RealtyTrac Reports Share of Seriously Underwater Foreclosure Properties Drops to New Low in Q2 2015

Daren Blomquist

IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its Q2 2015 U.S. Home Equity & Underwater Report, which shows that as of the end of the second quarter there were 7,443,580 U.S. residential properties that were seriously underwater — where the combined loan amount secured by the property is at least 25 percent higher than the property’s estimated market value — representing 13.3 percent of all properties with a mortgage.

“Slowing home price appreciation in 2015 has resulted in the share of seriously underwater properties plateauing at about 13 percent of all properties with a mortgage,” said Daren Blomquist, vice president at RealtyTrac.

 “However, the share of homeowners with the double-whammy of seriously underwater properties that are also in foreclosure is continuing to decrease and is now at the lowest level we’ve seen since we began tracking that metric in the first quarter of 2012.”

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

Jennifer von Pohlmann

Sr. Data PR Manager

Office: 949.502.8300 ext 139

jennifer.vonpohlmann@realtytrac.com

HFF closes $47.1 million sale of 2 garden-style apartment communities in Milwaukie, OR

Miramonte Lodge, Milwaukie, OR

Ira Virden

PORTLAND, OR -- Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $47.1 million sale of The Bluffs and Miramonte Lodge, two garden-style apartment communities totaling 368 units in Milwaukie, Oregon.

HFF marketed the properties on behalf of Holland Partner Group and its capital partner.  Starwood Capital Group purchased the assets free and clear of existing debt.

The Bluffs is a four-building, 137-unit property totaling 100,837 rentable square feet with studio, one-, two- and three-bedroom units. 

The property is situated on 6.68 acres at 12601 SE River Road along the Willamette River and approximately seven miles south of downtown Portland.  Community amenities include an outdoor pool, sauna, barbecue area, fitness center, community room and resident library. 

Kerry Hughes

Miramonte Lodge has 231 units totaling 164,144 rentable square feet consisting of studio, one- and two-bedroom floor plans.  

The 17.46-acre, 23-building property is located at 12200 SE McLoughlin Boulevard along Kellogg Creek, approximately one half of a mile from The Bluffs. 

The new MAX Orange light rail line, due for completion in September 2015, bisects both assets along Highway 99E providing direct access into downtown Portland.  

Community amenities include an outdoor pool with sun deck, barbecue and picnic area, fitness center, clubhouse and pet park.

The HFF investment sales team was led by managing director Ira Virden and associate director Kerry Hughes.

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

Marcus & Millichap Brokers $3.8 Million Sale of Acquo 124 Restaurant Site in Hallandale Beach, FL

Adam J. Tiktin

HALLANDALE 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 0.88 acres of land improved with a restaurant and mixed-use building in Hallandale Beach, Fla. The asset sold for $3,800,000.

Adam J. Tiktin, a first vice president investments in Marcus & Millichap’s Miami office, and Michael Biama, a senior associate in the firm’s Washington D.C. office, had the exclusive listing to market the property on behalf of the seller, a private investor from Hallandale Beach, Fla.  The buyer was a limited liability company from Hollywood, Fla.

“This property is located just south of one of the busiest intersections in South Florida directly across the street from Gulfstream Park,” says Tiktin.

“Due to the high profile nature of this property, we were able to attract a purchaser interested in redeveloping the site into a 40,000-square foot office condo project. 

"At just under $100 per square foot for the land, we feel that the price we achieved pushes the boundaries of what’s possible in today’s market,” adds Biama.

Michael Biama

Located at 124 South Federal Highway, the offering encompasses four separate parcels, totaling .88 acres, and two structures, totaling 7,604 square feet. 

The first is a 5,182-square foot restaurant which sits directly on Federal Highway and has excellent visibility to both north and south bound traffic.

The second is a smaller 2,422-square foot mixed-use building situated behind the restaurant, comprised of a small office and upstairs apartment.

