Cushman & Wakefield Negotiates Sale of Grand Reserve Apartment Homes in Ocala, FL

Grand Reserve Apartment Homes, Ocala, FL

OCALA, FL, Nov.16, 2018 — Cushman & Wakefield has negotiated the sale of Grand Reserve Apartment Homes, a 263-unit apartment community in Central Florida.

Jay Ballard

Jay Ballard and Ken Delvillar of Cushman & Wakefield’s Florida Multifamily Team represented the owner, an affiliate of Nashville-based Carter-Haston, in the disposition.

A partnership of Houston-based ApexOne Investment Partners and Gainesville, FL-based The Collier Companies acquired the asset.

Grand Reserve Apartment Homes is a luxury multifamily community developed in 2003 comprising 21 one- and two-story residential and ancillary buildings.

Ken Delvillar

The property offers one-, two- and three-bedroom units with an average size of 1,031 square feet and an average market rent of $1.03 per square foot. Grand Reserve Apartment Homes was 93.9% occupied at the time of sale.

“The Ocala multifamily market continues to attract significant interest from investors far and wide,” said Ballard. “The region’s fundamentals remain strong, driven by exceptional job growth, growing demand and constrained supply.”

Julie Bohn

Robert Given

Cushman & Wakefield’s Florida Multifamily Team is directed by Robert Given and includes Ballard and Delvillar in Central Florida; Zachary Sackley, Troy Ballard, Neal Victor, Calum Weaver and Errol Blumer in South Florida; Luis Elorza and Brad Capas leading West Florida; and Julie Bohn in Jacksonville.

 Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance transactions for the team throughout Florida.

 

Zachary Sackley

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners.

 Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. 

In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.

Troy Ballard

To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

CONTACT:

David A. Meyer
Meyer Media  
+ 1 407 489 7488
david@meyer.media

Astor Real Estate Group Announces Two Additional Retailers at Merrick Manor in Coral Gables, FL

Shops at Merrick Manor, Coral Gable, FL

CORAL GABLES, FL  – A new wave of luxury stores, beauty and healthy lifestyle services is heading to luxury mixed-use development Merrick Manor.

Astor Real Estate Group has unveiled two additional retailers that will join Shops at Merrick Manor, the commercial component of Coral Gables’ newest and most anticipated development.

Roza H. Radkiewicz

Miami-based Anaïs Nails & Spa and Coral Gables-based Elegance Beauty Salon are set to open their new showrooms on the ground floor of the luxury project, which is scheduled to be completed during the first quarter of 2019.

Each will occupy more than 1,100-square-feet of aesthetically designed space at Shops at Merrick Manor. Anaïs Nails & Spa and Elegance Beauty Salon are already in the build-out process of their new state-of-the-art spaces. 

Anaïs Nails & Spa is a stylish and sophisticated salon filled with friendly staff and relaxed patrons.

Elegance Beauty Salon is known for its team of excellent stylists that can make even the most difficult hair feel great and look fashionable.

Roza H. Radkiewicz, Principal Broker of Astor Real Estate Group and Director of Sales at Astor Companies, arranged the transactions.

“I am very proud to have Anaïs Nails & Spa and Elegance Beauty Salon on board as part of our exclusive collection of high-end retailers and service providers,” said Ms. Radkiewicz. “Those outstanding brands will make an ideal addition to our graceful and iconic project.”

Astor previously announced that Miami-based jeweler Trésor will open a new store at Shops at Merrick Manor. The company plans to reveal additional tenants in the coming weeks.

Shops at Merrick Manor, a five-star luxury project, will consist of nearly 20,000 square feet of prime, Class A ground-floor retail and restaurant space conveniently located just steps away from the fashionable Merrick Park Shops.

Typical Elegance Beauty Salon Interior

For opportunities available at Merrick Manor, contact Roza H. Radkiewicz at (786) 218-8322 or (954) 993-8747 or email 
roza@astorcompanies.com.

CONTACT:

Eric Kalis

Account Director, BoardroomPR

ekalis@boardroompr.com

O 954-370-8999

C 305-794-5123

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

KW Property Management & Consulting Continues Luxury Portfolio Expansion with Addition of Brickell Heights in Miami, FL

Brickell Heights, Financial District, Miami, FL

Miami, FL – KW Property Management & Consulting’s (KWPMC) expansion within Miami’s Brickell neighborhood is surging with the addition of Brickell Heights residential and commercial associations to the company’s luxury portfolio.

Tim O'Keefe

The company was selected by all boards to manage all four Associations within this brand new luxury condominium and commercial community.

