HFF announces $8 million sale and $4.8 million financing of Orlando, FL neighborhood retail center

Village Shoppes at  Altamonte, Altamonte Springs, FL

ORLANDO, FL, Jan. 28, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $8 million sale of and $4.8 million acquisition financing for the Village Shoppes at Altamonte, a 35,381-square-foot, fully leased retail strip center in the Orlando-area community of Altamonte Springs, Florida.

The HFF team marketed the property on behalf of the seller, Pacific West Land. 

Derek Waltchack

 A fund sponsored by Shannon Waltchack, a Birmingham-based owner operator, purchased the center. 

Additionally, working on behalf of the new owner, the HFF debt team placed an eight-year, non-recourse acquisition loan with Continental Casualty Company, a subsidiary of CNA Financial Corporation.

Village Shoppes at Altamonte is situated on 6.1 acres at 249 West SR 436 in the dominant retail trade area of Altamonte Springs, which is located eight miles north of downtown Orlando. 

With direct frontage on SR 436, the center is exposed to more than 60,000 vehicles per day.  The recently renovated Village Shoppes at Altamonte is 100 percent leased to a variety of tenants, including International Diamond Center, Skyra Performing Arts Center, Copacabana Cuban Café, Antica Pizzeria, Cookie Dough Bliss and Spa Touch Dentistry.

Joey Azar

The HFF investment advisory team representing the seller included senior managing director Brad Peterson, senior director Whitaker Leonhardt and analyst Tommy Isola.

The HFF debt placement team representing the new owner consisted of managing director Rebecca Van Reken.

“Village Shoppes at Altamonte is ideally situated in the heart of the thriving SR 436 retail corridor and has greatly benefitted from the I-4 Ultimate Project, nearby road improvement projects and surrounding infill redevelopments introducing new hotels, apartments and office buildings,” Leonhardt said. 

Rebecca Van Reken

“The financing of Village Shoppes at Altamonte demonstrates that there remains a wide variety of debt alternatives available for well-occupied retail centers,” Van Reken added.  “This non-recourse loan was creatively tailored to match the specific needs of our client and their business plan.”

Brad Peterson

Shannon Waltchack has recently raised a fund, SW Neighborhood Centers (SWNC), to acquire unanchored neighborhood centers in affluent and dense communities across the southeast with a diverse mix of e-commerce resistant tenants.

“We have $75 million dedicated to finding small, unanchored neighborhood centers like Village Shoppes,” stated Derek Waltchack, a founder of Shannon Waltchack.   

“In 2019 we’d like to buy two to three more centers in Orlando” said Joey Azar, Shannon Waltchack managing director, who overseas acquisitions, financings and dispositions for the fund.

HFF recently announced the closing of three other Orlando-area retail centers, Marketplace at Seminole Towne Center, The Fountains at Bay Hill and International Drive Value Center in addition to the sale and financing of The Shoppes of Lake Mary last spring.

Whitaker Leonhardt

With an experienced eye and a disciplined, mathematical approach, Pacific West Land researches, analyzes, and invests in real estate across the United States. 

Comparing real estate values across different regions, Pacific West Land identifies inefficiencies as real estate markets react to economic cycles and respond to changes in local conditions.

This translates to an ability to change with the times, adapting investment strategies as new opportunities occur.  Visit http://www.pacificwestland.com to learn more.

A full service commercial real estate firm, Shannon Waltchack manages, brokers, develops, and acquires property across the Southeast.

Since its inception in 2005, Shannon Waltchack has closed more than $1.4 billion in real estate transactions and manages a diverse portfolio that includes more than 80 properties spanning five states and over three million square feet.

Shoppes of Lake Mary, Lake Mary, FL

For more information, please visit www.shanwalt.com.

CNA is one of the largest U.S. commercial property and casualty insurance companies. 

CNA provides a broad range of standard and specialized property and casualty insurance products and services for businesses and professionals in the U.S., Canada and Europe, backed by 120 years of experience and approximately $45 billion of assets. 

For more information about CNA, please visit their website at www.cna.com.

