NAI Realvest Completes New Leases for a Café and Event Hall Opening in Kissimmee, FL Near Osceola County Courthouse in Q1 of 2020

Veronica Malolos

ORLANDO, FL  – NAI Realvest recently negotiated two new lease agreements on behalf of Landlord Osceola County for retail storefront space in the building at 522-532 Emmett St. near the county courthouse in Kissimmee.

Senior Vice President Jeff Bloom, CCIM and Veronica Malolos, CCIM Osceola County Broker for NAI Realvest negotiated both transactions. 

 Ma’Belle Events, LLC, an Orlando-based event hall, leased 3,119 square feet in Suites 522 and 528.    Si O Si Restaurants, Inc. leased 1,613 square feet in Suites 530 and 532 to open a café similar to their cafés in Puerto Rico .   

Associate Manuel Berrios of NAI Realvest represented the restaurant. 

Jeff Bloom

Both new tenants plan to be in business at the location by March 1, 2020 when their leasehold improvements are anticipated to be complete.

About NAI Realvest 

NAI Realvest, serving all of Central Florida, is a fully integrated commercial real estate operating company specializing in brokerage, development, investment, leasing and management, consulting and research services in the U.S. and worldwide.

Manuel Berrios

 NAI Global is an international commercial real estate network with over 400 offices spanning the globe.  Since 1978, clients have built businesses on the power of NAI Global’s expanding network. 

Extensive services include multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services. 

To learn more, visit www.NAIRealvest.com.

CONTACTS:

Veronica Malolos, CCIM, Broker/Osceola County

 407-875-9989 Vmalolos@realvest.com 

or Jeff Bloom, CCIM, Senior Vice President, NAI Realvest 

407-875-9989 Jbloom@realvest.com

Patrick Mahoney, President / CEO, NAI Realvest 

407-875-9989 pmahoney@realvest.com

Beth Payan, Larry Vershel Communications 

407-644-4142 or 407-461-3781 beth@larryvershel.com  

Bing Crosby’s Nevada Get-Away Ranch Sale Asking $7 Million

Bing Crosby's Lawson Ranch near Elko, NV

Photo credit: California Outdoor PropertiesSource: www.californiaoutdoorproperties.com

ELKO, NV -- A city boy from Spokane, Washington, Bing Crosby loved the outdoors. At the height of his singing-and-acting career in the mid-1940s, Bing started buying land around Elko, Nevada owning as many as seven ranches in the area including Lawson Ranch, according to
TopTenRealEstateDeals.com.

 As often as he could, he would escape to the ranch for fishing and hunting and became such a fixture around town that they made him honorary mayor in 1948.

After his first wife, Dixie, died in 1952, he started selling the ranches with the last sold in 1958. He died in 1977 at the age of 76. Lawson Ranch is now for sale, priced at $7.28 million.

Bing Crosby

Crosby’s mellow, crooning singing voice catapulted him to the top with hits that became classics such as his rendition of White Christmas, just as popular today as it was during World War II. 

He was also a good actor, winning an Academy Award for his 1944 hit-film Going My Way. Many of his songs are in the Grammy Hall of Fame including Pennies from Heaven, Swinging on a Star and, of course, White Christmas. 

Crosby was also famous for his television Christmas shows. His last Christmas show was filmed in London in 1977 just before his death when he sang a duet with David Bowie, Little Drummer Boy. It later became #3 on the charts in the United Kingdom and has now become a staple Christmas song there and in the United States.

Dixie Lee Crosby

Originally an 1860’s pioneer homestead with some of the oldest water rights in Nevada, Lawson Ranch, just under 3,000 deeded acres, has evolved into a 21st-century working cattle ranch with its own aircraft hanger and airstrip.

With more than enough high-quality, irrigated hay fields to bale for the winter months and grasslands that can comfortably accommodate 600 cow-calf pairs, it has six center-drive hay pivots ensuring beautiful emerald green meadows.

David Bowie

Lawson Ranch is now for sale, priced at $7.28 million.

The ranch structures include a 5,000-square-foot, five-bedroom, five-bath main residence currently set up as a bed & breakfast, three separate houses for guests or employees and two enclosed barns available for hay storage.