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 Promotes J.D. Parker to Senior Vice President

J.D. Parker

NEW YORK, NY – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has promoted J.D. Parker to senior vice president, according to John J. Kerin, president and chief executive officer.

 Parker currently serves as district manager over Marcus & Millichap’s New York Tri-State area where he oversees five offices and over 250 investment professionals and staff.

            “J.D. has been with Marcus & Millichap for over a decade and has played an instrumental role in the growth of our Northeastern offices,” says Kerin. 

“His commitment to building his investment sales team to support exceptional client service makes him a tremendous resource for our clients and investment professionals both locally and throughout the nation.”

            Parker is a graduate of Pennsylvania State University. He is an active member of the Real Estate Board of New York and the International Council of Shopping Centers.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Lists Warehouse in Brooklyn’s Williamsburg Neighborhood

154 Scott Avenue Warehouse,
East Williamsburg Neighborhood
Brooklyn, NY

BROOKLYN, NY – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announces the listing of a warehouse facility located at 154 Scott Avenue in the East Williamsburg section of Brooklyn. 

The property is located between Scholes and Randolph Streets.

            The listing agents are Jakub Nowak and Jim McGuckin, both of the firm’s Brooklyn office.

            “This turnkey warehouse building is ripe for conversion, and offers investors and developers the unique opportunity to purchase a sizable and completely unencumbered commercial asset,” says Nowak.

Jakub Nowak

The five-story industrial building is currently owner occupied and being used for light manufacturing, warehousing and distribution. 

The subject property will be delivered vacant and features 99,940 square feet of rentable space. The building stands on a M3-1 zoned, 21,048 square foot lot.

“Investors and owner-users will be able to capitalize on rising commercial and office rents in this part of East Williamsburg by repositioning the asset and taking advantage of a growing supply and demand disparity in the local commercial market,” says McGuckin.

154 Scott Avenue features 14-foot ceilings, multiple loading docks, two freight elevators and heavy power throughout. Its location allows for easy access to the Jefferson Street "L" train and to I-278 (BQE).

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

Gina Relva

Public Relations Manager

(925) 953-1716

$11.3 Million Hampton Inn & Suites Closes in Duncan, SC

Duncan Inn & Suites, 108 Spartangreen Boulevard, Duncan, SC

David Greenberg

DUNCAN, SC – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, is pleased to announce the sale of the 133-room Hampton Inn & Suites Greenville/Spartanburg located at 108 Spartangreen Boulevard. The sales price was $11,325,000 which equates to $85,150 per unit.

            The listing agents were David Greenberg, vice president investments, and Robert Hunter, senior associate, both of the firm’s Fort Lauderdale office. Greenberg and Hunter also secured the buyer. Raj Ravi is Marcus & Millichap's broker of record in South Carolina.

            “Greenville-Spartanburg, South Carolina is a high-barrier-to-entry but growing market and the Hampton Inn offers an opportunity for maximized revenues,” says Greenberg.

The property is a five-story, limited service hotel with 38 oversized suites and high visibility to commuters along Interstate 85. It is located about four miles from the newly constructed Tyger River Park, a $17 million sports complex that has hosted as many as 7,000 out-of-town visitors per event, and about five miles from the only BMW manufacturing plant in the United States. 

Robert S. Hunter

Spartanburg is also home to the world headquarters of Denny's restaurant chain.

             “The hotel is located roughly 10 miles from Downtown Spartanburg and approximately 15 miles from Downtown Greenville,” says Hunter.  “Local legislators have done an excellent job incentivizing foreign investment in Upstate South Carolina.”

With an industry-leading hospitality team in more than 40 markets nationally, this marks the 97th hotel sold by the National Hospitality Group in 2015.

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

Gina Relva

Public Relations Manager

(925) 953-1716

National Retail Properties Inc. Announces Second Quarter 2015 Operating Results and Increased 2015 Guidance

Craig Macnab

Orlando, FL – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, announced its operating results for the quarter and six months ended June 30, 2015.

