Marcus & Millichap Sells 20-Unit Apartment Property in St. Petersburg, FL for $365,000

ST. PETERSBURG, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Sherwood Arms (top left photo), a 20-unit apartment property located in St. Petersburg, Fl-, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $365,000.

Michael P. Regan, an associate vice president investments, Francesco P. Carriera, a senior associate and Nicholas Meoli, a multifamily investment specialist all based in the Tampa 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 Regan, Carriera and Meoli.

Sherwood Arms was built in 1979 and is located at 2729 4th Street South.  “This property was a structured short sale and an all-cash transaction. Throughout the marketing process, we were able to procure over 10 offers” comments Meoli. 

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

Beech Street Capital Provides $4.55 Million in Financing for Manufactured Home Community in Mesa, AZ

BETHESDA, MD – In partnership with Fannie Mae, Beech Street Capital, LLC announced that it has provided $4.55 million in financing for the acquisition of Mesa Village (top left photo), a manufactured home community (MHC) in Mesa, Arizona. 

The age-restricted 55+ community consists of 201 single- and double-wide home sites.  Beech Street is a Fannie Mae DUS® lender, a Freddie Mac Program Plus® Seller Servicer, and an FHA Multifamily Accelerated Processing (MAP) lender.

“This is the first of many MHC transactions we hope to complete,” said Grace Huebscher (middle left photo), president and CEO of Beech Street Capital. “We have a great deal of experience in this area, a number of deals in the pipeline, and a real commitment to grow this business.”

 An occupancy rate of just 74.88% was a hurdle that Beech Street overcame in structuring the deal.

 “We made the case that the borrower is a veteran MHC operator who would bring experienced management to the property,” said Damon Reed, the loan’s originator. 

 “It’s potentially a very attractive community, with a host of amenities.”

  In addition to a clubhouse with exercise room and billiards area, Mesa Village features a swimming pool, spa, and miniature golf course. 

 The fixed-rate loan has a term of seven years, 6.5 years of yield maintenance and a 30-year amortization schedule payable on an actual/360 basis.

  Web site: http://www.beechstcap.com/

Contact: Jenifer Bernardi,   jbernardi@beechstcap.com
  

Charlie Engel Joins RealtyTrac as Director of Business Development—Real Estate

IRVINE, CA – RealtyTrac™ (www.realtytrac.com), the leading online marketplace for foreclosure properties, today announced the hiring of real estate veteran Charlie Engel  (top right photo) as the new Director of Business Development – Real Estate. Engel will lead the company’s efforts driving additional real estate professional partnerships.

“We are delighted that Charlie has joined the RealtyTrac family,” said James J. Saccacio (middle left photo), chief executive officer of RealtyTrac.

 “Charlie brings the kind of forward-thinking, fast-paced decision making qualities that we look for in our senior management.

“He has the national sales experience and business development know-how we are always seeking in talented professionals.

“Charlie will help us expand the RealtyTrac brand among our real estate professional partners who are a key component of our growing customer base. His sales experience will help us expand our affiliate partnership programs with the nation’s leading real estate franchises.”

Engel brings more than 10 years of sales management and business development experience to RealtyTrac.

He has held senior sales positions in a diverse group of companies, including Oodle.com, Network Communications and UBM Canon. He most recently was vice president of real estate sales at Oodle.com, the second largest online classified website. Prior to Oodle.com, Engel was the director of business development at Network Communications, where he was responsible for developing and increasing online sales for the largest fully integrated real estate media company in North American.

 “I am excited about joining an industry leader like RealtyTrac,” said Engel, who will spearhead new business development and sales activity with the leading real estate franchises. “I look forward to building relationships and expanding new business opportunities with senior management at the leading real estate brokerages nationwide.”

Engel earned a Bachelors degree in Economics from the University of Arizona in Tucson.

Media Contact: Michelle Sabolich, Atomic Public Relations.

(415) 593-1400 ext. 1233, michelle.sabolich@atomicpr.com

Wilson Commercial Real Estate Complete 12,000-SF Lease to Dollar Tree in Palm Desert, CA

PALM DESERT, CA– Wilson Commercial Real Estate, one of Southern California’s leading retail brokerage firms, has completed a 12,000-square-foot lease with Dollar Tree Stores, Inc. at Monterey Shore Plaza located at 72630 Dinah Shore Road in Palm Desert, Calif. 

In the past two years, Wilson Commercial has completed approximately 30 Dollar Tree leases in Southern California.  Dollar Tree Inc., with over 4,000 stores, is the nation's leading operator of discount variety stores selling everything for $1 or less.

Scott Burns (middle right photo) of Wilson Commercial Real Estate and Lea Clay Park of Studley Retail Services represented the Dollar Tree in the transaction.  The landlord, STB Properties, was represented by Abraham Kahen of Medallion Investment & Development Co.

Built in 1990, Monterey Shore Plaza is ideally located at the I-10 Freeway and Dinah Shore Drive, one of the area’s busiest intersections.  The center is anchored by PetSmart, Ethan Allen and Arizona Tile.

 For more information, please visit http://www.wcre.net/.

Contact:  David Ebeling, Ebeling Communications, (p) 949.861.8351

(c) 949.278.7851, david@ebelingcomm.com

Carter to Complete Interiors Projects for Kilpatrick Townsend, LLP

ATLANTA, GA – When Kilpatrick Townsend & Stockton, LLP decided to renovate 10 floors in the Atlanta office at 1100 Peachtree (top left photo), the firm called on Carter, one of the country’s leading commercial real estate service providers, advisors and investors, to complete the six phase project.

A 24 month project, the design phase was completed in September 2010, and Carter began the construction and implementation that is scheduled to be finished in November 2011.

With LEED certification in mind, Carter is managing Kilpatrick Townsend’s restack consolidation. Once completed, the firm will occupy a 10 floor 206,000-square-foot space instead of its current 13 floor 270,000-square-foot space.

Kilpatrick Townsend’s new layout will include seven practice floors, one floor for administrative support and two client special function floors that include a dining room, library and conference center.

Carter has also begun work on Kilpatrick Townsend’s new Raleigh, N.C. office. The design phase has been completed and construction is scheduled to begin this month.

“Carter has been working with Kilpatrick Townsend since 1991,” said Nan Loudon, senior vice president with Carter. “It is exciting to continue our relationship with the firm and work on these two projects.”

Carter has completed projects for Kilpatrick Townsend & Stockton at other locations including Charlotte, N.C. and Washington D.C.

For additional information on Carter, please visit http://www.carterusa.com/.

Contact: Laura Dudebout, (678) 642-4301,

ldudebout@wilbertnewsstrategies.com