ConAm Acquires Two Value-Add Multifamily Assets Totaling 524 Units in Las Vegas and Phoenix

Silver Shadow Apartments, Las Vegas, NV

LAS VEGAS, NV – The ConAm Group (ConAm), a San Diego-based real estate investment, development and services firm, has expanded its multifamily portfolio in the Las Vegas and Phoenix markets with the acquisition of two multifamily properties.  The two acquisitions add 524 units to ConAm’s portfolio.

Las Vegas Acquisition

In Las Vegas, where ConAm already has a strong presence, the firm has acquired Silver Shadow, a 200-unit apartment community located in Las Vegas, Nevada for $22.6 million dollars.

“This property, located in the southwestern Las Vegas submarket adjacent to the Summerlin master planned community, strongly aligns with our strategy to acquire well-located assets in the Las Vegas market,” according to George Lloyd, ConAm’s Executive Vice President of Acquisitions.

The Greens Apartments, Chandler, AZ

Phoenix Acquisition

ConAm also expanded its multifamily portfolio in the Phoenix area with the acquisition of The Greens, a 324-unit apartment community in Chandler, Arizona.

“This property has exclusive frontage on the San Marcos Golf Resort with golf course views from most of the units and is within walking distance of historic downtown Chandler,” says Lloyd.

 “Located near Interstate 10, Loop 101 and Loop 202, the asset provides easy access to employment centers in both the City of Chandler and Greater Phoenix.”

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

Lexi Astfalk or Jenn Quader

Brower, Miller & Cole

(949) 955-7940

LAstfalk@browermillercole.com

www.conam.com.

Stepp Commercial Completes Two Apartment Property Sales to 1031 Exchange Buyer for $4.33 Million in Long Beach, CA

 

Robert Stepp

 LONG BEACH, CA– Stepp Commercial, the leading multifamily brokerage firm in the Long Beach market, has completed two apartment property sales to a single 1031 exchange buyer, Northpoint Realty.

The assets, which are situated across the street from each other in the Eastside/Circle area of Long Beach by Temple Avenue, sold for a total of $4.33 million and nearly $155,000 per unit.

“Stepp Commercial worked in conjunction with two different sellers of similar, courtyard-style apartment properties on the same street,” said Robert Stepp, principal with Stepp Commercial. “We advised the sellers to list both assets at the same time with the strategy of attracting a 1031 exchange buyer, which is exactly what happened.”

Michael Toveg, senior vice-president with Stepp Commercial added: “Ultimately, we successfully closed escrow on the two properties and garnered a sale price of $246 per square foot. That is one of the highest prices ever paid for comparable apartment assets in the surrounding area.”

Michael Toveg

The first property was sold for $2,525,000 and is located at 2705 to 2723 E. Spaulding Street. Stepp and Toveg represented the seller, Keeley Partners, LP, as well as the buyer. 

The transaction closed at a 5.4 percent cap rate. Built in 1958, the two-story, 16-unit property includes four, one-bedroom units and 12, two-bedroom units. All the units were recently remodeled to include updated kitchens with granite countertops.

The second property was sold for $1,805,000 and is located at 2727 to 2730 E. Spaulding Street. Stepp and Toveg represented the seller, BJJ Investments, LLC, as well as the buyer. 

The closing cap rate was 5.1 percent. Built in 1958, the two-building, two-story property includes 12 units consisting entirely of two-bedroom units.

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

Darcie Giacchetto

949.278.6224

DG Logo 2

www.SteppCommercial.com

NAI Realvest Negotiates Four Leases at industrial centers in Seminole County, FL

  

Patty Nolff

ORLANDO, FL – NAI Realvest recently negotiated four leases for more than 40,000 rentable square feet at Seminole County industrial centers. 

Michael Heidrich, principal at NAI Realvest and Associate Kristen Kemp brokered a sublease of the 22,000 square foot hangar and warehouse facility at 2651 S. Mellonville Ave.  The Sublandlord is Apopka-based Aeronautical Restoration & Maintenance Facility, LLC and the Sublessee is Jeteezy, Inc. a local general aviation firm specializing in sales and support of seaplanes.

