Lender-Owned Medical Center in Napa, CA Trades for $11.2 Million

NAPA, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has sold the Trancas Medical Center (top left photo), two three-story lender-owned medical office buildings totaling approximately 62,466 square feet in Napa. The sales price of $11.2 million represents $179 per square foot. 

John Smelter (middle right photo), senior director of Marcus & Millichap’s Healthcare Real Estate Group (HREG) in San Diego, represented the buyer, Seavest Healthcare Properties of New York.

“This was a unique opportunity to acquire a Class B property on the campus of a very strong hospital system,” says Smelter. “The new owner plans to renovate the property, which will allow for higher occupancies in the future.

“Seavest partnered with San Francisco-based SKS Investments for the local expertise to oversee property management, leasing and renovation of the property,” adds Smelter.

 Located at 1100 Trancas St., the property was approximately 80 percent occupied at closing and is located immediately adjacent to the Queen of the Valley Medical Center, a 192-bed full-service diagnostic and therapeutic medical facility. Queen of the Valley, part of the Moody’s A-rated St. Joseph Health System, is a major tenant in the project.

Constructed in 1980, the Trancas Medical Center is situated on approximately three acres. The exteriors are wood and stucco with aluminum-framed doors and windows.

The property includes 246 surface and tuck-under parking spaces for a parking ratio of 3.94 spaces per 1,000 square feet. Trancas Medical Center is currently leased to a well-balanced mix of tenants including the hospital, primary care and specialist services medical tenants.

John Smelter is a leading member of the firm’s HREG, and has closed in excess of $1 billion in medical office building sales.

           

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

Marcus & Millichap Names Tony Solomon Regional Manager of West Los Angeles Office

 LOS ANGELES, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Tony Solomon (top right photo) regional manager of the firm’s West Los Angeles office, according to John J. Kerin (lower left photo), president and chief executive officer.

“As sales manager of the West Los Angeles office, Tony has demonstrated his expertise in expanding our national market-making capabilities to clients throughout Southern California,” says Kerin. “As regional manager, Tony will continue to expand the West Los Angeles office and to provide leadership and support to our investment professionals.”

Solomon began his career with Marcus & Millichap in May 1998 as an agent in the Los Angles office. He became the sales manager in July 2000 and left the firm in August 2001 to pursue other business opportunities. He has been the sales manager of the West Los Angeles office since November 2010.

Prior to returning to Marcus & Millichap, Solomon was a broker at two other commercial real estate companies, earning recognition as one of the top multifamily brokers at each firm. He has also been a litigation paralegal, a manager of land use operations and is a feature-length screenwriter and member of the Writer’s Guild of America, West.

Solomon graduated from the University of California at Santa Barbara.

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

NAI Realvest Negotiates Long Term Renewal Lease for 7,378 SFt of Office Space for TLC Engineering in Miami

ORLANDO, FL – NAI Realvest recently negotiated a six-year lease renewal agreement for 7,378 square feet of office space at 5757 Blue Lagoon Drive (top left photo)  in Miami representing the tenant, TLC Engineering for Architecture.

 Paul P. Partyka, managing partner at NAI Realvest, negotiated the transaction with an assist from Chairman George Livingston and Principal Christie Alexander.

 Orlando-based TLC Engineering for Architecture has offices in Miami, Fort Lauderdale, Tampa, Fort Myers and Jacksonville, Partyka said.  

 “TLC extended its lease of Suite 400 at the Waterford Building for another six years in anticipation of major growth in the south Florida market,” Partyka explained.

 The Landlord, Metropolitan Life Insurance, was represented by Brian Gale with the Miami office of Taylor & Mathis. 

For more information, please contact:

Paul P. Partyka, Managing Partner, NAI Realvest, 407-875-9989, ppartyka@realvest.com

 Christie Alexander, Principal, NAI Realvest 407-875-9989, calexander@realvest.com

 Patrick Mahoney, President, NAI Realvest, 407-875-9989,, pmahoney@realvest.com
Larry Vershel, Lvershelco@aol.com

WeinPlus Chief Executive Says Three Big Trends Changing Commercial Real Estate Strategies and Development Plans in Florida

 ST. PETERSBURG, FL--- Three major industry trends brought on by the recession are changing how commercial property is developed in Florida, says one management strategist.

All three trends are likely to be long term and suggest a major rethinking of commercial investment, development and design strategies, said Rachel Elias Wein, AIA (top right photo), founder and principal of WeinPlus Real Estate Advisory Services in St. Petersburg.

“Commercial real estate companies and commercial property owners are reforming their business models and their compensation structures to more closely match their focus on income and profits,” Wein explained.

