Crescent Communities Enters Homebuilding Business with Launch of Fielding Homes

  

Todd Mansfield

CHARLOTTE, NC — In a move to further strengthen its commitment to community development, Crescent Communities today launched Fielding Homes, a new homebuilding company.

Fielding Homes is building in the Charlotte area, and will soon expand to Raleigh and additional fast-growing cities across the Sun Belt region. 

Following the same principles as Crescent Communities, Fielding Homes builds community and betters people’s lives by creating thoughtfully designed homes in prime locations.

“As one of the nation’s leading residential developers, it is a natural progression for us to extend our successful approach into homebuilding and to further enhance our communities by overseeing the development process from start to finish,” said Todd Mansfield, CEO of Crescent Communities.

Andrew Carmody

“We feel that our involvement in the home building industry will add value to our entire portfolio and delight our residents, partners, and investors.”

“Crescent is bringing its same passion for creating vibrant and successful communities to building single-family homes,” said Andy Carmody, President of the Crescent Communities Residential Division. 

“We saw an opportunity in the production homebuilding business to improve the process, make it more personalized for the homebuyer, and therefore elevate the entire experience.

“ As we do with each community that we create, we challenged our Fielding Homes’ team to find innovative ways to redefine homebuilding from the consumer perspective, rather than that of the developer.”

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

Savannah Durban

404-343-0870

sdurban@thewilbertgroup.com

www.FieldingHomes.com.

www.CrescentCommunities.com

.

Multi Housing Advisors Brokers Sale of Two Apartment Communities in South Carolina

  

Carolina Crossing Apartments, Rock Hill, SC

CHARLOTTE, N.C. (Feb. 18, 2015) - Multi Housing Advisors (MHA) has arranged, in separate transactions, the sales of two apartment communities located in South Carolina. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in the transactions.

“These two South Carolina markets continue to receive steady attention from investment capital as growth figures maintain a fundamentally optimistic picture,” McCarley said. “Both assets are well positioned to benefit from this continued momentum.”

The Shores at Elders Pond Apartments, Columbia, SC

Details of the deals are below:

·        Hardscrabble Apartment Associates and Pulliam Investment Co. of Spartanburg, South Carolina sold The Shores at Elders Pond. 

The 236-unit property was built in 2004 and 2007 and is located in Columbia, South Carolina.

 The community is positioned in the heart of the Richland 2 school district, which ranks #1 in the state, and is also situated in a high growth area with some of Columbia’s finest retail.

·        Varden Capital Properties (VCP) sold Carolina Crossing to MACC Properties and The JAR Group. The 267-unit property was built in 1999 and is located along one of Rock Hill, South Carolina’s most heavily trafficked corridors, with the surrounding area offering some of the highest home values. The York County submarket has experienced strong job growth and boasts numerous large and stable employers.

  

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

Deborah Rogers

Multi Housing Advisors

404.645.7275

drogers@usmha.com

Faris Lee Investments Completes $4.08 Million Sale of Retail Property in Columbia, SC

Retail Center, 189 Harbison Boulevard, Columbia, SC

IRVINE, CA – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $4.08 million sale of a newly developed 7,400-square-foot, two-tenant retail property triple net-leased by Sleep Number and Stanton Optical in Columbia, South Carolina. Both tenants have new, 10-year corporate-backed leases in place with scheduled renewal options.

Matthew Mousavi

Matthew Mousavi and Patrick Luther of Faris Lee Investments represented the seller, a private development based in South Carolina. The buyer was a private family trust from New Jersey. The property sold at more than $550 per square foot, one of the highest on record for Columbia.

Completed in 2015, the new retail property is situated on .51 acres at 189 Harbison Blvd. It is located on one of the main retail corridors in the market, and was marketed prior to completion of construction.

“We received a strong amount of interest from a buyer with the majority of offers being from California,” said Mousavi. “Opportunities to own newly built properties featuring corporate-backed tenants on long-term leases in growing markets are rare.”

Situated on Harbison Blvd., the property is within a major East-West shopping corridor, featuring in excess of two million square feet of retail property. Some of the corridor’s key national/credit tenants include Walmart, Sam’s Club, Target, Ross, Bed Bath & Beyond, Dillard’s, Kohl’s, TJ Maxx, Marshall’s, Babies R Us, and Regal Entertainment.

