NAI Realvest Negotiates Lease of Herndon Center Office Space in Orlando, FL to a National Non-Profit

Maitland, FL – NAI Realvest recently negotiated a new lease agreement for 2,000 square feet of office space at Herndon Center, 615-F Herndon Ave. in Orlando.

 Michael Heidrich, a principal at NAI Realvest, negotiated the lease representing the landlord, LBJ Properties of Winter Park.   The tenant, Mi Familia Vota education fund, is a nationwide non-profit organization providing technical education to young Hispanic workers, and was represented by Will Watkins of Coughlin Commercial.

For more information, please contact:

Michael Heidrich, Principal, NAI Realvest 407-875-9989 mheidrich@realvest.com;

Patrick Mahoney President NAI Realvest 407-875-9989 pmahoney@realvest.com;

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

Beech Street Capital Closes $4.5 Million Fannie Mae Refinance Loan for Birmingham, AL Apartments

  

BETHESDA, MD,  MAY 29, 2012– Beech Street Capital, LLC announced today that it closed a $4.5 million Fannie Mae conventional loan for the refinance of Bentwood Apartments (top left photo), a 120-unit multifamily community in Birmingham, Alabama.

The transaction was originated by Chad Thomas Hagwood (lower right photo), executive vice president based out of Beech Street’s Birmingham, Alabama office.

Bentwood Apartments is located in the northern portion of the Birmingham MSA, about 14 miles northeast of the Birmingham central business district, with convenient access to 1-59, a primary thoroughfare to the rest of the Birmingham MSA.

Built in 1983, with consistent improvements over the years, most recently in 2011, the property consists of ten, two-story buildings on approximately eight acres.  

 The fixed-rate loan has a 10-year term with a 30-year amortization schedule.

Contact:

Jenifer Bernardi, 240-507-1946, jbernardi@beechstcap.com  

Courtney Lewis, 240-507-1948, clewis@beechstcap.com

ARA’s Central and North Florida Team Executes Institutional Sale in Seminole County

 Casselberry, FL ( May 29, 2012) — The Orlando office of Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently brokered the sale of Newport Colony, a 476-unit garden apartment community located in one of the strongest submarkets in Central Florida, East Altamonte/Casselberry.

The Central Florida-based sales team of Principal Kevin Judd (lower left photo), Patrick Dufour and Matt Wilcox, represented a real estate investment advisor in the sale.

 IMT Capital, LLC, a private real estate investment and management company, together with its affiliate IMT Residential, a leading nationwide apartment operator with multi-family properties that extend throughout California, Arizona, Texas, and Florida, acquired Newport Colony for an undisclosed amount.

Constructed in 1991, Newport Colony has undergone significant capital improvements since 2005, including replacement of all roofs, the addition of new cement board siding, installation of new gutters and an additional 80 balconies on 1BR floor plans.

For a complete copy of the company’s news release and to schedule an interview with an ARA executive regarding this transaction, please contact:

Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or

Amy Morris at amorris@ARAusa.com, 678.553.9366; or

Marti Zenor at mzenor@ARAusa.com or 561.988.8800.

NAI Realvest Negotiates Sale of Industrial Condo at Monroe CommerCenter IV in Sanford, FL

MAITLAND, FL – NAI Realvest recently negotiated the sale of a 2,700 square foot industrial condo at Monroe CommerCenter IV (top left photo) in Sanford for $170,100.00.

 Michael Heidrich, a principal at NAI Realvest negotiated the transaction representing the seller and developer Small Bay Partners, LLC of Maitland.

Cloudy Logic LLC purchased units 1040 and 1048 at 4220 Church St. in the industrial center.  John Sadri of Coldwell Banker represented the buyer.

 The units were in shell condition at time of sale and the buyer will handle the interior buildout of the space including a restroom, office space and electrical.

For more information, contact,

Michael Heidrich, Principal, NAI Realvest, 407-875-9989 mheidrich@realvest.com

Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com;

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

DoubleTree by Hilton Introduces Hotel in Phoenix Area

                              

Phoenix, AZ  (May 29 2012) – DoubleTree by Hilton proudly announces the opening of an upscale full-service hotel, just 20 minutes from downtown Phoenix, Arizona.

