29th Street Capital Acquires Seventh Houston Area Multifamily Community

Javier Bustillo

Houston, TX – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Clear Lake Condominiums, a 284-unit multifamily rental community in Webster, Texas.

The transaction represents 29SC’s seventh acquisition in the greater Houston market. The firm’s strategy will be to invest approximately $2 million into renovations to upgrade unit interiors, enhance the property exterior and add or update key resident amenities. The firm will rebrand the community as Barringer Square Apartments.

The property is in Webster, Texas, a submarket of Southeast Houston. It is located on Galveston Road between NASA’s Johnson Space Center and Ellington Airport, which has federal approval to become the nation’s first truly urban spaceport.

 The spaceport, which could open in two years, includes plans for an aerospace and innovation hub. The apartment community is also minutes from Baybrook Mall – just across I-45 – which recently added 500,000 square feet of high-quality retail space.

“We are extremely excited about this acquisition,” said Javier Bustillo, 29SC’s Senior Vice President of Acquisitions for Texas and Georgia. “We feel that this is a very unique community in a great submarket and we are eager to implement our value-add strategy immediately.”

29SC plans to invest approximately $7,000 per unit in capital to improve the asset. Interior unit upgrades will include new stainless steel kitchen appliances, cabinets, countertops, backsplashes, flooring and fixtures.

Stan Beraznik

  Key exterior improvements will include new roofing, siding and fresh paint as well as façade repairs. The firm also plans to improve the resident experience by overhauling the leasing center and clubhouse, adding a playground for families with children, creating covered outdoor grilling areas and constructing a large dog park.

The transaction closed September 30. The sale price was not disclosed.

29th Street Capital has acquired 15+ multifamily assets over the past 12 months in markets including Phoenix, Arizona; Denver, Colorado; Chicago, Illinois; Austin, Texas; and Oakland, California. 

It is also actively pursuing additional opportunities throughout the U.S. The firm continues to target opportunities that fall below the institutional radar, with the intention of offering its investors above-market returns.

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:

http://www.facebook.com/pages/Thornton-Communications/112101288827299 http://twitter.com/Ttho http://www.linkedin.com/in/TerriThornton Terri Thornton

Partner, Thornton Communications

Phone: 404-932-4347

Email: Terri@TerriThornton.com

Website: www.TerriThornton.com

www.29thstreetcapital.com.

Shopoff Realty Investments Acquires Two Loft Commercial Buildings in Chicago

. 

 

William Shopoff

 CHICAGO, IL (Oct. 5, 2016) – Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced today that the company has acquired two creative loft commercial buildings in premier Chicago neighborhoods. 

In line with the company’s strategy, there is a possibility of the addition of a co-investor in the near future.

The properties are located at 900 N. Franklin Street and 224 N. Desplaines Street in the River North and West Loop neighborhoods, respectively. 

The 900 N. Franklin Street building is a 87,270-square-foot creative, loft office space with outstanding views, close to restaurants and retail establishments. As of the date of the acquisition, the occupancy rate is 89 percent.

The 224 N. Desplaines Street building is a 76,729-square-foot creative, loft office space boasting excellent views and modern amenities in the booming West Loop neighborhood that is close to some of Chicago’s best restaurants and bars. As of the date of the acquisition, the occupancy rate is 92 percent.

David Placek

“Both properties are located in prestigious Chicago neighborhoods and currently renting at 30 percent below market rates,” said William Shopoff, chief executive officer of Shopoff Realty Investments.

“There is a shift by employers moving away from traditional office spaces in the Chicago suburbs to more open, creative-style offices with character downtown,” said David Placek, executive vice president of Shopoff Realty Investments. 

“With limited loft-style office inventory available, our plan is to focus on interior improvements and updates with the intention of stabilizing rents at current market rates.” 

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

Jill Swartz

Spotlight Marketing Communications

949.427.5172, ext. 701

jill@spotlightmarcom.com

www.shopoff.com

 or call (844) 4-SHOPOFF.

$3 Million Loan on Winter Park, FL Industrial Property Arranged by Marcus & Millichap Capital Corp.

Robert Bhat

WINTER PARK, FL – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged a $3 million non-recourse loan secured by a small-bay industrial property located in Winter Park, Fla. 

