NAI Realvest Negotiates $750,000 Purchase Price for High-Profile Vacant Land on S.R. 50 in Ocoee, FL

Tom r. Kelley II

ORLANDO, FL – NAI Realvest recently negotiated the $750,000 purchase of 1.5 +/- acres of vacant land located at 11800 and 11840 W. Colonial Drive (S.R. 50) in Ocoee – a  highly visible location with convenient access SR 429, the Turnpike and Interstate 75.

Tom R. Kelley, II, CCIM, principal at NAI Realvest, negotiated the sale representing the buyer L.A. Holdings, LLC., based in Orlando.   The Orlando-based seller is West 50 Properties.    

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

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

TRYP by Wyndham Debuts in Puerto Rico; Strengthens Caribbean Presence

Paulo Pena

SAN JUAN,  Puerto Rico -- Wyndham Hotel Group has introduced TRYP by Wyndham® to Puerto Rico with the opening of the lifestyle brand’s first hotel in the island, the 109-room TRYP by Wyndham Isla Verde.

Located outside the capital of Puerto Rico, San Juan,  TRYP by Wyndham Isla Verde is less than 10 minutes from San Juan Airport (SJU) and across the street from Isla Verde Beach, putting guests close enough to dig their feet in the sand, visit historic sites in Old San Juan and enjoy the area’s shopping, food and entertainment.

“Puerto Rico is a key tourism destination in the Caribbean known around the world for its beautiful beaches and vivacious culture,” said Paulo Pena, president and managing director, Latin America and Caribbean for Wyndham Hotel Group.

 “TRYP by Wyndham is the perfect fit for the island: the brand’s “Own the City” culture embraces the traditional character of San Juan, while its contemporary design and amenities meet the needs of today’s traveler.”

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

Paula Carreiro

Wyndham Hotel Group

22 Sylvan Way

Parsippany, NJ  07054

(973) 753-7927

paula.carreiro@wyn.com

BankUnited Announces Two Loans Totaling $16 Million to The Daten Group

La Gianna Rose Apartments, 40--42 Walker Avenue, White Plains, NY

NEW YORK, NY – BankUnited announced it provided two loans totaling approximately $16 million to Madison Avenue real estate firm The Daten Group/Lighthouse Enterprises of White Plains to refinance construction loans on two luxury apartment buildings in White Plains.

Daten and Lighthouse received a loan of $7,657,500 to refinance a construction loan on La Gianna Rose, a 26,500-square-foot, four-story elevator residential building featuring 24 residential units and one 2,600-square-foot, ground-floor commercial space. The property, which sits on a 14,442-square-foot lot, is located at 40-42 Waller Avenue.

Sanctuary Apartments, 115 North Broadway,
White Plains, NY

They also received an $8,325,000 loan to refinance a construction loan on the Sanctuary, a 35,878-square-foot, two-story elevator residential building featuring 23 residential units. The property, which sits on a 28,800-square-foot lot, is located at 115 North Broadway.

Both luxury apartment buildings were completed in 2015.

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

Mary Harris, (305) 817-8117                                      

MHarris@BankUnited.com

www.BankUnited.com.

facebook.com/BankUnited.official

 Twitter @BankUnited

Savannah Whaley, (954) 776-1999, x225

swhaley@piersongrant.com

Multi Housing Advisors Brokers $23.9 Million Sale of Apartment Community in Atlanta, GA

  

1500 Oak Apartments, Atlanta, GA

 

Josh Goldfarb

ATLANTA, GA — Multi Housing Advisors (MHA) has arranged the $23.9 million sale of 1500 Oak, a 368-unit apartment community located in Atlanta.

Josh Goldfarb and Tyler Averitt of MHA’s Atlanta office represented the seller, Cortland Partners, in the transaction. Engineering Partners purchased the property. 

“The sellers repositioning of the asset through upgraded unit finishes and community amenities harnessed the submarket’s robust economic growth,” Goldfarb said. “The purchaser, recognizing the upswing and further potential in performance, acquired the community at an attractive price.”