The property is also located within a half-mile radius of four major shopping centers that include: Columbiana Station, Harbison Court, Harbison Center, and Columbiana Centre Mall.

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

  

HFF secures $18 million financing for historic downtown Dallas, TX office building

211 N. Ervay office building downtown Dallas TX

 

De'On Collins

DALLAS, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $18 million in first lien financing for 211 N. Ervay, a 197,000-square-foot, historic office building with ground-floor retail in downtown Dallas, Texas.

Working on behalf of the borrower, Alterra International, HFF placed the five-year, floating-rate loan with Ready Capital Structured Finance.  Loan proceeds will be used to fund future tenant improvements, leasing commissions and minor remaining capital expenditures on the building.

Originally built in 1958, 211 N. Ervay was completely vacant when Alterra International purchased it in 2012. Upon acquisition, they spent a significant amount of capital to abate, rehab and lease up the property. 

The ground-floor retail is 100 percent leased, anchored by Koleksiyon Furniture, 7-Eleven and Café Izmir.  The office tower is leased to a variety of tenants, including Fort Work, Tech Wildcatters, Traxo and Koios Works.

 Situated at the intersection of N. Ervay and Elm Streets, the building is accessible via Interstates 30 and 35 and Highway 75 in addition to being within walking distance of the St. Paul DART light rail station. 

The HFF debt placement team representing the borrower was led by associate director De’On Collins and managing director Steven Heldenfels.

According to HFF, “the building’s rehabilitation is part of a continuing trend revitalizing downtown Dallas into not only the largest employment center in North Texas with 135,000 employees, but also into a live-work-play destination.”

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

http://www.hfflp.com/

 www.Alterrainternational.com.

HFF secures $33 million refinancing for Hampton Inn San Diego/Mission Valley

Hampton Inn San Diego/Mission Valley, San Diego, CA

NEWPORT BEACH, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured a $33 million refinancing for Hampton Inn San Diego/Mission Valley, a 184-room, LEED-certified, select-service hotel in San Diego’s Mission Valley West neighborhood.

HFF worked on behalf of the borrower, T2 Hospitality, to secure the 10-year, fixed-rate loan through Goldman Sachs Mortgage Company.  Loan proceeds were used to refinance existing debt.

James Fowler

Situated at 2151 Hotel Circle South in Mission Valley, a shopping and entertainment center in northern San Diego, the newly-renovated Hampton Inn San Diego/Mission Valley is located near many of San Diego’s popular attractions and destinations, including SeaWorld San Diego, Belmont Amusement Park, Mission Beach, Historic Old Town and the San Diego Zoo. 

Additionally, the hotel is approximately five miles from downtown San Diego and the San Diego International Airport.   Renovated in 2014, Hampton Inn San Diego/Mission Valley features electric vehicle charging stations, complimentary breakfast, multilingual staff, fitness room, pool, business center and a boardroom that seats up to 10 people. 

The HFF debt placement team representing the borrower was led by managing director James Fowler.

“T2 Hospitality has created a high-quality offering that features a variety of modern amenities and contemporary-style design for maximum comfort, relaxation and productivity,” Fowler said.  “The rooms are spacious and offer the most up-to-date technology, with free Wi-Fi and an ergonomic desk along with a 40-inch HDTV with more than 100 channels.”

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

http://www.hfflp.com/

www.t2hospitality.com

HFF arranges $60.67 million construction loan for Class A creative office development in Watertown, MA

Rendering of planned Linx office development, Watertown, MA

BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $60.67 million construction loan for the development of LINX, a 185,595-square-foot, speculative office development in Watertown, Massachusetts. 

HFF worked on behalf of the borrower, Boylston Properties, to secure the three-year, floating-rate loan through Cornerstone Real Estate Advisers, acting on behalf of an institutional client. 

The current single-story, 93,000-square-foot industrial building began its transformation into LINX, a Watertown, Massachusetts creative office building, in October 2015.

 Upon completion, which is slated for early 2017, LINX will offer tenants Class A, innovative office space boasting a dramatic, two-story atrium, 14’ and 30’ ceiling clearances in office space, LEED-certification, and a private shuttle bus to Harvard Square, among other highly desirable amenities that simply cannot be achieved within the four walls of existing office product.