Robert Bhat, a director in MMCC’s Miami office, arranged the debt placement.

“The borrower, who specializes in value-add, small-bay industrial projects, acquired this property back in 2014 when it had minimal occupancy.  Shortly after they renovated and stabilized the property, we were able to secure a loan with attractive terms,” says Bhat.

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

Kirk A. Felici

First Vice President/Regional Manager;

Miami Office

786-522-7000

Grandbridge's Adam Lipkin Closes $19 Million in Financing for New York Investor

                                                                                

 

Adam Lipkin

MIAMI, FL and CHARLOTTE, NC. (Oct. 4, 2016) — Adam Lipkin, vice president of Grandbridge Real Estate Capital's Miami team, has secured three loans totaling $18.75 million for a New York-based investor’s acquisition of three retail properties in the Southeast.

The financing provided to Big V Capital is an example of how a third-party advisor like Grandbridge can facilitate creative financing solutions and obtain extremely favorable terms for value-add investors.

Led by Lipkin, Granbridge placed the loans with a major regional bank. The five-year loans have floating rates of under 3 percent with two years interest-only, followed by a 25-year amortization schedule.

A vertically integrated real estate investment and property management company, Big V Capital specializes in buying and managing neighborhood and community shopping centers throughout the Southeast. The company acquired the three shopping centers totaling 457,695 square feet for $24 million (or $52 per square foot) from Ziff Properties, Inc. of Charleston, S.C.

Lanier Plaza, Brunswick, GA

The portfolio includes the following properties:

·             Village at Myrtle Grove, a 74,370-square-foot community shopping center located in Wilmington, N.C.

·             Lancer Center, a 180,194-square-foot community shopping center located in Lancaster, S.C.

·             Lanier Plaza, a 203,876-square-foot grocery-anchored community shopping center located in Brunswick, Ga.

  

“The portfolio represents an intriguing value-add investment opportunity to pick up high-quality, well-located assets with strong cash flow at a low cost basis,” Lipkin said. “There is significant value creation available through further leasing at the centers.”

To facilitate the floating rate financing, Lipkin educated the borrower about the potential cost savings and other benefits of floating rate debt over fixed-rate debt, including the efficient ways to hedge against an increase in LIBOR with interest rate caps at a minimal cost. 

  

Village at Myrtle Grove, Wilmington, NC

“Value-add borrowers can end up breathing a deep sigh of relief knowing they didn’t pay to lock in a fixed-rate loan at a spread of 100 basis points or more,” Lipkin said. “The interest savings can be huge over a 3-to-5 year period.”

Interest rate exposure can be a critical component of the success of a project, according to Lipkin. Interest rate caps can provide multiple advantages over other hedges, like rate swaps, including no prepayment penalties and minimal transaction costs.

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

Eric Kalis

BoardroomPR

954-370-8999

ekalis@boardroompr.com

www.Grandbridge.com.

Illustrated Properties Announces Marketing of Custom Homes on Boca Raton’s ‘Banana Patch’ Land

Alicia Lammersdorf

Boca Raton, FL - Illustrated Properties Agent Alicia Lammersdorf is the exclusive broker of the Paraiso Estates waterfront site in Boca Raton.

Lammersdorf, on behalf of renowned Boca Raton-based homebuilder Leonard Albanese & Sons Builders, is offering buyers the rare opportunity to build grand custom estates on land with a rich history that includes prior ownership by Henry Flagler and George Morikami.

Known by many as the “Banana Patch” land because of its use as a sprawling garden for the popular fruit and various exotic plants, the 1.77-acre site has room to accommodate the construction of a five-home compound. The estates are expected to vary in size, starting at 5,500 square feet.

 Asking prices for the individual estates range from $3.8 million to $5.8 million.

With more than a city block of water frontage along Boca Raton’s deepest canal, the Paraiso Estates site is the longest piece of privately owned waterfront land in the city. For luxury homeowners seeking privacy, the land is only accessible through three private gates. Boating enthusiasts can take advantage of the ability to dock yachts of up to 150 feet long.

