Marcus & Millichap Sells 55-Unit Apartment Property in Tampa, FL for $900,000

  

TAMPA, FL,  April 7, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Elizabeth Arms (top left photo), a 55-unit apartment property located in Tampa, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $900,000.

Michael P. Regan (top right photo), an associate vice president investments and Francesco P. Carriera, a senior associate in the firm’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a Florida-based private investor.  The buyer, a limited liability company, was secured and represented by Regan and Carriera.

Elizabeth Arms is a five-unit apartment complex built in 1971 and located at 4115 Carnegie Court A. The property is of concrete block construction and consists of six buildings on approximately 3.03 acres.

“Elizabeth Arms was a former Project Based Section 8 Community.  After having the HAP contract pulled for non-compliance issues, the property was vacated and then boarded up” says Regan.

“With the help of a local development group and a non-profit organization, we were able to close this deal through the Neighborhood Stabilization Program.  This is the second transaction we have closed with NSP funds.”

Hyde Park Pointe Apartments in Tampa Go For $1.9 Million

 TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Hyde Park Pointe (lower left photo), a 32-unit apartment property located in Tampa, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $1,900,000.

Casey Babb, CCIM (lower right photo), a senior investment specialist, and Luis Baez, investment specialist in the firm’s Tampa office had the exclusive listing to market the property on behalf of the seller, a private investor based out of Florida.  The buyer, a limited liability company, was also secured by Babb and Baez.

Hyde Park Pointe is a 1960s vintage, “Class B” garden apartment property in a trophy location in the heart of the Hyde Park/SoHo District.  The property was fully-stabilized at the time of sale and the buyer is planning strategic upgrades to the unit interiors and building exteriors. 

“The offering received serious interest from active investors and the per unit sales price of $59,375 per unit was one of the highest in the small apartment marketplace in recent memory,” says Babb.

“It proves that fully-stabilized, well-located properties have held their value well and that investors may be slowly shifting away from ‘bank-owned only’ deals and back to quality real estate with good underlying fundamentals in-place.

“This particular buyer is planning a long-term hold strategy and should do very well with this investment,”

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

stan johnson company completes sale of 10-property retail portfolio for $10.2 million

TULSA, OK– Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a 10-property retail portfolio, 100 percent occupied by CVS/pharmacies, to a Massachusetts-based private investor for $10.2 million. 

Encompassing more than 102,000 square feet, the retail properties are located in Connecticut, Kentucky (3 locations), Massachusetts, Ohio (2 locations), South Carolina (2 locations) and Virginia.

David Clary (lower right photo)  with Stan Johnson Company represented the seller, a Texas-based private owner, as well as the buyer.  

The properties were encumbered by high leverage, zero cash flow structured financing that was assumed by the buyer.

“The buyer of the properties is an experienced owner who was attracted by the investment grade credit, absolute net leases and high leverage, fully-amortizing financing requiring a low level of purchase equity,” said Clary.  “Based on this, the buyer believed the investment offered significant, long-term residual value”

Clary went on to say that “zero cash flow structured investments are an area of expertise for our firm.  We have represented buyers and sellers across the country on these and have a deep understanding of the structure.

 The CVS portfolio transaction was significant in that we have now surpassed the $1.3 billion mark on zero cash flow sales.”

Contact: David Ebeling, Ebeling Communications, (949) 278-7851 

 david@ebelingcomm.com

Essex Realty Group Brokers Sale of Mixed-Use Building in Forest Park, IL

CHICAGO, IL --   Essex Realty Group, Inc. is pleased to announce the sale of a 9,440 square foot mixed-use building in Forest Park, Illinois.

 7227-33 W. Roosevelt consists of 5,340 square feet of commercial space and one 1-bedroom, and four 2-bedroom units with 5 parking spaces.

 Doug Imber (top right photo) and Matt Welke of Essex were the sole brokers in the transaction. The price was approximately $425,000.

Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

 Two Adjacent Buildings Sold for $6 Million

CHICAGO, IL, April 7, 2011.   Essex Realty Group, Inc. is pleased to announce the sale of 6610 and 6628 N. Sheridan in Chicago. The combined 124-unit 4+1 apartment buildings are located directly across from Loyola University’s campus  in Chicago’s Rogers Park neighborhood.

The unit mix for the two buildings consists of 34 studio, 74 one-bedroom and 16 two-bedroom units.

 Doug Fisher and Matt Welke (lower left photo) of Essex brokered the transaction. The price was approximately $6,000,000.

Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

Contact: Douglas S. Imber, Essex Realty Group, Inc., 773.305.4902

dougimber@essexrealtygroup.com

Marcus & Millichap Capital Corp. Arranges 3 Loans in Missouri and New York

AT&T Receives 5-Year Fixed-Rate Loan in Florissant, MO

FLORISSANT, MO., March 30, 2011 – Marcus & Millichap Capital Corporation (MMCC) has arranged $1,423,360 million in acquisition financing for a 7,020-square foot retail building in Florissant, MO.

 Michael Balan, an Associate Director in the Miami office and Sean Mooney, an Associate Director in the firm’s Manhattan office, arranged the financing for the property.

