HFF arranges $10.15 million acquisition financing for Dallas-Fort Worth area neighborhood retail center

Ruisseau Village, 3303--3309 North Central Expressway, Plano, TX

 

Kevin Mackenzie

IRVINE, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $10.15 million in first lien financing for the acquisition of Ruisseau Village, a 124,567-square-foot neighborhood retail center in Plano, Texas.

HFF worked on behalf of the borrower, a private real estate investor, to place the 10-year, fixed-rate loan through Morgan Stanley Bank, N.A. 

Located at 3303-3309 North Central Expressway, Ruisseau Village is situated on 12.615 acres in Plano, the fourth largest city in northern Texas.

 The center is positioned at the northwest corner of West Parker Road and North Central Expressway, which connects Plano to downtown Dallas and is one of the main thoroughfares in the Dallas-Fort Worth Metroplex. 

Ruisseau Village is near numerous residential neighborhoods and is three miles south of CityLine Plaza, a new 2.3 million-square-foot mixed-use residential, retail and hotel development that is being constructed. 

Renovated most recently in 2014, the center consists of two single-story buildings leased to Top Golf, Hertz, Boxes to Go, Monarch Dental, Jazzercise, Kelly Moore Paints, The Mum Shop, Rover Dramawerks and a variety of restaurants, including Bavarian Grill and A-Star Buffett.  The center is shadow-anchored by Burlington Coat Factory.

Greg Brown

The HFF debt placement team representing the borrower consisted of senior managing director Kevin Mackenzie, associate director Greg Brown and director Jim Curtin.

“We were very happy to secure excellent fixed-rate financing terms on behalf of our client during a tumultuous time in the capital markets,” Brown said.  

“HFF worked closely with the lender in order to provide the structure needed for the borrower to execute its business plan and closed per the terms in the initial application despite market volatility.”

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

Four-campus office portfolio in San Diego, CA trades for $258 million via HFF

  

Governor Pointe Campus, 6200 and 6220 Greenwich Drive, San Diego, CA

 

Nick Psyllos

SAN DIEGO, CA –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $258 million sale of four office campuses totaling nine buildings and 933,134 square feet in San Diego, California. 

HFF marketed the sale on behalf of Kilroy Realty Corporation. 

The office portfolio consists of Sequence Technology Center, 6260, 6290, 6310, 6340 and 6350 Sequence Drive; Scripps Wateridge, 10770 Wateridge Circle; Sorrento Gateway, 4921 Directors Place; and Governor Pointe, 6200 and 6220 Greenwich Drive.

The properties were 83 percent leased as of their respective closing dates and include two- and three-story office buildings located in central San Diego’s Sorrento Mesa and Governor Park office submarkets in the hearts of San Diego’s technological centers. 

Two of the nine buildings were vacant as of July, and the remaining seven buildings were leased to tenants in technology-based industries.

The HFF investment sales team representing the seller was led by senior managing directors Nick Psyllos and Ryan Gallagher, senior managing director and co-head of both the San Francisco office and HFF’s national office investment sales platform Michael Leggett 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.kilroyrealty.com.

Berger Commercial Realty Closes Three New Leases at Deerfield Beach Enterprise Commerce Center Totaling More Than 55,000 Square Feet

Roxanna Collins

FORT LAUDERDALE, FL  - Broker Associate Roxanna Collins of Berger Commercial Realty, a full service commercial real estate firm based in South Florida, recently closed three new leases totaling 55,855 square-feet of industrial space on behalf of landlord Mancini & Sons Florida.

 The transactions were for spaces within the Enterprise Commerce Center, located at 1901 Green Road in Deerfield Beach.

 Collins successfully closed:

the new lease of 26,925 square-feet to Farm Fresh Packers, LLC in bays A, B, and C;

the new lease of 20,171 square-feet of space to USP Motorsports, Inc. in bays E and F;

and the new lease of 8,759 square-feet of space to BDI-USA, Inc.

