HFF secures $62.5 million financing for datacenter in Irvine’s California Airport area

Irvine Crossings, Airport Area, 17871 Von Karman Avenue and 17836 Gillette Avenue
Irvine, CA

Kevin MacKenzie

NEWPORT BEACH, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured a $62.5 million refinancing for Irvine Crossings, a 395,673-square-foot, single-story datacenter and industrial property in the Airport area of Irvine, California.

Working on behalf of the borrower, Menlo Equities, HFF placed the five-year, full-term interest only, fixed-rate financing with Deutsche Bank.

Irvine Crossings is situated on 21.16 acres at 17871 Von Karman Avenue and 17836 Gillette Avenue, one block north of the intersection of Von Karman Avenue and Main Street in Irvine’s Airport area. 

This location is less than one mile from John Wayne Airport and two blocks from Interstate 405.  Six other datacenters are located nearby making this area within Irvine one of the most desirable areas for datacenters in Southern California, behind downtown Los Angeles and El Segundo.

 The fully-leased building was renovated in 2000 and partially converted to a powered shell datacenter in 2013.  A datacenter operator and an internet technology company occupy the entire facility.

The HFF debt placement team representing the borrower was led by senior managing director Kevin MacKenzie and associate Jamie Kline.

Jamie Kline

“Datacenter usage provides a unique set of challenges in obtaining aggressive financing, but we were able to utilize the superior location, and best in class sponsorship, in order to drive the market and obtain an optimal combination of a low rate, full-term interest only and desired leverage,” said MacKenzie.

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

Kristen Murphy

Director, Marketing

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

tel 617.848.1572 | fax 617.338.2150 | www.hfflp.com

krmurphy@hfflp.com

www.menloequities.com.

JLL Expands Net Lease Platform to Phoenix; Peter Bauman and Tivon Moffitt join JLL as Senior Vice Presidents

Peter Bauman

PHOENIX, AZ,  Sept. 14, 2016 – Investors looking to diversify their portfolios, hedge against risk and secure higher yield are turning toward the net lease sector.

As an industrial hub and burgeoning retail powerhouse, the Southwest is offering investors a wealth of net lease opportunities. In response, JLL’s Capital Markets today announced Peter Bauman and Tivon Moffitt have joined the firm as Senior Vice Presidents.

Bauman and Moffitt will lead the firm’s net lease investment sales practice in Phoenix and report to Senior Managing Director and head of Phoenix’s investment sales platform Dennis Desmond and Managing Director and head of the Net Lease Property Group Thomas Beneville.

“As investors explore more conservative strategies, the security that net leased assets provide is becoming increasingly appealing,” said Beneville. “To best serve our clients, it is imperative that we continue expanding our net lease services to growing markets such as Phoenix.”

Added Desmond, “Peter and Tivon bring an impressive amount of experience to the Phoenix investment sales platform. Their ability to work proficiently across all asset classes allows the firm to service our clients more broadly in this burgeoning market.”

Tivon Mofitt

Bauman and Moffitt hold a combined 15 years of commercial real estate experience in tenant representation and investment sales join JLL from a leading international commercial real estate firm where they were directly involved with more than $400 million in sales volume since 2012. They are also joined by John Paul Mulhern, Associate.

Moffitt earned a bachelor’s degree from the University of Pennsylvania while Bauman earned his bachelor’s degree from Humboldt State University.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution.

In 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv

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

Stacey Hershauer

  Phone:

 +1 480 600 0195

  Email:

 stacey@focusaz.com

www.jll.com

www.jll.com/phoenix

BOMA of Miami-Dade to Host 2017 Commercial Real Estate Outlook Forum Sept. 29 in Miami, FL

MIAMI, FL -- The Building Owners and Managers Association (BOMA) of Miami-Dade is hosting the 2017 Commercial Real Estate Outlook Thursday, September 29, 2016 at noon.

The forum which will focus on Florida’s future DNA of commercial real estate will be held at East Miami, 788 Brickell Plaza, Miami, FL 33131.

The event will showcase leading commercial real estate experts presenting on future industry trends in the areas of: office, retail, industrial, landlord, tenant representation and acquisitions.

This is an opportunity to hear predictions and expectations on the commercial real estate industry by top local, expert panelists who are the pulse of the market. Panelists will share both their expectations and marketing realities.

