Friday, March 6, 2015

Western National Group Launches Enhanced Institutional Investor-Focused Platform; Adds Chief Marketing officer to Oversee This Effort


George L. Ochs
IRVINE, CA  – As part of an ongoing strategy to further grow its existing base of institutional investors, Western National Group has launched an enhanced institutional investor-focused platform and appointed George L. Ochs, a former institutional real estate manager with JP Morgan, as its Chief Marketing Officer.

Ochs will work to expand Western National’s investor base by overseeing the firm’s strategic outreach to corporate and public pension funds, endowments, foundations, and high net worth individuals. 

He will also be responsible for maintaining and developing relationships with Western National Group’s current investor groups.

“As one of the largest owners and developers of multifamily product in the U.S., we recognize the potential of continuing to align ourselves with institutional investors for whom we can generate attractive yields,” says Michael Hayde, Chief Executive Officer of Western National Group. 

 “Based on our lengthy track record of strong results in this industry, we anticipate strong investor interest over the next 12 to 24 months.”

Michael K. Hayde
Hayde notes that, based on Ochs’ tremendous depth of experience in the institutional real estate industry, he will be instrumental as Western National Group continues to grow and expand its multifamily holdings.

According to Ochs, “Western National Group is a well-respected and established leader in the multifamily market. I am excited about the opportunity to work with this dynamic team in order to drive its business forward.”

Ochs brings more than 35 years of institutional real estate experience to his new role as CMO, with deep expertise in development, asset and portfolio management.

Prior to joining Western National, Ochs was a senior manager with JP Morgan for nearly 20 years.  Earlier in his career, he held a senior management position at Prudential Insurance.
Ochs is an active member of Institutional Real Estate, Inc. (IREI), the Pension Real Estate Association (PREA), and the Urban Land Institute.  

He holds an Executive MBA from the University of Colorado, Denver, as well as a General Securities Representative (Series 7) license and a Uniform Securities (Series 63) license. 

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

Lexi Astfalk / Jenn Quader
Brower, Miller & Cole
(949) 955-7940

MG Properties Group Acquires Trillium Papago Apartments in Phoenix, AZ for $36 Million


Trillium Papago Apartments, Phoenix, AZ

Mark Gleiberman
San Diego, Calif., March 4, 2015 – MG Properties Group, a private San Diego-based real estate investor and operator, has announced the acquisition of the Trillium Papago Apartments in Phoenix, Arizona.

The property consists of 270 luxury apartments built in 2007.

 The property features an exceptional array of common area amenities, including a resort-style pool and spa, modern fitness center, movie theater, and pool room.

The property is located north-east of Phoenix Sky-Harbor Airport, providing convenient access to multiple job corridors within the region.

 MGPG plans to rebrand the property as Ascent at Papago Park. Units include nine-foot ceilings, full-sized washers and dryers, and a mix of 1, 2, and 3-bedroom floor plans. 

Trillium Papago was purchased for $36,220,000 from Trillium Residential. The acquisition was financed with a 10-year fixed-rate mortgage from Fannie Mae, arranged by CBRE. 

According to Mark Gleiberman, MG Properties Group Chief Executive Officer, “This acquisition reflects our continued belief in the long term growth potential of the Phoenix market. The property’s excellent design and central location position it well to benefit from further growth in the region.”

Trillium Papago marks MG Properties Group’s fourth acquisition in the past six months. The four acquisitions totaled approximately 700 units and $125,000,000 in combined purchase price. The company is targeting further acquisitions in Arizona, California, Colorado, Nevada, Oregon, and Washington.

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

Lexi Astfalk / Jenn Quader
Brower, Miller & Cole
(949) 955-7940


American Realty Advisors Acquires Retail Center in Dutchess County, NY


Shoppes at South Hills, Poughkeepsie, NY


POUGHKEEPSIE, NY – American Realty Advisors, an institutional real estate investment manager with approximately $6.7 billion in assets under management, has acquired the Shoppes at South Hills, a grocery-anchored retail power center in Poughkeepsie, New York.

