Faris Lee Investments Completes $4.75 Million REO Retail Center Sale in Indio, CA

Heritage Court, Indio, CA

IRVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $4.75 million sale of a 41,438-square-foot portion of Heritage Court, a lender-owned retail center.

 Built in 2006, the property is situated on 10.18 acres of land and is located at 44100 Jefferson Street in Indio, Calif. The center was 54 percent occupied at the close of escrow and includes Subway, Anytime Fitness, and It’s a Grind.

Dennis Vaccaro

Dennis Vaccaro and Shaun Riley, senior managing directors with Faris Lee Investments, represented the seller, Sabal Financial as well as the buyer CADO Heritage LLC from Carlsbad. 

“This distressed property offered the buyer a strong upside potential in lease-up of the currently vacant shops.  It also offered a value-add opportunity through potential future development of two existing unimproved pad sites on the property.  Future build-out of those pads could eventually more than double the size of the existing property,” said Vaccaro.

Shaun Riley

Vaccaro added that Walgreens, which was not a part of the transaction, is the anchor tenant within Heritage Court offering a strong customer draw and cross over customers for the other retailers within the center.

“The asset definitely had its challenges. The shopping centers in the area have been significantly affected over the past several years by high vacancies, rent concessions, and decreasing lease rates. 

" Showing prospective investors that the fundamentals in the local market are starting to improve was instrumental in generating the kind of offer activity we had,” said Riley.

  “Ten offers were generated through a Best & Final bidding process with CADO Heritage LLC winning the deal and closing within a year-end, 10 day escrow period."

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

Darcie Giacchetto,

949.278.6224

Spaulding Thompson & Associates

For Faris Lee Investments

Apartment Property in Chicopee, MA Sells for $5.4 Million

68--91 Edbert Street, Chicopee, MA

 FRAMINGHAM, MA – Investment sales broker Northeast Private Client Group has announced the sale of 68-91 Edbert Street, a 94-unit apartment building in Chicopee, Massachusetts.  

Colin Moynihan, regional manager of the firm’s Framingham office, represented the seller and the buyer in the $5,400,000 transaction, which closed on December 28th.

 “High occupancy and growing rents in Western Massachusetts are driving strong demand for multifamily properties,” notes Moynihan.  “This Chicopee asset is well positioned to benefit from a continued rebound in the local economy.”

Colin Moynihan

The seller, Mall Apartments Trust based in Cape Cod, was a long-time owner of the 94-unit Mall Apartment property.  Anticipating changes in the tax laws, the Trustee hired Northeast Private Client Group to source a competitive buyer capable of closing before the end of 2012. 

  The buyer, Chestnut Realty Partners of Springfield, MA, is a fund focused on long-term, stable cash-flowing real estate assets.  The purchase price equates to $57,446 per unit, and represents a capitalization rate of 7.5 per cent on 2012 net operating income.

Edward Jordan

"Coming out of the recession, there's been a tremendous appetite for apartment buildings, and investors are looking for cash-flowing assets," explains Edward Jordan, JD, CCIM, the firm’s managing director.

 “This challenging period has created opportunity in multifamily real estate, with fewer people qualifying for mortgages and more families renting for longer periods of time.”

 Contact:

Rick Leonard

 rleonard81@gmail.com

Charles Dunn Completes Sale of Milano Lofts, an Historic Residential/Retail Property in Downtown Los Angeles, in Off-Market Transaction

Milano Lofts, Los Angeles, CA

LOS ANGELES, CA – Janet Neman and Bryan Glenn of Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, completed the sale of Milano Lofts, a 12-story, art deco style, mixed-use property totaling 131,433 square feet.

The property consists of 99 luxury, residential apartment units and over 6,000 square feet of ground floor retail space occupied by two restaurants: Industriel and Yorkshire Grill. The property was 100 percent occupied at the close of escrow and is located at 609 S. Grand Avenue in the financial district of Downtown Los Angeles. 

