Thursday, March 10, 2011

HFF named to market for sale Bressi Ranch Village Center in Carlsbad, CA

IRVINE, CA – HFF has been named to market for sale Bressi Ranch Village Center (top left photo), a 111,403-square-foot, trophy grocery-anchored retail center in Carlsbad, California.

HFF will market the property on behalf of the LNR CPI Fund.  There is no formal asking price for the property.

Located in the coastal Southern California city of Carlsbad, Bressi Ranch Village Center is part of the prestigious 525-acre master planned Bressi Ranch development.

 Constructed in 2009 after nearly seven years of planning, the center is 95 percent leased and is anchored by Stater Bros., Trader Joes, Unleashed by PETCO, Souplantation Express, Chase Bank and Rubios.

The HFF team representing LNR CPI Fund includes senior managing director Ryan Gallagher (middle right photo)  and directors Kelly Rohfeld (lower left photo)  along with Stewart Keith at Flocke and Avoyer.

“This is truly a unique opportunity to buy a newly-developed, dual grocery-anchored center in a great location," said Gallagher.  “It is one of the newest and most attractively designed grocery-anchored centers in Southern California.”

Ryan Gallaher, Ca. Lic. # 01269918, HFF Senior Managing Director, (949) 253-8800,
 Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

Stone Ridge Apartments Command $13.3 Million in a Deal Closed by Marcus & Millichap

  BEREA, OH – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Stone Ridge Apartments (top centered  photo), a 144-unit multifamily asset in Berea, a southwestern suburb of  Cleveland.

The sales price of $13,292,500 represents a price of $92,309 per unit. The property was constructed in 2007.

The Pennsylvania-based buyer, Stone Ridge Apartments LLC was represented by Daniel Burkons and Michael Barron, both vice presidents investments in Marcus & Millichap’s Cleveland office, and Joshua Wintermute, an investment associate.  All three brokers specialize in multifamily asset sales in Marcus & Millichap’s Cleveland office.

The financing was arranged by David Davenport and Barbara Sullivan of Cleveland-based Bellwether Real Estate Capital, who placed a new FHA mortgage on the property.

“The buyer of this well-located, prime multifamily asset can expect strong returns over the long-term,” says Barron.

“As one of the newest properties in its submarket with a full package of amenities, Stone Ridge is well positioned to achieve strong occupancy levels for years to come,” adds Wintermute.

According to Burkons, “The low interest rates available on permanent, nonrecourse debt helped us sell this property at a record-breaking price. In fact, our team in Cleveland has closed more than $90 million in multifamily sales in the past 12 months, and several of those transactions were made possible by FHA and Freddie Mac financing.”

Located at 1000 Stone Ridge Circle, the 144-unit Stone Ridge Apartments includes six three-story buildings constructed in 2007. The property has 36 one-bedrooms and 108 two-bedroom units. In addition, the complex has 66 private garages.

Community amenities include a clubhouse, 24-hour fitness center, gourmet coffee bar, an executive business center and a resort-style heated swimming pool.

    Contact: Stacey Corso, Public Relations Manager, (925) 953-1716       

Avalonpark Texas, LP breaks ground for first two phases at The Springs of Walnut Creek in North Austin

AUSTIN, TX --- Avalonpark Texas, LP, the Texas joint venture of Florida-based Avalon Park Group in Orlando, broke ground this week for 53 single-family home sites in the first two phases at The Springs of Walnut Creek, located near I-35 and Yager Lane in North Austin.

 Richard Kunz (top right photo), who heads Avalonpark Texas, LP, said he expects to complete construction of all 53 home sites in the third quarter 2011.

 Avalonpark Texas plans to start construction of 56 single-family home sites in a third phase at the Springs of Walnut Creek in the first half of 2012, Kunz said.

 Kunz said planning for a fourth phase that will include 30-50 town homes is about to get underway. Construction of town homes at the Springs of Walnut Creek probably won’t start until the first quarter of 2013, he added.