This asset was acquired in a joint venture with DLC Management Corporation, a privately-held, vertically-integrated owner, operator, and manager of shopping centers throughout the United States.

Stanley lezman
According to Stanley lezman, Chairman and CEO of American Realty Advisors, this asset is among one of 153 assets American Realty Advisors currently owns and operates throughout the U.S. on behalf of its investors.

“American Realty Advisors continues to acquire well-located industrial, office, retail, and multifamily real estate assets in target markets,” says Iezman. 

“We utilize our strength in asset management to identify, source and acquire properties that provide for the opportunity to create value, maximizing yields on behalf of our investors.”




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


Lexi Astfalk / Jenn Quader
Brower, Miller & Cole
(949) 955-7940

Passco Companies Acquires Recently Completed Luxury Multifamily Community in Tampa Bay, FL for $54 Million


Azure Luxury Apartments, 540 Trinity Lane, St. Petersburg, FL


Gary Goodman
 TAMPA BAY, FL. (March 6, 2015) – Passco Companies, LLC has acquired the recently completed Azure Luxury Apartments, a 308-unit, Class A, luxury multifamily community in the City of St. Petersburg within the Tampa Bay region of Florida, for $54 million, according to Gary Goodman, Senior Vice President Acquisitions of Passco Companies LLC.

“Azure is located in one of the fastest growing job markets in the country.  The St. Petersburg region has added over 65,000 jobs in the past 18 months alone,” explained Goodman.

“With several planned office building developments underway in the region, demand for quality housing will continue to rise, especially among the area’s increasing population of professionals. 


“These factors, combined with the community’s high-end finishes and amenities, will contribute to Azure’s strong future as a profitable acquisition for Passco’s investors.”

In addition to increased job growth, Goodman also notes that there has been a lack of multifamily development in the area in recent years, as well as high barriers to entry for new developments.

“St. Petersburg’s current multifamily inventory averages 20 years in age, and there are simply no other development sites remaining in the immediate area that would accommodate a garden-style multifamily community like Azure,” he explained.

“This lack of supply has created substantial pent-up demand for quality housing, which was demonstrated during Azure’s rapid lease-up. The property is already 94 percent leased after being completed only one year ago.”

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

Corynne Randel / Jenn Quader
Brower, Miller & Cole
(949) 955-7940

       

Thursday, March 5, 2015

Stonemark Managing Arizona and Texas Apartments


Ashley Park Apartments, Houston, TX


Atlanta, GA – Stonemark Management is making big strides into new markets. The firm is now managing multifamily communities in Arizona, while expanding its management portfolio in Texas.

In Mesa, Arizona, near Phoenix, Stonemark is now managing agent for The Brittany Apartments, which has 92 units, and Sierra Madre, a 206-unit property.


The Brittany Apartments, Mesa, AZ
The firm is supervising more than $1.3 million in renovations over the next two years. 

Residents at both communities will receive new appliances, flooring and fixtures. Improvements are also planned for the pool areas, landscaping and exteriors.

 Plus, the Brittany will get better heating and air conditioning, while Sierra Madre’s fitness center and leasing office will be refurbished.

Stonemark also added another Houston, Texas community to its management portfolio – Ashley Park, which is being renamed The Edge at City Centre.

The firm is managing a $2.1 million renovation of the 284-unit property, which will get a brand new fitness center and laundry room. Plans include upgrading the interiors, exteriors, both pool areas, the clubhouse, landscaping, signs and the parking lot.


Michael Taylor
Privately held real estate investment firm 29th Street Capital recently acquired all three communities, choosing Stonemark to manage its new assets.

 “Stonemark has been an excellent management partner, and we look forward to the added value its team will bring to these properties,” said 29SC Managing Partner Robb Bollhoffer.

Stonemark now manages apartment communities in 10 states, and is looking to further expand its footprint.

“Stonemark is actively seeking management and partnership opportunities in Southeastern and Southwestern markets,” said Michael Taylor, CEO of The Stonemark Group. “We pride ourselves on our depth of experience in the management, leasing, marketing, due diligence, design, development and rehabilitation of multifamily properties.”

