NAI Realvest Team Negotiates $9.3 Million Sale of Class A Office Building at Heathrow International Business Center in Heathrow, FL

 

Christie Alexander

 HEATHROW, FL -- NAI Realvest recently negotiated the $9,300,000 sale of a 75,860 square foot Class A office building at 500 International Parkway at Heathrow within the Lake Mary Blvd. / I-4 corridor. This is a three-story building which was built in 1997 on its 8.65-acre site.

The NAI Realvest team of Chairman George Livingston and Broker Associate Drew Saphos, CCIM, and Christie Alexander, Crossman & Company Director of Brokerage Services negotiated the sale representing the seller, Remington Administrative Services, Inc. 

The local buyer, Heathrow Land Holdings, LLC, was represented by Tom Green of Providence One Asset Management, LLC.

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

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

Crossman & Co. negotiates the Sale of an 18,000 Square Foot Retail Center in Lakeland, FL

Brian Carolan

LAKELAND, Fla. – Crossman & Company, one of the largest retail leasing, management and investment sales firms in the Southeast, recently closed on the sale of Huntington Hills Plaza, a Lakeland neighborhood retail center constructed in 2001.

The center, located at 2905 Duff Rd. at the intersection of US Highway 98, was 62 percent occupied at the time of sale and provided a significant value-add opportunity for the purchaser, according to Brian Carolan, Crossman & Company’s Director of Investment Sales.  Carolan negotiated the transaction on behalf of the seller, a Miami-based special servicer.

The buyer is a private investor based in Tampa. 

The Early Years childcare center and Sorrento’s Italian Restaurant are major tenants at the Huntington Hills Plaza.     

Crossman & Company will continue to lease and manage the center for the new owner.

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

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

Aruba Condominium Names Architect and Builder for New Condo Project in Daytona Beach Shores, FL

  

 

Jim Mack

Daytona Beach Shores, FL --- Aruba, the first oceanfront condominium project to get started in the area in seven years, named Architect Larry Robinson of Daytona Beach and Peck and Associates Construction, Inc. as builder of the 84-unit condominium development in Daytona Beach Shores.

Jim Mack, who heads the Aruba sales and marketing team at Oceans Luxury Realty,

said the project recently received full approval by the City Council of Daytona Beach Shores, while sales are ahead of schedule.

“More than 60 percent of the condominiums have sold priced from the $300s to the $600s,” Mack said, 

Developer of the project, Jacksonville-based Greenpointe Communities, is on target to start construction of Aruba in May with completion the end of 2017.

Peck and Associates Construction has built over thirty condominium projects in the East Volusia County area, Mack said.

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Aruba is located at 3721 S. Atlantic Ave. with 225 lineal feet of beachfront south of the Sunglow pier. Sixty of the units will directly overlook the ocean and 24 will have ocean and river views. 

Condominiums will range from 1,400 square feet of living area to over 1,800 square feet. Four floor plans are available in three-bedroom two-bath designs, and end units available have the four-bedroom, three-bath plans that include wraparound balconies.

Amenities include onsite maintenance and building management, a home owners association, underground parking, a fully equipped workout center, clubroom, a swimming pool and an adults-only outdoor spa area.

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

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

Berkadia Closes on 48 Units for $3 Million in Birmingham, AL

  

Joshua Jacobs

BIRMINGHAM, AL  --- Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the sale of Chesterfield, a 48-unit apartment community located in the Highlands district of Birmingham.

Josh Jacobs, Associate and David Oakley, Managing Director in Berkadia’s Alabama office brokered the transaction representing the local Seller, Chesterfield, LLC.    Chesterfield, which was built in 1968, was sold free and clear of any existing debt.

The local Buyer, Manchester Partners, LLC paid $3,000,000 for the two-story garden-style apartment community, or $62,500 per unit, and plans to upgrade and renovate the interiors in the coming year.  

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

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

Hold-Thyssen Completes $5.1 Million Sale of 42,000 Square Foot Retail Center in Kissimmee, FL Attractions Area

N. Joelle Forster

Kissimmee, FL --- Hold-Thyssen, Inc., a commercial real estate services firm based in Winter Park, recently closed the $5,100,000.00 sale of a 42,072 square foot retail center at 5737 W. Irlo Bronson Memorial Highway (S.R. 192) in Kissimmee.