Janet Neman

Janet Neman, senior managing director, and Bryan Glenn, senior director, of Charles Dunn Company represented the seller, Grand Pacific Lofts, LP, as well as the buyer, Equity Residential in an off-market transaction.

“Our strong track record and intimate knowledge of the Downtown submarket allowed us to quickly identify a buyer that we knew would recognize the incredible location and historical value of this asset,”  said Neman. “It was a smooth, all-cash transaction with a buyer that sees the bright future for Downtown and for this property.”

Bryan Glenn

The Milano Lofts property was built in 1925 as the Edwards & Wildey building. 

The property was converted under the Downtown Los Angeles adaptive reuse ordinance to high-end, loft-style condominiums in 2005 by the developer, Grand Pacific Lofts, who later decided to lease them as luxury apartments.

 Additionally, the property benefits from the Mills Act Historical Property Contract Program which recognizes the historical and architectural value of the building and provides a reduced property tax basis.

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

 Darcie Giacchetto

 949.278.6224

D.G. Communications, Inc.

Faris Lee Investments Completes Two Retail Property Sales Totaling $8.8 Million

  

La Habra Town Center, La Habra, CA

 IRVINE, CA, Jan. 25, 2013 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed two separate transactions totaling $8.8 million as part of a break-up strategy within La Habra Town Center.

Built in 2000, the properties, located at 1820, 1950 and 1970 W. Whittier Blvd. in La Habra, Calif., include a 5,650-square-foot Union Bank-occupied property, which sold for $3,621,000, as well as a two-building 15,179-square-foot shops property that sold for $5.2 million and includes Starbucks, Quiznos and Cold Stone Creamery as tenants.

Dennis Vaccaro

Nicholas Coo and Dennis Vaccaro, senior managing directors with Faris Lee Investments, represented the seller/developer, La Habra Town Center, LLC from Newport Beach, Calif.

The buyer for Union Bank was LH Property, LLC and was represented by David Sternberg of Roessler Investment Group. It sold at a 5.4 percent cap rate.

The buyer for the shops property was Elicelrena Group, LLC and was represented by Jason and Katie Min of JK Group. It sold for a 6.8 percent cap rate and was 90 percent occupied. 

Nicholas Coo

“Faris Lee Investments proposed a break-up sales strategy to the seller in order to maximize the cumulative sales price of the assets,” said Vaccaro. “Despite the additional work of two individual deals as opposed to just one, our experience with these complex transactions enabled us to meet the challenging year-end closing requirement of the seller as well.”

Anchored by Albertson’s and Rite-Aid, which were not a part of the sales, the property is located at the highly trafficked, signalized intersection of N. Beach Boulevard and W. Whittier Boulevard which sees more than 67,000 vehicles per day. The surrounding market area features over 414,000 consumers living within a 5-mile radius, with an average household income in excess of $91,000.

Located at Orange County’s northernmost corner, La Habra is 7.3 square miles with a population of 61,789 and approximately 21,000 households. It is conveniently located within an hour’s drive of many beaches, mountain, and desert recreation areas.

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

 Darcie Giacchetto

 949.278.6224

Spaulding Thompson & Associates

For Faris Lee Investments

First Data Offers $20,000 Working Capital Strategy for Small Businesses

ATLANTA, GA--First Data Corp., a 43-year-old, Atlanta, GA-based global payment processing company with a merchant base exceeding 4.1 million locations worldwide, offers small businesses, including real estate firms, a strategy to obtain $20,000 of working capital in short order, according to Account Executive John Tunde Freeman.

Freeman states the company’s “advanced solutions” program is the key.  “We have the best solutions in the market place,” he says.  “Confuse your predators by transforming your credit card data into something entirely different.”

Freeman cites the TransArmorSM solution from First Data is “a unique combination of encryption and tokenization.”

He says, the TransArmorSM solution “armors and transforms payment card data into a randomly generated token number. The token is meaningless to anyone who may breach your database, protecting both you and your customer.”

Freeman points out First Data’s Advanced Business Products program helps expand small businesses’ volume by offering:   

---Cash advances provide quick working capital.