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

Thornton Communications
Thornton-Communications/112101288827299 http://twitter.com/Ttho
p:404-932-4347 | Terri@TerriThornton.com

Chicago-Based Essex Realty Group, Inc. Celebrates 25 Years of Investment Real Estate Activity


Douglas Imber
CHICAGO, ILLINOIS – Thursday March 5, 2015 - Essex Realty Group, Inc. is proud to announce we are celebrating our 25th anniversary of serving Chicago’s investment real estate community. 

According to Costar, Essex is the leading brokerage company in Chicago’s mid-market apartment industry ($1million to $30 million).  Costar reports that during 2014, Essex completed approximately 25% of all brokered Chicago transactions, materially more than its nearest competitors. 

According to Doug Imber, President of Essex, “Technology has allowed us to access national and international investors like a national company, but we’re also able to provide our clients with information and trends at a local or granular level. 

“Similarly, while we have a large staff to thoroughly cover the market, we’ve stayed nimble enough to adjust quickly to changing market conditions. 

Douglas Fisher
“For example, we were first movers during 2007 in servicing lenders in distressed sales, capturing the leading market share in that segment.  When we saw those transactions slowing down we were able to adjust quickly and focus again on serving private capital.”

Imber added “Our differentiation relies on our market expertise, performance and client service.  But more importantly, it is based on our relationships. 

“To that end, we are grateful beyond words for Chicago’s long support and trust.  It is what has permitted us to succeed for 25 years, to have provided for our own families and, hopefully, to have made a difference in the lives of our clients and their families.”
   
For a complete copy of the company’s news release, please contact:

Douglas Fisher
Essex Realty Group, Inc.
773.305.4910

Charles Dunn Company Completes 19,856-Square-Foot Lease with Occupational Therapy Training Program in Torrance, CA


Chris Runyen
LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed a five-year, 19,856-square-foot lease renewal with Occupational Therapy Training Program (OTTP) Los Angeles.

The space is within Harbor Gateway Garden Office Park, a 94,112-square-foot, nine-building office property located at 19401 S. Vermont in Torrance, Calif. The lease is valued at $1.5 million. 

Chris Runyen, senior managing director with Charles Dunn Company, represented the tenant, OTTP, a non-profit agency that offers comprehensive life skills training, work readiness training, job placement, and a variety of support services. OTTP is a division of Special Service for Groups (SSG).

The landlord, Harbor Gateway, LLC, was represented by Dwight Everest of Sunny Hills–Palladium.

“OTTP has been growing within the property for numerous years. Because of this growth, its space wasn’t conducive to its current needs,” said Runyen. “I advised OTTP on other space options for  consideration, however, it decided to renew its lease after a successful negotiation with the owner, resulting in a compelling reduction in rent, as well as cosmetic improvements to the space.”

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

Darcie Giacchetto
949.278.6224

HC Real Estate Capital Arranges Over $76,500,000 in Financings In The Last 90 Days


Kurt Hoffmann
Delray Beach, FL –  Kurt Hoffmann and Chris Caveglia of HC Real Estate Capital have arranged over $76,500,000 in commercial mortgage transactions in the last 90 days for various properties throughout Florida and Virginia. 

The pair recently arranged the following loans:

  • $24,000,000 in permanent and construction financing for a 375 unit multi-family property located in Brandon Florida. 
  • $16,125000 in permanent Life Company financing for the acquisition of a 143- unit multi-family property located in Newport News, Virginia.
  • $10,500,000 in permanent Life Company financing for the 28,259 SF retail property located in Delray Beach Florida. 
  • $6,200,000 in acquisition financing for a 57,713 SF retail property located in Key Largo, Florida.
  • $5,500,000 in permanent financing for a 15,471 SF office & retail property on the island of Palm Beach in Florida.
  • $4,950,000 in financing for a Wal-Mart Neighborhood Market located in Delray Beach, Florida.
  • $4,200,000 in acquisition financing for a 74,522 SF retail property located in Kissimmee, Florida.
  • $3,700,000 in acquisition financing for a 99,103 SF retail property located in Orlando, Florida. 
  • $1,500,00 in acquisition financing for a 48,433 SF retail property located in Avon Park, Florida. 