“With the compression of cap rates for core assets in the New York Market, many investors are seeking higher yielding, value add, and opportunities in the tertiary markets,” states Mooney.   “The borrower negotiated to purchase of a vacant Blockbuster that AT&T had already leased and agreed to completely renovate for their use.”

Michael Balan and Sean Mooney worked closely with the borrower to facilitate the completion of his 1031 exchange. 

The loan is for five years, amortized over 30 years with a fixed interest rate of 5.89 percent.  The loan to value is 66.5 percent and was closed in 37 days.

10-Unit Multifamily Property in Brooklyn, NY Gets $875,000 Loan

BROOKLYN, NY – Marcus & Millichap Capital Corporation (MMCC) has arranged an $875,000 fixed rate loan for the cash-out refinance of a 10-unit multifamily apartment in Brooklyn, New York. 

Brian Ursino, an associate director in the firm’s Manhattan office, arranged the financing.

 Financing for this transaction was provided by an agency and the terms of the loan are 10 years fixed with a 30 year amortization schedule. Loan to value was 55 percent.

                                                                                                (Downtown Brookly middle right photo)

$1 Million Loan Arranged for Mixed-Use Property in Manhattan

 NEW YORK, NY– Marcus & Millichap Capital Corporation (MMCC) has arranged a 10 year fixed rate loan for a mixed use property located at 283 West 11th Street in New York, New York. 

Brian Ursino, (lower left photo) an associate director in the firm’s Manhattan office, arranged the financing.

“The borrower was very conservative and wanted the best interest rate, which we achieved with him,” says Ursino.  “We negotiated key deal terms with the lender relating to change of commercial tenant space and its affect on the certificate of occupancy,” he adds. 

It is a 10 year fixed rate loan that is amortized over 30 years with a fixed interest rate of 5.125 percent. 

Press Contact: J.D. Parker, Vice President and Regional Manager, Manhattan

(212) 430-5100

Emerson International acquires Turtle Creek Community in Medical City Corridor in Osceola County, FL

ALTAMONTE SPRINGS, FL. --- Emerson International in Altamonte Springs recently acquired the remaining 368 developed home sites at Turtle Creek, a planned development in St. Cloud in Osceola County.

Eric Emerson (lower right photo), vice president and general manager of Emerson International, said the development includes finished 25, 50 and 70 foot home sites.

Emerson said he plans to sell finished home sites at Turtle Creek to production home builders.

“Turtle Creek represents an excellent investment opportunity for us in the Medical City Corridor, where significant job growth is anticipated over the next several years,” Emerson said.

Emerson International, a wholly owned subsidiary of The Emerson Group, the global corporation that is one of the largest privately-owned property development companies in the U.K. is the developer of the Eagle Creek Golf Community, located five miles north of Turtle Creek on Narcoossee Road in southeast Orlando. 

For more information,  contact:  

Eric J. Emerson, Vice President and General Manager Emerson International, Inc.  407-834-9560, eemerson@emerson-us.com

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142;  or 407-461-3780.  Lvershelco@aol.com

  

Embassy Suites Chicago-Downtown Completes $12.3 Million Renovation

CHICAGO, IL, April 7, 2011—Davidson Hotel Company, one of the nation’s largest independent hotel management companies, today announced that the 367-suite Embassy Suites Chicago-Downtown (top left photo) in Illinois has completed a $12.3 million renovation.

  Davidson has managed the hotel since June 1, 2010, on behalf of owners, Sunstone Hotel Investors, Inc.  Sunstone oversaw the project; Design Force of Denver, Colo., was the design firm for the renovation.

“The renovation has enhanced the overall guest experience of this exceptionally located hotel,” said Patrick Lupsha (lower right photo), Davidson’s chief operating officer.

 “All guest suites were completely renovated, including new case goods, state-of-the-art workstations, carpeting, wall coverings, two flatscreen televisions per suite and bathrooms. 

“We are confident that the significant capital investment, coupled with our expertise in the Chicago market, will establish the Embassy Suites Chicago-Downtown as the leading upscale, all-suite destination in the market.”

“Chicago is a town with an incredible architectural heritage, which made this project all the more interesting and challenging,” said Roxanne Fancy, president, Design Force.

 “In addition to guest suite interiors, we installed new carpeting, wall coverings, contrasting paint on doors and light sconces in the guest corridors.  All aspects of the renovation complement the bold and self-assured style for which Chicago is well known.”

Located at 600 North State Street, in the heart of downtown Chicago, the upscale, all-suite hotel is convenient to Michigan Avenue’s Magnificent Mile, Loyola University, Navy Pier, American Girl Place, and Lincoln Park Zoo.  The 11-story atrium hotel also is near Boeing Headquarters, City Hall and Chicago Board of Trade. 

 For further information, visit Sunstone’s Web site at www.sunstonehotels.com

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 Additional information on Davidson may be found at the company’s Web site, http://www.davidsonhotels.com/

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 Contact:

Cyndi Norwood, Davidson Hotel Company, (901) 821-4155 cnorwood@davidsonhotels.com

Jerry Daly, Chris Daly (media), Daly Gray Public Relations, (703) 435-6293

jerry@dalygray.com                                            ,