Stepp Commercial Completes $3.2 Million Sale of Value-Add Apartment/Commercial Property in Santa Monica, CA

Kimberly Roberts Stepp

 Santa Monica, CA – Stepp Commercial, a leading multifamily brokerage firm in the Santa Monica market, has completed the $3.2 million sale of a fully occupied 13-unit property located at 1313 Pico Boulevard in Santa Monica.

The commercially zoned, two-story property includes 11 residential apartment units as well as two commercial spaces occupied by a hair salon and an accounting firm.

Kimberly Roberts Stepp, principal, and Aynsley Armbrust, vice president, with Stepp Commercial, represented the seller, a private trust from Los Angeles, as well as the buyer, North Hollywood-based MGA Investments, Inc. The transaction closed at full asking price with a low cap rate of just 2.8 percent and gross rent multiplier (GRM) of 19. 

“This property offers the buyer the value-add potential of 80 percent upside in rents,” said Stepp. “The new owner is negotiating buyouts with existing tenants and will renovate and reposition the property in the near future in order to maximize value.”

Aynsley Armbrust

Stepp added: “This area of Santa Monica is continuing to improve with an influx of A-plus credit tenants, high-end restaurants and shops, new development and proximity to the Expo Line.”

Built in 1946, the property consists of 10 one-bedroom units, one two-bedroom unit, and two commercial units. The well-located asset is just 12 blocks from the numerous shops and restaurants on Ocean Avenue and Main Street.

 Stepp Commercial is a brokerage firm specializing in the multifamily sector for properties ranging in size from $1 million to $50 million. Stepp Commercial’s mission is to provide apartment owners with a fully integrated sales platform that includes comprehensive market knowledge and local real estate expertise to successfully complete any type of multifamily transaction.

For more information visit www.steppcommercial.com

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

Darcie Giacchetto

949.278.6224

Cohen Commercial Realty Brokers Three New South Florida Leases

  

Bryan S. Cohen

 Humana Metcare Moving Into Abacoa Professional Center in Jupiter, FL

Jupiter, FL — Bryan S. Cohen and Allan Carlisle of Cohen Commercial Realty, Inc., announced the signing of Humana Metcare to lease a space at Abacoa Professional Center located on Heritage Drive in Jupiter, Florida. Cohen Commercial Realty, Inc. represents the Landlord in this transaction. 

Mount Bethel Human Services Corp. Occupies 930 SF at The Market Place in Lake Worth, FL

 Lake Worth, FL — Bryan S. Cohen, Thomas Whittelsey, and Travis Langhorst of Cohen Commercial Realty, Inc., announced the signing of Mount Bethel Human Services Corporation, to lease a 930-square-foot space at The Market Place located at 7330 Lake Worth Road in Lake  Worth, Florida. Cohen Commercial Realty, Inc. represents the Landlord in this transaction. 

Silvestri and Associates Insurance Leases 1,000 SF at The Market Place in Lake Worth, FL

 Lake Worth, FL — Bryan S. Cohen, Thomas Whittelsey, and Travis Langhorst of Cohen Commercial Realty, Inc., announced today the signing of Silvestri and Associates Insurance, to lease a 1,000-square-foot space at The Market Place located at 7330 Lake Worth Road in Lake Worth, Florida. Cohen Commercial Realty, Inc. represents the Landlord in this transaction. 

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

Donna Cordes

Cohen Commercial Realty, Inc.

561.471.0212 Office

561.471.5905 Fax

donnacordes@cohencommercial.com

www.cohencommercial.com

Windstream NuVox Signs Lease Renewal at Cameron Brown Building

 

Campbell Walker

CHARLOTTE, NC — Windstream NuVox has signed an 11,201-square-foot lease renewal and expansion for its Charlotte, North Carolina, Sales and Switch location at the Cameron Brown Building.

Campbell Walker of Lincoln Harris represented the tenant in the transaction, and Kris Westmoreland of Cushman & Wakefield represented the landlord, 301 South McDowell Street Holdings LLC.

“The Cameron Brown Building has served Windstream NuVox well, and they are looking forward to continuing their relationship with the landlord,” Walker said.

The 184,032-square-foot Cameron Brown Building is located at 301 S. McDowell St. Built in 1971, the Class B office building offers unobstructed views of Uptown, abundant on-site parking and convenient access to Interstate 277.

