Wednesday, August 19, 2015

Two 55-Plus Manufactured Home Communities in Manatee County, FL Sell for $27.8 Million


Kyle Baskin
PALMETTO, FL – 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 two adjacent 55-plus manufactured home communities in Palmetto, Fla.

They are the 244-space Palm Bay, which sold for $13.1 million and Colonial Mobile Manor, which has 235 spaces and brought $14.7 million.

            Kyle Baskin and Jonathon McClellan, vice presidents investments in Marcus & Millichap’s Cleveland office, represented the buyer, Kingsley Management. Kirk Felici, first vice president and district manager in the firm’s Miami office, is Marcus & Millichap’s broker of record in Florida.

            “Given the current market conditions, and the demand for larger, age-restricted communities throughout the nation, we feel that both buyer and seller capitalized on this unique opportunity,” says Baskin.

“We are extremely pleased with the buyer’s ability to complete this transaction,” adds McClellan.

Palm Bay is located at 751 10th St. East, U.S. 301 N. in Palmetto and Colonial Mobile Manor is adjacent at 900 9th Ave. East.

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

Gina Relva
Public Relations Manager
(925) 953-1716

West Los Angeles Apartment Building Sells for $10.2 Million


1309 Amherst Avenue Apartments, West Los Angeles, CA

 
Ron Harris
LOS ANGELES, CA  – 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 1309 Amherst Ave., a 28-unit apartment building in West Los Angeles, one block from Brentwood. The $10,245,000 sales price equates to approximately $366,000 per unit.

            Ron Harris, executive vice president investments, Paul Darrow, vice president investments, and Michael DiSimone, senior associate, all in Marcus & Millichap’s Los Angeles office, represented the seller and procured the buyer.

            “On the market for the first time in more than 30 years, 1309 Amherst attracted a substantial amount of interest from multifamily property investors,” says Harris. “The property is perfectly suited for a comprehensive renovation that will allow the new owner to achieve a significant cash flow increase.”

“The Westside submarket of Los Angeles market maintains some of the lowest vacancies and highest rents in all of Southern California,” adds Darrow. “The area features superb demographics and is expected to capture consistent growth in the coming years.”

Paul Darrow
The two-story apartment building is located on the southwest corner of Amherst Avenue and Texas Avenue in a quiet residential area between Wilshire Boulevard and Santa Monica Boulevard. 

The location is adjacent to the epicenter of Los Angeles’s tech and startup community and approximately 25,000,000 square feet of office space. 

The property is minutes from Montana Avenue, Santa Monica Place, Third Street Promenade and Westwood. Access to major thoroughfares such as interstates 10 and 405 is nearby.

Built in 1972 on approximately 0.50 acres, 1309 Amherst Ave. has a total area of 26,155 square feet. 

The unit mix is one studio, 14 one-bedroom/one-bath units and 13 two-bedroom/two-bath apartments. 

Community amenities include controlled access, 49 semi-subterranean parking spaces, a courtyard, a bicycle storage area, and on-site laundry facilities. Apartment interiors feature gas fireplaces, ceiling fans in the kitchen areas, walk-in closets, and private balconies.

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

Gina Relva
Public Relations Manager
(925) 953-1716


            

SRF Ventures Secures $11 Million Loan for Boca Raton, FL Landowner



Steven Fischler
Boca Raton, FL --SRF Ventures has arranged an $11 million cash-out land loan for a borrower in Boca Raton.

The non-recourse 18-month loan, which has only six months of minimum interest, allows the borrower to recoup equity and execute their business plan with substantial flexibility going forward.

Lenders are often reticent to provide such loans as they prefer borrowers maintain equity in a property, but SRF Ventures was able to overcome this hurdle in completing the transaction.

“We were able to achieve higher proceeds than the borrower initially envisioned. 

"By working with a wider variety of lenders that most, we were able to find a local lender who understood the premiere location of the property and the reasonable loan to value request. Both the borrower and lender are very satisfied with the result,” said Steven Fischler, founder, president and managing principal of SRF Ventures.

