Wednesday, September 23, 2015

Cress Capital acquires 310,000 square feet of industrial property and 10-acres of excess land in Perris, CA in an off-market transaction.



Wally Reid
PERRIS, CA -- Cress Capital, LLC , a Newport Beach-based investor, announced that, in conjunction with PacVentures, Inc., it has acquired a 30-acre property including two industrial buildings totaling 310,000 square feet, as well as a 10-acre excess land parcel for approximately $11.3 million.

 Located at 3411 N. Perris Boulevard in Perris, CA, each of the two buildings are occupied by a single tenant on a long term lease.  The transaction was negotiated directly between Cress Capital and the seller. 

“This investment underscores Cress Capital’s value-oriented approach and ability to source off-market transactions in an increasingly competitive market,” according to Ryan Parkin, Managing Partner with Cress Capital.

“We believe that strong risk-adjusted returns are achieved through special situations and assets with attributes that limit the buyer pool,” Parkin said.

“Earning a strong current yield at a favorable basis, while controlling a future development site in a rapidly maturing submarket, combined to make this investment attractive,” Parkin added.




Jeff Sause
The Inland Empire industrial market is exhibiting healthy fundamentals with vacancy currently under five percent.  During the last several years, the area surrounding the property has expanded rapidly with numerous Fortune 500 companies such as Home Depot, Procter & Gamble and Amazon driving absorption. 

Led by Senior Managing Director Wally Reid and Associate Director Jeff Sause, HFF arranged debt financing for the Cress Capital team. According to Reid, “The Cress team knew what they wanted and entrusted HFF to find the best life company execution in the marketplace.”

Cress Capital is expanding its portfolio in Southern California. 

According to Art Smith, Managing Partner with Cress Capital, “Being nimble, solution oriented and entrepreneurial with deep institutional experience and relationships differentiate Cress. 

"We expect that our long-standing relationships with owners and brokers alike will enable us to continue to acquire more assets at favorable pricing.” 

“Cress is particularly attracted to investments with attributes such as deferred maintenance, ground leases, environmental contamination and other repositioning opportunities,” Smith noted. 


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

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

        

Tuesday, September 22, 2015

Stepp Commercial Completes $2.95 Million Apartment Property Sale in Prime Santa Monica, CA Location


Kimberly Roberts Stepp
Santa Monica, CA – Stepp Commercial, a leading multifamily brokerage firm in the Santa Monica market, has completed the $2.95 million sale of fully occupied, six-unit apartment property located at 2820 3rd Street in Santa Monica.

The property is situated just one block from the trendy Main Street restaurants and shops, and is near Third Street Promenade and the world famous Santa Monica Pier.

Kimberly Roberts Stepp, principal with Stepp Commercial, represented the seller, Los Angeles-based 2820 3rd Street, LLC. The buyer is a Los Angeles-based private investor. 

The closing cap rate was 3.2 percent. 


Additionally, the per-unit price was a strong $492,000 and the price-per-square-foot was extremely high at $636.



Built in 1962, the two-story property consists entirely of two-bedroom/two-bathroom units with the second-story units offering ocean views. The property recently underwent a total renovation to include new hardwood floors, granite countertops, and other designer-quality fixtures and finishes.

“This asset is truly an investor’s dream as it offered a prime location in Los Angeles’ hottest rental market near Silicon Beach, the ocean, and an abundance of lifestyle amenities within walking distance,” said Robert Stepp.

 “It also offered the buyer an opportunity to add significant value as some rents were well below market rates. We received multiple offers and chose the buyer with the best terms.”

 Stepp Commercial is a brokerage firm specializing in the multifamily sector for properties ranging in size from $1 million to $50 million.

Robert Stepp
 Stepp Commercial’s mission is to provide apartment owners with a fully integrated sales platform that includes comprehensive market knowledge and local real estate expertise to successfully complete any type of multifamily transaction. For more information visit

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

Darcie Giacchetto

949.278.6224

Avison Young completes $6.5-million sale of medical office building in Los Angeles



Lloyd Bakan
Los Angeles, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has completed the $6.5-million sale of an 8,568-square-foot (sf) medical office building located in the Culver City submarket of Los Angeles.

Avison Young Principal Lloyd Bakan and Senior Vice-President Gary Berwick, based in the company’s West Los Angeles office, represented the seller, a Los Angeles-based private investor. The private buyer is based out of Los Angeles and purchased the property as an investment to diversify his holdings.

