Cushman & Wakefield Represents Air Force Village West, Inc. in $58 million Sale of Altavita Village​ in Riverside, CA

Altavita Village, Riverside, CA

RIVERSIDE, CA, Sept. 6, 2019 — Cushman & Wakefield has negotiated the sale of Altavita Village, California’s third-largest senior living community.

The Tampa-based Cushman & Wakefield Senior Housing team of David Kliewer, Paul Carr and Allen McMurtry, in partnership with the San Diego-based team of David Rothschild and Mary Christian, represented Air Force Village West, Inc., owner of Altavita Village, in the sale of the 589-unit community.

Aerial of Altavista Village, Riverside, CA

Senior Living Riverside, LP, an affiliate of La Jolla, California-based Westmont Living, acquired the asset for $58 million ($98,500 per unit).

Mary Christian

Altavita Village is a ±1,222,689-square-foot continuing care retirement community (CCRC) comprising 267 independent living cottages, 103 independent living apartments, 70 independent living duplexes, 59 skilled nursing beds, 55 assisted living units and 35 memory care units.

Allen McMurtry

The community features main and private dining rooms, a village cafe, a clinic, a library, meeting rooms, a chapel and a beauty shop. Units at Altavita Village average ±1,600 square feet. The property was 40% occupied at the time of sale. 

David Kliewer

Altavita Village is located on a ±153-acre site at 17050 Arnold Dr. in Riverside, one of the fastest-growing communities in the nation.

The property was originally developed in 1989 as a retirement community for military officers before opening to the general public in 2015. Altavita Village sits adjacent to March Air Reserve Base in the Inland Empire metropolitan area.

Paul Carr

Prior ownership invested more than $8 million at Altavita Village since 2013, including nearly $6 million for unit upgrades.

The buyer plans to invest $20 million in the property over the next several years and convert the entire community to a rental community while discontinuing existing CCRC contracts. The property will be rebranded as Westmont Village.

David Rothschild 

“The sale of Altavita Village represented an extremely complex acquisition opportunity, but with tremendous value-add potential,” said McMurtry. “Westmont Living is the ideal purchaser to realize this potential and position the community and its residents for long-term success.”

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners.

Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries.

In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.

To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

CONTACT:

David A. Meyer
Meyer Media  
+ 1 407 489 7488
david@meyer.media

Newmark Knight Frank Sells Two Industrial Warehouses Totaling 224,192 Square Feet in Metro Tampa, FL

Rick Narkiewicz

Tampa, FL (Sept. 6, 2019) — Newmark Knight Frank (NKF) today announced the sale of two industrial warehouses in metro Tampa.

The warehouses total 224,192 square feet and are located at 14480 62^nd Street and 14550 62^nd Street in Clearwater, Florida. The success of the transaction reflects the demand for warehouse space in Pinellas County and Tampa’s booming industrial market.

Pinch A Penny sold the two Class C industrial buildings after expanding into new facilities.

 Immediate access to US-19 and the area’s deep labor base were significant factors in the buyer’s decision to purchase the buildings, which will undergo substantial improvements restoring the assets to nearly new condition.

NKF’s Senior Managing Director Rick Narkiewicz represented the seller, Pinch A Penny.

“There is almost no vacant land remaining in Pinellas County, which has created significant barriers to entry,” Narkiewicz said.

“Several buildings have been razed to make way for new warehouses in the area as developers try to find creative options for limited space in a high demand market.

"After considering those factors, the buyers made an informed decision to purchase two assets that will be strategically repositioned, allowing the new owners to accelerate their plans for the next phase of company growth.”

CONTACT:

Liz Maddux · Assistant Account Executive

1718 Peachtree St., Suite 1048 · Atlanta, GA 30309

M: 478-972-3210

www.thewilbertgroup.com

Hold-Thyssen Brokers Lease Agreement at Phillips Place in Southwest Orlando, FL For Phoenicia Tours and Transfers

Darby Hold

ORLANDO, FL--- Hold-Thyssen, a full service real estate services firm headquartered in Winter Park , recently negotiated a lease agreement with Phoenicia Tours and Transfers, LLC at 7575 Dr. Phillips Blvd. in southwest Orlando . 

Darby Hold, transaction specialist for Hold-Thyssen, Inc., who represented the landlord, Cincinnati, Ohio-based Financial Way Realty, Inc., said the tenant agency that books worldwide tours, hotels, cruises and shows in the US has renewed their lease at Phillips Place .