Martin Forster

The Hold-Thyssen Associates Martin Forster, CCIM and N. Joelle Forster brokered the transaction representing the local seller, Grand Oaks Plaza, Inc.

RT Retail Investments of Parkland, Fla. purchased the property that consists of two separate retail buildings – one containing Big Bargain World and Ponderosa Steak House, and the other housing four tenants, including Senigallia Restaurant, Full House Chinese Restaurant and Baraka Electronics. 

Located adjacent to McDonalds and directly across from the Old Town attraction in the tourist area, “the retail center offered the buyer the opportunity for a good return and potential upside,” Joelle Forster said.

Hold-Thyssen provides commercial property and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

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

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

Trion Properties Acquires Two Value-Add Multifamily Properties in Heart of San Francisco’s East Bay Area

San Francisco Bay Area

Los Angeles, CA (Feb. 8, 2016) – Trion Properties, a Los Angeles-based boutique private equity firm that specializes in opportunistic real estate investments along the west coast, has acquired two value-add multifamily assets in the East Bay, the most highly populated region of San Francisco’s Bay Area.

The two acquisitions, a 30-unit apartment community in Hayward, California and a 38-unit complex in San Leandro, California, add $13.58 million to Trion Properties’ portfolio of more than $100 million in assets under management.

“Sourcing two value-add properties in these prime East Bay locations demonstrates our ability to add outstanding opportunistic assets to our existing investment portfolio,” explains Farhan Mahmood, Director of Acquisitions at Trion Properties.

“Situated within close proximity to the Silicon Valley, San Francisco, and Oakland job markets, these apartment communities provide easy access to thousands of jobs for renters who are being pushed out of the central Bay Area due to high rents.”

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

Katie Kea / Judy Brower

Brower, Miller & Cole

(949) 955-7940

kkea@browermillercole.com

          

HFF closes $183.37 million sale of 1,224-unit apartment community in northern New Jersey

Oakwood Village Apartments, 77 Oakwood Village, Flanders, NJ

Jose Cruz

FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Oakwood Village, a 1,224-unit apartment community located in Flanders, a northern New Jersey town located in southwestern Morris County.

HFF marketed the offering exclusively on behalf of the seller, AIG Global Real Estate Investment Corp. (AIG).  An undisclosed buyer purchased the property for approximately $183.37 million free and clear of existing debt. 

This transaction follows the sale of a 12-property multi-housing portfolio that HFF closed on behalf of AIG in December 2015.  

According to HFF, the total sale amount for the entire 13-property portfolio totals $348.8 million, which represents one of the largest apartment sales in the Mid-Atlantic region during the past year.

Oakwood Village is located at 77 Oakwood Village along Route 206 in Morris County, approximately three and a half miles south of Interstate 80 and close to the International Trade Center commercial hub. 

Situated on 166.62 acres, the property has 107 two- and three-story residential buildings that house one- and two-bedroom units averaging 823 square feet each.  Community amenities include a swimming pool, tennis court, multiple playgrounds, two dog parks and attached garage parking.  The property is 95 percent leased.

The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz, Andrew Scandalios and Mark Thomson, managing director Kevin O’Hearn and associate directors Michael Oliver and Steve Simonelli.

“There is significant upside in Oakwood, and the buyer will be capitalizing on that,” Cruz said.  “The proximity to the highway and easy access to retail shops and restaurants make this asset very valuable.”

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 $42 million sale of and secures $33.6 million financing for 292-unit apartment community in southeast Denver, CO

Cypress Point Apartments, 1211 South Quebec Way, Southeast Denver, CO

 

Jordan Robbins

DENVER, CO –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and secured acquisition financing for Cypress Point, a 292-unit, garden-style apartment community in southeast Denver, Colorado.

HFF marketed the property on behalf of Jackson Square Properties.  Advenir, Inc. (Advenir) purchased the offering for $42 million free and clear of existing debt. 