1500 Oak recently received a comprehensive renovation. The property features new cabinets with brushed nickel hardware, new bathtubs, granite countertops, stainless steel sinks, two inch wood blinds, vinyl plank flooring, and energy efficient toilets.

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

Deborah Rogers

Multi Housing Advisors

404.645.7275

drogers@usmha.com

Cocoa Beach Self Storage Sold for $3.35 Million; Marcus Millichap Handled Sale in Cocoa Beach, FL

Luke Elliott

COCOA BEACH, 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 Cocoa Beach Self Storage, a 28,730-square foot self-storage facility located in Cocoa Beach, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $3,350,000.

Luke Elliott, associate in Marcus & Millichap’s Tampa office, and Michael A. Mele, senior vice president investments in the firm’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 financial institution.  The buyer, a private investor, was secured and also represented by Elliott and Mele.

Cocoa Beach Self Storage is located at 14 South 20th Street in the desirable beach community of Cocoa Beach, Florida.

Constructed in 2009, the 319 storage units are located inside one large, three-story building with 28,730 net rentable square feet. The building is one of the only solar-powered self-storage facilities in Florida with more than 5,000 square feet of solar paneling.

Cocoa Beach Self Storage has dominant market share in the area and experiences little to no competition from nearby facilities. Cocoa Beach is a popular tourist destination with 2.4 million visitors per year. It is also a traditionally white-collar area with an average household income of $84,890 within a five mile radius.

“This was a Class A facility that was less than 30,000-square feet in a high barrier to entry, but tertiary market,” says Elliott. “Overwhelmingly the market spoke and we found a buyer for whom this facility worked well for, it will be a great addition to their portfolio.”

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

Richard D. Matricaria

Vice President/Regional Manager,

 Tampa, FL

(813) 387-4700

Out-Back Self Storage in Dunnellon, FL Sold for $1.6 Million in Deal Brokered by Marcus & Millichap

Michael A. Mele

DUNNELLON, 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 Out-Back Self Storage, a 27,696-square foot self-storage facility located in Dunnellon, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,595,000.

Michael A. Mele, senior vice president investments in the Tampa office and senior director of the firm’s National Self-Storage Group, Luke Elliott, associate, and Brian Baldwin, 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 also represented by Mele,  Elliott and Baldwin.

“We ultimately were able to drive six offers to the facility, and the buyer who was selected was an out of area investor, far from the traditional buyer pool for self-storage,” says Baldwin.

Out-Back Self Storage, located at 19545 West Highway 40 in Dunnellon, Florida, is a high quality, stabilized self-storage facility situated on approximately 3.32 acres. Constructed in 2006 and expanded in 2009, this asset consists of 219 units, both climate and non-climate controlled, for a total of 23,750 net rentable square feet. It is a fully fenced and gate facility. The property is less than a quarter mile east of US-41 and less than 17 miles southwest of Interstate 75.

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 $4.1 Million Sale of 120-Unit Tropicana Apartments in Sanford, FL

Nicholas Meoli

SANFORD, 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 Tropicana Apartments, a 120-unit apartment property located in Sanford, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $4,100,000.

Nicholas Meoli and Michael Donaldson, both vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, an Orlando based private investor.  The buyer, a private investor based out of South Florida, was secured and represented by Donaldson and Meoli.

“The sale of the Tropicana Apartments represented an excellent value-add opportunity in today’s marketplace,” says Donaldson. “With some of the lowest market rents in the submarket, Tropicana has the potential to increase revenue substantially through renovations and immediate rental upside as many other communities in the area have already implemented.”

“With some of the most spacious and desirable floor plans and being situated blocks from Seminole High School, the property generated substantial interest during our national marketing campaign with over 280 registered buyers and 18 offers generated,” adds Meoli.

Michael Donaldson

Tropicana Apartments is a 120-unit apartment complex located at 1505 West 25th Street, Sanford, Florida, which is a submarket of Orlando. 

This complex is made up of 12 residential buildings and one leasing office, and rests on a combined 8.74 acre parcel. 

