HFF secures $33 million refinancing for Southern California grocery-anchored shopping center

  

The Village at Nellie Gail Ranch, Laguna Hills, CA

 

James Fowler

IRVINE, CA – Aug. 13, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured a $33 million refinancing for The Village at Nellie Gail Ranch, an 87,561-square-foot, newly-renovated and expanded shopping center anchored by Smart & Final Extra in Laguna Hills, California.

HFF worked on behalf of the borrower, Fred Sands of Vintage Real Estate, to secure the two-year, floating-rate loan with three one-year extensions through Colony Capital.  

Loan proceeds will be used to refinance existing debt and fund capital expenditures related to tenant improvement costs and leasing commissions to lease the limited remaining vacant space.

The Village at Nellie Gail Ranch underwent massive redevelopment between 2013 and 2015, which included adding square footage with the construction of the 20,478-square-foot building for Smart & Final Extra, two additional buildings and a complete renovation and upgrade of the remaining center.

 Tenants of the five-building project include Smart & Final Extra, Chuck E. Cheese’s, Nothing Bundt Cakes, Banfield Pet Hospital, Rita’s Ice, Pharmaca, Laguna Hills Dental and Edible Arrangements.

Greg Brown

 The center is located at the intersection of Moulton Parkway and La Paz Road in Laguna Hills, just off State Highway 73, in an affluent suburban city in southern Orange County, which is seven miles from the Pacific Ocean.

The HFF debt placement team representing the borrower was led by managing director James Fowler and associate director Greg Brown.

“The comprehensive renovation of Village at Nellie Gail Ranch has transformed it into a modern and dynamic retail destination which has attracted a new host of specialty retailers, including Smart & Final Extra, the smaller store format for Smart & Final that focuses largely on fresh meat and a larger selection of organic produce,” Fowler said.

 “This is a welcome addition to the Laguna Hills community and will enhance this pivotal intersection.”

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.vintage-vre.com.

Marcus & Millichap Arranges Sale of Paradise Villas in Hialeah, FL for $3 Million

Adam Duncan

HIALEAH, 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 Paradise Villas, a 21-unit apartment property located in Hialeah, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $3,000,000 equating to $142,847 per unit.

Adam Duncan, a senior associate, and Joseph P. Thomas, a vice president investments, in Marcus & Millichap’s Fort Lauderdale office, and Paul D. Nudelman, a senior associate, and George Jimenez, an associate, in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor from Lighthouse Point, Fla. 

The buyer, a private investor from Miami Beach, Fla, was secured and represented by Arthur D. Porosoff, a vice president investments, in Marcus & Millichap’s Miami office. 

Paradise Villas is a three-story, 21-unit, apartment building comprised of 15 two-bedroom/two-bathroom units and six three-bedroom/two-bathroom units. The property is located at 1461 West 42nd Street, north of Okeechobee Road and east of the Palmetto Expressway in a dense residential neighborhood with many retailers and schools.

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

Ryan Nee

Regional Manager

Fort Lauderdale, FL

(954) 245-3400

Eight-Property Multi-Tenant Retail Center Portfolio Sold by Marcus & Millichap

Brett Chetek

ST. LOUIS, MO, Aug. 13, 2015 – 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 an eight-property, 338,755-square-foot multi-state shopping center portfolio.

The portfolio sold for approximately $26,200,000 and included shopping strip centers in metro areas of St. Louis, Cincinnati, Memphis, Kansas City, and Indianapolis. 

Brett Chetek, a senior director of Marcus & Millichap’s National Retail Group in St. Louis had the exclusive listing to market the portfolio on behalf of the seller, Robert Walpert, and his limited liability companies.

“I am extremely pleased that the transaction worked out so well for everyone,” says Walpert. “Brett did a great job. I’m a big fan of his and always happy to endorse his work.”

“Brett did an excellent job marketing this portfolio,” adds Matthew Fitzgerald, first vice president and regional manager of Marcus & Millichap’s St. Louis office.

 “The challenge was to find a multi-tenant retail investor who could perform financially and operationally in several different states and with a range of center sizes and tenant profiles. Brett sourced qualified buyers from throughout the country and guided the sale through a lengthy due diligence process to closing.”

  

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

Gina Relva

Public Relations Manager

(925) 953-1716

$10.37 Million Buys Seminole County Single-Tenant Office Building in Longwood, FL

  

Todd Cohen

LONGWOOD, FL,  Aug. 13, 2015 – 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 a 67,775-square-foot single-tenant office building in Longwood, Fla. 

The asset sold for $10,370,000, which equates to $153 per square foot.

Todd Cohen, an investment sales specialist with more than 20 years in commercial real estate, along with Kirk D. Olson and Drew A. Kristol, vice presidents investments, all in Marcus & Millichap’s Miami office, represented the seller, a private investor. Cohen procured the buyer, a billion-dollar fund of single-tenant assets.

