CBRE's Philip D. Voorhees, Preston Fetrow, Kirk Brummer and NRP-West Team Complete Sale of Grocery-Anchored Shopping Center Riverlakes Village in Bakersfield, CA

                

 

Riverlakes Village Shopping Center, Bakersfield, CA

 

Philip D. Voorhees

BAKERSFIELD, CA  – CBRE Executive Vice President Philip D. Voorhees and Senior Vice Presidents, Preston Fetrow and Kirk Brummer announced that they, in conjunction with the National Retail Partners – West (NRP-West) team, completed the sale of Riverlakes Village, a 92,212-square-foot grocery-anchored shopping center in the city of Bakersfield, Calif.

The neighborhood shopping center, which was 97 percent leased at the time of sale, is anchored by Vons with a synergistic mix of high performing tenants such as CVS/pharmacy (NAP), US Bank, Starbucks, Chipotle, Supercuts, Verizon Wireless, Carl’s Jr. (NAP), and Bank of America (NAP).

Preston Fetrow

CBRE’s retail investment experts Voorhees, Fetrow and Brummer, along with Jimmy Slusher, Megan Wood, Matt Burson, Sean Heitzler, James Tyrrell and John Read, represented the seller, Crow Holdings Capital Real Estate (CHC-RE), a Dallas-based manager of private real estate funds. The buyer was Phillips Edison Grocery Center REIT II, Inc.

According to Voorhees, "The yield premium in the secondary markets such as the Central Valley, is compelling for investors in today's low cap rate environment and Riverlakes Village’s excellent grocery and restaurant sales, i.e. Chipotle, Steak and Grape’s and Me-N-Ed’s Pizza, demonstrate the quality of this location.”

Built in 1997, Riverlakes Village consists of six parcels totaling 9.48 acres at the southeast corner of Coffee Road and Hageman Road. This intersection provides immediate access to the area’s most established and affluent neighborhoods, which have an annual household income averaging nearly $100,000. 

Kirk Brummer

“Benefitting from grocery/pharmacy anchors, generating strong sales volumes from a convenient location in an affluent submarket, Riverlakes Village appealed to investor demand seeking strong real estate fundamentals,” said Brummer.

According to Voorhees, the CBRE team’s marketing system distributed more than 594 offering memoranda to investors and brokers, and through the team’s "managed bid" offer process, generated multiple offers to purchase the property.

The NRP-West team focuses exclusively on retail investment properties in the western states (including CA, OR, WA, ID, NV, MT, WY, UT, AZ, NM and HI).

The team's ability to collaborate across CBRE's multi-discipline platform enhances the team's role as strategic advisors to western U.S. clients in the disposition and acquisition of retail properties and ensures the delivery of superior results in today's investment market.

Megan Wood

Long recognized as industry-leading investment experts, the NRP-West team continues to specialize in portfolio sales, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets and parcelized disposition strategy opportunities.

Based in Orange County, Calif., the team consists of specialists with institutional and private client relationships, and leverages institutional quality knowledge and service across unparalleled access to private capital investors and the brokers who represent them, domestically and around the world.

 View listings: www.listings.nrpwest.com

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

Nadja Brandt | Media and Communications Manager

CBRE | Southern California

400 S. Hope Street, 25th Floor | Los Angeles, CA 90071

T +1 213 613 3627 

nadja.brandt@cbre.com

 LinkedIn | Twitter

www.cbre.com.

HFF arranges $80 million refinancing for mixed-use hotel and residences in downtown Seattle, WA

Thompson Seattle Hotel and Sequel Apartments, Seattle, WA

SAN FRANCISCO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged an $80 million refinancing for the Thompson Seattle Hotel and Sequel Apartments, a recently completed, two-building, 183,486-square-foot, mixed-use property comprising 158 hotel rooms and 93 residential units in downtown Seattle, Washington.

HFF worked on behalf of the borrower, a joint venture between Geolo Capital and their local development partners, Douglas Howe and Shawn Parry, to place the floating-rate bridge loan with PCCP, LLC.  Loan proceeds are being used to refinance the existing construction loan.

Designed by Olson Kundig Architects and completed in June 2016, Thompson Seattle Hotel was named the 2016 NAIOP Hospitality Development of the Year. 

