Friday, October 16, 2015

National Retail Properties Inc. Marks 26th Consecutive Annual Dividend Increase


ORLANDO, FL -- The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a quarterly  dividend of 43.5 cents per share payable November 16, 2015 to common shareholders of record on October 30, 2015.

 National Retail Properties is one of only four publicly traded REITs and 99 publicly traded companies in America to have increased annual dividends for 26 or more consecutive years.

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

Kevin B. Habicht
Chief Financial Officer

(407) 265-7348

Shopoff Realty Investments Acquires Value-Add Industrial Property Near Minneapolis, MN


William Shopoff
 Coon Rapids, MN –Shopoff Realty Investments announced the company has acquired a 261,805-square-foot office/manufacturing building in the Minneapolis suburb of Coon Rapids, MN.

The acquisition was capitalized in a tenant-in-common structure through co-investments from two Shopoff affiliated funds, and a private third party 1031 exchange investor.

“The property, located at 8840-8800 Evergreen Boulevard, is in an industrial submarket of Minneapolis with limited vacancy and stable rental rates,” said William Shopoff, chief executive officer of Shopoff Realty Investments.

“While it is currently 100 percent occupied, we have formulated a strategy to increase the income and value of the asset by marketing and leasing an additional 86,000-square-foot building which can be developed on the existing property.”

 The property is currently leased to two credit-grade tenants,  Honeywell (NYSE:HON), a Fortune 100 company focused on global technology and aircraft parts, and MEDRAD, a wholly owned subsidiary of innovative medical company Boston Scientific (NYSE:BSX).

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

Jill Swartz
Spotlight Marketing Communications
949.427.5172, ext. 701

George Smith Partners Secures $20.9 Million in Financing for Acquisition of Gershwin Apartments in Hollywood, CA


Gershwin Apartments, Hollywood, CA

 LOS ANGELES, CA – Commercial real estate investment banking firm George Smith Partners has successfully secured $20.9 million in bridge financing on behalf of its client, Massie Capital and Glenn & Shannon Dellimore for the $25 million acquisition of Gershwin Apartments, a 163-unit apartment community including 10,500 square feet of ground floor retail space located in Hollywood, California.

  The bridge financing was arranged by George Smith Partners Principal Shahin Yazdi.

Shahin Yazdi
The property, a five-story historic brick building constructed in 1927, was formerly known as the Gershwin Hotel, which was redeveloped into an apartment community in 2013 by the previous owner, CIM Group.

“Hollywood is an up and coming area in the Los Angeles market,” said Yazdi.  “This city has truly experienced a revitalization in recent years, and is now seeing an influx of young professionals seeking a trendy, urban lifestyle.”

The Gershwin Apartments property is located on Hollywood and Western, an area that has been rapidly growing and has had many new development projects in recent years, according to Yazdi.

“This area of the city offers tremendous potential for investors who want to capitalize on the market’s trend towards urbanization,” he explained. 

“Located less than one block from the Red Line stop at Western Boulevard, the Gershwin Apartments were designed to leverage current demand for urban product. The asset features a mix of small units, including 105 efficiency units with kitchenettes that total less than 350 square feet each.”

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

Corynne Randel/ Jenn Quader
Brower, Miller & Cole
(949) 955-7940


MHA Brokers Sales of Three Raleigh-Durham, NC Apartment Communities for a Total $62.4 Million

  
Jordan McCarley
 CHARLOTTE, NC — Multi Housing Advisors (MHA) has arranged, in separate transactions, the sales of three apartment communities for a total of $62.4 million.

Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in the transactions. MHA has now brokered the sale of seven properties in the Research Triangle Region over the past twelve months.

“With employment and population growth figures maintaining a fundamentally optimistic picture, investment capital continues to flow into the Triangle region,” Robinson said. 

“All three of these properties are uniquely positioned to benefit from thoughtful value-add initiatives that will bridge the gap between newer product, allowing promising rent growth and returns.”

Details of the deals are below:

·        Atlanta-based TriBridge Residential sold The Hamptons at RTP to Cortland Partners, also based out of Atlanta, for $34.6 million. The 286-unit property is located in Durham, N.C. and was built in 1998.

