Wednesday, March 2, 2016

Crossman & Co. Names Megan Bobiak New Marketing Director

  
 
Megan B. Bobiak
ORLANDO, FL – Crossman & Company, one of the largest retail leasing, management and investment sales firms in the Southeast, has named Megan B. Bobiak marketing director.

John Crossman, president of the firm, said Bobiak was most recently marketing manager for BIGEYE, a fully integrated advertising agency based in Central Florida.

She was formerly vice president/marketing director for Central Florida based BankFIRST (now Seacoast Bank), which doubled its locations during her 12-year tenure. 

Bobiak holds a Bachelor of Science Degree in Communications from Florida State University and also earned the Certified Financial Marketing Professional (CFMP) standard of excellence while she was working in the financial services industry.

In her new position at Crossman & Company, Bobiak will be responsible for directing the creation, execution and implementation of a corporate marketing plan, including providing support for regional leasing and sales teams, public relations, social media administration, website content, event management and promotional campaigns.

“Megan’s strong background in marketing is a huge asset to her role at Crossman & Company and we are excited to have her on board and playing a significant role in our continued growth,” said Crossman.

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

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


Crossman & Co. Completes New Lease to Restaurant with World Cuisine at The Loop in Kissimmee, FL


Katherine Rush
ORLANDO – Crossman & Company, one of the largest retail leasing, management and investment sales firms in the Southeast, recently negotiated a long-term lease at The Loop located at 3286 N. John Young Parkway at the corner of Osceola Parkway in Kissimmee.

Noodles & Company leased 3,000 square feet at The Loop and the world cuisine restaurant plans to open in the second quarter.

Senior Associate Katherine Rush negotiated the lease agreement representing the landlord.    Jason Kaiser and Blake Hunter of SRS Real Estate represented the tenant.

Crossman & Company handles the leasing and management at the 434,909 square foot power center and Rush said a total of 120,223 square feet of lease renewals were completed there in 2015 with  other major retailers including Bed Bath & Beyond, Sports Authority, Panera Bread, Yankee Candle, Pier 1, and Famous Footwear to name a few. 

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

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


Tuesday, March 1, 2016

Wendover Housing Partners Introduces its Upscale, Affordable Housing to Central Florida’s Growing Population of Income Restricted Seniors



Jonathan L. Wolf
ORLANDO, FL – March 1, 2016 – Wendover Housing Partners, a privately held real estate development, investment and management company, today announces the opening of its first affordable senior community in Central Florida, Heritage Village Commons.

The community is one of four affordable senior living communities across the state of Florida built and managed by Wendover Housing Partners. Each community is designed with superior standards for income restricted residents ages 55 and up who are seeking to live an active, stress-free lifestyle in a safe and upscale community.

“Many retirees in the state of Florida are on a fixed income and can’t afford costly rent payments each month. Our properties offer these seniors financial piece of mind, allowing them to enjoy their well-earned free time in a safe and stress-free environment,” said Jonathan L. Wolf, President and Founder of Wendover Housing Partners.

“While our senior communities are affordable, it’s important to me that they meet the standards I have for my own mother’s living arrangements. Each of our senior housing projects are designed with the utmost quality and include the same amenities found in upscale communities.”

With one and two bedroom apartments ranging from $559 to $820, Wendover’s senior properties, which also include New Port Richie’s The Landings at Sea Forest, Jacksonville’s Marcis Pointe, and Tampa’s Haley Park (set to begin taking applications in March 2016), are priced far below Florida’s average range of $1,166 to $1,642.

Heritage Village Commons
 Each unit in Wendover’s senior communities features a fully equipped kitchen including a dishwasher, microwave, island and pantry, as well as a full-size washer and dryer, and plenty of storage space with walk-in and linen closets in an open and spacious floor plan. 

With senior comfort and safety in mind, each apartment also features a monitored emergency call system.

 “At Wendover Housing Partners, we believe that senior living is more than just building comfortable and affordable apartment homes—it’s about fostering a tight-knit community. 

"Our residents have constant access to a variety of indoor and outdoor areas to socialize, as well as the opportunity to participate in planned resident events,” said Wolf.

