George Smith Partners Secures $95 Million in Construction Financing for New Downtown San Diego, CA Hotel

Malcolm Davies

SAN DIEGO, CA (Oct. 27, 2014) – Commercial real estate investment banking firm George Smith Partners has successfully arranged $95 million in construction financing for development partners The Robert Green Company and Montage Hotels & Resorts to construct a new 317-room Montage-branded hotel in downtown San Diego’s Gaslamp Quarter, according to George Smith Partners’ Principal Malcolm Davies.

The hotel will mark the launch of Montage Hotels & Resorts’ newest hotel brand, Pendry, and will be called Pendry San Diego.

“This hotel project has been in the works for more than 10 years, with a variety of challenges to overcome,” explained Davies. 

“George Smith Partners worked extensively with The Robert Green Company and Montage Hotels & Resorts over the past 15 months to finally secure the construction financing they needed.

“This allowed the work to begin on this $138 million hotel development, which had its ceremonial ground breaking earlier this month.”

According to Davies, the development site originally housed a condemned cigar store and parking lot, and was initially being considered by another developer as the site for a new Marriott Renaissance hotel.

During the recession, this interest waned, and an eminent domain issue emerged with the site’s former cigar shop owner.  These factors contributed to the complexity of this proposed development, as well as its lengthy pre-development phase.

The Pendry San Diego will be located on 5th and J streets in Downtown San Diego, three blocks from the San Diego Convention Center.

Planned for completion in the Summer of 2016, the Pendry San Diego will be a twelve-story, 317-room luxury hotel, including 36 suites. The hotel will also feature several restaurants and bars; an outdoor pool, spa, grill and fitness area on the third floor deck; as well as ballroom and various meeting rooms.

  

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

Corynne Randel/ Jenn Quader

Brower, Miller & Cole

(949) 955-7940

Crandel@browermillercole.com

Marcus & Millichap Arranges Sale of 376-Unit Apartment Community in Columbus, OH

Daniel Burkons

COLUMBUS, OH – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Whispering Pines, a 376-unit apartment asset located in Columbus, Ohio. The terms of the sale were not disclosed.

Michael Barron, first vice president investments, Daniel Burkons, vice president investments and Joshua Wintermute, vice president investments, all in in Marcus & Millichap’s Cleveland office, along with Richard Lattro and Jordan Marshall, associates in the firm’s Columbus office, had the exclusive listing to market the property on behalf of the seller, a Philadelphia-based limited liability company.

Barron, Burkons and Wintermute secured the buyer, an out-of-state private investment group that successfully competed against numerous regional and national buyers for the asset. 

“Investors seeking yield continue to view Columbus as an attractive Midwest market,” says Barron.   

Michael Baron

“We fielded several offers from buyers across the United States at—or even slightly above—this price level,” adds Burkons.

“This size and class of property lends itself to a professional but non-institutional class of owners seeking to grow their presence in an attractive mid-sized market like Columbus,” explains Wintermute.

Whispering Pines is located in north Columbus just off E. Dublin-Granville Road between Interstate 71 and Interstate 270.

 The property is less than 10 minutes from two of Columbus’ major retail and employment corridors, Polaris and Easton Town Center.

The community, which is composed primarily of townhomes, offers one-, two- and three-bedroom floor plans.  Amenities at the property include a clubhouse, community room, fitness center, laundry facility, swimming pool, tennis courts and picnic area. 

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap’s Tony Azzi Sells Four Multifamily Properties in California Valued at $47.2 Million

Tony Azzi

LOS ANGELES, CA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced that Tony Azzi, senior vice president investments in the firm’s West Los Angeles office, arranged the sale of four separate multifamily properties valued at a total of $47.2 million between mid-July and early October 2014.

The properties are:

·         1611 South Beverly Glen Blvd., Los Angeles, Calif., 12 units, $8,400,000

     

   1236 9th St., Santa Monica, Calif., 16 units, $ 7,300,000

·       

  11677 and 11683 Goshen Ave., Los Angeles, Calif., 68 units, $25,500,000 

·        

 11666 Mayfield Ave., Los Angeles, Calif., 15 units, $6,000,000

Tony Solomon

“Few people are as thoroughly familiar with the dynamics of the commercial real estate marketplace in Los Angeles as Tony Azzi,” says Tony Solomon, vice president and regional manager of Marcus & Millichap’s West Los Angeles office.

“Throughout his 28-year tenure with the firm, Tony has consistently created competitive markets for commercial real estate assets in the Los Angeles area and delivered maximum value to clients.