Craig Macnab, Chief Executive Officer, commented: "With our recently announced dividend increase, 2015 will be the 26^th consecutive year of annual dividend increases which is a long-term record that all of us at NNN are working to perpetuate.

“ Our team continues to source attractive retail properties for acquisition at excellent initial cash yields that will help us accomplish our objective."

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

Kevin B. Habicht

Chief Financial Officer

(407) 265-7348 

HFF closes sale of three-building corporate headquarters campus in San Diego, CA

Campus at Copley, 5751, 5761 and 5771 Copley Drive,  San Diego, CA

 

Nick Psyllos

SAN DIEGO, CA, July 30, 2015 - Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Campus at Copley, a three-building, 101,571-square-foot corporate headquarters office campus in San Diego, California.

HFF marketed the asset on behalf of the seller, HighBrook Investment Management, LP.  The property was purchased by The Gildred Companies.

Campus at Copley is situated on nearly seven acres at 5751, 5761 and 5771 Copley Drive between Interstate 805 and Route 52 in the Kearny Mesa submarket of San Diego.

 This location offers substantial power infrastructure and excellent fiber connectivity with multiple fiber optic options for a telco facility, a building use making up approximately one-third of the rent roll. 

The property is 96 percent leased to four tenants including XO Communications, EdgeConneX, Reva Medical and Kleinfelder with a weighted average remaining lease term of more than six years. 

The HFF investment sales team representing the seller was led by senior managing director Nick Psyllos and director Nick Frasco. 

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.gildredco.com

www.HighBrookInvestors.com

HFF arranges sale of Class A industrial center in suburban Washington, DC

Springfield Newington Industrial Center, Lorton, VA

Bruce Strasburg

WASHINGTON, DC, July 30, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged the sale of Springfield Newington Industrial Center, a 106,945-square-foot, 100-percent-leased, newly-renovated, Class A industrial warehouse center in the Washington, D.C. suburb of Lorton, Virginia. 

HFF marketed the property on behalf of the seller, Bristol Capital Corporation.  Stockbridge Capital Group, LLC purchased the asset.   

Situated on 6.02 acres at 8424-8444 Terminal Road, Springfield Newington Industrial Center offers direct proximity to Interstate 95, which is less than one mile away, and to Fort Belvoir, which is less than four miles away. 

Michael Stuart

The one-story building features 24’ to 26’ clear heights, cross-dock loading, I-95 visibility and privatized outdoor storage capability.  The property is 100 percent leased to three investment grade tenants including the General Services Administration and Associated Materials.

 In 2015, the property underwent an extensive exterior restoration that included a new building façade and roof.

The HFF investment sales team representing the seller was led by senior managing director Bruce Strasburg and associate director Michael Stuart.

“Springfield Newington Industrial Center is a rare opportunity to acquire an institutional quality, Northern Virginia warehouse facility that is fully leased to an investment grade tenant roster,” Stuart said.  

“The property is one of the most attractive and efficient industrial options in the I-95 Corridor and is poised to benefit from future growth in the greater Fort Belvoir area.”

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.stockbridgerealestate.com.

HFF secures $13.33 million refinancing for Lake Tahoe boutique resort hotel in South Lake Tahoe, CA

Beach Retreat & Lodge, South Lake Tahoe, CA

IRVINE, CA, July 30, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured a $13.33 million refinancing for the Beach Retreat & Lodge, a 262-room, lakefront, boutique resort hotel located in South Lake Tahoe, California.

Chip Sykes

HFF worked on behalf of the borrower’s sponsor, Urbana Realty Advisors, to secure the three-year, floating-rate loan through CapitalSource, a division of Pacific Western Bank.  Loan proceeds will be used to refinance existing debt and provide funds for additional minor capital improvements. 

Beach Retreat & Lodge consists of five buildings and features 500 linear feet of beach front on Lake Tahoe, the largest alpine lake in the U.S. 

The hotel has an outdoor heated pool, 24-hour fitness center, outdoor games and activities, full-sized beach volleyball court and The Beach Club with cabanas, lounge chairs and menu service on the beach. 