  A 35,000-square-foot Equinox Fitness Center and a new Capital One Café are also on site, with many other offerings underway.

 The complex also includes 35,000 square feet of Class A office space.

“It is thrilling to add a jewel like Brickell Heights to our luxury portfolio in the neighborhood,” said KWPMC Director Tim O’Keefe.

“The talent and dedication of our people help to position us as the go-to management company for luxury high-rise condominium buildings, especially within Brickell.  

Brickell City Centre, Financial District, Miami, FL

"Whether in support of brand new developments or established associations, KWPMC is by far the best suited overall property management solution to meet and exceed the needs and expectations within the evolving Brickell area community. ”

Developed by the Related Group and designed by Rockwell Group and Arquitectonica, Brickell Heights is adjacent to Brickell City Centre, where KWPMC manages the REACH and RISE high-rise condo towers for developer Swire Properties.

CONTACTS:

Eric Kalis

954-370-8999

ekalis@boardroompr.com

Jasmin Curtiss

 Account Executive, BoardroomPR

jcurtiss@boardroompr.com

 O 954-370-8999

www.brickellheights.com.

www.kwpmc.com.

HFF announces $9.94 million acquisition financing for Class A office property in Bergen County, NJ

3 Paragon Drive Office Property, Montvale, NJ

FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announces a $9.94 million acquisition financing for 3 Paragon Drive, a 93,916-square-foot, Class A office property in Montvale, New Jersey.

Michael Klein

The HFF team worked on behalf of the borrower, Ramapo, New York-based Northeast Capital Group, to secure the five-year, fixed-rate loan with Valley National Bank. 

3 Paragon Drive is situated on a 9.29-acre site in the Upper Parkway Office submarket of Montvale, a community bordering New York state in Northern New Jersey. 

 Montvale offers a plentiful amenity base, including a new Wegmans Food Market and Life Time Fitness, and connectivity to the entire region via Montvale Train Station, the Garden State Parkway and Interstates 287, 87 and 80. 

Additionally, Bergen County, where the property is located, is home to a significant number of corporate headquarters and operation headquarters for companies, including Sharp Corporation, Benjamin Moore and KPMG. 

 Renovated in 2016, 3 Paragon Drive is 96 percent leased to two tenants, Pentax of America and Turner Construction Company.

Porter Terry

The HFF debt placement team representing the borrower included managing director Michael Klein and senior director Porter Terry.

“The high-quality property features many attributes that lenders were attracted to including a prime location within Bergen County that provides access to the local highway infrastructure, as well as a long-term anchor tenant that has demonstrated its commitment to the building,” stated Klein. 

 “As a result, there was significant interest in this transaction from local and regional banks. Valley National Bank was able to provide a highly competitive deal that best met the borrower’s needs.”

CONTACTS:

MICHAEL KLEIN

HFF Managing Director

(973) 549-2000

mklein@hfflp.com

PORTER TERRY

HFF Senior Director

(617) 338-0990

pterry@hfflp.com

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

necgre.com.

Draper and Kramer Names Todd Bancroft President and CEO

Todd Bancroft

                                                                                                      

CHICAGO, IL – Draper and Kramer, Inc. announced its Board of Directors has appointed Chief Operating Officer and General Counsel Todd Bancroft as the firm’s next president and chief executive officer.

Bancroft, who has been serving as interim president and CEO of the real estate services firm for the last three months, succeeds Forrest D. Bailey, who was Draper and Kramer’s president and CEO for 20 years until stepping into a new role as vice chair and CEO emeritus in August. 

Forrest D. Bailey

“Draper and Kramer has a legacy of impactful, visionary leaders who have made this company what it is today, beginning with its founders 125 years ago, and Todd very much carries on that tradition,” said Stephen P. Miller, board chairman for Draper and Kramer, a fifth-generation family-owned company.

“As the Board searched for the right candidate to bridge the company’s 125-year history with its next chapter, we unanimously identified Todd as the right individual to guide the firm.

"He is a talented and trusted leader, with a deep understanding and appreciation for the company’s heritage as a family-owned business, as well as the ability to plan for the future and capitalize on new opportunities that align with Draper and Kramer’s broader investment strategy.”

Bancroft joined Draper and Kramer in 2012 as chief administrative officer, senior vice president and general counsel responsible for mortgage and cash management operations.

In 2014, he was promoted to COO and general counsel, overseeing operations across all four of Draper and Kramer’s divisions including acquisitions and development, commercial finance and residential management as well as the firm’s residential mortgage services group, Draper and Kramer Mortgage Corp.

