Celebrities' Home in Calabassas, CA on Market for $6.6 Million

Calabassas, CA Home at 5150 GARRETT Court Attracts Top Hollywood Names

Photo credit: Douglas Elliman         Source: www.elliman.com

CALABASSAS. CA --Since the early days of Hollywood, celebrities have been buying each other’s houses, either as a moving-up status symbol or to be assured of being in the right celebrity neighborhood equal to their peers.

Khloe Kardashian 

As neighborhoods close to the studios became heavily populated, Calabasas and Hidden Hills in the western end of the San Fernando Valley became more exclusive with their protected gated communities and homes that provided more breathing space.

Selena Gomez 

At least five of the Jenner-Kardashian clan live in the Calabasas area and the large celebrity group of residents often sell to other celebrities such as Justin Bieber to Khloe Kardashian and Selena Gomez to rapper French Montana - who also dated Khloe Kardashian who lives nearby.

 Justin Bieber 

Calabasas celebrity lives intertwine as do the houses they also seem to share between them. Gomez sold to Montana in 2016 after living there for three years and three years later Montana is hoping to pass it on to the next buyer and has put it on the market priced at $6.6 million.

Understandable how a young single person could feel somewhat overwhelmed after rambling around in a 7,786-square-foot mansion with five bedrooms and six baths on 3.10 acres of land.

French Montana

Located in the gated Mureau Estates community and built in 2004 of stucco and stone, Montana’s home was designed with entertaining in mind.

Palatial with its five fireplaces, large rooms, tile floors and chef’s kitchen outfitted to handle large parties and with a large pantry, it caters to those who crave creature comforts and entertain routinely.

 Included are a formal living room, dining room with floor-to-ceiling windows, private family rooms, full bar, gym and movie theater.

Glass doors open to a stunning backyard with pool, spa, cabana, Viking outdoor kitchen and a brick pizza oven. Montana turned the former guest house into a $400,000 eclectic recording studio that is guarded by a large elephant topiary.

 There is also an outdoor courtyard, four-car garage and parking for more than ten cars.

The home was purchased by Selena about the same time she was ending her starring role in the Disney Channel’s Wizards of Waverly Place and taking a temporary break from her music career to pursue more acting roles.

 She sold the house in 2016 to Moraccan-American rapper Karim Kharbouch, better known by his stage name, French Montana.

 Gabriel Palmrot 

A year after moving in, Karim released his second studio album, Jungle Rules, which landed at number three on the Billboard 200.

 Its single, Unforgettable, was his first song as lead artist to reach the top 10 on the U.S. Billboard Hot 100.

This Calabasas celebrity mansion might exude a special fairy dust that, within three years, propels its young owners towards the pinnacle of their future success, such as it seems to have done for Selena Gomez and now French Montana.

The listing agent is Gabriel Palmrot of Douglas Elliman, Beverly Hills.

CONTACT:                                                                                               

Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504
Twitter:  @toptenrealestat
facebook.com/toptenrealestat 

Former Home of Boris Karloff and Katharine Hepburn in Los Angeles for Sale at $9 Million

Los Angeles, CA Former Home of Katharine Hepburn and later, Boris Karloff

Photo credit: Jim Bartsch             Source: www.elliman.com

LOS ANGELES, CA -- A Los Angeles home where Katharine Hepburn lived early in her Hollywood career and Boris Karloff at the height of his career is for sale.

 Hepburn, who was the queen of romance movies, and Karloff, who was the king of monster movies, occupied the home that is still owned by people with film-industry connections, according to TopTenRealEstateDeals.com.

Katharine Hepburn

The 5,000-square-foot, hacienda-style home in Hollywood’s celebrity-rich 90210 zip code has recently been placed on the market, priced at $8.995 million.

When Katharine Hepburn made the transition from Broadway to Hollywood in 1932, she rented the home and lived in it for the next five years.

 Katharine had been discovered by a Hollywood talent scout in New York during her performance in The Warrior’s Husband who invited her to do a screen test for Joseph P. Kennedy’s RKO Pictures.

Boris Karloff 

Katharine was so different from Hollywood’s other stars that famed director George Cukor referred to her as an “odd creature.”

Her independent style and business acumen turned her into one of the world’s most popular stars for the next 60 years.

