Family Dollar Net-Leased Site in Bradenton, FL Sold by Marcus & Millichap for $2 Million

Dan Mulkey

BRADENTON, FL, Nov. 9, 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 Family Dollar, a 8,320-square foot net-leased property located in Bradenton, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $2,090,000.

Dan Mulkey, vice president investments, in Marcus & Millichap’s Tampa office, represented the buyer, a Tampa-based limited liability company.

Family Dollar is located at 3215 15th Street East in Bradenton, Florida. “With the close proximity to Tampa, this asset was the perfect fit for a 1031-exchange property for my buyer,” says Mulkey.

 “The investment offered a corporate, triple-net lease on new construction providing a very secure investment for years to come.”

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

Richard D. Matricaria

Vice President/Regional Manager, Tampa

(813) 387-4700

My Neighborhood Storage Center in Orlando, FL Sold for $8.5 Million in Deal Brokered by Marcus & Millichap

ORLANDO, FL,  Nov. 9, 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 My Neighborhood Storage Center, a 64,480-square foot self-storage facility located in Orlando, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $8,500,000.

Michael A. Mele, senior vice president investments in Marcus & Millichap’s Tampa office and senior director of the firm’s National Self-Storage Group, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a REIT, was secured and represented by Mele.

My Neighborhood Storage Center is a meticulously maintained, institutional-quality facility located at 10053 Lake Underhill Road in Orlando, Florida.

The facility is situated on approximately 9.87 acres and was constructed in 1997. It consists of 572 units for a total of 64,480 net rentable square feet, and has both climate and non-climate controlled units and R.V. parking. It boasts security features that include video surveillance and electronic gate access. The facility is currently 92 percent physically occupied based on rentable square footage.

“This facility was very well maintained and located. The seller, who had built and owned this property for 17 years, decided to take some chips off the table in this vibrant market,” says Mele..

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

Richard D. Matricaria

Vice President/Regional Manager, Tampa

(813) 387-4700

Marcus & Millichap Brokers $4.95 Million Sale of Airport Discount Storage in Kissimmee, FL

  

Michael A. Mele

KISSIMMEE, FL, Nov. 9, 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 Airport Discount Storage, a 84,030-square foot self-storage facility located in Kissimmee, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $4,950,000.

Michael A. Mele, senior vice president investments in Marcus & Millichap’s Tampa office and senior director of the firm’s National Self-Storage Group, had the exclusive listing to market the property on behalf of the seller, a private investor. 

The buyer, an institutional operation based in New York City, was secured and represented by Mele.

“The buyers of this facility will be able to leverage their size and experience to greatly improve this facility,” says Mele.

Airport Discount Storage is quality self-storage facility located at 1004 North Hoagland Boulevard in Kissimmee, Florida. The property is less than 0.25 miles south of Highway 192, a major tourist stop in the area near the Walt Disney Resort.

Its location is part of the desirable Orlando MSA, which was ranked number one in job growth in 2014. The facility is situated on 3.15 acres and was constructed in 1981. It consists of 474 units for a total of 84,030 net rentable square feet plus boat, R.V. and vehicle parking.

Other amenities include video surveillance, electronic gate access, a fully fenced perimeter and on-site management office.

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

Richard D. Matricaria

Vice President/Regional Manager, Tampa

(813) 387-4700

Marcus & Millichap Arranges $650,000 Sale of 12-Unit Prince Gregor Apartments in St. Petersburg, FL

                                                                                      

Casey Babb

 ST. PETERSBURG, FL, Nov. 9, 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 Prince Gregor Apartments, a 12-unit apartment property located in St. Petersburg, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $650,000.

Casey Babb, vice president investment, 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. 

Prince Gregor Apartments is a landmark, 12-unit vintage apartment property located at 844 5th Avenue South in the thriving downtown area of St. Petersburg, Florida. 

The Prince Gregor was built in the late 1940s during St. Petersburg’s initial population explosion post-World War II by a German immigrant.

Luis Baez

 The two-story, interior-corridor building was constructed in an art-deco architectural style and consists of 12-units which are a mix of studios, small and large one-bedrooms. 

Situated on approximately 0.25 acres just south of Interstate 175, the Prince Gregor is directly west of the All-Children's and Bayfront Medical Hospital complexes and the USF St. Pete campus, two of the largest demand drivers in downtown St. Pete.