Guests have two dining options, The Tavern at Tahoe and The Boathouse, which is located on the longest pier in Lake Tahoe.  Additionally, through an on-site marine operator, guests can rent boats, jet skis and kayaks. 

Renovated in 2012 through 2014, the hotel has completed upgrades to guest rooms, the lobby and restaurant space; constructed an outdoor fire pit and patio area; and completed the Beach Retreat Conference Center, which has in excess of 4,000 square feet of flexible meeting and event space with on-site catering and state-of-the-art technology. 

James Fowler

Situated on seven acres at 3411 South Lake Tahoe Boulevard, the hotel is approximately four miles from Lake Tahoe Airport and is 189 miles east of San Francisco and 35 miles west of Reno, Nevada.

The HFF debt placement team representing the borrower was led by managing director James Fowler and director Chip Sykes.

“Urbana had completed a significant amount of the property renovation when we were asked to procure debt financing,” Fowler said.  “As a result, the property is already seeing the benefit, with strong bookings through the early summer months.  These two factors, along with a great lender in CapitalSource, helped facilitate a smooth execution.”

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.urbanaholdings.com.

HFF secures $165.75 million refinancing for 25-property industrial portfolio in Colorado, Georgia, Minnesota and Texas

Colony Industrial Portfolio

 

Jody Thornton

DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured a $165.75 million refinancing for a 25-property, four million-square-foot light industrial portfolio with buildings located in Atlanta, Dallas, Denver, Houston and Minneapolis.

HFF worked on behalf of the borrowers, subsidiaries within the light industrial platform of Colony Capital, Inc., to arrange the 10-year, fixed-rate loan through Prudential Mortgage Capital Company. 

As of June 30, 2015, the portfolio was 97 percent leased and housed 69 tenants across 25 properties located in infill, established industrial submarkets.  The portfolio is approximately 14 percent office finish, and the buildings have clear heights ranging from 24’ to 32’.

The HFF debt placement team representing the borrowers was led by executive managing director Jody Thornton, senior managing director John Rose, director Gregg Shapiro and associate director Leon McBroom.

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.colonyinc.com.

Apartment Development Along the Atlanta BeltLine Continues to Boom

Ryan Gravel

ATLANTA, GA (July 30, 2015) — The Atlanta BeltLine, the brainchild of Georgia Tech graduate Ryan Gravel, is an ambitious project that aims to connect the core of the city with walkable, bike-friendly paths and eventually public transportation. 

The Eastside Trail connecting Piedmont Park and Krog Street Market opened in 2012, and since then a myriad of multifamily residences have sprung up along the BeltLine, transforming the Midtown, Old Fourth Ward, and Inman Park neighborhoods.

The Atlanta Apartment Association has created a timeline outlining the construction and opening of these properties, as well as the progress the Atlanta BeltLine has made and plans to make in the future. 

It tells the story of how an old rail corridor turned car-free path can bring life to neighborhoods and foster the growth of restaurants, retail, art, and cultural events in the space, thus making it a popular place for renters.

Jim Fowler

It’s no secret that apartments along the BeltLine are highly desirable in the Atlanta market,” said Jim Fowler, President of the Atlanta Apartment Association. “The influx of multifamily development in this area is astounding and will only continue to grow as the BeltLine blossoms over the next several decades.”

By 2030, the 22-mile Beltline loop with paved path and streetcar options will be completed, fostering multifamily growth in a vast array of intown Atlanta neighborhoods. 

To view the timeline, click here: http://bit.ly/1VNzSoR

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

Savannah Duncan

The Wilbert Group

404-343-0870 (O) 404-901-4433 (C)

sduncan@thewilbertgroup.com

Walgreens in Cocoa, FL sells for $5.35 million

Jan Boltres

Cocoa, FL (July 30, 2015) – Seeking a long-term investment with the advantages of a net lease property, a private investor recently purchased a Walgreens store in Cocoa, Fla. for $5.35 million. The 15,120-square-foot standalone building sold for $354 per square foot. 

