Marcus & Millichap Brokers Sale of Abacoa Corporate Center in Jupiter, FL for $6.95 Million

 

C. Todd Everett

JUPITER, FL,  Aug. 17, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Abacoa Corporate Center, a 25,566-square foot office property located in Jupiter, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office.

The asset sold for $6,950,000 equating to $272 per square foot.

Douglas K. Mandel, a senior vice president investments, and C. Todd Everett, SIOR, a director, in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a limited liability company from Melville, NY, and the buyer, a limited liability company from Palm Beach, FL.

  Steven Goldwyn, associate director with Marcus & Millichap Capital Corporation, provided financing.

“The sale of Abacoa Corporate Center is indicative of the strong demand we are experiencing for stabilized assets in high demographic sub-markets like Jupiter and exemplifies the collaborative capabilities of the Marcus & Millichap platform” says Everett. 

Steven Goldwyn

Abacoa Corporate Center is a 100 percent leased, two-story Mediterranean style office building.  The building features high ceilings, access control systems, second floor balconies, crown molding throughout the common areas and lush tropical landscaping.

Located at 1200 University Boulevard on a corner lot, the property is within walking distance to the shops, restaurants and other businesses in Jupiter’s high-end live-work-play district known as Abacoa Town Center.  

Roger Dean Stadium, the winter home to the Miami Marlins and St. Louis Cardinals, is located directly across the street.

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

Ryan Nee

Regional Manager

Fort Lauderdale, FL

(954) 245-3400

HFF secures $10 million in financing for three-property industrial portfolio near Austin, TX

Mona Carlton

DALLAS, TX – Aug. 17, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $10 million in financing for a three-property industrial portfolio totaling 171,058 square feet in the Austin suburb of Round Rock, Texas.

HFF worked on behalf of the borrower, KFG Investment Company, to arrange the 12-year, fixed-rate loan through Unum Life Insurance Company of America.  HFF is servicing the loan.

The portfolio includes three industrial/flex buildings in Round Rock, a suburb 19 miles north of Austin.  

Loan proceeds will be used to facilitate the purchase of AmorRon 6 and refinance Oakmont and Corridor Park.

·     AmoRon 6, 800 Paloma Drive,  51,928 SF, built 1985

·     Oakmont,  2711 Oakmont, 61,542 SF, built 2002

·     Corridor Park Pointe, Building E, 100 Michael Angelo Way, 61,766 SF, built

·     1999

Chad Russell

The HFF debt placement team representing the borrower was led by senior managing director Mona Carlton and associate director Chad Russell.

KFG Investment Company is a privately owned real estate and investment company that includes industrial and multifamily real estate; the development of residential land; and equity investments in real estate related funds and securities. 

The company is headquartered in Southern California with significant holdings in California and Texas.

 Unum is one of the leading providers of employee benefits products and services.  www.unum.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

Charles Dunn Co. Completes $2.65 Million Sale of Multifamily Property in Hollywood Submarket of Los Angeles

Janet Neman

LOS ANGELES, CA, Aug. 17, 2015 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $2.65 million sale of a non-rent controlled, eight-unit multifamily property located at 6123 Eleanor Ave. in the Hollywood submarket of Los Angeles. 

Janet Neman, senior managing director with Charles Dunn Company, represented seller, Eleanor Avenue Properties, LLC. The buyer was Next Tuesday, LLC. The closing cap rate was 5.09 percent and the per-unit price was $331,250.

Built in 1990, the two-story building was 75 percent occupied at the close of escrow and consists entirely of two-bedroom units. An extensive renovation was recently completed on the property that included exterior upgrades and new interior features such as recessed, energy-efficient lighting, flooring, kitchen cabinetry and eco-friendly appliances.

6123 Eleanor Avenue Apartments, Hollywood, CA

 Several units offer views of the Hollywood sign. Situated one block south of Santa Monica Blvd. and one block east of Vine St., the asset is within a densely populated area rich in retail, dining, and entertainment amenities to serve the demands of the local resident and employment base.