In 1938, Boris Karloff bought the Bowmont Drive home after he attained star status in the horror-film genre for his monster characters in Frankenstein, The Walking Dead and others.

He continued to live there until 1945, enjoying his passion for gardening and turning the grounds into a tropical paradise.

George Cukor

Built in 1927, the five-bedroom, six-bath home appears to rest on a cushion of shrubs and flowers with terraces, two outdoor fireplaces, lawns and steps leading down to the swimming pool. Inside, whitewashed brick walls are balanced by wood or tile floors and wood ceilings with beams.

Joseph P. Kennedy

With six interior fireplaces added to the two outside, there are many choices where one can cuddle up by a blaze on a chilly evening.

A perfect home for entertaining, its walls must have many stories to tell, from the large kitchen to intimate conversation areas and garden spots among tropical blooms, roses and fruit trees.

The listing agent is Brendan Fitzpatrick of Douglas Elliman, Beverly Hills.

CONTACT:                                                                                               

Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504
Twitter:  @toptenrealestat
facebook.com/toptenrealestat 

Mission-critical Emerson Hospital outpatient facility in Concord, MA trades hands for $23 Million

 Emerson Hospital Center for Specialty Care, 54 Baker Avenue, Concord, MA

BOSTON, MA – JLL Capital Markets announced today that it has successfully facilitated the disposition of the 46,350-square-foot medical office property known as the Emerson Hospital Center for Specialty Care. 

Travis Snell

Located at 54 Baker Avenue Extension in Concord, Massachusetts, and highly visible from Route 2, the building serves as a highly-specialized, mission-critical outpatient facility for Emerson Hospital.

Mindy Berman 

JLL exclusively represented the seller, Concord Property Management, and procured the buyer, a joint venture of Celera Properties and AEW Capital Management, who purchased the property for $23.3 million.

 Coleman Benedict

This three-story asset has seen an outsized capital investment, creating a highly specialized facility that has become a cornerstone for the delivery of care. Emerson Hospital occupies the entirety of the property on a long-term lease. 

Ben Sayles

The campus-adjacent center provides expert services for adults and children in the fields of cardiology, endocrinology, imaging, laboratory, nephrology, neurology, orthopedics, pain management and wound care.

Mike Restivo

Due to its success in maximizing the performance of the asset, the buyer has plans to retain the seller for property management services.

“Our team is thrilled with this transaction – the process was highly competitive and well executed,” said Travis Snell, President of Concord Property Management. “We very much look forward to working with the Celera/AEW team in their stewardship of this asset.”

JLL’s Capital Markets team representing the seller was led by Coleman Benedict, Ben Sayles, Mike Restivo, Mindy Berman and Brannan Knott.

Brannan Knott

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization.

 The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Contact: 

Kristen Murphy

 JLL Senior Manager

 Public Relations

Phone: +1 617 848 1572

Email: Kristen.Murphy@am.jll.com

The Castell Project Releases Third Annual Women in Hospitality Industry Leadership Report

Peggy Berg

ATLANTA, GA, Feb. 6, 2020—Officials of Castell Project, Inc., a 501(c)3 nonprofit organization dedicated to accelerating the careers of women professionals in the hospitality industry, today released the 2020 Women in Hospitality Industry Leadership report. 

 Now in its third year, the report benchmarks the hospitality industry’s performance in women’s careers in leadership.

“Even though a great deal of distance still needs to be covered to reach true gender parity, we were delighted to find the pendulum starting to swing in the proper direction,” said Peggy Berg, president, Castell Project, Inc.

  “We are seeing an acceleration of women in leadership roles across the political, civic and business spectrum. 

"This is supported by the pipeline of graduates coming out of colleges and universities, by the strong and deep bench of female talent currently at work in numerous industries, including hospitality, by the opportunities created as baby boomers retire, by the share of wealth now controlled by women and by widespread interest among both men and women in realizing the benefits of this cultural shift.”

 “It is heartening to have the statistical information that demonstrates companies are beginning to take notice that gender diversity is good for the bottom line,” Berg added. 

“However, the Castell Project is nowhere near its goal of seeing women in more than one of three C-suite positions in every major hospitality organization. 

"Research continues to prove that companies with greater gender diversity are more profitable and often can approach new issues and opportunities with a fresher perspective made up of many differing voices. 