·        Los Angeles-based Robertson Properties Group sold Emerald Forest to Somerset Partners, based out of New York. The 320-unit property is located in Durham, N.C. and was built in 1985.

·        New York-based JEM Holdings purchased Westchester from Carlisle Residential, based out of Greensboro, S.C., for $8.25 million. The 160-unit property is located in Garner, N.C., just south of downtown Raleigh.
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 For a complete copy of the company’s news release, please contact:

Deborah Rogers
Multi Housing Advisors
404.645.7275

NAI Realvest Closes New Long Term Lease Agreement for 13,777 Square Foot Medical Professional office in Sebring, FL


Chris Adams
 ORLANDO, Fla. -- NAI Realvest recently negotiated a long-term lease for 13,777 rentable square feet of medical professional office space at 5825 Frontage Rd. off Highway 27 N. in Sebring.

Chris Adams, associate at NAI Realvest, brokered the transaction representing the landlord, Triple A Properties, Inc. of Winter Haven.  

The local tenant is Bassetti & Associates, MD PA a medical practice that has been serving Highlands County since 1985. 

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644 4142 or

407-461 3781 lvershelco@aol.com

Hold-Thyssen Negotiates Long Term Lease with Rheumatologists Regal Oaks Plaza West in Weeki Wachee, FL


Carol L. Kinnard
TAMPA, Fla. --- Carol L. Kinnard, transaction specialist at Hold-Thyssen, LLC, a commercial real estate services firm with offices in Tampa, recently negotiated a long-term lease for medical offices in Weeki Wachee in Hernando County.  

Dr. Farrukh Zaidi and Dr. Mohammed Mughni leased 1,802 square feet of medical office space at Regal Oaks Plaza West, 6475 Oregon Jay Rd. joining other medical service providers at the development. 

Regal Oaks Development Group, Inc. is the landlord.  

Drs. Zaidi and Mughni, long-standing clients of Kinnard who represented them in the transaction, said their new suite provides greater patient space and parking than the facilities they outgrew on the Oak Hill Hospital campus. Their rheumatology practice has multiple locations in the Tampa Bay area.
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 For a complete copy of the company’s news release, please contact:

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644 4142 or

407-461 3781 lvershelco@aol.com

Crossman & Company Negotiates $5.5 Million Price in Sale of Neighborhood Retail Center in Austell, Ga

  
Brian Carolan
 ATLANTA, GA  – Crossman & Company, one of the largest retail leasing, management and investment sales firms in the Southeast, recently negotiated a $5.5 million price in the sale of the East West Shoppes, an 85,565 square foot neighborhood retail center in Austell, Ga. in the Atlanta MSA.

Brian Carolan, Crossman & Company’s Director of Investment Sales, along with Senior Managing Director, Bruce Lyons and the firm’s Chief Operating Officer in Atlanta John Zielinski, represented the seller in this transaction.

 The seller is a Miami-based special servicer. A Boca Raton private investor is the buyer of the retail center.

 East West Shoppes consists of five buildings on a 15.74 acre parcel at 1025 East-West Connector in Austell in Cobb County. The center was constructed in phases between 2001 and 2004 and was 75 percent leased at the time of the sale.

Major tenants include Starbucks, Discount Tires, American Family Insurance and Apex Animal Hospital. Crossman & Company will continue to lease and manage East West Shoppes.

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644 4142 or
407-461 3781 lvershelco@aol.com



Gaedeke Holdings XII Rechristens Miami Landmar To Brickell Arch – The Gateway to the Americas


Brickell Arch, 1395 Brickell Avenue, Miami, FL
MIAMI, FL – Gaedeke Holdings XII has selected "Brickell Arch" as the new name for its recently acquired Espirito Santo Plaza in Miami's Financial District to create a readily identifiable brand for financial and commercial markets worldwide.


"Every major city has a well-known business address. When you hear Brickell, you know it's Miami," says Sabine Gaedeke Stener, CEO of the Dallas-based investment group. "And when you hear Brickell Arch, you'll know which building it is in the Financial District."


As part of the acquisition, Gaedeke was required to rename the 36-story, 266,692-rsf landmark, which sits on an entire block at the southern end of Brickell Avenue – the "Wall Street" of Latin America. 