There are multiple ponds with a scenic, tree-shaded pond next to the house, seasonal wild flowers, snow-capped mountain views and is adjacent to a national forest. Foreman Creek runs through the property.

Todd Renfrew 

Elko, Nevada has some unusual points of interest and its residents, considered the capital of the Nevada gold belt. The National Cowboy Poetry Gathering is held there every January with a week-long celebration of western life.

Other draws for tourism are the numerous casinos, the National Basque Festival, and the Western Folklife Center.

 The listing agent is Todd Renfrew of California Outdoor Properties, Vacaville, California.

CONTACT:

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

RECI Notes Wall Street and private capital players expand market share as The Fed cuts its benchmark rate for third time this year

John Oharenko

Chicago, IL, Nov. 1, 2019 – The Real Estate Capital Institute® (RECI) notes The Fed cut its benchmark rate a quarter point just before the end of October, the third such drop this year.  

As agency lenders and other traditional sources reach their mortgage lending limits, Wall Street and private capital players expand market share.  Other important trends to watch include:

Slowing Global Economy:  The domestic economy maintains steady and favorable growth patterns other markets around the world witness some fatigue.  

Japan continues to stagnate, while Australia dropped its lending rates to the lowest levels in history.  The Eurozone demonstrates slower industrial output

Lastly, the US/China trade war provides further pressure for low growth.  As such, global demand should continue for US treasuries as safe-haven investments, translating to favorable long-term mortgage rates in the foreseeable future.

Diversified Funding Sources:  The Real Estate Investment Trust (“REIT”) lending format, in particular, is now an important source of providing liquidity for housing, since Freddie Mac and Fannie Mae’s role become more limited. 

 These lenders are issuing more private label mortgage bonds that include blended agency debt.  Expect other private, public and institutional investors to offer more programs based on changing risk/yield profiles.

Pricing Uniformity:  Most floating and fixed-rate debt offerings are priced within the 3%-to-4.5% range, indicating lenders are highly competitive, yet need to maintain minimum yields. 

 Few borrowers make realty debt decisions solely based on pricing.  Other terms such as interest-only payments, extended amortization, reduced (or eliminated) recourse provisions, leverage and prepayment flexibility dominate negotiations.

Regulatory Environment:  Since the Great Recession, various federal banking regulations tamed aggressive underwriting practices for construction and conduit loans.  

More typical leverage is 65% of value, as banks focus on credit quality over other underwriting benchmarks such as leverage.  As banks take a more active roles in leading conduit debt offerings, less risky loans prevail. 

 Lastly, construction loans are more carefully structured as select markets show signs of supply/demand imbalance for new developments.  

On the other end of the regulatory spectrum, FHA/HUD underwriting requirements are being streamlined to help provide more competitive terms.

John Oharenko, executive director of Real Estate Capital Institute’s®, recommends, "More diverse funding sources entering the market help maintain a healthy balance and overall better liquidity.  

"That said, traditional sources such as agencies, life companies and banks still capture their share of lending volume.”

The Real Estate Capital Institute® is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates, including treasuries, bank prime, and LIBOR.  

Contact:

John Oharenko

Executive Director

director@reci.com 

 www.reci.com

 

NAI Hiffman Arranges Sale of 254,425-SF Industrial Building in Bridgeview, IL

7557-7575 South 78^th Avenue, a 254,425-square-foot industrial building in Southwest suburban Bridgeview, IL

Lawrence Much

 OAKBROOK TERRACE, IL — NAI Hiffman, the largest independent real estate services firm in the Midwest, announced the sale of 7557-7575 S. 78^th Ave., a 254,425-square-foot industrial building in Southwest suburban Bridgeview, Ill.

 NAI Hiffman Executive Vice President Lawrence Much, SIOR; Executive Vice President Steve Connolly, SIOR; and Associate Drew Bulson marketed the property on behalf of the owner, Heller Industrial Parks, and also procured the buyer, TradeLane Properties, an Oak Brook, Ill.-based private investment group.

The new owner plans to immediately begin extensive renovations to modernize the building, and has secured NAI Hiffman as its leasing agent.

