Marcus & Millichap Arranges $2.36 Million Sale of Summerplace at Sarasota, FL

  

                                                      Krone Weidler

SARASOTA, Fla., Feb. 21, 2018 – 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 Summerplace at Sarasota, a 14.02-acre parcel of land located in Sarasota, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $2,365,000.

Krone Weidler and L.J. Tsunis, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a financial institution. The buyer, a limited liability company, was secured and represented by  Weidler Tsunis.
            “Through our comprehensive search, our team was able to maximize proceeds for the seller, and achieve a quick closing. The buyer plans to do an addition to a large senior housing complex,” says Mr. Tsunis

Summerplace at Sarasota is located in Sarasota, Florida, just one-half mile west of Interstate 75 and less than a mile south of Clark Road. The current zoning is Residential Multiple Family Category 1 (RMF-1) which allows a desirable variety of housing types with six units per acre density and auxiliary buildings for residential development.

L.J. Tsunis

The future land use is for medium density residential allows for greater than five units but less than nine units per acre. There is a 35-foot height restriction and a maximum building coverage area of 30 percent.

Known for small-town living, beaches and resorts, the Sarasota metro is a major draw for tourists and retirees. Roughly thirty percent of the population is age 65 and older, supporting a large network of healthcare providers and contributing to jobs in this sector. Goods and services also benefit from the demographic trends; the sector makes up a large portion of the local workforce.

The metro encompasses all of Manatee and Sarasota counties. The city of Sarasota is 60 miles south of Tampa. Summerplace at Sarasota is located at 5710 Draw Lane in Sarasota, Florida.

For more information, please contact:

Ari Ravi

Regional Manager, Tampa

(813) 387-4700

Hold-Thyssen Closes on Investment Sale and Long-Term Lease of Professional Offices in New Port Richey, FL

Carol L. Kinnard

CLEARWATER / NEW PORT RICHEY --- Hold-Thyssen, LLC, a full service commercial real estate firm with offices in Clearwater negotiated a sale of real property, a corporation and a lease of professional offices in New Port Richey.

Carol L. Kinnard, transaction specialist at Hold-Thyssen, represented the seller, RTF Holdings, Inc. in a sale transaction at 5705-5713 Gulf Drive in the Gulf Drive Professional Center. The buyer is a real estate investor who purchased the 5,588 square foot building composed of five office units, two of which are leased, and the office condominium association.

At Counsel Square I, 7619 Little Road, Kinnard brokered a lease renewal agreement on behalf of the landlord, a private investor, for Suite 325C with 1,000 rentable square feet.  Psychological Management Group has been a tenant at Counsel Square since 1999 providing mental health services to individuals and families from this and five other locations in the Tampa Bay area.

Hold-Thyssen, Inc. 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.

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For more information, please contact

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

Kerry Hawkins joins HFF as a senior director in its Boston office

Kerry Hawkins

Boston, MA -- Holliday Fenoglio Fowler L.P. (HFF) announced Kerry Hawkins has joined the firm as a senior director focused on office investment advisory transactions in its Boston office.

Ms. Hawkins brings more than 18 years of experience in commercial real estate and joins HFF from CBRE, where she was a first vice president.  In this role, she represented numerous landlords and tenants in the sale and leasing of office properties, with a specific focus on the repositioning and marketing of underperforming assets. 

Ms. Hawkins holds a Bachelor of Arts from Colby College and is an active member of the Commercial Brokers Association (CBA); CREW Boston, where she serves on the Charity Golf Committee; and NAIOP, where she is chair of the 2018 Gala and a former bus tour chair. 

Coleman Benedict

Through the years, she has been acknowledged by the industry with the Women of FIRE Award (Banker and Tradesman), the CREW Professional Service Award, the NAIOP National Developing Leader Award, Boston SF Woman of the Year and the Boston Business Journal’s 40 Under 40 Award.

“We are excited to have Kerry join our investment advisory platform in Boston; she is a highly regarded, motivated individual and will complement our existing team at HFF well,” said Coleman Benedict, senior managing director and co-head of HFF’s Boston office.

