29th Street Capital Acquires Fifth Metro Denver Property

The Wesley Towers Southeast Denver, CO

Jay Neal

Denver, CO – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired The Wesley Apartments, a 105-unit multifamily community in Denver, Colorado.

29SC plans to invest $1 million to significantly renovate the interiors and enhance the exterior. This represents 29SC’s fifth acquisition in the Denver market.

“The acquisition of The Wesley Apartments provides another excellent opportunity to expand 29th Street Capital’s portfolio in the Denver market,” said Jay Neal, 29SC’s Vice President of Acquisitions for Colorado. “We look forward to bringing an improved living experience to the residents and creating value for our investors.”

29SC plans to invest approximately $1 million ($10,000 per unit) in capital improvements to renovate all the apartments and enhance the exterior.

Interior upgrades will include new appliances, cabinets and countertops, paint and flooring, upgraded bathrooms and high quality fixtures.

Asbury Plaza Apartments, Denver, CO

Budgeted capital improvements for the exterior will include high-efficiency window replacements, balcony renovations and landscape upgrades. 29SC expects to unlock expense savings by sharing some operational costs with nearby Asbury Plaza, which 29SC acquired last year.

Upon completion of the capital plan, The Wesley’s attractive apartments are expected to compete more effectively with surrounding properties in the well-located Southeast Denver submarket.

  

The acquisition closed Friday, Sept. 16, 2016. The sale price was not disclosed.

For investment inquiries, contact:

Stan Beraznik, Founder and Managing Principal at 29th Street Capital

415.643.6875 | sberaznik@29thstreetcapital.com

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

Terri Thornton

Partner, Thornton Communications

Phone: 404-932-4347

Email: Terri@TerriThornton.com

 Website: www.TerriThornton.com

JLL Lease Establishes Arizona's First Tire’s 83,000-SF Warehouse Distribution Center in Phoenix

Kyle Westphall

PHOENIX,AZ – The Phoenix office of JLL has completed an 83,000-square-foot lease that establishes well-known tire distributor Tire’s Warehouse Inc. (TWI) in its first-ever Arizona location and its only distribution center outside of California.

The new facility, which is located at 1502 E. Buckeye Rd. in Phoenix, brings TWI to seven distribution centers across the West, including one new center just opened in Northern California’s Union City. 

TWI is scheduled to open its Arizona location on Sept. 26, 2016. The distribution center will generate as many as 50 new jobs for the Valley within the first two years of operation.

JLL Associate Kyle Westfall and Executive Vice Presidents Pat Harlan and Steve Sayre represented TWI in the lease negotiations. The property landlord, Harrison Properties, represented itself.

“Opening the doors of our first distribution center in Arizona is a monumental step for our company,” said Dan King, President of TWI. “The recent success of our new Northern California branch has helped us to prepare for continued market expansion into all-new territories.

“ Our entire team has been working diligently to support our rapid growth and we are very excited to bring our exceptional service and dealer programs to our new Arizona customers.”

Pat Harlan

“TWI’s selection of Phoenix as its first distribution center outside of California speaks volumes about our strength as a consumer market and our strategic position in the distribution supply chain,” said Westfall. “TWI is one of many companies expanding into Arizona and putting these advantages to work for their operations and their customers.”

With its new Phoenix location, TWI now operates a total of 600,000 square feet of space and 100 delivery trucks, serving dealers throughout California, Nevada and Arizona.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

www.jll.com or www.jll.com/phoenix.

www.tireswarehouse.net.

Marcus & Millichap Handles $835,000 Sale of Four-Unit Newport Apartments in Tampa, FL

Shawn Rupp

TAMPA, 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 Newport Apartments, a four-unit apartment building located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $835,000.

Shawn Rupp, associate, and Casey Babb, CCIM and vice president investments, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was secured and represented by the two brokers.