 “We do not anticipate starting construction of town homes at the Springs of Walnut Creek until after we have substantially built out the single-family homes,” Kunz explained.

 Avalonpark Texas has hired Pape-Dawson Engineers of Austin and San Antonio as the project engineers and Austin-based Joe Bland Construction as the general contractor.

 David Weekley Homes will be the sole homebuilder for the subdivision.

 Avalon Park Group developed the 1,860-acre Avalon Park, an award-winning neotraditional community of more than 3,500 homes in east Orlando and New River Township, an 1,800-acre master planned community north of Tampa.

For more information, contact:  

Richard Kunz, Principal Avalonpark Texas, L.P. 512-695 3356,
Stephanie Hodson, Marketing Coordinator, Avalon Park Group 407-658-6565;  
Beat Kahli, CEO Avalon Park Group / Principal Avalonpark Texas, L.P. 407-658-6565;  
Eric Marks, Vice President, Avalon Park Group 407-658-6565,
Larry Vershel, Larry Vershel Communications 407-644-4142,

Will Balthrope Named One of Marcus & Millichap’s Top Investment Specialists Nationwide

ENCINO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced its top investment specialists for 2010. Will Balthrope (top right photo), a vice president investments in Dallas, ranked No. 5 out of more than 1,200 investment specialists nationwide.

“We are proud to recognize Will as one of our top investment specialists nationwide,” says John J. Kerin (lower left photo), president and chief executive officer of Marcus & Millichap. “Will’s accomplishments in the multifamily sector reflect his superior transaction expertise and unwavering commitment to client service.”

 Will Balthrope possesses more than 26 years of commercial real estate experience, specializing in multifamily property sales. Since 2000, Mr. Balthrope has closed more than $3 billion in institutional multifamily transactions nationally for both private and institutional sellers, including banks and special servicers.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Watt Commercial Signs 5,762 SqFt Lease with Dollar Super store


WHITTIER, CA---Watt Commercial Properties, a leader in developing, redeveloping and managing community shopping centers in urban markets throughout the Southwest, has announced that it has signed Dollar Super Store to a 5-year lease for 5,762 square feet of space at Santa Fe Springs Marketplace (top centered photo) an 144,261-square foot retail center located at 7850 Norwalk Blvd in Whittier, Calif. 

The landlord, Watt Commercial, was represented in-house by Karin Gilbert.  The tenant was represented by Larry Kramer of Green Light Consulting . 

Santa Fe Springs Marketplace is 97 percent leased to several tenants including Food 4 Less, Rite Aid, O’Reilly and Frazee Paint.

 Contact: Ebeling Communications, (p) 949.861.8351, (c) 949.278.7851

HFF secures $53 million financing for retail lifestyle center in Loveland, CO

 HOUSTON, TX – HFF announced today that it has secured $53 million in financing for The Promenade Shops (top left photo) at Centerra, a 656,030-square-foot retail lifestyle center in Loveland, Colorado. 

HFF worked exclusively on behalf of the borrower, DRA Advisors, LLC, to secure the seven-year, fixed-rate loan through J.P. Morgan Chase Bank, N.A.   DRA closed on the acquisition in December 2010 and subsequently financed the acquisition in February 2011.

The Promenade Shops at Centerra is located at the intersection of Interstate 25 and Highway 34 in northern Colorado’s master planned community of Centerra. 

Completed in 2005, the property is 89 percent leased to tenants including Macy’s, Metrolux Theatres, Barnes & Noble, Best Buy, Dick’s Sporting Goods, Gap, Banana Republic and PF Chang’s. 

The HFF team representing the borrower included senior managing directors Wally Reid and Susan Hill.

DRA Advisors is a registered investment advisor specializing in real estate investment and management services for institutional and private investors. DRA currently has over $9 billion in assets under management.

Wallace Reid, HFF Senior Managing Director, (713) 852-3500,
 Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,