Steve Connolly,

Built in 1970, the 254,425-square-foot distribution warehouse includes 37 exterior loading docks, one drive-in door, 20-foot clear ceiling heights, 113 trailer positions, 40-foot-by-40-foot column spacing, heavy power for manufacturing, Indiana Harbor Belt (IHB) rail service and ample land for outside storage.

The seller was the original owner and designed the building to be evenly divided if needed, to accommodate two tenants.

“There is enormous investor interest in buildings such as this one that can serve as last-mile hubs for e-commerce, as consumer demand for shorter delivery times, including same-day service, continues to grow,” said Much.

Drew Bulson 

 “From Bridgeview, goods can be delivered quickly to end users in downtown Chicago as well as to the millions of consumers within the greater Chicago metropolitan area. The location also appeals to manufacturers and distributors for easy access to a large skilled-labor force.”

7557-7575 S. 78th Ave. is centrally located in Southwest Cook County less than four miles from I-55 and less than three miles from I-294.

 The center is located near shops and restaurants along Harlem Avenue, six miles from Midway International Airport, 25 miles from O’Hare International Airport and 16 miles from Chicago’s Loop.

CONTACTS: 

Patty Cronin, pcronin@taylorjohnson.com, (312) 267-451

Gretchen Muller, gmuller@taylorjohnson.com, (312) 952-4802

www.hiffman.com

Travelodge Florida Mall Sold for $5.5 Million in Orlando, FL

 

Travelodge Florida Mall, a 125-room hospitality property located at 1850 West Landstreet Road 

ORLANDO, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Travelodge Florida Mall, a 125-room hospitality property located in Orlando, FL, according to Scott Lunine, Regional Manager of the firm’s Miami office. The asset sold for $5,500,000.

Ahmed Kabani, an investment specialist in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a limited liability company, was secured and represented by Kabani,

Ahmed Kabani

Travelodge Florida Mall is located at 1850 W Landstreet Rd in Orlando, FL.  (Built in 1988, the 132-unit property is an interior and exterior corridor hotel located adjacent to Florida Mall.

The property sits on a total of 2.72 acres.) “This property has an opportunity to grow further under the new management. The property is in an excellent location close to Florida Mall and Orlando International Airport”, stated Kabani.

CONTACT:

Scott Lunine

Vice President

Regional Manager

Miami, FL

(786) 522-7000

Two Denver development projects receive $25 million in financing

777 and 757 Grant Street, Denver, CO

DENVER, CO – JLL announced it has secured $25 million in construction and bridge financing for 777 and 757 Grant Street in Denver, Colorado. 777 Grant Street is a vintage office building that will be renovated and repositioned while 757 Grant Street is a Class A, ground-up multifamily development.

Leon McBroom 

JLL worked on behalf of the borrower, LCP Development, to secure the three-year construction and bridge loan through a national bank. 

Located on the hard corner of 8^th Avenue and Grant Street within Denver’s Capitol Hill neighborhood, 777 and 757 Grant Street possess phenomenal access throughout the Denver metro via automobile, public transit or the Cherry Creek Bike Path. 

Capitol Hill is highly amenitized with numerous bars and restaurants, entertainment destinations and retail options all within a walkable live-work-play environment that boasts one of the highest resident concentrations in Denver. 

Once renovated, 777 Grant will be a Class A asset providing the market with best-in-class office space, and modern amenities such as a “corporate living room” planned for the first floor lobby that will feature a kitchen/café area with high-top booth seating; a large executive conference room; ground floor retail space; a new fitness center with lockers and showers; and bike and storage space. 

The 77,331-square-foot building will also provide tenants with 138 parking stalls in a below-grade parking structure and surface parking. 

757 Grant Street will be a ground-up, four-story residential building sitting atop a four-story parking structure. The studio-only, 68-unit development will cater to residents seeking smaller living quarters at a more affordable price point and will offer tenants top-of-the-line amenities, including a community room with kitchen, fitness center and rooftop deck with lounge seating, gas grills and a fire pit. 

Kristian Lichtenfels

JLL’s Capital Markets team representing the borrower was led by Senior Directors Leon McBroom and Kristian Lichtenfels.

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 investment advisory, debt placement, equity placement or a recapitalization.