 

Newport Apartments is a Class A apartment building located at 607 South Newport Avenue in the Class A+ submarket of Historic Hyde Park in South Tampa. Located just north of Swann Avenue and three blocks from Bayshore Boulevard and Hyde Park Village, Newport was built in 1979 and renovated 2016.

The building consists of four, two-bedroom/two-bathroom units with approximately 816 rentable square feet which have condo grade finishes and off-street parking.

“607 South Newport just completed top-to-bottom renovations including a new roof and condo grade interiors,” says Rupp. “The local buyer was attracted to this asset’s high rents and the need for very little capital improvements over the next decade.”

“The seller has sold multiple properties through our team, and was able to close at a record price on this unique asset in less than 30 days,” concluded Rupp.

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

Ari Ravi

Regional Manager

Tampa, FL

(813) 387-4700

5.2-Acre Manufactured Home Community in Lakeland, FL sold for $1.43 Million in Deal Brokered by Marcus & Millichap

Townsley Estates, Lakeland, FL

LAKELAND, 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 Townsley Estates, a 5.2-acre manufactured home community in Lakeland, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,425,000.

Dan Mulkey

Dan Mulkey, vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a limited liability company, was secured and represented by

Mulkey.

Situated in Lakeland, Florida between Tampa and Orlando along Interstate 4, this small senior community offers its residents quiet living while placing them close to a major mall, hospitals, shopping and transportation. The manager’s home is a two-bedroom, stick build dwelling with a pool. 

Because of its close proximity to Tampa, Orlando and the crossroads of two of Florida’s most heavily traveled highways, Interstate 4 and U.S. Highway 27, Lakeland has become a high growth area boasting heavy commerce and housing development.

“After purchasing the community in 2008 the seller has done a very nice job of upgrading and filling the park,” says Mulkey. “As a Canadian citizen he intends to reinvest his sale proceeds into Canadian real estate.”

“The buyer, a California resident, is venturing into Florida real estate for the first time with intentions of investing in more manufactured housing in the immediate future,” concluded Mulkey.

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

Ari Ravi

Regional Manager, Tampa

(813) 387-4700

Marcus & Millichap Arranges $1 Million Sale of 20-Unit Iowa Court Apartments in Tampa, FL

Joshua Teplitzky

TAMPA, FL  – 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 Iowa Court Apartments, a 20-unit apartment property located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,045,000.

Joshua Teplitzky, senior associate, Francesco P. Carriera and Michael P. Regan, both 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.  The buyer, a private investor, was also secured and represented by Teplitzky, Carriera and Regan.

Iowa Court Apartments is a 20-unit multifamily community located at 3809 West Iowa Street in Tampa, Florida. 

The property consists of one, two-story residential building. The residential building is comprised of 20 one-bedroom/one-bathroom units with 625 rentable square feet. All units have individual heating and air-conditioning, and the building sits on an approximately 0.48 acre parcel of land.

“This property represents another one of our most recent transactions in South Tampa within close proximity to the Macdill Air Force Base. The total revenue in this immediate submarket has risen almost 20 percent year over year due to a large number of communities trading hands to foreign investors recently,” says Teplitzky.

“Iowa Court was a significant value-add opportunity and the buyer plans to make substantial immediate capital investment to the asset on both the interior and the exterior,” Teplitzky concluded.

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

Ari Ravi

Regional Manager, Tampa

(813) 387-4700

Marcus & Millichap Arranges $1.26 Million Sale of 33-Unit Miami, FL Apartment Building

  

33-Unit Miami, FL Apartment Building, 1281 NW 61st Street, Miami, FL

Felipe J. Echarte

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 1281 Building, a 33-unit apartment property located in Miami, FL, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $1,260,000.

Alejandro Gonzalez, associate, Evan P. Kristol, senior vice president investments, and Felipe J. Echarte, vice president investments, all in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Miami, FL.  The buyer was a private investor from Fort Lauderdale, FL.