-ATM Solutions to increase store traffic

---Gift Cards increase store traffic and customers make your business a frequent destination

---Electronic Check Acceptance allows small businesses to accept checks from anywhere "just like a credit card," Freeman states.

---Wireless Terminals to give businesses efficiency and mobility

---E-Commerce Solutions to allow businesses to accept credit/debit cards over the internet

-POS (point of sale systems) for restaurant and retail to improve efficiency and ensure effective management of the  business

First Data’s portfolio includes merchant transaction processing services; credit, debit, private-label, gift, payroll and other prepaid card offerings; fraud protection and authentication solutions, credit reporting agency services (through First Data Merchant Services Corporation); electronic check acceptance services through TeleCheck; as well as Internet commerce and mobile payment solutions.

The company's STAR Network offers PIN-secured debit acceptance at ATM and retail locations.

Contact:

John Tunde Freeman

Account Executive

Phone (770) 303-1540

Fax  (877) 505-1823

(402) 916-2865

 john.freeman@firstdata.com 

www.firstdata.com

Easton & Associates Beefs Up Brokerage Team in Response to Positive Shift in the Market

Edward W. Easton

DORAL, FL --  Easton & Associates, the commercial real estate brokerage division of The Easton Group, is expanding its brokerage team in response to improving  conditions in the local commercial real estate market.   The firm has hired three new sales associates over the past two months.

Easton & Associates specializes in leasing and sales of industrial/warehouse properties in the west Miami-Dade submarket. The latest associates to join the brokerage team are Alex Beach and Jeremy Myers.

Alex Beach specializes in landlord and tenant representation in the west Miami-Dade market, handling both leases and sales.  Prior to joining Easton & Associates, he was an associate with Foster & Clark Real Estate, closing several transactions throughout the Miami area.  Beach earned his bachelor’s degree from Johnson & Wales University.  He is an 11 year resident of South Florida.

Alex Beach

Jeremy Myers also specializes in landlord and tenant representation, both sales and leases, in the west Doral / Medley sub market. Prior to joining Easton & Associates, he was an intern with SAC Capital Advisors in New York, NY.  Myers earned his bachelor’s degree in communications from Villanova University.

“With the economy improving and with historically low interest rates available, we see the potential for a lot more activity, on both the owner and tenant side, and we are positioning ourselves to take advantage of the changes,” said Edward W. Easton, chairman and founder of The Easton Group.

Easton & Associates’ hiring trend began in the fourth quarter of 2012 when it added David Olalde as a sales associate.

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

Lauren Odom

Account Executive

Boardroom Communications

lodom@boardroompr.com

Office: 954.370.8999

Cell: 828.713.4690

www.theeastongroup.com

Cuhaci & Peterson Architects design two Aldi Supermarkets in Central Florida

ORLANDO, FL – Cuhaci & Peterson Architects, Engineers, Planners, based in Orlando’s Baldwin Park, recently completed design work on two Aldi Supermarkets that will be opening in the first quarter of this year. 

 Lonnie Peterson, chairman at Cuhaci & Peterson, said the two stores are 18,000 square feet each, and are nearing completion.   

 One Aldi supermarket is located at 1300 E. Semoran Blvd. in Apopka and the other grocery store is located in Winter Haven on U.S. 17 and Avenue K.

 For more information, contact  

 Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100;  

Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100;  

Larry Vershel or Beth Payan, Larry Vershel Communications, Inc. 407-644-4142, lvershelco@aol.com   

NAI Realvest Negotiates Two New Leases for Office Space at Winter Park Commerce Center in Winter Park, FL

Winter Park Commerce Center
Winter Park, FL

ORLANDO, FL– NAI Realvest recently completed two new lease agreements totaling 4,325 square feet of office space at the Winter Park Commerce Center near downtown Winter Park. 

 Michael Heidrich, principal at NAI Realvest brokered both transactions representing the landlord, Winter Park-based WFI, LLP. 