 The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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 Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

Contact: 

Kristen Murphy, JLL Director, Public Relations 

Phone: +1 617 848 1572

Email: kristen.murphy@am.jll.com 

 jll.com.

The Altman Cos. Acquires Land, Closes Loan and Holds Groundbreaking Ceremony for its Two Newest Developments in Miramar, FL

Joel Altman

Miramar, FL – The Altman Companies, a nationally recognized developer of exceptional rental apartment communities, announced it has closed on the land and its construction loan and held a Groundbreaking Ceremony for its two newest developments in Miramar.

 Altman partnered with Rockpoint Group, a Boston-based real estate private equity firm, in the transaction. PNC Bank and Comerica Bank provided the construction loan for the development.

Development will be at the northwest corner of Red Road and Miramar Parkway in Miramar, FL

"We are thrilled to begin the construction process on Miramar,” said Joel Altman, Chairman of The Altman Companies. “We look forward to bringing an exceptional living experience to this suburban area of Broward County where we will provide residents with a standard of living, they won’t find anywhere else in the market.”

 Located at the northwest corner of Red Road and Miramar Parkway in the City of Miramar is one of the last remaining garden development sites in Broward County. 

The development consists of two distinct communities within a larger master planned development that will feature spacious floorplans with energy efficient appliances, designer kitchens, spa-inspired baths, private balconies and several with attached garages.

Media Contact:

Kip Hunter Marketing, 954-765-1329

Nicole Lewis (c: 305-803-9177), Nicole@kiphuntermarketing.com

Aimee Adler Cooke // Aimee@kiphuntermarketing.com 

 www.AltmanCos.com.

www.BBXCapital.com.

www.BBXCapitalRealEstate.com.

NAI Realvest Closes Land Lease in Winter Haven, FL for Brevard County Trucking Firm’s Expansion

Chris Adams

WINTER HAVEN, FL – NAI Realvest recently negotiated a land lease of the 4.64-acre parcel at 2500 Dundee Rd. in Winter Haven . 

Pinto Transport, Inc. of Palm Bay leased the property to expand their operations.  They will use the new Winter Haven location for truck repair and storage.  

 Chris Adams, vice president at NAI Realvest brokered the transaction on behalf of the tenant and the local owner/landlord John P. Adams Properties, Inc.  

CONTACTS:

Chris Adams, Vice President, NAI Realvest, 

407-875-9989 cadams@realvest.com

                                                                                                                        

Patrick Mahoney, President / CEO,  NAI Realvest,

 407-875-9989 pmahoney@realvest.com

 Beth Payan, Larry Vershel Communications, 

407-644-4142 lvershelco@aol.com  or beth@larryvershel.com

Hold-Thyssen Closes on Two Professional Office Leases in Florida

Theresa Margaris

Tampa, FL --- Hold-Thyssen, Inc. a full-service commercial real estate firm brokered two new professional office leases on behalf of the landlords and tenants to facilitate the relocation of an established medical practice and an IT support company.   

6301 Memorial Building, Tampa, FL

Leasing Associate Theresa Margaris at Hold-Thyssen’s Clearwater office represented A Woman’s Place Medical Clinic who leased 1,750 square feet in the 6301 Memorial Building on Memorial Highway in Tampa . 

 The established medical practice is relocating to provide counsel and care in an underserved market.  

Margaris represented the landlord at Chateau Professional Park in a lease agreement with Revitup Enterprises, LLC for 1,500 square feet.  Revitup has provided design, development and support services for over a decade.  

Chateau Professional Park, Lutz, FL

The new location at 18530 N. Dale Mabry Hwy. in Lutz is larger and more centralized and will enable the locally-owned firm to better serve existing and new clientele. 

HoldThyssen, Inc. provides commercial property brokerage and leasing and management services to institutional and private investor clients nationwide.  

The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States . 

CONTACTS:

 Richard J. Fisher, Vice President/Investor Services, Hold-Thyssen, Inc. 

813-880-7100 ext303 rfisher@HoldThyssen.com

 Theresa Margaris, Leasing Associate, Hold-Thyssen, Inc. 

813-880-7100 TMargaris@HoldThyssen.com

 Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 

407-644-4142 Lvershelco@aol.com