“The Hollywood market is thriving and prices for multifamily assets continue to be on the rise,” said Neman. “Because this property was recently renovated and repositioned, it is poised to capture prime rental rates and appreciation in a well-located neighborhood.”

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

Darcie Giacchetto

949.278.6224

www.charlesdunn.com

Multi Housing Advisors Brokers Sale of Apartment Community in Augusta, GA

  

Robert Stickel

ATLANTA, GA (Aug. 17, 2015) — Multi Housing Advisors (MHA) has arranged the sale of Gateway Crossing, a 240-unit apartment community located in Augusta, Georgia.

Robert Stickel, Managing Director of MHA’s Central to Coastal Georgia team based in Atlanta, represented the seller, Giddings Communities Group, in the transaction. LMS Real Estate Investment Management, LLC and Romspen Real Estate Investments, Inc. purchased the property. 

“Gateway Crossing is the premier apartment community in the Augusta market, and provides compelling investment returns,” said Stickel.

 “The property’s strategic location provides access to various job centers throughout Augusta, which has experienced explosive employment growth including more than 14,700 jobs created or announced in the last 26 months. This has created strong fundamentals and investor demand continues to grow in this emerging market.”

Gateway Crossing is located at 601 Giddings Court and features a clubhouse with an Internet cafe, a community garden, resort-style swimming pools with outdoor kitchen and entertainment areas, a state-of-the-art fitness facility and concierge units.

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

Savannah Duncan

The Wilbert Group

404-343-0870

sduncan@thewilbertgroup.com

One Eleven, a Downtown Orlando, FL Tower, Gets a Facelift with New Murals

  

One Eleven, Downtown Orlando, FL

 

Scott Stahley

 ORLANDO, FL (Aug. 17, 2015) – Lincoln Property Company Southeast (Lincoln), with the cooperation of the Orlando arts community, has replaced the 44-foot tall murals covering the parking garage on One Eleven, a 31-story mixed-use high-rise encompassing office, retail and residential space, located in downtown Orlando.

In commitment to enhance the presence of the dynamic Central Florida art community, artists in the surrounding area were asked to submit ideas reflecting the vibrant energy of downtown Orlando to enhance the surrounding community.

Lincoln and the board members of See Art Orlando, including Mayor Buddy Dyer, judged the entries. The pieces chosen are “E Scape in Blue” and “The Universe in my Head” by Marla E and “The Continental Shelf” by Roberto Gonzalez.

“These murals showcase Lincoln’s dedication to the Orlando culture and the Downtown art scene,” said Scott Stahley, Senior Vice President for Lincoln who oversees the firm’s central Florida office. “We are committed to keeping the city beautiful and supporting local artists through our efforts.”

The winning artists will have their work displayed over the streets of Downtown Orland for five years, and will each receive a cash prize of $2,000.

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

Savannah Duncan

The Wilbert Group

404-343-0870

sduncan@thewilbertgroup.com

HFF closes sale of and secures $33.23 million financing for 142-unit independent living facility in Teaneck, NJ

Heritage Pointe of Teaneck, 600 Frank West. Burr Boulevard,
 Teaneck, Bergen County, NJ

Ryan Maconachy

DALLAS, TX – Aug. 17, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and secured financing for Heritage Pointe of Teaneck, a 142-unit independent living facility in Teaneck, Bergen County, New Jersey.

HFF marketed the property on behalf of Lowe Enterprises Investors, acting on behalf of an investment client, to an undisclosed buyer. 

In addition, HFF secured a $33.23 million floating-rate loan on behalf of the buyer through Investors Bank and TIAA Direct, a division of TIAA-CREF Trust Company, FSB.

Completed in 2004, Heritage Pointe of Teaneck is a four-story independent living property that has 45 one-, 94 two- and three three-bedroom units averaging 1,045 square feet each. 

The property is 97.2 percent occupied and includes amenities such as a restaurant-style dining room, exercise room, wellness room, arts and crafts room, card room, resident lounge with fireplace, business center, recreation room, hair and nail salon and tennis courts. 

Heritage Pointe of Teaneck is located at 600 Frank W. Burr Boulevard and is approximately a half of a mile from Holy Name Hospital and near Englewood Hospital and Hackensack Medical Center.

