Pleasant Hill Square in Duluth, GA Listed on Auction.com for $4 Million

  

Chip Sipple

 ATLANTA, GA (Sept. 28, 2015) – Pleasant Hill Square, a 282,137-square-foot power center located in Duluth, Georgia, has been listed on Auction.com and the auction is set to begin on Tuesday, Sept. 29, and end on Wednesday, Sept. 30.

Tony Bartlett and Chip Sipple of Lincoln Property Company Southeast (Lincoln) and Kyle Stonis and Pierce Mayson of SRS are representing the seller.

“The broader Atlanta retail market has been enjoying steady improvement over the past year,” said Tony Bartlett, senior vice president at Lincoln who oversees the Atlanta office.

 “Overall retail vacancy declined to the current rate of 7.7 percent, down from 8.2 percent in the first quarter of this year from previous quarters. The Gwinnett County submarket generally mirrors the broader market improvements with vacancy only slightly behind the overall rate of 8.3 percent, down from 8.8 percent in the first quarter.”

Tony Bartlett

Located at 2205 Pleasant Hill Road, the property is strategically positioned within a significant retail corridor, located just northwest of I-85. Toys ‘R’ Us, Staples and Jo-Ann Fabric & Craft Stores anchor the center, which is 49 percent occupied. 

The center features good visibility with multiple access points from Pleasant Hill Road and provides a strong value-add opportunity.

The property sits within the Gwinnett Community Improvement District (CID), which has been actively engaged in improving the community as of recent. 

In early September, the CID recently released its ACTivate Gwinnett Place master plan, which calls for the redevelopment of Gwinnett Place Mall, with the addition of more green space, and connectivity and transportation improvements.

 The CID is also testing recycled pathways throughout the city, and in August hosted The Gr8 Exchange, fostering conversations among residents about transportation.

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

 Savannah Duncan

The Wilbert Group

404-343-0870

sduncan@thewilbertgroup.com

Hospitality Asset Managers Association (HAMA) Members Remain Overwhelmingly Upbeat

  

David Hogin

CHICAGO, IL, Sept. 28, 2015— Officials of the Hospitality Asset Managers Association (“HAMA”) today announced that their membership remained overwhelmingly upbeat in an informal survey taken at their recent semi-annual Members Meeting.

  More than 130 attendees from six countries met to review best practices and discuss the future of the discipline at the Fairmont Chicago Millennium Park hotel.

“The hotel industry is in the midst of arguably its greatest growth period since STR, Inc. began recording data in the 1980s,” said Dave Hogan, president of HAMA. 

“As an industry, hotels have reached their highest recorded occupancy and rates are approaching historic highs.  Some experts have noted, however, that sales prices are beginning to peak. 

 This phase of the cycle calls for asset managers to continue focusing on optimizing returns.  These regular HAMA meetings provide members with cutting edge research and the opportunity to informally exchange ideas about trends, new techniques and technology.”

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

  Chris Daly, media

  (703) 435-6293

  chris@dalygray.com

MCA Realty Increases its Investment in Las Vegas; Acquires Four Value-Add Industrial Assets

Tyler Mattox

LAS VEGAS, NV (Sept. 28, 2015) – MCA Realty, a full service real estate investment and management company, has increased its investment in Las Vegas with the acquisition of four industrial properties, according to Tyler Mattox, a Principal at MCA Realty.

“The Las Vegas market has demonstrated significant growth over the past 24 months,” says Mattox. 

 “Our firm began acquiring industrial assets in this market in 2011.  At that time, value-add industrial product was plentiful, whereas today, an influx of capital has caused prices to increase and made opportunities more difficult to uncover.”

Mattox explains that investor demand has grown, and that tenant demand has strengthened meaningfully, particularly in smaller spaces under 30,000 square feet. 

“The recovery in Las Vegas, like in much of the nation, was top down, with larger corporations emerging from the recession first.  Smaller companies have just recently joined in the recovery and this is manifest in a reduction in vacancy and an increase in rents across the incubator and mid-bay industrial sector,” he says.