George Morikami

“There is truly nothing else like Paraiso Estates in Boca Raton,” said Lammersdorf. “The builders behind this project have an unparalleled reputation in the marketplace. They will build gorgeous transitional/modern-style smart homes while preserving the site’s lush landscaping, flora and fauna. A “green home” package is available and encouraged on this special site.

The site has changed hands only a few times in Florida’s history, starting with its original owner Flagler. Morikami, who late in life donated land that eventually became the Morikami Museum and Japanese Gardens to Palm Beach County, purchased the site from Flagler’s Model Land Company in 1911.

Shortly after acquiring the site, Morikami sold it to another Japanese settler: Hideo Kobayashi. The Kobayashi family were farmers who kept the land until the late 1970s, when they sold it to the Olson’s, a married couple who continued the farming tradition. 

The Olson’s specialized in growing more than 30 kinds of banana plants, selling some plants to Disney World, SeaWorld and Busch Gardens, among other destinations.

 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 | Plantation, FL 33322

David Garside Joins Proper Title, LLC as Executive Vice President

David Garside

CHICAGO, IL (Oct. 4, 2016) — Palatine, Ill.-based Proper Title, LLC, a full-service title insurance agency, has hired David Garside as executive vice president of title and escrow operations. Garside will be responsible for managing Proper Title’s processing, closing and overall title operations.

“David has a long history of providing the leadership and vision necessary to elevate title operations and foster a collaborative environment,” said Ben Niernberg, executive vice president of business development and operations at Proper Title. “He shares Proper Title’s customer-focused culture, entrepreneurial spirit and commitment to innovation, which will help position us for continued growth.”

Garside, 46, has 20 years of experience in real estate, with 14 years dedicated to the title insurance industry. Prior to joining Proper Title, Garside had served for seven years as vice president, director of operations of Fort Dearborn Title.

He led the expansion of Fort Dearborn Title into a multi-state operation, and managed several critical initiatives, including strategic planning, business development, cross-functional team training and process efficiency. Garside has also held several professional leadership positions as a coach, mentor and independent consultant.

“The title insurance industry was status quo for more than a century until Proper Title came along and set new, higher standards,” said Garside. “I’m excited to be part of a firm that is taking title insurance to the next level, and my goal is to help the firm continue its upward trajectory of growth and superior customer service.”

Ben Niernberg

Over the past three years, Proper Title has grown its transaction volume by 400 percent and revenue by 420 percent; is the second-largest title insurance agency in Illinois; and earned the 2014 and 2015 “Rising Star / Excellence in Action” awards by Fidelity Investments.

 Proper Title is the first in its market to implement a concierge approach to elevate the customer experience, dedicating an attorney/broker concierge for each closing to ensure greater efficiency and a shorter closing time.

“Having begun his title insurance career as a closer and performing all aspects of the business before becoming an operations manager, David has a deep understanding of where title operations can, and should, improve,” said Niernberg.

Garside added, “My experience and guiding principles align with the Proper Title team and culture. I look forward to furthering its mission of innovation and disruption of the title insurance industry.”

Garside received an MBA from Lake Forest Graduate School of Business, where he received the school’s highest honor of Hotchkiss Scholar, and a bachelor’s degree from the University of Denver. He is also a board member of the First Goal Foundation, a nonprofit organization in Chicago, where he has been instrumental in its recent growth to provide underserved youth an opportunity to learn to play hockey and figure skate.

  

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.

HFF secures $41.547 million financing for Three-property seniors housing portfolio in Sacramento, CA

Sarah Anderson

DALLAS, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $41.547 million in financing for a three-property seniors housing portfolio in Sacramento, California.

HFF worked on behalf of Harbert Seniors Housing Fund I, LP, an affiliate of Harbert Management Corporation, to secure the seven-year, floating-rate acquisition loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.  

The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.

The properties in the portfolio are: Chateau on Capitol Avenue, Chateau at River’s Edge and River’s Edge.  Chateau on Capitol Avenue is located at 2701 Capitol Avenue less than two miles east of downtown Sacramento. 

The property has 56 assisted living units totaling 60,268 rentable square feet.  Chateau at River’s Edge and River’s Edge are adjacent properties located at 601 and 641 Feature Drive, approximately 3.9 miles east of Chateau on Capitol Avenue. 