The challenge was creating a name that would resonate in international circles, particularly for those businesses and financial institutions in Brickell Arch's diverse tenant mix.

"Gaedeke is only the second owner of the property. It was an enormous responsibility to come up with a name that would be meaningful and have a lasting impression," says Kirk Fetter, Gaedeke's vice president of leasing. "Brickell Arch is short, descriptive and memorable."

Sabine Gaedeke Stener
Developed in 2004, the 505-foot Brickell Arch fronting 1395 Brickell Ave. is a simple, elegant, sculptural design by Kohn Pederson Fox Associates. 

Its concave figural arch symbolizes the Gateway to the Americas, a feature patterned after the St. Louis Arch. 

That and Miami's reputation as "the Gateway to Latin America" weighed heavily on Gaedeke's final decision as did Brickell Avenue's dominance as the major financial district for the city and South America.

Settled in the mid-1800s, Brickell became known as Miami's "Millionaire's Row" by the early 1900s. The genesis for Brickell's 21st century success began in the 1970s, when a development  boom replaced the historic mansions with office towers, hotels and apartments.

Today, Brickell lined with office high rises and condominium towers is the city's most elite address for business, finance and high-net wealth individuals and investors.

 Miami boasts more than 1,250 multinational corporations with Latin American divisions, 121 banks or banking divisions, 25 foreign trade offices, 64 consulates and 40 bi-national chambers of Commerce.

Gaedeke's new holding, Brickell Arch, was named to the AIA Florida Chapter's list of "Florida Architecture: 100 Years. 100 Places" in 2012.

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


Kirk Fetter, 561-515-7407

Thursday, October 15, 2015

Fifield Cos.’ Steve and Randy Fifield Named 2015 Executives of the Year By Multi-Housing News

  
 
Randy Fifield
CHICAGO, IL – Last night, at a ceremony at New York’s Club 101, Multi-Housing News recognized Steve and Randy Fifield, heads of Chicago-based developer Fifield Cos. and Los Angeles-based Century West Partners, as the 2015 Excellence Awards Executives of the Year.

For more than 15 years, Randy and Steve have led Fifield Cos. to become one of Chicago’s most successful developers, having pioneered the expansion of urban neighborhoods with transit-oriented infill developments in both Chicago, and most recently in Southern California under the Century West Partners moniker.

“This award means the world to us,” said Steve Fifield, chairman and CEO of Fifield Cos. “The multifamily industry is booming, not just in Chicago, but across the country, as more people choose to rent – redefining the American Dream. To be acknowledged in such an active category is an honor. We wouldn’t be here without our fantastic team, and I’m so fortunate to have Randy by my side – the best partner, in business and in life.”

One of the multifamily industry’s most powerful couples, the Fifields are recognized as leaders in their fields in both the Chicago and Los Angeles real estate communities.  In his role as chairman and CEO, and as co-founder of Century West Partners, Steve is responsible for the financial feasibility and construction of all new projects. Randy, vice chairman of Fifield Cos., leverages her 25 years of design and build experience to oversee the architecture, design, interiors, asset management and marketing of all Fifield projects in Chicago, as well as those from Century West Partners.

Steve Fifield
Combined, the Fifields’ real estate companies currently have 3,000 apartment units representing $1.5 billion in development in both the Chicago and Los Angeles areas, and have built more than more than 5,000 high-rise residential units in Chicago, L.A., Southeast Florida, Las Vegas and Waikiki.

Fifield Cos’ most recently completed development is E2, a 356-unit luxury rental project in downtown Evanston, Illinois, which marks Evanston’s first uber-luxury apartment development. Since opening in the spring of 2015, E2 has created a new gateway to dynamic downtown Evanston and filled a much-needed demand in the North Shore market. The building has surpassed 80-percent leased in just six months.
  
“It has always been our goal to redefine what luxury apartment living can be and make the Fifield name synonymous with a new standard in multi-family living,” said Randy Fifield. 

“We’ve accomplished that, not only through a concerted effort to be on the cutting edge of apartment finishes and amenities, but through the aggressive recruitment of an extremely talented, diverse team, and a strong commitment to our community.”