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

Meredith Pierce • The Wilbert Group

1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309

O: 404-343-0108 • M: 478-719-9958

@meredithfierce

Trion Properties Increases Investment in Portland, OR by Acquiring Value-Add Apartment Communiity in Beaverton Submarket

Hidden Villas,  14620 SW Farmington Road,  Beaverton, OR

Max Sharkansky

BEAVERTON, OR – Trion Properties, a private equity commercial real estate firm that specializes in value-add multifamily investments along the west coast, has acquired Hidden Villas, a 61-unit, value-add apartment community in the Portland submarket of Beaverton, Oregon, bringing its multifamily portfolio in the area to a total of 215 units.

The principals of Trion Properties are Max Sharkansky and Mitch Paskover, two real estate professionals with over 30 years of combined experience in finance, acquisitions, management and redevelopment.

“Beaverton is on the cusp of tremendous economic growth, making it an attractive market for multifamily investors,” says  Sharkansky, Managing Partner of Trion Properties. 

“The region’s rapid job growth, mass transit options, and high quality of life are driving resident demand for well-located multifamily communities near major employers in the area.”

Sharkansky explains that the Portland metro, also known as the “Silicon Forest,” is one of the most dynamic tech employment markets in the Pacific Northwest, and is home to a cluster of high-tech companies, including Intel, the largest for-profit employer in the state with over 17,000 employees.

In addition, the Portland metro has also established itself as the sports apparel capital of the nation, with brands such as Nike and Columbia Sportswear taking up residence here.

Mitch Paskover

 “Nike is currently undergoing a 3.2 million square-foot, $380 million expansion of its headquarters which is set for completion in 2018, adding thousands of new jobs in the next few years,” continues Sharkansky.

“This influx in new jobs, coupled with the property’s central location will further drive resident demand, resulting in stabilized cash flow and strong operating income for the asset over time. 

"Nike is located 1.8 miles from the apartment community, and Tektronix, an electronic equipment manufacturing firm, is located just 1.3 miles from the property as well.”

At nearly full occupancy, Hidden Villas has strong in-place cash flow with tremendous upside potential, according to Sharkansky, who adds that the property presents an opportunity to capture rent growth upon lease rollover.

“By repositioning and rebranding this asset through strategic renovations, we plan to bring rents up to market-value in order to optimize the property’s value-add potential, thereby increasing our internal rate of return,” Sharkanksy confirms.

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

Katie Kea / Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

kkea@browermillercole.com

http://www.trion-properties.com/

HFF closes $30 million sale of ShopRite at Bay Shore, Long Island, NY

ShopRite at Bay Shore, 1905 Sunrise Highway, Long Island, NY

Jeffrey Julien

NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $30 million sale of ShopRite at Bay Shore, a 60,000-square-foot, single-tenant retail grocery property 100 percent leased to ShopRite in Bay Shore, Long Island.  

HFF marketed the property on behalf of the seller, G&S Investors.  A joint venture partnership between Mattone Group LLC and Gartenstein Properties purchased the asset free and clear of existing debt.

The ShopRite at Bay Shore building is triple-net leased to ShopRite, the largest retailer-owned cooperative in the United States, and is proximate to notable national tenants, including The Home Depot, Pier 1 Imports, Best Buy, Petco and Toys"R"Us. 

The property is situated on 10 acres at 1905 Sunrise Highway on one of Long Island’s most highly-traveled highways with daily traffic counts of approximately 80,000 vehicles per day. The three-mile radius surrounding the property is home to more than 119,000 residents with an average household income of approximately $100,000.

The HFF investment sales team representing the seller was led by managing director Jeffrey Julien and senior managing director Jose Cruz.

For a complete copy or 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.mattonegroup.com

http://gsinvestors.com.

HFF arranges refinancing for 1400 Crystal Drive in Arlington, VA

1400 Crystal Drive, Crystal City submarket of Arlington, VA

Cary Abod

 WASHINGTON, D.C. – September 28, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged refinancing for 1400 Crystal Drive, a newly-renovated, 308,898-square-foot, trophy office building in the Crystal City submarket of Arlington, Virginia.

HFF worked on behalf of an affiliate of Lowe Enterprises Investors to place the floating-rate loan with KKR Financial.  Loan proceeds will be used to retire existing financing that HFF secured in 2013, and provide good news funding for lease-up. 

Renovated in 2013, 1400 Crystal is the premier office building in Crystal City offering 30’ x 30’ column spacing for open plan buildouts, and floor-to-ceiling glass providing expansive views of Washington, D.C. and the Potomac River.