The property consists of four efficiency units with an approximate size of 550-square feet, 40 one-bedroom/one-bathroom units with an approximate size of 610 square feet, 56 two-bedroom/one-bathroom units with an approximate size of 970 square feet, four, two-bedroom/one-bathroom townhome-style units with an approximate size of 1,000 square feet, and 16 three-bedroom/two-bathroom units with an approximate size of 1,159 square feet.

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

Richard D. Matricaria

Vice President/Regional Manager, Tampa

(813) 387-4700

HFF closes sale of and arranges joint venture equity and acquisition financing for The Slade in downtown Tampa, FL

The Slade Condominiums, 1190 East Washington Street, Downtown Tampa, FL

Matt Mitchell

TAMPA, FL – Nov. 18, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and arranged joint venture equity and acquisition financing for The Slade, a 214-unit, eight-story bulk condominium transaction in downtown Tampa, Florida.

HFF’s Tampa-based multi-housing team, led by Matt Mitchell, marketed the offering on behalf of Crescent Heights®.  HFF’s capital markets team, led by Chris Drew, arranged a joint venture between Cardinal Point Management and Long Wharf Real Estate Partners, which purchased the asset for an undisclosed amount. 

Additionally, HFF’s capital markets team worked on behalf of the new owners to place fixed-rate acquisition financing with CapitalSource, a division of Pacific Western Bank.

Completed in 2009, The Slade features two eight-story residential towers that encompass one-, two- and three-bedroom floor plans averaging 935 square feet each.  The offering included 214 of the 294 total condominium units and 11,613 of the 13,193 square feet of ground floor retail space. 

Property amenities include landscaped courtyards, infinity swimming pool with spa, two-story fitness center with yoga room, club room, cyber café, 24-hour concierge service and an attached, six-story parking garage.

Chris Drew

  Situated at 1190 East Washington Street in downtown Tampa’s Channelside neighborhood, the property offers immediate access to Tampa’s central business district, the Amelie Arena, Ybor City and the proposed site of the University of South Florida’s new medical school campus.

“The investment market is excited about the growth of downtown Tampa, especially in Channelside.  As the neighborhood continues to build out and add amenities, The Slade is well positioned to serve the growing demand for residences, whether as rentals or as for-sale product,” commented Mitchell.

“We have seen a significant increase in demand from institutional capital to invest in downtown Tampa and Channelside.  

"We anticipate this demand will only increase further as additional projects are delivered and the Channelside/Downtown market continues to evolve into one of Florida’s most active live-work-play environments,” added Drew.

 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.capitalsource.com.

www.crescentheights.com

www.lwrep.com

www.cardinalpointmanagement.com.

Refinancing totaling $15.5 million for 3 Lubbock, TX multi-housing communities secured by HFF

  

Stone Lake, Lubbock, TX

DALLAS, TX, Nov. 18, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured refinancing totaling $15.5 million for three Lubbock, Texas multi-housing communities: Stone Lake, Savannah Oaks and The Fountains.

Working on behalf of the borrower, HFF placed three separate 10-year loans totaling $15.5 million with Lincoln Financial Group.  Each loan has a fixed-rate with five years of interest only.

The communities total 480 units and feature swimming pools, grilling/picnic areas, 24-hour fitness centers, business centers and dog parks.  Individual property details are listed below:

De'On Collins

Property Name and Location       Size                             Occupancy

Stone Lake                                 162 Units                      97%

7414 Elgin Avenue, Lubbock

Savannah Oaks                           150 Units                      97%

5204 50th Street, Lubbock

The Fountains                              168 Units                      97%

5001 Chicago Avenue, Lubbock

HFF’s debt placement team was led by associate director De’On Collins and senior managing director John Brownlee.

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.LincolnFinancial.com.

Find Lincoln Financial Group on Facebook, Twitter, LinkedIn and YouTube.

HFF arranges $28 million refinancing for 2-building industrial portfolio in suburban Philadelphia

 

Ryan Ade

PHILADELPHIA, PA, Nov. 18, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged a $28 million refinancing for a portfolio of two fully-leased industrial shallow bay warehouse and office buildings totaling 246,790 square feet in the Philadelphia suburb of Horsham, Pennsylvania

HFF worked on behalf of the borrower, an affiliate of Endurance Real Estate Group, LLC, to secure the 10-year, fixed-rate loan through Silverpeak Real Estate Finance.  Loan proceeds will refinance existing debt.

