Arbor Funds $6.7 Million Freddie Mac SBL Deal in Michigan

  

David Galst

  

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

The three properties, totaling 154 units, received $6.7M in combined funding. Each loan comes with a 20-year term including a 10-year fixed rate.

Troy Village Apartments, Troy, MI

The portfolio includes: Troy Village Apartments in Troy, MI, which received $1.1M in funding; Pointe Place Apartments in Taylor, MI, which received $3M in funding; and Truman Village Apartments in Rockwood, MI, which received $2.5M in funding.

David Galst of Arbor’s Century City office originated the loan.

Pointe Place Apartments, Taylor, MI

 “I’m happy to report that the borrower sincerely appreciated Arbor’s straight-forward and hands-on execution in closing this cash-out refinance deal,” said Galst.

 “The terms of the loan facilitated the removal of a vacant lot adjoining one of the properties which was encumbered by the prior lender.”

Built in 1957, Troy Village Apartments offer amenities such as on-site parking, laundry facilities and high speed internet access. The property is in close proximity to I-75 with easy access to Detroit Metro Airport.

Truman Village Apartments, Rockwood, MI

Pointe Place Apartments, built in 1971, provide on-site parking options, high-speed internet access and rentable storage units.

Truman Village Apartments, also built in 1971, offer a park-like setting with a large pet-friendly community, playground and personal patios. The property is close to Lake Erie Metro Park and Lake Erie Smith Creek.

Arbor Realty Trust, Inc. (NYSE:ABR) is a nationwide real estate investment trust and direct lender, providing loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets.

Detroit Metro Airport

 Headquartered in Uniondale, New York, Arbor manages a multibillion-dollar servicing portfolio, specializing in Fannie Mae, Freddie Mac and other government-sponsored enterprises, as well as CMBS, bridge, mezzanine and preferred equity lending.

 Rated by Standard and Poor’s and Fitch Ratings, Arbor is committed to building on its reputation for service, quality and flexibility and dedicated to providing our clients excellence over the entire life of a loan.

Contact:

Arbor Realty Trust, Inc.

333 Earle Ovington Blvd, Suite 900

Uniondale, NY 11553

800.ARBOR.10

arbor.com

Bina Handa

Tel: 516.506.4229

bhanda@arbor.com

Marcus & Millichap Brokers $2.42 Million Sale of 4,375-SF BB&T Bank Site in St. Petersburg, FL

BB&T Bank, St. Petersburg, FL

ST PETERSBURG, 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 BB&T Bank, a 4,375-square foot net-leased property located in St. Petersburg, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office.

Ari Ravi

The asset sold for $2,425,000.

Jim Shiebler, James Garner and James Medefind, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. 

The buyer, a private investor, was secured and represented by Arthur D. Porosoff and Ryan T. Shaw, investment specialists in Marcus & Millichap’s Miami office. 

“Executing our comprehensive marketing approach and international platform to expose the asset to the widest possible buyer pool, we generated 12 offers for the property and sold the asset for 96% of list price. says Mr. Shiebler

Jim Shiebler

"We were able to attract a Miami buyer, who was performing a 1031 exchange from a land sale and negotiated a 45 day total the contract period.

"The cross-product type buyer appreciated the gentrification and resurgence of the submarket and we were able to prove the future value growth and upside of the area through the design of several proprietary analyses models which validated the price from a multitude of angles.”

            BB&T Bank is perfectly positioned at the signalized intersection of 34th Street North and 1st Avenue North, directly across the street from a Walmart Supercenter.

James Garner

 Other retailers in the immediate area include Walgreens, CVS Pharmacy, Citi Trends, Family Dollar, Church's Chicken, Checkers, Taco Bell, Dunkin' Donuts, KFC, Arby's, Burger King, Advance Auto Parts, AutoZone, O'Reilly Auto Parts, Shell, and 7-Eleven. 

            Ideally located on the hard corner of 34th Street North (U.S. Highway 19) and 1st Avenue North, which collectively expose the property to approximately 56,000 vehicles per day.

 U.S. Highway 19 is a dense retail corridor with high barriers to entry and is Pinellas county's busiest north/south thoroughfare.

James Medefind

The property lies adjacent to the Central Avenue corridor-- a recent hot spot for development.

Trendy new restaurants, boutique shops and breweries are drawing more and more young professionals to the immediate area. 

This location is also part of Historic Kenwood, a well-established, high demand and highly affluent neighborhood community. 
          

St Petersburg, Florida is located in Pinellas County and is part of the Tampa Bay MSA.

Pinellas County boasts the densest population in the State of Florida with over 274,000 people within a five-mile radius of the subject property

Arthur D. Porosoff

St Petersburg is home to the Tampa Bay Rays, an American League professional baseball team, multiple nationally recognized museums and award-winning beaches that have continuously ranked in the top 10 beaches in the world.

