Marcus & Millichap Arranges $1.9 Million Sale of Value Self Storage in Port Charlotte, FL

Mike Mele

PORT CHARLOTTE, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Value Self Storage, a 35,758-square foot self-storage facility located in Port Charlotte, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. 

The asset sold for $1,900,000.

Michael A. Mele, senior vice president investments in Marcus & Millichap’s Tampa office and senior director of the firm’s National Self-Storage Group, had the exclusive listing to market the property on behalf of the seller, a private investor.  

The buyer, a private investor, was secured and represented by Mele and Brian Baldwin, associate in the firm’s Tampa office. 

“This deal is an example of how well the private client market has rebounded in self-storage,” says Mele.

Value Self Storage is located just off of Port Charlotte’s main thoroughfare at 23227 Freedom Avenue in Port Charlotte, Florida. This facility is comprised of 687 units that range in size from small lockers to 300-square foot units. 

There is a combination of climate-controlled units, non-climate units, lockers and RV and boat parking. It is situated on approximately 2.83 acres, and has a total of 35,758 net rentable square feet. Value Self Storage was constructed in 1984 and was expanded in 1997 to meet the increasing demand in the area. The property is meticulously maintained and features amenities such as truck rentals, 24-hour gate access, video surveillance and perimeter fencing.

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

Richard D. Matricaria

Vice President/Regional Manager,

Tampa, FL

(813) 387-4700

Wyndham Garden Hotels Debuts in the Pacific Rim with Guam Property

 

Barry Robinson

Tamuning, Guam  – Strengthening its growing presence in the Pacific Rim, Wyndham Hotel Group introduced its upper-midscale Wyndham Garden® Hotels brand to the region today with the opening of a 144-key property in Guam.

The all-suites hotel, operated by Sentry Hospitality, LLC, is centrally located in Tamuning, Guam’s main tourism and business hub. 

Just five minutes from the Antonio B. Won Pat International Airport and two minutes from Ypao Beach, Wyndham Garden Guam puts guests within easy reach of the area’s dining, shopping, businesses and natural attractions. It becomes Wyndham Hotel Group’s second property in Guam, joining a Days Inn® hotel also in Tamuning.

 “Known for its friendly people, beautiful landscape and fascinating history, Guam continues to gain traction as a prime destination for business and holiday travel, especially among Asian and American travellers,” said Barry Robinson, president and managing director, Wyndham Hotel Group South East Asia and Pacific Rim.

 “More than 1.3 million visitors have made their way to the country so far this year, and inbound travel is expected to rise. This growth, coupled with a lack of hotel supply, gives us a timely opportunity to introduce our vast portfolio of brands and provide visitors with quality, globally renowned accommodations, along with exceptional value, to serve their lodging needs.”

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

Angie Christofis

Manager PR & Communications

Wyndham Hotel Group - South Pacific

T: +61 (0) 7 5512 8307

angie.christofis@wyn.com

Real Estate Capital Instiitute Predicts Fed Preparing Bond Markets for First Rate Hike in 10 Years

Jeanne Peck

Chicago, IL - Real Estate Capital Institute predicdts The Fed is clearly preparing bond markets for the first rate hike in nearly a decade.  

Investors react by pricing two- and 10- year benchmark Treasurys to the thinnest margin since this Spring.   With the markets psychologically factoring such increases,

longer-term bond investments [including mortgages] will benefit from a slow, predictable pace of increases mainly based upon tame inflation news.

Even as longer-term benchmark rates gain more predictability, mortgage market players react differently to pricing realty risk premiums over these yields.  Major players carve out niches as follows:

Life Companies: Without question, these balance-sheet funding sources win battles on rate, less so on leverage. Fixed rate loans can be had starting in the higher-3% range. Virtually all players in this sector have targeted

appetites well above the amount of deal volume, as investment departments shift more dollars into commercial realty debt instead of corporate bonds.