          

CONTACTS:

           

Anthony Fisher, Vice President, Hold-Thyssen Real Estate Services,

 407-691-0505, afisher@HoldThyssen.com

Robert P. Hold, Principal, Hold-Thyssen, Inc.

407-691-0505, bhold@HoldThyssen.com

Beth Payan, Larry Vershel Communications Inc.

407-644-4142 Lvershelco@aol.com

Crossman & Co. Retained As Property Manager for 800,000 Square Foot Portfolio of Properties in Orlando and Other Key Florida Markets

Fountains at Bay Hill on Sand Lake Road. in Orlando is one of eight retail properties in Florida that owner CORE Investment assigned to Crossman & Company to lease and manage. 

ORLANDO, FL – Crossman & Company, one of the Southeast’s premier commercial property management, retail leasing and investment sales firms, was recently retained as property manager for 800,000 square feet of retail properties in Florida .

Miami-based CORE Investment Management awarded the management of its property portfolio consisting of eight retail centers in Orlando, Jacksonville, Tampa and Plantation .

John Crossman

CORE is a private investor of chiefly value add retail and office properties in primary and secondary MSA markets of Florida and the southeastern US.

They also own and actively manage another one million square feet in the region and are heavily invested in technology and other ancillary real estate ventures.

“We are honored with the opportunity to serve CORE and their team of experienced investors," said John Crossman, CEO of Crossman & Company. "Our goal is to support CORE in their objectives of maximizing the value of their centers and rapidly expanding in the Southeast.”

The portfolio includes five centers in Orlando , one in Tampa , one in Jacksonville and one in Plantation .  

The CORE portfolio matches Crossman & Company’s statewide geographic coverage where they have been handling all aspects of property management for lifestyle centers, grocery anchored centers, town centers, power centers and malls for more than a decade.

Crossman & Company has experience in retail and office leasing, property management and investment sales of grocery anchored centers, shopping centers, single-tenant, triple-net assets, as well as mixed-use and lifestyle properties.

Serving Florida , Georgia , Alabama , Tennessee , South Carolina , Mississippi , North Carolina , and Virginia, Crossman & Company has offices in Orlando , Tampa , Miami , Boca Raton , Charlotte and Atlanta .

 The firm represents more than 400 shopping centers in the Southeast with over 29 million square feet under leasing and/or management. 

CONTACTS:

Andrea Paredes, Marketing Coordinator, Crossman & Company, aparedes@crossmanco.com
or (407) 423-5400.

John Crossman, CEO, Crossman & Company, jcrossman@crossmanco.com
(407) 423-5400

or (407) 581-6218

Cohen Commercial Realty Signs Jaime Thomas Speech Language Pathologist to 1,200 Square Foot Lease at Loggerhead Plaza in Juno Beach, FL

Bryan S. Cohen

Juno Beach, FL— Bryan S. Cohen, Allan Carlisle, and Austin Alves of Cohen Commercial Realty, Inc., announced the signing of Jaime Thomas Speech Language Pathologist to lease a 1,200-square-foot space in Loggerhead Plaza located at 14255 U.S. Highway One in Juno Beach, FL.

Jaime Thomas is a licensed and board certified Speech-Language Pathologist that specializes in pediatric speech, language, and literacy development and disorders.

She joins House of Appliances, The Malted Barley, Loggerhead Crossfit, and Sushi Jo. Cohen Commercial represented the landlord in this transaction

CONTACT:

Justin McPhillips 

justinmcphillips@cohencommercial.com

Marlene Spritzer joins Lee & Associates as Senior Director

Marlene Spritzer

Raleigh, NC,  Sept. 4, 2019 –- Lee & Associates Raleigh Durham, the regional office of the nationwide leader in commercial real estate services, today announced that Triangle commercial real estate veteran Marlene Spritzer, JD, CCIM, has joined the firm as Senior Director. 

 Marlene will primarily focus on serving as a Tenant and Buyer Representative for life science, technology and healthcare clients, drawing upon her unparalleled experience in these key Triangle industries. 

Marlene most recently served as the Corporate Managing Director, Raleigh-Durham for Savills. She brings a unique background as an attorney with a B.S. in Chemistry from Carnegie Mellon University, a Certified Commercial Investment Management (CCIM) certification, and over two decades of experience in commercial real estate.  

Karah Jennings McConnell

 She has extensive experience in nearly every field of business, including investment sales, life sciences, TAMI, industrial, legal, healthcare, retail and financial services.