Chateau at River’s Edge has 97 assisted living and 10 memory care units while River’s Edge encompasses 94 independent living units totaling 55,576 rentable square feet.  The properties are 95 percent leased overall.

The HFF seniors housing team representing the borrower was led by senior managing directors Ryan Maconachy and Chad Lavender and associate director Sarah Anderson.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.harbert.net.

HFF secures financing for Class A multi-housing community in Houston’s Energy Corridor

Aura Memorial Apartments, 14900 Memorial Drive, Energy Corridor, Houston, TX

 

Matt Kafka

HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured financing for Aura Memorial, a 388-unit, Class A, multi-housing community in Houston’s Energy Corridor.

Working on behalf of the borrower, Trinsic Residential Group, HFF placed the seven-year, floating-rate loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.  The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.

Aura Memorial is situated at 14900 Memorial Drive between North Eldridge Parkway and Dairy Ashford Road in West Houston.  

The community offers nearby access to Interstate 10 and Beltway 8 and numerous retail, dining and recreational destinations, including City Centre, Memorial City Mall, Bear Creek and Terry Hershey Park. 

Completed in 2014, the wrap-style community has a variety of one- and two-bedroom floor plans ranging from 705 to 1,338 square feet.  Units feature granite countertops, contemporary cabinetry, stainless steel appliances, in-unit washers and dryers, modern lighting, soaking tubs and built-in USB charging ports.

 Community amenities include a resort-style swimming pool with sundeck and grill area; activity courtyard with an outdoor kitchen, bocce ball court, covered lounge area with TV and billiards table; fitness center; cyber café with entertainment kitchen; business center; private conference room; and dog run.

The HFF debt placement team representing the borrower was led by senior managing director Matt Kafka.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF closes sale of and secures financing for Two multi-housing properties in Montgomery County, PA

Hunter's Run Apartments, 1151 West Sterigere in Montgomery County, Norristown, PA

PHILADELPHIA, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and secured financing for Riverstone East and West Apartments and Hunter’s Run Apartments, two multi-housing properties totaling 83 units in Norristown, Pennsylvania.

Riverstone East and West Apartments, Norristown, PA.
Riverstone East is at 1015 West Beech Street;
 Riverstone West  at 920 Buttonwood Street.

HFF marketed the assets on behalf of two separate sellers to RRG Norristown Apartments LLC, an affiliate of Jenkintown-based RRG Management LLC.

 Riverstone East and West Apartments was marketed on behalf of a local private investor, and Hunter’s Run Apartments was marketed on behalf of Concordia Properties. 

In addition, HFF’s debt placement team worked on behalf of the new owner to secure a seven-year, fixed-rate loan through a regional bank for the acquisition of both properties.

Hunter’s Run Apartments (Hunter’s Run) is located at 1151 West Sterigere in Montgomery County less than five miles from the Plymouth Meeting Mall and King of Prussia Mall. 

The property provides access to all major employment centers in Pennsylvania via major roadways, including Interstates 476, 276 and 76 and Route 202 and the Norristown Elm Street Southeastern Pennsylvania Transit Authority (SEPTA) train station.  The property has 39 one- and two-bedroom units, which are 97 percent occupied.

Carl Fiebig

Riverstone East and West Apartments encompasses two adjacent buildings totaling 44 one- and two-bedroom units averaging 864 square feet each, and is one block south of Hunter’s Run.  Riverstone East is located at 1015 West Beech Street and Riverstone West is located at 920 Buttonwood Street.

The HFF investment sales team representing the seller was led by associate director Carl Fiebig and senior managing director Mark Thomson.

HFF’s debt placement team was led by managing director James Conley and associate director Neil Campbell.

“The demand for value-add apartments in suburban Philadelphia remains robust,” said Fiebig.  “Our team was able to procure an eclectic mix of local and regional buyers to the opportunity.”

“We are excited to bring professional, on-site leasing and maintenance staff to these properties, and to continue providing well-maintained, safe and affordable communities for our residents,” added representatives of RRG Management LLC.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

Sale of multi-housing development site in Charlotte, NC closed by HFF team

Justin Good

CHARLOTTE, NC -– Holliday Fenoglio Fowler, L.P. (HFF) announced its Carolinas investment sales team has closed the sale of a 5.21-acre development site in Charlotte’s South End submarket.

