Hanley Investment Group Negotiates Sale of Hamilton Center in Huntington Beach, CA for $3.3 Million

Hamilton Center, 9502--9510 Hamilton Avenue, Huntington Beach, CA

Eric Wohl

CORONA DEL MAR, CA - Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm completed the sale of Hamilton Center, a 6,800-square-foot multi-tenant shopping center in Orange County, Calif., for $3.3 million, representing a cap rate of 4.77 percent. 

Hanley Investment Group’s Executive Vice President Eric Wohl and President Ed Hanley represented the seller, a local investment company. Eric Vu, an associate with Hanley Investment Group, represented the buyer, a local investor in a 1031 exchange.   

Built in 1987 on .66 acres, the retail center is located at 9502-9510 Hamilton Avenue in Huntington Beach, Calif. and includes tenants 7-Eleven, Whata Lotta Pizza, a dental office and dry cleaners. Hamilton Center was 100 percent occupied at the time of sale.

“This is a rare coastal Orange County strip center that immediately generated 10+ offers,” said Wohl. “It is a trophy Huntington Beach location with a 100-percent occupied multi-tenant strip center situated at a signalized intersection, one mile from the ocean.”

Vu said that the buyer sold his management-intensive apartment property and was looking for a quality investment with ease of management. “We delivered a property that met all of the buyer’s requirements; being in a highly-desirable Orange County market and with excellent demographics of $105,000 within a one-mile radius of the property was truly a ‘flight to quality’ for the buyer,” Vu added.

Ed Manley

Other factors that made the property appealing to the buyer was the long-term historical occupancy of the tenants. “7-Eleven and Whata Lotta Pizza represent 51 percent of the square footage and have successfully operated at the center since 1987 and 2000, respectively,” Wohl noted.

Vu added that 7-Eleven recently executed an early lease extension, which further speaks to the strength of this location. 

“Well-located multi-tenant strip centers offer a viable alternative to single-tenant net-leased properties as they offer an investor diversification of risk and, typically, a better yield,” said Wohl. “And, with a recently renewed 7-Eleven as an anchor, the buyer knows the center will have a strong draw for years to come."

Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $5 billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved.

 For more information, visit www.hanleyinvestment.com.

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

Anne Monaghan

MONAGHAN COMMUNICATIONS, INC.

anne@MonaghanPR.com

830.997.0963

Meridian Capital Group Arranges $18 Million in CMBS Financing for Deerfield Plaza Shopping Center in Orlando, FL

  

Deerfield Plaza, 12700 South Orange Blossom Trail, Orlando, FL

New York, NY, March 7, 2016 – Meridian Capital Group, America’s most active debt broker, arranged $18 million in CMBS financing for the refinance of Deerfield Plaza, a shopping center located in Orlando, FL on behalf of Blue Sphere.

Tal Bar-Or

The 10-year loan, provided by a CMBS lender, features a competitive fixed-rate and four years of interest-only payments. This transaction was negotiated by Meridian Managing Director, Tal Bar-Or, who is based in the Company’s New York City headquarters.

Deerfield Plaza is located at 12700 South Orange Blossom Trail and totals 106,292 square feet. The property features a Wendy’s restaurant and is anchored by LA Fitness on a long-term lease through 2026.

 Deerfield Plaza is conveniently located within walking distance of a Wal-Mart, Chipotle, Panera Bread and Dollar Tree, all of which increase traffic flow to the shopping center. The property has seen a tremendous increase in occupancy over the last two years and is currently 95% leased.

“We are proud to have been chosen again by Blue Sphere to represent them on this important financing transaction,” said Mr. Bar-Or. “After evaluating several options and by working in tandem with the lender, we were able to structure a 10-year loan with four years of interest-only payments and a creative reserve structure.

“The execution here speaks to the quality of the sponsorship, property and relationship with the lender,” he added.

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

Jonathan Stern

Meridian Capital Group

212/972-3600

jstern@meridiancapital.com

www.meridiancapital.com

Delray Beach Based HC Real Estate Capital Arranges $4.46 Million in Financing for Mixed Use Property In Delray Beach, FL

331 East Atlantic Avenue, Delray Beach, FL

  

 

Chris Caveglia

Delray Beach, FL, March 7, 2016 -- Chris Caveglia and Kurt Hoffmann of HC Real Estate Capital have arranged $4,460,000 in financing for the property located at 331 East Atlantic Avenue Delray Beach, FL.