CONTACTS:

BRAD PETERSON

FL Lic. # BK3162030

HFF Senior Managing Director

(407) 745-3900

bpeterson@hfflp.com

WHITAKER LEONHARDT

FL Lic. # SL3221137

HFF Senior Director

(407) 745-3900

wleonhardt@hfflp.com

REBECCA VANREKEN

HFF Managing Director    

(407) 745-3900

rvanreken@hfflp.com

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com

SHANNON WALTCHACK

Suzanne Echols

(205) 868-3807

se@shanwalt.com

Stos Partners Adds Industry Veteran Jay Boyle to Expanding Institutional-Focused Investment Platform

Jay Boyle

San Diego, CA (Jan. 28, 2019) – Stos Partners, a privately held commercial real estate investment and management firm, has launched a new investment initiative focused on the interests of institutional investors. 

The new venture will augment the company’s existing private capital investment platform, through which the firm has transacted on more than $280 million in commercial properties in the past 12 months.

“Growing our platform to more institutional capital and expanding our geographic footprint is the natural next step in our company’s growth,” says CJ Stos, Principal of Stos Partners. 

CJ Stos

“We recently acquired our first asset outside of Southern California – an $88 million, 1,350,000 square-foot multi-tenant industrial portfolio in the U.S. border city of Laredo, Texas.

"This new investment initiative will continue that momentum and position us to leverage larger acquisition opportunities in high-growth markets throughout the U.S.”

To spearhead its new institutional investment initiative, Stos Partners has added veteran commercial real estate expert Jay Boyle to its team.

“Jay brings extensive top-of-the-market institutional experience to our firm,” says Stos. “He possesses deep transactional knowledge and strong institutional ties that will enable us to develop stronger capital relationships in the industry, which will be pivotal in our firm’s continued expansion.”

Boyle honed his transactional skills as a broker for over a decade, followed by five years as a Principal. As Vice President of Acquisitions for Locale Advisors, he oversaw all acquisition, financing, disposition, and joint-venture activities and directed the procurement of nearly $315 million in Class A and creative office assets. 

Prior to Locale Advisors, Boyle served as Vice President of Equity Sales for Eastdil Secured, where he facilitated nearly $2 billion in office and industrial sale transactions totaling more than 5.6 million square feet.

 Contacts:

Micaela Fehrenbach/ Jenn Quader

Brower Group

(949) 955-7940

mfehrenbach@brower-group.com

www.stospartners.com.

$5.9 Million Cash-Out Nonrecourse Loan Arranged by MMCC in Miami, FL

23 Palms Multifamily Tower, Edgewater submarket, Miami, FL

MIAMI, FL – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged a $5.9 million nonrecourse loan with a government-sponsored enterprise to refinance 23 Palms, a 42-unit multifamily property located in the Edgewater submarket of Miami, Florida.

Robert Bhat

The loan included cash-out to the borrower.

“Situated within a highly desirable location, 23 Palms is a well-managed property that maintains excellent occupancy,” said Robert Bhat, vice president capital markets in MMCC’s Miami office. 

“We were able to take advantage of the low-rate lending environment to secure 4.65 percent for 10 years with three years of interest-only.” 

  

 Contacts:

Ari Ravi

Regional Manager, Tampa

(813) 387-4700

 www.MarcusMillichap.com

 www.mmCapCorp.com

Daniella Aragon
Marketing Coordinator
Marcus & Millichap 5201 Blue Lagoon Drive Suite 100 Miami, FL 33126 (786) 522-7000 main (786) 454-0094 mobile (786) 522-7010 fax daniella.aragon@marcusmillichap.com

Marcus & Millichap Arranges $1.8 Million Sale of 16-Unit Tropic Aire Apartments in St. Petersburg, FL

Tropic Aire Apartments, St. Petersburg, FL

 ST PETERSBURG, FL, Jan. 28, 2019 – 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 Tropic Aire Apartments, a 16-unit apartment property located in St Petersburg, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office.

 The asset sold for $1,800,000.

Joshua Teplitzky

Joshua Teplitzky, First Vice President of Investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. 

Tropic Aire Apartments is a 16-unit apartment community located in the city of St. Petersburg, Florida which is in Pinellas County.