Chad Lavender

The HFF team representing the seller was led by managing directors Ryan Maconachy and Chad Lavender along with senior managing director Jose Cruz, managing director Kevin O’Hearn and associate director Michael Oliver.

HFF’s debt placement team was led by managing director Steven Klein.

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

Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.LoweInvestors.com.

ConAm To Increase National Management Portfolio: Names Julie Brawn-Whitesides as Executive Vice President of its National Property Management Division

  

Julie Brawn-Whitesides

 SAN DIEGO, CA, Aug. 17, 2015 – The ConAm Group (ConAm) is aggressively increasing its national multifamily property management portfolio through both company-owned and third-party fee management assets and has announced the appointment of Julie Brawn-Whitesides as its new Executive Vice President of Property Management as part of that strategy, according to Rob Singh and Bob Svatos, Co-Presidents of ConAm.

Brawn-Whitesides will be a member of the company’s senior management team and will be responsible for overseeing management operations for ConAm’s nationwide apartment portfolio.

“With her strong background in property operations, Julie’s leadership will complement ConAm’s existing platform,” says Singh.  “We are very excited for Julie to lead our property management team, overseeing current and future fee-managed and company-owned assets.” 

Rob Singh

A 22-year veteran of the multifamily industry, Brawn-Whitesides was previously responsible for an 80,000-unit national portfolio as the Executive Vice President of FPI Management. 

According to Svatos, “Julie was instrumental in the growth of her previous company during her tenure there. 

"With this hire, we have found someone who will uphold ConAm’s reputation as an excellent apartment manager of our existing 50,000-unit portfolio, and who will be an important factor in growing our portfolio. 

“As we continue to rapidly acquire company-owned units which she will oversee, Julie will also be seeking out new third-party contracts nationwide.”

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

Lexi Astfalk or Jenn Quader

(949)955-7940

LAstfalk@browermillercole.com

Banker Lopez Gassler P.A. Leases Full Floor at First Central Tower in Downtown St Petersburg, FL

Mia Jarrell

 ST. PETERSBURG, FL – Banker Lopez Gassler P.A. is relocating its downtown St. Petersburg office to First Central Tower later this year. The law firm has leased a full floor, 15,296 square feet, at the building.

The long term lease was brokered by Mia Jarrell of Colliers International.

“After 32 years in the same building, we’re excited to move to an upgraded space where we can work more efficiently together on one floor," said Jeff Winkler,  Banker Lopez Gassler’s St. Petersburg Office Managing Shareholder.

"We selected First Central because we could combine the use of our lease space with the building’s amenities, like the tenant lounge and conference center, for an all-around improved experience for our team."

 “We are executing a complete build out and expect for our 55 St. Petersburg employees to move-in during November.”

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

Tammy Youngman, Asset Marketing, Inc. (813)968-1388

Fifield Cos. Strengthens Amenity List at E2 Luxury Apartmentsin Downtown Evanston, IL; Adds exhale Boutique Fitness Studio

Randy Fifield

CHICAGO, IL  (Aug. 17, 2015) – Chicago-based Fifield Cos. and Carroll Properties have announced premier boutique fitness studio exhale Evanston will open its second Chicago area location at E2 Apartments, the co-developers’ 356-unit luxury apartment project in downtown Evanston, Ill. The ground floor studio is set to open in December 2015.

“We are so proud to join forces with exhale and bring yet another luxury amenity to E2 for residents to enjoy,” said Randy Fifield, vice chairman of Fifield Cos.

“As a premiere boutique fitness studio, exhale is an ideal partner, complementing E2 as a true lifestyle building. With amenities like exhale, E2 continues to demonstrate why the luxury rental lifestyle has become the preferred option for today’s urban dweller.”

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

Kim Manning, kmanning@taylorjohnson.com, 312.267.4527

Cara Mooses, cmooses@taylorjohnson.com, 312.267.4523

National Retail Properties Inc. Declares Dividends for its 6.625% Series D Preferred and 5.70% Series E Preferred Stocks

Orlando, FL - The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a cash dividend on its 6.625% Series D Cumulative Redeemable Preferred Stock of 41.40625 cents per

depositary share payable September 15, 2015, to shareholders of record on August 31, 2015.