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

Ilana Tescher
Account Executive
BoardroomPR
Office: 954-370-8999
Cell: 954-249-1816

Charles Dunn Co. Completes 50,147-Square-Foot Office Lease Renewal with County of Los Angeles in Los Angeles, CA

  
JM Eagle Building, 5200 West Century Boulevard
near Los Angeles International Airport, Los Angeles, CA

LOS ANGELES, CA, Aug.19, 2015 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed a five-year, 50,147-square-foot office lease renewal with the County of Los Angeles valued in excess of $6 million. 

Chris Runyen
The space is within the 10-story, 325,000-square-foot JM Eagle building near LAX in Los Angeles.

Chris Runyen, Jason Cope, and Amir Madadi of Charles Dunn Company represented the owner, JM Eagle, the world's largest manufacturer of PVC pipe and related plastics products. The tenant represented itself.

Built in 1983, the Class A property is located at 5200 W. Century Blvd. and offers convenient access to the 405 and 105 freeways.

“The LAX market has traditionally carried a high vacancy, but the area is changing quickly,” said Runyen. 

“Vacant office buildings have become attractive to developers as potential conversions to hotels, and we’ve seen a significant number of tech and creative tenants considering the market as a less costly alternative to El Segundo, Playa Vista, and Silicon Beach.”

Runyen noted that the occupancy of the JM Eagle building was 60 percent occupied 12 months ago, and is now at 70 percent with a strong amount of leasing activity with small- to mid-sized tenants.

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

Darcie Giacchetto
949.278.6224

Taylor Johnson Announces New Client, The Habitat Co.


Daniel Levin
CHICAGO, IL -- Taylor Johnson President Emily Johnson announced a new client today -- The Habitat Company, one of the country’s leading multifamily developers and property managers.

Founded in 1971, The Habitat Company is a full-service residential real estate company specializing in property management, acquisitions, development and project management. Daniel Levin is the company’s founder and chairman.

Headquartered in Chicago with more than 700 employees across the country, Habitat’s portfolio spans a wide range of residential property types, including luxury rental apartments; condominiums; and affordable, public, senior and student housing communities.

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

Cara Mooses at Taylor Johnson, 312-267-4523 or cmooses@taylorjohnson.com.


Wyndham Hotel Group Names Eduardo Cruz del Rio Vice President of Operations for Latin America and Caribbean


Eduardo Cruz del Rio
 PARSIPPANY, NJ (Aug.19, 2015) – Wyndham Hotel Group today announced the appointment of Eduardo Cruz del Rio as vice president of operations for Latin America and the Caribbean.

Cruz Del Rio will report to Paulo Pena, Wyndham Hotel Group’s president and managing director for the region, and will be based in the company’s Parsippany, New Jersey, headquarters.

In this role, Cruz del Rio will be responsible for the overall performance of Wyndham Hotel Group hotels in Latin America and the Caribbean.

 He will support, maximize and maintain relationships with owners in the region in order to drive system contribution, revenue performance, quality, operational excellence, brand engagement and retention. 

He will also lead the region’s franchise integration, training, procurement, collections, design and construction teams.

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

Paula Carreiro
Wyndham Hotel Group
22 Sylvan Way
Parsippany, NJ  07054
(973) 753-7927

Six/Ten Signs The Results Companies to Downtown Winter Haven, FL Office Lease

  
 
Chad Lennox
Winter Haven, FL — Six/Ten, LLC has leased office space in the former Book Traders -Third and Central building to The Results Companies, one of the world’s leading Customer Experience Management providers.

 The company, which has been operating in Winter Haven for five years, is expanding its existing services to a 4,206 sq. ft. space at 41 Third Street, NW, Winter Haven, FL 33881. 

Six/Ten is currently completing an interior build-out of the space, which is expected to be finished by mid August. The new space will be used for training of new hires and existing employees.

“More and more businesses are seeing the value of having a presence in the revamped downtown area,” said Six/Ten’s leasing agent, Chad Lennox.  “Leasing activity for businesses in the area has been on a steady incline.”

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

Michelle Griffith
BoardroomPR
407-973-8555


Marcus & Millichap Arranges Sale of 26-Unit Apartment Portfolio in Tampa, FL

  
                                                              
Francesco P. Carriera
                     
TAMPA, 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 the De Leon & Azeele Portfolio, a 26-unit apartment portfolio located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $3,300,000.