Conduits:  Relentless volatility hampers Wall Street from providing consistent pricing as AAA-pieces of the loan continue to widen to their highest levels in the year; BBB-piece price widening shows no mercy on the other end of the pricing spectrum. In fear of wiping out profitability due to mismatched pricing during loan aggregation, Wall Street sources wait to

the last minute to finalize loans.  Expect more credit discipline and conservative underwriting than in the recent past, but higher leverage levels than life companies with pricing typically starting in the mid-4%

range. 

Agencies:  Despite wider pricing in recent months, agencies lead in

higher-leverage multifamily lending.  Agencies have a generous allocation of

funds for the foreseeable future.  Execution consistency and continuous

market presence remain the largest reasons for the continued success of this

funding sector.

Banks:  Local and regional banks fill any liquidity gaps for borrowers in

non-core markets.  Flexibility, especially for shorter-term debt, is the

hallmark funding characteristic of banks.  Pricing tends to fall somewhere

between life companies and conduits.

Ms. Jeanne Peck of the Real Estate Capital Institute's Jeanne Darrow Peck

advises, "keep in mind-rates are still relatively low, even as spreads

widen."  She adds, "The planned Fed actions reflect a vote of confidence in

the economy, and resulting mortgage rate impacts should be gradual and work

within project budgeting goals and objectives."

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

Jeanne Peck,

 Executive Director

director@reci.com

www.reci.com

HFF closes sale of Class A downtown Mountain View, CA office property

Castro Station, 100, 150 and 200 West Evelyn Avenue,  Mountain View, CA

Steven Golubchik

SAN FRANCISCO, CA -– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Castro Station, a three-building, Class A office property in the Silicon Valley city of Mountain View, California. 

HFF marketed the property on behalf of the seller, SFF Realty Fund as advised by PSAI Realty Partners.  TIAA-CREF purchased the asset for an undisclosed amount. 

Castro Station, located at 100, 150 and 200 West Evelyn Avenue, consists of 114,809 square feet plus a three-level, 362-space subterranean parking garage.  

Buildings 100 and 200 were built in 2000 and total 65,757 square feet.  Building 150 is a 49,052-square-foot building completed in 2014.

 The fully-leased property is occupied by nine tenants in the security software, social networking, cloud software and e-commerce industries, among others.  

The 3.94-acre site is located at the intersection of Central Expressway and Highway 85 (Norman Y. Mineta Highway) adjacent to the Mountain View Baby Bullet Caltrain Station. 

Michael Leggett

Castro Station’s location in downtown Mountain View provides walkable access to its retail core and vehicular access to Highways 101, 82, 85 and 237. 

Castro Station is also within close proximity of Stanford University as well as numerous high-profile corporate users in Silicon Valley such as LinkedIn, Microsoft, Amazon, HP, Samsung and Google. 

HFF’s investment sales team representing the seller was led by senior managing director Steven Golubchik, co-head of HFF’s national office investment sales platform Michael Leggett and director Ben Bullock.

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.tiaa-cref.org

Prime Waterfront Office Property in Newport Beach, CA Across from Balboa Island Acquired by Shopoff Realty Investments and Invesco Real Estate

 

William Shopoff

Newport Beach, CA. –– Shopoff Realty Investments announced today that the company has partnered with Invesco Real Estate to acquire Bayside Square, a 35,000-square-foot office building, in Newport Beach, Calif.

The asset is uniquely situated directly on the water overlooking beautiful Bayside Marina at the foot of the bridge to prestigious Balboa Island. 

The partnership intends to maintain and improve upon the current operations of the office building, while exploring opportunities to enhance long-term value.

“Bayside Square is a one-of-a-kind property, in a location unlike almost any other, at the heart of some of the most desirable and expensive real estate in the country,” said William Shopoff, chief executive officer of Shopoff Realty Investments. “Our company envisions multiple strategies to unlock the hidden value of this asset.”

“We’re excited about the ability to align our opportunistic capital with a first class, specialized partner in a truly irreplaceable location,” said Chase Bolding, an investment officer with Invesco Real Estate.

