Wednesday, April 6, 2011

HFF closes $42.75 million sale of Class AA, urban multi-housing community in Atlanta

 ATLANTA, GA – HFF announced today that it has closed the sale of 660 Apartments (top left photo), a 301-unit, Class AA multi-housing community in Atlanta’s Old Fourth Ward neighborhood.

HFF marketed the property on behalf of Southeast Capital Partners and The Integral Group.  AMLI Residential Properties Trust purchased 660 Apartments for $42.75 million in an all-cash transaction.  At $142,000 per unit, the transaction represents the highest price paid for a rental community in Atlanta during this cycle.  

Completed in 2009, 660 is the recipient of numerous design awards including MHN’s, “2010 Best New Development” and Building of America, “2010 Gold Medal Winner”.   This urban-core asset is the submarket leader in effective rental rates largely due to its superior design and its unique location adjacent to Historic Old Fourth Ward Park, a brand new 35-acre park.

 The HFF team representing the seller was led by senior marketing director Jason Nettles (middle right photo) and director Megan Thompson (lower left photo). 

“Institutional interest in Atlanta has increased over the past 12 months as fundamentals have improved,” says Nettles.  “While we may not see trades at 25 percent over replacement cost like we’re seeing in the gateway markets, Atlanta is clearly moving over the replacement cost benchmark.”

Southeast Capital Partners is an Atlanta-based real estate investment company specializing in the acquisition, ownership and development of rental and for sale multi-family housing. 

The Integral Group is a full-service real estate development company with specialization in investment management, real estate development, construction management and property management.

AMLI Residential Properties Trust is focused on the development, acquisition and management of luxury apartment communities nationwide.

Jason Nettles, HFF Senior Managing Director, (404) 832-8460
Megan Thompson, HFF Director, (404) 832-8460,
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,

HFF secures $50 million refinancing for The AutoNation Building in Fort Lauderdale, FL

MIAMI, FL – HFF announced  that it has secured a $50 million refinancing for The AutoNation Building (top left photo), a 204,337-square-foot mixed-use office and retail complex plus a 522-space parking garage in downtown Fort Lauderdale, Florida.

Working exclusively on behalf of Stiles Financial Services, HFF placed the seven-year, 6.22 percent fixed-rate loan with JP Morgan Chase & Company.  Loan proceeds are being used to refinance existing debt that matured in March 2011. 

Completed in 2007, The AutoNation Building is 90 percent leased to key corporate tenants, including Auto Nation, Ever Bank, and law firms Kopelowitz Ostrow and Lewis Brisbois Bisgaard & Smith.

 The 17-story property is located at the corner of Las Olas Boulevard and SW First Avenue within walking distance to Las Olas’ restaurants, museums, the Federal Courthouse and Florida Atlantic University’s Broward County campus.

 Senior managing director Paul Stasaitis (middle right photo) led the HFF team, which included managing director Danny Finkle (lower  left photo) and associate director Kimberly Flores. 

“This transaction further illustrates continued improvement within the capital markets, particularly as it relates to best in class owners of high-quality real estate,” commented Stasaitis.

Ft. Lauderdale-based Stiles has developed more than 37 million square feet of office, retail, residential, mixed-use, and industrial properties throughout the southeastern United States.

 In addition to development, construction, architecture, realty and property management, Stiles also specializes in financing, acquisitions and asset repositioning.

Paul Stasaitis, HFF Senior Managing Director, (305) 448-1333,
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,

Marcus & Millichap Brokers Self-Storage Properties in Denver, CO and Birmingham, AL


 23,459-Unit Portfolio in 3 States Listed for  $188 Million

DENVER, CO – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has secured the exclusive listing for the A-American Self-Storage portfolio, a 46-property portfolio located in California, Hawaii and Illinois.

The listing price is $188 million. The 3.18 million-square foot, 23,459-unit portfolio may be sold together or separately.

Charles “Chico” LeClaire (top right photo), a senior vice president investments and a senior director of Marcus & Millichap’s National Self-Storage Group in Denver, is representing the seller, A-American Self Storage, a privately held self-storage company based in Los Angeles.

“A-American Self Storage is one of the largest independent owners of self-storage properties in the United States with more than 75 properties. A-American plans to retain the remaining facilities within the family portfolio,” says LeClaire.

“Because of the improving economy, more people are relocating to urban centers that offer more abundant job opportunities,” he adds. “As people migrate and downsize their residences, self-storage property operations should improve significantly through year end, making the A-American facilities an excellent long-term investment.”

All together, the facilities include 23,459 storage units encompassing 3,181,562 square feet of space in the following locations:

  • California: 29 properties, 18,130 units, 2,056,173 rentable square feet, 111.79 acres
  •  Illinois: 13 properties, 6,735 units, 847,247 rentable square feet, 57.91 acres
  • Hawaii: four properties, 4,302 units, 278,142 rentable square feet, 9.15 acres

 LeClaire has 20 years experience as self-storage property investment specialist. He has closed more than $1 billion in self-storage property transactions nationwide during the course of his career.

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

75,897-SF  Facility in Birmingham, AL Sold for $2.5 million

BIRMINGHAM, AL, April 6, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Downtown Storage (middle right photo) of Birmingham, a 75,897-square foot self-storage facility located in Birmingham, Ala, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $2,500,000.

Michael A. Mele (lower  left photo), vice president investments, and senior director of the National Self-Storage Group and Nicholas Walker (lower right photo), an associate in the firm’s Tampa and Ontario, offices, had the exclusive listing to market the property on behalf of the seller, a financial institution based out of California. 

 The Alabama-based buyer, a private investor, was secured and represented by Edwin Greenhalgh, an associate in Marcus & Millichap’s Birmingham office. 

Downtown Storage of Birmingham is a state-of-the-art facility situated on approximately 1.52 acres of land at 900 17th Street North.  The facility consists of 627 storage units, 519 of which are climate controlled. 

“Eddie and Brooks Lumpkin of Metro Mini Storage, along with their bank, were able to come to the table and close this transaction within a 72-hour timeline from start to finish” says Mele..

  “This is a personal record and shows that deals can be done in this market with local banking relationships. This ‘Class A’ facility fits perfectly into Metro’s portfolio and they are very excited to be the new owners,” adds Mele..

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700