associates' degree at Valencia, his Bachelor's degree at the University of Central Florida, and earned his Master's degree at the University of Florida at the Orlando CityLab. Before becoming a full time employee in May, Nathan worked for CTH+A on a part-time position for over a year.

Harry Sempeles

 CTH+A welcomes Harry Sempeles back to the firm as a Senior Project Manager. This is the second time that Harry has been employed by CTH+A. In 2001, he worked for CTH+A as Project Architect, and was part of team that designed several higher education and K-12 projects. Upon his return to CTH+A, he has 20 years of experience, and his design portfolio includes higher education, K-12 education, commercial, government, healthcare, and residential projects. He holds a Master of Architecture and a Bachelor of Design from the University of Florida.

Sydney Chappell

 Sydney Chappell is an Administrative Assistant with the firm. Sydney's previous experience was with Central Florida commercial businesses where she provided front desk responsibilities and office management activities. She has significant volunteer experience working with children throughout Central Florida, and she holds an Associates of Arts degree from Valencia College. She is a welcome addition to the CTH+A Team. Along with her administrative duties, she will be supporting the Marketing, Construction Administration, Design, and Accounting Departments.

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

C.T. Hsu + Associates, P.A. | 820 Irma Avenue | Orlando | FL | 32803

Bryan Sullivan Joins The Habitat Company as Vice President of Acquisition and Investment

                                                                                   

Bryan Sullivan

CHICAGO, IL – The Habitat Company, a leading multifamily property developer and manager in the U.S., announced that real estate investment veteran Bryan Sullivan has joined the firm as vice president of acquisition and investment.

In his new role, Sullivan will be responsible for the development and execution of real estate investment strategies at The Habitat Company. 

“Bryan will play an integral role in furthering our plans to grow Habitat through the acquisition of both new development sites and existing properties that will add to our growing portfolio of apartment communities across the U.S.,” said Matt Fiascone, president of The Habitat Company.

“His demonstrated track record in acquisitions, investment strategy, and equity and debt sourcing will prove invaluable as we continue to expand our platform and further our commitment to excellence.”

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

Englewood Construction Completes Seven Retail Projects

William Di Santo

CHICAGO, IL – Englewood Construction, one of the country’s leading commercial construction firms, announces its retail group has recently completed seven projects throughout the United States.

“We’re pleased to report it is officially high-growth time in retail construction as the economy continues to improve and businesses look to expand their footprints as well as refresh their current locations,” said William Di Santo, president of Lemont, Ill.-based Englewood Construction.

“We had an extremely busy winter and spring construction season and were able to stay on schedule despite some harsh weather conditions. Now, with these completed projects in the books, we see that positive momentum continuing as more of our clients plan for summer and fall construction projects.”

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

Sarah Lyons, slyons@taylorjohnson.com, 312-267-4520

NAI Realvest completes New, Renewal leasing at Airport and Oviedo Commerce Centers totaling more than 11,900 square feet

George Viele

ORLANDO, FL– NAI Realvest recently negotiated industrial leases totaling 11,945 rentable square feet at Commerce Centers located in Orange and Seminole counties. 

George Viele, associate at NAI Realvest, brokered a lease agreement representing Landlord Oviedo Commerce Center LLC of Winter Park for both an extension of 4,800 square feet occupied by Tenant New Dimensions Dance Academy, Inc. and their new lease of 2,345 square feet for expansion totaling 7,145 square feet at the commerce center located at 2462 W. SR 426 in Oviedo.    

  

Jason G. Toll, director of the Industrial Services Group at NAI Realvest, represented the new Tenant Automatic Airflow Balancing in the lease of 4,800 square feet at Airport Commerce Center, 1629 Prime Court off South Orange Ave. and Sand Lake Rd. in Orlando.

 Landlord Buckhead Airport Commerce Center LLC was represented in the transaction by Jared Bonshire of Cushman & Wakefield.

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 $790,000 Sale of Seven Acre Multifamily Development Site in Casselberry, FL

Jason G. Toll

ORLANDO, FL — NAI Realvest recently negotiated a $790,000 sale price for a 7.14 acre multifamily site across from Legacy Park on Seminola Blvd in Casselberry, FL.

Jason G. Toll, director of industrial services at NAI Realvest, negotiated the transaction on behalf of the seller Lake Helen based Casselberry Investment Properties, LTD..

Orlando-based RM Plus is the buyer who plans to build garden style homes on the site. Nohora Gomez of Weichert Realtors represented the buyer in the transaction.

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.

Berkadia negotiates $4 million sale of apartment community in Mobile, AL

Woodland Square Apartments, Sage Avenue and Airport Boulevard, Mobile, AL

Josh Jacobs

Birmingham, AL and Mobile, AL – Berkadia, one of the nation’s largest and most active multifamily investment sales companies, recently negotiated the $4 Million sale of Woodland Square, a 128-unit apartment community on Sage Ave. and Airport Blvd. in Mobile.

