Colliers International South Florida Appointed Leasing Broker for Lakeside Plaza in Fort Lauderdale

           Lakeside Plaza, Fort Lauderdale, FL

FORT LAUDERDALE, FL - Colliers International South Florida has been named exclusive leasing broker for Lakeside Plaza, a 119,339-square-foot premier office building in Broward County's Cypress Creek submarket.

Elias Porras

The brokers representing Lakeside IV, a subsidiary of Delma Realty Services, LLC, owner of the five-story lakefront building at 6301 NW 5th Way, Fort Lauderdale, FL, are Elias Porras, SIOR, CCIM and Ronald A. Schagrin, SIOR, of Colliers International South Florida.

"Lakeside Plaza offers businesses the image, perks and amenities of a Class A building at Class B prices," said Porras, who confirmed that rates are aggressive. "Full service leases allow tenants to manage their overhead effectively, and the building's local ownership and onsite management ensures quick decisions and personal attention to each tenant's needs."

Ronald A. Schagrin

Recently renovated common areas, close proximity to restaurants, financial institutions, lodging, and I-95, and competitive rental rates make Lakeside Plaza a desirable setting for professionals and consumer services. Current tenants include software manufacturers, computer services, public relations, and healthcare, financial, and staffing service firms.

 Contiguous spaces currently available range from 2,160 square feet to 12,154 square feet, all with excellent window lines and views of the adjacent lake.

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

Crystal Proenza

Vice President of Marketing

Colliers International South Florida

Commercial Real Estate Services

Tel: 305 476 7138

Email: crystal.proenza@colliers.com

www.colliers.com

Marcus & Millichap Negotiates $40.7 Million Sale of Arcadia Cove Apartments in Metro Phoenix, AZ

Arcadia Cove Apartments, 2252 North 44th St.
Phoenix, AZ

PHOENIX, AZ– Marcus & Millichap Real Estate Investment Services Inc. has arranged the sale of Arcadia Cove Apartments, a 432-unit multifamily complex in metropolitan Phoenix. The sales price of $40,725,000 equates to $94,271 per unit and $107 per square foot.

Steve Gebing

Steve Gebing, vice president investments and Cliff David, vice president investments, both in Marcus & Millichap’s Phoenix office, represented the seller. The buyer is The Bascom Group of Irvine, Calif. in coordination with its local affiliate, Bascom Arizona Ventures LLC, based in Scottsdale, Ariz.

“Some of the largest employment centers within the metropolitan region surround the periphery of Arcadia Cove, including the 44th Street and Phoenix Gateway office corridors, which combine to offer more than 5 million square feet of office space,” says Gebing.

 “In addition, nearby Papago Park Master Plan adds to the viability of the area’s economic prosperity with 2.3 million square feet of commercial space.”

Cliff David

            The 379,296-square foot property is located at 2252 North 44th St. just south of Phoenix’s affluent Arcadia neighborhood.

Developed by Picerne Real Estate Group in 1996, Arcadia Cove features spacious one-, two- and three-bedroom apartment homes with fully equipped kitchens, full-size washers and dryers and abundant storage space with large walk-in closets. Select apartment interiors offer vaulted ceilings, wood-burning fireplaces and wood-style flooring.

 “The potential for growth and opportunity in the region is enhanced by the trajectory of the nearby Discovery Triangle, a 25-square mile area that spans the urban cores of Phoenix and Tempe, and is home to nearly 7,000 businesses with more than 150,000 employees working within the region each day,” adds David.

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

Ben Johnson

Marketing Director

(925) 953-1736

Net-Leased South of Fifth Street Site in Trendy Miami Beach Neighborhood Available for $22 Million

                              Gateway to Miami Beach, two-building site 

                              at 1100 Fifth Street, Miami Beach, FL

MIAMI BEACH, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has been awarded the exclusive listing for the Gateway to Miami Beach, a two-building, 18,136-square foot net-leased site in Miami Beach’s exclusive South of Fifth neighborhood.

Scott Sandelin

The listing price of $22 million equates to $1,213 per square foot.

            Scott Sandelin, a senior associate in Marcus & Millichap’s Miami office, is representing the seller, a private party who developed the site.

            “Investor capital is flowing into Miami Beach in search of stable retail assets with quality tenants,” says Sandelin. “The irreplaceable, one-of-a-kind Gateway to Miami Beach site features two buildings with national tenants, Pier 1 Imports and Burger King.