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

Maria Gomez

Executive Director BOMA Miami-Dade

mgomez@boma-miami.org

TEL: 305-200-8721

Meridian Capital Group Arranges $4 Million in Construction Financing for a Luxury Multifamily Property Located in Miami Beach, FL

Eric  Trombly

New York, NY, Sept. 14, 2016, – Meridian Capital Group, America’s most active debt broker, arranged $4 million in construction financing for the development of a luxury multifamily property located in Miami Beach, FL.

The five-year, interest-only construction loan, provided by a local balance sheet lender, features a fixed-rate of 4.50%. This transaction was negotiated by Meridian Vice President, Eric Trombly, who is based in the company’s Boca Raton, FL office.

Nobe Marina is planned to be a five-story luxury multifamily development, located at 8425 Crespi Boulevard in a low-rise residential area of Miami Beach, between South Beach and Bal Harbor.

This property offers the rare opportunity to develop a new construction building in a historic district of Miami Beach. Nobe Marina will be a waterfront property comprised of 16 two-story loft apartments with oversized terraces facing the Tatum Waterway.

The luxury apartments will feature panoramic views of the ocean and downtown Miami. Nobe Marina’s amenities will include 10 boat slips and 26 secured garage parking spaces.

“Our client is an experienced real estate investor but this is his first foray into multifamily development,” explained Mr. Trombly. “We leveraged our strong lending relationship with a local bank to successfully fund this exceptional project in an area that has limited luxury rental apartments,” 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

Meridian Capital Group Arranges $5.9 Million in Acquisition Financing for the Purchase of a Comfort Inn Hotel Located in Orlando, FL

Noam Kaminetzky

New York, NY,  Sept. 14, 2016, – Meridian Capital Group, America’s most active debt broker, arranged $5.9 million in acquisition financing for the purchase of a Comfort Inn hotel located in Orlando, FL.

The five-year loan, provided by a balance sheet lender, features a LIBOR-based floating rate with interest-only payments in the first year followed by a 25-year amortization schedule.

 The loan also provides the ability for the borrower to fix the rate at any time over the loan term. This transaction was negotiated by Meridian Managing Director, Noam Kaminetzky, who is based in the company’s Boca Raton, FL office. 

Meridian also recently financed a Best Western, which is situated diagonally across the street from this hotel.

The six-story Comfort Inn hotel is a 112-room, 59,725 square foot property, located at 8134 International Drive in Orlando, FL. 

The hotel is situated on a prime section of International Drive and has become a gateway to many key attractions in central Florida. This includes the Orange County Convention Center, SeaWorld and Universal Studios. The hotel is located directly across the street from the Ripley Believe it or Not museum.

“The acquisition of this underperforming asset was a natural fit for the borrower,” explained Mr. Kaminetzky. “The addition of this Comfort Inn to the client’s portfolio allowed him to leverage his knowledge of the area and utilize his local operational resources to gain economies of scale and improve performance.”

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

  

Berkadia Completes $17.6 Million Sale of Jacksonville, FL Multifamily Property

Greg Rainey

JACKSONVILLE, FL  – Berkadia recently closed the sale of the multifamily property, Viera at Mandarin, for $17.6 million or $93,617 per-unit.  

Associate Director Greg Rainey of Jacksonville, Managing Director Cole Whitaker of Orlando, Senior Director Tal Frydman of Boca Raton, and Senior Director Jason Stanton of the Tampa office facilitated the sale.

The seller was Woodbridge Multifamily Partners, LLC based in Nashville, Tenn. and the buyer was Maxus Realty Trust, Inc. located in North Kansas City, Mo.

“With the influx of recent job announcements in northeast Florida, we are beginning to see more investors target Jacksonville as an opportunity to gain a foothold in an emerging market. 

"The buyer in this transaction saw an opportunity to grow their presence in Jacksonville by investing in one of the more highly sought-after submarkets in the city,” Rainey said

Built in 1984, the 188-apartment property features one- and two-bedroom units with four unique floor plans. The average unit size is 833 square feet and each has updated interiors with modern touches, such as granite counter tops, in-unit washer/dryer, a private patio or balcony and ample storage space. 