 Tenants enjoy a full amenity package including a fitness center, rooftop terrace, conference center and a club room with flat screen TVs, a foosball table and various electronic games.

 Located in the heart of Crystal City, 1400 Crystal has direct access to the D.C. Metrorail system and is less than a half-mile from Ronald Reagan National Airport, two miles from the Pentagon, and less than three miles from downtown Washington, D.C. 

The HFF debt placement team representing the borrower was led by managing director Cary Abod and associate director Robert Carey.

“The borrower has signed leases with 11 tenants since completing the renovation, including seven different association groups and a host of private-sector businesses,” said Abod.  “Tenants have elected to lease at 1400 Crystal for the features that make it the top building in Crystal City: best-in-class tenant build-outs, unrivaled views and the array of amenities.”

For a complete copy or 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

WoodSpring Suites Signs Franchise Agreement for Sacramento, CA

Ron Burgett

Sacramento, CA — WoodSpring Hotels, the nation’s fastest growing, extended-stay hotel brand, has entered into an agreement with local hotel developer Northgate Investment Group, LLC, to develop a WoodSpring Suites in Sacramento, Calif., near the Natomas area.

The California-based developers will build a new prototype 123-unit WoodSpring Suites in Sacramento.  The projected opening date is late 2017. 

This franchised location will mark the brand’s second prototypical build in the state of California with multiple other sites in the pipeline.

“WoodSpring is a great fit for us.  Our focus is to develop, own and operate hotel assets in the greater Sacramento area,” said a partner at Northgate Investment Group, LLC. “WoodSpring Hotels has a very simple, but precise, operating model that we like, and combined with WoodSpring’s franchise support system and its above average NOI percentage, we felt this brand was the right choice for us.” 

“Northgate Investment Group is a highly engaged hotel owner and operator ready to develop the WoodSpring Suites brand in Sacramento. They are a great example of an owner/operator franchisee that will fit well into our family of franchisees, and we are excited to partner with them,” said Ron Burgett, EVP of franchise development and operations for WoodSpring Hotels.

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

Chris Daly

President

Daly Gray Public relations Inc.

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-864-5553

Paul P. Partyka elected to Board of Directors of New Hope for Kids in Maitland, FL

  

 

Paul P. Partyka

Maitland, FL – Paul P. Partyka, founder of The Partyka Group, a partner at Orlando-based NAI Realvest, and former Winter Springs Mayor, was recently elected to the Board of Directors for New Hope For Kids, a Maitland-based 501(c)(3) organization.  

New Hope for Kids has been helping Central Florida children in need since 1996 through its programs that bring hope, healing and happiness to children and families suffering from grief, loss or life threatening illnesses.

Partyka, who has been recognized for many professional and community leadership roles in Central Florida for decades, will help promote the organization and its efforts which are funded through donations by individuals, corporations, foundations and community service organizations. 

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

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

Pulte Homes Exceeds Goal, Raises $76,350 for The Children’s Home in Tampa, FL

Presenting the check with vendors and trade partner sponsors of the first annual Building to Make Lives Better Golf tournament hosted by Pulte Homes at Avila Golf & Country Club in Tampa are:

(L to R) Sean Strickler, president/West Florida Division of Pulte Homes; Irene Rickus, president/CEO, The Children's Home; Johnny Migliacci, director of National Accounts for Rosen Materials (a platinum sponsor); Angela Phillian, president of Angela Drywall; Jim Phillips, general manager for Rosen Materials; Mario Correa, field manager of Direct Cabinet Sales.

Sean Strickler

TAMPA, FL  --- The first annual Tampa Building to Make Lives Better Golf Tournament hosted by Pulte Homes at Avila Golf & Country Club raised $76,350 for The Children’s Home exceeding a goal of $50,000.

Sean Strickler, division president for Pulte Homes in the West Florida division, said the tournament was a sell out, they had 100 players registered even two weeks before the tournament. 

          

The proceeds, according to Strickler, will help fund The Pulte Promise, a program aimed at restructuring the vocational building for the older children for continued learning, as well as supporting the maternity ward on campus.

“All of us at Pulte Homes are proud and excited to be partnered with The Children’s Home,” Strickler said. 

“The enormous effort on the part of generous donors and contributors to this event is moving, and we are pleased to join hands with the entire Tampa community to assist these very deserving at-risk children and families through this incredible charity,” Strickler continued.