“The Miami Beach market continues to mature, and this highly sought after site has liberal zoning that will allow for many different options in the future,” adds Sandelin. “Creative redevelopment will provide a significant increase in NOI and the property’s overall value.”

South Pointe Park, Miami Beach, FL

The Gateway to Miami Beach is located at 1100 5th St. in Miami Beach. Traffic counts along 5th Street total 92,000 cars per day.

            National retailers Best Buy, Petco and Staples are located in the immediate vicinity and a Publix Super Market is situated nearby.

            The South of Fifth neighborhood has become the most expensive section of Miami Beach. The area features some of the city’s most exclusive restaurants and 18-acre South Pointe Park.

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

Ben Johnson

Marketing Director

(925) 953-1736

Equity Partners negotiates Long-term Seaside Bank Lease in Downtown Orlando, FL

Faith Thompson

ORLANDO, FL – Mike Fess and Faith Thompson of Equity Partners, Inc. represented Seaside National Bank and Trust in the long-term Renewal and Expansion of Seaside’s 25,600 square foot headquarters, at Seaside Plaza, 201 S Orange Avenue.

Michael Fess

Catherine Reeves of Highwoods Properties represented the Landlord.

Contact:

Faith Thompson

Leasing Manager

Equity Partners, Inc.

www.equitypartners.net

Licensed Real Estate Broker

20 North Orange Avenue

Suite 605

Orlando, Florida 32801

407.660.4949 phone

407.808.2656 cell

407.660.4995 fax

$49.5 Million Multifamily Portfolio Sale in Atlanta, GA Arranged by Marcus & Millichap

  

Part of the nine-property apartment portfolio solid in Atlanta, GA

  

ATLANTA, June 19, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has sold a nine-property apartment portfolio in Atlanta.

Paul Vetter

The properties are located north of Buckhead on Buford Highway, and are flanked by Brookhaven and Druid Hills. The sales price is $49,550,000. The properties in the portfolio are:

• ·         Cross Keys Cabana Apartments, 199 units
• ·         Hallmark Apartments, 154 units
• ·         Parkway Apartments, 111 units
• ·         Garden Grove, 128 units
• ·         Continental Village, 158 units
• ·         Parkview Terrace, 135 units
• ·         Majestic Village, 62 units
• ·         Monaco Garden, 132 units
• ·         Montego Garden, 108 units

            Paul Vetter and Andrew Mays, vice presidents investments in the Atlanta office of Marcus & Millichap, represented the seller, a prominent national real estate company based in Yakima, Wash. that currently owns more than 2,000 units in metro Atlanta. The local buyer, Marquis Investments, owns approximately 5,000 units in Atlanta.

Andrew Mays

             “The timing of this transaction made it beneficial to both parties,” says Vetter. “The seller brought the portfolio’s NOI from $2.5 million to $4 million in 11 months and took advantage of Atlanta’s rising apartment market. The stabilized NOI and 8 percent cap rate are favorable to the new owner, who is now in a perfect position to capitalize on long-term growth and land value appreciation, especially on the four best-located assets,” adds Vetter. 

“Job growth in Atlanta will lead the nation this year and spur additional demand for housing,” comments Mays. “Improving conditions are attracting many investors, including first-time and international buyers. Financing in the metro is readily available, as local and regional banks are becoming more aggressive and CMBS lending regains momentum,” Mays concludes.

  

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

Ben Johnson

Marketing Director

(925) 953-1736

HFF named to market for sale recently renovated Chicago office tower

111 West Jackson, Chicago, IL

Jaime Fink

CHICAGO, IL – HFF announced today that it has been named to market for sale 111 West Jackson, a 25-story, 558,388-square-foot office tower in Chicago’s central business district.

                HFF is marketing the property on behalf of the seller, 601 West Associates, LLC, without a formal asking price.

                111 West Jackson is located in the heart of Chicago’s Central Loop submarket adjacent to the Chicago Transit Authority’s rail system and close to The Chicago Board of Trade and numerous federal government offices.

Jeff Bramson

 The property has undergone extension renovations since 2011 including the construction of a 5,600-square-foot fitness center, a 1,600-square-foot conference center, a rooftop deck and a bicycle storage room as well as improvements to the lobby, elevators, security systems, roof and HVAC systems.  111 West Jackson is currently 95 percent leased. 

The HFF team representing 601 West Associates, LLC is led by senior managing directors Jaime Fink and Jeff Bramson and director Mark Katz.

The principals of 601W oversee one of America’s leading private real estate acquisition, ownership, development and management portfolios in the country. 