  “Her deep relationships with many of the largest landlords and tenants in the Boston area, coupled with her extensive knowledge of the market, will be a value add for HFF’s current and potential future clients.”  

For more information, please contact:

 KRISTEN MURPHY

HFF Director, Public Relations
(617) 338-0990
krmurphy@hfflp.com

Draper and Kramer Adds New Senior Vice President to Acquisitions Team

Blas Puzon

CHICAGO, IL – Draper and Kramer, Incorporated, a national full-service real estate firm, is pleased to announce Blas Puzon has joined the firm as a senior vice president on the company’s acquisitions, development and asset management team.

In this role, Puzon will draw upon his more than 20 years of commercial real estate expertise to target and expand Draper and Kramer’s property acquisition efforts in new national markets.

“Blas Puzon is a time-tested leader in the real estate investment industry who adds new depth to our acquisitions bench," said Ed Polich, chief development officer and senior vice president for Draper and Kramer. “His fundamental knowledge of the business, from deal negotiations to asset management to debt structuring, is a valuable asset for Draper and Kramer as we execute our forward-thinking growth strategy in 2018 and beyond. I am thrilled to welcome him to our team."

Ed Polich

Puzon joins Draper and Kramer from Seattle, where he held multiple roles with the Pinnacle Family of Companies. Recent positions included senior vice president of capital transactions and managing director of Olympic Investors, Pinnacle’s previously affiliated investment entity, through which he acquired approximately 10,000 multifamily units representing nearly $1 billion in transactions.

Additionally, Puzon served as an investment consultant to Hunt Investment Management, the real estate investment management company of Hunt Companies, which purchased Pinnacle in late 2014.

"As a fully integrated and highly established real estate brand, Draper and Kramer allows for unique opportunities to expand an investment portfolio and to capitalize on various growth strategies within the industry," said Puzon. "I look forward to working side by side with the executive team to broaden the firm's footprint nationwide."

Puzon, who earned his Chartered Financial Analyst (CFA) designation in 2005, holds a Bachelor of Science in civil engineering from the University of Washington and an MBA in finance and real estate from the USC Marshall School of Business.

For more information, please contact: 

Mimi Simon, msimon@taylorjohnson.com, (312) 267-451

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

www.draperandkramer.com.

HFF announces $160M sale and financing of 1600 Market in Philadelphia’s CBD

1600 Market, Central Business District, Philadelphia, PA

PHILADELPHIA, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $160 million sale and financing of 1600 Market Street, a Class A, 39-story office tower totaling 825,968 square feet in Philadelphia's CBD.

Cary Abod

The HFF team represented the seller, Equity Commonwealth, and procured the buyer, an affiliate of American Real Estate Partners (“AREP”).  Additionally, HFF worked on behalf of AREP and its institutional joint venture partner to secure a three-year, floating-rate loan for the acquisition.

​1600 Market Street benefits from its “Main & Main” location in the Market Street West submarket where ever-improving leasing fundamentals generates significant leasing demand from Center City’s most discerning office and retail tenants.  American Real Estate Partners has exciting renovation plans to amenitize the property and to enhance the retail experience in the lobby. 

​The HFF investment advisory team representing the seller included senior managing director Doug Rodio and managing director Brett Segal.

The HFF debt placement team representing the borrower consisted of managing directors Ryan Ade and Cary Abod.

​HFF and Holliday GP Corp. ("HFF") are licensed Pennsylvania real estate brokers.

For more information, please contact:

KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990
krmurphy@hfflp.com

New Castle Hotels & Resorts Promotes Anna Barker to Vice President

Anna Barker

SHELTON, CT — Judi Scofield, chief financial officer of New Castle Hotels & Resorts, a leading third-party hotel management company, owner and developer, announced the promotion of Anna Barker to vice president corporate accounting.  

                Barker most recently was the senior director of corporate accounting. She joined the company in 1992 as a member of the accounts payable team and advanced steadily through the property accounting department before joining the corporate treasury and finance team in 2001 as an analyst. 