Residents will enjoy walkability to jobs, direct bus access, private off-street parking, on-site laundry facility, a private courtyard and shuffleboard courts.

“The Prince Gregor received considerable interest from local and out-of-town investors due to the highly desirable location in St. Petersburg’s urban core,” says Baez. “Our marketing campaign generated 11 offers within a two week period and we were able to secure a contract shortly thereafter.

“The buyer ultimately awarded with the deal was from Canada, and is planning a comprehensive rehab in efforts of preserving the historical significance of the building.”

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

Richard D. Matricaria

Vice President/Regional Manager, Tampa

(813) 387-4700

NAI Realvest completes three industrial lease agreements at Carter CommerCenter in Winter Garden, FL for a total 7,500 square feet

Patty Nolff

WINTER GARDEN, FL – NAI Realvest recently completed three lease agreements for industrial space totaling 7,500 square feet in Carter Commerce Center at 890 and 902 Carter Rd. in Winter Garden.

Michael Heidrich, a principal at NAI Realvest and Associate Patty Nolff represented local landlord Carter Commerce Center LLC, in a new lease to Andro Corp. Industries for suite 180 with 1,875 square feet. 

Heidrich also negotiated two lease renewals at Carter Commerce Center – one suite with 3,750 square feet occupied by Fastenal and one 1,875 square foot suite where Turf Athletics, LLC is the tenant.  

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 Completes Lease Agreements Totaling over 7,700 square feet of Office Space in East Orlando, FL

Mary Frances West

ORLANDO, FL --- NAI Realvest recently negotiated three office lease agreements at University Court on Rouse Rd. and one at The Citadel International III on Hazeltine National Drive in east Orlando.

Senior Broker Associate Mary Frances West, CCIM represented Landlord Citadel Partners, Ltd.  of Oviedo, in negotiating the lease of Suite 510 with 1,010 rentable square feet at The Citadel International III, 5950 Hazeltine National Drive.  The new tenant is Haven HHC7, LLC of Plymouth, Michigan.

West negotiated a new sublease of Suite 135 with 1,380 rentable square feet at University Court, 3361 Rouse Rd. representing the local Sublandlord American Financial Advisors, LLC.  Vacation Destinations, LLC is the new subtenant.

Representing University Court’s landlord Interchange-FL, Rouse, LLC of Daytona Beach, West negotiated a new lease of Suite 225 with 2,670 square feet and a lease renewal agreement for 2,670 square feet in Suite 245.  

The new tenant is Corsair Engineering, Inc. and the existing tenant is Veraxx Engineering Corporation, a firm specializing in software development, flight simulation and avionics systems.   

Steve Morse of Coughlin Commercial represented Corsair Engineering, a training, simulation and logistics firm.

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.

Berkadia Closes on 277 Units in Montgomery, AL

 

David Etchison

BIRMINGHAM, AL --- Berkadia recently negotiated the sale of Courtyards at Garden Glen, a 277-unit apartment community located in Montgomery.

David Oakley, Managing Director and David Etchison, Senior Director, in Berkadia’s Alabama office represented the buyer, Fox Crossings LLC, and Rock Advisors represented the seller, CMS Gaslight, L.P.

Built in 1972 and renovated in the early 2000s, Courtyards at Garden Glen is a two-story, garden-style apartment community situated on 13.6 acres of land with a density of 20.37 units per acre and an average unit size of 1,053 square feet.

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.

Berkadia Closes on 315 Units in Birmingham, AL for $29.2 Million

  

 

David Oakley

BIRMINGHAM, AL --- Berkadia recently negotiated the sale of Stonecrest at Double Oak Mountain, a 315-unit apartment community located in Birmingham, for $29,200,000.

David Oakley, Managing Director, and Royce Emerson, Senior Director, in Berkadia’s Alabama office represented the seller, Rodman Properties.

Built in 1998, Stonecrest at Double Oak Mountain is a garden-style community with two- and three-story buildings on 26.47 acres with a density of 12 units per acre and an average unit size of 1,176 square feet.

The buyer is Waypoint Residential, based in Atlanta.  

Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is an industry-leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties.

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.

Winter Park Land Commercial Lists Prime Wekiva Parkway Development Site for $3.5 Million

MOUNT DORA, FL – Dean Fritchen of Winter Park Land Commercial has listed a prime development site in the affluent Lake County city of Mount Dora, FL for $3.5 Million.