Francesco P. Carriera and Michael P. Regan, both vice president investments, and Cameron Barbas, associate, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer was secured and represented by Cameron Barbas,. Regan and Carriera. 

The properties included in this portfolio are located at 611 West De Leon Street, 801 West Azeele Street and 3012 West De Leon Street in the highly desirable Hyde Park and South Tampa submarkets of Tampa, Florida.

 They are within walking distance of downtown Tampa, the University of Tampa, Hyde Park Village and South Howard Avenue. 

Michael P. Regan
The portfolio consists of three, two-story buildings which are comprised of four, one-bedroom/one-bathroom units ranging from 550 to 625 rentable square feet; five, one-bedroom/one-bathroom units with a den ranging from 600 to 900 rentable square feet; 15 two-bedroom/one-bathroom units ranging from 850 to 1,000 rentable square feet and two, two-bedroom/two-bathroom units with a den ranging from 1,200 to 1,300 rentable square feet.

“We effectively drove multiple offers from local and out of area owners in the first weeks of marketing, and the property was ultimately purchased by an out of area buyer,” says Barbas.

“Our ability to cultivate competition for this Hyde Park asset allowed us to truly maximize the seller’s net proceeds. 

"The 26 units, which have not been renovated, were achieving top of the market rents leading to a market high price per unit of over $126,000 for this 1920s and 1960s asset.”

“The Carriera Regan team has listed, closed or put over 440 units under contract in the South Tampa and Hyde Park submarkets since November of 2014,” Barbas adds. “This high volume of transactions speaks to the demand from local, national and international buyers that this submarket is a place to put their capital.”


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

Richard D. Matricaria
Vice President/Regional Manager
Tampa, FL

(813) 387-4700

MetWest International Adds Local Restaurant Thai Prime to its Menu of Dining Options in Tampa, FL


Kalyn Brandewie
 TAMPA, FL –   MetWest International is adding Thai Prime to its already impressive line-up of restaurants at its retail center across from International Plaza and Tampa International Airport.

   Thai Prime is a local restaurant known for its authentic Thai cuisine and is slated to open in the fall. It will offer 176 seats, a full liquor bar and outside seating.

The restaurant signed a 2,613 square foot lease at MetWest International in Tampa’s Westshore Business District.

 Kalyn Brandewie of Florida Retail Partners brokered the deal on behalf of the project’s owner. Dean Koutroumanis of The Boardwalk Company represented the tenant.  

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

Kalyn Brandewie, Florida Retail Partners
(813) 251-3333


Crossman & Co. names Dan Colachicco Senior Managing Director

  
Dan Colachicco
Orlando, FL– Crossman & Company’s Dan Colachicco has been promoted to Senior Managing Director of Brokerage Services, where he will oversee the leasing and investment sales teams.

Colachicco has been a leader in the commercial real estate industry for more than 35 years, and has been involved with hundreds of millions of dollars in transactions. He previously served as the company’s Director of Investment Sales.

“We are excited to promote Dan to Senior Managing Director of Brokerage Services. He is a seasoned veteran in the industry with a depth and breadth of experience that will further strengthen our brokerage team as we grow,” said Crossman & Company President John Crossman.

Prior to joining Crossman & Company, Colachicco served as a Senior Vice President with NAI Realvest and was the Regional Manager for the Orlando Office of Marcus & Millichap. Colachicco has trained and developed hundreds of commercial real estate professionals during his career.

Colachicco is a member of the International Council of Shopping Centers and a past board member of the Alzheimer Resource Center.

For a complete copy of the company’s news release, please contact:
Sydnie Cobb
Crossman & Company
407.581.6261


Multi Housing Advisors Brokers $10 Million Sale of Apartment Community in Athens, GA


Robert Stickel
ATLANTA, GA — Multi Housing Advisors (MHA) has arranged the $10 million sale of Arbor Ridge, a 212-unit apartment community in Athens, Georgia.

Robert Stickel, who leads MHA’s central to coastal Georgia deal team, represented the Texas-based seller in the transaction, and procured the New York-based buyer.

“There continues to be incredible investor demand for quality value-add product,” Stickel said. 

“The Athens market is consistently demonstrating strong fundamentals with limited conventional development and increasing employment, resulting in a submarket with a very attractive supply and demand dynamic.”