Michael Heidrich

A local massage therapy firm, Gifted Touch, LLC, is the new tenant who leased 2,490 square feet at 917 N. Pennsylvania Ave.    Daly Design Group, Inc. of Winter Park leased 1,835 square feet at 913 N. Pennsylvania Ave. 

For more information, contact:  

Michael Heidrich, NAI Realvest 407-875-9989 or 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    

Hendricks & Partners (Now Hendricks-Berkadia) negotiated Sale of The Willows Apartments in Birmingham, AL for $5.2 Million

The Willows apartments
Birmingham, AL

BIRMINGHAM, AL --- Hendricks & Partners, one of the nation’s largest and most active multifamily investment banking and research companies recently renamed to Hendricks-Berkadia, negotiated the sale of The Willows, a 170-unit apartment community located in Birmingham, for $5.2 million.

David Oakley, senior investment advisor of the Hendricks-Berkadia Alabama office negotiated the sale representing the seller, Willows Partners, LLC, an Alabama limited liability company, based in Birmingham.

David Oakley

The Willows, constructed in 1973 and renovated in 2011, has a total of 133,600 square feet of rentable living space with studio, one, two and three-bedroom apartments.

The buyer was Willow United LLC, a Delaware limited liability company, based out of Florida.

For more information, contact:

David Oakley, Senior Investment Advisor, Hendricks-Berkadia/Alabama, 205.918.0785, doakley@hpapts.com. 

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

Church Selects Master Developer for Back Bay Sites in Boston

Coleman Benedict

 Boston, MA – The First Church of Christ, Scientist, announced it has selected Carpenter & Company, Inc. as the master developer for two development sites adjacent to the 14.8-acre Christian Science Plaza in Boston’s Back Bay.

 The parcels are part of the master plan designed to revitalize the Plaza and enliven its open space, which was approved by the Boston Redevelopment Authority (BRA) after a comprehensive review process characterized by extensive public input. 

The competitive process leading to the selection of Carpenter was facilitated by an HFF team led by Coleman Benedict

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

Justine Griffin

jgriffin@rasky.com

 617.391.9638

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com

HFF secures $61.6 million in construction and mezzanine financing for Scottsdale, AZ multi-housing project

Jefferson at One Scottsdale Apartments
Scottsdale, AZ

IRVINE, CA – HFF announced it has arranged $61.6 million in construction and mezzanine financing for Jefferson at One Scottsdale, a 388-unit, Class A luxury multi-housing community to-be-built in Scottsdale, Arizona.

                HFF worked exclusively on behalf of TDI Real Estate to assist TDI in arranging a construction loan through Texas Capital Bank and The PrivateBank, and mezzanine financing from Behringer Harvard.

Mark Erland

                Jefferson at One Scottsdale is situated within the One Scottsdale mixed-use development at the intersection of North Scottsdale Road and East Thompson Peak Parkway, adjacent to Grayhawk in North Scottsdale.

Due for completion in 2014, the property will offer one-, two- and three-bedroom floorplans averaging 935 949 square feet each.

 Community amenities will include a clubhouse, lounge, media room, business center, two swimming pools/spas and both direct and non-direct garages. 

Charles Halladay

The HFF team representing TDI Real Estate was led by Sean Deasy and directors Mark Erland and Charles Halladay.

“Jefferson at One Scottsdale will be the premier Class A multi-housing project in North Scottsdale given the use of high quality materials, superior architecture, ample parking including garages, and proximity to high quality retail and employment,” said Erland.

  “HFF and TDI were able to secure construction debt and mezzanine financing that recognized the quality of the sponsorship, location, project design, and improving Phoenix MSA market fundamentals highlighted by more than 40,000 new jobs over the past 12 months.”

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

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com

HFF arranges $40 million financing for Rancho Cucamonga, CA multi-housing community

Santa Barbara Apartments
Rancho Cucamonga, CA

IRVINE, CA – HFF announced  it has arranged $40 million in financing for Santa Barbara Apartments, a newly-constructed, 192-unit multi-housing community in Rancho Cucamonga, California.