The 76,381-square-foot Enterprise Commerce Center includes industrial, warehouse, and flex space. The new leases bring the building to 88 percent occupancy.

Enterprise Commerce Center, Deerfield Beach, FL

The building features 24-foot ceilings, dock-level doors, tilt-wall concrete construction and a wrap-around glass front façade.

 It is located on the Wiles Road extension and is within minutes of major highways, shopping, and restaurants.

 The building is a part of a portfolio consisting of 220,667 square-feet in Broward County that is managed and leased exclusively by Berger Commercial Realty. 

Collins currently oversees leasing for the portfolio. For more information about leasing at Enterprise Commerce Center, call (954)-358-0900.

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

954-776-1999

Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Marielle Sologuren, ext. 226, msologuren@piersongrant.com

McGrath Family Sells Legacy Asset in San Diego, CA

McGrath Family Retail Portfolio, San Diego, CA

San Diego, CA  -- The McGrath Family, known in San Diego as pioneers in construction and real estate, have announced the sale of a portion of their retail portfolio encompassing 294,428 square feet in the Kearny Mesa submarket of San Diego, California to a commingled fund managed by Clarion Partners, working with existing partner HP Investors, LLC. 

The portfolio was 100% leased at the time of the acquisition.

The McGrath Retail Portfolio is located along Clairemont Mesa Boulevard and Shawline Drive, just off of Interstate 805.

Randy LaChance

The portfolio, which is situated on 29.07 acres and comprised of six single-tenant leased retail properties and one retail strip center, is tenanted with some of the most sought after national retailers in the market, including Wal-Mart, LA Fitness, McDonald’s, Food 4 Less, Starbucks, Verizon, and Chipotle, among others.

 “The timing was right for this sale and it worked for us in terms of our long-term goals,” said Laurie McGrath, President of McGrath Development, Inc.

“While real estate development has been challenging, fun and certainly rewarding, we have other things that we would like to accomplish. Our larger goal will be growing our Foundation as well as pursuing redevelopment of some of our other properties.”

The McGrath family has owned the land on which the McGrath Retail Portfolio is situated since the late 1940s.  

In 1990, McGrath broke ground on the development of the McGrath Center, a 50 acre mixed-use project originally approved to include 1,500,000 square feet of office, retail and R & D uses. 

The plan was later revised to include mostly retail uses and a 100,000 square foot industrial “flex” building.  

Mark Caston

Randy LaChance, Senior Vice President, SIOR and Mark Caston, Senior Vice President, both of Voit Real Estate Services, represented the seller, McGrath.

“There is a tremendous pride of ownership that is evident in this portfolio,” said Randy LaChance. “I’ve had the opportunity to work with the McGrath family for 25 years, and I’ve seen the fine quality and attention to detail that they put into their assets.”

LaChance continues, “For prospective buyers, this was a once-in-a-lifetime opportunity to acquire a large retail portfolio in central San Diego. 

"We garnered tremendous interest and activity throughout the sale process, and ultimately identified a buyer that the McGrath family felt would continue the legacy of this special project.”

“This is a core real estate asset in San Diego.  It has maintained an occupancy of over 97% since 2001.  The portfolio has a great mix of credit tenants from the big box tenants to the in-line space,” added Caston, Voit’s retail leasing expert.

Clarion Partners, a real estate investment manager headquartered in New York, together with San Diego based HP Investors, acquired the retail portfolio for $107.15 million on behalf of one of its commingled funds.  The Clarion / HP team represented themselves in the transaction.

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

Jenn Quader

Brower, Miller & Cole

(949) 955-7940

jquader@browermillercole.com

www.voitco.com.

www.hpinvestors.com

info@hpinvestors.com

www.clarionpartners.com.

NAI Realvest Negotiates $300,000 Sale of 22+ Acres of Agricultural Land in Mount Dora, FL

  

Jason G. Toll

MOUNT DORA, FL — NAI Realvest recently negotiated a $300,000 sale price for 22.16 acres of agricultural land on Round Lake Road in Mount Dora. 