Built in 1957 on a 0.36 acre lot the property is comprised of 33 units in a three-story building.  The unit mix is comprised of 30 one-bedroom/one-bathroom units and three two-bedroom/one-bathroom units. 

1281 Building is located at 1281 NW 61st Street in Miami, FL is located within the Liberty City submarket on the corner of Northwest 61st Street and 13th Avenue.

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

Ryan Nee

Vice President / Regional Manager

 Fort Lauderdale, FL

(954) 245-3400

Lincoln Wins Leasing Assignment for Former Aaron’s, Inc. Headquarters in Atlanta, GA

Former Aaron's Inc. Building, 309 East Paces Ferry Road,
Buckhead Submarket, Atlanta, GA

Michael Howell

ATLANTA, GA – Lincoln Property Company Southeast (Lincoln) has been awarded the leasing assignment for the 100,000-square-foot former Aaron’s, Inc. building, located at 309 East Paces Ferry Road in the Buckhead submarket of Metro Atlanta.

Michael Howell and Hunter Henritze will oversee the leasing for the 80,000-square-foot office portion of the building while Brittany McCall with Vantage Realty Partners will oversee leasing for the ground floor retail portion of the building.

Development partners Hardman Knox of Knox Properties and Cameron Golden of Redan Group, along with The Loudermilk Companies, are redeveloping the building, to be named 309 East Paces Ferry. 

The redeveloped office building will feature Class A office space with 8,000-square-foot floor plates, large windows, a red brick “mercantile” exterior and a signature ground floor restaurant.

“Given all the traditional Class A options along the Peachtree corridor of Buckhead, we believe this unique building will appeal to a wide variety of tenants looking for something different but still expecting the Class A quality, image and service they have been accustomed to,” Howell said.

Brittany McCall

“Tenants are looking for alternatives to traditional office space, but still want the perks that come with a Buckhead location in order to attract and retain the best talent. 309 East Paces Ferry is the first Buckhead project that we believe will appeal to both the millennial and baby boomer.”

Hunter Henritze

Redevelopment of the building began in August, and is slated for completion in July of 2017. 

Plans for the building entail significant exterior and interior upgrades to include new, full height windows, new mechanical systems and renovated restrooms and common areas.

The office portion will feature efficient floorplates with exposed ceilings and natural lighting while the ground floor retail space will feature high-end shopping to include a restaurant.

The building offers a central, walkable location next to Buckhead Atlanta, which features countless amenities including high-rise apartments, restaurants and high-end retailers.

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

Savannah Durban

The Wilbert Group

404-343-0870

sdurban@thewilbertgroup.com

Rivergate KW Residential to Manage Vistas @ 707 Apartments in Uptown Charlotte, NC

Vistas@707 Apartments, 707 Seigle Avenue, Uptown District, Charlotte, NC

Troy A. Drawz

CHARLOTTE, NC, Sept. 19, 2016 — RIVERGATE KW RESIDENTIAL, a multifamily property management company, has taken over management of Vistas @ 707, a 190-unit apartment community in Charlotte’s vibrant Uptown area, owned and developed by Horizon Development Properties (HDP).

Opened in July 2015, Vistas @ 707 is located at 707 Seigle Ave., adjacent to the I-277 beltline with easy access to I-77, I-85 and Independence Boulevard. 

The community includes a mix of one, two and three-bedroom apartments with upscale finishes such as stainless steel appliances.

 Community amenities include a saltwater swimming pool, resident gaming lounge and fitness center with yoga studio. Vistas @ 707 provides upscale housing options with an affordable rent structure.

Vistas @ 707 is adjacent to Little Sugar Creek Greenway, where residents can enjoy basketball, cycling, walking and unparalleled city views.

RIVERGATE KW RESIDENTIAL’s portfolio of high-end Charlotte apartment units continues to grow. In June, the company announced that it was hired to manage the brand-new Cedar Flats boutique community. Like Vistas @ 707, Cedar Flats is located in the Uptown area.