The 100-percent-leased portfolio consists of 200 Precision Drive and 425 Privet Road in the Pennsylvania Turnpike Corridor in Horsham, a community 19 miles north of Philadelphia’s CBD.

 The properties are adjacent to one another and are approximately three miles from Interstate 276 (Pennsylvania Turnpike) via exit 343, which provides access to Interstates 76, 476 and 95. 

The 126,500-square-foot 200 Precision Drive contains 63,000 square feet of warehouse space in addition to 49,400 square feet of office space and a 14,200-square-foot laboratory.

Campbell Roche

 The building is housed on 11.13 acres and is leased to Finisar Corporation, C&D Technologies and DrugScan.  Fully-leased to Teva Pharmaceuticals, 425 Privet Road underwent an expansion in 2008 to expand the asset to its current-day 120,290 square feet.  Situated on 13.1 acres, the property contains 615 parking spaces.

The HFF team representing the borrower was led by managing director Ryan Ade and associate director Campbell Roche.

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.silverpeakfinance.com

www.endurance-re.com

HFF secures financing for 3 properties within the iconic Old Parkland campus in Dallas, TX

Reagan Place, Old Parkland campus, Dallas, TX

Woodlawn Hall, Old Parkland campus, Dallas, TX

 DALLAS, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured financing for Woodlawn Hall, Reagan Place and West Lawn, three Class A office properties totaling 213,843 square feet within the iconic Old Parkland campus in Dallas.

Working on behalf of the borrower, Old Parkland Unit C, L.L.C., Old Parkland Unit D, L.L.C. and Old Parkland Unit G, L.L.C., affiliates of Crow Holdings, HFF placed the fixed-rate loan with Aegon USA Realty Advisors, LCC, a commercial real estate investment and management arm of Aegon Asset Management.

 HFF’s debt placement team representing Crow Holdings was led by executive managing director Jody Thornton, senior managing director John Rose and associate director Chad Russell.

Jody Thornton

 Loan proceeds were used to pay off the existing debt on Woodlawn Hall and Reagan Place, which HFF arranged in 2012, and secure financing for the previously unencumbered West Lawn.  HFF will also service the loan.

Woodlawn Hall, Reagan Place and West Lawn are situated within the 10-acre historic Old Parkland campus that was originally constructed in 1894 as a teaching hospital.  

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

Kristen M. Murphy

Associate Director

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

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

krmurphy@hfflp.com

HFF closes $27.4 million sale of gym-anchored shopping center in Kansas City, MO

The Shops at Boardwalk, 8628 North Boardwalk Avenue, Kansas City, MO

Amy Sands

CHICAGO, IL – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $27.4 million sale of The Shops at Boardwalk, a 122,397-square-foot, 100-percent-leased shopping center in Kansas City, Missouri.   

HFF worked on behalf of the seller, Retail Properties of America, Inc.  GDA Real Estate Services, LLC purchased the asset on behalf of ACF Property Management, Inc. free and clear of debt. 

The property is fully leased to a roster of national and regional tenants including Gold’s Gym, Jos. A. Bank, Kirkland’s, Chipotle, Houlihan’s, Rue 21, Maurices and a separately-owned Lowe’s and Walmart.

 Situated on 14.55 acres at 8628 North Boardwalk Avenue, The Shops at Boardwalk is in the epicenter of the Northland Kansas City retail submarket at the intersection of Missouri Highway 152 and Interstate 29, where approximately 96,000 vehicles pass per day. 

The HFF investment sales team representing the seller was led by directors Amy Sands and Clinton Mitchell and senior managing director Barry Brown.

According to HFF, the synergistic mix of fitness, apparel, specialty and restaurant uses complement neighboring big box retailers that attract significant daily traffic to the site.

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.rpai.com.

Emerson International Negotiates Two Long Term Leases Totaling Over 35,000 square feet at CenterPointe I in Altamonte Springs, FL

Kenneth Koch

ORLANDO, FL -- Emerson International recently negotiated two long-term lease agreements totaling 35,000 square feet at Centerpointe I, located at 240 E Central Parkway in Altamonte Springs near Cranes Roost Park and Uptown Altamonte.