 The 100% leased, two-story mixed-use building property is made up of two retail tenants and eleven apartment units totaling 12,800 SF.   The retail tenants include: Bank United and Peter Mark Salon.  The property is situated on approximately 0.15 acres of land in the heart of Delray Beach on Atlantic Avenue.

Financing was arranged through a regional banking relationship at a competitive fixed interest rate that allowed the borrower to carry out their long-term plan for the property.   

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

Kurt Hoffmann

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

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

Chris Caveglia

HC Real Estate Capital, LLC

660 Linton Blvd. Ste 200 EX5

Delray Beach, FL 33444

Direct: 561-266-3273

Mobile: 561-376-3176

ccaveglia@hcrecapital.com

www.HCREcapital.com

NAI Realvest Negotiates New Retail/Office Lease at Poinciana CommerCenter in Kissimmee, FL

Patty Nolff

KISSIMMEE, FL – NAI Realvest recently completed a new long term lease at Poinciana CommerCenter East in Kissimmee representing the landlord /developer, Small Bay Partners, LLC of Maitland.  

Michael Heidrich, a principal at NAI Realvest and associate Patty Nolff negotiated a new lease of 1,620 square feet at 1725 Business Center Lane. The Minneapolis-based tenant is The Valspar Corporation, a global leader in the manufacturer of consumer paints and coatings.

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

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

www.nairealvest.com.

NAI Realvest Negotiates New Office Lease for Technology Firm at Central Florida Research Parkin Orlando, FL

  

Tom R. Kelley II

ORLANDO, FL --- NAI Realvest recently completed a new office lease agreement for 7,553 rentable square feet at 12001 Research Parkway in Central Florida Research Park off Alafaya Trail near UCF.

Tom R. Kelley II, CCIM principal and Chris Adams, associate at NAI Realvest, negotiated the transaction on behalf of the local Tenant Advanced Digital Data Systems, Inc. a firm that provides software systems for the energy industry. 

The Miami-based Landlord Banyan Street/GAP Resource Square Three Owner LLC was represented by Jay Dixon of CBRE

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

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

www.nairealvest.com.

Del Webb Stone Creek Plans March Grand Opening Celebration of Refurbished Reunion Center, Opens Newest Phase of Homesites in Ocala, FL

 

Sean Strickler

OCALA, FL--- Del Webb Stone Creek in Ocala will host a Grand Opening and ribbon cutting for the newly refurbished Reunion Center Clubhouse for residents at the gated, active-adult community on Friday March 18.  

Sean Strickler, president of Del Webb’s West Florida Division, said the Reunion Center was updated with new paint, carpeting, fixtures and furniture throughout the lobby, hallways, ballroom and library at a cost of over $400,000. 

Reunion Center clubhouse is part of Reflection Bay, an amenity center encompassing 45,000 square feet with a state-of-the-art fitness center, heated indoor and outdoor swimming pools and spas along with tennis, bocce ball, horseshoe and pickleball courts plus a softball field and fishing pier.

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

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

www.nairealvest.com.

NAI Realvest Negotiates New Office Leases totaling 4,119 Square Feet in Winter Park, FL and Longwood, FL

Megan Minter

 ORLANDO, FL – NAI Realvest recently negotiated three new office lease agreements – two for professional office space on Lee Rd. in Winter Park and one for flex space at Big Tree Crossing in Longwood.

NAI Realvest Associate Chris Adams represented the tenant ExamOne World Wide, Inc. of Madison, N.J. in an office lease agreement for 1,778 square feet at 2269 Lee Rd. in Winter Park. ExamOne provides lab testing and other services to insurance companies.  The landlord SugarOak Lee Road, LLC of Herndon, VA was represented by Nicholas Fouraker of BishopBeale.  