“The sale of these four assets is a case in point,” continues Solomon. “Prior to being listed with Tony, the properties received unsolicited off-market offers.

“Utilizing the Marcus & Millichap platform, Tony created a competitive bidding environment that resulted in netting the sellers higher proceeds than they would have had they accepted the off-market offers.”

Built between 1962 and 2014, the five properties total 111 units.

Thomas Jonsson

“These are all well-located properties, the majority of which offer their new owners opportunities for revenue enhancement through the implementation of capital improvement programs,” says Azzi.

“The current high level of investment activity in the Los Angeles County apartment market reflects the tight conditions that have been developing over the past few years.

“The market is drawing buyers from throughout the investment spectrum, from first-time buyers to institutions. 

"Many first-time buyers are deploying capital from other investments to purchase real estate as a part of a long-term investment strategy.”

The properties at 11677-11683 Goshen Ave., the Majestic Apartments, are adjacent buildings constructed in 1971.

 These assets, along with The Mayfield Apartments (11666 Mayfield Ave.) are located north of Wilshire Boulevard in Los Angeles’ Brentwood neighborhood.

Built in 1962, the apartment building at 1236 9th St. in Santa Monica is blocks from the Santa Monica Pier and the Third Street Promenade and is close to the new Santa Monica light rail line.

Mayfield Apartments, Brentwood Neighborhood
Los Angeles, CA

The property at 1611 South Beverly Glen Blvd. was constructed this year and is located in the Westwood neighborhood of Los Angeles just north of Santa Monica Blvd.

Thomas Jonsson, senior associate, also in Marcus & Millichap’s West Los Angeles office, provided additional representation in the sale of 1236 9th St.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Four-Property Net-Leased Portfolio in Three States Sells for $38.6 Million

Walgreens, Merrimack, NH

BOSTON, MA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a four-property net-leased drugstore portfolio.

The properties are located in Massachusetts, New Hampshire and Florida. The combined sales price for all four properties is $38,617,763.

            Robert Horvath, vice president investments and Todd Tremblay, vice president investments, both in Marcus & Millichap’s Boston office, represented the seller, a private New England-based real estate family and the buyer, a private family completing a 1031 exchange.

 Kirk Felici, first vice president in Marcus & Millichap’s Miami office, is the firm’s broker of record in Florida.

Robert Horvath

“These net-leased assets are all extremely well located within their respective marketplaces and all have 25-year leases with numerous years remaining, plus options for renewal,” says Horvath.

“Investor demand for drugstores, which are seen as one of the safest types of commercial real estate investments, remains strong,” adds Tremblay.

The properties are:

·         Walgreens, Worchester, Mass., 14,320 square feet, $9,400,000

·         CVS, Foxborough, Mass., 15,013 square feet, $10,487,182

·         Walgreens, Merrimack, N. H., 13,612 square feet, $7,363,636

·         CVS, Clearwater, Fla., 14,593 square feet, $11,375,945

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Sells Glenmary Village Apartments in Louisville, KY

Glenmary Village Apartments, Louisville, KY

LOUISVILLE, KY  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Glenmary Village Apartments, a 272-unit apartment complex in Louisville, Ky.

The terms of the sale were not released. Aaron Johnson, vice president investments in Marcus & Millichap’s Louisville office, represented the seller.

         “The firm’s national marketing platform and network of more than 1,300 investment property specialists helped us generate 18 qualified offers from investors located in 11 different states,” says Johnson. “At the end of our marketing process, Glenmary Village Apartments was purchased by Peak Capital, which is based in Utah.”

            The apartment complex is located off Bardstown Road at 9606 Clubview Drive in southeast Louisville, minutes from Interstate 265, Interstate 64 and Interstate 65.

The Interstate 65/Bardstown Road interchange has received a great deal of new construction during the last 15 years, which has led to large increases in the population and employment base.

Aaron Johnson

Some of Louisville’s largest employers, including the Ford Motor Co., UPS and General Electric Corp. are within an easy commute. The average annual family income within one mile of the apartment community is $96,000.

          “Our ability to create a national marketplace for a small-market asset fueled the interest of buyers and inspired the competition that led to the completion of this sale,” says Mathew Fitzgerald, first vice president and regional manager of Marcus & Millichap’s Louisville office. “The firm’s marketing platform brought the deal directly to private investors nationwide and the results were extraordinary.”

            Built in 2003 on 22 acres, Glenmary Village Apartments features 17 two-story, garden-style buildings with brick and wood siding facades and remote-access, private garages. 

The property’s two- and three-bedroom units range from 1,218 square feet to 1,493 square feet.