“In addition to enjoying fitness centers, shared outdoor gardens, swimming pools, and other common areas, residents of Wendover properties can also take advantage of the many cultural events and activities in their area.”


The Landings at Sea Forest Apartments,
New Port Richey, FL
Heritage Village Commons is currently accepting rental applications for new residents. For more information, visit www.heritagevillagecommons.com.

 Headquartered in Altamonte Springs, Wendover Housing Partners, LLC is a privately held real estate development, investment and management company founded in 1995. 

As one of the Southeast’s premier housing companies, Wendover specializes in the development of single and multi-family homes, apartment communities, senior communities, and transit oriented development.

 Wendover’s expansive portfolio of affordable and mixed-income developments demonstrates the company’s success in creating housing opportunities in a variety of economically and socially diverse neighborhoods.

To find out more about Wendover Housing Partners, visit www.wendovergroup.com.

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

Melissa Landy | Assistant Account Executive | Uproar PR
P 321.236.0102 x233 | M 561.512.3055 




Waterton Announces New Leadership at Two Boston-Area Hotels; Nadine Thompson named area director of sales; Scott Smith promoted to general manager of DoubleTree by Hilton Hotel Boston – Westborough


Nadine Thompson
CHICAGO, IL and BOSTON, MA – Waterton, a U.S. real estate investor and operator, announced it has appointed Nadine Thompson as area director of sales for two hotels in west suburban Boston: Courtyard by Marriott Boston Marlborough, a 202-key hotel in Marlborough; and DoubleTree by Hilton Hotel Boston – Westborough, a 223-key hotel in Westborough.

 In addition, Scott Smith was named general manager of the Boston – Westborough property, which is currently undergoing a multimillion-dollar renovation.

In her expanded role, Thompson will lead sales and marketing efforts for both properties, which are owned and managed by Chicago-based Waterton.

"Nadine is a proven leader who knows how to motivate her team to deliver results,” said Cynthia Bock, senior vice president of sales at Waterton. “Her extensive sales experience and familiarity with the operational side of the business made her the ideal candidate for this position, and we’re confident she will play a vital role in the continued success of each hotel.”

A 20-year veteran of the hospitality industry, Thompson joined Waterton in 2014, most recently serving as director of sales at the Courtyard by Marriott Boston Marlborough.

She previously worked as director of catering sales and event planning at the Marriott Boston Burlington, and as area director of sales for Portsmouth, N.H.-based Colwen Hotel Management.

Throughout her career, Thompson has implemented numerous programs that have increased revenue and improved employee and guest satisfaction.

Scott Smith
 “I look forward to working with such a talented team of hospitality professionals in creating innovative campaigns that highlight everything these hotels have to offer,” Thompson said. 

“We will also be looking to establish relationships with new partners including convention planners and regional employers whose ongoing expansion has generated strong demand for hotel rooms and meeting facilities in the Boston area.”

As general manager of DoubleTree by Hilton Hotel Boston – Westborough, Smith will oversee a team of 120 associates as the property undergoes a $3.3 million renovation that will update both common areas and guestrooms.

“The DoubleTree Boston – Westborough is already known for its exceptional customer service and best-in-class amenities, so I’m eager to build on the hotel’s successful track record as its new general manager,” said Smith. “The planned improvements will allow us to enhance the overall guest experience while maintaining our competitive edge in the market.”

Like Thompson, Smith has spent nearly two decades in the hospitality industry, most recently serving as assistant general manager of the Courtyard by Marriott Boston Marlborough, where he oversaw the property’s conversion from a Radisson hotel.

In addition to having extensive operational experience, Smith is highly knowledgeable about food and beverage services, having started his career as a chef in various hotel kitchens. He eventually worked his way up to director of food and beverage at the Worcester Crowne Plaza before transitioning to hotel management in 2005.


Cynthia Block

“As someone who has climbed the ranks, Scott has a deep understanding of virtually every aspect of hotel operations,” said Patrick Hansen, senior vice president of operations at Waterton. “Whenever he advises his teams, they listen because they know his insights come from true, hands-on experience.”

Smith and Thompson each hold a degree in business administration/management from Quinsigamond Community College and Springfield Technical Community College, respectively. Smith is also a graduate of the New England Culinary Institute in Montpelier, Vt.