“Our focus continues to be on acquiring industrial assets with long-term value-add potential,” Mattox continues.

With these four recent acquisitions, MCA Realty’s portfolio now encompasses a total of 14 properties and well over 600,000 square feet in Las Vegas.

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

Lexi Astfalk / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

LAstfalk@browermillercole.com

www.mca-realty.com.

Faris Lee Investments Completes the Sale of a Jack in the Box Property in Bakersfield, CA at a 3.99% Cap

John Redfield

IRVINE, CA – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $1.85 million sale of a 3,734-square-foot single-tenant property that is absolute NNN-leased to a corporate Jack in the Box in Bakersfield, Calif.

John Redfield, Thomas Chichester, and Joseph Chichester of Faris Lee Investments represented the seller, a private investor from Newport Beach, Calif. The buyer was a private investor from Cypress, Calif.  that was seeking a passive property offering investment security.

The sale closed at a cap rate of 3.99 percent, one of the lowest ever recorded for a Jack in the Box-occupied property nationwide.

Located at 3002 Ming Ave., Jack in the Box has been the original tenant since the property was developed nearly 50 years ago. The asset features a large monument sign that is visible to more than 41,000 vehicles on a daily basis.

“The single tenant net leased market is still seeing cap rate compression, especially for well-located, quick serve restaurants featuring corporate name brand tenants like this asset offers. They represent a stable and passive investment for private buyers and family offices that are seeking long-term returns and no landlord responsibilities,” said Tom Chichester.

Chichester added that the property is ideally situated across the street from the successful Valley Plaza Mall, a 1.1 million-square-foot retail center which is the largest and most dominant mall in Central California’s San Joaquin Valley.

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

Charles Dunn Co. Completes $2.55 Million Sale of Three-Building Office Property in Studio City, CA

Stacy Vierheilig-Fraser

LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $2.55 million sale of three office buildings totaling 7,210 square feet located at 3751-3757 and 3759 Cahuenga Blvd. West in Studio City, Calif.

Stacy Vierheilig-Fraser, senior managing director with Charles Dunn Company, represented the seller, a private investor from Los Angeles, as well as the buyer, Los Angeles-based Koloe, LLC.

“The property was 50 percent occupied by a television production company at the close of escrow,” said Vierheilig-Fraser. “The buyer plans to occupy the remaining space as an owner/user for his mortgage company, Standard Home Lending.”

Standard Home Lending, a mortgage firm focused on providing affordable mortgages to local home buyers, will be relocating and expanding from its current Studio City location at 13223 Ventura Blvd. after a complete renovation and build-out of the property.

The property includes one, two-story creative office building and two, single-story buildings and features outdoor courtyards and 24 parking spaces.

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

Darcie Giacchetto

949.278.6224

www.charlesdunn.com

Crossman & Co. brings three Publix-anchored shopping centers to 100% occupancy within 90 days in Central Florida

  

 

Craig Katterfield

Orlando, FL  – Crossman & Company Senior Associate Craig Katterfield, CCIM completed new leases that brought three Publix-anchored shopping centers to 100 percent occupancy within the last 90 days.

New tenant, Scoops Old Fashioned Ice Cream at Stadium Corners, 5380 Stadium Parkway in Viera, put occupancy at the 69,471-square-foot center at 100 percent. This is Scoops’ second location.

The UPS Store joined Colonial Coast Crossing shopping center located at 2000 Cheney Highway in Titusville.  Addition of The UPS Store put this 52,970-square-foot center at 100 percent occupancy.

Crown Centre Plaza welcomed new tenant Painting with a Twist to the 106,053-square-foot shopping center located at 2596 Enterprise Road in Orange City. This most recent lease marked the second time this year Crown Centre reached 100 percent occupancy.

Katterfield closed all three deals within 90 days representing the landlord, Publix Super Markets, Inc.