Mark Katz

Over the past 15 years, 601W has acquired a number of substantial and well-known commercial properties throughout the country, aggregating 24 million square feet, with a collective value in excess of $5 billion.

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

www.arlingtonproperties.net.

www.tpco.com.

HFF closes $36.25 million sale of and arranges $26.4 million financing for a student housing community near The University of Florida in Gainesville, FL

Canopy Apartments, 4400 SW 20th Avenue, Gainesville, FL

 

Manny de Zárraga.

CHICAGO, IL – HFF announced today that it has closed the sale of and arranged financing for Canopy Apartments, a 240-unit/770-bed, Class A student housing community serving The University of Florida in Gainesville, Florida.

HFF marketed the property on behalf of the seller, a joint venture between Glenmont Capital Management, LLC and Arlington Properties.  The Preiss Company purchased the asset for $36.25 million.

Brian Kelly

  HFF also secured a $26.4 million, 12-year, 4.5 percent, fixed-rate loan on behalf of the buyer through M&T Realty Capital Corporation (FNMA). Proceeds were used to acquire the property.

Canopy Apartments is located at 4400 SW 20th Avenue near the intersection of SW 43rd Street in Gainesville. 

Completed in 2009, the property has five three-story residential buildings with two-, three- and four-bedroom floor plans. 

Timothy Joyce

Each unit has granite countertops, stainless steel appliances, nine-foot ceilings, full-size washers and dryers, 42-inch plasma televisions and private bathrooms for each bedroom. 

Community amenities include a resort-style pool, bar and grilling area, fitness center, clubhouse with gaming area, indoor basketball court,  two sand volleyball courts, virtual golf course, tanning beds and cyber center.  Canopy Apartments is 95 percent occupied.

Stephen Skok

The HFF investment sales team representing Glenmont Capital Management, LLC and Arlington Properties was led by managing director Brian Kelly and senior managing director Manny de Zárraga.

HFF’s debt placement team representing The Preiss Company was led by managing directors Timothy Joyce and Stephen Skok and director Elliott Throne.

Founded in 2000 by Lawrence A. Kestin, Glenmont Capital Management, LLC (“Glenmont”) is a New York-based real estate private equity fund manager focused on real estate investments throughout the United States.

Elliott Throne

 Glenmont manages a series of closed-end, institutionally backed investment funds seeking both value-add and opportunistic investments in distressed and under-performing real estate, select development opportunities, non-performing loans and real estate operating companies.

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

www.arlingtonproperties.net.

www.tpco.com.

HFF named to market for sale Inland Empire, California retail power center

Vernola Marketplace, Jurupa Valley, CA

LOS ANGELES, CA – HFF announced today that it has been named to market for sale Vernola Marketplace, a 382,963-square-foot retail power center in Jurupa Valley, California.

John Crump

                HFF is marketing the property on behalf of the seller, a joint venture between Rockwood Capital and Vestar. 

                Vernola Marketplace is located at 6205 Pats Ranch Road adjacent to the I-15 Freeway with exposure to more than 314,000 cars per day.

 The 22.2-acre site is situated 45 miles east of downtown Los Angeles, 20 miles from Orange County and eight miles from the LA/Ontario International Airport in the City of Jurupa Valley.

Bryan Ley

 Completed in 2007, the 210,963 square foot center is 84 percent leased to tenants including Lowe’s (not included in offering), Ross Dress for Less, Bed Bath and Beyond, Michael’s, Petco, BevMo!, Denny’s, Five Guys Burgers and Fries and Jamba Juice.

                The HFF team representing the seller is led by managing director Bryan Ley, director John Crump and senior managing director Michael Ross.

                “Vernola Marketplace is an outstanding, strategically located asset, blending core tenancy with the ability to create additional value through the re-tenanting of a 20,953-square-foot junior anchor space and 13,225 square feet of inline space,” said Ley.

Michael Ross

                Rockwood Capital is a privately held real estate investment and advisory firm. Rockwood has a long history of private equity and debt investments in various property types, including office, residential, retail, data center and hotel projects. 

                One of the leading privately held real estate companies in the western United States, Vestar specializes in the acquisition, management, and development of commercial real estate, including entertainment-retail complexes, power and lifestyle centers, and neighborhood centers of varying size and scale that serve as community shopping destinations with a unique sense of place. 

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

  

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

HFF closes sale of Residence Inn Coconut Grove in Coconut Grove, FL

Residence Inn Coconut Grove, Coconut Grove, FL

MIAMI, FL – HFF announced today that it has closed the sale of the Residence Inn Coconut Grove, a 140-room extended-stay hotel in the Coconut Grove submarket of Miami, Florida.