“Uptown Charlotte is extremely appealing to renters who seek a true live/work/play environment,” said Marcie Williams, President of RIVERGATE KW RESIDENTIAL. “That should intensify as more apartments, office space, retail shops and hotels are constructed. We are so excited to work with the residents and the owner of Vistas @ 707, Horizon Development Properties.”

Marcie Williams

“We are very excited to have RIVERGATE KW RESIDENTIAL managing Vistas @ 707,” said Troy A. Drawz, Chief Development Officer for HDP. “They have the experience and people-first philosophy that our residents demand. We are extremely confident their team will add significant value to our community.”

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

Eric Kalis or Ashley Fierman, BoardroomPR

ekalis@boardroompr.com/afierman@boardroompr.com

954-370-8999

 www.rkwresidential.com

Bull Realty Brokers $10.2 Million Tract of Land in Henry County, GA

Perry Hayes

ATLANTA, GA — Bull Realty brokered the sale of a 920 acre contiguous land tract located on Georgia State Route 20 between McDonough and Hampton, GA. The sale closed on Aug. 31, 2016 for $10.2 million.

Located a few miles from soon-to-be “Jodeco Atlanta South,” (a proposed $300 million mixed-use project), the tract has been master planned for a commercial, residential and retail development known as Henderson Farms.

The proposed master development plan is made up of 6 pods, the largest of which is 454 acres zoned for 415 estate homes and 66 attached senior ranch condos. 

Plans also include 156 acres of mixed-use along Georgia State Route 20 bordered by a total of 106 acres of multifamily. Remaining acreage includes 102 acres of single-family detached residential and proposed sites for a church and daycare.

Perry Hayes and Tom French handled the assignment for Bull Realty and the seller, Henderson Farms, LP. The purchase served as a replacement property for a 1031 buyer, Henderson Farms Henry, LLC.

Tom French

“It’s a good sign for the economy that the marketing of this property brought out multiple buyers, especially since the property is located 34 miles from downtown Atlanta in Henry County, which is considered a suburban county,” said Hayes.

For more information contact Bull Realty at 404-876-1640 or Info@BullRealty.com - Bull Realty, Inc. (www.BullRealty.com) is a U.S. commercial real estate brokerage and advisory firm headquartered in Atlanta, licensed in ten states providing acquisition, disposition, leasing and advisory services. 

The firm also produces and hosts The Commercial Real Estate Show (www.CREshow.com).

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

Melissa Henry

Communications Manager

Bull Realty, Inc. 

404-876-1640 x 110

HFF closes $33.65 million sale of and arranges $25.5 million financing for mixed-use commercial condominium in Seattle, WA

Bay Vista, 2815 2nd Avenue, Seattle, WA

Erica Christensen

PORTLAND, OR –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $33.65 million sale of and arranged $25.5 million in financing for Bay Vista, a 119,793-square-foot, mixed-use commercial condominium with 173 underground parking stalls in Seattle, Washington. 

HFF marketed the property on behalf of the seller, The Carlyle Group, and procured the buyer, Madison Marquette Realty Services.  

Additionally, HFF arranged a $25.5 million, floating-rate loan through Natixis Real Estate Capital LLC for the new owner.  

Loan proceeds were used to acquire the property and fund future capital expenditures and re-tenanting costs.

Bay Vista is located at 2815 2nd Avenue just north of the Seattle Central Business District, southwest of South Lake Union and less than half of a mile south of Seattle Center, home to the Space Needle, Pacific Science Center and Key Arena.

Nick Kucha

 With a Walk Score® of 98, the property boasts an amenity-rich location with close proximity to numerous mass transit options including bus routes, streetcar lines, bike lanes and car sharing locations.  

The offering comprises 12 commercial condominium units within the first five floors of the building. 

The 18 floors above Bay Vista, which were not part of the offering, consist of privately-owned residential condominium units.   