 Built in 1951, all 16 of the units have individual air conditioning and radiant heating, the building sits on a total of 0.19 approximate acres of land, across one parcel. Amenities includes on-site laundry and a picnic area with a grilling station.

“Tropic Aire Apartments is well located in the Old Northeast of St. Petersburg and consists of all studio floor plans. In the first two weeks of marketing, we drove a full price offer from a buyer out of Southwest Florida.

"We were able to sell the property at a 5.58% capitalization rate and $250 per square foot, once again demonstrating our ability to set the bar higher on metrics for properties in prime locations with walkability to the Urban Core,” concluded Teplitzky.

Contact:

Ari Ravi

Regional Manager, Tampa

(813) 387-4700

 www.MarcusMillichap.com

Arbor Funds $7.5 Million Freddie Mac SBL Refinance Deal in Sumner, WA

Cavalla Apartment Homes, Sumner, WA

UNIONDALE, NY– Arbor Realty Trust, Inc. (NYSE:ABR),  a leading multifamily and commercial mortgage lender, recently funded a Freddie Mac SBL deal in Sumner, WA.

Cavalla Apartment Homes, a 72-unit multifamily property, received $7.5M in funding through the Freddie Mac SBL program. The refinance deal features a 10-year hybrid term.

Jonathan Chaim

Jonathan Chaim, of Arbor’s New York City office, originated the loan.

“This deal reflects the innovative solutions Arbor is able to customize for its clients,” said Chaim. “We were proud to execute this high quality loan in the Seattle–Tacoma–Bellevue, WA Metropolitan Statistical Area, one of the most populated regions in the country and a top Freddie Mac market.”

Built in 2005, Cavalla Apartment Homes offer beautiful two-story residences with gourmet kitchens, washer/dryer units, personal garages, tiled fireplaces, private balconies and a shared gazebo.

 CONTACTS:

Bina Handa

Tel: 516.506.4229

bhanda@arbor.com

HFF announces $155 million financing for development of two new-build beachfront hotels in Oceanside, CA

Renderings of two Oceanside Beach Resort Hotels, Oceanside, CA

Timothy Wright

SAN DIEGO, CA –– HFF announces $155 million in construction financing for the ground-up development of two oceanfront hotels in Oceanside, California.

Working on behalf of the developer, S. D. Malkin Properties, the HFF team placed the construction financing with Bank OZK and an East Coast-based institutional investor.   

The two hotels will be developed over a 2.75-acre, two-block site located along Mission Avenue and North Pacific Street. 

 Both properties will have immediate access to the beach and, combined, feature 387 rooms, 85 percent of which will have water views. 

 The hotels’ location in Oceanside places it central to several of Southern California’s most famous attractions, including Disneyland, Legoland, Sea World and the San Diego Zoo.

Scott Hall

One of the hotels will be operated by Destination Resorts and the other by Joie de Vivre (both brands are owned by Hyatt). 

The hotel operated by Destination Resort will have 226 rooms, a signature restaurant, indoor/outdoor lounge, pool with ocean views, luxury spa and more than 20,000 square feet of meeting and event space. 

The hotel operated by Joie de Vivre hotel will have 161 guest rooms, a rooftop pool and bar, world class restaurant, public garden and 3,000 square feet of retail space and feature the historic circa 1887 Graves House, a local icon commonly known as the “Top Gun” house, which will be completely renovated and opened to the public.

The HFF team representing the borrower included senior managing directors Timothy Wright and Scott Hall, director Olga Walsh and analyst Aaron Lapping. 

Olga Walsh

“The beachfront hotels will be distinctive but complementary, providing a full-service and boutique experience in downtown Oceanside’s burgeoning retail, restaurant and entertainment district,” Wright said.  “The hotels will help meet the demand for high-quality, unique beachfront hospitality in San Diego and Southern California.”

Aaron Lapping

Holliday GP Corp. ("HFF") is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

S.D. Malkin Properties, Inc. is a global real estate company specializing in creating and operating experiential retail and hospitality destinations for discerning global audiences.

  S.D. Malkin’s expertise includes retail, hotel and urban mixed-use projects in the United States, including the award-winning Hilton Gaslamp and Cable Building Lofts in San Diego as well as two Rodeo Drive in Los Angeles and, through Value Retail PLC and VIA Outlets, affiliated companies, luxury factory outlet retail Villages in Europe and China. 

