HFF arranges $41.79 million refinancing for Sheraton Sand Key Resort in Clearwater Beach, FL

Sheraton Sand Key Resort, Clearwater Beach, FL

 

Scott Wadler

MIAMI, FL, June 22, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged a $41.79 million refinancing for the Sheraton Sand Key Resort, a 390-room, full-service, resort-style, beachfront hotel in Clearwater Beach, Florida.

HFF worked on behalf of the borrower to place the five-year, fixed-rate loan with BankUnited.

The Sheraton Sand Key Resort is situated on a 21.1-acre parcel with 360-degree water views of both the Gulf of Mexico and the Intracoastal Waterway.

 Located at 1160 Gulf Boulevard, the hotel has beachfront access to more than 500 linear feet of Clearwater Beach, recently voted the Best Beach in the United States in 2016 by TripAdvisor, and is adjacent to Sand Key Park. 

Alexandra Lalos

The nine-story Sheraton Sand Key Resort features 24,000 square feet of indoor and outdoor function space, an outdoor pool overlooking the beach, fitness center, spa services, tennis and beach volleyball courts, whirlpool, apparel and gift shop and five food and beverage options, including Rusty’s Bistro, Island Grille, Poolside Café and Mainstay Tavern.

The HFF debt placement team representing the borrower was led by senior managing director and head of HFF’s hotel group Daniel C. Peek and associate directors Scott Wadler, Preston Reid and Alexandra Lalos.

“Lenders were attracted to the hotel’s generational ownership and management team, as well as its expansive, 10-acre beachfront on Sand Key,” Wadler said.

“The beaches of Pinellas County continue to earn national and international accolades, and, with its recent comprehensive renovation, the Sheraton Sand Key Resort is well positioned to capitalize on the millions of annual visitors coming to the area,” Reid added.

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

Kristen M. Murphy

Director, Marketing

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

HFF closes $91 million sale of 316-unit luxury multi-housing community in Cedar Knolls, NJ

  

Sterling Parc, Cedar Knolls, NJ

Jose Cruz

FLORHAM PARK, NJ, June 22, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $91 million sale of Sterling Parc, a 316-unit, Class A, garden-style, multi-housing community in Cedar Knolls, New Jersey.

HFF marketed the property exclusively on behalf of the seller, Invesco Real Estate (Invesco).  Cornerstone Real Estate Advisers, one of the largest global real estate investment advisers, purchased the asset on behalf of an institutional client.  HFF previously brokered the sale of the property to Invesco in 2007.

Sterling Parc is situated on a park-like 22.5-acre site within ten minutes of downtown Morristown in New Jersey’s affluent Morris County.

The property, built in two phases in 1988 and 2001, encompasses 27 buildings, which house 252 market-rate apartments, 56 age- and income-restricted apartments and eight income-restricted apartments across a mix of one-, two- and three-bedroom floor plans. 

Just over 50 percent of the market rate units have been renovated to a higher-finish level.  Units feature open kitchens, full-size washers and dryers, oversized walk-in closets, nine-foot ceilings and direct access garages.

Kevin O'Hearn

 Community amenities include a central clubhouse with an outdoor swimming pool, patio, grilling area, fitness center, business center and community room with full-size kitchen.  The property is 96 percent leased.

The HFF investment sales team representing Invesco was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Stephen Simonelli and Michael Oliver and associate director Marc Duval.

“This transaction continues to exemplify the high demand for well-located multifamily in the New Jersey suburban markets,” Cruz said.  “We had great activity and a very competitive process,” stated Cruz.  

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

Kristen M. Murphy

Director, Marketing

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.cornerstoneadvisers.com.

Onix Venture Group Expands to 26,000 sq. ft. at Miramar Park of Commerce in Miramar, FL

  

Maridee Bell

MIRAMAR, FL (June 22, 2016) - Onix Electronics DBA Onix Venture Group, a multi-national manufacturer and distributor of accessories for mobile electronics, has expanded to 26,000 sq. ft. of office and warehouse space at 3137 Commerce Parkway in the Miramar Park of Commerce.