Tenants at the 88-percent-leased tower include Welfare & Pension Administration Services, Committee for Children, State of Washington: Board of Industrial Insurance Appeals, Syntegrity, Maul Foster, Team Soapbox and Epic Team Adventures.

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

HFF’s debt placement team was led by managing director Mark Remington and associate director Erica Christensen. 

“Bay Vista has been repositioned as the dominant, technology-oriented office destination for millennial users and since 2015, new leasing activity at the property has been 100 percent dominated by STEM and creative tenants,” said Kucha.

"Natixis delivered as promised, and Madison Marquette acquired an asset that is well-positioned to significantly increase in value once it applies its magic," added Remington.

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

Kristen Murphy

Director, Marketing

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

tel 617.848.1572 | fax 617.338.2150 | www.hfflp.com

krmurphy@hfflp.com

HFF arranges $25.5 million refinancing for office building in Manhattan’s Garment District

35 West 36th Street, Garment District, Manhattan, NYC

Steven Klein

NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $25.5 million refinancing for 35 West 36th Street, a 79,750-square-foot office building in the Garment District of Manhattan.

HFF worked on behalf of the borrower, a joint venture between Hidrock Properties and an institutional investment partner, to secure the five-year, floating-rate loan through M&T Bank.

Originally built in 1911, 35 West 36th Street is a 12-story building with 72,600 square feet of office space and 7,150 square feet of ground floor retail.  The fully-leased property has a diverse tenant roster with no one tenant occupying more than 8.3 percent of the building. 

Situated mid-block between 5th and 6th Avenues in the Garment District, 35 West 36th Street is just blocks from Herald Square and the Times Square, Grand Central and Midtown South submarkets.  

Public transport is available via 18 subway lines, NJ Transit and LIRR, PATH, commuter bus lines and Metro North lines, all within walking distance.

The HFF debt placement team was led by managing director Steven Klein and director Geoff Goldstein.

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

Kristen Murphy

Director, Marketing

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

tel 617.848.1572 | fax 617.338.2150 | www.hfflp.com

krmurphy@hfflp.com

HFF arranges first mortgage and mezzanine financing totaling $265 million for Church Park in Boston’s Back Bay

      Church Park Apartments, 189-277 Massachusetts Avenue and 15-35 Westland Avenue          
Back Bay Neighborhood, Boston, MA

BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged first mortgage and mezzanine financing totaling $265 million for Church Park, a 508-unit, luxury multi-housing community with 74,000 square feet of retail space in Boston’s Back Bay.

HFF worked on behalf of The United Company Apartments LLC, to secure the $200 million, long-term, fixed-rate loan through a national insurance company.  A $65 million co-terminous mezzanine loan was arranged by HFF through JP Morgan Asset Management (JPMAM).

Church Park is situated on two parcels at 189-277 Massachusetts Avenue and 15-35 Westland Avenue across from the Christian Science Plaza in the heart of Back Bay. 

Boasting a Walk Score® of 98, a Bike Score® of 88 and a Transit Score® of 100, the property provides residents with easy access to a multitude of cultural offerings including the Boston Public Library, Symphony Hall and The Museum of Fine Arts, coupled with first-class retail destinations along Newbury Street, Copley Place Mall and the Prudential Center.

 Additionally, three MBTA Green Line stops and one MBTA Orange Line stop are within walking distance of Church Park, and the Massachusetts Turnpike is within minutes of the property.  Originally built in 1973, the property consists of a 12-story building and a six-story building plus 540 parking spaces. 

The residential units average 782 square feet each within studio, one- and two-bedroom layouts.  Amenities include 24-hour security, concierge services, fitness center, roof deck terrace with grills, community room, laundry facilities, Zip Car services and car detailing.  Whole Foods anchors the retail space with additional tenants such as CVS, Unleashed, Economy Hardware and Sovereign Bank rounding out the 97-percent-leased rent roll.

The HFF debt placement team representing the borrower was led by senior managing director Frederic Wittmann and managing director Greg LaBine.