The buyer, SAHM Broadway MGT, LLC, a private investor from Rancho Sante Fe, Calif., was represented by Jan Boltres, CCIM, Managing Director of Industrial Services; and John Jackson, Industrial Services at Colliers International Tampa Bay.

The seller, SDG Cocoa Beach, LLC, was represented by Daniel Corcoran of Marcus & Millichap in New York City.

Net lease properties, where the tenant pays some or all of the taxes, fees and maintenance costs in addition to rent, are rising in popularity among investors, who like the simplicity of owning this type of property.

“The buyer was seeking a net lease property as a long term investment,” said Colliers’ Boltres. “It sold at a cap rate under 6 percent, which is at market value for this type of investment, considering the amount of time that Walgreens had remaining on its lease.”

The Walgreens store, located at 1106 Clearlake Road in Cocoa, is less than four miles from both the Martin Andersen Beachline Expressway and I-95.

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

Leah Saunders

B2 Communications

Office: (727) 895-2030, ext. 104

Cell: (813) 924-0367

Email: Leah@B2communications.com

The Dow Hotel Company Celebrates Completion of $12 Million Renovation of Hilton Bellevue in Bellevue, WA

  

 

Murray L. Dow II

BELLEVUE, WA, July 30, 2015—Officials of The Dow Hotel Company (DHC), a leading national hotel owner/investor and operator, today announced that it has completed the $12 million renovation of the 353-room (including five suites) Hilton Bellevue in Washington.

 The renovation focused on guest rooms, meeting space, the lobby, restaurant, bar and the creation of three new banquet and meeting rooms.

“Bellevue has grown tremendously over the years, becoming one of the nation's most prestigious cities in which to live and work, and the Hilton Bellevue has grown and changed along with it,” said Murray L. Dow II, DHC founder and president.

 “This full renovation brings the hotel to ‘like-new’ status,’ with new services and amenities that speak to the wants and needs of today’s business and leisure travelers.”

Located at 300 112th Avenue SE, the 10-story hotel is within walking distance of the Meydenbauer Convention Center and just a few miles from major sports arenas, Marymoor Park and the Seattle Art Museum, as well as the corporate headquarters for companies including Boeing, Microsoft, Expedia, Inc., Nokia, T-Mobile, Amazon and Starbucks. SeaTac Airport is just 25 minutes away.

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

Chris Daly

Phone:  (703) 435-6293

Chris@dalygray.com

            

Assisted living facility in St. Petersburg, FL sells for $8.4 million

Kenneth Carriero

St. Petersburg, FL (July 29, 2015) – Bristol Court, an assisted living facility specializing in memory care, has sold for $8.4 million. 

The facility, built in 1960 and completely renovated in 2011, has 70 units and 115 beds. At the time of the sale the facility was 89 percent occupied.

CTR Partnership, L.P., a REIT focusing on senior housing assets, purchased the facility from SPALF Holdings, LLC.

The transaction was brokered by Kenneth Carriero, Senior Vice President, CCIM, and Damien Carriero, Associate Vice President of Colliers International National Seniors Housing Group.

The 35,474-square-foot memory care facility is one of the largest in Florida and sold for $120,339 per unit, $73,250 per bed.

Bristol Court was specially designed by health care experts to focus on safety and security, while promoting maximum independence. Although most assisted living facilities include a small memory care component, Bristol Court is focused entirely on caring for residents with memory loss due to normal aging, Alzheimer’s disease, or other forms of dementia.

“Our biggest challenge for this transaction was locating the right buyer for this size of a memory care facility,” said Ken Carriero. “Most assisted living facilities offer memory care to about 20 percent of the residents, while Bristol Court focuses entirely on providing memory care.”

Bristol Court is located at 3479 54th Ave. N in St. Petersburg, Fla.

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

Leah Saunders

B2 Communications

Office: (727) 895-2030, ext. 104

Cell: (813) 924-0367

Email: Leah@B2communications.com