Historic circa 1887 Graves House, a local icon commonly known as the “Top Gun” house

S.D. Malkin is also currently involved in the development of large scale, sports and entertainment anchored mixed-use master planned environments. 

 S.D. Malkin Properties has offices in Greenwich, Connecticut, and San Diego, California.  For more information, visit www.sdmproperties.com.

CONTACTS:

TIMOTHY WRIGHT

CA Lic. #00947194

HFF Senior Managing Director
(858) 552-7690

twright@hfflp.com  

SCOTT HALL

CA. Lic. #01917029

HFF Senior Managing Director  

(858) 552-7690

shall@hfflp.com

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com

RPH Multifamily of Marcus & Millichap Launches in Tampa, FL

Ned Rogers

TAMPA, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the formation of a Florida- and South Georgia-focused apartment brokerage advisory team, RPH Multifamily of Marcus & Millichap.

Formed by Ned Roberts, CCIM, Adam Podbelski and Jason Hague, the team has closed more than $650 million in multifamily transactions in Florida.

“With over 50 years of combined commercial real estate experience and the proven ability to leverage Marcus & Millichap’s national platform to deliver outside capital to the Florida market, RPH Multifamily of Marcus & Millichap is uniquely positioned to advise clients throughout Florida and Southern Georgia,” said Ari Ravi, regional manager of the firm’s Tampa office.

Adam Podbelski

                Roberts and Hague are based in Tampa, and Podbelski is in Fort Myers.

 RPH Multifamily of Marcus & Millichap includes Allan Holbrook, a 30-year industry veteran and senior associate based in Jacksonville, Duane Anderson, an associate in Orlando, and Sebastian Harris and Christine Daly, associates in Tampa.

“Given the strong worldwide demand for Florida’s multifamily assets, deep knowledge of the Sunshine State’s economically and geographically diverse marketplace is critical,” commented Roberts.

“Our statewide agent team and expert staff provide clients with an unparalleled level of local access and expertise,” said Hague.

               

Jason Hague

The team is supported by Chris Kool, senior financial analyst, and Jen Walstad and Michael Clennan, marketing coordinators.

“We’re thrilled to be leading such an accomplished group of individuals and are excited to grow our presence in Florida and Southern Georgia,” added Podbelski.

With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. 

Founded in 1971, the firm closed nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. 

Ari Ravi

Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. 

To learn more, please visit: www.MarcusMillichap.com

Sebastion
Harris

Allan
Holbrook

Duane C.
Anderson

CONTACTS:

Ari Ravi, Regional Manager, Tampa

(813) 387-4700

or

Whitney Davis
Marketing Coordinator
Marcus & Millichap 201 North Franklin St. Suite 1100 Tampa, FL 33602 (813) 387-4700 main (813) 387-4743 direct (813) 387-4710 fax whitney.davis@marcusmillichap.com done deals

HFF appoints senior managing director Ken Martin to co-head Indianapolis office

INDIANAPOLIS, IN –– HFF announces senior managing director Ken Martin has been appointed to co-head the firm’s Indianapolis office.  Mr. Martin will lead the office’s debt and equity placement business alongside senior managing director David Keller.

Mr. Martin has more than 10 years of experience in commercial real estate, having joined HFF’s Indianapolis office in 2010.  During his tenure with the firm, he has successfully completed more than $2.1 billion in commercial real estate transactions. 

David Keller

Mr. Martin is an active member of NAIOP and is a Certified Commercial Investment Member (CCIM).  He holds a Master of Business Administration degree from the University of Georgia and completed his bachelor’s degree at Indiana University.

“Ken has been an integral member of the Indianapolis office for many years now,” said Keller.  “HFF’s philosophy is to place the most talented and passionate individuals in positions to lead and Ken is more than ready for the challenge of running the day-to-day operations of the Indianapolis office.”

CONTACTS:

DAVID B. KELLER

HFF Senior Managing Director

(317) 630-3191

dkeller@hfflp.com 

KEN MARTIN

HFF Senior Managing Director

(317) 630-3191

kmartin@hfflp.com

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com