Saturday, August 22, 2015

Crossman & Co.’s Thomas Bolen Featured Speaker at ICSC Florida Conference & Deal Making in Orlando, FL

  
Thomas Bolen
Orlando, FL – Crossman & Company’s Consulting Associate Thomas Bolen will serve as a featured speaker at the International Council of Shopping Centers (ICSC) Florida Conference & Deal Making on Aug. 31.

Bolen, a 2015-16 ICSC Foundation Fiala Fellow, will speak about his Fiala Fellowship and plans to increase the representation of Historically Black Colleges and Universities (HBCU) and its students within ICSC.

 Of the more than 1,400 student members in the ICSC, only 17 of them are HBCU students; and only two of the more than 400 schools represented within the ICSC are HBCUs.

 He will push to increase the HBCU’s student membership from 17 to 30 and to increase the HBCU’s representation from two schools to eight schools. Bolen also will lay the groundwork for the first HBCU represented at RECON.

Bolen will speak during the conference’s Breakfast/Opening Remarks & Program Overview, which will take place from 7:30 to 8:30 a.m. on Aug. 31 at the Orange County Convention Center in Orlando.

The annual ICSC Florida Conference & Deal Making will take place from Aug. 30 to Sept. 1 at the Orange County Convention Center in Orlando.

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


Third & Urban Acquires Seven Warehouse Buildings in Armour Yards

  
Pierce Lancaster
ATLANTA, GA – Third & Urban, a real estate development and investment firm, announces it has purchased four warehouse buildings with three more set to close by the end of the year in the up-and-coming Armour/Ottley industrial area adjacent to SweetWater Brewing Company and American Spirit Works.

The 275,000 square feet of warehouse buildings were chosen for their excellent access to I-85, Piedmont Park, future Atlanta BeltLine and Path 400 trail access and their proximity to Buckhead and Midtown. 

The $70 million redevelopment, called Armour Yards, is fully funded, with groundbreaking taking place in August 2015 and rolling deliveries scheduled between winter and summer of 2016.

“We’ve spent considerable time studying a lot of progressive office product in west coast markets over the past year—airy, approachable campuses in urban settings with a focus on community and quality of life,” says Pierce Lancaster of Third & Urban. 

“TAMI tenants (tech, advertising, media and information) have largely driven this shift, but we think the appeal is universal, and growing rapidly in the Southeastern U.S.”

Hank Farmer
Through assemblage of the seven warehouse buildings, Third & Urban has sufficient scale to make a true impact on the streetscape and overall environment of Armour Yards. 

The mixed-use buildings will provide tenants with physically inspiring office space, incorporating restaurants, a coffee shop and a variety of entertainment options.

“People are seeking a work environment that’s different from the status quo, that provides discovery and delight in every detail, and that has the comfortable feel of a place you enjoy,” says partner Hank Farmer.

Leasing for Armour Yards is being led by Jeff Bellamy, Brooke Dewey, and Liz Koteles of JLL. Gay Construction has been selected as general contractor for the first phase of development, with architecture by Smith Dalia Architects and Kronberg Wall.

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

Lapidus/Andi Hill
Liz Lapidus PR
404-688-1466


Peachtree Center Cements its Place as Atlanta’s Next Dining Destination with the Addition of Three New Restaurants




 ATLANTA, GA — Peachtree Center, an office and retail destination located in downtown Atlanta, opened two new restaurants this summer and plans to unveil a third this fall, cementing its position as Downtown’s premier dining destination.

Marti Blackstock
Tin Lizzy’s Cantina and Gus’s World Famous Fried Chicken recently opened at the Downtown hub, and Panbury’s Double Crust Pies will open this fall.

These diverse eateries are joining Peachtree Center’s varied roster of dining options, including Middle Eastern hotspot Aviva by Kameel, which earlier this year was named the top restaurant in Atlanta by review website Yelp.

“As the downtown Atlanta market continues accelerating, Peachtree Center, being at the center of the area and on top of a MARTA station, is ready and able to attract the diversity of people visiting, working or living in Downtown,” said Marti Blackstock, vice president of Banyan Street Capital, which owns Peachtree Center.
  
“Adding this next layer of culinary options to our roster is an important step in driving home the message that this iconic Atlanta landmark continues to offer guests and tenants up-and-coming restaurants with both local and global flare.”
  
  For a complete copy of the company’s news release, please contact:

Hadley Creekmuir
The Wilbert Group
404-343-4080

facebook.com/peachtreecenter

Ackerman & Co. Names Leo Wiener Head of Retail


Leo Wiener
Atlanta, GA –  Ackerman & Co. welcomes Leo Wiener as President of Ackerman Retail. In this role, Wiener will focus on strengthening and expanding Ackerman’s retail platform throughout the Southeast.