The 121-room DoubleTree by Hilton Phoenix-Gilbert (top left photo) is located in one of the most dynamic eastern suburbs of the Valley of the Sun, situated just 15 miles from the City Center, easily accessible to Loop 202 and Highway 60, Sky Harbor International Airport and Arizona State University.

The hotel is also located within minutes of Phoenix-Mesa Gateway Airport and the Gilbert, Mesa, Chandler and Tempe, Arizona surrounding areas, and adjacent to the highly popular San Tan Village shopping, dining and entertainment district.

Formerly a Radisson Hotel, the DoubleTree by Hilton Phoenix-Gilbert is celebrating its new affiliation with a variety of new product, service and design enhancements both inside and outside the property, including newly redesigned guestrooms and public spaces and a reinvented dining experience at the popular Brocks’ Restaurant and Bar (middle right photo).

For more information about the DoubleTree by Hilton Phoenix-Gilbert, please visit the hotel’s website at www.phoenixgilbert.doubletree.com, contact your preferred travel professional or call the hotel directly at +1 480 809 4100

For a complete copy of the company’s news release, please contact:

Chris Daly

Daly Gray Public Relations

chris@dalygray.com

+1 703 435 6293

Berger Special Assets Awarded New Property Management Assignment

  

FORT LAUDERDALE, FL (May 29, 2012) – Berger Special Assets, a division of Berger Commercial Realty Corp., has been retained to provide property management services for the Crystal Lake Apartments (top left photo) in Miami Gardens. The 491-unit property has 25 buildings across more than 21 acres.

Berger Special Assets was selected by Carla Jones, who is serving as the property's receiver, for its experience with asset stabilization and preservation.

 

Founded in 2008, Berger Special Assets serves as receiver, management company and leasing agent to enhance the value of distressed commercial and multifamily properties across the state on behalf of lenders and financial institutions.

Contact: 

Marielle Sologuren

Pierson Grant Public Relations

(954) 776-1999, ext. 226

msologuren@piersongrant.com

CRE Show Takes a Look at Successful Retail REITs

 ATLANTA, GA (May 29, 2012) – Strong balance sheets. Aggressive growth plans. Consistent dividends. And optimismabout their sector’s future.

 These are some of the characteristics of the five retail REITs highlighted in the most recent episode of “America’s Commercial Real Estate Show.”

The episode featured interviews with the REITs’ CEOs that were conducted by Bull Realty’s Brad Thomas (top right photo) at the recent RECon 2012 in Las Vegas. With more than 30,000 attendees, the event is the retail real estate industry’s largest conference and trade show.

 Show host Michael Bull (top left photo), the founder and president of Bull Realty, began the show by noting this year’s RECon featured “a much more upbeat environment” than in the past several years. “There’s lots of capital in the investment market, and more tenants, encouraged by robust sales, are looking for space,” Bull said.

The first interview featured Stuart A. Tanz (middle right photo) CEO of Retail Opportunity Investment Corp., who also remarked on a busier RECon. “We’re experiencing a big increase in terms of meetings,” he said. “The demand from retailers in terms of appointments has been very strong.”

 Tanz’s REIT owns 36 grocery- or drug-store-anchored shopping centers, primarily along the West Coast and the Eastern seaboard. The REIT is currently paying a 4.3 percent dividend and should have room to continue growing the dividend, Tanz added.

 Steve Tanger (middle left photo), CEO of Tanger Factory Outlets, said his company, which recently expanded into Canada, sees tremendous growth potential for outlet malls generally and his company specifically. “We have virtually unlimited access to capital, so we can execute our growth plans without partners,” he said. “We are committed to growing. Our tenant demand has never been higher.”

 Craig Macnab (lower right photo), CEO of National Retail Properties, noted his firm completed more than $200 million of acquisitions in the first quarter and added that the REIT is committed to being a safe investment. “There are many ways we do that,” he said. “If we keep a strong balance sheet, we’re never at the mercy of the capital markets.”

Meanwhile, American Realty Capital Trust, which focuses on single-tenant, net-leased properties occupied by credit tenants, features a portfolio with an average property age of 5.5years and an average remaining lease term of 13.5 years. “The quality of the tenant that pays our rent is very high,” added William M. Kahane (lower left photo), CEO of the firm.