NARS (North American Risk Services) is an existing tenant of the building who leased the entire 4th floor of Centerpointe I and expanded for a total of 24,750 rentable square feet.

  Kenneth Koch, Director of Leasing represented the Landlord and Chris Sproles of CBRE represented the Tenant.

Humana Medical Plan, Inc. a wholly owned subsidiary of Humana, Inc., the national healthcare insurer and Fortune 100 company, is a new tenant who leased an 11,562 rentable square foot portion of the 1st floor at CenterPointe I.  

Zac Starkey, Emerson Leasing Associate represented the Landlord and Mark Stratmann of Cushman & Wakefield represented the Tenant.

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

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

 or larry@larryvershel.com

John Crossman Continues Family Legacy of Giving With Bethune-Cookman University Endowed Scholarship

John Crossman

ORLANDO, FL – John Crossman, president of Crossman & Company and son of the late Rev. Kenneth C. Crossman, is continuing his family’s legacy of giving and educational philanthropy with a new endowed scholarship for students at Bethune-Cookman University.  

The renewable scholarship will be an annual award for qualified students entering the B-CU real estate program or business with real estate concentration.  Crossman’s overall goal is to maintain a $100,000 balance for the Crossman & Company Endowed Real Estate Scholarship. 

Crossman has already started his search for donors and contributors, and is actively seeking community partners to help him reach his goal and start their own B-CU endowment scholarship. 

“There is a genuine need for African-American students who seek a career in commercial and residential real estate and we want to help achieve that,” Crossman said.

“I was thrilled to hear that John Crossman has developed the first ever scholarship for real estate studies,” said Congresswoman Corrine Brown.  “With this donation, B-CU will be able to provide yet another path to success for its students interested in business career, specifically, in the areas of housing and real estate.”

Corrine Brown

“John Crossman is an outstanding Florida leader. His passion for real estate, and for supporting the study of real estate in our universities, is remarkable.  The students of Bethune-Cookman are blessed to have an advocate and patron like John Crossman,” says Senator George LeMieux.

Crossman is no stranger to the B-CU campus or giving back in the name of education; and he is eager to continue his journey.  He and his family launched an endowment fund in 2004 in memory of Reverend Kenneth C. Crossman and donors have contributed more than $132,000 over the years.  

The Rev. Kenneth C. Crossman Endowment Fund gives renewable, annual contracts and has helped many students.

If you desire to support the Crossman & Company Endowed Real Estate Scholarship, please visit https://collegeadvancement.cookman.edu/sslpage.aspx?pid=178.

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

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

 or larry@larryvershel.com

Marcus & Millichap Arranges $4.7 Million Sale of 53-United Carmel Apartments in North Miami Beach, FL

Felipe J. Echarte

NORTH MIAMI BEACH, 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 Carmel Apartments, a 51-unit apartment property located in North Miami Beach, Fla.

The asset sold for $4,700,000 equating to $92,157 per unit.

Felipe J. Echarte, a vice president investments, Harrison Rein, an associate, and Evan P. Kristol, a senior vice president investments, all in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Aventura, Fla.

“The seller purchased the property in 2013 and made extensive capital improvements including the renovation of 15 units with tile floors, granite countertops and custom wood cabinets,” says Rein.

 “These renovations along with the increasing strength of the North Miami Beach rental market helped the Seller achieve an excellent premium over the previous sales price.”

Carmel Apartments consists of two three-story buildings developed in 1966 and 1967 with a unit mix of 33 one-bedroom/one-bathroom units, one two-bedroom/one-bathroom unit and 17 two-bedroom/two-bathroom units.

“The Buyer was in a 1031 exchange and we were able to assist them in moving their equity from a 10 unit building in Miami Beach to a 51 unit building in North Miami Beach,” adds Echarte.

The property is located at 16700 and 16701 NE 21st Avenue in North Miami Beach.

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

                    

Ryan Nee

Regional Manager, Fort Lauderdale, FL

(954) 245-3400