Bruce Ganong

The 100,906-square-foot luxury boutique hotel’s guestrooms have floor-to-ceiling windows that either overlook Pike Place Market or across Puget Sound. 

The hotel features 3,000 square feet of meeting space; a state-of-the-art fitness center open 24 hours and overlooking 1st Avenue; and two restaurant and beverage options, Scout and The Nest rooftop bar, lounge and terrace, which was named “Best Rooftop Bar in Seattle” by The Seattle Times.

 Additionally, two retail tenants, Seleuss Chocolate and Tokyo Smoke, occupy ground-floor retail space. 

The Sequel offers one- and two-bedroom units in addition to penthouse suites.  Community amenities include a concierge, housekeeping, fitness center, rooftop deck, 24-hour valet and a variety of a la carte services, including personal shopping, catering, airport pick-up, secretarial services, in-residence spa treatment, personal trainers, laundry, equipment rental and room service.  Residents also receive VIP access to the Thompson Seattle’s restaurant and rooftop bar.

The Thompson Seattle is located at 110 Stewart Street, with the Sequel located at 1900 1st Avenue in downtown Seattle, one block from Pike Place Market in the heart of the Pike and Pine retail core. 

The property has a Walk Score® of 99, making it a “Walker’s Paradise,” and is within walking distance to Westlake Center, Pacific Place and flagship stores for both Nordstrom’s and REI.

  

The HFF debt placement team representing the borrower was led by senior managing director Bruce Ganong.

“The competition among lenders for this financing opportunity was very strong, and the outcome was a testament to the quality of sponsorship and the truly unique property they developed,” Ganong said.

                                    

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

Kristen M. Murphy

Director, Public Relations

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

http://www.geolo.com

http://www.touchstonenw.com

 www.pccpllc.com

Aurora St. Charles Senior Living Wins 2017 Richard H. Driehaus Foundation Preservation Award for Rehabilitation in Aurora, IL

David Block

CHICAGO, IL -– Evergreen Real Estate Group announced Aurora St. Charles Senior Living, the developer’s recently completed senior housing community in Aurora, Ill., has been named the recipient of the prestigious Richard H. Dreihaus Foundation Preservation Award for Rehabilitation by Landmarks Illinois.

Completed in December 2016, the adaptive reuse project is one of nine winners that will be honored at a September award ceremony celebrating efforts to elevate historic preservation practice and advocacy in Illinois.

The $24 million redevelopment transformed the former St. Charles Hospital, a historic Art Deco building designed by Wybe J. Van der Meer, into a 60-unit affordable senior housing complex.

 Located at 400 E. New York St., the structure was named to the National Register of Historic Places in 2010 but sat vacant for more than five years until Evergreen Real Estate Group kicked off the renovation in February 2016.

Aurora St. Charles Senior Living Facility,  Aurora, IL

“The successful redevelopment of the former St. Charles Hospital shows how communities like Aurora can come up with creative solutions for buildings that are historically significant yet underutilized in their current state – often due to cost-prohibitive repairs,” said David Block, director of development for Evergreen Real Estate Group.

 “This project was an incredible example of what can be achieved when public and private entities work together for the benefit of the greater community. We are proud that Aurora St. Charles Senior Living can serve as a model for future preservation projects throughout Aurora and surrounding communities.”

                                    

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

Kelly Shumaker, kshumaker@taylorjohnson.com, (312) 267-4519

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

Cushman & Wakefield Brings ±41-Acre Development Site to Market In Orlando Tourist Corridor; Margery Johnson and Andy Slowik Selected by Highlands REIT, Inc. to Market the Waterfront Development Site

Margery Johnson

ORLANDO, FL — Cushman & Wakefield announced it has been named exclusive advisor in the disposition of Palazzo del Lago, a ±41-acre mixed-use development site in the heart of Orlando’s tourist corridor.

The land brokerage team of Senior Director Margery Johnson and Senior Associate Andy Slowik were selected by Chicago-based Highlands REIT, Inc. to market the site for sale.