Jason G. Toll, director of industrial services at NAI Realvest, negotiated the transaction on behalf of the seller Susan K. Bird of Fernandina Beach, Fla.

Orlando-based Daryl M. Carter, Trustee, is the buyer who purchased the property for future residential development.  

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142  

Rhodes+Brito Architects awarded contract to renovate Orange County Convention Center in Orlando, FL

Orange County Convention Center
Orlando, FL

ORLANDO, FL --- Rhodes+Brito, an Orlando architectural firm, was recently awarded a contract for a major renovation project at the Orange County Convention Center.

Max Brito, co-founder and partner at Rhodes+Brito, said the renovation, which will start Sept. 1, has been estimated to cost $5 million. 

Renovation work will include lighting, mechanical projects and interior finishes, Brito said.   The project will involve converting meeting rooms into offices, he added.

Rhodes said Rhodes+Brito was also awarded a continuing architectural services contract with Orange County.  The contract covers miscellaneous design services Rhodes+Brito will provide the County, including original design and renovations work not to exceed $2 Million.

That contract is slated to begin this October.

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

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142  

RealtyTrac Reports Flipped Homes Fall to 4.5 Percent of all Single Family Sales in Second Quarter

IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, released its Q2 2015 U.S. Home Flipping Report, which shows that 30,013 single family homes were flipped — sold as part of an arms-length sale for the second time within a 12-month period — in the second quarter, 4.5 percent of all single family home sales during the quarter.

Highlights of the report:

·              Home flipping as a share of sales declined to 4.5 percent of all sales in Q2, but the average flipping returns (gross ROI) increased to 35.9 percent ($70,696 gross profit).

·              Fewer foreclosure deals are available to flippers, with former foreclosures representing just 41 percent of all homes flipped in Q2, a 7.5-year low.

·              Flippers are taking longer to rehab, list and sell their product, with Q2 completed flips taking an average of nearly six months (179 days), an eight-year high.

·              There were 211 zip codes where flips sold for $1 million dollars or more on average

·              Most profitable zip codes for flipping were in Jacksonville, Florida, Dayton, Ohio, Baltimore, St. Louis, and Memphis.

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

                 

Jennifer von Pohlmann

949.502.8300, ext. 139

jennifer.vonpohlmann@realtytrac.com

Ginny Walker

949.502.8300, ext. 268

ginny.walker@realtytrac.com

$21.25 Million North Miami Business Park Sale Arranged by IPA

North Miami Business Park

Douglas K. Mandel

NORTH MIAMI, FL – Institutional Property Advisors (IPA), a division of Marcus & Millichap Inc. specializing in serving institutional and major private real estate investors, is pleased to announce the sale of North Miami Business Park, a 12-building, 214,318-square-foot business park located in North Miami, Fla.

 The asset sold for $21,250,000, which equates to approximately $100 per square foot.

IPA senior director Douglas K. Mandel and IPA director Benjamin H. Silver represented the seller, a fund based in Boston, Mass., and the buyer, a limited liability company from Coral Gables, Fla.

“The Aventura/North Miami submarket has experienced tremendous growth over the past 20 years and the area is constrained for industrial space,” says Mandel.

“Small-bay warehouse properties are scarce and the opportunity to acquire one of the largest small-bay warehouse parks in North Miami was especially coveted.

“We received tremendous interest upon bringing the property to market and knew we would receive highly competitive bids,” Mandel continues. “We established a call for offers date and were able to exceed the list price by conducting a ‘best and final.’”

Benjamin H. Silver

“The deal was awarded to a local owner/operator who had previously owned the property and sold it for $21.75 million in 2005 at the height of the last market cycle.

The buyer anticipates tremendous rental rate growth driven by increased demand for small-bay warehouse space and the nearby development of SoLe Mia Miami, a joint venture between Turnberry Associates and LeFrak, which will add 4,390 residences, 1 million square feet of commercial space and a 150-key room hotel,” Mandel concludes. 