Robert S. Taubman (bottom right photo), CEO of Taubman Centers Inc., detailed his firm’s recent growth into Puerto Rico and said the company has expansion plans for China and South Korea. “We are really delighted with where the company is both internally and externally,” Taubman said. “We grew right through the recession and here we are on the other side, taking advantage of the many opportunities right in front of us.”

 The next “Commercial Real Estate Show” will be available May 31 and will provide an update on the assisted living and seniors housing real estate market.

 Contact:

Stephen Ursery

Wilbert News Strategies

E-mail: sursery@wnspr.com

Office: (404) 965-5026

Cell: (404) 405-2354

www.wnspr.com

Charles Dunn Co. Completes $3.06 Million Sale of 28-Unit Multifamily Property in Los Angeles

 LOS ANGELES, CA, May 29, 2012 – Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $3.06 million sale of a 28-unit apartment property located at 21700 Roscoe Blvd. in Canoga Park, Calif. (top left map)  

Albert Shilton (middle right photo) and Blake Rogers (middle left photo) of Charles Dunn Company represented the seller, Los Angeles-based Roscoe Villa, L.P.

The buyer was Minas Properties, LLC from Los Angeles and was represented by Empire Estates Group. The property sold at a cap rate of 6.2 percent.

“The property was encumbered by a loan with an interest rate that was substantially higher than current rates and had to be assumed due to the prohibitive prepayment penalty. What’s interesting is that the property still sold for the lowest cap rate since 2008 – an indication that even without the help of low interest rates, apartments are very desirable,” said Rogers.

The property was constructed in 1962 on .69 acres of land and was 100 percent occupied at the close of escrow.  The property includes a courtyard setting with a pool and sundeck and was composed of 16, one-bedroom/one-bathroom units, three, two-bedroom/two bathroom units and nine, two-bedroom/1.5 bathroom units.

Contact:

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

Colliers International Completes $2.326 Million Sale of a Retail Property in Tarzana, CA

Tarzana, CA, May 29, 2012. – Colliers International, the third largest global real estate services organization, has completed the $2,326,000 sale of an approximately 12,044 square foot vacant retail property located at 18553-18563 Ventura Blvd. in Tarzana (top left map).

This prime Ventura Blvd. storefront property is located in the heart of Tarzana’s business and entertainment district with significant frontage and excellent visibility near one of the busiest intersections in the San Fernando Valley on Ventura Blvd and Reseda.

Jeff Gould (middle right photo), Senior Associate, and Jeff Albee (middle left photo), Senior Vice President, of Colliers International represented the seller. Gould and Albee also represented the buyer, who will use the property for their dermatology and skin care practice. 

 The Colliers team worked hand in hand with the owner to execute a disposition and marketing strategy that targeted owner/user buyers in order to maximize the value of this well-located asset.  Additionally, due to the proximity of the Tarzana Hospital, the Colliers team specifically targeted medical and office owner/user tenants in the surrounding area.  

 “This was a complex transaction that required all parties working together as a team to accomplish the sale,” said Albee.  “In the end, our top tier marketing campaign not only maximized the value of the asset but also generated multiple competitive offers that maximized value. Ultimately, we identified an owner/user who purchased the property using SBA Financing and whose plans are to rehab the asset for their medical practice.”

 Built in 1947, the property sits on approximately 0.39 acres of land and is located within a quarter of a mile from the new 250,000 square foot Village Walk retail complex in which includes Whole Foods and other high end boutique retailers. Additionally, it is within close proximity to many other major retail amenities in the area, the 101 Freeway, and the Tarzana Hospital.

Contact: Darcie Giacchetto, Spaulding Thompson & Associates, 949.278.6224

Marcus & Millichap arranges sale of Sunrise Villas in Sarasota, FL for $2.1 Million

 SARASOTA, FL, May 25, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Sunrise Villas (top left photo), a 119-unit multifamily community located in Sarasota, Florida, according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office.

The asset commanded a sales price of $2,100,000.

