NAI Realvest Negotiates Sale of Two Office Buildings in Eustis, FL with Adjacent One-Acre Corner Parcel for $596,650

 

Tom R. Kelley II

 ORLANDO, Fla. – NAI Realvest recently negotiated the $596,650 sale price for two 4,000 square foot office buildings at 2100 and 2130 Prevatt St. in Eustis and an adjacent one-acre vacant corner parcel at 2150 Prevatt St. 

Tom R. Kelley, II, CCIM, Principal at NAI Realvest and Associate Chris Adams, negotiated the sale on behalf of the seller Crescent Moon Properties, LLC of East Stroudsburg, Pa. 

The Buyer, Mid-Florida Properties Holdings, LLC of Mount Dora was represented in the transaction by Rick Gonzalez, CCIM of Crosby & Associates.

Several weeks before sale, when Crescent Moon Properties was the landlord, Kelley and Adams brokered a new lease at the property.  Madison, N.J. based Quest Diagnostics Clinical Laboratories, Inc. leased the 2,000 square foot suite B in the 2130 building of the professional office complex. 

The buildings were 25 percent leased at the time of the sale.

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

   

Del Webb Stone Creek Grand Opens 74 new Estate and Classic Home Sites at Sandalwood at Stone Creek in Ocala, FL

Sean Strickler

OCALA, FL --- Del Webb Stone Creek in Ocala recently (10/27) grand opened Sandalwood, the newest phase at Stone Creek, with 74 new Estate and Classic home sites.

Sean Strickler, president of Del Webb’s West Florida Division, said the gated, active-adult community’s new home sites, which include water views and several which include views of the 18-hole championship golf course, will feature home designs priced from $197,990.

Our new classic series homes at Del Webb Stone Creek range in size from 1,671 square feet of living space to 1,968 square feet with two to five bedrooms and two-car garages. Classic Series home buyers can also choose a second floor loft, Strickler said.

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

Winston James Development leases space at Beville Road Business Park in South Daytona , FL to South Florida Wellness Center

Winston Schwartz

South Daytona, FL – Winston-James Development, Inc., reports it recently completed a new lease agreement for 1,575 rentable square feet at Beville Road Business Center on Beville Rd. east of Nova Rd. in South Daytona.

Winston Schwartz, president of Winston-James Development, developers of Beville Road Business Center, said the South Florida Wellness Center leased the space for their first central Florida location. 

South Florida Wellness Center, with three locations in Florida, handles medication addiction treatment and counseling.      

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

Avanath Capital Management Acquires Portfolio Encompassing Four Apartment Building in Brooklyn, NY

 

John R. Williams

BROOKLYN, NY - Avanath Capital Management, LLC  , a private real estate investment manager, has acquired a multifamily portfolio encompassing four rent-stabilized apartment buildings in Brooklyn, New York in an off market transaction. The properties were acquired in joint partnership with Oak Tree Management for a total of $60 million.

The four-asset portfolio was purchased through Avanath Affordable Housing II, LLC, a fund with $200 million of equity commitments. 

"Brooklyn is a market with unbridled investment potential," says John Williams, President and CIO of Avanath Capital Management.  "Based on high growth throughout the region, rising market rents, and strong employment hubs both in Brooklyn and the surrounding boroughs, this acquisition is positioned to deliver strong risk-adjusted returns for our investors."

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

Lexi Astfalk/Jenn Quader

Brower, Miller & Cole

 http://www.browermillercole.com/

(949) 955-7940

lastfalk@BrowerMillerCole.com

WoodSpring Suites debuts in the state of Louisiana with development agreement in West Monroe

Ron Burgett

Wichita, KS — WoodSpring Hotels, the nation’s fastest growing, extended-stay hotel company, today announced an agreement with a development group headed by Karnail and Kanwarjit Singh to build the next WoodSpring Suites hotel in West Monroe, La.  The 124-unit hotel will be first WoodSpring Suites located in Louisiana and is expected to start construction in 1Q 2016.

“As evidenced by their very successful portfolio of five hotels from Dallas to New Orleans, Karnail and Kanwarjit Singh are experienced hoteliers and the ideal partners to help us launch the WoodSpring Suites brand in Louisiana.

“Our highly efficient operating model and focus on the bottom line allow us to attract top developers such as the Singhs as WoodSpring Suites adds to its already robust development pipeline,” said Ron Burgett, executive vice president of franchise development for WoodSpring Hotels.

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

Chris Daly, media

(703) 435-6293

chris@dalygray.com

www.WoodSpringFranchise.com.