Wiener brings more than 25 years of experience, as well as depth and knowledge, to his new role. 

He will work closely with Ackerman’s other service line leaders, including Kris Miller, President of Ackerman & Co.; F. Keene Miller, President of  Brokerage; Vivian Barnes, EVP and CFO, Property Management and Financial Services to seamlessly integrate its client retail services across service lines.

“We are very excited to have Leo on board,” said Kris Miller. “We look forward to his contributions to our existing and future retail development and leasing and management initiatives.” 

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

Fara Wilson
Vice President, Marketing
P: 770.913.3904    C: 678.358.2060    F: 770.913.3965

Essex Realty Group Completes Three Sales in Chicago, IL


617 West Fulton Street in the West Loop Sells for About $2.85 Million


Matt Welke
CHICAGO, IL --  Essex Realty Group, Inc. is pleased to announce the sale of 617 W. Fulton St.

617 W. Fulton St. is a 15,900 square foot commercial property located in Chicago’s West Loop neighborhood.

Situated on the south side of Fulton Street, between Desplaines Street and Jefferson Street, the property is conveniently located less than one quarter-mile from the CTA Clinton-Green Station (Green and Pink Lines) and one half-mile from the CTA Grand-Blue Station (Blue Line).

In addition, the building is located within one block of two CTA Bus Stations (Routes 50 and 56) and within close proximity to the Kennedy Expressway (I-90/94), which provides easy access throughout Chicago and to O’Hare International Airport.

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

Matt Welke and Jason Fishleder were the brokers on the transaction.

Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.


Office/Wareouse Building Sold in West Town Neighborhood

CHICAGO, ILLINOIS –  Essex Realty Group, Inc. is pleased to announce the sale of 2720 W. Chicago Ave.

Jason Fishleder
2720 W. Chicago is an 8,923 square foot office/warehouse property located Chicago’s fastest growing and developing neighborhood of West Town.

The property is situated on the north side of Chicago Ave., between Fairfield Ave. and Washtenaw Ave. It is conveniently situated along the Chicago Ave. bus route and is less than one mile from the Western Ave. Metra Station (MD-N, MD-W and NSC lines).

The sale price was approximately $715,000.

Matt Welke and Jim Darrow were the brokers on the transaction.

7-Unit Multi-Family Building in Lincoln Park Neighborhood Goes for About $1.6 Million
  

CHICAGO, ILLINOIS  - Essex Realty Group, Inc. is pleased to announce the sale of 1951 N. Fremont St.
  
1951 N. Fremont St. is a 7-unit, walk-up apartment building located in Chicago’s Lincoln Park neighborhood. The building consists of three (3) 1Bd/Ba and four (4) 2Bd/1Ba apartments. Four (4) of the units have been updated to include granite countertops, stainless steel appliance and renovated bathrooms. In addition, there is a common patio and two-car garage in the rear.

The property is situated steps from Armitage Avenue in the heart of Lincoln Park, and is within walking distance of a multitude of boutique ships, restaurants and the Armitage and North CTA stations (Brown, Purple & Red lines). 

Douglas Fisher
In addition, the building is located within close proximity to many name brand retail stores including Mariano’s, Trader Joe’s, Whole Foods, Binny’s, Bed Bath & Beyond, CVS, Dunkin’ Donuts and Starbucks. 

Other area neighbors include DePaul University, Lincoln Park High School, the Lincoln Park Zoom Oz Park, and the Steppenwolf Theater.

The sale price was approximately $1,610,000.


Jason Fishleder and Doug Fisher were the brokers on the transaction.

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

Douglas Fisher
Essex Realty Group, Inc.
773.305.4910

Thursday, August 20, 2015

Berger Commercial Realty Broker Steve Hyatt Closes Sale of Broward Lakes Business Park Property in Sunrise, FL for $600,000


Steve Hyatt
FORT LAUDERDALE, FL (Aug. 20, 2015) - Senior Vice President Steve Hyatt of Berger Commercial Realty, a full service commercial real estate firm based in South Florida, recently represented Ken Custer of Custer Capital, LLC for the sale of a property within Broward Lakes Business Park to Schaller Automation, LP for $600,000.

Located at 811 Shotgun Road in Sunrise, the 3,375-square-foot office / warehouse condo consists of 1,625 square-feet of office space and 1,750 square-feet of open warehouse space.

 It features upscale finishes in the office and showroom areas, a 22-foot ceiling, two bathrooms, a large eat-in kitchen area and one grade-level drive-in door.

