Luxury Amenities Drive Sale of Las Vegas Multifamily Asset; JLL completes $51.5 million sale of Loft 5

  

John Cunningham

LAS VEGAS, NV – Las Vegas’ housing market continues to draw investors as economic growth fuels demand, according to JLL Research. 

On behalf of DK Loft 5 LLC, JLL’s Capital Markets experts announced the firm completed the sale of the Loft 5, a 241-unit luxury multifamily asset in Las Vegas. Steppe Bros. Loft 5 LLC purchased the building for $51.5 million.

Executive Vice President John Cunningham and Senior Vice President Charles Steele led the JLL team on the deal.

“Loft 5 presented an opportunity to capture two different segments of the improving Las Vegas housing market: the rental and the sales market,” said Cunningham. “This is a truly unique asset that includes luxury finishes and a sought-after lifestyle, positioning this asset to capture the continued growth of Las Vegas’ residential market.”

Located off Interstate 15 just ten minutes from the Las Vegas Strip, Loft 5 offers residents access to 15 of the world’s 25 largest hotels and other attractions that drew more than 42 million visitors to the city last year.

Loft 5 provides residents with luxury community amenities such as four resort-style pools and hot tubs, outdoor fireplaces and grills, a fitness center and steam room and a club lounge. In-unit amenities include 12 or 20-foot ceilings, natural stone countertops, designer cabinets, bamboo hardwood flooring, washer and dryer, kitchen islands with a gas range, and built-in Sub-Zero refrigerators. All units also include private balconies or terraces.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

HFF closes sale of best-in-class medical office facility near Medical City Dallas Hospital in Dallas, TX

Coit Medical Center, Dallas, TX             (Photo by Redwing Aerials)

 

Evan Kovac

SAN DIEGO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Coit Medical Center, a 32,201-square-foot medical office building in Dallas, Texas.

HFF marketed the property on behalf of the seller, Mohr Capital, LLC, and procured the buyer, Anchor Health Properties. 

   

Completed in 2009, Coit Medical Center is a two-story, fully-leased facility that is anchored by Baylor Scott & White Health.  Additional tenants include Greater Dallas Orthopaedics, Legacy Heart Care, Texas Orthopaedic Surgical Associates and Lester Plastic Surgery.

 The property is located at 12230 Coit Road at the convergence of Lyndon B. Johnson Freeway (I-635) and North Central Expressway (U.S. 75), just off the campus of the Medical City Dallas Hospital. 

This positions the asset within three miles of more than 1,800 hospital beds at Medical City Dallas Hospital, Medical City Children’s Hospital and Texas Health Presbyterian Hospital Dallas.

The HFF investment sales team representing the seller was led by managing directors Evan Kovac, Todd Savage and Philip Mahler and director Ben Appel.

 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

www.hfflp.com

 or follow HFF on Twitter @HFF.

www.mohrcap.com

www.anchorhealthproperties.com

HFF closes sale of value-add neighborhood shopping center in Orange, CA

  

Rendering of Rusty Leaf Plaza, Orange, CA

NEWPORT BEACH, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced Paragon Commercial Group LLC has acquired Rusty Leaf Plaza, a 60,294-square-foot neighborhood shopping center in the Orange County community of Orange, California. 

HFF sold the property on behalf of the seller, Rusty Leaf Plaza LLC. 

CJ Osbrink

Formerly anchored by Ralphs supermarket, Rusty Leaf Plaza will be repositioned in the coming months to include a new “flexible format” Target store as the new anchor as well as a mix of national and regional shop tenants. 

The new Target store is the 10th “flexible format” store in the greater Los Angeles area and features the same assortment of merchandise and groceries as a normal Target but in a much smaller format.

The 41,700-square-foot location in Orange is slated to open in October 2017.  Rusty Leaf Plaza is situated on 4.67 acres at 2512-2620 East Chapman Avenue one block from where East Chapman Avenue intersects with the 55 Freeway.

 The center has tremendous access and visibility by more than 240,000 vehicles per day from its position off the 55 Freeway and from its Chapman Avenue exposure to more than 53,000 vehicles per day. 

The HFF retail investment sales team representing the seller and buyer was led by CJ Osbrink.

“This is an excellent piece of real estate in an outstanding retail trade area that has been underutilized since Ralphs closed,” said Jim Dillavou, principal at Paragon.  “We are pleased to be repositioning this neighborhood amenity with a preeminent tenant such as Target so the community and the city can once again enjoy the daily conveniences that this this neighborhood center will provide.” 