 The 24.5-acre, high-land site is at State Road 46 and Round Lake Road where the 1.7 billion dollar Florida Wekive Parkway is under construction.

Fritchen says the site has been approved for mixed commercial, industrial and act.core. Water is available. 

The road frontage is 2,000-plus feet and is contiguous to Mount Dora at a busy traffic light corner.

The site is near a 32-mile-plus multi-lane major highway between Sanford, FL and Mount Dora, connecting (I-4) and Orange Blossom Trail (US 441) in the Orlando area.

Dean Fritchen

The area features a moderate Central Florida climate. Major fresh water lakes, agriculture and parks are nearby. Fritchen says the seller will entertain a joint venture.

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

Dean Fritchen

Winter Park Land Commercial

Office Phone: (407) 740-5300

Mobile: (407) 619-8848

Fax: (407) 539-5639

deanfritchen@gmail.com

Arbor Funds $30 Milllion in Multifamily Deals Across Michigan

Mike Jehl

UNIONDALE, NY (Nov. 9, 2015) - Arbor Commercial Mortgage, LLC (“Arbor”), a national, direct commercial real estate lender, announced the recent funding of six loans totaling $29,855,000 across Michigan under the Fannie Mae DUS Small Loan, Freddie Mac Small Balance Loan and FHA 223(f) programs.

Mike Jehle, Vice President in Arbor’s Oklahoma City, OK, office, originated all of the loans.

 “Arbor has the nationwide expertise that’s required to meet borrower demands no matter where they do business, including the growing multifamily markets found throughout the country,” Jehle said. 

“As demonstrated by this collection of loans, Arbor is providing investors the personal service and customized loan products they need to take advantage of today’s strong multifamily market conditions.”

·         Aspen Lakes Estates Apartments, Holt, MI – This 213-unit multifamily property received $20,400,000 funded under the FHA 223(f) Loan product line. The 35-year refinance loan amortizes on a 35-year schedule.

·         Oakwood Villa Apartments, Royal Oak, MI – This 100-unit multifamily property received $2,700,000 funded under the Fannie Mae DUS Small Loan product line. The 20-year refinance loan amortizes on a 20-year schedule.

Oakwood Villa Apartments, Royal Oak, MI

·         Garfield Park Apartments, Fraser, MI – This 110-unit multifamily property received $2,250,000 funded under the Freddie Mac Small Balance Loan product line. The seven-year refinance loan amortizes on a 30-year schedule.

·         Danbury Apartments, Grand Rapids, MI – This 66-unit multifamily property received $1,905,000 funded under the Freddie Mac Small Balance Loan. The 20-year acquisition loan amortizes on a 30-year schedule.

·         North Park Cooperative, Detroit, MI – This 94-unit multifamily property received $1,600,000 funded under the Fannie Mae Small Loan product line. The 10-year acquisition loan amortizes on a 10-year schedule.

·         Oak Park Apartments, Grand Rapids, MI – This 42-unit multifamily property received $1,000,000 funded under the Freddie Mac Small Balance Loan product line. The 20-year acquisition loan amortizes on a 30-year schedule.

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

Christopher Ostrowski

costrowski@arbor.com

HFF closes $29.8 million sale of grocery-anchored retail portfolio along Florida’s Atlantic coast

Windover Square, 2227 West New Haven Avenue, Melbourne, FL

Daniel Finkle

MIAMI, FL – Nov. 5, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $29.8 million sale of a three-property portfolio of grocery-anchored neighborhood shopping centers totaling 236,324 square feet in the coastal Florida communities of Melbourne, Rockledge and Cocoa.

HFF marketed the property on behalf of the seller, a joint venture between PMAT and an investment account managed by Hunt Investment Management.  Phillips Edison Grocery Center REIT II purchased the portfolio. 

The 90.6-percent leased portfolio consists of three high-performing grocery-anchored shopping centers at strategic points along the coast of Brevard County, including two Publix-anchored centers, Windover Square in Melbourne and Rockledge Square in Rockledge, and the Winn-Dixie-anchored Port St. John Plaza in Cocoa. 

The 81,516-square-foot Windover Square features a Publix anchor supported by national tenants Dollar Tree, Weight Watchers and Hair Cuttery.  Situated on 10.3 acres at 2227 West New Haven Avenue, the center has frontage along Melbourne’s major commercial corridor.