Since 2008, the company has expanded from 6,000 to 13,000 and now to 26,000 sq. ft. of space within the Park, the largest locally owned and managed business park in South Florida.

"As a locally owned and managed Park, we are flexible enough to accommodate the growth needs of companies like Onix Venture Group that require both office and warehouse space," said Maridee Bell, vice president of Sunbeam Properties, developer of the Park.

 "Because Onix distributes its products domestically and internationally, its location in the Miramar Park of Commerce is ideal for shipping and transporting throughout South Florida and beyond."

                                                                                                            

Onix Venture Group was formed in 2004 as the mobile electronics industry was taking shape. Onix's founders identified the growing demand for accessories for mobile electronics and created the company's first brand, KHOMO Accessories, which is recognized today by online markets worldwide for its bestselling protective cases for smartphones and tablets.

 For more information on Miramar Park of Commerce, contact Lauren Pace (lpace@wsvn.com) or Maridee Bell (mbell@wsvn.com) at 10212 USA Today Way, Miramar, FL 33025 or call 954-450-7900.

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

Lexi Robinson

lrobinson@piersongrant.com

Johnny Anidjar, Onix Electronics, 3137 Commerce Parkway, Miramar, FL 33025, 786-488-4329, sales@top10electronics.com

$6.74 million sale of gfs marketplace in Miami, fl arranged by marcus & millichap

Gordon Food Service Marketplace, 5600 West Flagler Street, Miami, FL

 

Ronnie Issenberg

MIAMI, FL,  June 22, 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 Gordon Food Service Marketplace, a 17,431-square foot net-leased grocery store located in Miami. The asset sold for $6,735,000.

            “This was a unique opportunity to acquire a double-net, investment grade asset leased to a corporate-guaranteed retail grocer with more than seven years remaining on its base term,” says Ronnie Issenberg, a vice president investments in Marcus & Millichap’s Miami office. “The property sold for just under list price to a local private real estate investor.”

Issenberg, along with Gabriel Britti and Scott C. Sandelin, vice president investments, and Al Palacios, a senior associate, also in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller.

The 17,431-square foot GFS Marketplace is situated on a 45,100-square foot lot near the Miami International Airport. With more than 170 locations across the United States, GFS Marketplace the largest family-operated broad line food distribution company in North America.

The property is located at 5600 West Flagler Street.

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

Kirk A. Felici

First Vice President/Regional Manager

Miami, FL

(786) 522-7000

Newmeyer & Dillion Appoints Partner Carol Zaist as General Counsel

  

Carol Zaist

 NEWPORT BEACH, CA – Prominent business and real estate law firm Newmeyer & Dillion LLP is pleased to announce that partner Carol Zaist has been named the firm’s General Counsel. Zaist will report to the Managing Partner, Executive Committee and other senior level management as it relates to the firm’s governance and policy matters. Zaist’s appointment is effectively immediately.

“We are excited to have appointed Carol as the firm’s General Counsel,” said Jeff Dennis, Newmeyer & Dillion’s Managing Partner. “As we continue to expand across markets, this is another proactive measure to ensure our strategic growth and success.”

Zaist is a partner in the Newport Beach office of Newmeyer & Dillion, concentrating her practice on business litigation, real estate litigation, and probate litigation.  She has significant experience advising clients in contract disputes, business and property torts, and trademark and trade secret disputes in both federal and state jurisdictions. 

Zaist also serves as strategic counsel, advising clients on the impact of multiple litigation matters in different jurisdictions, and integrating strategy and tasks efficiently and cohesively. She will lend this variety of experience to her new role as General Counsel for the firm.

Jeffrey Dennis

“I am honored and thrilled to work with our managing partner and Executive Committee to assist the firm in its strategic growth and development,” said Zaist.