Kristen Kemp

At South Seminole Industrial Center, 1175 Florida Central Parkway, Heidrich and Associate Patty Nolff brokered a new lease of 10,377 square feet representing the landlord 1944 Unionport Associates, LLC of New York, N.Y. and the local tenant, Coolstuffinc.com, LLC.  

Michael Heidrich

Nolff and Heidrich represented the landlord at Monroe CommerCenter South in a new lease agreement for 6,000 square feet of industrial space at 683 Progress Way in the complex.  

The tenant Jvmax, Inc., a business services firm specializing in sales calls, was represented in the transction by Vincent F. Wolle of Results Real Estate Partners. 

Heidrich represented the same landlord – Monroe South SPE, LLC – in a renewal lease agreement with Southern Custom Creations, a signage company who occupies 2,000 square feet at 667 Progress Way in Monroe CommerCenter South.

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 Sale of 187-Acre Lake County Land Portfolio to International Investor Group

 

Chris Butera

ORLANDO, FL – NAI Realvest recently completed the sale of a portfolio owned 187-acre tract of land at 32520 S.R. 44 in Eustis in Lake County for $425,000.00,     

Chris Butera, investment associate at NAI Realvest negotiated the sale on behalf of the seller, Turnstone Group, LLC of Atlanta, with offices in Minneapolis and Spain. 

The buyer, SR44 USA, LLC of Groveland, Fla. was represented in the transaction by Joe Townsend of Global real Estate. 

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

Hold-Thyssen Negotiates Extension Lease at Enterprise Plaza in Orange City, FL

       

Darby Hold

ORANGE CITY, FL --- Hold-Thyssen, Inc., a commercial property firm based in Winter Park, recently negotiated an extension lease for 1,224 rentable square feet at Enterprise Plaza, 2499 Enterprise Rd. in Orange City.

Darby Hold, transaction specialist at Hold-Thyssen, negotiated the retail lease extension with the tenant Tuan Vinh Truong d/b/a Lena’s Nail Salon who extended the term of their lease another year for a full three-year term. 

Enterprise Plaza, Orange City, FL

 Hold represented the landlord, Florida Premier-Enterprise LLC based in Rochester Hills, Mich.  The tenant was not represented in the transaction.

Hold-Thyssen, Inc. provides commercial property and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

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 Sale of Mixed Use Development Parcel to Osceola County, FL for its Affordable Housing Project

Veronica Malolos

KISSIMMEE, FL -- Veronica Malolos, a broker with NAI Realvest, recently negotiated the $525,000 sale of a nine-acre tract of land to Osceola County using HUD’s HOME Investment Partnerships Program grant funds for its project to provide affordable housing. for children and families currently living in area hotels and motels, often referred to as homeless families.

1650 Yates Road, Kissimmee, FL

Malolos, who represented Seller James and Helen Yates Trust of Winter Haven, said the property is located at 1650 Yates Road in Kissimmee, next to the Shingle Creek Regional Park and behind the 192 Flea Market just south of Hwy 192 in Kissimmee.

Zoned for mixed use (Tourist Commercial), the County plans to build 200+ units of affordable housing in two phases.  The project also includes rental assistance for qualifying families.

Malolos has been lauded by the Central Florida Commercial Assn. of Realtors for her continuous advocacy and work with homeless children and families in Osceola County.

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

Nation’s Largest Yacht Repair Facility Prepares to Service More Vessels in Fort Lauderdale, FL

Kurt Winselmann

FORT LAUDERDALE, FL  (Dec. 14, 2015) -- Lauderdale Marine Center (LMC) has announced that construction of boatyard enhancements is scheduled to begin and that the organization has added three new staff members in strategic positions. 