The Board also declared a cash dividend on its 5.70% Series E Cumulative Redeemable Preferred Stock of 35.625 cents per depositary share payable September 15, 2015, to shareholders of record on August 31, 2015.

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

Kevin B. Habicht

Chief Financial Officer

(407) 265-7348

HFF arranges $5.1 million financing for self storage property in Miami’s Little Haiti neighborhood

Michael Klein

MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced  it has arranged  $5.1 million in acquisition financing for 200 NW 79th Street, a 663-unit self storage property located in the Little Haiti neighborhood of Miami, Florida.

  

HFF worked on behalf of the sponsor, 21st Century Storage, to secure the two-year, floating-rate senior loan with three 12-month extension options through Bedrock Capital Associates in New York City. 

200 NW 79th Street is situated in a densely populated location with nearly 200,000 permanent residents living within a three-mile radius. 

Additionally, the property benefits from 257 feet of frontage along NW 79th Street, a main east-west thoroughfare, as well as excellent proximity to Interstate 95 and North Miami Avenue, which provide easy access to downtown Miami/Brickell and Aventura. 

Completed in 1955 and renovated in 2004, the property consists of 628 climate-controlled units, two retail bays and 33 RV parking spaces.  The borrower is planning to make a series of upgrades to the property.

Jose Carrazana

The HFF team representing the borrower was led by director Michael Klein and associate director Jose Carrazana.

“The success of this debt placement can be attributed to numerous factors including the sponsor’s considerable operations and management experience, as well as strengthening economic fundamentals in self storage nationally,” Carrazana said.

 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 secures $81.38 million refinancing for 15-property industrial portfolio in New York, Ohio and Pennsylvania

  

 

Jon Mikula

FLORHAM PARK, NJ –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured an $81.38 million refinancing for a 15-property, 2.58 million-square-foot industrial portfolio with a mix of warehouse, distribution and cold storage buildings located in New York, Ohio and Pennsylvania.

HFF worked on behalf of the borrower, Heritage Capital Group, LLC, to arrange the 10-year, fixed-rate loan through Principal Commercial Capital, a lending platform jointly formed by Macquarie Group and Principal Real Estate Investors.  HFF secured acquisition financing on this portfolio in 2006.

The 15 properties have clear heights ranging from 22’ to 40’ and have an average of four percent office finish.  Eight buildings have access to rail service. 

At the time of closing, the portfolio was 92 percent leased to 31 tenants, including Staples, Inc.; Storage Mobility; McLane Food Service, Inc.; Victory Packaging LP; McGrann Paper; Scholastic Book Fairs, Inc.; Packaging Corporation of America and Global Foundries.

 In New York, four properties are located in the Syracuse metropolitan area, and three are near Rochester and Albany, facilitating entry into the Northeast and New England markets.  Two buildings are near Columbus, Ohio, providing access to the Midwest, and three of the assets are in the Harrisburg, Pennsylvania, area, which provides access to the Mid-Atlantic markets. 

The HFF debt placement team representing the borrower was led by senior managing director Jon Mikula.

“Having owned this portfolio for over nine years, Heritage has demonstrated an ability to grow occupancy and cash flow while creating efficiencies in the overall portfolio,” Mikula said. 

“This was validated by this transaction’s reception in the capital markets and with firms like Principal and Macquarie eventually providing the financing.”

 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.HeritageCapitalGroup.net.

Marcus & Millichap Brokers $4.62 Million Sale of 100-Unit Parkview Apartments in Tampa, FL

Casey Babb

TAMPA, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Parkview Apartments, a 100-unit apartment property located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $4,625,000.

Casey Babb, CCIM and vice president investments, and Luis Baez, senior associate, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.

 The buyer, a private investor, was secured and represented by David Greenberg, vice president investments, and David Altman, associate, in the firm’s Fort Lauderdale office. 