“This was an opportunity to acquire an improved office building occupied by an investment-grade tenant with a brand new 10-year lease,” says Cohen. “The sale includes additional land for the development of a 15,000-square-foot building that provides expansion options for the existing tenant.”

The building is occupied by a prominent tenant that has occupied the building since it was built in 1983. The property is located at 140 Wekiva Springs Road in Longwood.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Dollar Flooring leases 7,100-square-foot retail space in Fort Myers, FL

Ryan Leffler

FORT MYERS, FL  – Dollar Flooring has leased a 7,100-square-foot retail space at 14580 S. Tamiami Trail in Fort Myers.

Ryan Leffler of Colliers International Southwest Florida represented the landlord, Southtrail Properties, LLC. Jack Liptak of VIP Commercial represented the tenant.

“As residential development in Southwest Florida continues to thrive, the demand for flooring and other home goods has increased exponentially,” said Leffler, Director, Office and Healthcare Services for Colliers International Southwest Florida.

 “This property was a good fit for the tenant because of its size, access and visibility from South Tamiami Trail.”

This will be Dollar Flooring’s first location in Southwest Florida.

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

Leah Saunders 

Senior Account Executive

B2 Communications

p 727.895.5030 x104 | c 813.924.0367

www.B2Communications.com

Proper Title Announces Launch of Proper Giving; Charitable program to deliver funding through transactions, employee contributions

Ben Niernberg

                                                                         CHICAGO, IL– Northbrook, Ill.-based Proper Title, LLC, a full-service title insurance agency serving the residential and commercial real estate industries, announced it has launched Proper Giving, a charitable program designed to raise proceeds for Ann & Robert H. Lurie Children’s Hospital of Chicago, as well as other philanthropic organizations.

Since the program’s launch last month, Proper Giving has raised more than $10,000 and expects to raise more than $40,000 by the end of the year. 

“At Proper Title, we have experienced tremendous growth in the two years since the firm’s inception, and feel a responsibility to share that success by helping those in need,” said Ben Niernberg, executive vice president of business development and operations at Proper Title.

“Because we’re making a contribution for every closing transaction, as we continue to grow, so does our positive impact on the children at Lurie’s and their families.”

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

Julie Liedtke, jliedtke@taylorjohnson.com, (312) 267-4521

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

Passco Companies Acquires 598-Unit Class-A Multifamily Community in Nashville, TN for $93.5 Million

The Lexington Apartments, Bellevue submaket, Nashville, TN

Colin Gillis

NASHVILLE, TN  – Passco Companies, LLC has acquired The Lexington Apartments, a 598-unit, Class-A garden-style multifamily community located in the Bellevue submarket of Nashville, Tennessee for $93.5 million, according to Colin Gillis, Passco Companies’ Director of Acquisitions, Southeast.

“Nashville is one of the fastest growing cities in the country, boasting population and job growth numbers that have outperformed the national average each year post-recession,” explained Gillis. “The Lexington Apartments is a solid acquisition for Passco.”

According to Gillis, the Nashville market is directly aligned with Passco’s current acquisition strategy, through which the company focuses on identifying markets that are poised for significant growth.

The Lexington is located in Bellevue, one of the most attractive submarkets of Nashville, Gillis added, and the closest submarket to the area’s vast urban employment centers.

Vince Lefler of JLL’s Nashville office facilitated the sale of The Lexington Apartments.

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

Corynne Randel / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

CRandel@browermillercole.com

      

Newmark Grubb Knight Frank Completes New Restaurant Lease with Dolce Pane e Vino in The Village at Pacific Highlands Ranch in San Diego, CA

  

 

Randee Stratton

San Diego, CA (August 13, 2015) — Newmark Grubb Knight Frank (NGKF) has completed a new lease with Dolce Pane e Vino, a casual upscale dining restaurant with farm-to-table wood-fired cuisine, a wine bar and hand-crafted cocktails.

The restaurant’s new location will also offer a cheese and wine retail venue as well as curb-side service. 

The 10-year lease is valued at $3.2 million and totals 5,126 square feet at The Village at Pacific Highlands Ranch in the North County Carmel Valley area of San Diego, California.

Dolce Pane e Vino is anticipated to open its doors at 5980 Village Way in November 2015.

Randee Stratton, managing director with NGKF in the firm’s La Jolla office, completed the lease on behalf of Dolce Pane e Vino. CBRE represented the seller, PHR Village, LLC. 

  “The restaurant’s newest location is ideal, as it will be situated in a premier, mixed-use center with a complementary tenant mix that is surrounded by an affluent customer base adjacent to the 56 Corridor,” said Stratton. “Additionally, this market is becoming similar to Silicon Valley, as companies continue to expand along the 56 corridor from the nearby 5 and 15 interstates.”