 

Michael P. Regan (middle right photo), a vice president investments and Francesco P. Carriera (middle left photo), associate vice president investments 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 Michael P. Regan and Francesco P. Carriera

Sunrise Villas was built in 1961 and is located at 1809 19th Street, Sarasota, Florida.  The community is made up of ten various parcels located within a two-mile radius between 19th Street and 36th Street.  The various properties consist of forty-six, one-story buildings and comprise 117 two-bedroom/one-bathroom units, one two-bedroom/two-bathroom unit and one three-bedroom/one bathroom unit.

“There is a lack of properly priced “C” quality properties in the Sarasota market.  We were able to receive multiple offers and close the property with an all-cash buyer for 93 percent of the list price” comments Carriera.

Press Contact:

Bryn D. Merrey

Vice President/Regional Manager, Tampa

(813) 387-4700

Eagle Creek Golf Club in Orlando, FL has new Pergola for Events

ORLANDO, FL --- Celebration Golf Management, which leases and operates Eagle Creek Golf Club off Narcoossee Rd. in southeast Orlando, recently completed construction of new pergola – a pavilion for ceremonies and events.

“The 37 foot by 10 foot structure will be a perfect addition to the beautiful facilities here at Eagle Creek Golf Club,” said General Manager Dave Evangelista.

“The ceremony and event pergola at Eagle Creek is a perfect setting for pictures at a wedding ceremony, cocktail hour or special event, and it can even be used as a stage for live entertainment,” Evangelista said.

“The timeless architectural style makes it the perfect wedding picture setting for any bride and groom’s taste.  The new pergola’ has the 18th green and fountain as a stunning backdrop,” he explained.

The pergola is now open and ready for events. 

For more information, contact:  

Dave Evangelista, General Manager Eagle Creek Golf Club 407 273-4653 devangelista@cgmgolfproperties.com

Gene Garrote, President, Celebration Golf Management, 407-566-1045;  ggarrote@cgmgolfproperties.com

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142.

Miami and South Florida Condo Markets Brace As European Currencies Weaken

MIAMI, FL - The South Florida condo market - buoyed in recent years by international investors with strong foreign currencies - is bracing for the impact that the rapidly deteriorating currencies in Western Europe - a key source of overseas investors - could have on the tricounty region, according to a new report from CondoVultures.com.


(London skyline top left photo)

Western Europe's two major currencies - the Euro and the British Pound - have weakened noticeably against the U.S. Dollar in recent days as the debt crisis in Greece has reignited fears of a financial meltdown that could unravel the Euro and trigger a global contagion at a time when the South Florida condo market is showing signs of stabilizing.

 (Paris skyline middle right photo)

Some industry watchers contend the weakening European currencies - combined with a push for higher taxes by the new government in France - could prompt foreign buyers to step up their investments in the United States - and South Florida - as many think this nation's economy is improving.  

The Euro - a currency used by 17 European countries - is valued at $1.2768 (U.S. Dollars) as of May 23, 2012, down from $1.2811 (U.S. Dollars) a week earlier on May 16, 2012. A month prior on April 23, 2012, the Euro was valued at $1.3203 (U.S. Dollars), according to the currency exchange website OandA.com.

The United Kingdom's British Pound is valued at $1.5799 (U.S. Dollars) as of May 23, 2012, down from $1.6061 (U.S. Dollars) a week earlier on May 16, 2012. A month prior on April 23, 2012, the British Pound was valued at $1.6119 (U.S. Dollars).

(Cairo skyline middle left photo)

International buyers have played a major role in acquiring the excess South Florida condo inventory that flooded the market beginning in 2007 at the start of real estate crash.

Estimates are that foreign buyers acquire an estimated $3.8 billion annually in condo, townhouse, and single-family house resales in the Miami - Fort Lauderdale - Miami Beach market, according to a report from the Florida Realtors association in conjunction with the National Association of Realtors.

(Berline skyline lower right photo)

For Florida, Western Europe - including the countries of France, Germany, and Spain - account for 23 percent of all foreign transactions in the state, according to the Realtors report.

The median resale price paid by a European for a Florida property is $232,500 for investors from Western Europe and $169,200 for investors from the United Kingdom.

In addition to resales, foreign buyers are also purchasing new condo units directly from South Florida developers – or lenders that have repossessed troubled properties - with unsold inventory from the boom that began in 2003.