Jonathan Jaeger Receives Inaugural Lori Raleigh Award for Emerging Excellence in Hospitality Consulting

(L to R: ISHC President Chad Sorensen, ISHC Chair Rachel Roginsky, Lori Raleigh, Jonathan Jaeger)

Berlin, Germany and Atlanta, GA -- The International Society of Hospitality Consultants (ISHC) named Jonathan Jaeger the recipient of the inaugural Lori Raleigh Award for Emerging Excellence in Hospitality Consulting. The award was presented at the ISHC Annual Conference held in Berlin, Germany. 

“Having completed more than 1,000 consulting and valuation assignments on behalf of a wide variety of clients across North America and the Caribbean in just the early years of his career is truly impressive, making Jonathan the ideal recipient of the inaugural Lori Raleigh Award,” said Award Committee Chair Kristie Dickinson, senior vice president, CHMWarnick.

“However, this award is about much more than the projects he’s completed. Jonathan has demonstrated accomplishments and a career progression earned only by a strong work ethic and dedication to the industry, other young professionals and the clients he advises.

He gives back tirelessly to the industry, mentoring new associates in his firm, teaching college students and speaking before some of the most prestigious groups in hospitality. His desire and ability to lead in all aspects of hospitality is truly impressive, and we are confident that Jonathan will remain a growing, important presence in the industry as his career progresses.”

Jaeger is a managing director at LW Hospitality Advisors, a provider of advisory, valuation, feasibility, investment counseling, asset management, property management and transactional services focused exclusively on hotels, resorts, gaming properties and conference center assets worldwide.  

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

Chris Daly, media

(703) 435-6293

chris@dalygray.com

WoodSpring Suites Breaks Ground on New Hotel in Miami, FL

  

From left: Ron Burgett - WoodSpring;  Robert O’Leary - WoodSpring; Raul Garcia- Gold Coast Premier Properties; Veronica Garcia- Gold Coast Premier Properties; Abel Ramirez –JAXI

Miami, FL — WoodSpring Hotels, the nation’s fastest growing, extended-stay hotel company, and Gold Coast Premier Properties, LLC, announced the groundbreaking of the  WoodSpring Suites hotel near Zoo Miami at Coral Reef Drive and parallel to the Florida Turnpike.

“It has been a great experience working with WoodSpring Hotels. They are a strong competitor in the extended stay segment, and we’re excited to capitalize on their unique operating model that focuses on the bottom line and in turn offers strong returns,” said Raul Garcia, president of Gold Coast.

The projected opening date for the hotel is 3Q 2016. The hotel will be built as a prototypical 124-room WoodSpring Suites and will feature such guest amenities as laundry facilities, modified kitchens and high-speed internet, as well as the cleanliness, safety and affordability that the WoodSpring Suites brand provides to every guest.

This is the first of two planned WoodSpring Suites hotels under development by Gold Coast. The second location, which will be built in the Doral sub-market of Miami, is slated to be a WoodSpring Suites Signature hotel.

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

Chris Daly, media

(703) 435-6293

chris@dalygray.com

Wyndham Hotel Group’s Expansion Accelerates in South East Asia with Seven New Properties

  

Barry Robinson

SINGAPORE  - Wyndham Hotel Group’s aggressive growth in South East Asia is showing no signs of slowing down, as the world’s largest hotel company announced the signing of seven new franchise agreements during ITB Asia in Singapore.

The properties will be located across tourist hot spots in Thailand, Malaysia and Vietnam under the hospitality giant’s Ramada®, Days Inn® and Wyndham Hotels and Resorts® brands.

Barry Robinson, Wyndham Hotel Group’s president and managing director, South East Asia and Pacific Rim, said the seven new franchise agreements boost the company’s strategic efforts to expand its brands even further across the region.

“South East Asia is becoming an increasingly popular tourist destination with an estimated 100 million visitors annually,” said Mr Robinson. “With visitor numbers continuing to rise, we have our sights set on growing our presence to meet this demand over the coming years. We know our range of globally recognised brands will offer the utmost in value and services to meet the needs of today’s travellers in South East Asia.”

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

  

Stacey Grims

Public Relations Officer

T: +61 (0) 7 5512 8227         

M: +61 (0) 431 846 265

stacey.grims@wyn.com

www.wyndhamAP.com

Colliers International Tampa Bay Brokers Sale of 96 Percent Occupied Park Place Office & Promenade in Clearwater, FL to Steelbridge Capital

Melanie Jackson

CLEARWATER, FL – Park Place Office & Promenade, one of the most well-known office parks in Pinellas County, Fla., has sold to an affiliate of Steelbridge Capital, a real estate investment company with headquarters in Chicago and Miami. The purchase price was not disclosed.