 LINX will be purpose-built creative space, flexible and functional, designed to meet the requirements of today’s office tenants.  LINX’s location at 490 Arsenal Way is located just off of Arsenal Street, a corridor of Watertown that has been the focal point of activity with both under construction and proposed developments attracting top tenants, such as athenahealth, to the area. 

The 10-acre site is just four miles west of Boston, close to Harvard Business School, Cambridge’s Kendall Square, Harvard Square and Alewife.  This prime location allows LINX to offer prospective tenants a better “inner urban” location than the vibrant, but suburban, office and tech communities of central 128. 

The HFF debt placement team representing Boylston Properties was led by senior managing director Frederic Wittmann.

Boylston Properties has been active in investment and development in the Watertown market for the past 15 years; most recently acquiring 570 Arsenal Street and developing a 150-room Marriott Residence Inn on the site, and the redevelopment of The Arsenal Project, in addition to LINX.

“The Arsenal Street corridor in Watertown is a viable alternative for the oversaturated Kendall Square office market, the extremely congested West Cambridge/Alewife market and the suburban markets of central 128,” said Wittmann.  “With proximity, pricing and a new purpose-built, highly efficient building, LINX will be extremely attractive to new and existing tenants.”

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.boylstonproperties.com.

www.boylstonproperties.com.

$129.3 million sale of core Class A mixed-use property in Seattle’s South Lake Union submarket sold by HFF

                                                                  (Photo by Red Studio Inc.)

Alley24 Office Building, 221 Yale Avenue North, South Lake Union submarket, Seattle, WA

Todd Tydlaska

                                                                  PORTLAND, OR  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Alley24, a 215,402-square-foot, core Class A office building with ground floor retail in Seattle’s South Lake Union submarket.

HFF marketed the property on behalf of the sellers, Vulcan, Inc. and PEMCO Insurance Co.  MetLife purchased the asset for $129.3 million and assumed an existing life insurance company loan.   

  

Alley24 is located at 221 Yale Avenue North in South Lake Union, Seattle’s epicenter of industry and innovation and one of the first LEED Certified green neighborhood plans in the nation boasting a Walk Score® Index of 95. 

Completed in 2006, the property was one of Seattle’s first mixed-use projects to earn LEED certification and features sustainable elements such as abundant natural daylight, operable windows, low energy and water flow fixtures, automatic sun-tracking sun shades and environmentally sensitive building materials.

  The 85-percent-leased property serves as the corporate headquarters for architectural firm NBBJ.  Additional tenants include Skanska and Cole & Weber.  Alley24 offers tenants two roof decks, operable windows with sun-tracking shades, flexible floor plans, and ground floor retail.

Nick Kucha

The HFF investment sales team representing the sellers was led by senior managing directors Todd Tydlaska, Nick Kucha and Michael Leggett, who is the co-head of HFF’s West Coast team.

According to Tydlaska, “Alley24 is one of the only true mixed-use assets in the South Lake Union submarket, a centrally-located, high-amenity, pedestrian-oriented location that has maintained historical occupancy of more than 96 percent since it was completed. 

 Most significantly, banner tenants NBBJ, Skanksa and Cole & Weber have occupied the building since it was delivered in 2006.”

Kucha added, “The opportunity to acquire a core asset in South Lake Union attracted domestic as well as foreign capital and we were pleased to have a deep buyer pool for this asset.” 

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.metlife.com.

HFF closes sale of West Woods Shopping Center in Austin, TX

West Woods Shopping Center, 3267 Bee Cave Road, Austin, TX

Jim Batjer

DALLAS, TX  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of West Woods Shopping Center, a 189,340-square-foot shopping center anchored by Michaels, Stein Mart and Petco in Austin, Texas. 

HFF arranged the sale of the property on behalf of the seller, Velocis.  An institutional joint venture purchased the asset for an undisclosed amount.  Additionally, HFF is engaged to arrange post-acquisition financing for the buyer.

The 98-percent-leased West Woods Shopping Center is also home to CVS Pharmacy, Train for the Game, My Fit Foods, Sports Clips, U.S. Post Office, Great Harvest Bread Company, Massage Envy, Pure Barre, Oasis Dance Spa, Tiff’s Treats and Mattress Firm. 