Wein foresees major changes in the way commercial leasing agents are compensated.

Retail leasing compensation based on a portion of rental revenue instead of the dollar-per-square-foot model is gaining popularity among commercial real estate owners. In the past this strategy was primarily only used on the brokerage side of the business, Wein said.

In the new model, incremental increases in leasing revenue, increases the agent’s commission. Typically, the dollar-per-square-foot model compensates agents the same regardless of lease duration or rental rates, Wein said.

In the office sector, companies are reducing their operating expenses to reflect realities in the work place.

“This frequency includes flex-time and work-from-home days,” Wein explained, and it means more companies are looking at “hoteling” their employees’ office space.  “If a company doesn’t have all of their employees in the office at a time, they don’t want to pay for the additional space.” Wein said.

Coupled with another emerging strategy — temporary specialists hired on a project basis — the strategy means smaller or more flexible office leases and fewer private offices coupled with a new demand for executive office space associated with these specialists, Wein said.

Additionally, multi-family properties are seeing a significant change in how people live, Wein added.

“In the past, it was common to get married, have kids, and buy a house in a four to seven year time span after completing school,” Wein said. “Renters tended to view their early living arrangements as temporary, until they could buy a home,” Wein said.

“Now, college grads are not as likely to marry quickly. They are much more willing to relocate for employment opportunities, they have seen the value of their parents homes erode and they are more likely to rent for up to 15 years before settling into a single family home, significantly increasing the demand for multi-family housing,” Wein said.

That scenario could result in major challenges and major opportunities for developers,” Wein said.  “Over supply of condos, lower rental rates and high multi-family construction costs have dampered new multi-family construction, which could lead to a shortage in the coming years,” she added.

For more information, contact

Rachel Elias Wein, AIA, Founder / Principal, WeinPlus, 727-386-9346, http://www.weinplusassociates.com/

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

 

National Entrepreneur Center at Orlando Fashion Square to Celebrate Grand Opening Tuesday May 17 at 9 a.m.

ORLANDO, FL – If you think a major regional shopping mall isn’t the first place you’d go for help on launching your new business, think again. On Tuesday, May 17, the National Entrepreneur Center at Orlando Fashion Square Mall (top left photo) on East Colonial Drive near downtown Orlando will celebrate its grand opening starting at 9 a.m.

John Crossman (middle right photo), president of Crossman & Company,  the local leasing agent for Orlando Fashion Square, said the 20,000 square foot National Entrepreneur Center (formerly Disney Entrepreneur Center on Robinson St. downtown) opening at Orlando Fashion Square is one of the most creative ideas he has seen in a long time.

 “The nation’s economy is built on small business entrepreneurs, and small business entrepreneurs aren’t usually located in downtown office skyscrapers, they’re in the neighborhoods in the community,” Crossman said.

The opportunity to seek advice and assistance for an entrepreneurial idea at a regional mall is just brilliant, and my hat’s off to the National Entrepreneur Center for thinking outside of the box,” Crossman said.

 Crossman said he is optimistic the opening of the National Entrepreneur Center will generate new traffic at Orlando Fashion Square, the Central Florida area’s first regional mall. “Retailing patterns are changing,” Crossman said.

 “The economy is part of the reason, but there are others — the wave of baby boom retirements, the emergence of online retail sales, and a new generation of young people for whom the recession will mark a major milestone,” he said.

 “People are thinking differently about their retail purchases and their retailing habits,” Crossman said. “Retail locations are changing to meet new demands, and the National Entrepreneur Center’s Orlando Fashion Square Mall location is an outstanding example of the trend,” he said.

 Leasing agent for the mall, Whitaker Leonhardt (lower left photo) said “There are many more opportunities for community groups, business service tenants, and non-profit organizations to lease space at Orlando Fashion Square Mall. The National Entrepreneur Center sets the precedent for the mall to continue to add more community-minded tenants to the mall’s existing retail line up.

For more information, contact:

Jerry Ross, National Entrepreneur Center, 407-420-4848 Jerry@NationalEC.org

Whitaker Leonhardt, Crossman & Company 407-581-6238 wleonhardt@crossmanco.com

John Crossman, Crossman & Company 407-581-6218 jcrossman@crossmanco.com

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

  http://www.crossmanco.com/

Sales Begin For New 22-Story, Oceanfront Condo In Broward County, FL

 MIAMI, FL--An entity controlled by Miami developer Jorge Perez (top right photo) of the Related Group has launched preconstruction sales this week for the proposed 22-story Apogee Beach condo tower  fronting the Atlantic Ocean in the city of Hollywood in Southeast Broward County, according to a new report from CondoVultures.com.