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

  Sydnie Cobb

  Crossman & Company

  scobb@crossmanco.com

  407-581-6261

EagleBridge Capital Arranges $20.75 Sale and $15M Mortgage for the Saint Francis Information Technology Center in Hartford, CT

Saint Francis Information Technology and Finance Center, 103 Woodland Street, Hartford, CT

Ted M. Sidel

Boston, MA -- EagleBridge Capital has arranged the $20,750,000 sale of as well as permanent mortgage financing in the amount of $15,000,000 for the Saint Francis Information Technology and Finance Center located at 103 Woodland Street, Hartford, Connecticut. 

The sale and financing were arranged by EagleBridge principals Ted M. Sidel and Brian D. Sheehan. The non-recourse, long term fixed rate mortgage was provided by a major Connecticut based financial institution.

The five-story, 57,753 square foot Saint Francis Information Technology and Finance Center, is located on a 3.92 acre site across Woodland Street from the main campus of Saint Francis Hospital & Medical Center. The building is NNN leased to Saint Francis on a long term basis and houses administrative, IT, and finance offices.

 The Saint Francis Hospital & Medical Center is a 617 bed major teaching hospital and one of the largest hospitals in Connecticut. It is a regional referral center with major clinical concentrations in cardiology, oncology, orthopedics, women’s services, and rehabilitation. 

Brian D. Sheehan

In 2011, the hospital opened the ten-story, 318,000 square foot John T. O’Connell Tower featuring 135 private patient rooms,19 new operating rooms, a new emergency room with 70 treatment areas and 13 sheltered ambulance bays, and a rooftop heliport.

EagleBridge Capital is a Boston-based mortgage banking firm specializing in arranging debt and equity financing as well as joint ventures for single tenant, shopping centers, apartments, office, industrial,  R & D, and medical buildings, mixed use properties, hotels, and condominiums as well as special purpose buildings.

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

Stanley J. Sidel

Senior Advisor

EagleBridge Capital

33 Broad Street

Boston, MA 02109

Tel: 617-292-7177 Ext.14

www.eaglebridgecapital.com

Palmetto Bluff Breaks Ground on Moreland Village Outfitters in Bluffton, SC

Jay Walea

BLUFFTON, SC  – Palmetto Bluff has celebrated the groundbreaking of the new Moreland Village Outfitters Center, a complex of buildings organized around a series of courtyards that will serve as the headquarters for Palmetto Bluff’s Conservancy as well as the launching point for all outdoor activities.

“The Outfitters Center is a crucial step in supporting our overall conservancy efforts,” said Jay Walea, Palmetto Bluff conservancy director.

Palmetto Bluff Village Dock

“The center will inspire both guests and residents to explore Palmetto Bluff’s unique outdoor environment, whether it be a nature walk with our full-time archaeologist, kayaking on the river or embarking on a scavenger hunt. 

"We are looking forward to seeing our vision come to life, providing a model for how design and development can celebrate the outdoor environment.”

The Outfitters Center will play host to outdoor classrooms and event spaces, and will include a retail store, sales office, canteen, bike barn, amphitheater and training pond.  It will additionally feature a conservancy introduction area, which will allow the Outfitters staff to educate guests about the storied history of Palmetto Bluff, as well as Conservancy programming.  The project is scheduled for completion October 2016.

 Moreland Village is slated for completion in December 2016. 

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

Hadley Creekmuir

404-343-4080

hcreekmuir@thewilbertgroup.com

   

www.palmettobluff.com.

JLL’s Vantage Lofts Sale Achieves Record Per-Unit Price for Metro Las Vegas

  

John Cunningham

 LAS VEGAS, NV – A highly amenitized, core-plus luxury development combined with a reinvigorated institutional investor market this week to achieve the highest per-unit multifamily sale price in the history of metro Las Vegas.

 On behalf of Goodman Real Estate, JLL’s Capital Markets experts announced the $39 million sale of Vantage Luxury Flats and Loft Living (Vantage) to buyer The Bascom Group. The sale, which includes an existing 110 units and adjacent 3.8-acre parcel, reflects a per-unit price of more than $345,000.