"We look forward to the day when our mission is complete, but will continue to track and work diligently until we achieve those goals.”

To download a copy of the report, please visit www.CastellProject.org.

 CONTACT:

CHRIS DALY

PRESIDENT

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-864-5553

chris@dalygray.com | www.dalygray.com

NAI Realvest | Charles Wayne Commercial Completes Assemblage Sale on S. Myrtle Avenue in New Smyrna Beach, FL

 

Brad Gifford

 NEW SMYRNA BEACH, FL -- NAI Realvest | Charles Wayne Commercial recently completed an assemblage sale of adjacent lots for a total of $500,000 or $250,000 each for 400 and 406 S. Myrtle Avenue in New Smyrna Beach .

Brad Gifford, Associate at NAI Realvest | Charles Wayne negotiated the assemblage representing the sellers of both lots. 

 Houston-based Festival Properties, Inc.  owner of the 0.67 acre lot at 406 S. Myrtle Ave. and Sharon Clark of New Smyrna owner of the 0.68 acre lot at 400 S. Myrtle Ave.     

FAK Property Enterprises, LLC of Edgewater , Fla. purchased the adjacent properties totaling 1.35 acres for a commercial development.   

The buyer was represented by James Archimbaud of The Keyes Company.

CONTACTS:

Brad Gifford, NAI Realvest | Charles Wayne Commercial 

407-875-9989 or 386-337-4433  bgifford@realvest.com  

 Patrick Mahoney, President / CEO, NAI Realvest 

407-875-9989 pmahoney@realvest.com

 Beth Payan, Larry Vershel Communications 

407-644-4142 or 407-461-3781 beth@larryvershel.com

Arbor Names Derek Kirma Vice President Operations in San Diego, CA Office

 Derek Kirma

UNIONDALE, NY – Arbor Realty Trust, Inc.(NYSE:ABR), a real estate investment trust and national direct lender specializing in loan origination and servicing for multifamily, single-family rental (SFR) portfolios, seniors housing, healthcare, and other diverse commercial real estate assets, is pleased to announce the appointment of Derek Kirma as Vice President, Originations.

Mr. Kirma will be responsible for originating Fannie Mae, Freddie Mac, FHA, SFR, CMBS, Bridge, Mezzanine, and Preferred Equity loan transactions.

He is based out of Arbor’s San Diego, CA, office and reports directly to Frank Lutz, Executive Vice President and Chief Production Officer.

 With more than 10 years of industry knowledge, Mr. Kirma has extensive experience delivering client specific financing across all agency platforms.

Frank Lutz

“Derek’s expertise in the sector will be invaluable to us at Arbor as we continue to expand our diverse product offerings to our thriving client base across the country," Mr. Lutz said.

"His leadership in our new San Diego office reflects Arbor’s enhanced presence in the region and is an integral part of our overall growth strategy,” 

 Prior to his current position at Arbor, Mr. Kirma built loan production teams and financed multiple commercial real estate asset classes for a regional financial services company.

 Mr. Kirma received his Bachelor of Science from the University of Oregon.

CONTACT:

 Bina Handa

Tel: 516.506.4229

bhanda@arbor.com

Headline-Weary Foreign Investors See Real Estate as Safe Havens

John Oharenko

Chicago, IL – Global virus concerns, trade wars, impeachment, and the Fed’s steady course on interest rates top the news and scare the stock market, says The Real Estate Capital Institute.

As a result, benchmark treasury rates plunged since the beginning of the year by about 30 basis points.  In comparison to a year ago, after three rate drop by the fed, the 10-year rate hovers about 120 basis points lower, hitting similar levels witnessed the end of last summer.

The Real Estate Capital Institute’s director, John Oharenko, notes, "For investors seeking yield, it’s a race to the bottom.

" Also, global fears override any strategic investment decisions, particularly for overseas investors.  

"However,  strong real estate markets fundamentals should drive more money into the sector, perceived as safe-haven investments.”

Any mortgage rate discussions focus on maintaining underwriting discipline rather than reaching higher profit hurdles.  Lenders scramble to find quality loans, as overall funding activity levels tapper off.  