Tal Frydman

Select units also include an open floor plan with vaulted ceilings and wood-burning fireplaces. Community amenities include an indoor athletic center, swimming pool, a 21-acre lake with fountains and a deck and boat storage.

Viera at Mandarin is located at 4263 Losco Rd., affording convenient access to Old St. Augustine Rd. and Interstate 295. To the west, across the St. Johns River, is Naval Air Station Jacksonville and downtown Jacksonville is less than 20 minutes northwest.

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

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

HFF arranges joint venture equity for mixed-use residential and hotel development in downtown Austin, TX

 

Robert Wooten

AUSTIN, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged joint venture equity for the development of Gables Republic Square, a 24-story, Class AA+ mixed-use residential and hotel project in downtown Austin, Texas.

HFF worked exclusively on behalf of the developer, Gables Residential, to arrange joint venture equity for the development of the property through The Carlyle Group.

Due for completion in early 2019, Gables Republic Square will be located at 400 Lavaca Street and will encompass 221 residential units along with a separately-owned, 159-key Hotel ZaZa.  The residential component will have a ground-floor lobby with residential units located on floors 13 through 24. 

Additionally, the Hotel ZaZa lobby, valet, bar and spa will occupy the ground floor while the hotel ballroom, restaurant and swimming pool will be located on floor 7 and guest rooms on floors 8 through 12. 

Floors two through six of the property will be reserved for residential parking, and two levels of subgrade parking will be reserved for the hotel.  Gables Republic Square will be an Austin Energy Green Building (Two Star Level), which is comparable to LEED certification, and features a design inspired by the surrounding historic Warehouse District.

The property’s for-rent homes will offer best-in-class finishes, including granite or quartz counters in kitchens and baths; stainless steel appliances; upgraded cabinetry; in-unit washers and dryers; wood or wood laminate flooring in all living and dining areas; built-in speakers in kitchen and dining area; eight-foot doors; granite thresholds; and balconies.

  Residents will have access to a rooftop amenity area featuring panoramic views of the city as well as a swimming pool, hot tub, outdoor kitchen, fireplace, club room, library and state-of-the-art fitness center. 

 In addition, residents will have access to a music practice room shared with the hotel and limited residential room service provided by Hotel ZaZa.

The HFF debt placement team representing the borrower was led by director Robert Wooten and senior managing director Matt Kafka.

The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $176 billion of assets under management across 128 funds and 170 fund of funds vehicles as of June 30, 2016. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions.

  Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation.  The Carlyle Group employs more than 1,650 people in 35 offices across six continents.

Web: www.carlyle.com

Videos: http://www.carlyle.com/news-room/corporate-videos_new

Tweets: www.twitter.com/onecarlyle

Podcasts: www.carlyle.com/about-carlyle/market-commentary

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

HFF arranges sale and financing for Westin Tampa Harbour Island

Westin Tampa Harbour Island Hotel, 725 South Harbour Island Boulevard,
Harbour Island, FL

 

Daniel C. Peek

TAMPA, FL - – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and arranged acquisition financing for the Westin Tampa Harbour Island, a 299-room, full-service hotel located along downtown Tampa’s waterfront on Harbour Island.

HFF marketed the property on behalf of the seller and completed the sale to affiliates of Walton Street Capital, which acquired the 100-percent fee-simple interest in the property. 

HEI Hotels & Resorts will manage the property.  Additionally, on behalf of the new owner, HFF placed the floating-rate acquisition loan with a banking and financial services holding company.

Opened in 1987, the centrally-located hotel features 299 guest rooms, which includes 19 suites. The property’s amenity package contains 17,432 square feet of meeting space, a heated outdoor pool, WestinWORKOUT Fitness Studio and sweeping water views.

 Located at 725 South Harbour Island Boulevard, the hotel is proximate to an abundance of transient and corporate demand generators, which provide a base for healthy year-round operating fundamentals, including downtown Tampa, Amalie Arena, Florida Aquarium, historic Ybor City, the Channel District and numerous museums and sporting venues. 

Alexandra Lalos

Most notable, the hotel is adjacent to the Tampa Convention Center and the planned $2 billion, six million-square-foot, mixed-use office, retail and multi-housing development being executed by Strategic Property Partners.

The HFF investment sales team representing the seller was led by senior managing director and head of HFF’s hotel group Daniel C. Peek and associate directors Preston Reid and Alexandra Lalos.