Additionally, HFF assisted the new owner in securing a $33.6 million, seven-year, 2.75 percent, floating-rate loan with three years of interest only through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.

 The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.  Advenir will rebrand the property as Advenir@Cherry Creek South and will implement a capital improvement program to achieve greater rental premiums.

Cypress Point is located at 1211 South Quebec Way near the intersection of South Quebec Street and Leetsdale Drive, approximately seven miles southeast of downtown Denver.  Situated on 11.36 acres, the property offers convenient access to Interstate 25, Cherry Creek Shopping Center/Cherry Creek North, Cherry Creek State Park, Highline Canal Trail and many of Denver’s major employment centers. 

The property has 15 two- and three-story residential buildings, which house 292 one- and two-bedroom units averaging 815 square feet each.  Community amenities include a swimming pool, spa, tennis court, basketball court, volleyball courts, state-of-the-art fitness center, clubhouse, internet café, lounge and business center.

The HFF investment sales team representing Jackson Square Properties was led by Jordan Robbins and Jeff Haag.

HFF’s debt placement team representing Advenir was led by Josh Simon and Eric Tupler.

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

Marcus & Millichap Brokers Sale of 520 Self Storage in Cocoa, FL

Michael A. Mele

COCOA, 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 520 Self Storage, a 53,635 net rentable square foot self-storage located in Cocoa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

Michael A. Mele, senior vice president investments, Luke Elliott, senior associate, and Brian Baldwin, associate, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a limited liability company, was secured and represented by the three brokers.

520 Self Storage is a five-building facility located at 3855 West King Street in Cocoa, Florida. 

There are currently 498 climate controlled and non-climate controlled storage units ranging in size from 25-square feet to 700-square feet, as well as eight rentable parking spaces to accommodate RV, boat and vehicle storage. 

All units are ground level and are accessible via wide driveways for easy unloading. The facility was constructed in 1990 and expanded in 2000.

“A thorough understanding of a unique site, as well as knowing its challenges, allowed us to deliver multiple offers to the seller and ultimately brought a solid buyer accomplishing both the buyer and seller’s goals,” says Elliott.

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

                                                       

Richard D. Matricaria

Vice President/Regional Manager

 Tampa, FL

(813) 387-4700

Marcus & Millichap Arranges $1.62 Million Sale of Six-Acre Apartment Site in Brandon, FL

Casey Babb

BRANDON, 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 Knights Avenue Land, a 6.08-acre apartment land parcel located in Brandon, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,620,000.

Casey Babb, CCIM and vice president investments, and Paul Bouldin, senior associate, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a developer, was secured and represented by Babb and  Bouldin.

Knights Avenue Land contains approximately 6.08 acres of vacant land and is approved for 125 apartment units. It is located on Knights Avenue just north West Brandon Boulevard (SR-60) in Brandon, Florida.

Approximately two and one-half miles east of the Westfield Brandon Mall, which is located at the southeast corner of the Interstate-75 and West Brandon Boulevard intersection. Knights Avenue Land has easy access to the major Tampa employment centers via Interstate-75 to the west, Interstate-4 to the north and the Lee Roy Selmon Expressway to the south.

“This site was originally planned for townhomes back in 2006, but due to the market correction ended up selling to a tax-credit developer who will break ground soon on 120 affordable housing apartments,” says Babb. “The location is fundamentally sound and this project should be a successful one going forward. After a two year sales process, our client was happy in the end with the sale at 100 percent of the asking price.”

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

                                                       

Richard D. Matricaria

Vice President/Regional Manager

 Tampa

(813) 387-4700

Arbor Named First-Ever Top Freddie Mac Small Loan Lender

Ivan Kaufman

UNIONDALE, NY (Feb. 8, 2016) – Arbor Commercial Mortgage, LLC (“Arbor”), a national, direct commercial real estate lender, today announced it was named the first-ever Freddie Mac Top Small Balance Multifamily Loan Lender.

Arbor received the designation by originating the largest Freddie Mac Small Balance Loan volume in 2015, the first full year of existence for the new Freddie Mac loan product.