The three-building center has two outparcel pads leased to Raising Canes and Taco Bell.  Situated on 18.56 acres at 3201 and 3267 Bee Cave Road, West Woods Shopping Center is at the intersection of Bee Cave Road, a main east-west artery, and Walsh Tarlton Lane, a main north-south artery.

 The center is surrounded by two of Austin’s most upscale neighborhoods, West Lake Hills and Rollingwood.

The HFF investment sales team representing the seller was led by senior managing directors Jim Batjer and Barry Brown.

The HFF debt placement team representing the new owner is being led by senior managing director Douglas Opalka and director Robert Wooten.

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

HFF arranges $9.2 million financing for renovation of industrial facility in Bayonne, NJ

Michael Klein

FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $9.2 million in construction bridge financing to renovate a vacant, 160,575-square-foot industrial property at 99 Avenue A in Bayonne, New Jersey. 

HFF worked on behalf of the developer, Penwood Real Estate Investment Management, LLC (Penwood), to place the construction bridge loan with First Bank NJ. 

Proceeds will be used to rehabilitate the existing building, which features 50’ by 50’ column spacing, 25’ clear heights and 15 dock high loading doors, and prepare the excess 11 acres for the future development of a 175,000-square-foot, state-of-the-art, Class A warehouse distribution building with 36’ clear heights.

99 Avenue A is a former Unilever and Best Foods processing plant that will be converted into a Class A, single-tenant industrial property. 

Situated in the Hudson Waterfront industrial submarket, the 20-acre site is less than half of a mile from the Bayonne Bridge, which connects Bayonne to Staten Island, and four miles from the Hudson County Extension (Interstate 78), which provides direct access to New York City. 

The Port of Newark-Elizabeth and Newark Liberty International Airport are less than three miles from the property and across Newark Bay, which the site overlooks. 

Situated off of Bayonne’s main corridor, State Route 440, 99 Avenue A is two miles north of Interstate 278, 6.5 miles from Interstate 95 and eight miles from State Routes 1 and 9, providing future tenants with highway access throughout the New York metropolitan area and beyond.

The HFF debt placement team representing the borrower was led by director Michael Klein.

“Penwood sought a lender who understood their vision for the property and had the flexibility to work with them throughout the rehabilitation of the existing building and through the entitlement process on the excess land,” said Klein.  “First Bank NJ provided a competitive rate, prepayment flexibility and a creative structure that best met the borrower’s needs and performed flawlessly throughout the closing.”

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.penwoodre.com.

Anantara’s King’s Cup Elephant Polo Tournament 2016 Moves to Bangkok’s Scenic Riverside

18 Elephants Get Ready for 14th Annual King's Cup Elephant Polo Tournament
 in Bangkok, Thailand

BANGKOK, THAILAND, Feb. 18, 2016 -- Mark it in your diaries, Anantara Hotels, Resorts & Spas is announcing the 2016 dates for the highly popular charity event – The King’s Cup Elephant Polo Tournament.

This year’s event will be held by the banks of Bangkok’s mighty Chaophraya River from March 10th – 13th and promises to have a range ele-fantastic fun for the whole family.

Now in its fourteenth year, the tournament has become one of the biggest charitable events in Southeast Asia.

"Open wide now and let me check your teeth, please"

Almost US$1 million has been raised and donated to projects that better the lives of Thailand’s wild and domesticated elephant population, including continued support for research and clinics using elephants in therapy sessions for children living with autism; donating a gantry to help lame elephants stand and a purpose built elephant ambulance to the Thai Elephant Conservation Centre (TECC), and donating an All Terrain Vehicle (ATV) to the Government Elephant Hospital in Krabi. 

"Get ready...get set...Go!"

Other projects include funding farmer/elephant conflict mitigation projects in three Thai and one Tanzanian National Park; planting 4,000 trees to form an elephant proof fence in Thailand;  fully funding the protection of 18,000 hectares of standing forest in Cambodia’s Cardamom Mountains; funding the roll out of children’s educational programmes with the Thai Ministry to teach them the importance of conservation and protection of wild elephants in Thailand and funding the world’s first Target Training Positive Reinforcement Workshops teaching mahouts and trainers throughout Southeast Asia elephant friendly training methods.

"Halt...for the Beauty Parade"

This year’s event will have 10 teams encompassing over 40 players, including Thai celebrities, professional horse polo players, New Zealand All Blacks rugby players and Thailand’s famous transgender cabaret team Miss Tiffany.