That said, the economy continues to outperform expectations, as the “Great Recovery” continues into the new decade.  And, mortgage rates stay attractive for borrowers recapitalizing most types of debt.

 Absolute rates dip to the lower-3%-range for conservative leveraged loans based on ten-year terms.  Higher leverage debt prices about a half-point more for reaching up to 80% LTV.  That said, the most permanent debt stays under 4%, except for debt with Mezz financing for tapping above the 80% level.

 Equity investors lament on finding proper risk-adjusted returns, understanding cap rate compression endures. 

 Low-interest rate expectations drive tighter pricing expectations, with core investors modeling mid-single-digit returns in prime markets.  

Otherwise, core-plus, value-add opportunity deals selectively exist, requiring more creativity and flexibility in property types and geographic areas to achieve higher yields.

 CONTACT: 

                                                                                              

John Oharenko 

Executive Director

john.oharenko@reci.com

 director@reci.com / www.reci.com

Longfellow Acquires Perimeter’s Edge's five-building campus in Research Triangle, NC

 Jessica Brock.

RESEARCH TRIANGLE, NC -- Feb. 3, 2020 -- Longfellow Real Estate Partners, which invests in life science, lab and innovation space across the U.S., announced today the acquisition of Perimeter’s Edge, a 399,072 square foot portfolio of five office/flex single-story buildings adjacent to Research Triangle Park. 

Perimeter’s Edge is part of a larger array of buildings and amenities known as Perimeter Park strategically located between RTP proper, RDU International Airport and the region’s major cities.

The five buildings that make up Perimeter’s Edge are 2400 Perimeter Park, 2450 Perimeter Park, 2600 Perimeter Park, 507 Airport Blvd and 5151 McCrimmon Pkwy. Images are here.    

The five buildings that make up Perimeter’s Edge are 2400 Perimeter Park, 2450 Perimeter Park, 2600 Perimeter Park, 507 Airport Boulevard and 5151 McCrimmon Parkway.

Ahead for the portfolio, which opened in 1990 and was refurbished in 2002:

·    Longfellow will begin a series of capital improvements, including facade and landscape enhancements. 

·    Longfellow will implement its proprietary amenities and hospitality program, Elevate, which aims to redefine workplaces with lifestyle perks.

·    Longfellow will eventually convert vacant suites to state-of-the-art lab space. 

The approach is similar to transformations Longfellow has successfully undertaken elsewhere, including at RTP’s Venture at Imperial Center.

Keystone Technology Park

 Longfellow acquired Venture in 2015 and set out to remake it. The 142,746 SF Venture is now 100 percent leased. Similarly, Longfellow recently acquired and is upfitting properties in Palo Alto, San Diego and San Francisco.

CONTACT:

Billy Warden 

bwarden@gbwstrategies.com

Principal | 919.412.0630 | @BillyWarden

The Preiss Company and Investcorp Complete Joint Venture Acquisition of 525-Bed Signature West Midtown Student Housing Complex in Atlanta, GA

Susan Folckemer

ATLANTA, GA, Feb. 3, 2020—Officials at The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, and Investcorp, a leading global provider and manager of alternative investment products, today announced the joint venture acquisition of the 525-bed Signature West Midtown student housing complex in Atlanta, Ga. 

“This acquisition marks our fourth student housing complex in Georgia and our entry into the attractive and growing Atlanta market,” said Susan Folckemer, chief acquisitions & development officer, TPCO.  

“Signature West Midtown benefits from an exceptional location just steps from Georgia Tech and aligns with The Preiss Company's business strategy of targeting properties based on school selectivity, the health and diversity of the job market in which the asset is located and the asset itself.  

525-bed Signature West Midtown student housing complex
at 800 Marietta Street NW, Atlanta, Ga 

"The recently completed building and units are in excellent physical condition, and we foresee minimal, if any, new renovations in the immediate future.  

"We are confident that the Signature West Midtown will benefit from our proprietary marketing and management tools and fully expect to see increases in both rentals and resident satisfaction scores.”

CONTACTS:

Kasey Munsch, 

Vice President of Marketing

The Preiss Company

(919) 706-0668

kasey.munsch@tpco.com
www.tpco.com.

PATRICK DALY

OFFICE MANAGER

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-300-8289

 patrick@dalygray.com | www.dalygray.com