The company attributes its achievement of the top designation to its long-standing small loan expertise, uniquely personalized customer service for both small and large loan borrowers and certainty of execution through such innovations as its new platform Arbor LoanExpress (ALEX) platform.

“We are extremely proud of this accomplishment and our rapidly growing business partnership with Freddie Mac, led by the Freddie Mac Small Balance Loan program,” said Ivan Kaufman, Arbor’s Chairman and CEO.

“This distinction is a reflection of Arbor’s long-term dedication and commitment to the small multifamily loan market. Our focus on small loans began nearly 20 years ago, as we were the first firm to partner with an agency on a small loan pilot program. 

"More recently, we assisted Freddie Mac in its development of the new Small Balance Loan product, which took the small balance market by storm in 2015 and became a leading product, meeting investor’s unique small balance financing needs. We look forward to helping advance the rapid growth momentum of the new product in the many years to come.”

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

Christopher Ostrowski

costrowski@arbor.com

Patricia Coulter Named General Manager Of Fairfield Inn and Suites New Orleans

Patricia Coulter

NEW ORLEANS, LA and SHELTON, CT, Feb. 8, 2016—Gerry Chase, president and COO of New Castle Hotels & Resorts, a leading hotel owner, operator and developer, today announced that Patricia Coulter, formerly the director of human resources for the company’s  Marriott in Racine, Wisconsin was promoted to general manager of the Fairfield Inn and Suites New Orleans.

 The hotel was acquired by New Castle in 2015 and currently is undergoing a comprehensive, $10 million renovation, with a targeted opening of early summer 2016.

Coulter is a career hotelier, who began her industry tenure with New Castle as a room attendant in 1991.  Over the past two decades Coulter has worked in nearly every area of a full service hotel operation.  Previous positions include rooms division manager, front office and reservations manager.  

        “Pat is a masterful operator with great people skills and a 20-plus year history with Marriott systems,” said Chase.  “Those are essential qualities in a dynamic and challenging market like New Orleans where there is a great demand for talented, service-oriented associates and guests are primed for an outstanding service experience.  Both our internal and external customers will expect a confident and enthusiastic leader, which is why Pat is perfect for the position.” 

        “Being given the keys to a brand new hotel in one of the world’s leading convention and tourism cities is a dream come true for any hotelier,” said Coulter.  

“While we’re in the construction phase, I have plenty of time to get acquainted with this fascinating city and make plans for our opening this summer.

Gerry Chase

" I am grateful to New Castle for this opportunity and look forward to our opening with great enthusiasm.”

The Fairfield Inn and Suites New Orleans is located at 346 Baronne St., in the central business district and just one block off Bourbon St.   

The hotel will feature 103 guest rooms, a full bar outfitted to emphasize the hotel’s one-of-a-kind destination, and will offer complimentary breakfast and WiFi; everything a guest needs for a comfortable and productive stay at a great value.

The Fairfield Inn and Suites New Orleans will mark the brand’s debut in the Big Easy and is within walking distance of the Mercedes Benz Superdome, the Morial Convention Center and Harrah's New Orleans Casino, as well as the city's famed French Quarter.  The Port of Orleans, one of the busiest cruise terminals in the U.S. and Louis Armstrong International Airport are both minutes away.  

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

Lauralee Dobbins

Write Touch Public Relations

Lauralee@WriteTouchPR.com

609-451-5102

Ability by Acierto Names Robert Morales VP of Operations to Oversee Waterfront Condo Project Bijou Bay Harbor in Bay Harbour Islands, FL

  

 

Robert Morales

 BAY HARBOR ISLANDS, FL– Ability by Acierto has named luxury real estate veteran Robert Morales vice president of operations. Morales will guide day-to-day project management for Bijou Bay Harbor, the company’s planned luxury waterfront development in Bay Harbor Islands.

Morales will head all project development and coordinate efforts with the sales and development teams at the boutique-style condo on East Bay Harbor Drive.

Morales has almost a decade’s experience specializing in the Bal Harbour, Sunny Isles and South Beach luxury real estate markets. His sales numbers have been heralded in the industry.