Contact:

Ari Ravi

Regional Manager

 Tampa, FL

(813) 387-4700

29th Street Capital Acquires The Dylan Apartments in Oceanside, CA

The Dylan Apartments, Oceanside, CA

Richard Marshall

Oceanside, CA -- 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired The Dylan Apartments, a 207-unit multifamily community in Oceanside, California.

29SC plans to invest approximately $8,500 per unit in capital improvements, including modern flooring, new cabinet fronts, interior doors, hardware and appliances as needed.

Exterior projects will include patio pavers and higher-quality finishes in addition to curing deferred maintenance. 

“We believe The Dylan is a tremendous opportunity to enter the Southern California market,” said Richard Marshall, Vice President of Acquisitions for Southern California. “The fundamentals in the market are strong as the costs of home ownership continue to rise.”

San Diego County has one of the highest concentrations of millennials in the country, an age cohort that heavily relies on renting.

The San Diego metro area is at near-historic low unemployment led by biotech, life sciences and health sector growth.

The Dylan is approximately four miles from downtown Oceanside and the beach. It is about eight miles from Camp Pendleton, which has an approximate daytime population of 80,000 and is home to 38,000 military family members.

 Residents also have access to the COASTER commuter train and State Route 76, providing short commutes to major employers along the 78 Corridor.

“Oceanside and the 78 Corridor are experiencing robust economic growth that shows no signs of slowing,” Marshall added.

“29SC hopes our business plan will ease the burden of renting in Southern California by offering high quality yet still affordable housing.”  

The transaction closed January 31. The sale price was not disclosed.

Contact:

Terri Thornton 

terri@territhornton.com

https://29thstreetcapital.com.

Marcus & Millichap Arranges $6.84 Million Sale of 15,826-SF Hofbrauhaus in Saint Petersburg, FL

Hofbräuhaus, 123 4th St South, Saint Petersburg, FL.

Bradford Lineberry

SAINT PETERSBURG, 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 Hofbräuhaus, a 15,826-square foot net-leased property located in Saint Petersburg, FL, according to Justin W. West, regional manager of the firm’s Orlando office.

The asset sold for $6,840,000.

  The buyer, a limited liability company, was secured and represented by Bradford Lineberry and Nick Ledvora, CCIM, investment specialists in Marcus & Millichap’s Orlando office. 

Nick Ledvora

Hofbräuhaus is located at 123 4th St S in 
Saint Petersburg, FL.

 “The buyer was attracted to the deal because of the long-term future potential of the site,” said Lineberry.

CONTACTS:

Justin W. West

Vice President

Regional Manager

Orlando, FL

(407) 557-3800

www.MarcusMillichap.com

HFF announces $19.5 million financing of Del Mar Corporate Plaza in San Diego, CA

         

Del Mar Corporate Plaza, Del Mar Heights, San Diego, CA

SAN DIEGO, CA –– HFF Holliday Fenoglio Fowler, L.P. (HFF) announces $19.5 million in financing for Del Mar Corporate Plaza, two newly renovated office buildings totaling 73,562 square feet in San Diego, California.

The HFF team worked on behalf of the borrower, EverWest Real Estate Partners, to secure the 10-year, 4.54 percent, fixed-rate acquisition loan through a correspondent life insurance company. 

Chris Collins

Del Mar Corporate Plaza is located at 12651 and 12671 High Bluff Drive in Del Mar Heights, which is considered by many to be Southern California’s premier coastal business and residential community. 

The property is within walking distance of the retail and dining amenities at the new One Paseo mixed-use development and is close to Carmel Country Plaza and Del Mar Highlands Town Center. 

Additionally, the asset is within close proximity to local freeways, including Interstates 5 and 805 as well as the Solana Beach and Sorrento Valley Coaster Stations, providing connectivity to the surrounding area.  

Renovated in 2017, the Class A creative office buildings feature small floorplates, a newly renovated fitness center with showers and locker rooms, outdoor patios, a two-story atrium lobby and updated common areas.  Del Mar Corporate Plaza is 79 percent leased to tenants, including HomeStreet Bank and Cirius Therapeutics. 

The HFF debt placement team representing the borrower included director Chris Collins.

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

CONTACTS:

CHRIS COLLINS

CA Lic. #01927590

HFF Director

(858) 552-7690

ccollins@hfflp.com

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

One Agave Center sells in Phoenix’s I-10 Technology Corridor

Brian Ackerman

 PHOENIX, AZ – The Phoenix office of JLL has completed the sale of One Agave Center, one of the only four-story office buildings situated along the South Tempe/Ahwatukee portion of the I-10 Technology Corridor in metro Phoenix’s Southeast Valley.

JLL Executive Vice President Brian Ackerman represented the property seller, Tryperion Partners and Griffin Partners. Orsett Properties was the buyer. 