 In her new role, Barker will be responsible for the corporate accounting department, overseeing outside tax and financial accountants, real estate tax advisors and attorneys and corporate accounting staff, while interfacing with operations team members. She holds a BS in accounting from Central Connecticut State University.

                "Over the years, Anna has demonstrated a work ethic and a willingness to learn that has enabled her to steadily take on more challenging assignments and complex roles,” said Scofield.  “She has earned the respect of her team and others in and outside the organization with her professionalism and her tenacious approach to her work.  I am so pleased that we’ve been able to offer her the career growth she has earned.”        

                               

Judi Scofield

New Castle Hotels & Resorts is an award-winning independent third-party hotel manager, owner and developer with 25 hotels and resorts and nearly 3,800 rooms under contract or in development.  New Castle’s growing portfolio of hotels spans nine states and two Canadian provinces and includes several of Canada’s historic landmark resorts. 

 The privately-held company was established by CEO, David Buffam in 1980 and consistently ranks among the top hotel management and development companies in North America. New Castle is a preferred operator for diverse brands within the Marriott, Hilton and Choice families. 

 For more information, please contact:

Lauralee Dobbins

President

Write Touch Public Relations

856-979-8929

Lauralee@WriteTouchPR.com

Member SATW

2017 Pepperpot Award Winner

Draper and Kramer Mortgage Corp. Opens Calabasas, CA Branch Staffed by Area Industry Veterans

Daryl Wizelman

CALABASAS, CA (Feb. 14, 2018) – Draper and Kramer Mortgage Corp. (DKMC), one of the Top 75 Mortgage Companies in America, has announced the opening of a new Los Angeles-area branch in Calabasas, Calif.

The location was previously the branch of a local mortgage lender, and Draper and Kramer Mortgage Corp. is retaining the branch manager, top-producing loan originators and some support staff.

“This new branch is a big leap for us in the Los Angeles area,” said Paul Lueken, CEO of Draper and Kramer Mortgage Corp. “Bringing an entire new office on board with a veteran group of leadership, origination and support talent is absolutely ideal, and that’s what we’ve done here. We couldn’t be more pleased.”

Paul Lueken

DKMC’s Calabasas branch is managed by Daryl Wizelman, a 28-year veteran of the Los Angeles-area mortgage industry. Wizelman’s extensive credentials include 17 years of experience as the owner and president of his own mortgage company, past leadership positions with several lenders in the region and an established name as a speaker, author, consultant and motivator.

“My team and I are very excited to be making this move, and I’m eager to welcome other opportunity-seeking mortgage professionals to join us as part of Draper and Kramer Mortgage Corp.,” said Wizelman.

“One of my first actions with DKMC was to send out a recruiting letter to outside loan officers, and I’ve never had an easier time promoting a company. All I had to do was list the great loan products, aggressive rates, accessible leadership and other amazing resources we offer at DKMC.

"This is a fantastic development for local professionals in the mortgage industry, as well as consumers in the Los Angeles area.”

Randy Wagner

Three top-producing loan officers are also on the branch team: Randy Wagner, Moshe Niv and Curtis Abish. Together, the group originated over $100 million in loans in 2017. Additional staff include a sales coordinator and a loan processor.

The new branch is located at 23945 Calabasas Road, Suite 213, in Calabasas.

DKMC, an Illinois-based national mortgage lender, established its first presence in California with the May 2017 opening of its Sherman Oaks branch in Los Angeles. The company plans to expand throughout California, the West Coast and the Southwest, and has new or upcoming branch locations in Irvine, Calif.; Las Vegas; Scottsdale, Ariz.; and Portland, Ore.

For more information, please contact:

Sarah Lyons, slyons@taylorjohnson.com, (312) 267-4520

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

Facebook, LinkedIn and Twitter.
www.dkmortgage.com,

 www.draperandkramer.com.

Passco Companies Expands into New Product Types; Promotes Adriana Olsen and Andy Wang to Senior Vice President of Sales

Adriana Olsen

 

IRVINE, CA (Feb. 14, 2018) – Coinciding with the firm’s ongoing growth and expansion into new product types, Passco Companies has announced the promotions of Adriana Olsen and Andy Wang to Senior Vice President of the firm’s Sales division, according to Belden Brown, Executive Vice President and National Sales Manager of Passco Companies.