Executive Vice President John Cunningham and Vice President Charles Steele led the JLL team in the transaction.

“Vantage is truly an institutional-quality asset, drawing interest from multiple institutional buyers who were previously hesitant to return to Las Vegas,” said Cunningham. “Vantage’s incomparable quality, combined with the recovery of the Las Vegas multifamily market and accelerating economic growth, proved invaluable.”

“The exceptional finishes and exclusive lifestyle at Vantage facilitated a successful lease-up featuring some of the highest rental rates in the Las Vegas Valley,” said Steele.

Located at 201 S. Gibson Road in Henderson, Nevada, and completed in 2014, Vantage is comprised of three five-story buildings featuring 110 units, with 26 unique floor plans including singe-story flats, multi-level lofts and penthouses. Units range from 922 to 3,133 square feet, with an average unit size of 1,831 square feet.

  

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

 Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

Cohen Commercial Realty Brokers Three New Leases in South Florida

William Soled

West Palm Beach, FL — Allan Carlisle and Bryan Cohen of Cohen Commercial Realty, Inc., signed a 1,600-square-foot nail salon at Village Marketplace, located on the northwest corner of Okeechobee Boulevard and Haverhill Road in West Palm Beach, Florida. Cohen Commercial Realty, Inc., represented the Landlord in this transaction.

Palm Beach Gardens, FL — Bryan Cohen and Allan Carlisle of Cohen Commercial Realty, Inc., announced the signing of a 3,244-square-foot space with a counseling office at 3385 Burns Road in Palm Beach Gardens, Florida. Cohen Commercial Realty, Inc., represented the Landlord in this transaction.

 West Palm Beach, FL — Bryan Cohen, William Soled, and Dylan Montefusco of Cohen Commercial Realty, Inc., announced the signing of Saphirra Nail Salon to lease a 3000-square foot space in the heart of downtown West Palm Beach. The salon will be located at 112 N Dixie Highway at the northeast corner of North Dixie Highway and Clematis Street. Cohen Commercial represents the Landlord in this transaction.

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

 Kacy Martin

Cohen Commercial Realty, Inc.

561.471.0212 Office

561.471.5905 Fax

kacymartin@cohencommercial.com

www.cohencommercial.

Cortland Partners Enters Austin, TX with Acquisition of 308-unit City View Apartments

  

Steven DeFrancis

AUSTIN, TX — Cortland Partners has entered the Austin market with the acquisition of City View Apartments, a 308-unit apartment near the heart of Austin’s CBD.

With Austin’s current and projected rapid employment growth, Atlanta-based Cortland Partners has been seeking the right opportunity to expand its Texas portfolio in this market.

 The company currently has regional offices in both Dallas and Houston and owns 10 apartment communities in the Dallas-Fort Worth area, six in Houston, and three in San Antonio.

According to the Austin Chamber of Commerce, employers added 32,500 net new jobs from June 2014 to June 2015, representing a growth rate of 3.6 percent over 12 months. 

This growth in turn bodes well for the city’s rental housing market. “The Austin market has seen significant demand for new multifamily product during the past five years,” said Steven DeFrancis, CEO of Cortland Partners.

“The city continues to attract new residents, jobs and economic growth, resulting in increased demand and continued low vacancy. Cortland Partners has a unique capability to revitalize current multifamily offerings in the Austin market to better meet this demand.”

                                                                                                                                                                

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

Sarah DeFrancis

Cortland Partners

404.965.3988

Sarah.DeFrancis@cortlandpartners.com

Multi Housing Advisors Brokers $27.1 Million Portfolio Sale in Pensacola, FL

Jimmy Adams

BIRMINGHAM, AL — Multi Housing Advisors (MHA) has arranged the $27.1 million sale of two apartment communities located in Pensacola, Florida. 

The transaction is indicative of MHA’s continued activity in the market, which has experienced tremendous growth during recent years.