Josh Jacobs, investment sales associate at Berkadia along with partner David Oakley, negotiated the transaction representing an Alabama-based seller.

Jacobs said the property, which new ownership is rebranding as “Midtown Sage Apartments,” was built in 1974 and renovated in 2013-2014. The California-based purchaser assumed the existing Fannie Mae loan on the property.

Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties.

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.

$7M JLL Hangar Sale Shows Phoenix Aerospace is Flying High

The Hangars at 5615,  5615 S. Sossaman Road, Mesa, AZ

Bill Honsaker

PHOENIX, AZ – The Phoenix office of JLL has closed the $7 million sale of The Hangars at 5615, a major, state-of-the-art office and hangar facility with direct runway access to Phoenix Mesa-Gateway Airport, the hub of Phoenix’s up-and-coming aerospace corridor.

Although the property is currently 100 percent vacant, it is being acquired by an investor with an expected commitment for approximately half of the space.

“At 73,826 square feet, this is one of the largest hangar facilities on the West Coast,” said JLL Managing Director Bill Honsaker.

“The Hangars’ new owners have had strong tenant interest from the very beginning of this process, and we expect that interest to continue as they lease out the building.

“The unique amenities of this project, the growth of Phoenix-Mesa Gateway Airport and the growth of Arizona’s aerospace sector as a whole have put them in a great position.”

Honsaker, along with JLL colleagues Steve Larsen, Riley Gilbert, Tom Turley and Jordan Kissel, represented the property seller in the transaction. CRESA represented the property buyer, Southwest Jet Center.

Steve Larsen

The Hangars at 5615 is located at 5615 S. Sossaman Rd., at the north entrance of Phoenix-Mesa Gateway Airport in Mesa, Arizona.

 Built in 2007 and 2008 as a full-service Maintenance, Repair and Overhaul (MRO) facility for former jet aircraft producer Hawker Beechcraft, the 73,826-square-foot project includes approximately 22,900 square feet of high-end office space flanked by two, fully air-conditioned hangars totalling 25,800 and 25,140 square feet.

Other features of the building include a contemporary main lobby, executive offices, conference rooms, a kitchen and locker rooms. 

The hangar space features 28’ door heights, 159’ door openings, a Compressed Air Foam (CAF) fire suppression system and HVLS fans throughout. The 5.6-acre site includes adjacent land for expansion.

“The Gateway Airport submarket is growing, and Phoenix aerospace companies are growing as well,” said Gilbert. “This site accommodates both of those very positive trends.”

Phoenix-Mesa Gateway Airport is a developing international aerospace center now hosting more than 40 companies such as Embraer, Cessna and Able Engineering, and contributing $1.3 billion annually to the Arizona economy. 

It offers three runways averaging 10,000 square feet and is situated within Foreign Trade and Military Reuse zones providing savings in property taxes and transaction privilege taxes, and offering job tax credits and job training funds.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

EagleBridge Capital Arranges $7.5Million Mortgage for the Vanderbilt Portfolio in Norwood, MA

Ted M. Sidel

Boston, MA -- EagleBridge Capital has arranged permanent mortgage financing in the amount of $7,500,000 for four buildings located on Vanderbilt Avenue, Norwood, Massachusetts. 

The mortgage financing was arranged by EagleBridge principals Ted. M. Sidel and Brian D. Sheehan who stated that the loan was provided by a leading financial institution.

The four buildings, totaling 149,550 square feet, are located in the Park Place Industrial Park and include 36-76, 45, 190-196, and 375 Vanderbilt Avenue. 

  The buildings include the Vanderbilt Club, a health and fitness club, and three single story flex buildings.

Brian D. Sheehan

The buildings are leased to a wide variety of national, regional, and local restaurant, medical, office, showroom, and light industrial tenants.  

Tenants include: Office Gallery International, Subway, Orange Leaf Frozen Yogurt, Comcast, International Auto Parts, Exide Technologies, Home Theater Concepts, the Vanderbilt Club, and the Neponsit Valley Chamber of Commerce.

In addition, EagleBridge Capital also recently arranged mortgage financing for 340-346 Vanderbilt Avenue, a 65,000 sf single story, light industrial building, which is 100% leased to a diverse group of companies.

 Tenants include Atlantic Technology, Prize Possessions, Hill-Rolm, Makita, and Revolution Composites.

Mr. Sidel and Mr. Sheehan stated, “We are pleased that EagleBridge was able to structure long term flexible financing at a very attractive rate.”

36-76, 45, 190-196, and 375 Vanderbilt Avenue
Norwood, MA

EagleBridge Capital is a Boston-based mortgage banking firm specializing in arranging debt and equity financing as well as joint ventures for industrial, office, and r & d buildings,  shopping centers, apartments, hotels, condominiums and mixed use properties as well as special purpose buildings.

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

Stan Sidel                                                                  

ssidel@eaglebridgecapital.com