Andy Slowik

Palazzo del Lago is a 40.89-acre parcel located on International Drive South, just north of State Road 417 (The Central Florida GreeneWay). The site is ideally situated less than three minutes from Interstate 4, six minutes from Walt Disney World, ten minutes from Sea World and 15 minutes from Universal Orlando.

“Orlando’s impressive visitor numbers and employment figures continue to flourish and International Drive South has witnessed similar growth and development, including the recently completed 314-unit Alexan Crossroads luxury apartment complex to the south,” said Johnson.

Palazzo de Lago Site by Aerial Photo

“Palazzo del Lago represents a rare opportunity for developers to gain control of a site with an unparalleled location and waterfront access to Lake Bryan. We anticipate significant investor interest in the parcel as a result.”

To learn more, visit www.cushwakecentennial.com,

 www.cushmanwakefield.com

 or follow @CushWake on Twitter

.

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

David A. Meyer

Owner

Meyer Media 

+ 1 407 489 7488

david@meyer.media

Peachtree Hotel Group (PHG) and Celebration Pointe Holdings (CPH) Break Ground on 140-Room Hotel Indigo in Gainesville, FL

  

 

Lee Shuman

GAINESVILLE, FL — Officials of a joint venture comprised of Peachtree Hotel Group (PHG), one of the nation’s fastest-growing hotel investment and management platforms, and Celebration Pointe Holdings (CPH) broke ground on the 140-room Hotel Indigo® property in Gainesville, Fla.  The hotel, which will be operated by PHG, is expected to open in August 2018. 

“The Hotel Indigo Gainesville is one of the anchor tenants of the brand-new Celebration Pointe, north central Florida’s premier mixed-use development, complete with the area’s finest dining, entertainment, business and living options,” said Lee Shuman, PHG director of project management. 

 “Gainesville has long since grown beyond being just a ‘college town,’ and Celebration Pointe was designed to capture the growing number of business and leisure travelers to the community.”

Strategically located within the mixed development project between SW 49th Terrace and SW 50th Terrace, facing a park setting, the six-story hotel will feature plush bedding, hard-surface flooring with area rugs and spa-inspired bathrooms. The Hotel Indigo Gainesville will provide a neighborhood bar with seasonal and locally sourced food in a stylish environment.”  

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

PATRICK DALY

OFFICE MANAGER

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-300-8289

patrick@dalygray.com

 www.dalygray.com

The first 5-star hotel arrives in Parramatta, Australia with the opening of SKYE Hotel Suites

Skye Hotel Suites Parramatta, Parramatta, Sydney, Australia

Iwan Sunito

SYDNEY, AUSTRALIA -- SKYE Hotel Suites Parramatta opens its doors this week, bringing unrivalled urban luxury to Sydney’s West. The highly-anticipated opening sees Crown Group lead the charge into Parramatta’s 5-star hotel market, elevating the suburb into Sydney’s second CBD.

Commenting on Crown Group’s move into the luxury hotels arena, Chairman & Group Chief Executive Officer Iwan Sunito noted, “Parramatta is a powerhouse for innovation and business and SKYE Hotel Suites will be a stand-out, luxury addition to Sydney’s up-and-coming West.

“Appealing to a new generation of domestic and international visitors to the city, SKYE Hotel Suites is designed to create a fresh lifestyle standard delivering superior apartment-sized suites for discerning travellers. It will also set the benchmark for future SKYE Hotels Suites openings in Sydney’s CBD in 2018 and Green Square in 2019.”

The building itself is an architectural centrepiece for Parramatta, achieved by twin visionaries Allen Jack + Cottier and Koichi Takada Architects. Located less than 300 metres from Parramatta Square and a short walk from Parramatta’s train station and ferry wharf, SKYE Hotel Suites is surrounded by high-end retail and cultural experiences.

Committed to the ultimate in guest luxury, SKYE Hotel Suites comprises 72 apartment-style suites with the finest bespoke furnishings and fittings.

Sven Almenning

 Each features L’Occitane toiletries, in- room dining from a modern on-site restaurant, pre-stockable maxi-bar, the unique ability to choose your own mattress firmness on each side of the bed, keyless entry and ‘virtual concierge’ tablets to enable access to all hotel services from each suite.