                HFF marketed the property on behalf of the seller, The Grove Hospitality Properties, LLC.  Hersha Hospitality Trust purchased the asset on an all-cash basis.

                The Residence Inn Coconut Grove is located approximately four miles southwest of downtown Miami and five miles south of the Miami International Airport, proximate to Biscayne Bay, Cocowalk, and numerous cultural attractions.  

Holden Lim

The five-story, Mediterranean-style property features two outdoor swimming pools, a fitness center, business center, breakfast area and sundry shop.

                The HFF investment sales team representing the seller was led by senior managing director Daniel Peek, managing director Holden Lim and director Max Comess, and included real estate analysts Chris Lingerfelt and Alexandra Lalos.

Max Comess

                “This transaction is a testament to the strong institutional interest in acquiring premium-branded, select-service and extended-stay hotels in major U.S. markets,” commented Comess.  “We are thrilled to complete another transaction on behalf of our client while also helping Hersha continue their strategy of building a high-quality portfolio in Miami.”

The Grove Hospitality Properties, LLC is an affiliate of Fremont Realty Capital, a San Francisco-based private investment company.  The seller was represented by the Jacksonville office of Holland and Knight.

Alexandra Lalos

Hersha Hospitality Trust is a self-advised real estate investment trust that owns 65 hotels in major urban gateway markets including New York, Washington, Boston, Philadelphia, Los Angeles, San Diego and Miami totaling 9,552 rooms.  

HT follows a highly selective investment approach and leverages operational advantage through rigorous and sustainable asset management practices.  The buyer was represented by the Miami office of Shutts and Bowen.

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

Greysteel Announces Exclusive Free-Standing Advance Auto Parts Offering in Altavista, VA for $952,000

Advance Auto Parts, Altavista, VA

Altavista, VA – One of Washington, D.C.’s leading real estate investment service firms, Greysteel, announced today that Vice President Peter Snell, head of the Single Tenant Net Lease Investment Group, has been named exclusive advisor and agent for the freestanding Advance Auto Parts located in Altavista, Virginia. 

The offering, which is listed for $952,000 (7.50% cap), consists of a 7,000 square foot building on a 0.99 acre lot, leased to Advance Auto Parts. 

Situated along Main Street, the primary access road to the heart of downtown Altavista, the property is adjacent to a 150,000 Food Lion anchored shopping center.

 Other national retailers in the surrounding area include CVS, KFC, Hardee’s, Wells Fargo, Citgo, Sunoco and more.  

Peter Snell

“Offerings like this remain in high demand, as investment grade assets are in short supply,” said Greysteel’s Peter Snell, who continued “Advance Auto Parts credit, minimal landlord responsibilities and strong passive income all combine to present a highly desirable investment opportunity.

“Through our marketing platform we fully expect to generate multiple offers in a relatively short period of time.”   

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

Yassi Farzaneh

202-280-2714

George Smith Partners Secures $46 Million in Construction and Mezzanine Financing for Phase 1 of 310-Acre Mixed-Use Development in Maryland

WASHINGTON D.C. (June 18, 2013) - Commercial real estate investment banking firm George Smith Partners has successfully arranged $46.285 million in construction & mezzanine financing on behalf of its clients, Walton Westphalia Development Corporation and Walton Westphalia Europe, LP, for Phase I construction on a new, 310-acre mixed-use development in Prince George’s County, Maryland, a suburb of Washington D.C., according to George Smith Partners’ Principal, Malcolm Davies.

Malcolm Davies

The borrowers are managed by the Walton Group of Companies.

When complete, the project, known as Westphalia Town Center, will include a mix of residential, retail, office and hotel products.

“Although land development construction financing remains difficult to secure in today’s real estate finance market, the mixed-use nature of this project, coupled with the Walton Group’s strong track record as a borrower and developer, enabled us to identify the right lender and negotiate the best pricing and terms for our client,” explained Davies.

Davies notes that the combination of a low leverage loan request and the asset’s fundamentals, along with the Walton Group’s expertise in land development and capacity to assure loan repayment, were the key factors demonstrated by George Smith Partners when securing the construction funds.

Westphalia Town Center rendering, Prince Georges County, MD

The Westphalia Town Center project will span 310 acres and is anticipated to consist of 845 single family residences and townhomes, 884 rental apartments, 600 hotel rooms, 2,240,000 square feet of office space, and 534,000 square feet of retail space.