For more than 30 years, Newmeyer & Dillion has delivered creative and outstanding legal solutions and trial results for a wide array of clients.  

With over 70 attorneys practicing in all aspects of business, employment, real estate, construction and insurance law, Newmeyer & Dillion delivers legal services tailored to meet each client’s needs.  

Headquartered in Newport Beach, California, with offices in Walnut Creek, California and Las Vegas, Nevada, Newmeyer & Dillion attorneys are recognized by The Best Lawyers in America©, and Super Lawyers as top tier and some of the best lawyers in California, and have been given Martindale-Hubbell Peer Review's AV Preeminent® highest rating.

For additional information, call 949-854-7000 or visit www.ndlf.com.

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

Gia Altreche 949.271.7338 or gia.altreche@ndlf.com

HFF closes $15.75 million sale of best-in-class suburban office asset in Syracuse, NY

Salina Meadows Office Park, Syracuse, NY

Rob Rizzi

NEW YORK, NY, June 21, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $15.75 million sale of Salina Meadows, a four-building, 239,320-square-foot, Class A office park in Syracuse, New York.

HFF marketed the asset on behalf of the owner, Second City Real Estate.  A local investor, who owns 250 South Clinton, among other Syracuse properties, purchased the asset.       

Salina Meadows consists of 200, 220 and 231 Salina Meadows Parkway and 301 Plainfield Road, which are collectively 85.2 percent leased. 

Major tenants at the park include Traveler’s Indemnity Co., Mutual of Omaha Insurance Co., Walgreen Co. and Acadia Insurance Co.

 The property features large, efficient floor plates; expansive windows; ample parking (1,225 spaces); a fitness center; common conference facilities and a full-service café/deli. 

Situated on 21.61 acres at the crossroads of Interstates 81 and 90, Salina Meadows is convenient to downtown Syracuse, Hancock International Airport and DestinyUSA Mall.   

Jose Cruz

The HFF investment sales team representing the seller was led by managing director Rob Rizzi, senior managing director Jose Cruz, managing director Kevin O’Hearn, director David Fowler and associate director Michael Oliver.

“Salina Meadows is one of the premier office parks in Upstate New York.  The offering presented an investor with a well-leased, cash flowing asset at an exceptional cost basis with a strategic location in the Syracuse market,” said Rizzi.

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

Kristen M. Murphy

Director, Marketing

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.secondcityrealestate.com

HFF hires Malcolm Davies as a managing director in its Los Angeles office

 

Malcolm Davies

LOS ANGELES, CA, June 21, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that Malcolm Davies has joined its Los Angeles office as a managing director focused on debt and equity placement transactions in Southern California and the West Coast.

Mr. Davies has nearly 20 years of experience as a developer and a capital advisor.  He joins HFF from George Smith Partners, where he was a principal in charge of running the Structured Finance Group, which specializes in structuring complex capital solutions for developers. 

During the course of his career, he’s been involved with nearly $1.5 billion worth of debt and equity transactions.  Mr. Davies is a member of Urban Land Institute (ULI), National Association of Industrial and Office Properties (NAIOP), and International Council of Shopping Centers (ICSC).

 Philanthropically, Malcolm is involved with Building Hope for the Los Angeles Real Estate & Construction Industries Council, and he is a co-founder of the PEERS Organization, which stands for Philanthropy, Entrepreneurism, Environment, Relationships & Social Endeavors.  Mr. Davies is a graduate of the University of Arizona’s Regional Development bachelor’s program.  

Paul Brindley

“Malcolm brings with him an impressive background blending the financial and development aspects of the commercial real estate industry,” said Paul Brindley, senior managing director and co-head of HFF’s Los Angeles office.

 “His current clients will benefit from the expanded platform that HFF offers via our organized equity placement business and our numerous life company and correspondent relationships. 

“Meanwhile, HFF’s current and future clients will reap the benefits of Malcolm’s expertise on the development side of the industry structuring creative solutions in today’s market.”