Arbor Ridge, built in 1969 and renovated in 2008, is located at 150 Chateau Terrace and features a clubhouse, swimming pool, and tennis court.

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)



Tuesday, August 18, 2015

Marcus & Millichap Adds Three Experienced Specialists to the Firm’s National Hospitality Group in Charleston, SC

  
Josh Williams
CHARLESTON, SC  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has hired three experienced hospitality investment professionals to join the firm’s National Hospitality Group (NHG) in Charleston, S.C., according to Gregory A. LaBerge, the NHG’s national director.

Josh Williams joins the firm as an NHG senior director, Joce Messinger as an NHG director and Michael Estes as an NHG associate member.

Vishal Patel, an associate member of the NHG in the Charleston office will also be part of the team.

“The addition of Josh, Joce and Michael to our already industry-leading team of hospitality property investment specialists provides our clients in the southeastern United States with an even greater depth of resources,” says LaBerge.

Joce Messinger
            In his new position, Williams is responsible for Marcus & Millichap’s hotel acquisition and disposition services in the southeastern United States, with major initiatives in North Carolina, South Carolina, and Virginia. 

His 25-plus-year industry experience includes assignments involving large full-service hotels, select service and economy-branded hotels and inns. 

He will guide the team in serving the needs of institutional and private client owners. Williams is a graduate of the University of Georgia.

“Marcus & Millichap continues to redefine the hotel brokerage landscape,” says Williams. “The firm’s platform is truly unlike any other in creating value for hotel owners, and Joce, Mike, Vishal and I are excited at the prospect of helping our clients leverage the many services Marcus & Millichap provides.”

Messinger has closed more than 25 investment real estate transactions in the southeastern U.S. He received a B.S. in business management with a concentration in hotels and hospitality from the College of Charleston.

Michael Estes
“Marcus & Millichap’s National Hospitality Group, with its highly defined specialization on investment properties and financing specifically tailored for the hospitality asset class, ensures that our clients receive exceptional brokerage services,” adds Messinger.

Prior to joining Marcus & Millichap, Estes was the managing director for Charleston-based Beacon Hospitality. 

He has more than 10 years of hospitality management experience as an operator of a variety of full-service and select-service hotels in the Southeast and Mid-Atlantic.

 He is especially well versed in evaluating the performance of brands across the Hilton, Hyatt and Starwood platforms.

“I am looking forward to further strengthening my long-term relationships with hoteliers in the Mid-Atlantic and Carolinas and showing them firsthand why Marcus & Millichap has the industry’s strongest investment sales platform,” Estes says.  

“Combining the strengths, experience and market knowledge of Josh’s team with the value proposition of Marcus & Millichap’s national hotel platform creates a highly compelling solution for hotel owners,” notes Raj Ravi, regional manager for Marcus & Millichap overseeing the Carolinas market.

Patel became an associate with Marcus & Millichap earlier this year. He graduated from Georgia Southern University with a B.B.A. in economics.

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

Gina Relva
Public Relations Manager
(925) 953-1716

Stirling Sotheby’s International Realty Named Exclusive Marketing Agents of Historic Mansion, Destination near Gainesville, FL


Elsie Benitez
GAINESVILLE, FL --- Stirling Sotheby’s International Realty has been named exclusive marketing agents for the Herlong Mansion  an award-winning inn and gardens listed on the National Register of Historic Places.  

The mansion is located two minutes from I-75 and 441 southwest of downtown Gainesville and 10 minutes from the University of Florida. 

“The Herlong Mansion offers a new owner tremendous potential and income opportunity,” said Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty.

 “The mansion is ideally situated, designed and equipped for a destination bed and breakfast and for its historic uses – large weddings and receptions, family reunions, corporate retreats and UF activities.”

 Elsie Benitez, International Marketing Specialist at Stirling Sotheby’s International Realty, is representing the property and serves as principal contact.

Herlong Mansion, near Downtown Gainesville, FL
The Greek revival three-story mansion was constructed in 1910.  Its quaint village setting, situated on 2.3 acres of tranquil gardens with gazebos, is surrounded by stately oaks and giant magnolias. 