According to Davies, entities managed by the Walton Group acquired the land in February of 2012 for $23.7 million. 

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

Corynne Randel/ Judith Brower

Brower, Miller & Cole

(949) 955-7940

Crandel@browermillercole.com

Chatham Lodging Completes Acquisition of the Hyatt Place Downtown Pittsburgh

  

PNC Park, Pittsburgh, PA

PALM BEACH, FL, June 19, 2013—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium branded select-service hotels, today announced that it has completed its acquisition of the 178-room Hyatt Place® Pittsburgh/North Shore in Pittsburgh, Pa., for a purchase price of $40 million, plus customary pro-rated amounts and closing costs.   

Andy Warhol Museum,
Pittsburgh, PA

The Pittsburgh Hyatt Place opened in December 2010 and is located in Pittsburgh’s North Shore neighborhood, next door to PNC Park (home of the Pittsburgh Pirates) and Heinz Field (home of the Pittsburgh Steelers), and near such attractions as the Andy Warhol Museum, the Carnegie Science Center and the National Aviary.

 The Pittsburgh Hyatt Place also is proximate to Fortune 500 employers such as Alcoa, Del Monte Foods, PNC Financial, U.S. Steel and Heinz.

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

Jerry Daly                                                                                   

Daly Gray Public Relations                                                   

jerry@dalygray.com 

(703) 435-6293                                                                          

Dennis Craven

Chief Financial Officer

dcraven@cl-trust.com 

(561) 227-1386  

MVP REIT Acquires National Headquarters of Short-Term Lender in Las Vegas, NV

LAS VEGAS, NV(June 18, 2013) – MVP REIT Inc. announced today the acquisition of an approximately 22,000-square-foot office building in Las Vegas, Nev. for $6.5 million. The acquisition of the property closed on June 14, 2013.

Mike Shustek

Located at 8860 W. Sunset Road, the two-story, single-tenant building was built in 2008 and is fully occupied by a national short-term lender, which uses the property as its national headquarters.

 The property has approximately 10 years remaining on its triple net lease, under which the tenant is responsible for the majority of the costs associated with maintaining the building.

“The acquisition of this property expands MVP REIT’s asset base and fits our acquisition criteria,” explained Mike Shustek, chairman and chief executive officer of MVP REIT. “The property is income-producing, enjoys a significant remaining lease term and is fully occupied.” 

MVP REIT financed the acquisition through the assumption of $3,966,876 in existing debt and the transfer of approximately 285,744 of MVP REIT shares to the seller at $8.865 per share.

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

Jill Swartz                                                                                                                                                                                             Spotlight Communications

(949) 427-5172 ext. 701

Jill@spotlightmarcom.com

$33 Million Multifamily Sales in Oldsmar, FL Arranged by IPA

  

The Abbey at Forest Lakes Apartments

100 Old Village Way

Oldsmar, Pinnellas County, FL

  

OLDSMAR, FL, June 18, 2013 – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of The Abbey at Forest Lakes, a 400-unit multifamily complex located in Oldsmar, Pinellas County, Fla. The sales price of $33,000,000 equates to $82,500 per unit.

Jamie B. May

IPA Florida executive director Jamie B. May advised the seller, Abbey Residential.  The buyer is Pacifica Companies.

            “The Abbey at Forest Lakes is a well-maintained, late ’80s constructed property situated in a high barrier-to-entry location,” says May. 

“The property has tremendous potential to add value through strategic capital investments in unit interiors and also offers the new ownership an opportunity to capitalize on rental rate increases as the apartment market enters a prolonged recovery period.”

The property is located at 100 Old Village Way, just off Tampa Road in Oldsmar, on the eastern edge of north Pinellas County.

 The immediate surrounding area includes numerous retail venues, restaurants, parks and highly rated schools. Tampa Bay employment centers including the Westshore business district, downtown Clearwater and the Gateway/Carillon district are all easily accessed from the complex.

Built in 1984, The Abbey at Forest Lakes is situated on 42 acres with five lakes and generous scenic views. The unit mix includes 136 three-bedroom/two-bath units, 232 two-bedroom/two-bath units and 32 one-bedroom/one-bath units.

Westshore business district, Tampa, FL

Amenities include two resort-style pools with sundecks, a tennis court, putting green, four laundry centers, a fitness center, car care center, sand volleyball, boat storage and several picnic and barbecue areas.

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

Ben Johnson

Marketing Director

(925) 953-1736