Improvements to the southwest portion of the upland property, scheduled to begin in February, will expand the boatyard’s capacity to accommodate six additional yachts up to 150 feet including multi-phase, multi-voltage power capabilities up to 480 volts and additional vehicle parking.

Renovations at the adjacent River Bend Marine Center also are scheduled to begin and will include new drainage, paving of the upland boat storage area and new landscaping as preparations are made to incorporate the property into LMC.

Lauderdale Marine Center also has announced appointments to three new positions:  President, Controller and Operations Director. 

  Doug West has been appointed as President.  Prior to joining LMC, West served as President of Rybovich for nine years. In his new role at LMC, West will focus on the continued development of the LMC brand and customer experience.  He is a resident of Palm Beach Gardens, Fla.

Lauderdale Marine Center, Fort Lauderdale, FL

Kurt Winselmann, a certified public accountant and United States Coast Guard-certified captain, has been appointed Controller and will manage financial activities. 

Winselmann brings 25 years of marine industry experience to LMC, including 21 years with Seaboard Marine as Controller of its Ship Management division and four years with Norwegian Cruise Line. He is a resident of Hollywood, Fla.

In her role as Operations Director, Jennifer Lang will manage the leasing, office administration activities, human resources and coordination of I.T. support.  Prior to joining LMC, Lang served as Regional Manager and Trainer for Bloomin Brands’ Carrabbas Italian Grill. She is a resident of Coral Springs, Fla.

For more information on Lauderdale Marine Center, please visit www.LauderdaleMarineCenter.com

  

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

Daniel Grant

Pierson Grant PR

6301 Northwest 5th Way, Suite 2600

Fort Lauderdale, FL 33309

ofc. +1 954 776.1999, ext. 235

mob. +1 954 684.5577

Lincoln Property Co., Invesco Buy Phoenix’s Historic Luhrs City Center

 

Luhrs City Center, 11-45 West Jefferson Street, Downtown Phoenix, AZ

David Krumwiede

PHOENIX, AZ – Lincoln Property Company (LPC) and Invesco Ltd. have purchased the historic Luhrs City Center in downtown Phoenix.

 The joint venture will next initiate a multi-million-dollar renovation that will evolve the landmark into a mixed-use blend of creative office space, ground floor restaurants and retail – part of a downtown resurgence that includes an active office market, thriving restaurants, sports venues and the early-2017 delivery of a directly adjacent, 19-story Marriott Residence Inn and Courtyard hotel tower.

Located at 11-45 W. Jefferson St. between Madison, Jefferson, First Street and First Avenue, Luhrs City Center includes two towers with 140,500 square feet of creative office space and a promenade with approximately 18,500 square feet of ground-floor retail space.

“When you think of iconic downtown Phoenix buildings, you think of Luhrs,” said Lincoln Property Company’s Executive Vice President David Krumwiede.

“They call the project ‘historically modern’ because it has a combination of deep roots and modern staying power. This makes it very relevant in today’s creative office market and a great site to enhance with dining and shopping – amenities that will raise Luhrs to its highest and best use in the downtown market.”

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

Cypress Park West II Class A office building in Fort Lauderdale, FL fully leased

Jonathan Kingsley

FORT LAUDERDALE, FL – Cypress Park West II, a 118,000-square-foot Class A office building in Fort Lauderdale has signed a tenant for its last remaining space, bringing the building to 100 percent leased. 

The lease capped a period in which three other leases have been signed in the past three months, totaling 43,876 square feet.

Jonathan Kingsley, Executive Vice President of Colliers International South Florida, represents the landlord, Stockbridge Cypress Park West, LLC, in the building’s leasing.

Among the recent leases at Cypress Park West II are MSC Cruises’ renewal and expansion to 17,863 square feet; SAFCO, or Southern Auto Finance’s, renewal and expansion to 15,337 square feet; and Arte Bunkering, a worldwide supplier of bunker fuels and lubricants for vessels, new lease of 1,556 square feet.