Represented by Realty Associates, Schaller Automation is an international corporation that provides diesel engine monitoring and security systems to protect large engines from crankcase explosions.


811 Shotgun Road, Sunrise, FL
The German-based company supplies Visatron oil mist detector systems to over 40,000 large diesel, gas and dual fuel engines in marine, offshore and land-based power plants worldwide. Locally, Schaller Automation services cruise ships docked at the major ports in South Florida.

"The buyer liked the property because of its close proximity and easy access to Port Everglades and Port of Miami," said Steve Hyatt

"Because of the property's versatility as a showroom, warehouse and office space, Schaller Automation plans to use the building as a base for regional offices and a testing center."

The property is located on the corner of I-75, I-595 and the Sawgrass Expressway within the 120-acre Broward Lakes Business Park, a master-planned and controlled business park consisting of multi-tenant flex, office and industrial space.

 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

Lincoln Buys 196,488-Square-Foot Shopping Center in Louisville, KY for $36 million

  
Jeffeerson Commons Shopping Center, Louisville, KY
  
ATLANTA, GA (Aug. 20, 2015) – Lincoln Property Company Southeast (Lincoln) has acquired the 196,488-square-foot Jefferson Commons, a neighborhood shopping center located in Louisville, Kentucky on behalf of American Realty Capital - Retail Centers of America I & II, a publicly registered, non-traded REIT. GBT Realty Corp. sold the property for $36 million.

Jefferson Commons is conveniently located minutes from I-65, I-265 and the Louisville International Airport. Academy Sports + Outdoors anchors the center, and additional retailers include hhgregg, Michaels and Shoe Carnival.

Tony Bartlett
American Realty Capital – Retail Centers of America I & II seeks to acquire existing anchored, stabilized, retail properties, including power centers, lifestyle centers, grocery-anchored shopping centers and other need-based shopping centers located in the United States. The REIT currently owns more than 25 properties across the country.

“The retail sector continues to show strong signs of improvement, and well-tenanted assets in good locations are in high demand,” said Tony Bartlett, senior vice president of Lincoln. “Jefferson Commons includes an excellent tenant mix and a centralized location that was appealing to us as a buyer.”

For more information on the Southeast Region of Lincoln Property Company, please visit www.lpcsoutheast.com

To check out the blog, go to www.lpcsoutheast.com/blog.

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

Savannah Duncan
The Wilbert Group
404-343-0870


American Realty Advisors Sells Three-Building Office Complex in Prime Boston Submarket

  
10, 40, and 52 Second Avenue Office Complex, Waltham, MA

WALTHAM, MA – American Realty Advisors announced the sale of an office complex comprising 294,663 square feet located in Waltham, Massachusetts. 

The office complex is located at 10, 40, and 52 Second Avenue in Waltham, Massachusetts.  The property is accessible via exit 27 off Route 128, providing excellent visibility on Second Avenue and convenient access to Route 128, according to American.

Scott Darling
The property, which was sold to a strategic buyer for an undisclosed amount, consists of three buildings that are situated in one of the Boston metro’s premier suburban markets, according to Scott Darling, President of American Realty Advisors.

“There is currently tremendous investor interest in high-quality Boston area office assets and this is driving prices to a premium,” said Darling. “Investors are willing to stretch for well-located premium assets with long term income stability.

“With a favorable market climate and our strategic management of the asset, American was able to achieve a favorable disposition execution.  This was clearly the ideal time to sell this property.”

Prior to the sale, American successfully extended the lease term with the existing anchor tenant.  The asset was 94% occupied at time of sale. 

Major leases in the property include its primary tenant, Massachusetts General Physicians Organization, Inc. and National Grid, the office complex’s second largest tenant. 

“We stabilized a steady stream of income and significantly enhanced the property’s value during our ownership,” continued Darling. “This increased and stable NOI was a key factor in strengthening the value of the asset.”
  
 For a complete copy of the company’s news release, please contact:

Lexi Astfalk / Jenn Quader
Brower, Miller & Cole
(949) 955-7940


Marcus & Millichap Brokers Sale of 10-Unit Illinois Avenue Apartments in Fort Myers, FL


Adam Podbelski
FORT MYERS, FL, Aug. 20, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Illinois Avenue Apartments, a 10-unit apartment community located in Fort Myers, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

 The asset sold for $465,000.

Adam Podbelski, associate, Nicholas Meoli and Michael Donaldson, both vice president investments, 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 Podbelski, Meoli and Donaldson. 

Illinois Avenue Apartments is a 10-unit apartment community consisting of a two-story building located at 2150 Illinois Avenue in Fort Myers, Florida.