A total of 18 elephants will be given a break from their work in tourist trekking camps in Pattaya or bought from unemployment in Surin to take part in the festival, during which they are given much needed food, essential vitamin supplements, full veterinary checks and care for the duration of the event.

Domestic elephants are micro-chipped by the Thai government to show that they have not been caught from the wild.

"Coming up Roses"

The worst trekking camps can be tough for an elephant. In order to make money, mahouts are forced to work their elephants 10 – 12 hours a day.

Conversely, at home in Surin, unemployment means elephants are often left isolated from other elephants with a short chain on two legs 24 hours a day with no exercise or enrichment. In both circumstances, the poverty of existence means their owners cannot afford to feed them anything close to their daily physical needs, emotional needs are forgotten, and shade and sufficient water are often overlooked. 

The King’s Cup schedule is designed to give these trekking elephants rest and relaxation on a scale they are never afforded in their ‘normal’ lives and ensure elephant rest time with interaction and enrichment that neither set of elephants gets in their daily lives.

Miss Tiffany

The four day festival will have something for everyone including an impressive Opening Parade, Children’s Educational Day, Ladies Day known as the ‘Bangkok Ascot’ and a wide range of fun elephant related activities for the whole family.

Anantara has long been associated with elephant conservation efforts with the formation of The Golden Triangle Asian Elephant Foundation, which has performed over 40 rescues of elephants off the streets of Thailand, as well as bringing the hugely successful Elephant Parade to Bangkok where 88 elephant statues were decorated by local and international celebrities and artists to honour Thailand’s HM King Bhumibol Adulyadej’s 88th birthday and will be auctioned off in a gala dinner in February 2016.

Thailand HM King Bhumibol Adulyadej’s 88th birthday Celebrated

For more information on the 14th Annual King’s Cup Elephant Polo Tournament, please visit www.anantaraelephantpolo.com.

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

 Hwee Peng Yeo

Vice President, Asia Markets

Glodow Nead Communications

San Francisco • New York • Singapore • Shanghai

Level 21, Centennial Tower, 3 Temasek Avenue • Singapore 039190

Level 15, One Corporate Avenue, 222 Hubin Road, Shanghai China, 200021

1700 Montgomery Street, Suite 203 • San Francisco, CA • 94111

Asia: 65.9768.6087  US:415.394.6500 • E: hweepeng@glodownead.com

www.GlodowNead.com

杨慧萍

副总裁

博德纳公关咨询公司

Centennial Tower 21层，Temasek Avenue 3号， 新加坡邮区039190

上海湖滨路222号企业天地一号15层，中国邮编20021

E: hweepeng@glodownead.com

www.GlodowNead.com

McCue Builders Begins Construction at Hunt Club of Oswego in Oswego, IL

  

Hunt Club of Oswego, Oswego, IL

CHICAGO, IL  (Feb.  17, 2016) — Yorkville, Ill.-based McCue Builders, a family-owned homebuilder with a 20-year history, announced it has begun construction at Hunt Club of Oswego, a 476-acre community located 50 miles southwest of Chicago in Oswego, Ill. Established in 2007, Hunt Club Oswego is a 285-home clubhouse community with 39 remaining home sites to be built by McCue Builders.

“McCue Builders is proud to bring our craftsmanship to such a highly sought-after, idyllic location as Hunt Club of Oswego,” said Billy McCue, president of McCue Builders. “Our exceptional home designs complement Hunt Club’s natural setting, and are perfect for young families, professionals and baby boomers who are seeking a tranquil living experience.”

Kim Grant

Hunt Club of Oswego features acres of open spaces and preserved wetlands. Amenities include a 3,500-square-foot clubhouse with an outdoor zero-depth pool, great room, and fitness center. 

McCue Builders is offering four floor plans, ranging from two-story homes to ranch homes with first-floor masters.

Each home site is roughly one acre, and many overlook a scenic horse farm property, providing beautifully serene views. 

Available floor plans include four to five bedrooms and 2½ to 3½ baths, ranging from 3,600 to 4,500 square feet. 

Several floor plans include lookout and walkout options, as well as optional bonus rooms, finished basements, and chef’s kitchens.

