CBRE Capital Markets Brokers Sale of New Luxury Rental Community in Sanford, FL

Elan Towne Center, Sanford, FL

Orlando, FL –  CBRE Capital Markets arranged the sale of Elan Towne Center, a new 360-unit, Class “A” apartment community in the Sanford area of Orlando.

Located at 12500 Solstice Loop, the asset was completed in early 2015. CBRE’s Shelton Granade, Luke Wickham, and Justin Basquill provided exclusive representation to the seller in the transaction.

“The property was completing the lease-up when taken to market, and the strong investor demand was a testament to the desirable product and compelling employment story in the nearby Lake Mary Heathrow Office Park,” said Mr. Granade, Vice Chairman of CBRE Capital Markets, Multifamily.

 “Institutional and larger private equity investors are flocking to these high-quality locations and opportunities, and are bullish on the rent and employment gains projected for Orlando.”

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

Elizabeth Cross

Daniel Jimenez

+1 305 428 6373

+1 407 839 3191

elizabeth.cross@cbre.com

 daniel.jimenez@cbre.com

  

NAI Realvest Negotiates Three industrial leases totaling 18,000 square feet in Seminole County, FL

Michael Heidrich

ORLANDO, FL— NAI Realvest recently negotiated three long-term leases totaling 18,000 rentable square feet at industrial centers in Longwood and Sanford.

Michael Heidrich, senior vice president and principal at NAI Realvest brokered the transactions representing the landlords.

At 1075 Florida Central Parkway in Longwood, Heidrich represented the landlord 1944 Unionport Associates LLC of New York, NY in a lease renewal agreement with local tenant MRI Depot, Inc. for Suite 2000 with 5,204 square feet.  

TekQuest Industries Corporation d/b/a Rush Hampton is the tenant who renewed its lease of 10,800 square feet in Suite 1000 at 4275 Church St. in Monroe CommerCenter South in Sanford. 

    Allen’s Environmental, LLC d/b/a/West End Construction renewed the lease of 2,000 square feet at 707 Progress Way in the same center and the landlord there is Monroe South SPE, LLC of Orlando.

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

  

HFF secures $35.23 million in financing for Burlington, MA-based Linear Retail Properties

 

Riaz Cassum

BOSTON, MA – Aug. 24, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $35.23 million in combined financing for Main Street Marketplace in Waltham, Massachusetts and Eaglewood Shops in North Andover, Massachusetts.

Working on behalf of the borrower, Linear Retail Properties, HFF placed the fixed-rate, first mortgage acquisition loans with different lenders in two separate transactions. 

A $14.56 million loan was placed with Cambridge Trust Company for Main Street Marketplace and a $20.67 million loan was secured through Washington Trust with Middlesex Savings Bank for Eaglewood Shops.

Main Street Marketplace is a 44,461-square-foot, Class A retail center that was completed in 2012.  

The property is fully leased to 13 local, regional and national tenants including iParty, Panera Bread, Chipotle Mexican Grill, GNC, Aspen Dental, Supercuts, Five Guys and AT&T Wireless. 

Situated on a 4.31-acre site at 1030 Main Street, the property is straddled by State Routes 20 and 117 about a half of a mile east of Route 128/Interstate 95 in Waltham.  Average daily traffic counts at the property exceed 31,000 cars per day on Weston Road (Route 20).

Brett Paulsrud

Completed in 2005, Eaglewood Shops is a Class A retail center with 77,558 square feet of space anchored by Staples.  

Other retailers at the fully-leased center include Pier 1 Imports, Jos. A. Bank, Burtons Grill, Chipotle Mexican Grill, Thyme Sushi and b good. 

Eaglewood Shops is located on more than 13 acres at 145 Turnpike Street less than one mile south of Interstate 495 in North Andover.  The property has average daily traffic counts of more than 29,000 vehicles per day on Turnpike Street (Route 114).

The HFF debt placement team representing the borrower was led by senior managing director Riaz Cassum and director Brett Paulsrud.

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

 Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.linearretail.com

 or on Twitter @LinearRetail.

  

HFF arranges financing for Austin, TX multi-housing community

  

Falcon Ridge Apartments, 500 East Stassney Lane, Austin, TX

  

Eric Tupler

DENVER, CO, Aug. 24, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged financing for Falcon Ridge, a 296-unit, garden-style multi-housing community in Austin, Texas.

HFF worked on behalf of the borrower, Griffis Residential, to secure the 10-year, fixed-rate loan with TIAA-CREF.  Loan proceeds were used to acquire the property.

Built in 2000, Falcon Ridge has 12 residential buildings consisting of one-, two- and three-bedroom floor plans averaging 901 square feet each.

 Community amenities include two swimming pools, spa, fitness center, tanning room, sand volleyball court, barbecue area with grills, dog park, jogging trail, car wash and clubroom/business center.

 The property is situated on 23.45 acres at 500 East Stassney Lane immediately southeast of the intersection of Interstate 35 and Highway 71 in Austin’s South Central neighborhood.  The asset is 94 percent occupied.