The Children’s Home in Tampa is a child and family-centered organization that is positioned to care for struggling families and children seeking the comfort of a loving family. Over the years, The Children’s Home has helped more than 6,000 children realize their dream of a family, and it has cared for more than 25,000 children in the Tampa Bay community.

At Avila Golf & Country Club, players in the Building To Make Lives Better Golf Tournament experienced the beautiful Jack Nicklaus-designed golf course and received gift bags courtesy of multiple donors, breakfast, lunch, and light refreshments and snacks throughout the tournament day.

For information about donating, please contact (813) 964-5110 or www.westfloridaevents@pultegroup.com

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

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

NAI Realvest Completes Three Industrial Leases in Altamonte Springs, FL and Office Lease in Casselberry, FL

  

 

Jeff Bloom

ORLANDO, FL --- NAI Realvest recently completed three lease agreements totaling 4,250 rentable square feet of industrial space at the Sunshine Lane industrial facility off Forest City Rd. and SR 434 in Altamonte Springs.  

Jeff Bloom, CCIM vice president at NAI Realvest, brokered the three transactions representing the Landlord Mesar, LLC of Orlando and the local tenants – Twilight Teeth who leased 1,500 square feet; Central Florida Solar who leased 1,250 square feet, and Gutter Helmet of Central Florida, Inc. who renewed the lease for 1,500 square feet. 

At Wilshire Plaza, 178 Wilshire Blvd. in Casselberry, NAI Realvest Vice President Mary Frances West, CCIM and Principal Tom R. Kelley, II, CCIM, brokered the lease of 2,121 square feet of office space representing the new tenant, Advanced Foot & Ankle LLC of Winter Garden and the landlord, Wilshire Plaza, LLC of Winter Park.

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

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

HFF closes $68.2 million sale of and arranges $43.3 million financing for Sepulveda Center in West Los Angeles, CA

Sepulveda Center, 3415 South Sepulveda Boulevard, West Los Angeles, CA

Ryan Gallagher

LOS ANGELES, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $68.2 million sale of and arranged $43.3 million in financing for Sepulveda Center, an iconic, Class A office tower totaling 178,157 square feet in West Los Angeles, California.

HFF marketed the property on behalf of the seller, KBS Capital Advisors, and procured the buyer, an affiliate of The Swig Company.  Additionally, HFF worked on behalf of the new owner to secure the three-year, floating-rate loan through MetLife Real Estate.

Sepulveda Center is situated at the intersection of the I-405 and I-10 Freeways at 3415 S. Sepulveda Boulevard in West Los Angeles. 

This location has visibility from more than 375,000 cars per day on I-405 and is within close proximity to Silicon Beach and the newly-constructed LA Metro Expo line’s Sepulveda Station. 

The surrounding areas of Culver City and Playa Vista boast average median housing values of $860,000, 43 percent higher than the media value in greater Los Angeles County.  The 12-story property is 83 percent leased to a mix of media, technology and financial tenants. 

The new owner will implement a capital improvement plan that will update the lobbies, bathrooms and outdoor facilities as well as expand the common building amenities.

   

Andrew Harper

The HFF investment sales team representing the seller was led by senior managing director Ryan Gallagher, director Andrew Harper and senior managing director Michael Leggett, who is also co-head of HFF’s West Coast team.

HFF’s debt placement team was led by senior managing director Bruce Ganong and director Jeff Sause.

  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.swigco.com.

www.kbs.com.

NAI Realvest completes Four Lease Agreements at West Orlando, FL Industrial Centers totaling over 15,800 Square Feet

Patty Nolff

WINTER GARDEN, FL – NAI Realvest recently completed four lease agreements for industrial space totaling 15,825 rentable square feet in Carter Commerce Center at 890 and 902 Carter Rd. in Winter Garden and at 940 W. Oakland Ave. in Oakland.

Michael Heidrich, a principal at NAI Realvest and Associate Patty Nolff represented local landlord Carter Commerce Center LLC, in a new lease of 5,625   square feet at 902 Carter Rd. The tenant is Motion Industries, Inc. of Birmingham, Ala. who was represented by Justin Ruby of Foundry Commercial. 

Heidrich and Nolff also negotiated a new lease with Top Style International, Inc. for 3,750 square feet at 890 Carter Rd. and a lease renewal of 3,750 square feet at 902 Carter Rd. with Logsdon and Associates, Inc.