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

Jill Swartz

Spotlight Marketing Communications

949.427.5172, ext. 701

jill@spotlightmarcom.com

Feldman Equities LLC & Tower Realty Partners Acquire Downtown Tampa, FL Development Site

Tampa Riverwalk

TAMPA, FL       Riverwalk Tower, LLC, a joint venture of Feldman Equities, LLC and Tower Realty Partners, has acquired a 1.47 acre land site and the adjacent CapTrust office building in Downtown Tampa from Brownstone Tampa Partners LLC, a company controlled by Forge Capital Partners LLC, for $12.05 million.

The site sits on the edge of the new Tampa Riverwalk.  The land boundaries are South Ashley Drive on its east boundary, Borein Street to the property’s south, the Hillsborough River to the west and Whiting Street to the north. The site has over 350 lineal feet of waterfront.  

The property is widely considered to be the most desirable location in downtown Tampa because of its extensive water views, immediate adjacency to the Tampa Riverwalk and its close proximity to the “core” high-rise district of downtown Tampa. 

The site will be home to Riverwalk Tower, a 52-story office and luxury residential building.

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

tyoungman@assetmarketingonline.com

1000 South Clark in Chicago’s South Loop Opens for Pre-Leasing

Sheila Byrne

                                              CHICAGO, IL – Chicago-based The Habitat Company has announced the start of pre-leasing at 1000 South Clark, a new 469-unit luxury apartment tower in Chicago’s South Loop neighborhood. 

The building is slated for delivery in early 2016 and is a joint venture between Chicago-based JDL Development and New York-based iStar.

The development will offer studio, one-, two-, and three-bedroom residences ranging from 512 to 2,730 square feet with rents ranging from $1,625 to $6,784. 

Additionally, 1000 South Clark will also feature six three-bedroom rental townhomes averaging 2,635 square feet, which will include a two car garage. Select townhome floor plans will also offer 3 ½ baths. Townhome rents start at $5,823.

“1000 South Clark residents will enjoy five-star finishes and more than 40,000 square feet of amazing amenities,” said Sheila Byrne, executive vice president of property management at The Habitat Company. “Add to that convenient access to the amazing variety of shopping, dining and entertainment options that the South Loop has to offer, and we know this building will be at the top of renter’s wish lists.”

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

Cara Mooses, cmooses@taylorjohnson.com, 312.267.4523

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

First Residents Move into Brighton Mews in Park Ridge, IL

Jerry S. James

CHICAGO, IL – Just in time for the holidays, homebuyers have begun moving in at Brighton Mews, Edward R. James Companies’ 29-unit townhome community in the heart of downtown Park Ridge. 

The development, located at the corner of Northwest Highway and Washington Street, is 60-percent sold.

“Buyers have been drawn to Brighton Mews’ location and functional floor plans, and at a price point that makes it attainable to enjoy new construction in a sought-after North Shore community, “said Jerry S. James, president of Glenview, Illinois-based Edward R. James Companies.

“This is particularly true for buyers who work in the city, as Brighton Mews is walkable to the Metra Station for a 25-minute express ride to downtown Chicago.”

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

Julie Liedtke, jliedtke@taylorjohnson.com, (312) 267-4521

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

Class A retail center sells for $25.5 million in Clearwater, FL

Michael Milano

CLEARWATER, FL – An affiliate of North American Development Group has purchased Courtyard at Countryside, a prominent retail center in Clearwater, for $25.5 million.

The center is anchored by Kohl’s and Total Wine & More and is located at 2514-2532 State Road 580, across from the Westfield Countryside shopping mall. It was fully leased at the time of sale.

Michael Milano, CCIM, MAI, and Ron Schultz of Colliers International Tampa Bay represented the seller, Skylark Plaza, LLC, which developed the property in 2008.

“Class A retail properties like Courtyard at Countryside are very much in demand,” said Milano, Managing Director, Retail Investment Services for Colliers International Tampa Bay. “Recognizing this, the seller decided to take advantage of the favorable market conditions.”