Luis Castillo

 Rockledge Square is positioned on 10.75 acres at 1880 Highway 1 South, the main north-south thoroughfare of the Melbourne MSA.  The 76,018-square-foot center includes Publix, Wuesthoff Health System, Firehouse Subs and Cricket Wireless.

 Port St. John Plaza is a 78,790-square-foot retail center consisting of two buildings located at 6217 US Highway 1. 

 The 10.12-acre property features one of the top-performing Winn-Dixie’s in the region and is complemented by Planet Fitness, Papa John’s, H&R Block and Port St. John Pediatrics.

The HFF team representing the seller was led by managing director Luis Castillo, senior managing director Daniel Finkle and associate director Nat Scarmazzi.

“An opportunity to acquire a portfolio of high-volume grocery-anchored centers within an expanding market appealed to buyers,” Castillo said. “The seasoned history of the portfolio coupled with excellent positioning within the Melbourne MSA resulted in a highly competitive process.”

 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.grocerycenterREIT2.com.

www.huntcompanies.com.

www.pmat.net.

Joint Venture Between Lincoln Harris and The CATO Corporation Files for Rezoning for York County Site in South Carolina

John W. Harris III

Charlotte, NC (Nov. 6, 2015) – A joint venture between Lincoln Harris and The Cato Corporation has filed for rezoning of a 360-acre site in York County, South Carolina. 

The plans for the site, which included the former Charlotte Knight’s baseball stadium, provide for 4 million square feet of Class A office space, 100,000 square feet of retail space, 300 residential units and a 150-room hotel.

Cato selected Lincoln Harris to be their joint venture partner earlier this year.  

“We are excited to partner with a company like The Cato Corporation to bring this much-needed development to the state,” said John Harris III, President of Lincoln Harris. 

“This site offers a fantastic location immediately adjacent to one of the first interchanges in South Carolina off I-77. Many companies have expressed a strong desire to locate to South Carolina, specifically to this growing region.”

John Cato

The Cato Corporation purchased 300 acres in the Gold Hill Road area in 2012, with plans to build a distribution center. And more recently, Cato purchased the former Charlotte Knight’s baseball stadium site and other adjacent parcels.

“Cato is excited about the development of the Gold Hill property,” said John Cato, CEO of The Cato Corporation.

 “Although our original intent for the property was development of a new Cato distribution center, we now feel the property has greater potential as a Class A mixed-use development. Cato has enjoyed a strong working relationship with York County, and has invested in additional property within York County for future distribution center development.”

The joint venture plans to finalize rezoning in the first quarter of 2016. Phase I is slated to include 500,000 square feet of office space, 100,000 square feet of retail space, 300 residential units and a 150-room hotel.

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

Savannah Duncan • The Wilbert Group 

1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309
O: 404-343-0870  • M: 404-901-4433
thewilbertgroup.com

Lincoln Brokers Office Leases Totaling More Than 100,000 Square Feet in North Fulton Atlanta, GA

Allison Bittel

ATLANTA, GA (Nov. 6, 2015) – Lincoln Property Company Southeast (Lincoln) has brokered office leases totaling more than 100,000 square feet in Atlanta’s North Fulton market totaling square feet.

 Michael Howell and Hunter Henritze of Lincoln represented the landlords in the transactions. Details are as follows:

·      SunTrust Mortgage signed a 6,992-square-foot lease renewal at One Northwinds Center, located at 2475 Northwinds Parkway in Alpharetta, Georgia.

·      Wells Fargo Advisors signed a 17,046-square-foot lease renewal at Two Northwinds Center, located at 2520 Northwinds Parkway in Alpharetta. Kirk Diamond and Dale Lewis of DTZ represented the tenant.

·      CenturyLink Communications signed a 20,197-square-foot lease renewal at Brookside One, located at 3625 Brookside Parkway in Alpharetta. Dave Kilborn of Newmark Grubb Knight Frank represented the tenant.

·      Guilford Insurance signed a new 12,180-square-foot lease at Preston Ridge IV, located at 3440 Preston Ridge Road in Alpharetta. Allison Bittell of Cushman & Wakefield represented the tenant.

Jennifer Ziegler

·      Biota Pharmaceuticals signed an 11,788-square-foot lease expansion at Three Northwinds Center, located at 2500 Northwinds Parkway in Alpharetta. Steve Farrar of Newburger Andes represented the tenant.

·      Thyssen Krupp signed a 19,745-square-foot lease expansion and renewal at 400 Northwinds Parkway in Alpharetta. Ed Riggins with Cresa Atlanta represented the tenant.