(Miami skyline lower left photo)

As of the first quarter of 2012, buyers have acquired more than 90 percent of the nearly 49,000 new condos created during the boom in the seven largest coastal condo markets of Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.

Foreign buyers are not only purchasing distressed properties but also playing a key role in the latest South Florida new condo boom where at least 31 towers with nearly 6,250 units are proposed as of May 23, 2012, according to the Preconstruction Condo Projects list from the licensed Florida real estate brokerage CVR Realty™.

Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.

HFF secures $22.7 million financing for Class A office building in Dallas, TX

DALLAS, TX – HFF announced today that it has secured $22.7 million in financing for 10000 NCX (top centered photo), a 296,360-square-foot, Class A office building in Dallas, Texas.

 Working exclusively on behalf of the borrower, a joint venture between CREA Investments and Five Mile Capital Partners, HFF placed the three-year fixed-rate loan with a one-year extension through GE Capital Real Estate.

 10000 NCX is located along the frontage road of North Central Expressway (I-75) between Walnut Hill Lane and Royal Lane in Dallas. 

The 15-story property is constructed of granite and glass and includes an 818-space underground parking garage. 

The borrower has immediate plans to make significant improvements to the property, which was built in 1986, including restroom renovations, corridor improvements, lobby renovation and the addition of a fitness center. 

 The HFF team representing the borrower was led by managing director Travis Anderson (middle right photo).

“Given the borrower’s ‘hands-on approach’ to leasing and management in addition to a recovering Dallas office market in which the sector is enjoying robust leasing activity and rental rate growth, this property presents a compelling value-add opportunity,” commented HFF.

 For more information, visit www.fivemilecapital.com.  

Contacts:             

TRAVIS ANDERSON                                     

HFF Managing Director                                   

(214) 265-0880                                                  

tanderson@hfflp.com                                       

MYRA MOREN

HFF Director, Marketing

(713) 852-3500

mmoren@hfflp.com

Marcus & Millichap Sells $46.5 Million Multi-Family Property in Tempe, AZ

TEMPE, AZ – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Haven (top left photo), a 660-unit apartment community in Tempe.

The sales price of $46,500,000 equates to $70,455 per unit and $93 per square foot.

 Cliff David (middle right photo) and Steve Gebing (middle left photo), multifamily investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, Petra Capital Management. The buyer was AG-ICC Haven Owner LLC.

“Haven is located near Arizona State University’s main campus, which provides access to a deep resident pool,” says David. “Arizona State University is the nation’s largest public university with approximately 59,794 undergraduate and graduate students enrolled for the 2011 fall semester, in addition to nearly 12,000 faculty and staff members.”

“Tempe offers one of the most diverse business communities in the country, and is the top city in the region for the density of technology companies with more than 20 percent of its employment base classified as high-tech,” adds Gebing.

The property, located at 1440 East Broadway Road, was developed by Lincoln Property Co. in 1984 and underwent a programmatic renovation in 2006-2007 that included condominium-quality finishes in approximately 57 percent of the apartment interiors as well as extensive renovation to the exterior of the property.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Marcus & Millichap Sells Miami Shopping Center for $8.5 Million

 MIAMI, FL, May 24, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Shoppes of Pinecrest (top left aerial photo), a 12,271 square-foot retail shopping center located in Miami, FL.

 The asset commanded a sales price of $8,500,000, which equates to $692 per square foot.

Vice President Investments Douglas K. Mandel (middle right photo) in the firm’s Ft. Lauderdale office along with Associate Vice President Investments Kirk D. Olson (middle left photo) and Senior Associate Drew A. Kristol (bottom right photo) in the firm’s Miami office had the exclusive listing to market the property on behalf of the seller, Adler Dixie, LLC.     

Shoppes of Pinecrest is located along S Dixie Highway in the Village of Pinecrest, an exclusive municipality within Miami-Dade County. 

Tenants are attracted to the upscale location, which provides tremendous visibility and access, making this center one of the premier shopping plazas in the immediate vicinity.

Most of the tenants are national and some of the most revered of consumer brands, such as Starbucks, Cold Stone Creamery, T-Mobile, GameStop and FedEx Office.

Press Contact:  Ashley Steele, (954) 245-3400