Amenities to delight even the most seasoned business traveller or the most demanding holidaymaker include a state-of-the-art gymnasium, pool, sundeck, spa, sauna and new restaurant, Husk & Vine Kitchen and Bar, which opened at lobby level on July 1.

Later this year cocktail legend Sven Almenning will also open a breathtaking 26th floor rooftop bar, overlooking Sydney’s iconic skyline.

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

Hwee Peng Yeo

Vice President

Glodow Nead Communications

San Francisco • New York • Singapore • Shanghai
Level 21, Centennial Tower, 3 Temasek Avenue • Singapore 039190
Level 15, One Corporate Avenue, 222 Hubin Road, Shanghai China, 200021

1700 Montgomery Street, Suite 203 • San Francisco, CA • 94111

US:415.394.6500 • Asia: 65.9768.6087 •  E: hweepeng@glodownead.com

www.GlodowNead.com

National Retail Properties Announces Second Quarter 2017 Operating Results and Increased 2017 Guidance

Jay Whitehurst

Orlando, FL – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, announced its operating results for the quarter and six months ended June 30, 2017.

Jay Whitehurst, Chief Executive Officer, commented: “National Retail Properties enjoyed another impressive quarter, driven by our healthy portfolio, our selectively underwritten acquisitions, and our flexible, low leverage balance sheet, all of which has positioned us to raise our guidance and, as previously announced, to raise our common dividend for the 28th consecutive year, a record matched by only three other REITs and less than 90 public companies in the United States.”

Second Quarter 2017 Highlights:

Kevin Habicht

• FFO per share increased 5.4% over prior year results

• Core FFO per common share increased 8.5% over prior year results

• AFFO per common share increased 8.3% over prior year results

• Portfolio occupancy was 99.3% at June 30, 2017 as compared to 99.1% at March 31, 2017 and 99.0% at December 31, 2016

• Invested $299.5 million in property investments, including the acquisition of 140 properties with an aggregate 832,000 square feet of gross leasable area at an initial cash yield of 6.9%

• Sold eight properties for $9.3 million producing $2.7 million of gains on sales, net of non-controlling interests

• Raised $25.1 million net proceeds from the issuance of 583,946 common shares.

 National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.

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

Kevin B. Habicht

Chief Financial Officer

(407) 265-7348

Marcus & Millichap Arranges $1.65 Million Sale of 20-Unit Vista Gardens Apartments in Tampa, FL

Joshua Teplitzky

TAMPA, FL – 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 Vista Gardens Apartments, a 20-unit apartment property at 3809 West Iowa Avenue in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,650,000.

Joshua Teplitzky, Francesco P. Carriera and Michael P. Regan, investment specialists 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.

“Vista Gardens represents a transaction sold by our team twice within eleven calendar months,” says Teplitzky. 

“In a combined effort of working with the owner and putting a business plan in place, we increased the value of the underlying asset by 58% within a very short time frame,” added Teplitzky.

“The buyer acquired the property at the list price and increased his holdings within the Port Tampa submarket to over 100 units in addition with another property we sold him earlier this year,” concluded Teplitzky.

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

Ari Ravi

Regional Manager, Tampa

(813) 387-4700  

Stos Partners Acquires Prime 170,805-SF Multi-Tenant Industrial Asset in Chula Vista, CA Submarket

  

 

CJ Stos

SAN DIEGO, CA (Aug. 2, 2017) – In a move that proves there is still good value to be found in the tight industrial market of San Diego’s sought-after South Bay region, Stos Partners, a privately held commercial real estate investment and management firm, has acquired a 170,805 square-foot two building multi-tenant industrial project at 1670-1690 Brandywine Avenue in Chula Vista, California

           

            Michael Mossmer of Voit Real Estate Services represented Stos Partners as the buyer in the $13.45 million acquisition, as well as the seller, a private family.

The property, which was acquired off-market, is widely considered desirable by private and institutional investors due to its size, location and mix of local and national tenants from many industries.

 “This is one of the most sought-after opportunities in the region, and we were able to acquire it at a price that many would think was not possible,” says Jason Richards, a Partner at Stos Partners. “Our investment platform is centered on identifying well-located office and industrial assets with a value-add component.”

Jason Richards

The project is currently 100% occupied by a mix of local and national credit tenants in various industries, including manufacturing, medical supply and distribution, as well as defense.