 Each home has an alarm system, nine-foot ceilings, recessed lighting and a full-size washer and dryer connection. Community amenities include an upgraded resort-style clubhouse with veranda, business center, workout facilities and kitchen area, a large pool and sun deck.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Promotes Adam Tiktin to First Vice President Investments in Miami, FL Office

Adam Tiktin

MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced Adam Tiktin has been promoted to first vice president investments, according to Kirk A. Felici, first vice president and regional manager of the Miami office. Previously, Tiktin was a vice president investments.

            “This is one of the highest honors given to an agent of the firm,” says Felici. “Adam’s excellent relationships with a host of institutional and private investors, along with his impressive track record of closing commercial real estate transactions during his nearly two decades-long career, have earned him this promotion.”

            Tiktin began his career at Marcus & Millichap as an associate in March 2002, and was promoted to senior associate exactly three years later. 

In January 2008, he was named an associate vice president investments, and was elevated to vice president investments in July of that same year.

Kirk A. Felici

    A director of the firm’s National Retail Group (NRG) and Net Leased Properties Group (NLPG), Tiktin specializes in negotiating the sale of shopping centers and single-tenant net-leased retail assets, as well as office and industrial properties. 

Tiktin brings more than 16 years of commercial real estate investment sales expertise to his new position as FVPI.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Single-Tenant Office Property in Hartford, WI Sells for $13 Million

API Healthcare Headquarters, Hartford, WI

HARTFORD, WI  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a triple-net-leased, 73,756-square-foot office property in Hartford, Wis.

The $13 million sales price equates to $176 per square foot.

            Jeff Rowlett, vice president investments, Joe Powers, associate and Jeremy Osting, associate, all in Marcus & Millichap’s Milwaukee office, represented the seller. Rowlett and Powers also represented the buyer. Rowlett, Osting and Powers have collectively closed $30 million in investment real estate sales in August and September this year.

  

            “The property is the corporate headquarters of API Healthcare Inc., a company that has been located in Hartford for more than 30 years,” says Rowlett.

The building is situated on nearly 22 acres at 1550 Innovation Way in Hartford, Wis. Access to Highway 41 is nearby. Neighboring firms include Quad/Graphics Inc., Helgesen Industries Inc. and Signicast Investment Castings.

“Selling a property of this magnitude in a small market requires an active sales process and an engaged salesforce,” says Matt Fitzgerald, first vice president and regional manager of the firm’s Milwaukee office.

“Our culture of information sharing and ability to deliver information directly to private investors nationwide created superior results for our client.”

Matt Fitzgerald

Built to suit for API Healthcare Inc. in 2004, the firm has occupied the property since 2006. 

In February 2014, API Healthcare was purchased by GE Healthcare. 

GE Healthcare has more than 10,000 employees and retirees in Wisconsin and generates $3.8 billion in economic impact in Wisconsin annually.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Denny Triangle Development Site in Seattle, WA Sells for $14.32 Million

Denny Triangle Development Site, 1820 Terry Avenue
and 1007 Stewart Street, Downtown Seattle, WA

SEATTLE, WA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a 20,760-square-foot development site in in downtown Seattle’s Denny Triangle neighborhood.

The development site is on two adjacent parcels at 1820 Terry Avenue and 1007 Stewart Street. The property is currently occupied by 49-unit apartment building, Williamsburg Court, an attached small commercial building with two tenants, and a parking lot.

Marc Cunningham

           The $14.32 million sales price equates to $690 per square foot. 

The buyer also acquired certain surplus development rights from the adjacent property owner that allow a larger office building to be built on the site.

The recently approved Master Use Permit is for a 21-story, 365,000-square-foot office and retail tower. Marc Cunningham, vice president investments in Marcus & Millichap’s Seattle office, represented the seller, Williamsburg Court LLC.

          “Employment opportunities and companies wanting to locate in downtown Seattle are fueling demand for more residential and office space,” says Cunningham.

 “Amazon’s three 38-story towers, which will provide 3.3 million square feet of office space, are just five blocks from this development site.”

Aspira Apartment Tower
Downtown Seattle, WA

The site for the proposed tower is on the southwest corner of Terry Avenue and Stewart Street with view corridors to Lake Union, the Space Needle and the Cascade Mountain Range. 

The property is within walking distance of many of the newer and largest office towers in Seattle, including the 325-unit, 400-foot-high Aspira apartment tower, which is directly across the street.

 The Aspira was completed in 2013 and sold in the same year for $165 million, which equates to $509,000 per unit.