Chris Caveglia
The Principals of the firm stated, “HC Real Estate Capital has been active in covering the market for their borrowers with Life Insurance Companies, Commercial Banks and CMBS lenders.  The recent loan closings have accomplished the borrower’s goals of acquisition financing, construction financing and ordinary refinancing of existing debt at extremely attractive rates and terms.” 

HC Real Estate Capital, LLC is a privately owned mortgage-banking firm founded by Kurt Hoffmann and Chris Caveglia.  Based in Delray Beach, Florida, HC Real Estate Capital arranges permanent commercial and multifamily real estate loans. 

The company has a broad capital provider base that includes insurance companies, CMBS lenders, pension fund advisors and commercial banks.

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

Chris Caveglia
HC Real Estate Capital, LLC
660 Linton Blvd. Ste 200 EX5
Delray Beach, FL 33444
Direct: 561-266-3273
Mobile: 561-376-3176

Stirling Sotheby’s International Realty Names British Transplant Tony Creese Global Marketing Specialist at Lake Nona Real Estate Gallery


Tony Creese
ORLANDO, Fla. --- Stirling Sotheby’s International Realty has named Tony Creese a Global Marketing Specialist in the firm’s Lake Nona Real Estate Gallery.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said Creese is a native of Esher Surrey, U.K.  He attended Kings College in London and  was formerly owner and CEO of a fashion manufacturing firm in London where he gained extensive experience in property development and corporate sales.  

Creese is also a highly trained airline pilot, certified in pilot training, as an examiner for instrument flight tests and is also a jet aircraft simulator instructor.  

He was chief pilot instructor at London School of Flying for 10 years and a member of the Education and Training Advisory Committee for the Royal Guild of Pilots.

Roger Soderstrom
Creese emigrated to Orlando in 2009 and became certified as a Florida Realtor.

Soderstrom said Creese will focus on representing buyers and sellers in the Lake Nona Medical City region.  He will also represent international clientele relocating to Central Florida. 

“We have great expectations for Tony,” Soderstrom said. “He has excellent contacts in the U.K. and we anticipate he will play an important role in our growth at Stirling Sotheby’s International Realty.”

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


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

NAI Global Ranked Fifth Among Top 25 Commercial Real Estate Brands in 14th Annual Lipsey Survey


Robin L. Webb
ORLANDO, Fla.  – NAI Global, the world’s largest, most powerful network of owner-operated commercial real estate firms, earned the fifth spot in the 2015 Lipsey Survey of Top 25 Commercial Real Estate Brands.

The survey was conducted among 100,000 commercial real estate professionals using a combination of ballot voting, phone interviews and focus groups to evaluate innovation, responsiveness and quality of service.

 NAI Global is the only commercial real estate network of independently owned and operated firms represented among the top five NAI Realvest based in Orlando is a member of NAI Global.

 “We are proud to be part of the NAI Global network, and that our strength and achievements are recognized by our industry peers and colleagues and reflected in the results of this year’s Lipsey survey,” said Robin Webb, managing director at NAI Realvest.

The survey is conducted by The Lipsey Company, a leading training and consulting firm specializing in the commercial real estate industry. 

The 2015 survey results can be found at http://www.lipseyco.com./brand-survey.

For a complete copy of the company’s news release, please contact:
 Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142  Lvershelco@aol.com

NAI Realvest Negotiates Leases of Warehouse/Distribution Space totaling 71,638 square feet in Longwood, FL


Michael Heidrich
ORLANDO, Fla. --- NAI Realvest recently negotiated four leases for a total of 71,638 rentable square feet of warehouse and distribution space at South Seminole Industrial Center on Florida Central Parkway off SR 434 in Longwood. 