HFF managing director Justin Good and director Allan Lynch, formerly of Cushman & Wakefield | Thalhimer, worked alongside managing director Bill Simerville and senior vice president Brian Craver of Foundry Commercial to market the offering on behalf of Pepsi Bottling Ventures.

 Lennar Multifamily Communities purchased the site free and clear of existing debt.  Prior to the sale, Lennar Multifamily Communities successfully rezoned 4.69 acres of the site to TOD-M (Transit-Oriented Development Mixed-use) due to its proximity to the New Bern light rail station.

The site, formerly home to a Pepsi Bottling plant originally constructed in 1938, is situated at the intersection of New Bern Street and South Boulevard in Charlotte’s high-growth South End area.

 A six-story building encompassing 432 residential units, 26,000 square feet of retail and a nearly 800-space parking deck is planned for the parcel.  Designed by Axiom Architecture and LandDesign, the property is oriented both toward the LYNX light rail/Rail Trail and South Boulevard. 

Allan Lynch

The property will maximize pedestrian connectivity with five pedestrian-oriented, ground-floor retail spaces and direct access to the Rail Trail’s 4.5 miles of public trails that wind through the heart of the city connecting neighborhoods such as Sedgefield, Southside Park, Brookhill, Dilworth and Wilmore to Uptown. 

A public walkway adjoining the Rail Trail to South Boulevard and a pedestrian crossing from South Boulevard to the Harris Teeter across from the site will be added.

“Lennar Multifamily is bringing an institutional-quality development to the heart of the South End to continue the area’s incredible transformation into a residential and retail destination,” stated Good.  “Designed to maximize connectivity with New Bern Station and the Rail Trail, the development will offer significant street-level retail and unmatched access to all that nearby Uptown has to offer.”

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

Australia’s Oasis by Crown Group Brings New York Style Apartments to Sydney

Oasis by Crown Group is a $88-million residential tower developed by the multi-award developer Crown Group. The project sets to be a sanctuary in the inner west.

Oasis by Crown Group features a range of apartment types including one-bedroom, one-bedroom-plus-study, loft apartments, two bedroom and three-bedroom apartments plus top-floor penthouses with spectacular views.

Apartments have been designed with modern lifestyles and the latest technology in mind and include an abundance of internal storage and Miele appliances. Many apartments also include a multipurpose media lounge, easily utilized as additional lounge seating.

  

Crown Group Sales & Marketing Director Roy Marcellus said “These apartments are the crème of the crop in Sydney; they are been custom-designed by world-class architects and built by Crown Group’s award-winning construction team”.

  

Oasis by Crown Group is unique in many ways. It rests on a natural highpoint on the urban landscape, creating a dominant presence from every aspect.

 The 79-apartment Oasis by Crown Group at 168 Liverpool Road features a contemporary open-air atrium designed to draw natural light and air into the centre of the building and a rooftop terrace with panoramic views of Sydney.

 The loft apartments at Oasis by Crown Group also introduced a New York City living experience to Sydney residents.

  

A loft apartment is a double storey apartment with an unpartitioned upper level. Loft apartments originated and are often associated with New York City living. Today loft apartment have come to be associated with an industrial style and look that is urban and rugged yet ultimately sophisticated. 

Nicholas Turner

With their unusually flexible layout and architectural perks, the loft is both classic and laid-back; sophisticated and relaxed. A loft apartment is often a favourite of interior designers. It can be turned into a private paradise with unique and artistic decorations.

  

Mr Marcellus said “The New York style apartments are extremely popular among younger buyer who loves its urban and sophisticated style”.

  

Designed by Surry-hills based architects Turner, Oasis by Crown Group features unparalleled facilities including a music room, cinema, open-air gymnasium and lush landscaped rooftop lounge.

  

Principal and founder of Turner, Nicholas Turner, said Oasis by Crown Group’s design, with elegant and naturally finished qualities used throughout the residents’ lounge, piano room and theatrette, creates “a calm and cool entry sequence.”