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

Gina Relva

Public Relations Manager

(925) 953-1716

HFF arranges $46.7 million financing for two multi-housing properties in Dallas-Fort Worth, TX area

Adam F. Herrin

DALLAS, TX – HFF announced it has arranged financing totaling $46.7 million for two multi-housing properties – The Bluffs at Ironhorse, a two-phase, 490-unit multi-housing community in North Richland Hills, and Stone Villas, a two-phase, 396-unit multi-housing community in northwest Fort Worth.

                HFF worked exclusively on behalf of the borrower, Oxford Enterprises, Inc., to secure financing for the properties in two separate transactions. 

                The HFF debt placement team was led by director Adam Herrin.

The Bluffs at Ironhorse was financed with a $34.7 million, 10-year, fixed-rate Fannie Mae loan through M&T Realty Capital Corporation.  The $12 million balance sheet loan for Stone Villas was placed with M&T Bank. 

                The Bluffs at Ironhorse is located in North Richland Hills near the intersection of Rufe Snow Drive and Northeast Loop 820, approximately 20 minutes northeast of downtown Fort Worth.  Completed in two phases between 2002 and 2013, the property includes one-, two- and three-bedroom units that are a combined 96 percent leased. 

   

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

Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

http://www.oxfordenterprisesinc.com.

www.mtb.com

www.mandtrcc.com

McCraney Property Co. Launches Fourth Spec Industrial Project in Past 18 Months

Christopher Thomson

WEST PALM BEACH, FL – McCraney Property Company announced the development of its new 33.8-acre Turnpike Business Park project, which boasts 400,000 square feet of new industrial dock-high development with one mile of direct Florida Turnpike frontage.

Plans for a five-building warehouse-distribution project are currently being reviewed by the Palm Beach County Building and Zoning Department.

Final approvals are expected prior to the end of 2014, and construction is expected to begin in January of 2015. The final site plan once approved, will total nearly 600,000 square feet collectively on the north and south parcels.

Christopher Thomson, Senior Director, Industrial Brokerage at Cushman & Wakefield, has been appointed exclusive leasing agent for the project.  Peter Corrales of Corrales Group Architects has been selected as the architect.

“The Palm Beach County market continues to strengthen,” said Steven McCraney, SIOR, CCIM, president and CEO of McCraney Property Company. “Corrales Group Architects continues to deliver award-winning designs in our projects. We are pleased to be working with such a fantastic team.”

    

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

Don Silver (donsil@boardroompr.com) or Ashley Fierman (afierman@boardroompr.com) of BoardroomPR, 954-370-8999/954-629-7523.

Six/Ten begins pre-leasing ahead of opening of Central Park Square in downtown Winter Haven, FL

  

Bud Strang

 Winter Haven, FL — When Central Park Square opens this fall, listen for the noise of shoppers and diners on the first floor and the creative hum of office workers upstairs.

Six/Ten LLC has transformed a dilapidated, two-story furniture store that faces Central Park and Central Avenue, along with an adjoining building, into a new gathering place and executive office suites.

 Pre-leasing is underway ahead of a grand opening. More than 20,000 square feet of new space will be available before the end of the year.

“Central Park Square is evolving into its highest and best use,” said Bud Strang, Six/Ten’s CEO. “We are reversing decades of neglect and obsolescence by giving the buildings new life.”

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

Michelle Friedman

BoardroomPR

407-973-8555

mfriedman@boardroompr.com

         

JLL Reports Phoenix, AZ Industrial Market Ready for Rebound

Mark Hertzberg

PHOENIX, AZ – After a long summer lull, the Phoenix industrial market is ready for a rebound that will not only fill its large blocks of available space but also continue the momentum generated by small- and mid-size users alike, says JLL’s Q3 Phoenix Industrial Report.

According to JLL, the Valley absorbed 680,434 square feet of industrial space during the third quarter, bringing year-to-date absorption up to 5.6 million square feet.

“We’ve filled in a lot of our vacancies with users in the 40,000 to 80,000-square-foot range who are either relocating or expanding,” said JLL Managing Director Marc Hertzberg.

“These transactions don’t make the kind of splash that a big deal might, but collectively they’ve brought us out of one of the worst vacancy scenarios in the country and they’re teeing Phoenix up for a much more balanced recovery.

“ Our next benchmark needs to be the attraction of large corporate users who can take down Phoenix’s 200,000-, 300,000- and 500,000-square-foot blocks that are built and waiting.”

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

stacey@focusaz.com

www.focusaz.com

CBRE Capital Markets Arranges $150 Million Sale of Multifamily Portfolio in Orlando, FL – area’s largest apartment sale in 2014

Orlando, FL – CBRE Capital Markets announced that it represented a large national owner-operator in the sale of a 1,024-unit multifamily portfolio in Orlando.