High-end finishes include hardwood flooring, granite kitchen counters, custom staggered cabinetry, upgraded trim, and luxury baths. Pricing for the homes starts in the upper $300,000s.

“With McCue Builders’ quality construction, and the community’s incredible natural setting, homebuyers have an exceptional opportunity at Hunt Club of Oswego,” said Kim Grant, broker at john greene Realtor, who is representing the sale of the available home sites.

For more information on purchasing a home at Hunt Club of Oswego, please contact Kim Grant at 630-251-4244 or kimgrant@johngreenerealtor.com.

 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

www.johngreeneRealtor.com.

 

Berger Commercial Realty Closes $2 Million Sale of Grady's Bar & Grill Site in Fort Lauderdale, FL

Steve Hyatt

FORT LAUDERDALE, FL (Feb. 17, 2016) - Senior Vice President Steve Hyatt of Berger Commercial Realty recently represented Copeland Real Estate Inc. in the $2 million sale of a 38,071-square-foot mixed-use property, formerly Grady's Bar & Grill, to Highlands Equity Investments, LLC at 901, 903 and 915 S. Andrews Avenue.

Located just south of the New River and the new courthouse complex, the property consists of the bar and adjacent land on both sides of Andrews Avenue. 

Located within minutes of I-95, Davie Boulevard and U.S. 1, the property is in close proximity to 3,500 residences recently built or currently under construction in the Tarpon River neighborhood.

Long considered a local dive, Grady's was one of the oldest bars in Fort Lauderdale. Grady Copeland, a Georgia native who hitchhiked to Fort Lauderdale on a vegetable truck in 1933, purchased the bar for $1,200 and opened its doors on New Year's Eve in 1940. Two weeks later, he married Irene Davis Copeland, who helped managed the bar during World War II and the 1950s.

"After Grady's long and colorful history, the second and third-generation owners were ready to retire from the bar business," said Hyatt. "The new owner plans to redevelop the infill site into a mixed-use property for retail and residential uses."

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

 954-776-1999

Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Marielle Sologuren, ext. 226, msologuren@piersongrant.com 

Marcus & Millichap Arranges $1.2 Million Sale of 12-Unit Apartment Building in Miami, FL

12-Unit Apartment Building  between West Flagler Street and NW 7th Street, Miami, FL

 

Evan P. Kristol

MIAMI, 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 95 NW 47th Avenue, a 12-unit apartment property located in Miami, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $1,200,000 representing $100,000 per unit.

            “The property is located between West Flagler Street and NW 7th Street in a busy commercial corridor near the airport. The complex has historically high occupancy and the buyer has an opportunity to realize an upside by increasing rents,” says Alejandro J. Gonzalez, an associate in Marcus & Millichap’s Fort Lauderdale office.

Gonzalez along with Evan P. Kristol, a senior vice president investments, and Felipe J. Echarte, a vice president investments, who are also based in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private investor from Hialeah, Fla., and the buyer, a private investor from Miami.

The apartment building was constructed in 1963 and sits on a 0.28-acre lot. It is comprised of two efficiencies and 10 one-bedroom/one-bathroom units.

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

Ryan Nee

Regional Manager

 Fort Lauderdale, FL

(954) 245-3400

ConAm Group Announces Final Closing of its Multifamily Investment Fund with $120 Million in equity Commitments

Rob Singh

SAN DIEGO, CA – The ConAm Group (ConAm) has announced the final close of its fund, the ConAm Multifamily Acquisition Fund, which completed its $120 million capital raise, according to Rob Singh and Bob Svatos, Co-Presidents of ConAm.

“With a strong group of private investors, we were able to secure equity commitments and complete the capital raising for the fund in record time,” says Singh. “We expect to deploy Fund capital into approximately $400 million in multifamily properties, generally in Western U.S. markets.”

The ConAm Fund has invested approximately 55 percent of the capital through its acquisition of five multifamily properties in 2015, totaling approximately 1,300 apartment units and more than $170 million in asset value.

Fund properties acquired to date represent a geographically diverse portfolio with properties located in Denver, the East San Francisco Bay Area, Phoenix, Las Vegas and the Seattle metropolitan area. ConAm will continue to target well-located multifamily properties with a value-add opportunity for its Fund. 

O’Melveny and Myers, LLP served as counsel to the ConAm Fund and its related entities.