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

 (312) 267-4528
 (312) 267-4527


Industry Expert Richard Collins Jr. joins JLL’s Phoenix Team


Richard Collins Jr.
PHOENIX, AZ– The Phoenix office of JLL has hired industry veteran Richard Collins Jr. as a senior vice president and the newest member JLL’s local industrial brokerage team.

A 20-year industry veteran, Collins joins JLL from CD Commercial Advisors, where he served as President. Prior to this, he served for almost a decade as a Principal at Ross Brown Partners.

Collins specializes in industrial real estate, but offers broad expertise in both office and industrial leasing and sales, and a strong understanding of the development, finance, property management and construction processes.

“Rick recognizes all of the elements involved in a successful commercial real estate deal, and he’s worked diligently in his career to gain an understanding of each of these factors,” said JLL Senior Managing Director Dennis Desmond. “His commitment to his trade and his genuine interest in his clients’ wellbeing make him an exceptional addition to our Phoenix industrial team.”

Collins joins an award-winning JLL industrial team ranging from Associates to Managing Directors, who regularly lead many of the Valley’s largest lease and investment deals.

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

Stacey Hershauer
focusAZ
Marketing & Public Relations
(480) 600-0195

Monday, February 29, 2016

HFF hires Kyle Spencer as a director in its Austin, TX office


Kyle Spencer
AUSTIN, TX, Feb. 29, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that Kyle Spencer has joined the firm as a director in its Austin office.  Mr. Spencer will focus on debt and equity placement transactions in Austin and central Texas.

Mr. Spencer joins HFF from Texas Realty Capital where he was an associate.  In this role, he originated more than $300 million in new client business for the firm and was the top producer company-wide for production volume in 2014 and 2015.

 After graduating with a Bachelor of Liberal Arts degree from the University of Texas at Austin, he began his career in commercial real estate finance as an analyst at Texas Realty Capital.  Mr. Spencer is a member of the Real Estate Council of Austin and ULI Young Leaders Group.

“Adding Kyle to our team will allow us to expand upon our current debt and equity capabilities for our current and future clients across central Texas,” said Douglas Opalka, senior managing director and co-head of HFF’s Austin office. 

“He’s had tremendous success with new business development and cultivating new client relationships at his prior firm and we look forward to his contributions at HFF.”

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


Marcus & Millichap Brokers $1.3 Million Sale of Bay Vista Apartments in Tampa, FL


Cameron Barbas
TAMPA, FL, Feb. 29, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Bay Vista Apartments, an eight-unit apartment property located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,300,000.

Cameron Barbas, associate, Francesco P. Carriera, first vice president investments, and Michael P. Regan, first vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  They also represented the buyer, a fund manager. 

Bay Vista Apartments is exceptionally located at 2918 West Bay Vista Avenue in the Bayshore Beautiful submarket of South Tampa, and just one-half block from Bayshore Boulevard. 

The eight-unit multifamily property consists of two, two-story buildings, which are comprised of six, one-bedroom/one-bathroom units with 900 rentable square feet and two, two-bedroom/one-bathroom units with 900 rentable square feet.

Amenities include an on-site laundry facility and off-street parking, and the property sits on 0.24 acres.

Francesco P. Carriera
“The upgraded units at Bay Vista Apartments were renting at higher rates than any other 1920s vintage asset that close to Gandy Boulevard. The high rental rates are continuing to expand south from Tampa’s Urban Core,” says Barbas.

“Bay Vista Apartments was on the market for a total of 16 business days before going to contract, and we generated more than 10 showings and six offers within that period,” Barbas said. “The listing was cultivated over a long relationship before the seller was interested in selling.

“Relationships like these allow us to help sellers increase value at the time of sale. We are also able to help owners increase cash flow during their holding period and provide them with market information that allows them to make the most informed decision possible.”

“Frank, Mike and I have now listed and/or closed nearly 650 units in South Tampa, and that number continues to grow. We are seeing local, national and international buyers submitting offers on these assets.

“The mayor and city have done a phenomenal job positioning the city for growth, and it’s reflected by the residents that are continuing to move to South Tampa and the investors that are upgrading these buildings for them,” concludes Barbas.