Located between Biscayne Boulevard and West Dixie Highway and just south of Northeast 151st Street, North Miami Business Park is one of the Tri-County Area’s premier commercial parks. 

It is located at 1922 NE 149th St. midway between Miami and Fort Lauderdale, with prime access to many of South Florida’s main traffic arteries, ports and airports. 

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

Gina Relva

 Public Relations Manager

(925) 953-1716

Essex Realty Group Brokers the Sale of Vacant Commercial Building in Chicago's Motor Row District

  

Brian Kochendorfer

 CHICAGO, ILLINOIS – Thursday August 6, 2015 - Essex Realty Group, Inc. is pleased to announce the sale of 2229 S. Michigan Ave.

2229 S. Michigan Ave. is a vacant commercial property located in Chicago’s Motor Row District. 

The three-story building contains 34,223 SF of gross building area, which includes 4,454 SF of mezzanine space above the first floor.  

The first, second, and third floors each consist of approximately 9,923 square feet.  The property also has a partial, unfinished basement area consisting of 540 square feet.

The first floor consists of a main dock loading area, a small open office area, a bathroom, and open general warehouse space as well as two overhead doors and a freight elevator that provides access to the second and third floors, in addition to the stairs.

The property is located in the South Loop’s “Entertainment District” and is adjacent to McCormick Place, DePaul University Event Center (under construction), and the new Cermak-McCormick Green Line stop.

The sale price was approximately $2,850,000.

Brian Kochendorfer represented the seller and Doug Imber represented the buyer.

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

Douglas Fisher

Essex Realty Group, Inc.

773.305.4910

dougfisher@essexrealtygroup.com

www.essexrealtygroup.com

IEC Acquires Rare Unrenovated Apartment Building in Marin County, CA

Marin Gardens Apartments, San Rafael, CA

Marin County, CA – Interstate Equities Corporation (IEC), an institutional fund manager has acquired a rare, un-renovated, 46-unit multifamily community in San Rafael, California from a private family owner.

Marshall Boyd

The 45-year-old Marin Gardens Apartments is still in its original condition, providing a tremendous opportunity to create value, according to Marshall Boyd, President of IEC.

“This was a unique opportunity based on location and property condition,” says Boyd.  “In Marin County, very few apartment communities in the 25 - 100 unit range are ever available for sale.  Families tend to own these properties for generations.

“ Further, identifying a property that has been kept in good condition but hasn’t been renovated is akin to finding a needle in a haystack in the current multifamily market.”

Ryan Wagner of Colliers represented both the buyer and the seller in the transaction.

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

Lexi Astfalk

Account Executive

Brower, Miller & Cole

895 Dove Street, Third Floor

Newport Beach, CA 92660

p: (949) 955-7940

lastfalk@browermillercole.com

www.interstateequities.com

Six/Ten brings Orthodontics Practice to Downtown Winter Haven, FL

  

 

Chad Lennox

Winter Haven, FL—   Ellis and Abramowitz Orthodontics has relocated from Lake Wales to Downtown Winter Haven at 250 3rd Street N.W., Suite 203.  The space was leased from Six/Ten LLC.

“We have seen tremendous growth in the downtown district,” said Six/Ten’s leasing agent, Chad Lennox.  “Downtown Winter Haven is quickly becoming a one-stop-shop for local residents.”

With the office move, Ellis and Abramowitz Orthodontics is incorporating several high-tech advancements into the practice, such as 3D digital diagnostics. 

The office specializes in non-extraction service, meaning permanent teeth are rarely removed. Additionally, the office is a premier provider of braces and clear aligners, like Invisalign.

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

Michelle Friedman

BoardroomPR

407-973-8555

mfriedman@boardroompr.com

Thomas D. Wood and Company’s Sarasota, FL Office Secures $10.7 Million in Commercial Mortgage Transactions

Brad Cox

Sarasota, FL  – Thomas D. Wood Company Senior Vice President Brad Cox, CCIM, financed $10,700,000 in commercial mortgage transactions.  Cox secured financing for commercial properties in the states of Florida, North Carolina, South Carolina, and Illinois.