  

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

Kristen M. Murphy

Director, Marketing

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

Proper Title, LLC’s Kim O’Donnell Joins Board of Random Acts of Flowers Chicago

Kim O'Donnell

CHICAGO, IL (June 21, 2016) — Palatine, Ill.-based Proper Title, LLC, a full-service title insurance agency, announced Kim O’Donnell, senior commercial account executive, has been appointed to the Board of Directors of the Chicago chapter of Random Acts of Flowers (RAF). 

O’Donnell’s appointment furthers Proper Title’s commitment to positively impacting the Chicago area through charitable giving.

“Random Acts of Flowers Chicago is a phenomenal organization that has deeply impacted the communities in which Proper Title serves. I am excited to take an active role in continuing its mission of delivering the beauty of flowers and moments of kindness and compassion to people who need it most,” said O’Donnell.

 “Random Acts of Flower’s commitment to improving the daily lives of those in need is a perfect extension of Proper Title’s mission to share our personal and professional success to benefit others.”

 RAF Chicago is a non-profit organization that recycles and repurposes flowers, with 500 volunteers who create and deliver beautiful bouquets to 130 healthcare facilities across Chicagoland, including hospitals, nursing homes, hospice and rehab centers and veteran’s medical facilities.

 Flowers are donated by grocery stores, floral retail and wholesalers, weddings, funerals, galas and RAF’s national partner FTD-Pro Flowers. Since its inception in 2015, RAF Chicago has delivered 35,000 bouquets and recycled 32,000 vases.

“We are so delighted to welcome Kim to our board, as she brings impeccable leadership skills, community relationships and a genuine passion for giving to others,” said Joanie Bayhack, executive director of RAF Chicago. “Kim is a very engaging advocate for our rapidly growing organization, and her energy and strategic perspective will be an invaluable asset to our board.” 

To enhance its culture of compassion, Proper Title established its charitable arm, Proper Giving, in July 2015. 

Joanie Bayhack

Proper Giving contributes funds for every residential, commercial and refinancing transaction to the Ann & Robert H. Lurie Children’s Hospital of Chicago. To date, Proper Giving has donated more than $20,000 and over 30 hours of volunteer time to Lurie’s. 

“When you consider Proper Title has increased its transaction volume by 400 percent and revenues by 420 percent since its founding in 2013, our positive impact has grown exponentially,” said O’Donnell. “And the more we grow both as a firm and individually, the greater impact we can have through wonderful organizations like Random Acts of Flowers.”

O’Donnell has been a leader in the title insurance industry for the past 20 years, and joined Proper Title in 2015. She is active in many industry-specific groups and serves on the board of the Home Builders Association of Greater Chicago. O’Donnell regularly participates in the 40- and 60-mile walks in support of the Susan G. Komen and Avon Breast Cancer Foundations, as well as volunteer work with her family at Feed My Starving Children.

 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.propertitle.com.

www.rafchicago.org.

Marcus & Millichap arranges sale of two homestead, fla. apartment communities for $8.5 million

Homestead, FL Garden-Style Apartments, Homestead, FL

Felipe J. Echarte

HOMESTEAD, FL, June 21, 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 two garden-style apartment communities located in Homestead, Fla. The 150-unit portfolio sold for $8,500,000.

            “Due to the lack of available mid-sized apartment complexes in Miami-Dade County, investors are seeking assets outside of the core market. Homestead Gardens was an excellent opportunity for an investor to acquire a stable property in an improving submarket with the potential to add value through renovation and increasing rental income,” says Felipe J. Echarte, a vice president investments in Marcus & Millichap’s Fort Lauderdale office.

Echarte along with Evan P. Kristol, a senior vice president investments, and Harrison Rein, an associate, also in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a partnership from Quebec, Canada, and the buyer, a limited liability company from Sunny Isles Beach, Fla.