“Multi-tenant industrial remains the gem of the industrial investment sector, and is exceptionally hard to find in today’s supply-constrained market,” says CJ Stos, Principal of Stos Partners. “By working closely with our broker to source this deal off-market, we were able to acquire the asset 50% below replacement cost, and now have a tremendous opportunity to create and maintain value.”

Stos explains that this submarket is benefitting from exceptionally tight, 1-2% vacancy in neighboring National City, which is driving tenants to Chula Vista.

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

Lauren Burgos / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

lburgos@browermillercole.com

www.stospartners.com

Stepp Commercial Names Mark Ventre as Vice President

Mark Ventre

LOS ANGELES, CA, Aug. 2, 2017 - Stepp Commercial, a leading multifamily brokerage firm in the greater Los Angeles market, has named 10-year industry expert Mark Ventre as vice president.

In his new role, Ventre will focus on servicing his clients in Hollywood and growing market share for the firm in prime Westside neighborhoods including Palms, Mar Vista, and West Los Angeles, as well as continue to represent owners, buyers and developers throughout Los Angeles County.

"Mark is an integral part of Stepp Commercial's growth strategy as we continue to strengthen our footprint in key markets throughout Los Angeles," said Kimberly Stepp, principal of Stepp Commercial. "His vast knowledge of the sector as well as his street-level understanding of the Hollywood and Westside markets is a game changer for our firm as we continue our upward trajectory as long-term market leaders."

Kimberly Stepp

"I chose to join Stepp Commercial because of its team-oriented and collaborative culture as well as its very focused specialty of providing institutional-quality experience and expertise to the private capital market." said Ventre.

"It is crucial that private owners receive the time and attention they deserve as their investment decisions directly affect their lives and legacies. I have echoed this mantra throughout my career and believe my clients will be best served within Stepp Commercial's proven business platform."

Ventre most recently served as director with Berkadia where he focused on providing solutions for high net worth private investors and syndicators. Prior to joining Berkadia, he was a senior sales director on one of CBRE's most successful teams.

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

http://steppcommercial.com

The Astor Companies Obtains $59 Million Construction Loan for Merrick Manor; Luxury residential project in Coral Gables, FL on track for first quarter of 2019 completion

Merrick Manor, 301 Altara Avenue, Coral Gables, FL

CORAL GABLES, FL – Pioneering Miami developer The Astor Companies has obtained a $59 million construction loan for Merrick Manor, a luxury residential project rising in the heart of Coral Gables. Work is well underway at the 301 Altara Avenue site of the 10-story, 227-residence project.

Florida Community Bank provided the 24-month construction loan. Additional loan terms were not disclosed.

Henry Torres

“This is a significant step for our project,” said Henry Torres, President, CEO and Founder of The Astor Companies. “Securing this loan continues the momentum we have enjoyed since starting vertical construction during the first quarter of 2017. It sends a strong signal to the marketplace.”

The Mediterranean villa-style building is on track for a scheduled completion during the first quarter of 2019. Prominent architecture firm Behar Font & Partners, P.A. designed the building, with Witkin Hults Design Group providing landscape design.

Renowned South Florida-based interior design firm Interiors by Steven G. has continued a longstanding relationship with Astor by designing unit interiors at Merrick Manor. Jaxi Builders of Doral is the project’s general contractor.

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

BoardroomPR

Todd Templin: ttemplin@boardroompr.com, 954-370-8999

Eric Kalis: ekalis@boardroompr.com, 954-370-8999

HFF arranges £27.6 million ($36.53 Million U.S.) financing for 43 Brook Green in London

Brook Green Office Building, London, England

LONDON, ENGLAND –– HFF Real Estate Limited (HFF) announced it has arranged £27.6 million ($36.53 million U.S.) in financing for 43 Brook Green, an 85,000-square-foot, single-tenant office building in London.

Claudio V. Sgobba

HFF advised NEO Capital Limited (NEO) to secure the bilateral floating-rate facility from Deutsche Asset Management for its first acquisition in the U.K. market.

43 Brook Green is located in the Hammersmith submarket of London.  The property is fully leased to CH2M, a United States-based global engineering company.  