  

Roy Marcellus

“Oasis by Crown Group will present as a high quality, contributory piece of contemporary architecture, prominently located along the ridge of Ashfield,” Mr Turner said.

Oasis by Crown Group is located nine kilometres from Sydney’s CBD, six kilometres from The University of Sydney, 10 kilometres from Sydney’s airport, 300 metres from Ashfield Mall and 750 metres from Ashfield train station.

  

Apartments are priced from $680,000 to $1,185,000.

Oasis by Crown Group display suite is now open by appointment, please call 1300 672 564.

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

Hwee Peng Yeo

Vice President, Asia Markets

Glodow Nead Communications

San Francisco • New York • Singapore • Shanghai

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

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

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

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

www.GlodowNead.com

杨慧萍

副总裁

博德纳公关咨询公司

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

上海湖滨路222号企业天地一号15层，中国邮编20021

E: hweepeng@glodownead.com

www.GlodowNead.com

www.crowngroup.com.au

Berger Commercial Realty Facilitates $666,000 Sale of Andrews Avenue Industrial Building in Pompano Beach, FL

St. George Guardabassi

FORT LAUDERDALE, Fla. (September 19, 2016) - Berger Commercial Realty Senior Vice President St. George Guardabassi and Broker Associate Greg Milopoulos closed a transaction for a 3,750-square-foot industrial building in Pompano Beach on September 7.

Guardabassi represented Ficarra Equities, LLC in the $666,000 sale of the property to Reliable Concrete Cutting, LLC, represented by Milopoulos.

Located at 1216 S.W. 12th Ave., the two-story office and warehouse building consists of three private offices, a marble-floored showroom and a conference room featuring an etched glass wall. 

The building sits on a 31,123-square-foot lot along Andrews Avenue between Atlantic Boulevard and Cypress Creek Road.

The property also offers a fenced and gated yard, a large street-level door, direct frontage on Andrews Avenue, and a rear entrance on S.W. 10th Avenue, allowing maximum flexibility for loading, unloading and customer access. Reliable Concrete Cutting plans to use the property to service the local construction community and expand its fleet of trucks.

Greg Milopoulos

"Given the minimal inventory of buildings with large lots in this price range, this was a desirable property for many owner-users in search of centrally located opportunities," Milopoulos said. 

"The transaction closed just 15 days after the execution of the contract, further demonstrating the demand for multi-use properties in Broward County."

Guardabassi served as the exclusive leasing agent for the property for more than 10 years. Most recently, the property was rented by Culligan, a supplier of water softening equipment and services.

For more information about Berger Commercial Realty's brokerage services, call 954-358-0900.

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

954-776-1999

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

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

JLL Sells First Downtown Phoenix Apartment Community of New Cycle

Rendering of Planned Proxy 333 Apartments, Evans-Churchill Neighborhood,
Downtown Phoenix, AZ

John Cunningham

PHOENIX, AZ – The first urban apartment project to be constructed and traded in downtown Phoenix’s post-recession real estate upswing has sold this week in a $21.8 million deal brokered by the Phoenix office of JLL.

 Named Proxy 333, the project totals 118 highly amenitized urban multifamily units located in the heart of downtown’s Evans-Churchill neighborhood.

JLL Executive Vice President John Cunningham and Senior Vice President Charles Steele represented the property owners, Goodman Real Estate and Tilton Development Company. The buyer was Weidner Apartment Homes.

“Proxy is the first generation of new downtown construction to finish, lease and sell in this multifamily cycle,” said Cunningham. 

“Goodman Real Estate and Tilton Development Company designed and developed this property to address the burgeoning residential population in downtown, and to address the type of urban lifestyle and dynamics associated with the surrounding neighborhood.”

Built in 2016, Proxy 333 totals 69,335 square feet at 333 E. McKinley St., between Third and Fourth streets in downtown Phoenix. It includes 118 units ranging from 438 square feet to 878 square feet, including studios, one bedroom, two bedroom and ten ground-floor live work units complete with individual signage.

Charles Steele

The project’s $21.8 million sale price represents an average $314 per-square-foot, or $184,745 per unit. At the time of sale, the community was approximately 45 percent occupied.