“Though there is aggressive competition in the Cypress Creek submarket, our success at Cypress Park West is attributed to telling the marketplace about the value of the building, the quality of the landlord and its ability to cater to major corporations,” said Colliers’ Kingsley.

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

Leah Saunders 

Senior Account Executive

B2 Communications

p 727.895.5030 x104 | c 813.924.0367

www.B2Communications.com

Leasing Team at Atlantic Station Focuses on Entertainment and Fast Fashion

  

Adrienne Crawford

 ATLANTA, GA – SRS Real Estate Partners (SRS), which recently took over the leasing of the retail core at Atlantic Station in midtown Atlanta, is scouting restaurant and fashion tenants at this week’s International Council of Shopping Center’s (ICSC) New York National Deal Making Conference.

Houston-based Hines recently hired SRS to lease the property. The leasing team includes SRS executive vice president and market leader, Ray Uttenhove; vice president, Adrienne Crawford; and vice president, Lily H. Heimburger.

The team’s tenanting strategy at Atlantic Station reflects a shift under new ownership. “We’re targeting entertainment, restaurant and fashion tenants,” Uttenhove said.

“Currently, we’re talking to both regional and national retailers. We expect to announce exciting new names in early 2016. Our targeted tenants will respond well with the market and complement existing retailers, especially those in the fast fashion category.”

For more information on Atlantic Station, visit http://atlanticstation.com. 

 For more information on SRS, visit http://www.srsre.com. 

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

Liana Moran

404-748-1367

Lmoran@thewilbertgroup.com

Acclaimed Restaurant Design Firm, The Johnson Studio, and Design Firm, Cooper Carry, Combine Talent

 

Bill Johnson

Atlanta, GA -- Cooper Carry and The Johnson Studio are pleased to announce that they will join forces, effective Jan. 1, 2016. This new combination of architects and designers will enhance both firms' ability to further reach the hospitality industry by providing an expanded menu of services for both restaurant and hotel design.

Bill Johnson, president of The Johnson Studio said, "Over the past 25 years our firm has built an impeccable reputation for producing some of the most forward-thinking restaurant designs whether they are part of a hotel or free-standing. 

"This collaboration with Cooper Carry, one of the nation's most respected hotel designers, provides a platform for future services that we feel will be unparalleled.”

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

Hadley Creekmuir

The Wilbert Group

hcreekmuir@thewilbertgroup.com

404.343.4080

MHA Brokers Sales of Six Triad Region Apartment Communities for a Total of $37.1 Million

The Morehead Apartments, Northwest Greensboro, NC

CHARLOTTE, NC — Multi Housing Advisors (MHA) has arranged, in separate transactions, the sales of six apartment communities located in the Triad Region of North Carolina for a total of $37.1 million. 

These transactions, representing more than 800 units, were all closed in the last two months.

Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in the transactions. 

MHA has now brokered the sales of 14 properties in the Triad Region over the past 12 months, as the market continues to yield relative value in an environment of historic cap rate compression.

Ridgewood Apartments, West Greensboro, NC

“Activity has proliferated in the Triad region as investment capital continues to seek reasonable yields and is being pushed outside of the primary markets to markets like the Triad,” Robinson said. 

“With the Fed signaling a likely rise in interest rates, investors are moving swiftly to lock in rates and push deals over the finish line.”

Details of the deals are below:

·        New York-based Midway Investors sold The Morehead to WB Ventures for $11.2 million. The 204-unit property is located in northwest Greensboro, NC.

·        Atlanta-based QR Capital purchased Battleground Oaks from Carlisle Residential for $6.7 million. The 120-unit property was built in 1986 and is located in the north suburbs of Greensboro, NC.

Collegiate Commons Apartment, Greensboro, NC

·        Pennsylvania-based Titan Capital sold The Colony to Harvest Investments, based out of Wethersfield, CT, for $6.3 million. The 140-unit property is located in Burlington, NC.

·        Florida-based Tallahassee Apartments LLC purchased Ridgewood for $5.4 million. The 160-unit property is located in west Greensboro, NC.