Passco Companies has focused on retail since its inception and has been extremely active within the multifamily sector for over the last decade. The firm plans to expand its portfolio this year into new product types including senior housing, industrial, and self-storage.

Andy Wang

 “We’ve had a rich history in both the multifamily and retail sectors,” says Brown. “We’ve acquired more than 18,500 multifamily units and over six million square feet of commercial assets over the last several years, and in 2017, completed one of our most active years to date.

"As part of this continued growth, we are diversifying our portfolio and expanding into new product types while multifamily and retail will remain a core component of our investment strategy.”

Brown explains that the firm’s in-place team will play a tremendous role in Passco’s ongoing growth and that these promotions are demonstrative of the significant value Passco places on Olsen and Wang and their ability to aid in furthering this momentum.

“Adriana and Andy have continued to demonstrate their tremendous real estate expertise and continue to excel to new heights in all that they do,” says Brown. “They will be instrumental as we continue to expand our presence in 2018 and will drive our sales team forward.”

Belden Brown

In her new role as Senior Vice President, Sales, Adriana is responsible for raising funds for DST 1031 properties and other investment vehicles, as well as overseeing registered representatives throughout the nation.

Prior to joining Passco 15 years ago, Adriana served as a licensed Real Estate Agent with Prudential Real Estate. Her qualifications include FINRA series 7, 22, and 63 licenses and she holds Bachelor of Arts degree from the University of Delaware.

As a Senior Vice President, Sales, Andy is responsible for sharing accurate and detailed information regarding the company’s DST 1031 products, and builds and maintains strong relationships with broker dealers, clients, real estate agents, and other investors as well as being a principal for Passco’s Managing Broker Dealer. Andy is a graduate of Baylor University.

Prior to joining Passco, he gained experience in financial advising and consulting with Wells Fargo and Morgan Stanley. He holds FINRA series 7, 24, 31, and 66 licenses.

Both Adriana and Andy are active members of Alternative & Direct Investment Securities Association (ADISA).

For more information, please contact:

Lexi Astfalk

Brower Group

(949) 955-7940

lastfalk@brower-group.com

 

HFF hires Ryan Lindgren as a director focused on hotel investment advisory deals in its Chicago office

Ryan Lindgren

CHICAGO, IL, Feb. 14, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that Ryan Lindgren has joined the firm as a director in its Chicago office.  Mr. Lindgren will focus on hotel investment advisory transactions and will be a member of HFF’s national hotel team led by Daniel C. Peek. 

Mr. Lindgren joins HFF from Waterton where he was an assistant vice president of acquisitions for their hotel team.  He previousljy worked as an analyst at Watermark Capital Partners, Ernst & Young and PKF Consulting. 

Mr. Lindgren is a member of the Young Hospitality Investment Professionals (YHIP) and the Young Real Estate Professionals (YREP) organizations in Chicago.  He holds a Bachelor of Business Administration degree from the Cecil B. Day School of Hospitality at Georgia State University.

Jeffrey Bramson

“We are pleased to add a dedicated hotel specialist such as Ryan to our team here in Chicago,” said Jeffrey Bramson, senior managing director and co-head of HFF’s Chicago office.  “Ryan has a diverse background in the hospitality industry and deep relationships with many owners and operators that will benefit our clients looking to transact in the hospitality space.” 

For more information, please contact:

KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990
krmurphy@hfflp.com

Zack Goodwin joins HFF as a director in its Seattle office

Zack Goodwin

SEATTLE, WA –– Holliday Fenoglio Fowler, L.P. (HFF) announced  Zack Goodwin has joined the firm as a director focused on debt and equity placement transactions in its Seattle office. 

Mr. Goodwin has nearly 10 years of commercial real estate experience and joins HFF from Jones Lang LaSalle, where he was a senior associate on their production team.He previously worked for Norris Beggs & Simpson Financial Services as a financial analyst and later was promoted to an associate finance officer.  Mr. Goodwin is a graduate of Gonzaga University and is a licensed real estate broker in the state of Washington.  