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

Kim Manning, kmanning@taylorjohnson.com, 312.267.4527
Cara Mooses, cmooses@taylorjohnson.com, 312.267.4523


Wednesday, October 14, 2015

HFF closes $74.35 million sale of 7-building portfolio of retail space and development site in Naples, FL



5th Avenue Collection, Naples, FL

Manuel de Zarraga
MIAMI, FL –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $74.35 million sale of a seven-building portfolio on 5th Avenue in Naples, Florida.

HFF marketed the property on behalf of the seller, Naples Fifth Avenue Holdings, LLC, whose principals include Jose Hevia and Trish Blasi.  Hoffman Commercial Real Estate purchased the asset free and clear of existing debt. 

Courtelis Company, which provided leasing and management services for Naples Fifth Avenue Holdings, LLC, assisted HFF in the marketing process.           

The seven-building portfolio totals 122,276 square feet and consists of 73,523 square feet of street-level retail space, 48,753 square feet of office space and a 1.1-acre site on one of the wealthiest high-street markets in the country:  5th Avenue in Naples.  The 1.1-acre development site is situated at the corner of 4th Avenue and 4th Street and currently serves as a 115-space surface parking lot. 

The collection of assets benefits from its location along the 5th Avenue corridor as downtown Naples continues to experience intense demand from retail and restaurant users.  The buildings are 86.2 percent leased, in aggregate, to tenants including Wells Fargo Bank, TD Bank, TD Ameritrade, Berkshire Hathaway Real Estate, PNC Bank, SunTrust Bank, Starbucks, Tervis Tumbler and Provident Jewelry.

The HFF team representing the seller was led by executive managing director Manuel De Zárraga, senior managing director Daniel Finkle, managing director Luis Castillo and associate director Nat Scarmazzi.  Rod Castan, president of Courtelis Leasing and Management, also assisted in representing the seller.

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 hires Patrick Arnold as an associate director in its loan sales group

                             

Gerard Sansosti
ATLANTA, GA – Holliday Fenoglio Fowler, L.P. (HFF) announced Patrick Arnold has joined the firm as an associate director in its Atlanta office.  Mr. Arnold will be a member of HFF’s national loan sales group and will focus on evaluating and identifying loan sale opportunities throughout the U.S.

Mr. Arnold joins HFF from Mission Capital Advisors where he was a vice president for the Commercial Mortgage Loan Sales team.  During his seven year tenure at Mission, he was involved in approximately $17 billion (unpaid principal balance) in loan sales through both stand-alone and multi-loan portfolio transactions.  Mr. Arnold graduated from the University of Virginia.

“Consistent with all of HFF’s new hires, we strive to find the best and brightest in the industry whom also closely align with our firm’s principals and culture,” said Gerard Sansosti, executive managing director and co-head of HFF’s national loan sales platform.

‘Patrick is a perfect example of this and he will be a key addition to our loan sales and REO team.  He has extensive experience with a wide variety of seller types across the loan sale spectrum as well as a keen understanding of all types of loan sale transactions - performing, sub-performing and non-performing assets,
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 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



Stepp Commercial Names Mark Witsken as Vice President



Mark Witsken
LONG BEACH, CA – Stepp Commercial, the leading multifamily brokerage firm in the Long Beach market, has named Mark Witsken as vice president. 

In this role, he will focus on multi-housing investment sales transactions in the greater Long Beach area with a specific emphasis on providing a high-level of service to both buyers and sellers of smaller apartment assets.

“I am pleased to be joining Stepp Commercial and look forward to meeting a need for small apartment owners and investors,” said Witsken. “Through our firm’s proven platform, my goal is to provide a very high-end, institutional-quality level of service that hasn’t been available to them until now.”

Prior to joining Stepp Commercial, Witsken worked for Keller Williams Commercial where he specialized in the disposition, acquisition, and exchange of multifamily properties in Long Beach and Inglewood.

“Mark has built a solid client base and strong reputation for his expertise in the smaller apartment property sector. Until now, we have focused our marketing efforts on properties in excess of 10 units,” noted Robert Stepp, principal with Stepp Commercial.

“With this strategic hire, we anticipate that Stepp Commercial will expand our already significant market share in the coming months. We will now be enabled to provide the added service of working with investors who seek to trade out of smaller assets into larger ones via a 1031 exchange, to realize stronger cash flows and higher returns.”