Parkview Apartments, a 1960s vintage garden community, is located at 10905 Bourbon Court in Tampa’s University submarket, which is in close proximity to major demand drivers and less than ten miles from both downtown Tampa and the Westshore business district, the region’s two largest employment centers.

Luis Baez

The community consists of two-story buildings surrounding common green space areas and a community swimming pool. 

Units consist of 24 one-bedroom/one-bath at 700 square feet, 56 two-bedroom/one-and-one-half-bath at 1,100 square feet and 20 three-bedroom/two-bath at 1,300 square feet.

Each unit features a fully- equipped kitchen with a dishwasher and garbage disposal, large open floor plan, tile flooring and private balconies in select units.

“Parkview was an ideal purchase for the client who was exchanging from an apartment investment property in Texas and in pursuit of a reposition, value-add opportunity,” says Baez.

 “Generating 11 offers during our marketing campaign and ultimately selling above the list price, this sale was a testament of the continued high demand from investors looking for vintage reposition opportunities,” Baez added.

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

Richard D. Matricaria

Vice President/Regional Manager

 Tampa, FL

(813) 387-4700

Marcus & Millichap Handles Sale of 43,722-SF Quillen Manor Seniors Housing Property in Fountain Inn, SC

      

Krone Weidler

FOUNTAIN INN, SC – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Quillen Manor, a 43,722-square foot seniors housing property located in Fountain Inn, SC, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $2,500,000.

Krone Weidler, vice president investments and managing director of the Integrated Healthcare properties, in Marcus & Millichap’s Tampa office, and Allan Holbrook, associate, in the firm’s Jacksonville office both represented the seller, a bank/financial institution.

 The buyer, a limited liability company, was secured and represented by Krone Weidler.  Raj Ravi, broker for South Carolina, assisted in closing this transaction.

Allan Holbrook

Quillen Manor, a 68-unit and 82 bed independent and assisted living community, is located at 709 Quillen Avenue in Fountain Inn, South Carolina. 

The property sits on 8.05 acres, and is located minutes from Greer, 30 minutes from Greenville and about an hour from Clemson, South Carolina.

“This property is a value-add seniors housing opportunity with an in-place upgrade strategy,” says Weilder.

 “Significant upside is possible via the strategic continuation of the upgrade process across the remainder of the asset.” 

Weidler adds, “As the market for stabilized seniors housing assets tighten and construction costs for new assets continue to rise, many seniors housing investors look more closely at value-add opportunities like this.”

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

Richard D. Matricaria

Vice President/Regional Manager

 Tampa, FL

(813) 387-4700

Marcus & Millichap Brokers $35.3 Million 7-Eleven Portfolio Sale

Glen Kunofsky

NEW YORK, NY  – 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 29,813-square-foot net‐lease portfolio consisting of 12 corporate, freestanding 7‐Eleven convenience stores in Ohio.

The total sales price for the portfolio is $35,329,302, which equates to $1,185 per square foot.

            Glen Kunofsky and Russell Wachtler in Marcus & Millichap’s Manhattan office, along with Mike James in the firm’s Encino, Calif. office, represented the seller. Michael Glass, first vice president and regional manager of Marcus & Millichap’s Cleveland office, is the firm’s broker of record in Ohio.

            The properties are located in dense retail corridors in suburban real estate markets surrounding the Cleveland MSA. 

The locations were previously occupied by another tenant and in 2013 significant capital was allocated to convert the stores to the latest 7‐Eleven image. 

Russell Wachtler

7‐Eleven has 8,600 stores in the United States and Canada and more than 54,200 locations worldwide. 

There are approximately 14-plus years remaining on each of the leases, which are all 20‐year absolute triple-net leases with 2 percent annual rental increases.

“The strong corporate credit of 7-Eleven combined with rare annual rental increases demanded a record-setting cap rate for the portfolio,” says Wachtler.

 “This is a prime example of how the market for mid-sized net-lease portfolios is growing to encompass more private investors as 1031 exchanges grow in dollar size, which has created a more competitive cap rate for portfolios above $25 million,” says Kunofsky.

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

Gina Relva

Public Relations Manager

(925) 953-1716