“Marlene has been an incredible asset to the Triangle commercial real estate industry for over 20 years,” said Karah Jennings McConnell, Principal, Lee & Associates Raleigh Durham. “We value Marlene’s experience, market expertise, and entrepreneurial spirit.  It is an honor to have her join our team.”

 For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter and Link, our company blog.

CONTACT:

Mike Trainor 

mtrainor@sacommunications.com

San Francisco’s Most Expensive Mansion Reduced in Price to $40.5 Million from $45 Million

The 9,500-square-foot home on Russian Hill features stand-and-stare views over San Francisco Bay and Telegraph Hill

  Photo credit: Jacob Elliot        Source: www.joelgoodrich.com

SAN FRANCISCO, CA -- A San Francisco mansion near many of the city's most popular landmarks has reentered the market as the city's most expensive listing at $40.5 million -- a reduction from its original $45 million.

Willis Polk

 Located just one block from the world's most crooked street and near cable cars, Fisherman's Wharf and the San Francisco Art Museum, the 9,500-square-foot home on Russian Hill features stand-and-stare views over San Francisco Bay and Telegraph Hill. 

Steve McQueen

The Russian Hill name dates back to the San Francisco Gold Rush days when prospectors discovered that the hilly neighborhood was the site of a Russian cemetery, according to TopTenRealEstateDeals.com.

Neal Cassady

 In addition to its culture, food (Ghirardelli Square and family-run restaurants) and entertainment opportunities, Russian Hill has been seen by millions of movie goers from the famous car-chase scenes in Steve McQueen's 1968-movie Bullitt that were filmed there.

Jack Kerouac

 Former well-known residents include Beat Generation writers Neal Cassady and Jack Kerouac and current California Governor Gavin Newsom.

California Governor Gavin Newsom.

Part of the new home was originally a home built soon after the 1906 earthquake by Willis Polk who was one of San Francisco's top luxury-home architects.

Ghirardelli Square 

Constructed over a period of six years on two lots consisting of the main house and a wellness cottage at the end of a wide lawn, the residence contains six bedrooms and eight baths on three floors via a glass-enclosed elevator. 

Fisherman's Wharf 

The top floor includes a master suite with a balcony overlooking the garden. The next floor is all about entertaining along with two guest suites. 

San Francisco Art Museum

A two-story subterranean gallery with skylights has multiple options for use such as an art gallery, sports court or event space, and an upper-level balcony has a 2,000-bottle-wine wall and a wine room.

Joel Goodrich

The four-car garage has a turnstile with a covered entrance and extra parking. A stand-alone cottage at the end of the lawn is designed strictly for pampering and offers the luxury of a steam room, massage room and sauna.

Grounds contain a wide expanse of lawn with rose and perennial gardens watered by rain collection from the roof. 

Josh Altman

Outdoor dining under the pergola hung with crystal chandeliers, fireplace and a full outdoor kitchen offers elegant entertaining and big views from the 40-foot cantilevered, infinity-edge swimming pool. 
Emphasis has been placed on ease of hosting intimate gatherings for groups up to 350 guests and is ideal for events and large functions.

Matthew "Matt" Altman

Designed by Troon Pacific using materials and construction methods geared for sustainable living along with advanced technology, the home also offers some surprises like a television inside the master bedroom’s shower and glamorous chandeliers over the outdoor-dining table.

 Listing agents are Joel Goodrich of Coldwell Banker, San Francisco and Josh and Matt Altman, Douglas Elliman, Beverly Hills.

CONTACT:

Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504
Twitter:  @toptenrealestat
facebook.com/toptenrealestat  

Rob Lowe’s Georgian Colonial Estate Going for $42.5 Million in Montecito, CA

Film and television star Rob Lowe has his 10,000-SF Georgian Colonial-style home in Montecito, CA on the market
for $42.5 million

Photo credit: Compass Realty        Source: www.theagencyre.com

MONTECITO, CA -- Star of St. Elmo’s Fire, The Outsiders and the award-winning political sitcom West Wing, Rob Lowe owns one of the most stunning estates in California’s star-studded enclave, Montecito. 

Aptly named Oakview, he has listed it for $42.5 million, according to
TopTenRealEstateDeals.com.

Rob Lowe

Nestled into 3.4 manicured acres, the 10,000-square-foot Georgian Colonial-style home is reminiscent of Lowe’s Charlottesville, Virginia birthplace.