As a senior sales executive, Morales helped sell more than 70 percent of remaining condo-hotel inventory at One Bal Harbour, amounting to $30 million in property in 11 months. His success earned Morales the distinction of Top Producer of the Year – and the respect of both peers and clients, who include celebrities and Fortune 500 executives.

“This is the right project at the right time in the right destination for the re-emergence of Bay Harbor Islands,” said Morales. “The dynamics are perfect to create the next great boutique condominium right in the heart of the area’s next great development story.”

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

BoardroomPR

Ashley Fierman/Sandra Reichman

afierman@boardroompr.com

sreichman@boardroompr.com

(954) 370-8999

HFF closes $30.5 million sale of San Francisco Bay Area redevelopment site

The Atrium at 1650 65th Street, Emeryville, CA

Steve Golubchik

SAN FRANCISCO, CA –- Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $30.5 million sale of The Atrium at 1650 65th Street in the San Francisco Bay Area community of Emeryville, California.

HFF marketed the property on behalf of the seller, Griffin Capital Corporation.  Gerding Edlen purchased the asset.      

The Atrium is a 127,246-square-foot, value-add, one-story building.  Renovated and seismically upgraded in 2004, the building was originally constructed as a warehouse in 1953 and converted into office space in 1990.

 The site could be redeveloped into creative office, retail, mixed-use or multi-housing space.  The Atrium has immediate access to Interstate 80/580, which provides a direct route into both San Francisco and Oakland, via the building’s proximity to Shellmound Street, a major East Bay thoroughfare.

 The area surrounding the property is home to 10 corporate headquarters, including Clif Bar, Leapfrog and Pixar Animation.  

The HFF investment sales team representing the seller was led by senior managing director and co-head of HFF’s San Francisco office Steve Golubchik and associate director David Dokko.

“The Atrium presents a unique opportunity to control a large block of office space in an infill urban location just minutes from downtown San Francisco,” Golubchik said.  “With the added potential for redevelopment, the Atrium is a great fit for a group with Gerding Edlen’s expertise.  The long-standing view of Emeryville as an institutional market continues today.” 

(1) Includes the property information related to a joint venture with affiliates of Digital Realty Trust, L.P. and a joint venture in which Griffin-American Healthcare REIT III holds a majority interest.

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

Kristen M. Murphy

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.gerdingedlen.com

www.griffincapital.com.

   

HFF arranges $64.2 million refinancing for Houston, TX Class A office complex

Brookhollow Central I, II and III,  2800, 2900 and 2950, North Loop Houston, TX

                                                                                                                        Photo by Jud Haggard

Ed Coco

ATLANTA, GA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $64.2 million refinancing for Brookhollow Central I, II and III, a three-building, Class A office complex totaling 806,541 square feet in Houston, Texas.

Working on behalf of Parmenter, HFF placed the loan with MetLife Real Estate Investors.  The loan is interest-only for the full term and was used to refinance the existing debt and provide capital for future tenant improvements, leasing commissions and capital expenditures.

 

Brookhollow Central I, II and III are located at 2800, 2900 and 2950 North Loop at the intersection of US 290 and Interstate 610 in Houston’s North Loop West submarket. 

The property is convenient to Houston’s Galleria and Uptown areas as well as Interstate 10, which links the property to Houston’s Energy Corridor, western suburbs and downtown. 

Substantially renovated between 2006 and 2015, the complex is anchored by the Houston area headquarters of Comerica Bank.  . Brookhollow Central I, II and III offers tenants amenities including on-site parking in a 2,882-space parking garage, a fitness center, deli and on-site management.  

The HFF debt placement team representing the borrower was led by senior managing directors Ed Coco and Wally Reid.

“The US 290 corridor expansion and improvement project, due for completion in 2017, will further enhance Brookhollow’s excellent freeway access and freeway visibility,” said Coco.

 “The project includes widening US 290, adding feeder lanes, installing the Hempstead Tollway and reconstructing the US 290/I-10/I-610 interchange, which will provide a new exit off of I-610 for access to Brookhollow.”

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

Kristen M. Murphy

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