Ron Schultz

Courtyard at Countryside is home to a number of other well-known tenants, including Panera Bread, EverBank, Salon Lofts, Sport Clips and Tijuana Flats. 

In addition to being located on a prominent corner, it is directly across from Westfield Countryside, a 1.3-million-square-foot mall anchored by Dillard’s, Macy’s, JCPenney, Sears and Whole Foods.

“Courtyard at Countryside is well-positioned within a highly successful concentration of regional retail properties,” said Schultz, Director, Retail Investment Services for Colliers International Tampa Bay. 

“The property’s large trade area and quality tenant mix make this a top-quality asset to add to the buyer’s existing portfolio of retail properties.”

North American Development Group (NADG) is one of North America’s leading shopping center acquisition and development companies. For almost 40 years NADG has been active in the development, acquisition, redevelopment and management of over 250 shopping centers totaling more than 30 million square feet, with an enterprise value of over $3.5 billion.

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

Leah Saunders 

Senior Account Executive

B2 Communications

p 727.895.5030 x104 | c 813.924.0367

www.B2Communications.com

www.nadg.com.

HFF hires Peter Rotchford as a director in its New York office

                                 

Peter Rotchford

NEW YORK, NY – Dec.1, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that Peter Rotchford has joined the firm as a director in its New York office.

 Mr. Rotchford will focus on fixed and floating-rate debt and equity placement transactions in the greater New York City area with a particular focus on multi-housing, office, hospitality and healthcare/seniors housing transactions. 

Mr. Rotchford joins HFF from Avison Young where he was a director in charge of sourcing and placing debt and equity opportunities for the firm nationwide.  Prior to Avison Young, he worked as a financial analyst in Colliers International’s Healthcare Group and before that for Gale International in Shanghai, China.

 Mr. Rotchford is a licensed real estate salesperson in New York and has a bachelor’s degree from Saint Michael’s College in Colchester, Vermont.

“HFF continues to make strides in growing our New York City market share with key hires like Peter, who help provide the best team on the field for each transaction,” said Michael Tepedino, senior managing director and co-head of HFF’s New York office. 

“Peter brings with him a wealth of experience in the healthcare/seniors housing space; strengthening our capabilities in the sector.  In addition, his thorough understanding of the Chinese real estate markets will be beneficial as we continue to see increased levels of foreign capital across all property types and lines of business.” 

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

NAI Realvest Negotiates Two Sales of Vacant Commercial Land in Lake Mary, FL and Orlando, FL

 

Mary Frances West

ORLANDO, FL. – NAI Realvest recently represented sellers and closed on two sales of vacant commercial land – one parcel in Lake Mary and one in Orlando – for more than $700,000.

Michael Heidrich, principal at NAI Realvest, represented NOS Investments, LLC of Orange City in negotiating the sale of a 1.22-acre office lot for $500,000.   The property, located at 920 Williston Park Point in Lake Mary, was purchased by C.W. Harkins Corp. of Lake Mary, represented by Mark Harkins.

Mary Frances West, CCIM, NAI Realvest’s senior broker associate, represented Tampa-based Sellers Lori Lacy Griffith Trust and Jewel K. Ussery Trust in the sale of 1.47 +/- acres of vacant land at 3650 Old Winter Garden Rd. in Orlando.   Buyer CL Green Inc. of Windermere paid $205,000 for the property and was represented in the transaction by Steve MacGeorge of Commercial Equity Partners.   

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

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

Chatham Lodging Trust Increases Capacity with New Fully Unsecured Credit Facility, Reduces Interest Costs and Pushes Maturity to 2020

PALM BEACH, FL,  Nov. 30, 2015—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium branded, select-service hotels, today announced that it successfully closed on a new, expanded $250 million senior unsecured revolving credit facility.

The new unsecured revolving credit facility will mature in November 2020, which includes the option to extend the maturity by an additional year and replaces a $175 million secured credit facility that was scheduled to mature in 2016.