Jimmy Adams, who leads MHA’s Birmingham, Alabama, deal team represented Greystone, the seller, in the transaction. ApexOne purchased the property.

“ApexOne was able to acquire two very well-located assets in a growing Florida market,” Adams said. “Their plan is to take the property up another level by further enhancing the amenity package and unit interiors.”

The two properties, consisting of 392 units, closed simultaneously. Both properties had 50 percent of their unit interiors upgraded by the seller, demonstrating the upside in significant rental premiums.

 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)

sduncan@thewilbertgroup.com

www.usmha.com.

CBRE Lists Value-Add Office Investment Opportunity in Altamonte Springs, FL

North Lake Business Park, 370-774 South North Lake Boulevard, Altamonte Springs, FL

Ron Rogg

 ORLANDO, FL -- CBRE, as exclusive agent, is pleased to offer the North Lake Business Park (“The Property”) for sale in Altamonte Springs located within the North Orlando submarket.

The Property, at 370-774 S. North Lake Boulevard, consists of 15 single-story, office and flex buildings with a total of 270,555 rentable sq. ft. situated on approximately 28 acres alongside Interstate-4.

The Property’s combination of upside potential, loyal tenancy, and predictable cash flow while unencumbered with debt provides an exceptional opportunity in today’s low interest rate environment.

Superb visibility and surging leasing activity have contributed to a move toward stabilization of the property, while still providing significant upside potential.

Strong Orlando fundamentals, excellent demographics and a significant projected increase in construction related jobs will all contribute toward stabilization of the property, while benefitting from increasing rental rates and lower market vacancy.

 Its strategic location near the area’s largest employers and access to Interstate-4 provides unparalleled visibility, strong barriers to entry, and attracts a diversified tenant demand.

With Orlando’s job market leading the nation in growth, the North Lake Business Park is an exceptional value-add investment opportunity.

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

Ronald J. Rogg, CCIM

Executive Vice President

CBRE | Capital Markets

+1 407 839 3194

ron.rogg@cbre.com

JLL’s Bill Honsaker Named to GPEC Board of Directors

  

 

Bill Honsaker

PHOENIX, September 24, 2015 – JLL Managing Director Bill Honsaker is one of eight new members just named to the Greater Phoenix Economic Council’s (GPEC) 2015-2016 Board of Directors.

 An award-winning broker in the Phoenix office of JLL, Honsaker has 25 years of experience in the commercial real estate industry. In that time, he has served as an active GPEC Certified Ambassador for five years and is a current member of the Ambassador program steering committee.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

Bull Realty Brokers $3.7 Million “Northwinds Summit” in Alpharetta, GA

 

Lauren H. Griffin

ATLANTA, GA —Bull Realty brokered the sale of Northwinds Summit, a 20,000 sq ft office building located in Alpharetta, GA. The sale closed on Sept. 8, 2015 for $3.7 million.

Sean Williams, VP National Office Group with Bull Realty, represented the seller, Providence Bank. Lauren H. Griffin with Hubbard Brush represented the buyer, Arseal Technologies. 

Williams said, “After leasing 25% of the shell building, we took the property to the market for sale and received multiple offers. 

"The buyer plans to complete the interior build out and occupy approximately 75% of the building. The price point indicates the renewed strength of this market, which seems to have fully recovered from the recession.” 

Bull Realty, Inc. (www.BullRealty.com) is a U.S. commercial real estate brokerage and advisory firm headquartered in Atlanta, licensed in nine states providing acquisition, disposition, leasing and advisory services.

 The firm also produces and hosts the nationally-syndicated Commercial Real Estate Show (www.CREshow.com). The popular weekly show is broadcast on 42 radio stations nationwide, iTunes, YouTube and CREshow.com.

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

Melissa Henry

Communications Associate

Bull Realty, Inc.

50 Glenlake Pkwy, Suite 600

Atlanta, GA  30328

404-876-1640 x 110