                HFF worked on behalf of the borrower, Lewis Operating Corp., to secure the 15-year, forward, fixed-rate permanent loan through Prudential Mortgage Capital Company.

                Santa Barbara Apartments is located at 10855 Church Street close to Interstates 10, 15 and 210, and the Ontario International Airport in Rancho Cucamonga, about 40 miles east of Los Angeles.  Completed in 2012, the property has 25 residential buildings and is 95 percent leased.

Don Curtis

 The HFF team representing Lewis Operating Company was led by senior managing director Don Curtis.

Since 1955, the Lewis Operating Corp. has developed more than 56,000 homes, 10,000 apartments and 14 million square feet of retail, office and industrial space throughout the United States.

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

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com

HFF expands Florida capital markets group

Marty Busekrus

MIAMI, FL – HFF announced it has expanded its Miami, Orlando and Tampa capital markets teams with the addition of Marty Busekrus as a director in its Miami office and Zach Nolan as a real estate analyst in its Tampa office.

                Marty Busekrus will focus on industrial investment sales throughout the southeastern United States.  He joins HFF from CBRE where he was a senior sales associate in their private capital group.  Mr. Busekrus received his Master’s degree from Webster University and his Bachelor of Arts degree from Southern Illinois University at Carbondale.

Zach Nolan

 Zach Nolan, a recent graduate of Stanford University, joins HFF Tampa as a real estate analyst.  Mr. Nolan interned at RJS Realty Group, Pollock Financial Group and Bank of America Merrill Lynch.  He holds a Master of Science degree and a Bachelor of Arts degree from Stanford University.

           

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

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com

HFF arranges $33 million refinancing for Shops at Arbor Trails in Austin, TX

Shops at Arbor Trails, Austin, TX

AUSTIN, TX – HFF announced today that it has arranged a $33 million refinancing for the Shops at Arbor Trails, a 357,168-square-foot grocery-anchored retail center in Austin, Texas. 

HFF worked on behalf of Christopher Commercial, Inc. to secure the seven-year, 3.07 percent, fixed-rate loan through Principal Real Estate Investors.

The Shops at Arbor Trails is located at the intersection of 4301 West William Cannon Drive and South Mopac Expressway in southwest Austin.  

Douglas Opalka

Completed in 2010, the property is fully leased and anchored by Whole Foods Market.  Other tenants include Costco, Havertys Furniture and Staples.

The HFF team representing the borrower was led by senior managing director Doug Opalka and real estate analyst Patrick McCord.  This is the second transaction HFF’s Austin office has completed on behalf of the borrower since December 2012.

We simply could not be more pleased with the quality of work performed not only by Doug and Patrick but all of the folks over at HFF during the past few months.  They have been on top of our deals from day one and we always were made to feel like we were their only client,” commented Daniel P. Myrick, vice president and general counsel at Christopher Commercial.

Christopher Commercial is a locally-run, family company that owns and operates retail shopping centers in Austin, Texas.

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

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com

HFF Chicago hires Christopher Carroll as managing director

Christopher Carroll

CHICAGO, IL – HFF announced that Christopher Carroll has joined the firm as a managing director in its Chicago office to focus on debt placement transactions in the Midwestern United States.

Mr. Carroll has more than 20 years of experience in commercial real estate finance and most recently served as a managing director for Cohen Financial where he led a team of six capital markets professionals. 

  He is a full member of ULI, NAIOP and the University of Wisconsin Real Estate Alumni Association and is the immediate past president of the Realty Club of Chicago.  Mr. Carroll holds a Bachelor of Science degree from the University of Wisconsin-Madison.

Michael Kavanau

“Chris is widely regarded as one of the top mortgage bankers in the Midwest and he will be an invaluable resource in terms of expanding HFF’s debt placement platform and providing value to our clients in the Midwest and beyond,” said Michael Kavanau, co-head of HFF’s Chicago office.

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

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com