Nicholas Meoli
Built in 1966, the structure is comprised of seven, one-bedroom/one-bathroom units with approximately 650 rentable square feet and three, two-bedroom/one-bathroom units with approximately 850 rentable square feet.

Sitting on an approximately 0.40 acre lot just a quarter-mile from the Edison and Ford Winter Estate, Illinois Avenue Apartments features tile flooring in all units, garden-style porches and an on-site laundry facility.

“The demand for multifamily product in Lee County, especially the downtown and River District of Fort Myers, has consistently increased over the past year,” says Podbelski. “Illinois Avenue Apartments is a great example of this as we closed with an all-cash buyer within 30 days of going to contract.”                              


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

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

(813) 387-4700

$21.75 million sale of Vancouver, WA apartment community closed by HFF


The Addison Apartments, 7531 NE 18th Street, Vancouver, WA

 
Ira Virden
 PORTLAND, OR – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $21.75 million sale of The Addison, a 147-unit, garden-style apartment community in Vancouver, Washington.

HFF marketed the property on behalf of the seller, JB Matteson.  Jackson Square Properties purchased the asset free and clear of existing debt.  

HFF had previously secured fixed-rate financing for the property on behalf of the seller in 2011.

The Addison is located at 7531 NE 18th Street less than two miles from Interstate 205 and approximately 14 miles northeast of downtown Portland.  Completed in 2009, the property is 99 percent leased and has one-, two- and three-bedroom units.

Kerry Hughes
 Community amenities include a 24-hour fitness center, tanning bed, barbecue and picnic area, detached garages/carports and access to nearby walking trails and public transit.

The HFF investment sales team representing the seller 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


Capital Square Realty Advisors Completes DST Offering of 7-Building Retail Center in Southern California

  
 
Louis Rogers
PALM SPRINGS, CA (AUG. 20, 2015) – Capital Square Realty Advisors, LLC announced that its Delaware Statutory Trust offering, CSRA Komar Desert Center, DST, comprised of a seven-building retail center in Southern California, has been fully subscribed by investors.

“Komar Desert Center is a daily needs shopping center with the advantage of an excellent location in an affluent area along the highly trafficked Highway 111 corridor,” said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors.

 “We couldn’t be more pleased this DST investment is fully subscribed and are enthusiastic about providing a variety of DST opportunities for Capital Square’s investors.

“With the economy recovering in the Coachella valley, Komar Desert Center has the potential to provide investors with superior risk adjusted returns from a net leased multi-tenant investment where rents increase over time.”

With a total of 77,466 rentable square feet, Komar Desert Center is approximately 92 percent leased. Major tenants at the property include Starbucks, BevMo!, Burgers and Beer, Toda Moda, Souplantation and Mimi’s Café. Located at 79705 – 79845 Highway 111, Komar Desert Center was constructed in 2008 on 9.3 acres of land.

Komar Desert Center, 79705 – 79845 Highway 111
Palm Springs, CA
 The property has 429 parking spaces, or a ratio of 5.5 spaces per 1,000 square feet. Komar Desert Center is located on Highway 111, approximately three miles south of Interstate 10, connecting the Coachella Valley to Los Angeles by traveling west, and Phoenix by traveling east.

The Coachella valley is a collection of affluent resort communities, including Palm Springs, Palm Desert, La Quinta, Rancho Mirage, Desert Hot Springs, Indian Wells and Indio.

The area typically has a warm climate, and with proximity to the Greater Los Angeles area, is visited by many tourists from the northern United States and Canada. The Coachella valley retail market has achieved positive net absorption for five of the previous six quarters.

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

Julie Leber                                                                         
Spotlight Marketing Communications                    
949.427.5172, ext. 703                   

                                       

Lincoln Southeast, LLC, Appointed Receiver for 10 Park Place in Atlanta

  
 
Tony Bartlett
ATLANTA, GA – Lincoln Southeast, LLC, has been appointed as receiver for 10 Park Place, a 120,000-square-foot office building located in downtown Atlanta. 

In turn, the receiver has engaged its affiliate, Lincoln Property Company Southeast (Lincoln) to lease and manage the building.

“During the economic downturn that began in 2007, we began to build a resume as a receiver that could provide banks and special servicers with a one-stop shop from which to address challenged real estate,” said Tony Bartlett, senior vice president for Lincoln who oversees the firm’s Atlanta office.

 “Each asset presents a different challenge but as an owner-centric company, we believe we’ve been able to generate creative ideas and solutions for these troubled assets that have led to positive outcomes for our clients. 