The HFF debt placement team representing the borrower was led by senior managing director Eric Tupler, managing director Josh Simon and associate director Casey Wenzel.

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

 Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.GriffisResidential.com.

CBRE Lists Reserve at Maitland for Sale in Maitland Center, FL

Reserve at Maitland, Maitland Center, FL

Ron Rogg

ORLANDO, FL -- CBRE, as exclusive advisor, is pleased to offer for sale Reserve at Maitland, three single-story office buildings totaling 196,835 square feet, located in the prestigious Maitland Center office submarket; one of the most established suburban submarkets in the Southeast. 

Maitland Center’s large concentration of institutional developers and owners has historically been a strong draw for credit tenants.

Strong credit tenants, Bright House Networks and Alere, have a long history at the property and offer ownership predictable cash flow and significant upside in the lease up of current vacancy.

Built in 2001, the Property has been owned and maintained on an institutional basis. A combination of asset quality, location, credit tenants, and significant upside potential make it one of Central Florida’s best available value-add investment opportunities.

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

Charles Dunn Company Completes Office Property Sale in Porter Ranch Neighborhood of Los Angeles, CA

Justin Mendelson

LOS ANGELES, CA, Aug. 24, 2015 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $4,925,000 sale, a fully occupied, 15,798-square-foot office building located in the affluent Porter Ranch neighborhood of Los Angeles. 

Built in 1985 and located at 11260 Wilbur Ave., the two-story, pride-of-ownership property is situated on just under one acre of land at the signalized intersection of Wilbur Ave. and Rinaldi St.

The asset features Spanish-style architecture and is occupied by office and professional tenants. The Property is across the street from Porter Valley Country Club and is one-half mile from the Facey Medical Group.

Justin Mendelson and Fred Sheriff of Charles Dunn Company represented the sellers, Wilnaldi Venture, L.P. and Wilnaldi Bellisimo LLC. The same Charles Dunn team including Darrell Levonian of the firm represented the buyer, Papazian-Hirsch Calabasas, LP.

Fred Sheriff

 The transaction closed at a 6.7 percent cap rate, and price-per-square-foot in excess of $300.

Charles Dunn Company garnered approximately 10 offers throughout the marketing process on Northridge Professional Park and worked with the seller to select a well-capitalized and experienced buyer. The buyer – a long-time client – has completed multiple transactions with the Charles Dunn’s Darrell Levonian over the years.

“This was an opportunity for the buyer to trade from another property that we sold at a 4 percent cap rate into this office building in a submarket with great demographics and a cap rate of 6.7 percent,” said Mendelson. 

“Additionally, the property offered a very stable tenancy history, attractive cash-flow within a sub-market that doesn’t have many office space choices, and limited new planned development.”

Mendelson added that “the majority of Northridge Professional Park’s tenants are local companies that are owned and/or led by executives who live in the nearby high-end residential communities. The area enjoys convenient retail, dining, entertainment and recreation amenities.”

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

Darcie Giacchetto

949.278.6224

www.charlesdunn.com

MBA Releases 2015 Mid-Year Commercial/Multifamily Servicer Rankings

Washington, DC -- The Mortgage Bankers Association (MBA)  released its mid-year ranking of commercial and multifamily mortgage servicers’ volumes as of June 30, 2015.

At the top of the list of firms is Wells Fargo Bank N.A. with $484.2 billion in U.S. master and primary servicing, followed by PNC Real Estate/Midland Loan Services with $465.8 billion, Berkadia Commercial Mortgage LLC with $230.4 billion, KeyBank N.A. with $189.9 billion, and GEMSA Loan Services, L.P. with $98.9 billion.

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

Ali Ahmad

aahmad@mba.org

(202)557-2727

Marcus & Millichap Brokers Sale of 80-Room Fairfield Inn & Suites by Marriott in Ocoee, FL

Fairfield Inn & Suites by Marriott, Ocoee, FL

Jonathan Ruprai

OCOEE, 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 an 80-room Fairfield Inn & Suites by Marriott  in Ocoee, Fla. The terms of the sale were not released.

Jonathan S. Ruprai, senior director of the firm’s National Hospitality Group, and Dennis Hopper, associate, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller. The buyer was sourced by Ruprai and Hopper.

“After completing a thorough renovation in 2013, the seller converted the hotel from a Courtyard to a Fairfield Inn & Suites,” says Hopper. “The repositioning allowed the hotel to increase its occupancy, which resulted in a significant increase in revenue.”

“The buyer plans on further growing the recent uptick in RevPAR by plugging in their management team and implementing a strategic business plan,” adds Ruprai. 

Dennis Hopper

“This acquisition was our first transaction with the buyer and we were extremely pleased with their ability to work diligently and move quickly, which ultimately led to a smooth closing.”