Jeff Bloom, CCIM, vice president at NAI Realvest brokered a lease at Lee World Center, 1850 Lee Rd. in Winter Park representing landlord Pan Coastal Ltd Partnership.  HMC Enterprise Inc. a manufacturer of refrigeration products leased 800 square feet. 

Bloom and Associate Megan Minter negotiated a lease of 1,541 square feet at Big Tree Crossing Industrial Park representing Eton-Hastings Investments, LLC the Lake Mary-based landlord.  The new local tenant, 3 Waters LLC, a water filtration and purification equipment firm, was represented in the transaction by Jack Saltman of Real Property Specialists, Inc.   

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

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

www.nairealvest.com.

Waterton Purchases 426-Unit Addison Park Apartments in Charlotte, NC

  

 

Matthew Masinter

CHICAGO, IL — Waterton, a U.S. real estate investor and operator, announced the acquisition of Addison Park, a 426-unit rental community in Charlotte, North Carolina. 

Situated on 44 landscaped acres in the Harris Boulevard / Mallard Creek submarket, the community comprises 22 three-story buildings with attached, direct-access garages.

 Apartments offer a mix of one-, two- and three-bedroom floor plans, each with 9-foot ceilings, a wood-burning fireplace and private patio or balcony.

Community amenities include two resort-style swimming pools with sun decks, a resident clubhouse, 24-hour fitness facility, fully equipped business center, outdoor grilling area, children’s playground, car detailing station and on-site “bark park” with grooming station.

“There continues to be strong demand for luxury rental housing in Charlotte,” said Matthew Masinter, senior vice president of acquisitions at Waterton. “This was an opportunity to acquire an attractive asset in a highly sought-after location, with proximity to schools, retail and major employment centers like Charlotte’s University Research Park.”

As the new owner, Waterton plans to renovate unit interiors and common areas to increase the marketability of the complex.

“Our capital improvement strategy will put us in a better position to compete against existing rental stock and new apartment projects currently in the pipeline,” said Masinter.

 For more information on Addison Park, call (844) 681-7057 or visit www.addisonparkapt.com

.

           

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

Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

REVA Development Partners Begins Pre-leasing in Response to High Demand for Luxury Rentals at Residences of Orland Park Crossing in Orland Park, IL

  

Matt Nix

 CHICAGO, IL — Chicago-based REVA Development Partners announced the start of pre-leasing at the Residences of Orland Park Crossing, a new luxury rental community currently under construction in downtown south-suburban Orland Park, Ill. The sales center, now open in the recently-completed clubhouse, is currently taking appointments for community tours.

According to REVA, the 231-unit Residences of Orland Park Crossing is only the second luxury rental community to be built in Orland Park in several decades. “We had a very robust response when we opened our VIP list last month as more than 200 people signed up within two months,” said Matt Nix, principal of REVA Development Partners.

“The walkable, transit-oriented location of the property has been a strong driver of demand for the Residences of Orland Park Crossing,” he continued, underscoring the significance of the newly constructed pedestrian bridge connecting the development’s residents with the nearby 143rd Street Metra station.

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

Sara Williams, swilliams@taylorjohnson.com, 312.267.4510

Kim Manning, kmanning@taylorjohnson.com, 312.267.4527

Marcus & Millichap Handles $1.75 Million Sale of 12-Unit Palma Ceia Palms Apartments in Tampa, FL

Shawn Rupp

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 Palma Ceia Palms, a 12-unit apartment building located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,750,000.

Casey Babb, CCIM and vice president investments, Luis Baez, senior associate, and Shawn Rupp, associate, all 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 also secured and represented by the three brokers.

Palma Ceia Palms is located at 3321 West De Leon Street in the Class “A” Palma Ceia Gardens submarket of South Tampa. It was originally built in 1984 and rehabbed extensively over the past three years.

The community consists of twelve, two-bedroom/one-bathroom apartment homes which average 900 square feet and feature semi-private entrances, laminate wood, ceramic tile and berber carpet floor coverings, new white and black kitchens with modern appliances, nine foot ceilings, stackable washer and dryers, private patios (select units) and central HVAC.