“I am honored to be appointed as Draper and Kramer’s next leader and thank the Board for its confidence and trust in me,” said Bancroft. “It is especially meaningful to be entrusted with this role as we mark Draper and Kramer’s 125^th anniversary later this month.

"As we celebrate that milestone, I’m eager to work alongside our team to identify ways we can build on Draper and Kramer’s legacy – one that continues to differentiate us within the broader commercial real estate landscape.”

Stephen P. Miller

Previously, Bancroft was a founding partner with Bancroft, Richman & Goldberg LLC, a Chicago-area law firm focused on real estate and commercial transactions.

Bancroft has a B.S. in accounting from the University of Illinois at Champaign-Urbana and J.D. from the University of Florida.

He is a licensed real estate managing broker in the state of Illinois and a licensed real estate broker in the state of Michigan.

CONTACTS: 

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

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

www.draperandkramer.com.

Apartment Guide Cites The Good, The Bad and the Ugly of Renting in America Today

Ellen Sirull

ATLANTA, GA -- Freelance business news writer Ellen Sirull notes a lot has changed in the last 30 years for renters – some for the better and some still leaving much to be desired.

 The Joint Center for Housing Studies of Harvard University released its 30th anniversary State of the Nation's Housing report this year and it provides an opportunity to reflect on how housing market conditions in the U.S. have evolved over time, looks at current trends and reveals how we still have progress to make when it comes to all Americans having decent, affordable homes.

Here are some of the key takeaways from the study:

Most people are paying more of their income towards rent

Many renters now are cost-burdened, meaning they use more than 30 percent of their income to pay for housing and may have trouble paying for other necessities such as food, clothes, transportation and medical care.

This is mostly due to massive increases in housing costs, with the national median rent rising 20 percent faster than overall inflation from 1990 to 2016. (Homeowners aren't immune either as the median home price rose 41 percent faster than inflation in the same timeframe.)

Quality of housing has improved some, but the main cause is the increased expenses involved in housing construction and land. If you're a renter, you may be thinking, “Yeah, no kidding." But this just means that budgeting well, saving what you can and researching all your options are critical to not spending any more money than you need to on renting your home.

There is a slight shift to more people buying (vs. renting)

After 10 years of rental demand growing, Americans are starting to get back into the homebuyer market. From 2005 – 2015, the number of U.S. households renting grew by an average of 850,000 each year, yet from 2015 – 2017 rental households grew only 220,000 annually.

It's still a bit early to qualify as a rebound in home buying, but the U.S. homeownership rate does look to be stabilizing.

Deciding whether to own or rent involves weighing many factors, including how long you plan on staying in one place, relative costs, your ability to tolerate financial risk and the benefits you see with each option.

Many Americans are still opting to rent because it makes sense for them. Down payments require a solid savings, especially in markets with expensive housing markets.

Many millennials are waiting to buy homes later than the older generations (Generation X and Baby Boomers) according to another study by the Urban Institute in 2018.

There are differences based on income as well – the number of high-income renters is growing while the supply of rentals those with the lowest incomes can afford continues to shrink.

Rental housing demand remains positive

While growth in rentals may have slowed, the overall demand is still positive. Millennials still often rent before buying when they move or combine households, and many older households are making the switch from owning to renting in order to reduce upkeep and downsize.

There is also a huge demand for affordable rental housing, with 15.5 million households having very low- and extremely low-incomes as well as the increase in cost-burdened households mentioned previously.

Renters are moving less

Renters historically move more often than homeowners, yet their mobility rate (how frequently they move) has dropped substantially.

The decrease in renters moving is likely because of a variety of trends, including the increased likelihood that adult children live with their parents, rising student loan debt that makes it more difficult for young adults to move out on their own and the scarcity of low-cost rentals in some areas which may mean tenants stay in one rental longer even if it's not the ideal place for them.

Also, while many older Americans do downsize, a growing number of older renters are staying in their homes longer than previous generations.

Though rental growth rates rent inflation and the percent people pay towards renting may change, there will always be a need for many Americans to rent homes.

Thus, it's important to understand the details of your market and weigh the amenities and features you want (and need) against the availability and cost of the rental.

Read more here about what renters say is most important to them when looking to rent a home.

For more information, visit the  Apartment Guide Blog.

CONTACT:

Ann Noder 
CEO/President

Ann@PitchPublicRelations.com 
480.263.1557 
 www.PitchPublicRelations.com

RECI finds floating-rate bank loans are still popular with borrowers for development and repositioning projects.