With an industry-leading hospitality team in more than 40 markets nationally, this marks the 107th hotel sold by Marcus & Millichap’s National Hospitality Group in 2015.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Completes Apartment Deals in Coral Springs, FL and Fort Lauderdale, FL

11609 NW 25th Street Apartments, Coral Springs, FL

13-Unit Building in Coral Springs Goes for $1.75 Million

CORAL SPRINGS, 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 11609 NW 25th Street, a 13-unit apartment property located in Coral Springs, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $1,750,000 equating to $134,000 per unit.

Adam Duncan, a senior associate, Joseph P. Thomas, a vice president investments, and Derek Soven, an associate, in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private investor from Jersey City, N.J., and the buyer, a private investor from Coral Springs, Fla.

“This sale represents one of the highest prices per unit achieved in Coral Springs for a small, non-institutional quality multifamily property,” says Soven. “The buyer was able to add to their footprint in Southern Broward County allowing for continued growth of their portfolio with the acquisition,”

11609 NW 25th Street consists of two, two-story townhome-style multifamily buildings totaling 13 units. The unit mix includes six two-bedroom/two and half bath apartments and seven three-bedroom/two and half bath apartments. The units feature spacious floorplans with ceramic tile flooring, electric appliances, walk-in closets and large balconies.

The property is located near many area schools and colleges including: Broward College, Coral Glades High School and Coral Ridge Christian Academy. 

Topanga Canyon Apartments in Fort Lauderdale Sold for $1.55 Million

Topanga Canyon Apartments, Fort Lauderdale, FL

FORT LAUDERDALE, 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 Topanga Canyon Apartments, a 12-unit apartment property located in Fort Lauderdale, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $1,550,000 equating to $129,166 per unit.

Brandon J. Rex, a vice president investments, and Evan P. Kristol, a senior vice president investments, both in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Oakland Park, Fla. 

The property is comprised of five one-bedroom units/one-bathroom units, three two-bedroom/one-bathroom units, and four two-bedroom/two-bathroom units. Topanga Canyon Apartments is situated just north of Commercial Boulevard and west of Federal Highway (US-1) at 2255 NE 51st Street in Fort Lauderdale, FL. 

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

Ryan Nee

Regional Manager

 Fort Lauderdale, FL

(954) 245-3400

Berkadia Facilitates Sales Worth More than $154 Million of Alabama Apartment Properties Over Last 90 Days

David Oakley

Birmingham, AL – Berkadia recently negotiated the sale of nine multi-family investment properties over the past 90 days.  The properties, which are located throughout Alabama, consist of 2,475 units and sold for a combined $154,060,000.

David Oakley, managing director of Berkadia’s Alabama office, said that his team negotiated the sales on behalf of the sellers.

“These deals are a testament to the dedication of our team and the strength of multi-family market across the Southeast.  We’re grateful for the opportunity to assist investors and look forward to continuing our relationships with them,” Oakley said.

The team’s largest sale of the period – Landmark at Magnolia Glen, a 1,080-unit property on Centennial Drive in Hoover, sold for $71.5 million to an investment group based in Irvine, Calif. 

Most recently, the team facilitated the sale of two Center Point communities, Devonshire and Sun Valley.  The communities sold together for a combined $14.11 million. 

Royce Emerson

Other Birmingham area sales include Inverness Landing, a 322-unit property, which sold for $27.6 million; River Place on the Cahaba, a 213-property, which sold for $17.7 million; Town Park, a 270-unit property, which sold for $15.025 million; TimberChase, a 94-unit property, which sold for $4.825 million; and Fox Hall, a 36-unit property, which sold for $2.3 million.  In Mobile, Woodland Square, a 128-unit property, for $4 million. 

Royce Emerson and William Parkhurst brokered the River Place on the Cahaba and the Town Park transactions.  Josh Jacobs brokered the TimberChase and the Devonshire-Sun Valley transactions.  

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

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

Early Learning Coalition of Polk County renews lease with Six/Ten, LLC in Downtown Winter Haven, FL

  

203 Avenue A, Northwest, Downtown Winter Haven, FL

Winter Haven, FL  — The Early Learning Coalition of Polk County, a nonprofit agency focused on early education and care, has renewed its lease with Six/Ten, LLC at 203 Avenue A, N.W. in Downtown Winter Haven.

“We love what’s going on in Downtown Winter Haven. It is a perfect location to continue providing services to the children and families of Winter Haven and the surrounding areas,” said Gregg Heinkel, Community Outreach Coordinator.

The Coalition’s Winter Haven office is a full-service location with trained staff dedicated to working with parents to determine any child care or related needs. Enrollment kiosks are available for those interested in programs or community resources. Referrals for parents and families are also available.  This office will continue supporting affiliated child care providers on the east side of the county.

  

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

Michelle Friedman Griffith or Don Silver

BoardroomPR

407-973-8555

mgriffith@boardroompr.com

donsil@boardroompr.com

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

scobb@crossmanco.com

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

liz@lizlapiduspr.com

andi@lizlapiduspr.com

 www.armouryards.com.

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

hcreekmuir@thewilbertgroup.com

www.peachtreecenter.com

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

www.ackermanco.com