“Weidner recognized the opportunity to acquire Proxy 333 and operate the community in concert with Skyline Lofts, its existing asset located across the street,” said Steele. “The economies of owning both properties and the complementary nature of the floor plans will give the company a unique advantage in this submarket.”

With the acquisition of Proxy 333, Weidner now owns 38 properties – approaching 12,000 units – in Arizona.

Each unit at Proxy 333 includes a private patio or deck, large closets, upgraded appliances and designer interior selections complete with quartz countertops. Community amenities range from a 24-hour concierge and private fitness center to a bike garage and exclusive rooftop lounge.

Additional amenities include a pool and recreation area with fire pit, game tables, bocce ball, an outdoor kitchen and TV. As a pet-friendly community, Proxy also includes an on-site dog park.

These amenities are complemented by nearby shopping, dining, arts and entertainment – some as close as the building’s first-floor retail space – as well as neighboring Arizona State University, TGEN and the Phoenix Biomedical Campus.

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

 Stacey Hershauer

  Phone:

 +1 480 600 0195

 

 Email:

 stacey@focusaz.com

www.jll.com

www.jll.com/phoenix.

George Smith Partners Secures $34 Million Construction Loan for Ground-Up Condominium Development in San Francisco, CA

Rendering of Planned Mixed-Use Project, Financial District, San Francisco, CA

 

Jonathan Lee

SAN FRANCISCO, CA – Commercial real estate investment banking firm George Smith Partners has successfully arranged $34 million in ground-up construction financing for the development of a mixed-use property comprised of 90 for-sale housing units above ground-level retail space in San Francisco’s Financial District, according to George Smith Partners’ Principal Jonathan Lee, Senior Vice President David Stepanchak and Vice President Adam Candler.

“As job growth continues based on high-paying tech industry positions in San Francisco, demand for housing remains on the rise,” says Lee. 

“Downtown San Francisco offers a lifestyle that is appreciated by a myriad of demographics, from Millennials to Baby Boomers, and we were successful in demonstrating that widespread demand to lenders.”

George Smith Partners secured the loan on behalf of the developer, real estate investment and development firm Encore Capital Management.

Hector Calderon, Managing Director of Encore Capital Management, says, “San Francisco’s mid-market has transformed in the past four years, attracting major tech companies such as Uber, Square, Dolby and Twitter.  The result is a tremendous number of new jobs within walking distance of our planned development.”

David Stepanchak

Calderon notes that walkability is a prime consideration when developing in this urban core.

“Our target buyers are singles and young couples who want to be near the vibrancy of mid-market, as well as empty nesters that are retiring, downsizing and moving back into the area. 

"These are individuals who want to enjoy a walking lifestyle, and take advantage of being within four or five blocks of some of the hottest neighborhoods in the city,” he explains.

The project’s price point will be entry level, according to Calderon.

“Buyers in San Francisco can be easily discouraged by the high cost of housing.  We plan to offer most of these condos for less than $1 million per unit, providing an accessible option for San Francisco workers hoping to buy.”

The planned development is located in the heart of the San Francisco Financial District, within walking distance of several popular dining and shopping destinations. The ground-floor retail space is designed for restaurant use, and can be sold to a single user or easily subdivided and sold to two separate owner/operators in the future.

Adam Candler

“The flexibility of this proposed project, coupled with its irreplaceable location in the urban core of San Francisco made it an attractive project for lenders,” says George Smith Partners’ Jonathan Lee.

 “The challenge, however, was in addressing lenders’ concerns with regard to fluctuations in the current residential market.  

"Conflicting reports have emerged in recent months regarding the potential ‘cooling’ of the San Francisco condo market.  

"To alleviate these concerns, our team focused on demonstrating the strength of the sponsor, as well as the steady demand for well-located mixed-use space that delivers the live/work/play environment today’s consumers are seeking.”

Ultimately, George Smith Partners was able to secure the $34 million non-recourse construction loan with only a completion and carve-out signature – there is no repayment guarantee.  Sized to 60% of actual costs, the loan is priced at LIBOR plus 400 with a term of three years, and includes an option to extend an additional one year.

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.