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

Miki Conant or Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

Mconant@browermillercole.com

www.conam.com.

Lincoln Signs More Than 33,000 Square Feet of Leases at Newly Renovated Lenox Center in Atlanta, Brings Property to 95 Percent Occupancy

Jeff Henson

ATLANTA, GA  – Lincoln Property Company Southeast (Lincoln) has brokered 11 office leases totaling 33,781 square feet at Lenox Center, located in Atlanta, following a sizeable investment into the renovation of the building.

The landlord, HD Realty, is now in the process of completing a $1.3 million lobby renovation, including new tile flooring, new millwork, modern lighting, and a stunning new architectural light fixture that acts as a focal point in the seating area.

Furthermore, all walls have been refinished with an elegant custom feature tile, and a new interactive electronic building directory system has been added.

The 11 recent leases bring the building to 95 percent occupancy. Jeff Henson, Hunter Henritze and George Gwaltney of Lincoln represented the landlord in the transactions.

The details of the transactions are below:

·      Primrose Schools signed a new 10,940-squre-foot lease. Josh Gregory of Colliers International represented the tenant. The Tenant took the entire Terrace Level of the building that had been vacant for over a decade.  A complete renovation and design-build was completed to meet the needs of the Tenant, along with the creation of a full outdoor playground area.

Julie Gudger

·      Carl J Franzman, P.C., signed a 1,995-square-foot lease renewal. Trevor Smith of Cresa Atlanta represented the tenant.

·      The Mutual Fund Store signed a new 1,002-square-foot lease. Frank O'Neill of The Arlington Group represented the tenant.

·      Chapes JPL, LLC, signed a 1,691-square-foot lease renewal. Julie Gudger of Southeast Realty Advisors, Inc. represented the tenant.

·      Midway Insurance signed a 2,428-square-foot lease renewal. Clinton McKellar of Cushman & Wakefield represented the tenant.

·      Legacy Marketing Solutions, LLC, dba Equity Prime, signed a new 1,994-square-foot lease. 

·      Peachtree Offices at Lenox, Inc. signed a 3,918-square-foot lease expansion. Herb Rudd of Southeast Realty Advisors, Inc. represented the tenant.

Christine Gorham

·      Chanco Schiffer, P.C., signed a new 2,450-square-foot lease. Julie Gudger of Southeast Realty Advisors, Inc. represented the tenant.

·      Midway Insurance SF signed a 4,804-square-foot lease expansion. Julie Gudger of Southeast Realty Advisors, Inc. represented the tenant.

  

·      Patrick Ryan King signed a 1,229-square-foot lease renewal. David Dixon of NAI Brannen Goddard represented the tenant.

·      CitySwitch II, LLC, signed a new 1,330-square-foot lease. Beau Terrell of Highgate Partners represented the tenant.

      The Atlanta Women's Foundation signed a new 3,513-square-foot lease. Christine Gorham of Eastwood Real Estate represented the tenant.

·      Auction.com signed a new 2,232-square-foot lease.  Nima Ghomghani with CBRE represented the tenant.

“HD Realty’s investments in Lenox Center are paying off and have pushed the building to near stabilization,” Henson said. 

Nima Ghomghani

“Lenox Center offers a premier location in the heart of Atlanta’s highly desirable Buckhead submarket, an attentive property management team and on-site security guards, all qualities that today’s office tenants are seeking.”

In addition to the lobby renovation, new canopies and tile have been added to the property at the front and rear access points, along with new signage for the building.

The façade has been painted with a modern accent color and new landscaping has been added along Lenox Road to enhance the property’s appearance, along with the planting of new trees in the Primrose playground area.

The parking deck has undergone a complete lighting retrofit with LED fixtures for efficiency and reduced energy consumption.

HD Realty also completed the makeover of six floors during the first half of 2015. A new HVAC system was installed on the Terrace Level along with an entirely new efficient Energy Management System servicing the entire building.

All three elevator cabs also underwent a total renovation with new millwork, flooring, and lighting. Renovations of the three remaining floors will be completed in the first half of 2016.

Lenox Center is located at 3355 Lenox Road within walking distance of Lenox Square Mall and Phipps Plaza, as well as a variety of hotels and fine dining options.

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

Savannah Durban

The Wilbert Group

404-343-0870

sdurban@thewilbertgroup.com