The HFF debt placement team representing the borrower was led by managing director Michael Weinberg.

“The Westin provides further evidence to the robust investor demand for hospitality assets in the Tampa Bay market,” Peek said.  

“Like several markets in the Southeastern U.S., Tampa’s economic expansion continues to be strong, perhaps best reflected in the performance of the region’s hotel sector over the past 24 months”.

“The Tampa hospitality market continues to attract high-quality institutional interest from groups like Walton Street Capital,” Reid added.  “With relatively muted new supply, a robust convention calendar and marquis events such as the 2017 College Football Playoff National Championship, on the horizon, the market shows little signs of slowing.”

Preston Reid

“This is the third hotel financing we have arranged this year on trophy assets in downtown Tampa and downtown Orlando totaling nearly $175 million,” Weinberg stated. 

“The interest was strong from debt capital providers for all three despite the tightening of hospitality financing that is occurring nationally.”

  

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.heihotels.com.

www.waltonst.com.

Faris Lee Investments Completes $2.6 Million Sale of a Freestanding Property Occupied by CVS Pharmacy in Anderson, IN

  

CVS Pharmacy,  2419 Nichol Avenue, Anderson, IN

Jeff Conover

IRVINE, CA,  Sept. 13, 2016 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $2.6 million sale of a freestanding, 10,125-square-foot, single-tenant retail property NNN-leased to CVS Pharmacy with a drive-thru in Anderson, IN. 

Jeff Conover, senior managing director with Faris Lee Investments, represented the seller, Indiana-based Copper Development. The 1031 exchange buyer, Cuneo Trust from California was represented by Nick Cuneo of Clement Partners. The closing cap rate was 6.4 percent and the price per square foot was $257.

“Although CVS has just two years remaining on its current lease term, it has been at the property for 17 years and has historically generated strong sales,” said Conover. “The buyer saw this as a stable, long-term investment with a national brand retailer in a location that continues to see sales growth.”

Built in 1998 and situated on 1.7 acres at 2419 Nichol Ave., the property is strategically located at the signalized, hard corner intersection of Nichol Ave./State Road 32 and Raible Ave. which see a combined

19,700 vehicles per day. Nearby tenants include Wendy’s, Taco Bell, O’Reilly Auto Parts, AutoZone, the U.S. Post Office and Pizza King. There are more than 68,500 residents and more than 31,300 daytime employees within a 5-mile radius of the property.

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

www.farislee.com.

Marcus & Millichap Arranges $890,000 Sale of Regent Shoppes South in St. Cloud, FL

Jonathan Gerszberg

ST CLOUD, FL, September 12, 2016 – 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 Regent Shoppes South, a 11,120-square foot retail property located in St Cloud, FL. The asset sold for $890,000.

Jonathan Gerszberg, vice president investments in Marcus & Millichap’s Miami office, along with Ray Turchi and Chris Travis, vice president investment and associate vice president investments in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property.

 The buyer, a private investor, was secured and represented by Nicholas Ledvora and John Graves, senior associate and associate in Marcus & Millichap’s Tampa and Orlando office. 

Regent Shoppes South is located at 3272 Canoe Creek Road in St Cloud, FL.  The subject had direct frontage to a primary area retail road and was shadow-anchored by Winn-Dixie anchored shopping center. At the time of sale, the property was 84 percent occupied with local tenants.

“The excellent retail fundamentals, including signage, visibility, parking, access and frontage were the deciding factors for our client executing the deal. With current income, and a price less than $80 per square foot, our client realized the intrinsic value of the real estate and upside when repositioned.” stated Ledvora. The buyer closed all cash performing within shortened timeframes for inspection and closing within thirty days.

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

Kirk A. Felici

First Vice President/Regional Manager

 Miami, FL

(786) 522-7000

Hanley Investment Group and Lee & Associates Sell Single-Tenant Sonic Drive-In at Record-Breaking Cap Rate Nationwide in $2.6 Million Transaction

Bill Asher

 CORONA DEL MAR, CA – Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, in conjunction with Lee & Associates, announced today that the two firms completed the sale of a single-tenant Sonic Drive-in located at 9505 Magnolia Avenue in Riverside, Calif.

The sale price of $2,555,000 represented a cap rate of 4.70%, a record low for a single-tenant Sonic Drive-In restaurant nationwide.