·        A private individual purchased Collegiate Commons for $4.2 million. The student housing property, built in 2002, is located in Greensboro, NC and is comprised of 108 units and 324 beds.

·        New Jersey-based Engineering Partners purchased The Hedges from The Hedges of Greensboro LLC, based out of Hattiesburg, M.S. for $3.3 million. The 80-unit property is located in Greensboro, NC.

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

Deborah Rogers

Multi Housing Advisors

404.645.7275

drogers@usmha.com

Multi Housing Advisors Brokers Sale of Apartment Community in Savannah, GA Area

  

Waverly Station at the Highlands Apartments, Pooler, GA

Robert Stickel

 ATLANTA, GA — Multi Housing Advisors (MHA) has arranged the sale of Waverly Station at the Highlands, a 329-unit apartment community located in Pooler, Georgia.

 Robert Stickel, who leads MHA’s central to coastal Georgia deal team, represented the seller, The Sterling Group. Based in Mishawaka, IN, Sterling is an aggressive owner, operator, and buyer of multifamily assets throughout the Midwest and Southeast. Gamma Real Estate and Somerset Partners purchased the property.

“Waverly Station at the Highlands is among the highest quality properties in the Savannah area featuring an excellent unit mix with spacious floor plans and an outstanding amenity package,” Stickel said.

“The investors purchased this unique, two-phase property due to its superior location in a thriving Georgia submarket, as well as its convenient access to major employers such as the Port of Savannah and Gulfstream.”

Built in 2010 and 2012, Waverly Station at the Highlands is a Class A property which draws from an affluent tenant base with an Average Household Income of $92,439 within a one mile radius. Waverly Station is located less than 15 minutes from Savannah/Hilton Head International Airport, Gulfstream Headquarters, and the recently opened Tanger Outlets.

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

Deborah Rogers

Multi Housing Advisors

404.645.7275

drogers@usmha.com

Lionstone Investments and North American Properties Acquire Colony Square in Midtown Atlanta, GA

  

Mark Toro

ATLANTA, GA – Houston-based Lionstone Investments (Lionstone) and North American Properties (NAP) closed on the acquisition of Colony Square in Midtown Atlanta this week.

NAP, known in Atlanta for the successful turnaround of Atlantic Station and ground up development of Avalon, plans to take the roof off the retail core of Colony Square and connect it to the street, transforming it into a walkable, open-air experience where Atlantans will gather and spend time.

“Over the decades, the Midtown neighborhood around Colony Square flourished while the iconic building became sleepy and tired,” said Mark Toro, Managing Partner of NAP.

“On July 4, 2018, the 50th anniversary of Colony Square’s groundbreaking, we will celebrate the grand opening of the reimagined Colony Square. We will engage with the city, with the street and with pedestrians, and it will fundamentally change the experience of living and working in Midtown Atlanta.”

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

Liana Moran • The Wilbert Group

1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309

O: 404-748-1367 M: 770-905-9915  

www.thewilbertgroup.com

Gov. Rick Scott Announces Crossman & Company’s Expansion Will Create 30 New Jobs

Florida Gov. Rick Scott Announces New Job Creations at Crossman & Co., Orlando, FL

ORLANDO, FL – Gov. Rick Scott announced that Crossman & Company’s expansion of offices at 3333 S. Orange Ave. will create up to 30 new jobs in the Orlando area.

 In addition to the expansion, Crossman & Company will retain 55 jobs. Crossman & Company is a real estate firm focused on serving retail landlords throughout the Southeast.

 “We are excited to announce the expansion of Crossman & Company and the creation of up to 30 new jobs in Orlando,”  said Gov. Scott, adding 

“Our $1 billion tax cut proposal will not only help Florida families but will also help businesses, big and small, throughout our state, he added.

“Included in this proposal is cutting the tax on commercial leases which will enable small businesses to create more jobs and economic opportunities for Floridians. We look forward to seeing more businesses like Crossman & Company expand in Florida,” he said.

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