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 sale of Surelock Self-Storage in Orlando, FL


Michael A. Mele
ORLANDO, FL,  Feb. 29, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Surelock Self-Storage, a 61,000-square foot self-storage facility located in Orlando, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

Michael A. Mele, senior vice president investment, and Luke Elliott, senior associate, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller. They also represented the buyer, a local limited liability company.

 “There was a constant communication during the marketing and under contract phase. It is wonderful to work with someone that makes this process rather easy,” states the sellers, Bouik and Dana Koshmer.

“Making sure private clients are well represented has been the backbone of our success,” adds Mele. “Using our vast resources to ensure they are getting the best deal possible is extremely important to us.”

Surelock Self-Storage is a state-of-the-art facility located in a high density location at 7628 Narcoossee Road in Orlando, Florida. Constructed in 2006, this self-storage facility contains 61,000 net rentable square feet and two pad ready sites.

There are currently 402 non-climate controlled units and 120 climate controlled units on the property. To ensure secure storage, access is only granted with keypad entry through the electronic gate with digital security monitoring and fire sprinklers in each unit.

“We always cherish our client’s successes, but this transaction was somewhat of a stand out. The construction and management of this property were truly a family affair for the sellers. They built the property from the ground up beginning in 2006, and it was immensely satisfying to partner with them and achieve their goals,” said 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

International conference in Hawaii hosted by CBRE Hotels examines current state and future of hotel investment and capital markets

  
Amelia Lim

HONOLULU, HAWAII, Feb. 29, 2016 – Nearly 80 investors, owners, operators, asset managers, hotel brands and lenders from Shanghai, Osaka, Madrid and from across the mainland U.S. gathered in Hawaii to attend an invite-only event at the iconic Royal Hawaiian Hotel on January 28, hosted by CBRE Hotels in Hawaii.

The symposium, See the World of Ho‘okipa, Hospitality in a Whole New Light, provided an unprecedented view of Hawaii’s hotel fundamentals relative to the broader global context, the impact of debt and equity capital on Hawaii’s lodging sector, and performance forecasts for 2016 and 2017. The conference featured a heavyweight line up of the world’s preeminent hospitality executives.

Yvonne Siew
“This symposium showcases CBRE Hotels’ comprehensive suite of services, spanning transaction, debt and structured finance, valuation, strategic advisory, asset management and research. Hawaii is rich with opportunities in the hospitality sector, and the CBRE platform in Hawaii is structured as a full-service provider to groups seeking to capitalize on these opportunities,” said Amelia Lim, Vice President of CBRE Hotels, Valuation and Advisory Services, Hawaii.

“CBRE has the depth of market knowledge and strength of relationships with decision makers in Hawaii that can only come with living and working within the community for an extended period of time.

Mark Woodworth
“The synthesis of CBRE’s intensive market penetration in Hawaii with our global platform and access to international capital markets creates a very powerful value proposition for our clients.


“We are the perfect solution for offshore investors and capital sources making forays into Hawaii’s hospitality sector, as well as for local hospitality firms seeking to expand their global reach.”

Meanwhile, Yvonne Siew, Executive Director and Head of International Capital at CBRE China, explained that the strong dollar is the lure of investing in the U.S., especially since the renminbi outlook is anticipated to depreciate another 5 percent in 2016.

“I’m in touch with the major insurance companies and State Owned Enterprises (SOE) with specific mandates to invest in U.S. assets,” Siew said. 

“The strong dollar versus the local Reminbi is perceived by the Chinese as a form of investing into safe assets. Hawaii is very much open to foreign capital. We see this as a great opportunity for Chinese capital.”

Siew noted that Chinese construction companies, railway and infrastructure groups are concerned the local outlook in China will not give them the growth and profits, so investors are looking for investment and marketing opportunities abroad. 

Kevin Mallory
Those opportunities could be in tourism, oil or gas investments. Siew said that according to reports, if 3 percent of the high net worth individuals in China moved just 7 percent of their wealth out of their country, it would add up to $1.5 trillion in U.S. dollars.