Evan P. Kristol

Homestead Gardens, located at 15451 SW 288th Street, is a 104-unit, two-story garden style apartment community with six buildings. The unit mix consists of 80 one-bedroom/one-bathroom units and 24 two bedroom/one-bathroom units.

Homestead Gardens II, located at 527 South Flagler Street, is a 46-unit, two-story garden style apartment community with five buildings. 

The unit mix consists of 10 two-bedroom/one-bathroom units, 30 three-bedroom/one-bathroom units, four four-bedroom/two-bathrooms units and two five-bedroom/two-bathroom units.

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

Ryan Nee

Vice President / Regional Manager, Fort Lauderdale

(954) 245-3400

JLL Phoenix Office Adds New Tenant Representation Team

 

Matthew Coxhead

PHOENIX, AZ, June 21, 2016 – The Phoenix office of JLL has added a new brokerage team to its Tenant Representation group, welcoming Matthew Coxhead and Ryan Bartos as Executive Vice Presidents, and Kyle Seeger as an Associate. The brokers will assist JLL clients with all stages of the real estate process, with a strong track record in corporate and high-tech office requirements.

All three brokers have moved to JLL from Savillis Studley.

The addition brings the Phoenix JLL Tenant Representation group to 16 brokers, continuing a tradition as one of the Valley’s top tenant rep groups that dates back to the formation of the local office in 2000.

“Ryan, Matt and Kyle reflect JLL’s high standards of professionalism and character, and our reputation for providing top broker talent,” said Pat Williams, JLL Managing Director and head of the Phoenix Tenant Representation group. “We look forward to all that this team will contribute to JLL and its clients.”

A 10-year industry veteran, Coxhead specializes in office leasing transactions for local and national corporations. He started his career in 2006 at the Denver office of Grubb & Ellis, and moved to Phoenix in 2008 to join the local office of Cushman & Wakefield. 

Ryan Bartos

Bartos entered the brokerage market in 2009 with Cushman & Wakefield, where he established himself among local and national office clients for his service- and relationship-focused philosophy.

Since partnering in 2012, Bartos and Coxhead have completed more than 3.3 million square feet of lease deals totalling over $386 million in lease value. 

Key clients have included Gabriel Partners, Progress Residential, Encore Capital, iFactor Consulting, Learnvest, Oscar Health and Weebly. Seeger joined the team in 2015, after it had moved to Savillis Studley earlier in the year.

 JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate.

 A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. 

Kyle Seeger

On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. 

Its investment management business, LaSalle Investment Management, has $58.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

BKM Capital Partners Expands Phoenix, AZ Metro Portfolio

Tempe Commerce Park, Tempe, AZ

 

Brian Malliet

            PHOENIX METRO, AZ, June 21, 2016 – BKM Capital Partners, an institutional fund manager with a niche focus on value-add, multi-tenant light industrial investments, has acquired Tempe Commerce Park, a 535,976 square-foot, five-building  property in Tempe, Arizona, in a limited marketing transaction for $58 million.

            This acquisition, which is BKM Capital Partners’ tenth acquisition in the Phoenix metro area this year, was acquired through BKM Industrial Value Fund I L.P., according to Brian Malliet, CEO and Co-Founder of BKM Capital Partners.

            “The Tempe submarket continues to demonstrate strong economic drivers and is currently one of the most dynamic submarkets in the Phoenix metro,” says Malliet. “Job and housing growth are on the rise, providing a significant opportunity to create value for our investors. This submarket is also experiencing a significant demand for back office users, which is further driving up lease rates in the business parks throughout the region.”

Barbara Rea

Malliet explains that Tempe Commerce Park was acquired at 30-percent below replacement costs and is currently 100-percent occupied. 

            “The asset was originally brought to market at 85-percent occupancy, and prior to the acquisition, occupancy was increased to 100-percent,” says Malliet. “This lease-up will drive distributable cash flow and reduce the cost of debt for the property, increasing overall yields to our investors.”