The properties, located at 311, 410, 420 and 430 Park Place Boulevard in Clearwater include a six-story, 118,447-square-foot office building and three, single-story, promenade-style buildings, totaling 50,221 square feet. The property was 96 percent occupied at the time of sale.

John Gerlach, CCIM, Vice President of Investment Services at Colliers International Tampa Bay, represented the undisclosed seller. The buyer is Steelbridge II, Park Place LLC.

“We are pleased to be back in Tampa buying office property” said Mike Manno, Principal at Steelbridge Real Estate Services. “After our successes in the last cycle with such properties as the Urban Center and Sunforest I and II in Westshore, and Bushwood II and III in North Tampa, we are focused on expanding our Tampa Bay regional footprint.”

Melissa Hazlewood

Steelbridge will manage the property in concert with the Tampa office of JLL. Colliers International Tampa Bay’s office team of Alan Feldshue and Melanie Jackson will continue to lease the property, as they have since 2007.

Melissa Hazlewood, Regional Manager with JLL, stated, “We are very excited to partner with Steelbridge and continue our contribution to the asset’s investment goals as we did successfully for prior ownership.” 

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

Juliette Lauer     

Account Executive

B2 Communications

p 727.895.5030 x107 | c 407.405.5696

www.B2Communications.com

www.jll.com.

www.steelbridgecapital.com.

RealtyTrac Reports Number of Seriously Under Water Properties Drops by 525,000 in Third Quarter 2015

IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, released its Q3 2015 U.S. Home Equity & Underwater Report. Highlights of the report show:

·         There were 6.9 million seriously underwater (at least 25 percent underwater) U.S. residential properties at the end of Q3 2015, down more than half a million from the previous quarter and down more than 1.2 million compared to a year ago.

o   A surge in home sales volume and prices in the second and third quarters account for the dramatic drop in seriously underwater homeowners.

·         There were 10.5 million equity rich (at least 50 percent equity) U.S. residential properties at the end of the third quarter, down nearly a half million from the second quarter.

o   Indicates more homeowners with equity are leveraging that equity with a refinance, a move-up sale and purchase or by cashing out of the housing market completely.

·         Only one in three properties in foreclosure was seriously underwater, the lowest level since RealtyTrac began tracking in the Q1 2012 and down from a peak of 62 percent underwater in the second quarter of 2012.

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

Ginny Walker

949.502.8300, ext. 268

ginny.walker@realtytrac.com

Mortgage Bankers Association Report: Multifamily Lending Jumped 13% in 2014

Jamie Woodwell

WASHINGTON, DC -- In 2014, 2,876 different multifamily lenders provided a total of $195.1 billion in new mortgages for apartment buildings with five or more units, according to the Mortgage Bankers Association (MBA) 2014 Report on Multifamily Lending.

 The 2014 dollar volume represents a 13 percent increase from 2013 levels.  Sixty-five percent of the active lenders made five or fewer multifamily loans over the course of the year.

“Lenders provided more than $195 billion of capital to multifamily apartment owners in 2014, a new record,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research. 

“The lending came from a range of lenders – with two-thirds making five or fewer multifamily loans during the year – and went to a range of borrowers – with more than one-quarter of the loans being for $500,000 or less.  

"The market has continued to expand this year and shows every sign of breaking last year’s record.”

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

Ali Ahmad

aahmad@mba.org

(202) 557-2727

HFF arranges $41.4 million acquisition financing for TownPark Commons in Kennesaw, GA

  

 

Brian Carlton

DALLAS, TX  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $41.4 million in financing for the acquisition of TownPark Commons, a 349,635-square-foot office building in Kennesaw, Georgia, a northwest suburb of Atlanta.  

The project was acquired by the TSP Value and Income Fund, a discretionary value-add real estate fund managed by Transwestern Investment Group. 

The fund seeks to deliver attractive risk-adjusted returns with a focus on current income and lower volatility.  Working on behalf of the buyer, HFF placed the five-year, fixed-rate loan with Ares Management.  In addition to funding the acquisition of the property, the loan will also fund tenant improvements and leasing commissions.

Town Park Commons is located at 125 TownPark Drive in a business park setting between Interstates 575 and 75 in the northwestern greater Atlanta area.  The 99.6 percent leased property is anchored by Enercon, an architectural, engineering, environmental, technical and management services firm.