10 Park Place, Atlanta, GA
"This is the latest in a string of prominent receiverships, and we believe that we will be able to protect and maximize the value of the asset efficiently and successfully.”

The property, built in 1932, is located a block from the "Five Points" intersection in downtown Atlanta and is adjacent to Woodruff Park, Georgia State University and the Hurt Building.

Lincoln has significant experience, managing, and leasing buildings in downtown Atlanta, including a nearly decade long association with The Equitable Building, located at 100 Peachtree St., and through its management and leasing of 55 Allen Plaza, located at 55 Ivan Allen Jr. Blvd


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

Savannah Duncan
The Wilbert Group
404-343-0870

HFF arranges $45 million financing for Class A multi-housing community in suburban Dallas, TX


Amalfi Stonebriar Apartments, 5725 Town and Country Boulevard, Frisco, TX

 
John Brownlee
 DALLAS, TX – Aug. 20, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $45 million in financing for Amalfi Stonebriar, a 395-unit, Class A multi-housing community in Frisco, Texas.

Working on behalf of the borrower, Pure Multi-Family REIT LP, HFF placed the 12-year, fixed-rate loan with TIAA-CREF.  Loan proceeds were used to acquire the property.

Amalfi Stonebriar is located at 5725 Town & Country Boulevard in the north Dallas suburb of Frisco across from the future headquarters of Toyota and FedEx, as well as the new Liberty Mutual office campus.

 Proximate to both the Sam Rayburn Tollway and the Dallas North Tollway, the property is near area amenities such as the Stonebriar Country Club and the Shops at Legacy.

 Completed in 2014, the property has units ranging from 603 to 1,689 square feet each with an overall mix of 69 percent one-bedroom and 31 percent two-bedroom units.  Community features include a swimming pool with sun deck, 24-hour fitness center, grilling areas, resort-style community courtyard and business center.  The asset is 94 percent occupied.

The HFF debt placement team representing the borrower was led by senior managing director John Brownlee and associate director Michael Cosby.

 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



Christopher Peck
NEW YORK, NY – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and secured $150 million in financing for the acquisition of 520 Fifth Avenue, a premier development site located at the southeast corner of 43rd Street and Fifth Avenue in Manhattan.

A joint venture between Ceruzzi Holdings (Ceruzzi) and Shanghai Municipal Investment USA (SMI USA) purchased the property.  

The 12-month loan, which was led by J.P. Morgan with mezzanine financing provided by Fisher Brothers, will preface the future development of a state-of-the-art tower with more than 33,000 square feet of irreplaceable Fifth Avenue retail.  

520 Fifth Avenue is a 10,625-square-foot site with 85 feet of prime frontage along Fifth Avenue.  The new owners plan to develop a state-of-the-art mixed-use tower that will consist of flagship retail and either luxury condominiums or a combination of luxury condominiums and hotel.  

Andrew Scandalios
The undeveloped parcel has zoning square footage that will accommodate up to 355,000 square feet resulting in dramatic skyline views.

The HFF investment sales team representing the seller was led by senior managing director Andrew Scandalios.

HFF’s debt placement team was led by senior managing director David Nackoul and associate director Christopher Peck.

“Given my long history and relationship with J.P. Morgan and 520 Fifth Avenue’s unrivaled development potential, we are delighted to have found a pre-development financing solution that allows us to set in motion a development project that will positively change the landscape of Fifth Avenue for generations. 

"It comes as no surprise that J.P. Morgan was able to deliver an attractive financing solution under a short timeframe,” said principal of Ceruzzi Holdings, Louis L. Ceruzzi, Jr.

“We are delighted to have entered into our second transaction with our New York partner, Ceruzzi Holdings, and are looking forward to bringing another iconic building to New York City,” said Kevin Gao, a representative of SMI USA.

David A. Nackoul
“It was a privilege to have worked alongside the Ceruzzi and SMI USA teams to capitalize the last large-scale development parcel along the renowned Fifth Avenue that will pave the way for one of the most iconic mixed-use developments in the world,” said Christopher Peck.

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


NAI Realvest completes a Long Term Office Lease for 3,640 SF at Wilshire Plaza in Casselberry, FL

  
Mary Frances West
ORLANDO, FL -- NAI Realvest recently completed a long-term lease agreement for 3,640 rentable square feet at Wilshire Plaza, 110-210 Wilshire Blvd. in Casselberry.

Mary Frances West, CCIM and Tom R. Kelley, II, CCIM, principals in the firm, negotiated the transaction on behalf of the landlord, Wilshire Plaza, LLC of Winter Park.

The tenant is Carmen Behavioral Services LLC of Oviedo. 

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com