Hanley Investment Group Executive Vice President Bill Asher, along with Lee & Associates Senior Vice Presidents Jon Friesen and Jeff Stanley, represented the seller, Evergreen – Magnolia & Van Buren NWC, L.L.C. (an entity of Evergreen Devco, Inc. in Glendale, Calif). 

The buyer, a private investor from Los Angeles, was represented by Paul Bahk of Realtex Properties, Inc. in Los Angeles.

Laura Ortiz

Built in 2015, the 3,275-square-foot Sonic Drive-in is situated on a .50-acre parcel at the signalized intersection  of Magnolia Avenue and Van Buren Avenue, one of the highest trafficked intersections in Riverside with average daily traffic counts of 75,000 cars per day. 

Additionally, the building was the winner of the Beautification Award for 2015 by the city of Riverside. 

“The investment featured an outstanding combination of characteristics that led to a record sales price,” said Asher. 

“It was leased to the largest Sonic franchisee in southern California, boasted a new long-term absolute triple-net lease with rental increases every five years and was in an ‘A+’ location in Riverside – a market with over 255,000 people within a five-mile radius.”

“Since opening in November 2015, this particular Sonic Drive-in location was trending to be one of the top performing Sonics in the chain for the franchisee and a top performer nationwide,” said Friesen. “It was an attractive selling point that played a role in obtaining a record low cap rate sale.”

Jon Friesen

According to Asher, “Investor demand for a high performing, well-located single-tenant triple-net leased property is still very strong in today’s market. 

"Buyers continue to pay premiums for these types of properties seeking long-term cash flow, with relatively low risk and little to no maintenance. 

"As investors continue to look for security, we expect that the demand for high quality retail assets will remain strong through 2016.”

Evergreen was founded in Phoenix in 1974 and is a fully-diversified retail and multi-family development company.  Managing partners Bruce Pomeroy, Andrew Skipper and Laura Ortiz oversee the company, which has earned a reputation as an industry leader by delivering high-quality real estate developments.

 Evergreen works throughout the nation, and has offices in Arizona, California and Colorado. The Evergreen team is committed to partnership, value and creative problem-solving, making it one of the most respected real estate companies in the West.

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

Anne Monaghan

MONAGHAN COMMUNICATIONS, INC.

anne@MonaghanPR.com

830.997.0963

www.hanleyinvestment.com

www.evgre.com.

Two NAIOP SoCal Members Named Among National 2016 Developing Leaders

  

 

Brad Schmitt

 Tustin, CA (Sept. 13, 2016) -- This year NAIOP, the Commercial Real Estate Development Association,  selected 21 exceptional young real estate professionals to receive its 2016 Developing Leaders Award. 

For 2016, two NAIOP SoCal members were named. They are Taylor Arnett, acquisitions manager, CapRock Partners, and Brad Schmitt, associate director, Savills Studley.

The annual award honors up-and-coming professionals under the age of 35 for their exemplary professional accomplishments, strong leadership and community involvement.

“Both Taylor and Brad have consistently demonstrated remarkable leadership for our chapter and an ongoing commitment to building our Young Professionals Group. 

"We are honored that they have been recognized at a national level. It also further demonstrates the strength of our industry here in Southern California,” said Kevin Jennings, market executive-Southern California, Bank of America Merrill Lynch and 2016 NAIOP SoCal President.

Taylor Arnett

“The NAIOP Developing Leader Award is an honor, particularly because of the caliber of Developing Leaders that are members of NAIOP nationally. 

" I personally know some of the past Southern California winners of this award and feel privileged to follow in their footsteps.  I will continue to seek leadership positions in NAIOP as the network and educational opportunities are the best in the business,” Arnett shared.

As acquisitions manager with CapRock Partners, Arnett works to further expand CapRock Partners’ deal pipeline to accommodate the increased deployment of capital within the firm’s existing and new investment funds. 

His experience includes roles with AMC Investments, The Koll Company, and Frazier Capital Valuation. He is a member of the 2008-2009 NAIOP SoCal Young Professionals Group (YPG) class and remains actively involved in the program currently serving as president of the YPG Alumni Committee.

  

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

www.naiopsocal.org.