CH2M’s predecessor company, Halcrow Group Limited, began occupying the transit-oriented building in 2003 with CH2M executing a lease extension in 2014 guaranteeing occupancy through 2030.

The HFF debt placement team representing the borrower was led by senior director Claudio V. Sgobba.

“This was a very competitive financing assignment given the high-quality asset and well-margined loan request,” said senior managing director and leader of HFF London’s debt advisory platform Michael Kavanau.  “Deutsche Asset Management did an outstanding job in structuring and closing an attractive package for our client.”

Michael Kavanau

“We are pleased to support NEO on their first U.K. real estate acquisition,” Sgobba added.  “NEO has been actively looking for a compelling “deep value” strategic location and asset in London, and 43 Brook Green represents a high-quality investment with a blue chip tenant we had previously financed in the U.S.”

“The average rent in Hammersmith is 50 percent higher than the passing rent of £33 ($43.68 U.S.) per square foot, and the Hammersmith submarket is 60 percent below the average leasing rates seen in Mayfair,” Sgobba continued. 

“Lenders are comfortable with the supply and demand fundamentals in Hammersmith, and we expect to see more capital from Asia and the Middle East on the hunt for the six to eight percent cash-on-cash return the location delivers.”

Andrea Vanni, head of European Real Estate Debt Investments at Deutsche Asset Management said, “We are very excited about this new relationship with both HFF and NEO, and we are very pleased to add this new investment to our senior real estate debt fund.”

Andrea Vanni

NEO Capital Limited (“NEO”) was founded by two seasoned investment bankers bringing together over 30 years of experience.  

The firm provides Gulf investors with bespoke investment commercial real estate and private equity deals.  With a presence in London, NEO’s investment strategies are focused on the developed markets of the United Kingdom, Germany and the United States.

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

Olivia Hennessey

Public Relations Specialist

HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | hfflp.com

ohennessey@hfflp.com

Public Voting Opens Aug. 1 for $120,000 Donation from Baird & Warner’s Good Will Network to Support Chicagoland Communities

Jennifer Alter Warden

CHICAGO (Aug. 1, 2017) — Baird & Warner, Chicagoland's largest locally owned independent residential real estate services company, has announced its charitable arm, the Good Will Network, will donate $120,000 in grants this year to nonprofit organizations that provide shelter and homelessness services to people at risk.

This year’s Good Will Network initiative, called “$24K of Solid Good,” invites the public to vote online in choosing the five winning organizations that will each receive $24,000. The donations mark a 20 percent increase from last year’s Good Will Network donation amount.

“Baird & Warner has been serving every corner of the Chicagoland area since 1855, and any time we see an opportunity to give back to the communities we serve, we seize it,” said Jennifer Alter Warden, chief operating officer and executive vice president of Baird & Warner, who leads the Good Will Network’s efforts.

“Homelessness affects an estimated 82,000 people in the city of Chicago alone. We increased the amount awarded this year to sustain a broader positive impact and help lower the number of homelessness in communities across the entire region.” 

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

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

Rebecca Boykin, rboykin@taylorjohnson.com, (312) 267-4523 

Passco Companies Sells 270-Unit Multifamily Community in Phoenix Submarket for $36 Million; Generates 170.5 Percent Return to Investors

Ovation at Tempe Apartments, Tempe, AZ

 

Bill Passo

                TEMPE, AZ –  Passco Companies, LLC, a privately held Calif.-based real estate company that specializes in the investment, acquisition, development and management of commercial properties throughout the U.S., along with its JV-partner, InSite Property Ventures, has sold Ovation at Tempe, a 270-unit multifamily community in the Phoenix submarket of Tempe, Arizona for $36 million.

The JV partnership initially acquired the asset for $25.85 million in 2014 and sold it for $36 million three years later, according to Passco’s Founder and CEO, Bill Passo.

“We recognized that there was a tremendous opportunity to create value and capitalize on the ongoing growth throughout the Phoenix Metro, which is exactly what we did,” says Passo.

 “When we initially acquired the property, the region was in proven recovery with plenty of runway left for growth in terms of both value and rents. In fact, rents in the Phoenix Metro have increased by 5.6 percent over the past year alone, which is attracting significant investor interest to the region.”