The mansion features grand porches,  a grand staircase, 10 ornate fireplaces, 10 private, professionally furnished and decorated suites, an owner’s apartment and two, free-standing single-bedroom cottages. 

 The mansion’s kitchen is well equipped and serves a dining room that seats 25 and a separate banquet hall that can accommodate up to 70 seated guests.

The property is being offered for sale fully equipped, licensed and furnished at $1,299,000, which is below recent appraised value, according to Soderstrom.   

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

Roger Soderstrom, Founder & Owner, Stirling Sotheby’s International Realty, 407-333-1900; rsoderstrom@stirlingsir.com

Chatham Lodging Completes Acquisition of the Residence Inn Fort Lauderdale Intracoastal


Residence Inn Fort Lauderdale Intracoastal/Il Lugano

 PALM BEACH, FL, Aug. 18, 2015—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced that it has completed the previously announced acquisition of the 105-room Residence Inn Fort Lauderdale Intracoastal/Il Lugano.

Dennis Craven
“This is a great addition to our portfolio, further enhances its quality and geographic distribution,” commented Dennis Craven, Chatham’s chief operating officer.

 “Given the current disconnect in public pricing of our common stock, we will use debt and other sources to fund acquisitions over the near term. 

"Our balance sheet is in great shape and we are comfortable adding leverage, as well as potentially recycling capital out of existing assets into hotels in higher growth markets.”

The Residence Inn Fort Lauderdale Intracoastal/Il Lugano opened in 2008 as the Il Lugano Hotel and Residences and was converted to a Residence Inn in 2014.

The stunning 14-story building is located on the eastern edge of the Intracoastal Waterway at Oakland Park Blvd., in Fort Lauderdale and includes 105 oversized rooms ranging from 550 to over 850 square feet, all with views of the Intracoastal Waterway and/or the Atlantic Ocean.

Intracoastal Waterway, Fort Lauderdale, FL
Other hotel amenities include the Coastal View Restaurant, intracoastal waterfront meeting room, 177-space parking garage and waterfront deck with docks that can be expanded for added food and beverage operations. 

The building includes independently owned condominiums that are not a component of the hotel’s operations. 

For the discerning traveler, the hotel provides excellent access to some of the more exclusive beaches and restaurants as compared to hotels along the Fort Lauderdale strip.

 The market continues to experience significant growth in tourism, and the hotel will benefit from the almost $2.5 billion expansion and renovation of the Fort Lauderdale International Airport currently underway which will attract more travelers from the United States, Central America and South America.

Chatham funded the Fort Lauderdale Intracoastal purchase with available cash and borrowings on its revolving credit facility. The hotel will be managed by Island Hospitality Management, a leading hotel management company which is 51 percent owned by Fisher.

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

Chris Daly    
Daly Gray Public Relations                        

(703) 435-6293                                                     

Michael Maidhof Joins Meridian Capital Group as a Senior Vice President to Further the Expansion of its Agency Platform Nationally


Michael Maidhof
 New York, NY, Aug. 18, 2015 – Meridian Capital Group, America’s most active debt broker, announced today that Michael Maidhof joined the Company as a Senior Vice President, reporting to Senior Managing Director, Mike Edelman

Mr. Maidhof will be responsible for expanding Meridian’s agency origination and underwriting capabilities as well as sourcing and placing loans generated by Meridian’s newly-formed investment sales platform.

Mr. Maidhof joins Meridian from Freddie Mac where he most recently held the role of Production and Sales Manager for the Northeast Region.

His tenure at Freddie Mac began in August 2007 as an Underwriter Analyst from which he progressed to a Senior Underwriter in March 2012.

Prior to Freddie Mac, Mr. Maidhof worked for Hunt Mortgage Group (formerly Centerline) where he held the roles of Underwriter Analyst and Associate and was focused on LIHTC transactions and servicing Freddie Mac loans. Mr. Maidhof holds a B.A. from SUNY Binghamton.

“Over Mike’s eight years at Freddie Mac he has developed extensive product knowledge and expertise that is truly second to none,” said Mr. Edelman. “I am thrilled to have a partner of Mike’s caliber at Meridian, and together, I look forward to quickly expanding the firm’s agency platform and capabilities nationally,” he added.

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

Jonathan Stern
Meridian Capital Group
212/972-3600