“This is the only four-story office building in this section of the I-10 Technology Corridor, in a very popular residential market. That demand is reflected in the area’s low Class A vacancy rate for office space located within one-half mile of the freeway,” said Ackerman.

“Most of the businesses within One Agave Center are blue chip tenants who have been here for years and take great pride in their longevity and in the future of the area. This creates tremendous stability with existing and new tenants interested in One Agave Center.”

One Agave Center, 8950 South 52nd Street,Tempe, AZ

Built in 2000, One Agave Center is located on 4.56 acres at 8950 S. 52^nd St. in Tempe, Arizona, just south of Warner Road and East of Interstate 10 in the Southeast Valley submarket.

The 77,432 square-foot, Class A office building offers direct freeway frontage and immediate access to I-10. It is also located just 2.5 miles north of the anticipated Loop 202 extension and within one mile of more than 40 dining and retail amenities. There are 7.8 million square feet of retail amenities within three miles of the project.

Part of the I-10 Technology Corridor, One Agave Center currently holds an 87.2 percent occupancy rate, 50 percent of which is from technology and advanced business services companies.

 Major tenants include Tyler Technologies, Radiall, Qwaltec, 84 Lumber and Berkshire Hathaway Home Services.

 Contact:

 Stacey Hershauer

Phone: +1 480 600 0195

Email: stacey@focusaz.com

www.jll.com.

Prime South Florida Retail Asset Hits the Market for the First Time in 78 Years at $8 Million

Love Family Building, 310 E. Atlantic Avenue, Delray Beach, FL

DELRAY BEACH, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has been selected to exclusively market for sale the Love Family Building, a 5,753 square-foot, two-tenant retail asset in Delray Beach, Florida. The price is $8 million.

Howard Bregman

“This is an extraordinary and rare opportunity for an investor to acquire a prime retail asset in the heart of downtown Delray Beach, FL” says Howard Bregman, first vice president investments in Marcus & Millichap’s Fort Lauderdale office.

“Tenant demand and development continue to rise in Delray Beach - especially with the revitalization and redevelopment of the Delray Beach Art District, which has transformed the area into a major tourist attraction.”

Bregman is representing the seller, a private owner, that has owned the property for over 78 years.

The property is in the heart of downtown Delray Beach, FL. The Love Family Building is located at 310 E. Atlantic Avenue on the South side of Atlantic Avenue between Southeast 3^rd Avenue and Southeast 4^th Avenue on the premier block in prime downtown Delray Beach.

Delray Beach, FL Art District

The property also sits directly in front of the future Delray City Market, a 120,000 square foot, four-story, mixed-use building and directly adjacent to Urban Outfitters, and on the same block as SunTrust Bank and Capital One Bank & café.

Constructed in 1940, the Love Family Building consists of two retail units which are currently occupied by two tenants on a short-term lease well below the current market rents. 

Contacts:

 Ryan Nee

Vice President / Regional Manager

 Fort Lauderdale

(954) 245-3400

or

Stephanie Carten
Marketing Coordinator
Marcus & Millichap 5900 North Andrews Avenue Suite 100 Fort Lauderdale, FL 33309 (954) 245-3477 direct (954) 245-3400 main (954) 245-3410 fax stephanie.carten@marcusmillichap.com

www.MarcusMillichap.com

HFF announces $8.6 million sale of medical office building near Duke Regional Hospital in Durham, NC

Duke Medical Complex, 4321 Medical Park Drive, Durham, NC

Zack Drozda

CHARLOTTE, NC –– HFF announces the $8.6 million sale of Duke Medical Complex, a two-story medical office building totaling 79,202 square feet in Durham, North Carolina.

The HFF team represented the seller, and procured the buyer, 5401 Holding Co LLC. 

Duke Medical Complex is located at 4321 Medical Park Drive within close proximity to the Duke Regional Hospital in Durham’s micro-medical submarket. 

Scot Humphrey

The property is situated on more than eight acres and has convenient access to the area’s major thoroughfares, including U.S. 501 and Interstate 85, which link the greater Triangle region. 

Completed in 2001, the 78-percent-leased medical office building is anchored by a division of the renowned Duke University Health System. 

The HFF investment advisory team representing the seller consisted of director Zack Drozda managing director, Scot Humphrey, senior managing director Ryan Clutter and senior director Chris Lingerfelt. 

“The offering represented an excellent value-add opportunity for medical office investors, backed the tenancy and credit of Duke University Health System,” stated Drozda. 

Ryan Clutter

Holliday GP Corp. ("HFF") is a North Carolina licensed real estate broker.

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. 

 HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. 

 HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). 

For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

Chris Lingerfelt

CONTACTS:

ZACK DROZDA

HFF Director

(704) 526-2812

zdrozda@hfflp.com

SCOT HUMPHREY

HFF Managing Director

(919) 573-4641

shumphrey@hfflp.com