Built in 1979, the property is located at 10801 Venice Boulevard, one block west of Overland Avenue and directly across from the Culver Center Mall. The building is situated on just under one-half acre of land.

“We aggressively marketed this property as an opportunity to add value through redevelopment of the extremely well-located site,” comments Bakan. “We had multiple offers on the asset and selected a qualified buyer who plans on leasing the property for the next few years with the potential of future redevelopment.”


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

Darcie Giacchetto
949.278.6224


Avison Young completes $12.6-million sale of Palisades Apartments near University of Southern California in Los Angeles, CA


Robert IP
Los Angeles, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has completed the $12.6-million sale of Palisades Apartments, a four-story, 28-unit, multi-family property within walking distance to University of Southern California (USC) in Los Angeles.

Avison Young Associate Robert Ip, based in the company’s Los Angeles North office, represented the buyer, Orchard Adams, LLC. The seller, Palisades USC LLC, was represented by CBRE. The transaction closed at a 5.1% cap rate.

Built in 2002 and located at 1210 and 1226 W. Adams Boulevard, the two-building, non-rent- controlled property includes a mix of unit sizes, with the majority offering two- and three-bedroom units. 

The property, situated within the USC Public Safety patrol area, includes ample controlled-access parking, onsite laundry facilities and furnished rooftop decks.

“This property offered the buyer excellent investment fundamentals, including non-rent control,  newer construction and proximity to USC, which provides a constant flow of potential tenants,” comments Ip. “The new ownership plans to make updates to the units in order to maximize rents and add overall value to the asset.”

Ip adds: “When the 15-acre, mixed-use USC Village development opens in 2017, I believe the new amenities and housing the project will bring will only add to the value of surrounding areas. Subsequently, Palisades Apartments shows all positive signs of appreciation over the next few years.”

In addition to being near the USC campus, Palisades Apartments is situated near the major cross street of S. Vermont Avenue and is minutes from the 10 freeway.

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

Darcie Giacchetto

949.278.6224

Have You Herd? Anantara’s Elephant Parade Bangkok is Coming to Town!



Sirinya Bishop, Miss Thailand World 2015

BANGKOK, THAILAND  -- Anantara Hotels, Resorts & Spas is partnering with Elephant Parade® and top local and international celebrities and artists to bring the world’s largest open air art exhibition, Elephant Parade, to Bangkok.

The exhibition will see a herd of almost one hundred 1.5 metre brightly coloured elephants – which have been specially decorated and hand painted and will be exhibited as a herd in key locations throughout Bangkok, starting on 1st December 2015 and ending on January 29th 2016.

The first major Elephant Parade was held in Rotterdam in the Netherlands in 2007 and has since been exhibited in cities across the world including London, Singapore, Amsterdam, Milan and Hong Kong. Elephant Parade Bangkok will be a first for Thailand and the only one for the city.

The event was originally created after founder Marc Spits and his son Mike visited the Friends of the Asian Elephant hospital in Lampang, Thailand, which treats sick and injured elephants.


There they saw Mosha, a baby elephant who lost her leg after stepping on a landmine when only seven months old and was the first elephant to receive a prosthetic limb. 

She is fitted with a new leg every year, and each time must learn to walk all over again. Mosha features in each Elephant Parade exhibition and will have a specially Thai themed painted prosthetic leg for the Bangkok Parade.

Artists from all walks of life have been busy designing their elephants, each an original piece of art to help paint a brighter future for the country’s national animal.

Famous supporters of Elephant Parade Bangkok include: Hangover 2 star Nirut Sirichanya;  Furious 7 star Tony Jaa;  Designer Paul Smith;  World Number One DJ, Hardwell;  Miss Thailand World, Sirinya Bishop; Artists Elizabeth Romhild, Elsie Evans and Nancy Chandler, Sculptor Gavin Fifield and a wide range of Thai celebrities and artists.

“In my life I have spent a lot of quality time with elephants. I grew up in a mahout family and started my movie career with an elephant as a co-star,” said Furious 7 star and Elephant Parade Ambassador Tony Jaa. “I want to thank all the people and organisations who take the time and resources to ensure the safety of these intelligent creatures in Thailand and around the world.”

Tony Jaa

In February 2016 a selection of elephants from the parade will be auctioned off at a charity gala dinner at Anantara Siam Bangkok, with the proceeds going to the Golden Triangle Asian Elephant Foundation who in turn will select and fund a range of sustainable programmes that benefit the elephants of Thailand, including Wildlife Alliance, Freeland, WildAid, Think Elephants and Thai Elephant Therapy Project. 