Waterton Appoints Mark Jeffery as General Manager of Sheraton Needham Hotel in Suburban Boston

  

Mark Jeffery

BOSTON, MA,  Sept. 12, 2016 – Waterton, a U.S. real estate investor and operator, today announced it has appointed Mark Jeffery as general manager of the Sheraton Needham Hotel in Needham, Mass. 

A 30-year veteran of the hospitality industry, Jeffery will be responsible for overall operations of the 247-key hotel, leading a team of 110 on-site associates.

"Mark’s extensive experience both in the U.S. and overseas made him uniquely qualified to lead the team at the Sheraton Needham,” said Patrick Hansen, senior vice president of hospitality operations at Waterton. 

“Over the years, Mark has done it all, from spearheading the launch of new hotels to finding creative ways to further increase the visibility, and profitability, of existing properties that find themselves in a constant state of reinvention in today’s highly competitive market.”

Jeffery most recently spent five years as general manager of the Boston Newton Marriott, repositioning the property through effective management practices and a strategic budget and capital plan that boosted all major financial performance metrics.

 He previously served as general manager of the Renaissance Boston at Patriot Place Hotel & Spa, leading the award-winning opening of the hotel in 2009. Prior to that, he held various positions with Marriott International Inc., one of which included auditing hotels in the United Kingdom, dating back to 1999. 

As senior director of operations for Marriott’s Eastern region, his most recent role with the company, he oversaw a portfolio of 43 hotels located between Pennsylvania and Maine, achieving the highest-ever guest satisfaction rating for the area.

For more information, call (781) 444-1110 or visit www.sheratonneedham.com.

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

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

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

www.waterton.com.

NAI Realvest negotiates Three leases totaling 36,630 square feet at Airport Commerce Center off Orange Avenue. and McCoy Road in Orlando, FL

 

Patty Nolff

ORLANDO, FL – NAI Realvest recently negotiated three lease agreements for a total of 36,630 rentable square feet of industrial space representing the landlord Ohio-based Parkline Properties, LLC at Airport Commerce Center, 8350 Parkline Blvd. off Orange Ave. and McCoy Road in South Orlando. 

Michael Heidrich, a principal at NAI Realvest and Associate Patty Nolff, negotiated a lease for 12,000 square feet for Xponet, an internet service provider.   The new tenant was represented by Wilson McDowell of Cite Partners.      

Heidrich negotiated an expansion and renewal agreement with 1st Class Moving Storage Inc. who relocated from Units 16 and 17 with 8,160 square feet, into Units 18, 19 and 20 with 12,320 square feet. 

  In addition, National Certified Testing Laboratories, Inc. renewed their lease of 12,310 square feet. Andrei Savitski of Coughlin Commercial represented 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

Berkadia Negotiates Multi Million Dollar Portfolio Transaction with Acquisition of 11 Apartment Communities in Four States

David Oakley

BIRMINGHAM, AL --- Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the sale of the 2,826-unit Star Portfolio consisting of 11 separate apartment communities with an average age of 29 years located in four states – Maryland, Pennsylvania, North Carolina and South Carolina.  The purchase price for these assets was $316 million.  

Berkadia’s Senior Managing Directors David Oakley and Scott Melnick negotiated the transaction on behalf of the buyer, Morgan Properties JV an affiliate of Morgan Properties, one of the nation’s largest multi-family owners.   Deutsche Bank represented the seller.  

The Star Portfolio includes two apartment communities in Raleigh, N.C., one each in Lexington and Rock Hill, S.C., one in York Pennsylvania; and six in suburban areas of Maryland. 

All of the properties are located in very desirable, high-barrier submarkets in close proximity to major development hubs and public transit.  

Scott Melnick

The Star Portfolio properties include suburban Maryland apartment communities of Silver Spring Station, Westerlee, The Willows, St. Mary’s, Taylor Park and Willowood; in Pennsylvania, The Geens at Westgate; in South Carolina, The Waterway and Forest Oaks; and in Raleigh, N.C., Falls Creek and Heather Park.

Buyer Morgan Properties will execute an extensive, multimillion dollar value-add repositioning plan in aggregate to enhance the value of each property, and their renovation strategy will include premium kitchen and bath renovations and top-of-the-line amenity upgrades.

Berkadia is one of the nation’s largest and most active multifamily investment banking and research companies.

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