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

Darcie Giacchetto

949.278.6224


Meridian Capital Group Arranges $6.2 Million in Agency Financing for the Purchase of the Waldan Pond Apartments in Acworth, GA


Waldan Pond Apartments, 450 Waldan Circle, Acworth, GA


Carlsbad, CA, Oct. 14, 2015,  – Meridian Capital Group, America’s most active debt broker, negotiated a $6.2 million agency loan for the purchase of the Waldan Pond Apartments, a multifamily property located in Acworth, GA on behalf of Canadian investors.

Sarah Kuebler
The seven-year Freddie Mac loan, provided by Capital One Multifamily Finance, features a fixed-rate below 4.00%, an 80% loan-to-cost ratio and interest-only payments for the first year followed by a 30-year amortization schedule.

This transaction was negotiated by Meridian Managing Director, Seth Grossman, and Associate, Sarah Kuebler, who are both based in the Company’s Carlsbad, CA office.

Waldan Pond Apartments are located at 450 Waldan Circle in Acworth, GA and totals 124 units.

“The borrower is a repeat client of Meridian and has closed loans in multiple U.S. markets. 

"This loan was rate locked and closed during a period of severe market dislocation where agency spreads were widening, but all parties worked together to move quickly and the transaction was early rate locked far below the market,” said Mr. Grossman.

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

Jonathan Stern
Meridian Capital Group
212/972-3600


Meridian Capital Group Arranges $18.8 Million in Acquisition Financing for the Lake Azzure Fractured Condominium Property Located in Tampa, FL


Lake Azzure Condominiums, 8505 Lincoln Cove Drive, Tampa, FL

 New York, NY,  Oct.  14, 2015,– Meridian Capital Group, America’s most active debt broker, negotiated $18.8 million in acquisition financing for the purchase of the majority of the units at the Lake Azzure condominium property located in Tampa, FL.

Shaya Ackerman
The $18.8 million, seven-year loan was provided by a regional balance sheet lender and features a rate of 3.75% and two years of interest-only payments. This transaction was negotiated by Meridian Capital Group Managing Director, Shaya Ackerman, who is based in the Company’s New York City headquarters.

Built in 1972, the 24.5-acre Lake Azzure Condominium Community is composed of 368 units, of which 332 serve as collateral for the loan. The property features two swimming pools, a jacuzzi, outdoor barbeque and lounge area, 24-hour fitness center, community center with conference room and a 16-acre lake with two fishing docks.

Lake Azzure is located at 8505 Lincoln Cove Drive, just off of Dale Avenue, Tampa’s primary retail corridor and in close proximity to numerous shopping and entertainment venues. Tenants and owners at the property benefit from convenience access to Interstate 275 and Veterans Expressway.

“Despite the fractured nature of this property, where our client acquired over 90% of the units, Meridian was able to navigate the complex ownership structure and negotiate favorably priced acquisition financing,” said Mr. Ackerman. “Furthermore, we obtained two years of interest-only payments which will benefit the execution of the business plan for this asset,” he added.

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

Jonathan Stern
Meridian Capital Group
212/972-3600


HFF arranges $49.5 million financing for Liberty Creek Apartments in Aurora, CO



Liberty Creek Apartments, 13100 East Kansas Drive, Aurora, CO

 
Brock Yaffe
DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $49.5 million in financing for Liberty Creek Apartments, a 584-unit, garden-style multi-housing community in the east Denver suburb of Aurora, Colorado.

 HFF worked on behalf of the borrower, a joint venture between BMC Investments (BMC) and Oak Coast Properties, to place the 10-year acquisition financing with Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. 

The securitized loan has a fixed-rate of 4.14 percent with five years of interest only.  In addition, the loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program. 

Liberty Creek Apartments is located at 13100 East Kansas Drive in Aurora with nearby access to Interstate 225.  The property has 42 two-story buildings that house one- and two-bedroom units ranging from 653 to 882 square feet. 

Community amenities include three heated swimming pools, basketball and tennis courts, fitness center, playground, grilling areas, business center and clubhouse.

The HFF debt placement team representing the borrower was led by associate director Brock Yaffe.

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