“We are excited to have represented the seller and buyer in the sale of Rusty Leaf Plaza,” Osbrink said. “The immediate value-add repositioning opportunity of Rusty Leaf Plaza will greatly benefit the area and will, without a doubt, prove to be a tremendous success for new ownership and the tenants at the center.”

Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

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

Kristen Murphy

Director, Marketing

SummerHill Apartment Communities to Celebrate Completion of New Live-Work-Play Apartment Community in Sunnyvale, CA

481 on Mathilda Apartments, Sunnyvale, CA

SAN RAMON, CA -- SummerHill Apartment Communities, a division of SummerHill Housing Group and a leader in providing quality, smart growth, multi-family rental housing and mixed-use developments, announces the completion of 481 on Mathilda, a new 105-unit luxury residential rental community in downtown Sunnyvale. A completion ceremony was held on December 7, 2016.

Located at 481 S. Mathilda Avenue in Sunnvale, the transit-oriented and pedestrian-friendly residential community is less than ½ mile from the Sunnyvale CalTrain Station, and VTA Lines 22 and 522 at El Camino and Hollenbock/Pastoria. 481 on Mathilda is also located near grocery and retail opportunities as well as the Murphy Avenue entertainment district. 

“The completion ceremony is a celebration of the collaboration between the City of Sunnyvale and SummerHill Apartment Communities,” said Robert Freed, CEO of SummerHill Housing Group. “Our goal is to produce high-quality housing located near jobs, transportation and existing services so our residents can enjoy a convenient and satisfying live-work-play lifestyle. We are excited to bring new, housing opportunities to the City of Sunnyvale."

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

anne@monaghanpr.com

www.shhousinggroup.com

www.481mathilda.com

Hold-Thyssen Completes Investment Sale of Retail Property on International Drive in Orlando, FL

N. Joelle Forster

Winter Park, FL--- Hold-Thyssen, Inc., a real estate services firm based in Winter Park, recently completed a $1,300,000 sale of the multi-tenant retail property at 7623 International Drive in Orlando.

Martin Forster

The Hold-Thyssen brokerage team of Martin Forster CCIM and N. Joelle Forster represented both the seller, D & E Management Co., Inc. and the buyer, a local merchant in the clothing and footwear business who acquired the property for investment and as a possible location for a tourist-oriented retail store. 

The 0.85 acre parcel with 100 feet of frontage on the east side of International Drive north of Sand Lake Rd. is situated between Panda Express and ABC Liquors and adjoins the future Skyplex at the rear.  

It has a depth of 370 feet and consists of a 9,057 square foot building occupied by two tenants to the rear of the property and a Hertz car rental booth in the front.

Hold-Thyssen provides commercial property brokerage and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

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

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

Hold-Thyssen’s Carol Kinnard Awarded Realtor of The Year by West Pasco Board of Realtors

  

Carol Kinnard

TAMPA, FL -- West Pasco Board of Realtors named Carol Kinnard of Hold-Thyssen Real Estate Services as its 2016 Realtor of the Year recipient.

  The award was presented during the association's recent annual Installation and Awards Cocktail Party at the West Pasco Board of Realtors’ Sunset Room in New Port Richey.

Realtor of the Year is awarded annually in appreciation of a real estate professional who exhibits outstanding dedication and support to the board.  

Mrs. Kinnard has been actively serving her local board of realtors for over nine years in various capacities, most recently as Immediate Past President and Public Policy Chair.

 In addition, she serves as director of Florida Gulf Coast Commercial Association of Realtors and Chair of the Key Contact Subcommittee of Florida Realtors Association, updating elected officials of crucial real estate matters. 

“I was humbled and grateful for being named as WPBOR’s Realtor of the Year.  It was a huge surprise and I was totally speechless” Kinnard expressed.

“Carol's commitment to the real estate profession along with her expertise and tenacity in negotiating the best possible terms for the seller and buyer were key factors in her selection for this award I’m sure,” said Richard Fisher, Vice President at Hold-Thyssen’s Clearwater offices.

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

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

Marcus & Millichap Arranges $9 Million Sale of New TD Bank Branch in Miami-Dade County, FL

Gabriel Britti

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 a 2,964-square foot net-leased TD Bank property in Miami, Florida.

TD Bank signed a 20 Year Absolute NNN Ground Lease on the site and plans to start construction as soon as possible.