  Dolce Pane e Vino has one other San Diego location that opened in 2010 in Rancho Santa Fe and has established itself as a local favorite.

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

 http://www.bgcpartners.com/.

www.ngkf.com.

NAI Realvest Negotiates Leases for more than 10,000 SF of Industrial space on Goldenrod and Hanging Moss in Orlando, FL

Kristen Kemp

ORLANDO, FL  – NAI Realvest recently negotiated four lease agreements for 10,353 rentable square feet of industrial space at Goldenrod and Hanging Moss CommerCenters in Orlando. 

Michael Heidrich, principal and Kristen Kemp, associate at NAI Realvest negotiated the lease of 4,412 square feet in Suite 240 at 1468 N. Goldenrod Rd. representing the landlord Goldenrod SPE, LLC. 

The new tenant is Logsdon & Sons Installations, LLC represented by Josiah Biddle of McNulty Group. 

Heidrich also brokered a lease renewal on behalf of the same landlord with Mobil Oval Auto Repair, LLC, the tenant who occupies Suite 325 with 2,191 square feet. 

Patricia Sullivan

Heidrich negotiated two new lease agreements for 1,875 square feet each in Hanging Moss CommerCenter at 6124 Hanging Moss Rd. 

The local tenants are Steamatic of Central Florida, Inc., represented by Patricia Sullivan of Olde Town Brokers, and White’s Athletics, LLC represented by Bryan Daughtry of Century 21 Carioti.    Hanging Moss 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

CBRE Lists Mercantile Bank Plaza for Sale in Winter Park, FL

Mercantile Bank Plaza, 1560 North Orange Avenue, Winter Park, FL

ORLANDO, FL -- CBRE, Inc. is the exclusive marketing broker for 1560 N. Orange Ave; a Class-A, seven story, multi-tenant office building located in Winter Park, Florida.

Excellent access and visibility, strong occupancy and high quality nearby amenities make 1560 Orange an excellent investment that does not come available often.

     

Ron Rogg

   Property Snapshot

Rentable Area 102,651 sq. ft.

Land Size ±4.74 Acres (±206,651 SF) on main parcel plus

±0.64 Acres (± 27,878 SF) on parking lot across Orange Avenue

±5.38 Acres TOTAL

Year Built 1971

No. of Stories Seven

Parking 234 Surface Spaces on-site, plus 60 in the lot across Orange Avenue

Submarket Winter Park

 

       Investment Highlights

  +  NOI projected to grow 66% over the next ten years

 +  Winter Park office vacancy rate is only 10.78% as of 2Q 2015 (Class A vacancy is 4.36%)

 +  In-place rents are below market

 +  Strong in-place income from credit tenants

 +  Additional development potential: medical, office, retail, residential

 +  Superior location and visibility on a hard corner, offering more than 1,100 linear feet frontage on 17/92 and Orange Avenue

   +  Minutes away from Orlando's CBD, Florida Hospital, Park Avenue and Rollins College

 +  Amenities include an on-site fitness center and ATM

 +  Located at signalized intersection

Edward 'Chip' Wooten

 +  Rare opportunity to purchase a well-established office property in one of Orlando’s most exclusive submarkets

  

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

  Ronald J. Rogg, CCIM

Executive Vice President

+1 407 839 3194

ron.rogg@cbre.com

 

Edward "Chip" Wooten

Associate

+1 407 839 3195

chip.wooten@cbre.com

  

PKF Hospitality Research Forecast Accuracy Remains High

  

R. Mark Woodworth

 Atlanta, GA, Aug. 12, 2015 – PKF Hospitality Research (PKF-HR), a CBRE Company released the results of their latest assessment of the accuracy of their Hotel Horizons® forecasts for the U.S. lodging industry.  

This is the fourth periodic review conducted by PKF-HR since 2005 and is an important and critical component of the firm’s forecasting efforts.

“Once again we are pleased to report that the accuracy of our forecasts remains high,” said R. Mark Woodworth, senior managing director of PKF-HR.  “Accuracy on the national level continues to far exceed generally accepted benchmarks.  

"At the local level, accuracy is strong for the most part.  However, there are markets where the level of precision will be improved.

“Periodic accuracy assessments are extremely important to us.  Internally, they help us improve our models and forecasting procedures.  Externally, these tests of accuracy allow our clients to calibrate the decisions they are making based on our forecasts,” said Woodworth.

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

Chris Daly

Gray Public Relations

703 435 6293

chris@dalygray.com

www.dalygray.com

Veteran Healthcare Practice Consultant Ernie Anaya Joins Bull Realty in Atlanta, GA

Ernie Anaya

ATLANTA, GA (Aug. 12, 2015) – Veteran healthcare practice consultant Ernie Anaya, MBA has joined Atlanta-based commercial real estate brokerage firm Bull Realty’s Healthcare Real Estate Services division.