The HFF debt placement team representing the borrower was led by senior managing director Brian Carlton and director Gregg Shapiro.

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

krmurphy@hfflp.com

www.aresmgmt.com.

www.transwesterninvest.com.

HFF arranges $42.7 million refinancing for Samaritan Medical Tower in downtown Los Angeles

Samaritan Medical Tower, 1127 Wilshire Boulevard, Downtown Los Angeles, CA

Marc Schillinger

LOS ANGELES, CA –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $42.7 million refinancing for Samaritan Medical Tower, a 146,354-square-foot medical office building in downtown Los Angeles.

HFF worked on behalf of the borrower, Boulevard Investment Group, Inc., to secure the 10-year, fixed-rate CMBS loan.  The financing is interest only throughout the entire term.

Samaritan Medical Tower is located at 1127 Wilshire Boulevard directly across the street from Good Samaritan Hospital, a 408-bed, world-class academic medical center affiliated with both USC and UCLA Schools of Medicine.

 This location is convenient to the 110 Freeway and nearby development projects in downtown Los Angeles including the Wilshire Grand, 6th & Bixel, The Bloc, and the Good Samaritan Hospital expansion.  Originally built in 1964, Samaritan Medical Tower was extensively renovated in 2000 and 2014.

The HFF debt placement team representing the borrower was led by director Marc Schillinger.

 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

krmurphy@hfflp.com

HFF closes $12 million sale of Essex Square on Route 17 in Bergen County, NJ

Essex Square, 184 Essex Street, Lodi, NJ

Chris Munley

FLORHAM PARK, NJ --  Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $12 million sale of Essex Square, a 16,000-square-foot retail strip center located within the prestigious Route 17 retail corridor in the New York City suburb of Lodi, New Jersey. 

HFF marketed Essex Square on behalf of the seller, ARC Properties Inc.  Capstone Realty Group advised the buyer, Pako Realty Corp., and facilitated a 1031 tax exchange of the center that was acquired all cash. 

Essex Square is a 100-percent-occupied, regional retail strip center leased to national and regional tenants, including Capital One Bank, 7-Eleven, MedExpress, Jimmy John’s Gourmet Sandwiches, Rita’s, Muscle Maker Grill and Great Clips. 

The two-building center benefits from highway visibility and a traffic count of more than 104,000 vehicles per day.  

The property is located at 184 Essex Street in close proximity to Interstate 80, which provides direct access into New York City.  More than 216,000 people live within a three-mile radius of the property with notable nearby towns including Paramus and Hackensack.    

The HFF investment sales team representing the seller was led by managing directors Chris Munley and Kevin O’Hearn and senior managing director Jose Cruz.

“Retail assets of this nature continue to be in high demand from multiple equity sources around the country,” Munley said.  “The tremendous outpour of interest received on this property was a reflection of both the quality tenancy and irreplaceable location within the highly-desirable Bergen County submarket of Northern New Jersey.”  

“The center is well located and fits well with our investor’s strategy for long-term stable ownership,” said Monica Kang, a principal with Capstone Realty Group.

 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

krmurphy@hfflp.com

www.crgre.com.

HFF secures $37.180 million financing for Executive Plaza in North Bethesda, MD

Executive Plaza, 6120 and 6130 Executive Boulevard, White Flint District,
 North Bethesda, MD

   

Susan Carras

WASHINGTON, DC – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $37.180 million in bridge financing for Executive Plaza, a two-building Class A office project totaling 328,457 square feet in North Bethesda, Maryland.

Working on behalf of the borrower, an affiliate of Angelo Gordon & Company and Monument Realty, LLC, HFF placed the 36-month, floating-rate loan with Citizens Bank.  Loan proceeds will be used to refinance the existing loan and to provide funds for continuing capital improvements and leasing related costs.

Executive Plaza is located at 6120 and 6130 Executive Boulevard in the White Flint district of North Bethesda.  The 13-acre site is close to the Capital Beltway (I-495) and Interstate 270 via Montrose Parkway, and walkable to the White Flint Metrorail station. 

Pike and Rose, the new office, retail, residential, restaurant and entertainment destination that delivered this year, is also within walking distance of the property.  The two eight-story buildings feature a four-story, 866-space parking garage and 25,683 square feet of lower level space in 6120 Executive Boulevard that will be improved with a fitness facility and conference center.

HFF’s debt placement team was led by Susan Carras, Walter Coker and Brian Crivella.

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

krmurphy@hfflp.com

www.angelogordon.com.