Ronnie Issenberg and Gabriel Britti, both vice presidents investments in Marcus & Millichap’s Miami office, represented the seller and procured the buyer.

“The demand for brick and mortar bank branches in high income, primary markets, like Miami are very favorable and in high demand” says Britti. “We anticipate very high deposits at this branch due to the high traffic location and high income demographics of the surrounding community” adds Issenberg.

The property is located at 14395 S. Dixie Highway in Miami, Florida. TD Bank is one the 10 largest banks in the United States.  The asset is situated next to the Falls Mall, which sees daily traffic counts that exceed 92,000 vehicles per day.

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

Kirk A. Felici

First Vice President/Regional Manager

 Miami, FL

(786) 522-7000

Stepp Commercial Completes $2.79 Million Sale of Well-Located Apartment Property Near The Grove in Los Angeles, CA

Kimberly Roberts Stepp

Los Angeles, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.79 million sale of a fully occupied seven-unit property ideally located adjacent to The Grove at 156-160 South Hayworth Avenue in Los Angeles.

Kimberly Roberts Stepp, principal, with Stepp Commercial, represented the buyer, a private investor from Los Angeles. The seller was a Los Angeles-based family trust. The transaction closed at a cap rate of just 3.6 percent. 

“This property offers the buyer an upside in rents, the opportunity to add value through upgrading units, and a coveted location near The Grove and at the end of a residential tree-lined street,” said Stepp.

Built in 1936, the two-story property consists of a rare unit mix that includes a three-bedroom penthouse with elevator, one three-bedroom unit, two two-bedroom units, and three one-bedroom units.

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

www.steppcommercial.com

Hanley Investment Group Completes Sale of Shadow-Anchored Walmart Neighborhood Market Shopping Center in Denver Metro Area

 

Arvida West Town Center, Denver, CO

DENVER, CO -- Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm represented the buyer and seller in the sale of an 83,278-square-foot shopping center, shadow-anchored by a Walmart Neighborhood Market in the Denver metro area.

The shopping center, Arvida West Town Center, is located on 14.65 acres at 14455-14715 West 64th Avenue in the city of Arvada, Colo. The sale price could not be disclosed.

Hanley Investment Group Senior Vice President Kevin Fryman and President Edward Hanley represented the buyer, Starboard Realty Advisors, LLC of Irvine, Calif., and the seller, Arvada West 04 LLC, a Colorado limited liability company.

Kevin Fryman

Walmart, the largest grocer in the United States, has operated at this location since 2012, driving daily traffic to the center.

Approximately 62 percent of the tenants at Arvada West Town Center are national or regional tenants. 

Tenants include AutoZone, BBVA Compass Bank, Big O Tires, ConocoPhillips, Grease Monkey, Wendy's, Abo's Pizza, Emergency Care Arvada, Eye Level Learning Center, Fantastic Sams, Qdoba Mexican Grill, Rib City Grill, The Salvation Army, United Studios of Self Defense and Quiznos. 

Built in 2001-2004, the center was 89 percent occupied at the time of the sale.

Arvada West Town Center is located along West 64th Avenue, one of the main east/west thoroughfares connecting the affluent residential communities of Arvada to Downtown Denver, according to Hanley. The shopping center benefits from the signalized intersection with 37,000 cars per day and an average household income of $115,000 within a one-mile radius and a population in excess of 145,000 people within a five-mile radius.

"This type of retail asset is a relatively low-risk option for investors due to the high-exposure location, diversity of corporate and regional tenants, and a strong traffic-driving anchor like Walmart,” said Fryman. “Additionally, investors can typically spread out their risk over multiple tenants versus single-tenant assets.”

Edward Hanley

“Arvada West Town Center presented an ideal opportunity for us to acquire a quality shadow-anchored multi-tenant retail center with below-market ground leases and upside potential through leasing up the vacancy,” said William Winn, partner and chief executive officer, Starboard Realty Advisors, LLC.

“With the recent closing of the nearby Safeway store, we expect Walmart to directly benefit from increased customer traffic, which will drive leasing activity,” said Stephen Carlton, partner, chief operating officer and vice president asset management, Starboard Realty Advisors, LLC.

Hanley Investment Group has been very active company-wide in the sale of retail properties in Colorado. Hanley recently represented the seller in the sale of Standley Shores, the shop buildings shadow-anchored by King Soopers in nearby Westminster, Colo.