Poolside at the Rob Lowe estate

 Bright white and filled with California sunshine and Pacific Ocean views, the Lowe home has six bedrooms, eleven baths, large open formal rooms, a huge white and cheerful family kitchen, separate catering kitchen, wine room, multiple living and dining areas, professional theater and an expansive master suite. 

Oprah Winfrey

Additional details like vaulted ceilings, handmade crown moldings, custom millwork, and view-framing windows add architectural charm. 

Ellen DeGeneres

Also included is an office, library-music room with bar, and a family room. There are nine indoor fireplaces throughout the house with one in the master suite. 

Gwyneth Paltrow

Outside is a full outdoor living room with wood-burning fireplace, koi pond, large swimming pool, a tennis court with viewing area and rolling lawns and gardens large enough for team sports with mature oak trees and a vegetable garden. 

Julia Louis-Dreyfus

Also on the grounds are a swimming pool and spa, two-bedroom guest house, one-bedroom pool house with staff quarters and outdoor kitchen.

First discovered by wealthy families from the East Coast and Midwest when the film industry was born, stars were drawn to Montecito for its privacy, hot springs, proximity to services in Santa Barbara and its climate which is warmer in the winter and cooler in the summer than more western Southern California locations.

Today, the list of residents reads like a Who’s Who of Celebrities including Oprah Winfrey, Ellen DeGeneres, Gwyneth Paltrow and Julia Louis-Dreyfus. The buyer of the Lowe estate will not be able to avoid rubbing elbows with celebrities.

Now 55 and not looking a day over 30, Rob has had a busy career in both film and television and is still lighting up the screens.

He has earned two Screen Actors Guild Awards and has been nominated for six Golden Globe Awards and a Primetime Emmy Award.

 Starting out at age 19 in the movie hit The Outsiders in 1983 and St. Elmo’s Fire in 1985, his good looks and evolving acting skills kept his teenage fans who are now middle age and binge watching him on The West Wing reruns.

Rob starred as Dr. Ethan Willis on the medical drama Code Black, appeared in Super Troopers 2 and in the A&E reality series The Lowe Files with his two sons, Matthew and John Owen.

Rob Lowe and wife Sheryl

He has recently been performing a one-man show Stories I Only Tell My Friends: Live and will be back on television in early 2020 on Fox in 9-1-1: Lone Star about L.A. first responders.

Rob Lowe and sons Matthew (left) and John Owen

Reminiscent of the country estates in Charlottesville, Virginia where he was born, Rob Lowe and his wife recreated a classic East Coast-style estate in 2009 in the celebrity outpost of Montecito, California.

Listing agents are Eric Haskell of The Agency, Beverly Hills and Luke Ebbin of Compass, Santa Barbara.

CONTACT:

Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504
Twitter:  @toptenrealestat
facebook.com/toptenrealestat  

JLL arranges $14.25 million financing for Arbor Terrace in San Diego, CA

Rendering of planned Arbor Terrace, a five-story, 50-unit multi-housing project located in San Diego’s Hillcrest submarket

SAN DIEGO, CA – JLL announced it has arranged $14.25 million in financing for the development of Arbor Terrace, a five-story, 50-unit multi-housing project located in San Diego’s Hillcrest submarket.

JLL worked on behalf of the developer, 325 Arbor Terrace LLC, a partnership owned by the Tibbitts family of San Diego, to arrange the two-year, floating-rate construction loan through Pacific Western Bank.

Arbor Terrace will be developed on a 0.3-acre site at 4186 4^th Avenue a few blocks from the 390-bed UC San Diego Medical Center, Hillcrest and the 700-bed Scripps Mercy Hospital San Diego. 

Aldon Cole

Future residents will also have access to the neighborhood’s eclectic entertainment, dining and retail amenities as well as Balboa Park. 

The property’s 50 units will include a mix of studio and one-bedroom units averaging 560 square feet situated above a two-story parking garage. Completion is expected in first quarter 2021.

The JLL Capital Markets team representing the developer was led by Senior Managing Director Aldon Cole.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

  

Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc., a licensed real estate broker (CA RE Broker License No. 01856260).

Contacts: 

Aldon Cole, JLL Senior Managing Director 

CA License No: 01457351

Phone:  +1 858 552 7690

Email: Aldon.Cole@am.jll.com

 Olivia Hennessey, JLL Public Relations Specialist

Phone: +1 713 852 3403

Email: Olivia.Hennessey@am.jll.com