The Golden Triangle Asian Elephant Foundation (GTAEF) was set up in 2006 to improve the plight of Thailand’s elephants, and has since been diversified to include welfare projects that incorporate broader philanthropic and cultural objectives with unprecedented success.

William E. Heinecke, Chairman and CEO of Minor International, the parent company of Anantara, Hotels Resorts & Spas, commented, “As a company, we are always looking for like-minded partners who share our true passion in saving the Asian elephant and Elephant Parade has long been known for its elephant conservation efforts in Thailand, which is why we feel this partnership is the ideal fit.

“The more awareness that is raised on the plight of domestic and wild elephants in Thailand the better the chances we have for their survival. I can’t think of a better way to raise awareness than bringing the largest open air art exhibition in support of Asian Elephants to Bangkok in 2015.”

“Elephant Parade is very proud and excited to team up with such a great company as Anantara and The Golden Triangle Asian Elephant Foundation. We share the same commitment and values in helping save the Asian elephant, ultimately from extinction. We’ve travelled all over the world with Elephant Parade and now it feels like we are coming home, with our upcoming event in Bangkok. I am sure this exposition will be our most exciting and colourful one to date,” Mike Spits, Elephant Parade® Founder.

 For more information on Elephant Parade please visit http://www.elephantparadebangkok.com

For hundreds of years throughout Thailand, people would leave a jar of water outside their house to provide  refreshment and extend a welcome to the passing traveller. 

Anantara is taken from an ancient Sanskrit word that means 'without end', symbolising this sharing of water and the heartfelt hospitality that lies at the core of every Anantara experience.

Mike Spits and Friend
From lush jungles to pristine beaches and legendary deserts to cosmopolitan cities, Anantara currently boasts over 30 stunning properties located in Thailand, the Maldives, Bali, Vietnam, China, Cambodia, Mozambique, Qatar and the United Arab Emirates; with future properties to open China, Sri Lanka, Mauritius, Laos and Oman.

For more information on Anantara Hotels, Resorts & Spas, please visit www.anantara.com.

Follow us on Facebook:  www.facebook.com/anantara
 and Twitter: Anantara_Hotels

 Global Hotel Alliance (GHA) is the world´s largest alliance of independent hotel brands. GHA currently includes 24 brands such as Anantara, Art Series, Atura, AVANI, Doyle Collection, First, Kempinski, Individual Collection, Leela, Lungarno Collection, Marco Polo, Mokara, Omni, Pan Pacific, PARKROYAL, Per AQUUM, QT, Rixos, Rydges, Shaza, Tangram, Thon, Tivoli and Ultratravel Collection, encompassing over 400 upscale and luxury hotels with over 100,000 rooms in 63 different countries. www.gha.com




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

Hwee Peng Yeo
Vice President, Asia Markets
Glodow Nead Communications
San Francisco • New York • Singapore • Shanghai
Level 21, Centennial Tower, 3 Temasek Avenue • Singapore 039190
Level 15, One Corporate Avenue, 222 Hubin Road, Shanghai China, 200021
1700 Montgomery Street, Suite 203 • San Francisco, CA • 94111
Asia: 65.9768.6087  US:415.394.6500 • E: hweepeng@glodownead.com

杨慧萍
总裁
博德纳公关咨询公司
Centennial Tower 21层,Temasek Avenue 3号, 新加坡邮区039190
上海湖滨路222号企业天地一号15层,中国邮编20021


Monday, September 21, 2015

WNC’s Community Preservation Partners to Acquire and Renovate Plaza Townhomes in Portland, OR



Anand Kannan
PORTLAND, OR,  Sept. 21, 2015 – WNC, a national investor in real estate and community development initiatives, announced today that its subsidiary, Community Preservation Partners LLC, has entered into an agreement to purchase Plaza Townhomes, an affordable housing community located at 5802 N. Michigan Ave., in Portland, Ore.

Community Preservation Partners will begin renovations at the community upon acquisition, and is expected to complete more than $3 million in upgrades to the property.

“Community Preservation Partners is committed to preserving the stock of affordable housing in the U.S., which continues to fall far short of growing demand,” said Anand Kannan, president of WNC’s Community Preservation Partners, LLC. “We are thrilled to expand our reach to Portland, Oregon, with this acquisition as we seek to expand our preservation efforts throughout the nation.”