Forecasting presentations from CBRE Hotels’ leaders Kevin Mallory and Mark Woodworth kicked off the event, followed by a panel discussion with four industry experts about the future growth of hotel spending and investment, including Chinese interests in Hawaii, the ramifications of Airbnb’s exponential growth, as well as regulatory compliance, expanding interest rates and the impact of the rising cost of debt on investment strategy.


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

Kimberly K. Lord (B)
+1 808 541 5170


Sunday, February 28, 2016

HFF closes sale of Resource Square Five in Charlotte, NC


Resource Square Five office building, University submarket, Charlotte, NC


CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Resource Square Five, a five-story, 152,452-square-foot, Class A office building in Charlotte, North Carolina’s University submarket.

HFF represented a fund managed by DRA Advisors, LLC in the sale of the property to Dilweg Companies.

Resource Square Five is located at 10715 David Taylor Drive on 12.2 acres within the five-building Resource Square office park.  This location is convenient to the Interstate 85 corridor, a stretch of the Interstate that spans from Richmond, Virginia to Atlanta, Georgia, as well as Interstate 77 and Interstate 485, which is Charlotte’s outer loop. 

Ryan Clutter
The property is also less than one mile from the ongoing Blue Line extension, an extension of the existing Blue Line rail service that serves downtown and south Charlotte. 

Completed in 2000, Resource Square Five is the newest building in the office park and is 92.4 percent leased, primarily to the IRS.  The property features an exercise facility with showers and locker rooms and on-site parking for 677 vehicles.

The HFF investment sales team representing the seller was led by senior managing director Ryan Clutter.

“Resource Square Five is a high-quality asset located in the thriving University Area submarket of Charlotte, which now has its lowest office vacancy rate in over 15 years,” said Clutter.  

“With the market really tightening up and rents growing in the area, investors were attracted to the potential to achieve compelling investment returns with the asset.”

“Institutional capital continues to find Charlotte and the Carolinas an attractive market to invest their capital, and we believe this trend will continue throughout 2016,” added Clutter. 

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


HFF arranges $11.5 million financing for manufactured home community in the San Francisco Bay Area


Spanish Ranch II community, Hayward, CA


SAN DIEGO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $11.5 million in acquisition financing for Spanish Ranch II, a 187-home site, 100-percent occupied, manufactured home community for seniors (age 55+) in the San Francisco Bay Area community of Hayward, California.

Spanish Ranch II poolside, Hayward, CA
HFF worked on behalf of the borrower, Hometown America, to secure the 10-year, fixed-rate, full-term, interest-only loan through Aegon USA Realty Advisors, LLC, a commercial real estate investment and management arm of Aegon Asset Management.

Spanish Ranch II is situated on 22 acres at 121 Ranchero Way approximately three miles from Interstate 880 and five miles from the San Mateo Bridge, which provides direct access to all major cities in the Bay Area. 

The community is 18 miles south of downtown Oakland and 26 miles southeast of downtown San Francisco.  Spanish Ranch II features a resort-style clubhouse, dining room, library, pool, Jacuzzi, guest parking and all double-wide or larger home sites.

Zach Koucos
The HFF debt placement team representing the borrower was led by director Zach Koucos.

“Spanish Ranch II is another great addition to Hometown’s portfolio and fits very well within our investment strategy of acquiring high-quality communities in target markets such as California,” said Doug Minahan, vice president of Hometown America.

 “We were very pleased with the competitive quotes received through HFF’s efforts.  This is a clear indication that lenders are bullish on high-quality manufactured housing communities located in desirable markets.”

“The debt markets remain very competitive for high-quality manufactured housing communities like Spanish Ranch II,” Koucos added.  “We are grateful to Hometown America for the opportunity to assist them in financing such an excellent acquisition.”

 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




Lincoln Retained for Management Assignment for Pleasant Hill Square Center in Duluth, GA


Chip Sipple
ATLANTA, GA – Lincoln Property Company Southeast (Lincoln) has secured an assignment to manage Pleasant Hill Square. The regional power center was built in 1997 and is located at 2205 Pleasant Hill Road in Duluth, Georgia, within the Gwinnett Place CID.

“Our successful management of Pleasant Hill Square led to the former owner getting a premium price when it sold recently,” said Shane Froman of Lincoln. 