Michael Heidrich, principal at NAI Realvest, represented the landlord Eckstein Properties, LLC of New York in lease agreements with -Bell-Chem Corp., a Florida company who renewed its lease of 30,915 square feet at 1175 Florida Central Parkway and leased an additional 15,399 square feet.     

At the same time Heidrich negotiated a lease renewal with Distributors’ Source of Florida Inc. who relocated from 1175 to 1075 Florida Central Parkway with 15,444 square feet. 

Heidrich also negotiated a new lease agreement for 9,880 rentable square feet at 975 Florida Central Parkway.  Match-Up Promotions, Inc. is the new local tenant.

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


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

Saturday, February 28, 2015

RealtyTrac Reports 5 Percent of Single Family Home Sales in 2014 Were Flips, Down to Lowest Level Since 2011 Despite Increase in Q4


Daren Blomquist
IRVINE, CA – RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, released its Q4 and Year-End 2014 U.S. Home Flipping Report, which shows that 136,269 U.S. single family homes were flipped in 2014, 5.4 percent of all single family home sales during the year — the lowest share of flips since 2011.

A total of 32,578 U.S. single family homes were flipped in the fourth quarter, representing 5.3 percent of all single family home sales during the quarter.

 The 5.3 percent share of flips in the fourth quarter was up 11 percent from the previous quarter but still down 12 percent from a year ago.

The average gross profit — the difference between the purchase price and flipped price — for completed flips of single family homes in the fourth quarter was $65,993, representing a 37.1 percent gross return.


That was up from an average gross profit of $65,285 representing a 36.5 percent gross return in the third quarter, and an average gross profit of $63,017 representing a 36.4 percent gross return in the fourth quarter of 2013.

“Investors have picked much of the low-hanging fruit when it comes to home flipping over the past three years since home prices bottomed out in the first quarter of 2012,” said Daren Blomquist, vice president at RealtyTrac.

“As home price appreciation slows to single digits in most markets, flippers need to be more selective and creative about the properties and neighborhoods they target.

“In many cases the best neighborhoods for profitable flipping in a slower-appreciating market are those that come with a higher risk because of location and condition of properties, but also have a bigger upside if investors are able to correctly predict the path of progress in the region,” Blomquist added.

 “It appears that most investors completing flips in the fourth quarter were able to do just that. Even though the share of flips was down from a year ago during the quarter, the average gross return per flip increased.”

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

Jennifer von Pohlmann
949.502.8300, ext. 139

Ginny Walker
949.502.8300, ext. 268

Pulte Homes Acquires 52 Estate Home Sites in Northeast Orange County, FL


Sean Strickler
 Orlando, FL  - Pulte Homes has acquired 52 estate home sites at Lake Pickett Reserve, expanding the homebuilder’s presence in the greater Orlando market. 

Land development activity is already underway at the new community site, located in northeast Orange County just south of the Seminole County line.

The gated luxury community will include a residents-only boat ramp on 762-acre Lake Pickett, a private lake with no public access, said Sean Strickler, vice president of sales and operations for PulteGroup’s North Florida Division.

The community, which is expected to open for sales this fall, will offer half-acre to full-acre home sites – including some lakefront sites.

“Lake Pickett Reserve is one of the most beautiful residential areas remaining in this part of the state,” said Strickler, adding that the location has excellent accessibility to employment hubs, transportation, entertainment and recreation corridors.

Pulte plans to build single-family estate homes that range in size from approximately 2,000 to more than 4,000 square feet with open, flexible living spaces, Strickler said.

Lake Pickett Reserve photo by LoopNet
“Lake Pickett Reserve offers one of the last and best opportunities to live in this area, with unrivaled privacy and space,” said Strickler.

 “Pulte plans to offer well-appointed homes in this very unique, gated and waterfront community at a compelling value.”

Pulte Homes acquired the property, located off Lake Pickett Road near Chuluota Road, in January 2015.

To receive email updates about Lake Pickett Reserve from Pulte Homes go to www.pulte.com/lakepickett or call 877-838-5809.