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

  

Anne Monaghan                                                           

Monaghan Communications                                      

Meridian

830.997.0963                                                        

www.hanleyinvestment.com

Meridian Expands Construction Division with Addition of Christine Velasquez as Project Manager

Christine L. Velasquez

 SAN RAMON, CA - Meridian, a full-service real estate developer specializing in acquiring and developing real estate facilities for the healthcare sector, expands its construction project management division with the addition of Christine L. Velasquez, a well-respected senior-level real estate professional with a successful track record of over 15 years in business and community development, commercial real estate and project management in the Silicon Valley.

 In her new role as project manager, Velasquez will oversee the pre-development and construction phases of Meridian’s new ground-up development and value-add redevelopment projects in the San Francisco Bay Area.

According to Meridian’s COO John Pollock, “Velasquez possesses a unique combination of experience within both the public and private sectors, which brings tremendous value to Meridian and its clients.”

Velasquez has worked closely with developers and tenants across a broad range of industries through the site selection, entitlement and construction phases during her tenure as the senior development officer for the San Jose Redevelopment Agency.  

John Pollock

One of the most significant projects she worked on is the San Pedro Square Market, an iconic multi-million-dollar restaurant and entertainment destination in downtown San Jose.    

Most recently, Velasquez served as a senior business development manager with AEI Consultants, a national environmental and engineering company, providing expert consulting services on the environmental due diligence process for new developments and acquisitions within the greater northern California region.  

“My goal is to keep projects moving through the process from pre-construction to project delivery on time and within budget,” said Velasquez. “I hope to add value with my extensive development and entitlement experience, as well as help identify environmental issues during the due diligence process to get in front of any concerns early on so we can keep projects on track.”

Velasquez continues, “Meridian is a quality, well-respected company in the industry with committed people to get things done. I’m pleased to be part of this dynamic team and contribute to the growing success of the company.”

Velasquez actively serves on the board of Commercial Real Estate Women Silicon Valley (CREW-SV) as programs director, supporting efforts towards the advancement of women in the commercial real estate industry. She also serves on the International Council of Shopping Centers (ICSC) Next Generation regional committee. She holds a bachelor of science degree in business administration from San Jose State University. Velasquez will be based out of the firm’s San Ramon, Calif. office. 

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

  

Anne Monaghan                                                      

 Monaghan Communications                                      

830.997.0963                                                      

www.mpcca.com.

Courtney Brumbelow Joins Ackerman Retail as Senior Vice President

Courtney Brumbelow

 Atlanta, GA – The growing retail services division of Ackerman & Co. recently welcomed Courtney Brumbelow as Senior Vice President of Ackerman Retail.

Brumbelow is charged with directing the leasing of Ackerman’s retail properties as well as the company’s third-party retail property assignments. Additionally, she will help facilitate the continued team effort to strengthen and expand Ackerman’s retail platform throughout the Southeast.

Leo Wiener

Brumbelow brings more than 18 years of commercial real estate experience to Ackerman Retail and has completed more than 365 real estate transactions in excess of $155 million.

Prior to joining Ackerman Retail, Brumbelow was Vice President of Leasing at Moonbeam Capital Investments, where she was responsible for overseeing a 3.5-million-square-foot portfolio of shopping centers, enclosed malls and offices. 

Brumbelow also worked as Director of Real Estate for Penn Hodge Properties, in charge of development, leasing and property management of their real estate portfolio.  

“Courtney has a solid track record of driving strong results. She brings a tremendous amount of talent and experience to our team,” said Leo Wiener, President of Ackerman Retail.

In this new position, Brumbelow will report to Wiener and work at Ackerman Retail’s headquarters in Atlanta, Ga.

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

fwilson@ackerman.com

www.ackermanco.com

Cohen Commercial Realty Brokers Okeechobee Boulevard Property in West Palm Beach, FL

William Soled

WEST PALM BEACH, FL — Bryan Cohen, William Soled, and Chris McCarthy of Cohen Commercial Realty, Inc., announced the sale of 550 Okeechobee Boulevard, Unit CU-1. 

550 Okeechobee Boulevard, Unit CU-1 is located on Okeechobee Boulevard in West Palm Beach, Florida. Cohen Commercial represented the seller 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

Marcus & Millichap Arranges $2.4 Million Sale of Olive Garden in Jacksonville, FL

           

Ronnie Issenberg

JACKSONVILLE, 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 a 9,098-square foot net-leased Olive Garden property located in Jacksonville, Florida. The $2.4 million sales price equates to $263 per square foot.