Jack Aronson, director of development acquisitions, is leading the acquisition on behalf of Community Preservation Partners.

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

Julie Leber
Spotlight Marketing Communications
949.427.5172, ext. 703


HFF arranges $23 million financing for newly-built retail center with boutique grocer in Portland, OR

  
Timberland Town Center, Portland, OR

 
Casey Davidson
PORTLAND, OR – Sept. 21, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $23 million in financing for Timberland Town Center, a 91,801-square-foot retail center anchored by a boutique grocer in Portland, Oregon.

HFF worked on behalf of the borrower, Timberland Town Center LLC, an Oregon limited liability company controlled by Gramor Development, Inc., to secure the 10-year, fixed-rate loan with AXA Equitable Life Insurance Company through its advisor Quadrant Real Estate Advisors.

 Loan proceeds were used to take out the construction loan, as the property just reached stabilization.

The HFF debt placement team representing the borrower was led by managing director Casey Davidson.

”This was an exciting project, as Gramor always constructs best of class properties with the right tenant mix and a long-term hold mentality,” Davidson said.  “The center had significant preleasing when we started the process 12 months ago, which really helped generate interest with the insurance company lenders.”

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



HFF arranges financing for 318-unit multi-housing community in Fort Worth, TX


John Rose
DALLAS, TX – Sept. 21, 2015 - Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged financing for Overlook Ranch, a 318-unit multi-housing community in Fort Worth, Texas.

HFF worked on behalf of the borrower, CAF Capital Partners, to secure the five-year, floating-rate loan through Prime Finance.  Loan proceeds were used to acquire the property, which recently reached stabilization.

Overlook Ranch is located at 3101 Alliance Gateway Freeway in north Fort Worth just off Interstate 35 in the 18,000-acre AllianceTexas master-planned, mixed-use community.  

Completed in 2015, the property has 270,916 rentable square feet with individual units ranging from 650 to 1,250 square feet each.  Community amenities include a swimming pool, fitness center, playground, grilling area, car wash center, clubhouse, lounge, business center and breakfast/coffee concierge.

The HFF debt placement team representing the borrower was led by senior managing director John Rose 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


Stirling Sotheby’s International Realty Named Sales and Marketing Representative for Penthouse in Downtown Signature Condominium Overlooking Lake Eola in Orlando, FL




Michelle Hochfelder
ORLANDO, FL  - Stirling Sotheby’s International Realty was recently named exclusive sales and marketing representative of a 2,500 square foot luxury penthouse in The Sanctuary a prestigious downtown Orlando condominium overlooking Lake Eola. 

Michelle Hochfelder, luxury homes specialist at Stirling Sotheby’s International Realty’s Dr. Phillips office is representing the property.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said the 16th floor penthouse residence features extra high ceilings and extensive window exposure for spectacular views of the city and lake.  

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


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

Sunday, September 20, 2015

SRF Ventures Originates Nearly $30M in Real Estate Loans This Summer



Steven Fischler
New York, NY) — Steven Fischler's SRF Ventures is wrapping up an extremely busy summer highlighted by the firm originating nearly $30 million in real estate loans for clients across the nation.

Fischler, a former Lehman Brothers executive, and his team at SRF continue to find small balance loan opportunities that are often overlooked by traditional lenders and investors due to the size and complexity of such transactions.

Over the summer, SRF closed a variety of small balance loans ranging from $1 million to $11 million in value. The loans were used to underwrite a variety of property types, including hotel, land, residential development and retail sites.

In one of the summer transactions, SRF originated $6 million of preferred equity on a land assemblage in the Gramercy neighborhood of Manhattan. The borrower was a joint venture of APEX Investments and Property Markets Group, which used the funds to close on the last piece of the assemblage. The closing took only 16 days. 

“SRF seeks opportunities outside of the status quo of traditional real estate,” said Fischler, founder, president and managing principal of SRF Ventures. “These small balance loans represent just one of our adaptive and innovative strategies on advising, lending, investing and managing real estate.”

Fischler, 33, launched his boutique real estate advisory and management firm in January 2012. With a strong client base that includes prominent developers and investors in major metropolitan markets including New York and South Florida, the company has arranged or originated over $1 billion in real estate financing and equity transactions in less than four years.

“Our success over the last several years is a testament to creative thinking,” said Fischler. “We are not bound by the limits of a specific real estate class or capital structure. That allows us to find success and maximize profits for our firm and our clients.