The portfolio was acquired by Atlas Residential for $150 million and represents the largest apartment complex sale in the metropolitan Orlando area in 2014.

The properties included in the transaction were:

· Alexandria Parc Vue, located at 10649 Bastille Lane, Orlando, FL.

· Crowntree Lakes, located at 5759 Crowntree Lane, Orlando, FL.

“This market-leading transaction serves as a testament to the desirability of the Central Florida market, and to the viability of the multifamily sector here. Rent growth is continuing to beat the expectations of property owners and managers,” said Shelton Granade, Executive Vice President of CBRE Capital Markets, Multifamily.

Alexandria Parc Vue Apartments, Orlando, FL

“Rents in Orlando are forecasted to increase 3.5% to 4% each year for the next five years, and average occupancy should hold very strong in the 94% to 95% range.”

CBRE’s Shelton Granade, Robert Given, Luke Wickham, and Justin Basquill exclusively represented the seller in the transaction, and have closed more than $1.4 billion in apartment sales in Central Florida since 2013 to date.

  

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

Elizabeth Cross

Marketing Director, FL

305.428.6373

elizabeth.cross@cbre.com

Daniel Jimenez

Communications Specialist

407.839.3191

daniel.jimenez@cbre.com

www.cbre.com.

South Loop Luxury by Related Enters Final Phase of Sales as Related Midwest continues to lead rebirth of Chicago’s condo market

Curt Bailey

CHICAGO, IL – A year and a half after relaunching sales at South Loop Luxury by Related, a collection of 500 condominiums across three towers in the South Loop, Related Midwest announced it has sold 400 units in just over 18 months, with only 100 of the original 500 residences remaining.

South Loop Luxury by Related represents three previously-stalled condo buildings that Related Midwest reimagined in 2013, when Chicago’s condo market was showing few signs of recovery.

As a result of the overwhelmingly positive response from buyers, Related Midwest has released an assortment of previously reserved units across the collection, which comprises The Grant, Adler Place and Harbor View – all immediately west of Chicago’s famed Museum Campus.

The newly released residences include a mix of standard units, as well as townhomes, penthouses, and two 4,000-square-foot “white box” units.

“When we launched South Loop Luxury by Related in 2013, we saw a unique opportunity to lead the charge in rejuvenating Chicago’s condo market,” said Curt Bailey, president of Related Midwest.

“Since starting sales last year, when the units accounted for nearly half of downtown Chicago’s unsold condo inventory, we’ve been able to significantly boost values in the South Loop.”

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

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

Julie Liedtke, jliedtke@taylorjohnson.com, (312) 267-4521

North American Properties Announces Opening Dates for 54 Avalon Retailers and Restaurants to Open Oct. 30 in Alpharetta, GA

Kellie Pickler

ATLANTA, GA – With only a week until the highly anticipated Avalon opens in Alpharetta, Georgia, officials with North American Properties (NAP) recently announced opening dates for retailers.

A ribbon cutting ceremony is scheduled at 9 a.m. on Oct. 30 to celebrate the grand opening of the $600 million mixed-use project.

 Avalon’s retail component is 98 percent leased with 90 percent of tenants opening at 10 a.m. following the ribbon cutting.

 Avalon’s festive four-day grand opening will feature local chef demonstrations, fall fashion shows and live entertainment, including a special performance by country star Kellie Pickler.

Mark Toro

On opening day, guests can visit national retailers such as C. Wonder and J. Crew and local favorites like Fab’rik and Bantam + Biddy restaurant. 

In addition to the 54 opening on Oct. 30, new retailers and restaurants will open steadily throughout the remainder of this year and into early next.

“All the brands represented align with our vision to create a unique experiential retail environment,” said Mark Toro, managing partner at NAP.

 “In addition to having sought-after national retailers, we’re introducing new retail and restaurant concepts to the market such as Soft Surroundings, Boston Proper, Lou & Grey and Oak Steakhouse."

Ron Pfohl

“We’ve curated a collection of specialty retailers and chef-driven restaurants that can’t be found anywhere else in the Southeast,” said Ron Pfohl, partner and director of leasing at NAP.

 “We have top names from Calypso St. Barth and Vineyard Vines to Flywheel and that’s just the beginning. More exceptional retailers like Anthropologie and BCBG are scheduled to open in the coming months."

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

Suong Nguyen

The Wilbert Group

404-343-0637 (O) 678-642-4301 (C)

snguyen@thewilbertgroup.com