“The new owner, GW Real Estate of Georgia LLC, saw the value we were able to add as the property manager, which led to our retention of management services post-sale.”

Pleasant Hill Square includes an advantageous line-up of national anchors including Toys ‘R’ Us, Staples and Jo-Ann Fabric & Craft Stores with 86 percent of the current tenant roster featuring national and regional tenants.

 The property is located in the second-most populous county in Georgia, and is positioned directly on Pleasant Hill Road with great visibility to over 50,000 cars per day.

The property recently sold on Auction.com for $16.4 million. Tony Bartlett and Chip Sipple of Lincoln and Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction.

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

Savannah Durban
The Wilbert Group
404-343-0870

Lincoln Wins Management Assignment for Southlake Corporate Center in Morrow, GA

  
Shane Froman
ATLANTA, GA – Lincoln Property Company Southeast (Lincoln) has secured an assignment to manage the Southlake Corporate Center. The three-story building, which totals 57,600 square feet, is located at 3000 Corporate Center Drive in Morrow, Georgia.

“Office space in secondary markets is growing in popularity as demand for intown space is driving rental rates to a premium,” said Shane Froman of Lincoln. “Well-located Class A space is in high demand, and with Lincoln’s best-in-class management services we believe the remaining space will lease quickly.”

Southlake Corporate Center features spaces ranging from 1,700 to 13,409 square feet, frontage along I-75, and a strong amenity base including easy access to restaurants, banks, hotels and Southlake Mall. 

The property is approximately 10 minutes from Hartsfield-Jackson International Airport, and offers ample surface parking with four spaces per 1,000 square feet.

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

Savannah Durban
The Wilbert Group
404-343-0870

Marcus & Millichap Arranges $2.35 Million Sale of Knights Inn in Panama City, FL


David M. Greenberg
PANAMA CITY, 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 the Knights Inn (formerly known as the Buccaneer Beach Motel), a 101-room hotel located in Panama City, Fla, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $2,350,000.

David M. Greenberg, first vice president investments, and David Altman, an associate, both in Marcus & Millichap’s Fort Lauderdale office, represented both the seller and buyer of the property.

“The buyer of the property saw a great opportunity to convert the hotel to a senior living facility, due to its waterfront location and close proximity to downtown Panama City, County and Federal Court Houses, Gulf Coast Regional Medical Center and Bay Medical Center,” says Altman. 

“Also included in the sale was a 12,500-square foot restaurant, most recently operated by Panama Café.”

Originally constructed in 1960 as a Holiday Inn, the Knights Inn is a 101-room, five-building, two-story, full-service motel.  The motel is situated on a 3.2+/- acre parcel with over 800-feet of direct frontage Saint Andrew’s Bay and includes a private beach and dock.

The Knights Inn is located at 711 West Beach Drive in Panama City, FL.

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

Ryan Nee
Vice President / Regional Manager
Fort Lauderdale, FL

(954) 245-3400

Stepp Commercial Completes Sale of 16-Unit Apartment Property in Long Beach, CA


225 Gaviota Avenue Apartments, Long Beach, CA
Robert Stepp


LOS ANGELES, CA – Stepp Commercial, a leading multifamily brokerage firm in the Long Beach market, has completed the $2,375,000 sale of a 16-unit apartment property located at 226 Gaviota Avenue in Long Beach in an off-market transaction.

Robert Stepp and Michael Toveg of Stepp Commercial represented the seller, Los Angeles-based Jarm One, LLC, as well as the Los Alamitos-based private buyer. The transaction closed at a 4.68 percent cap rate. 

“The property is located in an area with historically low vacancy rates so our goal was to find a buyer who was seeking a true value-add opportunity,” said Toveg. 

“We were able to secure a buyer who was comfortable with the product type and location and saw the opportunity to maximize the property’s income potential by changing the façade, renovating the units, and bringing rents up to market rate.”

Built in 1920, the property includes 12 studio units, two one-bedroom units, and two two-bedroom units. It is located in the Alamitos Beach neighborhood of Long Beach which has been experiencing a substantial amount of investment and rental growth over the past two years.

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

Darcie Giacchetto
949.278.6224