John Oharenko

CHICAGO, IL - Chicago-based Real Estate Capital Institute notes the US Dollar dropped from record

levels of the past year and a half.  Moreover, the most recent domestic job

report shows the lowest levels of unemployment in nearly fifty years. Such

news helped minimize treasury volatility during the past month, fluctuating

by about 15 basis points.  Short-term indices -- namely LIBOR - inched

upward by only a few basis points.  As expected, ten-year treasuries moved

to nearly the same levels as the beginning of October, In the end, benchmark

rates behaved predictably, given the Fed's desire to gradually raise rates

over the next few quarters.

 John Oharenko, director of The Real Estate Capital Institute's(r),

states, "Under very competitive realty funding conditions, creative capital

stack solutions are the norm, not the exception. Commercial real estate is

no longer a step-child investment class on Wall Street."

Lenders worry about potential market corrections mainly based on interest

rate hikes, oversupply and economic slowdowns. They flock to quality deals

via lower spreads and less leverage as the main underwriting defenses.  With

lower leverage and favorable debt pricing offerings at hand, borrowers focus

on raising more cash on deals. For much of this decade, the capital stack

trend continues for generating more equity from yield-hungry investors, so

raising money is less challenging than finding good investment

opportunities.

As expected, mortgage rate ranges are priced very tightly due to strong

demand for investing in realty capital markets.  Shorter term, fixed-rate

debt offerings (e.g., five years) are priced nearly identical to ten-year

debt, encouraging borrowers to take on longer debt mainly via agency, life

company, conduit and debt fund sources.  Seven-year maturities, are slightly

better priced, about ten basis points inside of ten-year debt.  However even

as short-term debt pricing is less favorable compared to permanent loans,

floating-rate bank loans are still popular with borrowers for development

and repositioning projects.  In these instances, flexibility is more

important than pricing.

Fixed-rate permanent debt starts at 4.5% for low-leverage LifeCo offerings,

climbing to the six percent range for 80% conduit/debt fund loans.

Otherwise, most commonly priced loans are within 4.75% to 5%.

The Real Estate Capital Institute(r) is a volunteer-based research

organization that tracks realty rates data for debt and equity yields.  The

Institute posts daily and historical benchmark rates including treasuries,

bank prime and LIBOR.  

CONTACT:

The  Real Estate Capital Institute(r)

3517 West Arthington Street

Chicago, Illinois USA 60624

John Oharenko, Executive Director

director@reci.com

http://www.reci.com

www.reci.com

Global Network Provider, Medical Device Startup, Mathnasium and Nurse on Call Expand into East Orlando, FL

Mary Frances West

ORLANDO , Fla. –NAI Realvest recently negotiated four new leases totaling 9,890 rentable square feet at two professional office buildings in East Orlando .

Jim Light

Mary Frances West, CCIM, Vice President represented the landlord Citadel Partners, LTD in a long term lease agreement with Expereo USA, Inc. 

The growing Virginia-based firm relocated from an executive suite facility into a 4,690 square foot suite in The Citadel International III, 5950 Hazeltine National Drive .

  Jim Light of Keller Williams Advantage III Realty represented the tenant, a global provider of managed cloud and internet networks. Tenant’s parent company is based in Amsterdam .

At University Court, 3361 Rouse Rd., West brokered the lease of 1,408 square feet  representing landlord Interchange-FL Rouse, LLC of Daytona Beach.  Tenant GRD Biomechanics, LLC is a startup company that uses a 3D printer to make full-range knee braces that have no mobility limitations. 

Chris Adams

Two more leases at University Court that West completed include 2,670 square feet to Khalil Ventures Managements LLC d/b/a Mathnasium, an award-winning franchisee that provides math learning for K-12 students; and Brentwood, Tenn.-based Nurse on Call, Inc., represented by Realvest Associate Chris Adams, leased 1,122 square feet. 

 Nurse on Call, which is owned by Brookdale Senior Living, has 20 locations in Florida providing RN, LPN and physical therapist in-home care.

Nurse on Call and Mathnasium provide teams of employees with above average paying jobs at their new University Court locations.  Sam Gaslin of 4Acre Commercial Real Estate represented Mathnasium.      

Sam Gaslin

CONTACTS:

Mary Frances West, CCIM, Vice President, NAI Realvest, 

407-875-9989 
mwest@realvest.com

Robin L. Webb, CCIM, CHA, CHB, CRB, CPM, MRICS, Managing Director, NAI Realvest, 407-875-9989 
Rwebb@realvest.com

Beth Payan or Larry Vershel, Larry Vershel Communications 

407-644-4142 
lvershelco@aol.com 
or beth@larryvershel.com