“Our ability to source and acquire these properties below replacement cost is a key to implementing our strategy of acquiring value-add opportunities, which we can enhance though capital improvements, ultimately driving up property value over time,” Malliet adds.

This acquisition brings BKM Capital Partners’ holdings in the region to just under two million square feet.

According to BKM Capital Partners’ Director of Acquisitions, Brett Turner, Tempe Commerce Park is located in the heart of Tempe within the “Silicon Desert submarket,” in close proximity to major transit corridors, including the I-10, with in-place rents well-below market value.

Brett Turner

“The asset’s prime central location and below-market rents will provide a tremendous opportunity for long-term growth,” says Turner. 

“As the current tenant leases roll, we will be able to attract high quality tenants who are willing to pay a premium for the property’s desirable location and the updated amenities that BKM is planning.”

            The property was purchased from Invesco, on behalf of its client, Ohio Police and Fire.  Mark Detmer and Bo Miles at JLL represented the seller in the transaction.

“Invesco’s integrated approach and proactive management of this institutional quality asset was a major attraction to us,” adds BKM Capital Partners’ Director of Marketing and Operations Barbara Rea. “Further, Invesco was a pleasure to work with.  The team’s attention to detail and ability to move quickly contributed to a seamless transaction, and we look forward to working with them on future transactions.”

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

Lexi Astfalk/Jenn Quader

Brower, Miller & Cole

(949) 955-7940

LAstfalk@browermillercole.com

 www.bkmcapitalpartners.com.

  

New Castle Hotels and Resorts Outlines Strategic Plan to Double Portfolio in Four Years

Gerry Chase

SHELTON, CT,  June 21, 2016—New Castle Hotels and Resorts (NCHR), a leading developer, owner and operator of a diverse, international portfolio of hotels and resorts, today announced an ambitious plan to double the company’s roster of owned and managed hotels by 2020.  

The growth will be split evenly among new management contracts, acquisitions and new-build hotels. 

        "Throughout this most recent economic upturn, our development team has been cultivating a broad range of opportunities that are poised to come to fruition over the next four years,” said Gerry Chase, president and COO.  “Simultaneously, we selectively refined our existing portfolio and expanded our investment capacity to take advantage of the coming opportunities.

“We have a clear strategic plan of what we want; a mix of full and select service hotels with major brands,” he added.  “We have an excellent reputation as a manager, and deliver stellar returns on investments.  That, coupled with being a preferred operator with all of the major flags, puts us in a great position to execute this four-year plan.”

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

Lauralee Dobbins

Write Touch PR

609-451-5102

Lauralee@WriteTouchPR.com

www.newcastlehotels.com.

Residents Vote to Make Westlake Palm Beach County’s 39th Municipality

John Carter

Westlake, FL – Residents within the Seminole Improvement District have voted unanimously to create the city of Westlake with a charter and founding city council. A canvassing board certified the ballots on June 20.

Westlake is home to a 3,800-acre project being developed by Minto Communities. 

Approved plans call for 4,500 homes and 2.2 million square feet of non-residential commercial and employment center zoning. 

The Palm Beach County Commission approved Westlake and amendments to the county’s comprehensive plan in October 2014.

“As the largest landowner in Westlake, we will work constructively with the new city administration with a focus on responsible and visionary growth,” said John Carter, vice president of Minto Communities-Florida.

“We will also continue to work with Palm Beach County on a previously agreed transportation plan as well as land for parks, fire station, sheriff substation, and solutions to drainage issues that will benefit the City of Westlake and central Palm Beach County.”

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

Ashley Fierman

Account Executive, BoardroomPR

afierman@boardroompr.com

O 954-370-8999

C 954-330-1554

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

www.mintofla.com.