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

Patrick Daly

Account Executive

 Daly Gray, Inc.

620 Herndon Parkway

Suite 115

Herndon, VA 20170

 (703) 435-6293 (office)

patrick@dalygray.com

Ramada Fuels Australian Growth with Addition of Newest Resort on Queensland’s Sunshine Coast

Barry Robinson

GOLDEN BEACH, AUSTRALIA (Nov. 30, 2015) – Further building upon its presence in Australia, Wyndham Hotel Group today announced the rebranding of the WorldMark Golden Beach Resort—one of Queensland’s most popular vacation ownership resorts— to the new Ramada® Resort Golden Beach.

Located along Queensland’s Sunshine Coast, the 130-room resort recently underwent an approximately $1.5 million renovation and will now operate as a mixed-use property, catering both to traditional hotel guests as well vacation owners through WorldMark South Pacific Club by Wyndham. It’s the 14th property in Australia to open under the Ramada flag.

“Ramada is a globally recognized brand known not just for the tremendous quality of its offerings, but the unique, global destinations made available through its ever growing portfolio,” said Barry Robinson, president and managing director, Wyndham Hotel Group South East Asia and Pacific Rim.

 “Through this rebranding and renovation, we’re opening one of the area’s best resorts to a whole new set of global travelers and sharing all that Golden Beach and the Ramada brand have to offer with them.”

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

Hayley Sultanie

Public Relations

T: +61 (0) 7 5512 8491

hayley.sultanie@wyn.com

www.wyndhamAP.com

$6.885 million financing for 209-unit multi-housing community in Colorado Springs, CO secured by HFF

Peak 4420 Apartments, 4420 East Pikes Peak Avenue, Colorado Springs, CO

Brock Yaffe

DENVER, CO – Nov, 30, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $6.885 million in financing for Peak 4420, a 209-unit, garden-style multi-housing community in Colorado Springs, Colorado.

Working on behalf of POV Investment Group, LLC, an affiliate of Radford Investment Properties, HFF placed the seven-year loan with Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. 

The securitized, floating-rate loan has two years of interest only with flexible prepayment and will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.

Peak 4420 is located at 4420 East Pikes Peak Avenue to the east of downtown Colorado Springs and near major thoroughfares, including State Highway 24, Route 21 and Interstate 25, providing convenient access to the area’s core employment centers. 

The seven-building property has studio, one- and two-bedroom units ranging from 520 to 750 square feet.  Community amenities include a swimming pool, dog park and playground.

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

"HFF was exceptional to work with on this refinance, which allowed our investors to recoup the vast majority of their initial investment while providing additional capital for continued improvements to the property.  HFF's team delivered and exceeded on our agreed terms and I look forward to working with them on future deals," said Michael Foerster, principal for Radford Investment Properties.

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

Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF closes sale of 411-unit apartment community in San Antonio, TX

Matt Pohl

AUSTIN, TX – Nov. 30, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of The Place at Overlook, a 411-unit apartment community in San Antonio, Texas.

HFF marketed the asset exclusively on behalf of MC Companies.  My Residential, a private company located in Denver, Colorado, purchased the property for an undisclosed amount on a loan assumption basis.

The Place at Overlook is situated on 16.04 acres at 4934 Woodstone Drive near the intersection of Interstate 10 and Huebner Road in northwest San Antonio. 

In addition, the asset is proximate to Loops 410 and 1604 and major employers, including USAA and the South Texas Medical Center.

The 31-building property has 294,000 rentable square feet and offers a mix of one- and two-bedroom units.  Community amenities include a swimming pool, full-size sport court, sand volleyball court, fitness center and clubhouse.

The HFF investment sales team representing the seller was led by director Matt Pohl and senior managing director Sean Sorrell.

“The Place at Overlook is a well-located property in northwest San Antonio that presented the marketplace with an interesting value-add opportunity,” says Pohl.  “We were pleased to find a qualified buyer that was capable of navigating the loan assumption process and to assist My Residential with their first acquisition in the San Antonio market.”

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

Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com