 Ernie’s practice is focused on delivering commercial real estate solutions for healthcare providers—including large medical group practices, clinics, and integrated healthcare systems- that meet their client demographic profiles, space requirements, and compliance with OSHA, Stark and Anti-Kickback laws and HIPAA. 

His goal is to help healthcare clients develop and execute successful healthcare real estate strategies that meet space requirements, and growth and profitability goals.

Anaya has over 20 years of experience in Fortune 500 Business-to-Business and Management Consulting, with a focus on the healthcare industry. 

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

Melissa Henry

Communications Associate

Bull Realty, Inc.

50 Glenlake Pkwy, Suite 600

Atlanta, GA  30328

404-876-1640 x 110

Anita Paryani and Jake Roberts of IPA Capital Markets Arrange $100 Million in Investment Property Financing in Second Quarter

Anita Paryani

LOS ANGELES, CA  – Institutional Property Advisors Capital Markets (IPACM), a leading provider of debt and equity placements and advisory solutions for major investors, announces that Jake Roberts, first vice president capital markets, IPA, a division of Marcus & Millichap, and Anita Paryani, vice president capital markets, IPA, both in West Los Angeles, arranged approximately $100,000,000 in commercial real estate financing in the second quarter of this year.

            “As the country’s economy continues to grow, commercial real estate investors are taking advantage of the market’s fundamentally sound conditions to add to their investment portfolios and refinance existing assets at favorable terms from a wide variety of funding sources,” says Roberts.

“Investors are seeing strong performances from most property types and are enjoying improved access to financing,” adds Paryani. “Nonbank lenders, including private equity lenders, are providing more loans, especially first mortgage loans, to commercial real estate borrowers and the number of CMBS lenders in the marketplace continues to grow.”

Jake Roberts

“Even with the increasing likelihood of an upward interest rate adjustment in September, it’s a great time to be a borrower,” concludes Roberts.

One of Roberts and Paryani’s most significant transactions in the second quarter is $29,250,000 in acquisition financing for a multifamily property in Northern California.

The 65 percent loan-to-value, three-year debt placement has an adjustable interest rate of LIBOR plus 200 basis points. Roberts and Paryani also procured $23,300,000 in fixed-rate refinancing at 4.53 percent over a 30-year term for a hospitality property in San Diego. That debt placement is 70 percent loan-to-value.

Other financial arrangements completed by Roberts and Paryani in the quarter include the placement of multifamily acquisition loans in Spokane Wash. that totaled more than $19 million and a $6.78 million industrial warehouse refinancing in Grand Rapids, Mich.

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

Gina Relva

Public Relations Manager

(925) 953-1716

IPA Facilitates Sale of Crabtree Valley Rehab Facility in Northwest Raleigh, NC

Mark Myers

RALEIGH, NC – 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 a 134-bed skilled nursing facility, Crabtree Valley Rehab, located at 3830 Blue Ridge Road in the northwest portion of Raleigh.

            IPA executive director Mark Myers, IPA senior director Joshua Jandris and IPA associate director Charles Hilding, all of the firm’s Chicago O’Hare office, advised the seller. Mike Pardoll, senior vice president investments and senior director of the national senior housing group, of the firm’s Charlotte office procured the buyer. 

“The facility is operating extremely well and experiencing strong cash flow,” says Myers. “It is conveniently located within 5 miles of two hospitals.”

            The facility was built in two phases, with the 100 and 200 halls built in 1987 and the 300 and 400 halls built in 1993. There are six private rooms and 64 semi-private rooms for a total of 70 patient rooms.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap’s Exclusive Listing: Sabina Plaza in Miami, FL Hits the Market for $13.6 Million

Sabina Plaza, SW 152nd Avenue , Miami, FL

Kirk D. Olson

 MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced that it has obtained the exclusive listing for Sabina Plaza at Bird Road, a 51,044-square-foot shopping center located in Miami. The asset is listed for $13,616,000.

Kirk D. Olson and Drew A. Kristol, both vice president investments in Marcus & Millichap’s Miami office, are representing the seller, a limited liability company from North Miami, Fla.

“The property is in impeccable condition with minimal deferred maintenance and excellent curb appeal,” says Olson. “This is a rare opportunity for an investor to own a newer construction shopping center in one of Miami’s most attractive, high-growth submarkets.”

Sabina Plaza is anchored by Dollar Tree with a diverse mix of national and local tenants including a daycare, martial arts studio, dance studio, dental office, nail salon, beauty salon, cross-fit gym and two restaurants. Walgreens and Bank of America are outparcels to the property and attract significant traffic; they are not included in the offering.

Sabina Plaza at Bird Road is located at 4001 SW 152nd Avenue on the signalized corner of Bird Road and SW 152nd Avenue.

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