In Oakland Heidrich and Nolff brokered a lease for 2,700 square feet at 940 W. Oakland Ave. representing landlord Countyline Suites LLC. Stratus Construction & Roofing, LLC is the new tenant.

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

Beth Payan or Larry Vershel, Larry Vershel Communications 407-644-4142 Lvershelco@aol.com

HFF arranges $5.54 million in joint venture equity for Southern California retail center

  

Olivera Plaza, Victoria Avenue and Channel Islands Boulevard, Port Hueneme, CA

Greg Brown

NEWPORT BEACH, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $5.54 million in joint venture equity for the acquisition of Oliveira Plaza, a 116,000-square-foot retail center in the Southern California community of Port Hueneme.

HFF worked on behalf of Progression REI to arrange joint venture equity with an institutional equity investor.

Oliveira Plaza is situated on 9.31 acres at the premier intersection of Victoria Avenue and Channel Islands Boulevard.  The center, which is located in an affluent area of Ventura County, is directly adjacent to the Channel Islands Marina and is surrounded by 133,276 residents within a three-mile radius.

 Partially renovated between 2012 and 2013, Oliveira Plaza comprises six single-story buildings that are 92 percent leased.  Approximately 80 percent of the property income is generated by national credit tenants, including Big Lots, Bank of America, Rite Aid, Citibank, West Marine, Dollar Tree, Panda Express and Carl’s Jr. 

The HFF equity placement team representing Progression REI was led by director Greg Brown and associate Jamie Kline. 

“Oliveira Plaza meets our objectives because it is a great location within its market, it has a terrific lineup of tenants and it produces attractive returns for our investors,” said Jim Howard, Progression REI’s managing partner. 

“HFF played an integral role in successfully completing this transaction.  We were extremely impressed by Greg and Jamie’s execution, professionalism and perseverance throughout a long and challenging acquisition process.”

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.progressionrei.com

NAI Realvest Completes Three Lease Agreements for Class A Office Space totaling 6,400+ rentable square feet in Orlando, FL

Mary Frances West

ORLANDO, FL – NAI Realvest recently completed three lease agreements for Class A office space at Landmark Center One, University Court and The Citadel III in Orlando that total more than 6,400 rentable square feet

Mary Frances West, CCIM, Vice President at NAI Realvest, represented the local tenant, Seal Shield, LLC in a new lease of 1,704 square feet at Landmark Center One, 315 E. Robinson St.  The landlord, HIW-KC Orlando, LLC d/b/a Highwoods Properties, Inc. was represented by Dave Ayers of Highwoods Properties.

West represented the landlord, Interchange-FL Rouse, LLC of Daytona Beach, in a lease renewal agreement with the tenant, ESP Management of Florida, Inc. for 3,882 square feet at University Court, 3361 Rouse Rd. in East Orlando. 

West brokered a renewal lease for the 824 square feet in Suite 290 of The Citadel III building at 5950 Hazeltine National Drive near Orlando International Airport.  Altenesol, LLC is the tenant and Citadel Partners, LTD of Orlando is the landlord.

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com

   

Meridian Capital Group Arranges $3.2 Million in Acquisition Financing for the Purchase of a Multifamily Property in West Palm Beach, FL

Blue Heron Apartments, 1500 West Blue Heron Boulevard, Riviera Beach, FL.

New York, NY – Meridian Capital Group, America’s most active debt broker, arranged $3.2 million in acquisition financing for the purchase of a multifamily property located in West Palm Beach, FL on behalf of Maxiplex LLC.

The five-year non-recourse loan, provided by a balance sheet lender, features a fixed rate of 3.30% and a step-down prepayment penalty. This transaction was negotiated by Meridian Vice President, Peter Martz, who is based in the company’s Boca Raton, FL office.

Peter Martz

Blue Heron Apartments, is located at 1500 West Blue Heron Boulevard in Riviera Beach, FL. The five two-story apartment buildings total 72 units and are 33% occupied by month-to-month tenants. The property was acquired by foreign national borrower whose plans included significant capital improvements to boost income as well as new lease requirements for tenants.

“As a result of detailed plans for future renovations we were able to negotiate 79% of the current appraised value with the lender,” explained Mr. Martz. “Meridian was able to prevent the deferred maintenance from affecting the client’s proceeds,” he added.

“We emphasized the overall value of the property and came up with a creative solution with the lender and borrower and closed the transaction in less than 60 days.”

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

Jonathan Stern

Meridian Capital Group

212/972-3600

jstern@meridiancapital.com

www.meridiancapital.com