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

Jacque Petroulakis

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

Marcus & Millichap Capital Corp. Arranges $1.74 Million in Financing for St. Petersburg, FL Garden Apartment Community


Royal Palm Apartments, St. Petersburg, FL

Julius "Al" Kinkle
ST. PETERSBURG, FL – Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged a $1,743,750 loan for the acquisition of Royal Palm Apartments, a 40-unit vintage garden apartment community located in St. Petersburg, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

            Julius “Al” Kinkle, associate director, in the firm’s Tampa office arranged the financing.

This vintage garden community is located off 4th Street North just east of Interstate 275 in St. Petersburg, Florida. The property offers a mix of one-bedroom/one-bath and two-bedroom/one bath units averaging 719 square feet and has received over $400,000 in improvements.

            “Through our platform, we were able to bring multiple loan options to the table and, ultimately, delivered the most favorable terms, allowing our client to close on time and exceed their return objectives,” says Kinkle.

The 75.8 percent loan-to-cost amortizes over 30 years, with a 30-year term and 4.75 percent interest rate fixed for five years.

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

Richard D. Matricaria,
Vice President/Regional Manager,
 Tampa, FL
Marcus & Millichap Capital Corporation
(813) 387-4700

Davidoff of Geneva Announces Flagship Store to Open at MetWest International in Tampa, FL


Kalyn Brandewie
TAMPA, FL  –   Davidoff of Geneva has announced the opening of a flagship store in its Tampa, Florida hometown.

The company signed a 5,000 square foot lease at MetWest International in Tampa’s Westshore Business District.

 Kalyn Brandewie of Florida Retail Partners brokered the deal on behalf of the project’s owner while co-broker Mark Borysiewicz represented the tenant.  

Davidoff of Geneva will cement its commitment to the Tampa Bay area with a new Davidoff of Geneva since 1911 store in late 2015. 

Situated in the MetWest International retail village the 5,000 square foot store will be the largest Davidoff of Geneva since 1911 store in the world.

 This will be the company’s first licensed boutique in the United States outside of Las Vegas, NV. Davidoff of Geneva USA will open the new location in partnership with Jeff & Tanya Borysiewicz, successful owners of Orlando based Corona Cigar Company.

Tanya Borysiewicz

 Jeff Borysiewicz is the president & founder of Corona Cigar Company, an Orlando based chain of premium cigar retail stores and bars, which has grown to become one of America’s leading Brick & Mortar retailers of premium cigars

To create a destination in the Cigar City, the new Davidoff of Geneva since 1911 will feature a completely humidified store filled with premium cigar retail space, multiple lounges both indoor and out, private lockers, as well as an elegant full service bar serving premium alcoholic beverages.
  
“Davidoff will be a wonderful complement to the world-class restaurants at MetWest International,” stated Florida Retail Partner Kalyn Brandewie. “Cigar aficionados will appreciate ending an evening of dining at Del Frisco’s Grille, Cooper’s Hawk Winery & Restaurant, Kona Grille or Texas de Brazil with a nightcap & cigar at Davidoff’s.”


MetWest International, Tampa, FL
Jim Young, president of Davidoff of Geneva North America comments “We are delighted to open a new Davidoff of Geneva since 1911 store in our home market. 

“We are particularly excited to do this in partnership with Jeff and Tanya who have been outstanding Davidoff partners for quite some time.  They know how to provide consumers with a premium retail experience, they know our entire product portfolio, and they know our company.”

“We're thrilled to expand our retail operations and to serve cigar enthusiasts in the Cigar City of Tampa.  We look forward to creating the "Ultimate Cigar Experience" in a community with such a long history of cigar manufacturing and rich cigar culture,” says Jeff Borysiewicz, president of Corona Cigar Company.

Jeff Borysiewicz
 “It's an honor to be partnering with Davidoff of Geneva, the global leader in premium cigars and luxury cigar stores.  It's exciting to be building upon the legacy that Zino Davidoff started over 100 years ago.”

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

Kalyn Brandewie
Florida Retail Partners
(813) 251-3333