·      Auto Vin signed a new 8,656-square-foot lease at 800 North Point Parkway in Alpharetta. Jennifer Ziegler and Brannan Moss of JLL represented the tenant in the transaction.

·      Veeam Software signed a lease expansion for a total of 6,959 square feet at 2520 Northwinds Parkway in Alpharetta. Ellen Stern of CBRE represented the tenant.

·      McManamy McLeod Heller signed a new 4,590-square-foot lease at 11525 Haynes Bridge Road in Alpharetta. Jeff Taylor of Transwestern represented the tenant.

  

Ellen Stern

·      Windward Specialty Group signed a new 3,126-square-foot lease at 2500 Northwinds Parkway in Alpharetta. Tom Kubis of Studley represented the tenant.

·      Select Selling signed a 4,307-square-foot lease at 2520 Northwinds Parkway. Yancey Stribling of Lee & Associates represented the tenant.

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 The Crest at Princeton Meadows in Plainsboro, NJ

                                                                                                                   Photo by Christian Garibaldi


The Crest at Princeton Meadows, 3217 Ravens Crest Drive, Princeton submarket,
Plainsboro, NJ

Jose Cruz

FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of The Crest at Princeton Meadows, a 704-unit, garden-style apartment community in Plainsboro, New Jersey.

HFF marketed the property on behalf of the seller.  A joint venture between Harbor Group International and Azure Partners purchased the asset free and clear of existing debt.

The Crest at Princeton Meadows is 94 percent leased and has 37 two- and three-story residential buildings housing one- and two-bedroom units averaging approximately 830 square feet each.

 The community, which has undergone significant capital improvements since 2012, features amenities such as an outdoor swimming pool with sundeck, barbecue grills, tennis courts, volleyball court, putting green and playground.

 Situated on 40 acres at 3217 Ravens Crest Drive in the Princeton submarket of Middlesex County, the property is adjacent to the Meadows at Middlesex Golf Course and is approximately one mile from Route 1.  

Kevin O'Hearn

Additionally, the property is within six miles of Princeton University’s main campus and the Princeton Junction transit station.

The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, associate directors Michael Oliver and Steve Simonelli and supported by senior managing director Andrew Scandalios.

“With this transaction, the seller successfully executed their business plan for this property that began in 2012.  The Crest was acquired as a repositioning play in Plainsboro and was sold as a premiere asset with future upside,” stated Cruz.  “Harbor Group and Azure performed flawlessly and closed as expected.”

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.harborgroupint.com.

Howard M. Heitner Joins WNC Advisory Board

  

Howard M. Heitner

IRVINE, CA  – WNC, a national investor in real estate and community development initiatives, announced Howard M. Heitner, a 35-year veteran of the affordable housing, legal and financial industries, has joined the company’s advisory board. 

“Howard is a consummate professional who brings a wealth of expertise and wisdom to WNC,” said Will Cooper Jr., president and chief executive officer of WNC. “His extensive knowledge and leadership experience will be a valuable addition to our company, our investor base and the communities we serve.”

Spanning more than three decades, Heitner began his career in 1976 with the Federal Reserve Board in Washington, D.C. He has also served as president and member of the investment committee of JRK Residential America; as chief operating officer of SunAmerica Affordable Housing Partners; and spent nearly two decades as a partner with O’Melveny & Myers LLP.

Heitner earned a bachelor’s degree from Bucknell University, as well as an M.B.A. and juris doctorate from the University of Chicago. He has served as chairman of the board of The Los Angeles Conservancy, and as a member of the: Hollywood Community Housing Board, Shelter Partnership Board, Menorah Housing Foundation Board, Curtis School Board and Adobe Community Board’s finance committee.

Will Cooper Jr.

Heitner joins other WNC advisory board members:

·         Jim Ashby, who has 20 years of experience as an entrepreneur and business leader and currently serves as chief executive officer of CareMeridian, a healthcare services company;

·         Denise Kiley, a 25-year veteran of the real estate industry, including 15 years specializing in low-income housing tax credits (LIHTC); and

·         Michael Novogradac, managing partner in the San Francisco office of Novogradac & Company LLP, with 25 years of experience in affordable housing, community development and renewable energy.

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

Julie Leber

Spotlight Marketing Communications

949.427.5172, ext. 703

julie@spotlightmarcom.com

www.wncinc.com.