The most notable transactions for Cox included the following:  $4,750,000 permanent financing for the Windmill Apartments, a 128-unit multifamily complex in Mauldin, South Carolina; $1,150,000 in permanent financing for the Shoppes on Clybourn, and

an 8,116 square-foot retail center in Chicago, Illinois; $1,525,000 in permanent financing for Saint Cloud Commons, a 11,340 square-foot retail center in Saint Cloud, Florida; and $1,450,000 in permanent financing for Henderson Pointe Office Building, a 16,080 square-foot office/retail center in Tampa, Florida.

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

Jessica Kinnee

407 374 0251

Jessica@tdwood.com

Marcus & Millichap Brokers $6.83 Million Sale of Prime Downtown Miami Redevelopment Site

Mika Mattingly

MIAMI, FL – 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 Metro Beauty, 11,300-square feet of land located in downtown Miami. The asset sold for $6,825,000.

Ryan T. Shaw, a vice president investments in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, 3 Palms Enterprises LLC.  

The buyer, Jersey Art Holdings, was represented by Mika Mattingly of Sterling Equity Commercial.

“This was an excellent opportunity for the seller to capitalize on a strong real estate market, while continuing to operate established businesses in downtown,” says Shaw.

Metro Beauty is located at 4 SE 1st Street in Miami. The property sits approximately 150 feet from the Miami Avenue Metromover station, blocks from to the new Whole Foods at Met 3 and the Brickell City Centre development.

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

Kirk A. Felici

First Vice President and District Manager,

Miami, FL

(786) 522-7000

John Glass Named Executive Vice President Investments at Marcus Millichap

John Glass

SAN FRANCISCO, CA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has named John Glass an executive vice president investments, according John J. Kerin, president and chief executive officer, and Jeffrey Mishkin, first vice president and regional manager. 

Most recently Glass held the position of senior vice president investments.

            Glass joined Marcus & Millichap in February 1989 as an agent specializing in the net-leased retail property sector, and serves as a senior director in the firm’s National Retail Group and Net Leased Properties Group.

 He rose to senior investments associate in January 2001, vice president investments in July 2006, and senior vice president investments in January 2008. 

Glass has closed 1,204 property transactions totaling in excess of $3.14 billion.

            “For over two and a half decades John’s dedication to exceptional client service has enabled him to be a leading retail and net-leased investment professional,” says Kerin. “For this, and for his major contributions to the San Francisco office, proven leadership abilities and wealth of knowledge on the retail and net-leased property sectors, John truly merits this distinction.” 

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

Gina Relva

 Public Relations Manager

(925) 953-1716

Marcus & Millichap Elects Peter Katz to Executive Vice President Investments

Peter Katz

PHOENIX, AZ – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has named Peter Katz an executive vice president investments, according to John J. Kerin, president and chief executive officer, and Don Morrow, regional manager of the firm’s Phoenix office.

 Most recently Katz held the position of senior vice president investments.

“Peter has been a premier institutional student housing and multifamily investment professional for nearly two and a half decades,” says Kerin.

“He has been instrumental in the growth and branding of the credibility in the Institutional Property Advisors (IPA) Student Housing group on a national basis, and within the firm’s IPA division in general.

“He continues to deliver quality advisory services in the sector and provides certainty of execution for institutional equity and sponsors throughout the industry.

" For his leadership, thorough understanding of the institutional student housing and multifamily property sectors and dedication to providing excellent client service, Peter has earned this distinct honor.”

          Peter joined Marcus & Millichap in 1991 as an agent in the Phoenix office. He was elected to the position of vice president investments in 1999 and promoted to the prestigious position of senior vice president investments in 2008. Peter specializes in institutional multifamily and student housing property investments. He serves as both an executive director of IPA and as a senior director of the National Multi Housing Group.

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

Gina Relva

 Public Relations Manager

(925) 953-1716