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

Richard D. Matricaria

Vice President/Regional Manager

 Tampa, FL

(813) 387-4700

16-Unit Waterfront Pelican Apartments in Apollo Beach, FL Sold for $1.13 Million in Deal Handled by Marcus & Millichap

Pelican Apartments, Apollo Beach, FL

APOLLO 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 Pelican Apartments, a 16-unit waterfront apartment property located in Apollo Beach, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,137,500.

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 also secured and represented by Baez and Babb.

Pelican Apartments consists of two, two-story buildings located at 1003 Apollo Beach Boulevard in Apollo Beach, Florida. The two buildings totaling 13,700-square feet sit on an approximately 0.63 acre parcel directly in front of a canal giving access to the Tampa Bay and the Gulf of Mexico.

 The unit mix consists of four, one-bedroom/one-bathroom units and 12 two-bedroom/one-bathroom units featuring central heat and air-conditioning, water and pool views, ceramic tile flooring and balconies. Community amenities include a swimming pool, two on-site laundry centers, lush tropical landscaping, waterfront living and off-street parking.

Pelican Apartments is located just off U.S. Highway 41 in Apollo Beach, a thriving waterfront community in Hillsborough County between Tampa and Bradenton. The building and expansion of the Amazon Fulfillment Center is located seven miles from the property with 2,000 current jobs and an additional 2,000 expected within the next couple of years.

“This transaction is further evidence of increased investor activity in tertiary submarkets in pursuit of higher yield opportunities,” says Baez. “Apollo Beach once considered a sleepy submarket of Tampa is now positioned for explosive growth as economic drivers are being developed in the area such as the Amazon Fulfillment Center, a recently opened major hospital and an outside mall in the beginning stages of development.

 The buyer, headquartered in the northeastern U.S., plans to improve the curb appeal, enhance the amenity package and renovated interiors with the goal of lifting rents to market.”

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

Richard D. Matricaria

Vice President/Regional Manager

 Tampa, FL

(813) 387-4700

$1 Million Sale of Eight-Unit San Juan Villas in Tampa, FL Brokered by Marcus & Millichap

  

 

Cameron Barbas

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 San Juan Villas, an eight-unit multifamily property located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,050,000.

Cameron Barbas, associate, Francesco P. Carriera, first vice president investments, and Michael P. Regan, first vice president investments, all 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 fund manager, was also secured and represented by the three brokers. 

San Juan Villas is an eight-unit multifamily property located at 3311 West San Juan Street in the highly desirable South Tampa submarket and is within walking distance to the beautiful Bayshore Boulevard.

It is located in a pocket of South Tampa that has seen a strong increase in walkability due to new restaurants and bars. The property consists of two, two-story residential buildings sitting on approximately 0.23 acres.

Francesco P. Carriera

 The buildings are comprised of four, one-bedroom/one-bathroom units with 535 rentable square feet and four, one-bedroom/one-bathroom units with 540 rentable square feet.

These one-bedroom apartments were renting for $2 per square foot. Amenities include an on-site laundry facility, private patios, car port parking and off-street parking.

“San Juan Villas was on the market for a total of 16 business days before going to contract, and we generated more than 10 showings and six offers within that period,” says Barbas.

“The listing was cultivated over a long relationship before the seller was interested in selling. Relationships like these allow us to help sellers increase value at the time of sale and increase cash flow during their holding period.”

“Frank, Mike and I have now listed and/or closed nearly 650 units in South Tampa, and that number continues to grow. We are seeing local, national and international buyers submitting offers on these assets, and rents at two dollars and above per square foot are becoming consistent in South Tampa,” Barbas said.

“The mayor and city have done a phenomenal job positioning the city for growth, and it’s reflected by the residents that are continuing to move to South Tampa and the investors that are upgrading these buildings for them.”

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 Arranges $2 Million sale of 47-Unit Cypress Grove Apartments in Land O’Lakes, FL

Luis Baez

LAND O’LAKES, 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 Cypress Grove Apartments, a 47-unit apartment property located in Land O’Lakes, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $2,050,000.

Luis Baez, senior associate, and Casey Babb, CCIM and vice president investments, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a developer.  The buyer, a Tampa-based private investor, was also secured and represented by Babb and Baez.