Greg LaBine

“Church Park has undergone continuous renovations and upgrades throughout its history to give its customers a first-class residential experience,” said LaBine.  

“In addition, its retail tenancy allows renters access to most of their shopping needs right on their doorstep.  This feature along with the unparalleled location made this an attractive opportunity for the lending community.”

“It can be challenging to put together a combined capital stack comprising both a first mortgage and mezzanine, but the lenders worked well together to make this a seamless execution for the borrower,” added Wittmann.

 “We were pleased to see the level of interest the debt market showed in Church Park, and appreciate the confidence that the lenders placed in our management team and this asset,” stated Curtis Kemeny, CEO and President of Boston Residential Group on behalf of The United Company Apartments LLC.

  “This transaction was a big win for the partnership and an important step in our long-term stewardship of the property.”

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

Kristen Murphy

Director, Marketing

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

tel 617.848.1572 | fax 617.338.2150 | www.hfflp.com

krmurphy@hfflp.com

The Habitat Company Awarded Management of Park Place Condominiums in Chicago,IL

Park Place Condominiums, River North Neighborhood, Chicago, IL

 CHICAGO,IL – The Habitat Company, a leading multifamily property developer and manager in the U.S., announced that it has been awarded the management of Park Place by the property’s condominium association.

Diane White

Located at 600 N. Kingsbury in Chicago’s River North neighborhood, the 20-story, 163-unit contemporary condominium tower was designed by Chicago-based Solomon Cordwell Buenz and was completed in 2002.

“We have made a commitment to growing our condominium portfolio by enhancing our best practices through the implementation of a customer-focused management approach, which includes providing corporate support and services that meet or exceed our client's expectations,” said Matt Fiascone, president of Chicago-based The Habitat Company.

“We’re honored to bring our experience in managing luxury, urban residential properties to the homeowners at Park Place.”

Fiascone noted that prior to hiring Habitat, the distinctive red-façade building with contrasting green-tinted windows was self-managed. “We applaud the condo board and homeowners at Park Place for the work they have done, as managing a building like Park Place is a full-time job,” said Fiascone.

 “But we’re excited to get to work and help the building run as efficiently as possible so homeowners can get back to enjoying actually living in this building rather than overseeing the day-to-day management of it.”

As the new managing agent of Park Place, The Habitat Company will work closely with the condominium’s board of directors to optimize procedural efficiencies and maximize cost savings – helping to ensure the association remains a sound investment. 

As one of the largest developers and property managers in the U.S., The Habitat Company offers its clients volume purchasing discounts in areas such as property insurance, gas and electricity. 

Matt Fiascone

The company’s proprietary budget program also provides real-time forecasting and reporting which has proven a useful tool in managing financial responsibilities more efficiently.

“This isn’t the first time we’ve helped a condo building go from being self-managed to working with a full-service property manager, and the key to every seamless transition has been good communication,” said Diane White, senior vice president of condo management for The Habitat Company.

“Our proactive approach in communicating with residents and the board of directors is always centered around our main goal – to enhance the living experience for every condo owner.

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

Cara Mooses, cmooses@taylorjohnson.com, 312.267.4523

Kim Manning, kmanning@taylorjohnson.com, 312.267.4527

www.habitat.com

Stepp Commercial Completes $5.35 Million Apartment Property Sale in Long Beach, CA

Junipero Avenue Apartments, Carroll Park Submarket, Long Beach, CA

                                                                                                                                                        

 Long Beach, CA – Stepp Commercial, a leading multifamily brokerage firm in the Long Beach market, has completed the $5.35 million portfolio sale of two apartment properties in the Carroll Park submarket of Long Beach totaling 26 units.

The properties are within walking distance of the beach, Bixby Park, Bluff Park and the shops and restaurants of Retro Row on 4th Avenue. 

Robert Stepp

Robert Stepp, principal with Stepp Commercial, represented the seller, a private investor from Long Beach, as well as the buyer, Long Beach-based The Waterford Group, Inc. The price per unit was $205,000.  