Ronnie Issenberg and Gabriel Britti, both vice presidents investments in Marcus & Millichap’s Miami office, and Michael Biama, a senior associate in Marcus & Millichap’s Washington DC office, had the exclusive listing to market the property on behalf of the seller, a private investor. 

“This deal attracted a lot of intention from investors seeking minimal risk and safety. The intrinsic value of the land and building is very strong due to the low rent of $12 per square foot being paid by the tenant” says Britti. “This type of deal is what everyone wants in this market. Low risk, strong tenant and excellent intrinsic value” adds Issenberg.

The asset is located across from the Regency Square Mall at 9465 Atlantic Blvd. near the intersection of Atlantic Blvd and Arlington Expressway in Jacksonville.

 “This is one of the most visible retail properties along Atlantic Blvd. with combined traffic counts exceeding 72,000 vehicles per day,” said Biama.

The property is surrounded by approximately 1.4 million square feet of retail space including national retailers such as Target, Home Depot, Sears, JCPenney, Best Buy and Starbucks, among many others. Olive Garden has operated at this location since 1990, when the original ground lease commenced.

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

Kirk A. Felici

First Vice President/Regional Manager

 Miami, FL

(786) 522-7000

HFF closes sale of Sheraton Dallas by the Galleria in Dallas, TX

  

Sheraton Dallas by the Galleria Hotel, Dallas, TX

 

John Bourret

DALLAS, TX, Dec. 7, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of the Sheraton Dallas by the Galleria, a 309-room, full-service hotel in Dallas’ Galleria submarket.

HFF marketed the property on behalf of the seller, HEI Hotels & Resorts.  A partnership between Driftwood Hospitality Management, LLC (Driftwood) and an institutional real estate investor purchased the asset.  Driftwood has assumed management of the hotel.

Sheraton Dallas by the Galleria is situated at 4801 Lyndon B. Johnson Freeway across from the nationally-recognized, 1.7 million-square-foot Galleria Dallas regional mall, which welcomes more than 19 million visitors annually. 

The hotel is at the intersection of LBJ Freeway and the Dallas North Tollway, considered the busiest intersection in the state of Texas.  More than 11 million square feet of office space is within a one-mile radius of the hotel.  Sheraton Dallas by the Galleria has received more than $12 million in capital improvements since 2012.

Daniel Peek

 The hotel features 13,741 square feet of function space across 21 meeting rooms; Front Yard, a full-service restaurant serving breakfast, lunch and dinner; Sheraton Club Lounge; a 24-hour fitness center; 24-hour business center and an outdoor pool.

The HFF investment sales team representing the seller was led by managing director John Bourret, associate director Austin Brooks and senior managing director and head of HFF’s hotel group Daniel Peek.

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.driftwoodhospitality.com

www.heihotels.com

New Castle Promotes Charles Snyder to Vice President Acquisitions and Development

                                               

Charles Snyder

SHELTON, CT,  Dec. 7, 2016—Gerry Chase, president and COO of New Castle Hotels & Resorts, a leading third-party management company and hotel developer, today announced the promotion of Charles Snyder to vice president of acquisitions and development for the company’s growing portfolio of hotels in the US and Canada. 

Snyder joined the company in 2012 charged with evaluating potential acquisitions, development and co-investment opportunities.  His recent accomplishments include the acquisition of the Hampton Inn & Suites Milwaukee Downtown, the acquisition, renovation and rebranding of the recently opened Fairfield Inn & Suites New Orleans Downtown French Quarter Area and the initial development of the dual-brand Residence Inn/Courtyard by Marriott which broke ground in Dartmouth, Nova Scotia in October.

“Since joining New Castle, Charles has played a critical role in not only bringing new deals to fruition, but in helping to divest assets in a strategically sound and timely fashion,” said Chase.  “He brings to his work an analyst’s critical eye and an entrepreneur’s heart for opportunity; a valuable combination of skills and talents in any phase of the investment cycle.”

        Snyder’s hotel industry background includes positions with Smith Travel Research, where he was part of the team that launched HotelNewsNow.com and PhoCusWright. Prior to joining New Castle, Snyder was part of the hotel capital advisory team at The Ackman-Ziff Real Estate Group in New York City.  He earned his MBA from New York University’s Stern School of Business and a BS from Penn State University’s Smeal College of Business.

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

Lauralee Dobbins

Write Touch Public Relations

Lauralee@WriteTouchPR.com

609-451-5102

www.newcastlehotels.com.