George Smith Partners Secures Financing for William Penn Apartments in Central Los Angeles’ Westlake Neighborhood

Shahin Yazdi

             LOS ANGELES, CA (June 20, 2016) – Commercial real estate investment banking firm George Smith Partners has successfully arranged financing for the acquisition of the William Penn Apartments, a 200-unit multifamily property situated in the Central Los Angeles neighborhood of Westlake on behalf of its client, Massie Capital, which plans to complete an overhaul of the space, according to George Smith Partners’ Principal Shahin Yazdi.

            “Westlake has been largely ignored by the influx of capital that has entered surrounding Los Angeles neighborhoods, making this transaction and the buyer’s plans for the property unique,” explains Yazdi.  

“Though typically viewed by investors and lenders as a low-income pocket of the city, Westlake is in close proximity to many of Los Angeles’ most popular destinations, making it extremely well-positioned to become the next up-and-coming urban location for young renters who want to live close to all that the city has to offer.”

            Originally a hotel, the property is a historic five-story 1920’s brick building and is comprised primarily of “bachelor” style units that offer kitchenettes as opposed to kitchens and are smaller than typical studios, providing the opportunity to leverage current trends in “micro” multifamily units.

Brian Massie

            Brian Massie, Founder of Massie Capital, notes that the planned renovation will leverage these small unit sizes to keep rents affordable for a young demographic, while also focusing heavily on creating a modern environment while restoring the character of the building.

            “Our planned renovation will highlight the property’s historic Los Angeles features by exposing brick interlays and rejuvenating the asset’s unique courtyard, while implementing in-unit upgrades that will improve the quality of life for residents,” Massie says, noting that the asset is located in close proximity to Downtown Los Angeles, walking distance from the recently revitalized McArthur Park, three miles from the University of Southern California, and only one mile from Loyola Law School.

          

“We are one of the first investors to recognize Westlake’s potential for renovated product that will serve a younger, more hip demographic comprised of students and young professionals,” Massie says.  “We believe others will follow suit as the potential in the Westlake neighborhood is realized.”

           

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

Miki Conant / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

mconant@browermillercole.com

www.GSPartners.com.

HFF closes sale of Flats 8300 in Bethesda, MD

  

Flats 8300, 8300 Wisconsin Avenue, Downtown Bethesda, MD

 

Walter Coker

WASHINGTON, D.C, June 20, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Flats 8300, a 359-unit, luxury high-rise residential property with ground-floor retail in Bethesda, Maryland.

HFF marketed the property exclusively on behalf of the seller, a joint venture between StonebridgeCarras and an affiliate of Walton Street Capital, L.L.C.  Invesco Real Estate purchased the asset.

Recently completed in May 2016, Flats 8300 is located at 8300 Wisconsin Avenue along the Metrorail Red Line on a 1.6-acre site at the intersection of Battery Lane, just south of the National Institutes of Health and Walter Reed campuses.

 The nine-story property is walkable to numerous retail, dining and entertainment amenities in the Bethesda Row and Woodmont Triangle areas of downtown Bethesda and is less than two miles south of the Capital Beltway (Interstate 495).  Flats 8300 encompasses a mix of studio to three-bedroom floor plans along with townhouse and penthouse options. 

Anchored by a ground-floor Harris Teeter with Starbucks, the amenity-rich property also features breezeway and façade ornamentation by sculptor Kent Bloomer; a half-acre courtyard with water feature and sculptures by artist Barton Rubenstein; ninth-floor clubroom with billiards and bar; green rooftop with fireplace and demonstration kitchen; two rooftop swimming pools; fitness center; business center; pet spa; underground parking with electric car charging stations; and concierge service.

Brian Crivella

The HFF investment sales team representing seller was led by Walter Coker, Brian Crivella and Stephen Conley.

 “HFF is pleased to have been able to represent the seller on such a transformative asset to the Bethesda submarket,” Coker said.  “We were very excited to see that the market responded so well to the outstanding execution and core attributes of the asset.”

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

Kristen M. Murphy

Director, Marketing

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

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