“Apartment properties in Carroll Park rarely come on the market and because of this coveted residential location, we had a strong amount of interest in these assets,” said Stepp. “The buyer not only liked the neighborhood, but the opportunity to add-value through renovation of the interior units.”

The first property includes 16 units and is located at 311 to 315 Junipero Avenue. Built in 1962, the two-story building consists of 10 one-bedroom units and six two-bedroom units. It features a beautifully landscaped central courtyard, on-site laundry, and eight private garages.

The second property includes 10 units and is located at 500 Junipero Avenue. Built in 1963, the two-story property consists of eight one-bedroom units and two two-bedroom units. The property offers a central courtyard, on-site laundry and five private garages.

Carroll Park was the first planned housing tract in Long Beach. Homes were originally constructed there between 1898 and 1923 and it was designated as a Historical Landmark District in 1982. The Park’s unique circular layout gives it a seclusion that is unlike any other part of Long Beach. It boasts historic architectural styles, old-growth trees, and narrow streets that wind around four grassy islands that anchor the Park’s inner circle.

  

 For more information visit www.SteppCommercial.com

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

Darcie Giacchetto

949.278.6224

Westwood Financial Corp. Restructures $1.2 Billion in Assets into Single Privately Held Company

  

Legacy Ranch, Frisco, TX

  

 

Joe Dykstra

Los Angeles, CA – Westwood Financial Corp., a leading owner-operator of high quality shopping centers throughout the U.S., has restructured ownership of 77 of its 120 retail center holdings and its management company into a single, $1.2 billion retail real estate company, according to Joe Dykstra, Co-CEO of the firm.

“We’ve supercharged Westwood Financial Corp. by consolidating more than 280 entities covering 77 separately owned assets as well as our management company into a single, internally managed and administered portfolio,” Dykstra explains.

 “We have also massively reduced complexity, and in its place, created a powerhouse firm with a strong balance sheet, tremendous assets, greater diversification for our legacy investors, and a new level of sophistication with a much greater appeal to new investors, tenants, lenders, brokers and to the retail real estate industry as a whole.” 

The new company, Westwood Financial, is now positioned to more easily access capital, appeal to investors with larger appetites, and has dramatically streamlined its operations, according to Co-CEO Randy Banchik.

“Westwood Financial is a forward-looking company, and this was a truly thoughtful and strategic process,” Banchik notes. “After generating exceptional results over the past 46 years, our founders and key executives started planning to evolve this firm as the retail industry has evolved. 

“We worked alongside some of the top financial and legal professionals in the country to create the most appropriate structure, and the entire company helped bring this consolidation to fruition.”

Dykstra adds, “The fact that we were able to close 77 transactions on the same day to create this new structure is a testament to the sophistication and dedication of our founders, our team, and our professional advisors.”

Randy Banchik

“More than 500 investors had to agree to implement this innovative plan,” Banchik says. “These individuals, many of whom have participated in our partnerships for over 30 years, supported us because of the confidence they have in us.”

That confidence, coupled with an appreciation of the strengths and benefits of the new structure in which they are invested, led to overwhelming approval among investors, according to Banchik.

“Our investors recognized that by internalizing the management company, we were fully aligning our interests with theirs, securing and enhancing the future of Westwood Financial,” he added.

New Structure, New Brand, New Strategy

Westwood recently rebranded, launching a new logo, new signage, and a new tagline: “Retail. Evolved.”  A new website is underway and will launch soon.

Established in 1970, Westwood Financial is headquartered in Los Angeles, with regional offices in Dallas, Atlanta, and Scottsdale.  More information is available at www.westfin.com.

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

Miki Conant

Account Executive

Brower, Miller & Cole

895 Dove Street, Third Floor

Newport Beach, CA 92660

p: (949) 955-7940 / c: (832) 260-4414

mconant@browermillercole.com