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

$57 million financing for 1.4 million-square-foot manufacturing facility in Southern California arranged by HFF

  
Century Business Center, 3901 Jack Northrop Avenue, Hawthone, CA


Paul Brindley
LOS ANGELES, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $57 million in senior financing for Century Business Center, a seven-building, 100-percent-leased industrial manufacturing facility totaling 1.4 million square feet in Hawthorne, California.

HFF worked on behalf of the borrower, Zelman Development Co., to place the 10-year, fixed-rate loan with AIG Investments. Loan proceeds were used to recapitalize the property.

Century Business Center is fully leased to Triumph Aviation Group, which produces fuselages for Boeing’s 747 passenger and freighter commercial jets, and SpaceX, the largest private space transport company in the world. 

The center’s two main buildings total approximately one million square feet and provide a column-free work space with 35’ clear heights.  The other buildings serve as office space, hangers, cafeteria, medical office and physical plant services. 

Additionally, the facility has more than 1,300 parking spaces and has rail access served by Southern Pacific Railroad.  Situated on 43 acres just off Interstate 105 at 3901 Jack Northrop Avenue adjacent to the Hawthorne Municipal Airport, the property is approximately three miles from Los Angeles International Airport and 21 miles from the Ports of Long Beach and Los Angeles.

Anthony Brent
HFF’s team was led by senior managing directors Paul Brindley and Anthony Brent, and managing director Ryan Martin.

“AIG's entrepreneurial approach allowed them to structure a transaction that allowed the borrower to buyout their partner and be positioned for the future with an attractive long-term financing,” Brindley said. 

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


Lincoln Property Company Ranked #1 Property Manager for 2015

  

PHOENIX, AZ – Lincoln Property Company (LPC) has been ranked as the number one property manager in 2015 according to Multi-Housing News' top 50 listing.

The ranking was based on self-reported property characteristics, quantity of leases, amount and size of communities under management, square footage, amount of property operations owned or managed, involvement in multiple property sectors, sustainability practices and other considerations.

Preference was given to those with strong growth and that serviced more than one sector. 

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

focusAZ
Marketing & Public Relations
(480) 600-0195

Hold-Thyssen negotiates lease with Shaw Mechanical for 7,142 square feet at Kennedy Commerce Center in Orlando, FL


Kennedy Commerce Center 997 West Kennedy Boulevard
Orlando, FL
WINTER PARK, FL --- Hold-Thyssen, Inc., a commercial property firm based in Winter Park, recently negotiated a lease agreement for 7,142 square feet of flex space at Kennedy Commerce Center, 997 W. Kennedy Blvd. in Orlando.

The Hold-Thyssen leasing team negotiated the transaction representing the Landlord Miami-based LNR Partners, LLC.

Shaw Mechanical, residential and commercial heating and air-conditioning provider, renewed its lease of Suites 14-A and 16 for three more years..


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

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

  

NAI Realvest Brokers Industrial Land Lease for professional tree trimming operation in Orlando, FL





Jason Toll
ORLANDO, FL — NAI Realvest recently negotiated the lease of a 4.8-acre vacant parcel of industrial land at 2301 Silver Meteor Drive off of John Young Parkway in Orlando.  

Jason G. Toll, director of industrial services at NAI Realvest, brokered the transaction representing the local landlord, Central Florida Lumber & Supply Co., Inc.  The tenant is Longwood-based A Sunstate Trees, Inc.


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

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



REVA Development Partners Announces VIP List To Serve High Demand For Luxury Rental Community Northgate Crossing in Wheeling, IL


 
Matt Nix
 CHICAGO, IL — Chicago-based REVA Development Partners has created a VIP list to provide precedence to the large number of people who’ve expressed interest in residing at Northgate Crossing, a new 288-unit luxury rental communityat 250 Northgate Parkway in north-suburban Wheeling, Illinois.

To join the VIP list, prospective renters can visit http://www.northgatewheeling.com/.
 Pre-leasing will begin in October with first move-ins scheduled for mid-December.

“We are very excited to be part of the Wheeling community and, in particular, its downtown area,” said Matt Nix, principal of REVA Development.

“In recent years, Wheeling has made a strong commitment to increasing the town’s sense of place and livability and has added a wide variety of retail, office development and park space to its downtown center.

“It will become a destination for people in the north suburbs to live, work and play and Northgate Crossing will help further support those enhancements by providing new-construction apartments within walking distance to community attractions and the Metra.”

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

Kelly Shumaker, kshumaker@taylorjohnson.com, (312) 267-4519

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