Cypress Grove Apartments is a 47-unit community located at 4142 My Lady Lane in Land O’Lakes, Florida. The property consists of six, two-story apartment buildings and a single story office building on approximately 3.03 acres.

The office building contains a two-bedroom/one-bathroom manager suite, as well as a clubhouse and laundry center. The remaining buildings house 46 apartments, which are 79 percent two-bedroom/one-bathroom and 21 percent one-bedroom/one-bathroom units.

Casey Babb

The units feature large floorplans averaging 832 square feet, fully-appointed electric kitchens, central HVAC, private patios, balconies, oversized closets, outside storage and come cable ready. Residents enjoy quiet country living, on-site leasing and maintenance services, as well as an on-site laundry facility.

“This offering was highly sought after and received over 10 offers due to the future cash flow potential. At this point in the cycle, investors seeking yield are finding opportunity in secondary and tertiary locations, and this transactions was very representative of that dynamic,” says Babb.

“Cypress Grove was built under the USDA’s Rural Development Program in the 1980s and is now exiting the program allowing the incoming investor to reposition the asset as a market rate property. He will be able to rehab units and increase rents to settle into a significantly above average cash flow.”

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

Richard D. Matricaria

Vice President/Regional Manager

 Tampa, FL

(813) 387-4700

Chatham Lodging Increases Monthly Dividend 10 Percent

Dennis Craven

WEST PALM BEACH, FL —Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale, extended-stay hotels and premium-branded, select-service hotels, announced that its Board of Trustees has raised its regular monthly dividend by 10 percent, or $0.01 per common share, to $0.11 per share.

 “We have raised our dividend each year since our 2010 IPO, from $0.35 in 2010 to $1.30 per share for 2016, furthering our commitment to increase our dividend in tandem with our growth in cash flow, EBITDA and adjusted FFO per share,” highlighted Dennis Craven, Chatham’s chief operating officer.

 “The quality of the acquisitions we made in 2015, the soundness of our balance sheet and the prospect for continued earnings growth gave our board the confidence to reward our investors with yet another increase.

“Excluding the special dividend of $0.08 per common share which was due to the sale of a joint venture interest in 2015, our 2016 dividend per share of $1.30 will represent approximately 52 percent of adjusted FFO per share based on the midpoint of our guidance, so the increase is healthy, supportable and prudent.”

Chatham’s Board declared the company’s monthly common share dividend of $0.11 for March 2016, reflecting the 10 percent increase.  The common share dividend is payable April 29, 2016, to shareholders of record on March 31, 2016. The annualized dividend of $1.32 per common share represents a dividend yield of 6.6 percent, based on the company’s common share closing price of $20.06 on February 29, 2016.

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

Patrick Daly

Office Manager

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289

RealtyTrac Reports Home Flipping Increases in 75 Percent of U.S. Markets in 2015

Daren Blomquist

IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, released its Year-End and Q4 2015 U.S. Home Flipping Report, which shows that 179,778 U.S. single family homes and condos were flipped in 2015, 5.5 percent of all single family home and condo sales during the year.

The 5.5 percent share of U.S. home flips in 2015 was up from a 5.3 percent share in 2014, marking the first annual increase in the share of homes flipped following four consecutive years of decreases. 

The share of homes flipped in 2015 increased from the previous year in 83 of 110 U.S. metropolitan statistical areas nationwide analyzed for the report (75 percent).

For the report, a home flip is defined as a property that is sold in an arms-length sale for the second time within a 12-month period based on publicly recorded sales deed data collected by RealtyTrac in more than 950 counties accounting for more than 80 percent of the U.S. population (see full methodology below).

“As confidence in the housing recovery spreads, more real estate investors and would-be real estate investors are hopping on the home flipping bandwagon,” said Daren Blomquist, senior vice president at RealtyTrac.

 “Not only is the share of home flips on the rise again, but we also see the flipping trend trickling down to smaller investors who are completing fewer flips per year. The total number of investors who completed at least one flip in 2015 was at the highest level since 2007, and the number of flips per investor was at the lowest level since 2008.”

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

Jennifer von Pohlmann

Sr. Public Relations Manager

Office: 949.502.8300 ext 139

 jennifer.vonpohlmann@realtytrac.com