“As we build out our Seattle office, which officially opened its doors last month, we are looking for top notch individuals such as Zack, that fit the culture of HFF and bring with them an excellent track record in the industry as well as deep relationships with clients and lenders active in the Seattle market and greater Pacific Northwest,” said Tom Wilson, senior managing director and co-head of HFF’s Seattle office.

For more information, please contact:

KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990
krmurphy@hfflp.com

Hospitality Ventures Management Group (HVMG) Names Suzanne Saunders Vice-President of Design & Construction

Suzanne Saunders

           ATLANTA, GA (Feb. 6, 2018) – Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel investment, ownership and management company, has named Suzanne Saunders its vice-president of design & construction. 

       In her new role, Saunders will be responsible for the planning and execution of new development and renovation projects, as well as capital expense planning and execution.

            “With more than twenty-five years of experience in commercial construction management in various hospitality disciplines, Suzanne is the ideal candidate to assist HVMG as we pursue additional hotel development opportunities,” said Richard Jones, senior vice president and chief operating officer, HVMG.
 

Richard Jones

      “HVMG has a robust pipeline of design and construction projects, and I am confident Suzanne will be instrumental in leading HVMG’s efforts with our renovation and new development projects.”

            Prior to joining HVMG, Saunders spent more than a decade with Hyatt Hotels & Resorts, most recently serving as regional vice-president, project services/design and planning – Americas.  During her tenure there, she oversaw the development and growth for all franchised Hyatt Place and Hyatt House Hotels and all owned properties throughout the Americas. 

     She has held a number of commercial construction management positions throughout the years, including senior construction manager for Panera Bread, LLC, construction manager with Jack-in-the-Box Restaurants and senior project manager with Hilton Corporation. 

  Saunders received her Bachelor of Science degree in Industrial Technology from Lamar University.

For more information, please contact:

Chris Daly,

Main: 703-435-6293

Mobile: 703-864-5553

 chris@dalygray.com

www.dalygray.com

PRESIDENT

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

 www.hvmg.com

Real Estate Capital Institute Notes Mortgage Rates Starting to Rise

John Oharenko

Chicago, IL - Benchmark rates hit a three-year high this week, as investors track Fed monetary moves in the face of new government spending needs and worldwide economic growth. 

Following this trendline, mortgage rates are on the rise, although not at full parity. Property owners can expect to see the following underwriting trends over the

coming months:

Active Rate Management: Low rates are no longer taken for granted, and simply capturing cheap debt is becoming more difficult. With short and long-term rates rising, hedging and other interest-rate protection strategies are resurfacing. Moreover, creative lenders offer options such as float-to-fix loans (or vice versa) for greater optionality, if borrowers feel compelled to lock into fixed rates due to increased pricing concerns, or alternatively need to reorganize loans to avoid incurring prepayment penalties associated with fixed-rate debt (usually necessary, if an asset

sale is planned in the near future).

Tighter Spreads: The trade-off of lower rates for lower leverage benefits

borrowers targeting the best pricing. Even as benchmark rates climbed over

thirty basis points within the month, lenders absorbed spreads to keep loan

production fluid. Mortgage rates are only five to fifteen basis points

higher, as a net result.

Debt Service Coverage: Lower leverage loans are the norm in comparison to

historical levels. As prices rise for premier properties, borrowers are

forced to accept less proceeds since debt service coverage supersedes

loan-to-value limits as a key underwriting variable in these cases. High

prices directly translate to higher equity contributions, in exchange for

favorable debt terms. For best pricing, 65% LTV or less are commonplace,

often based upon 1.40X or more debt service coverage.

Mr. John Oharenko, director of the Real Estate Capital Institute(r) ,

advises, "Borrowers are definitely paying attention to higher rates, after

enjoying extremely low rates for a several years. As rates gradually rise,

sellers and buyers will realign their expectations, but at a slower,

wait-and-see pace."

For more information, please contact:

Jeanne Peck, Executive Director

director@reci.com

www.reci.com