Bill Passo

Passo explains that the firm’s ability to recognize the deep value potential of this market early in the recovery cycle allowed them to sell the asset for a premium price, ultimately achieving a 170.5 percent return to investors.

            During ownership, the JV partnership implemented a series of interior and exterior improvements to the apartment community including upgrading unit interiors, constructing additional carports and enhancing the property’s exterior and community amenities. 

“This was a strong value-add opportunity for our firm,” says Belden Brown, Senior Vice President and National Sales Manager at Passco Companies who also notes that the firm is actively seeking value-add opportunities throughout the U.S. “By renovating and updating the property, we were able to optimize the asset and significantly drive value in a very short period of time.” 

 Michael Sun, Founder of InSite Properties, LLC adds, “These capital improvements also provided the opportunity to significantly increase rental and ancillary income, as well as position the asset for long-term rent appreciation. This made the property very attractive to investment groups, allowing us to achieve an IRR of approximately 21-22 percent.”

Ovation at Tempe is a very unique apartment community that features one- and two-bedroom apartment units, as well as separate casitas and townhomes situated on approximately 16 acres.

Michael Sun

“The property has one of the lowest unit densities in Tempe and is strategically located in close proximity to retail, entertainment, employment hubs, and education centers,” says Mark Forrester, Senior Managing Director at commercial real estate firm Berkadia, which completed the sale on behalf of the JV partnership, in addition to arranging the financing.

 “Passco and InSite Property Ventures’ value-add strategy truly positioned the asset for long-term growth and filled a void in the local market for high-quality Class A product.”       

The property is located at 4502-4505 S. Hardy Drive in the city of Tempe, Arizona.

Berkadia’s Phoenix team of Mark Forrester, Senior Managing Director, Ric Holway, Senior Managing Director, and Dan Cheyne, Senior Director, represented the seller, while Berkadia’s Managing Director Jackson Cloak of the firm’s Irvine office arranged the $27 million in financing through Freddie Mac.

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

Lauren Burgos/ Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

LBurgos@browermillercole.com

www.berkadia.com.

www.insitellc.com.

www.passco.com

Meridian Capital Group Arranges $21.7 Million in Ground-Up Construction Financing for Meyers Group’s Avery Place at Pompano Multifamily Development in Pompano Beach, FL

 

;Noam Kaminetzky

Boca Raton, FL – Meridian Capital Group, America’s most active dealmaker, arranged $21.7 million in ground-up construction financing for the development of the Avery Place at Pompano multifamily property in Pompano Beach, FL, on behalf of the Meyers Group.

The three-year construction loan, provided by a balance sheet lender, features a floating rate of 3.50% over 30-day LIBOR, full-term interest-only payments and two one-year extension options.

 This transaction was negotiated by Meridian Managing Director, Noam Kaminetzky, who is based in Meridian’s Boca Raton, FL office and Senior Vice President, Sam Grunberger, who is based in Meridian’s Iselin, NJ office. 

Avery Place at Pompano, located at 225 North Federal Highway, is situated in a prime location right off of Federal Highway in Pompano Beach. The Meyers Group had the opportunity to purchase the land adjacent to an existing parking garage that will provide parking for future tenants.

Sam Grunberger

Upon completion, the 163,000 square foot property will be an eight-story class-A multifamily property, with 145 luxury rental units and an attached garage. 

Amenities will include a multi-function room, billiards and media room, a fitness center including a yoga room, lushly landscaped pool and garden area with grilling stations, cabanas, a waterfall, and a fire pit.

“Despite construction loans becoming increasingly more difficult to come by in this market, Meridian was able to leverage its relationship with a balance sheet lender to secure financing for this exceptional project,” said Mr. Kaminetzky.

“In collaboration between Meridian’s Florida and New Jersey offices, we were able to successfully facilitate the closing,” said Mr. Grunberger. “It was a pleasure and an honor to work with The Meyers Group, a very prominent and successful developer and operator of multifamily properties,” he added. “I look forward to seeing Avery Place at Pompano completed, as I am confident that it will become a stunning asset.”

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

Jonathan Stern

Meridian Capital Group

212/972-3600

jstern@meridiancapital.com