 (Apogee South Miami Beach Condos, top left photo)

Proposed pricing for decorator-ready units - referred to by some industry watchers as "raw" - begins at $350 per square foot for the 49-unit tower where condos are to range from two bedrooms to five bedrooms, according to an analysis of the project's marketing material by the licensed Florida brokerage CVR Realty™.

"This is going to be an interesting test as the Hollywood / Hallandale Beach coastal condo market is virtually out of new unit inventory," said Peter Zalewski (lower right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "Individual purchasers and bulk buyers have acquired practically every developer unit built during the real estate boom in the Hollywood / Hallandale Beach market. Given the oceanfront location and the limited number of units, the proposed Apogee Beach condo project is a shrewd way to test the will of buyers for new condo product in Southeast Broward County."

The Hollywood / Hallandale Beach submarket in South Florida's Broward County is defined by Condo Vultures® as Federal Highway (U.S. 1) east to the Atlantic Ocean, and Sheridan Street south to Holiday Drive (Broward / Miami-Dade County line).

The Hollywood / Hallandale Beach submarket has 176 condo projects with nearly 27,200 units, including 21 projects with more than 4,900 units created since 2003, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Hollywood / Hallandale Beach™.

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com.

Carter Brokers Sale of 300,000 SF Office Building in Atlanta

ATLANTA, GA – Carter, one of the country’s leading commercial real estate service providers, investors and advisors, announced today it brokered the sale of 2651 Satellite Boulevard (top left photo) in Duluth. The 308,000-square-foot office building is leased by a Fortune 500 Corporation, whose international headquarters located in Atlanta.

Carter represented the seller, IMCC Satellite, LLC, in the sale of 2651 Satellite Boulevard. The buyer is BD 2651 Satellite Boulevard, LLC, an alternative asset management firm based in Chicago. The buyer paid $18.6 million in the all cash deal.

2651 Satellite Boulevard is net leased to the Fortune 500 Tenant on a long-term basis. The building, situated on 40 acres, is designated as part of the Mixed-Use Redevelopment Overlay District and is entitled for additional residential and commercial development.

Carter played several key roles in the transaction. In addition to representing the IMCC Satellite, LLC in the sale, Carter served as Receiver of the property when the Seller initiated foreclosure proceedings in January. Carter’s Property and Facility Management group took over management of the building early and helped stabilize it prior to the sale.

“This transaction exemplifies Carter’s strength as a full-service real estate firm,” said Gary Lee (middle right photo), Senior Vice President of Sales and Dispositions at Carter. “We filled the role of receiver, property manager and broker, and we were able to help our client sell the property quickly to a strong buyer.”

Lee marketed the building with fellow Carter associates Watson Bryant (lower left photo), Senior Financial Analyst and Morgan Stengel, Financial Analyst.

Carter’s property management expertise and experience in the property sale arena earned praise from the president of IMCC Satellite, LLC. With the transaction closed, Carter will continue to serve as property manager

Contact:

Laura Dudebout

O: 404.965.5023

C: 678.642.4301

ldudebout@wilbertnewsstrategies.com

MMM and Dewberry Capital Reach an Agreement; Lease Negotiations for the Top Six Floors in Campanile Building Underway

ATLANTA, GA – Morris, Manning & Martin, LLP and Dewberry Capital are pleased to announce they have reached an agreement to negotiate a lease for the Firm to take the top six floors of the Campanile Building (top left photo) in Midtown, subject to final agreement on specific terms. The move caps a search that has taken almost a year.

“We had many quality options to choose from in Downtown, Midtown and Buckhead, including renewing our lease at the Atlanta Financial Center,” said Morris, Manning & Martin Managing Partner Louise Wells (middle right photo).

“Each option presented us with compelling and difficult choices.  Ultimately, this landmark building’s prime location at the corner of 14th and Peachtree, Dewberry Capital’s proven track record and their commitment to renovate were pivotal factors in our decision.  This is a positive strategic move for us.”

Ridr Knowlton, Director of Office Development for Dewberry Capital, said details of the renovation will be made public in the next several weeks.  According to Knowlton, “Dewberry Capital is a long term owner of its assets.”  Knowlton added, “We pursue the best properties, in the best locations, and the prestige and quality of Morris, Manning & Martin is very consistent with that strategy.”

Morris, Manning & Martin’s headquarters have been in the Atlanta Financial Center in Buckhead since 1987, when the firm had just 26 lawyers.  The Firm currently has over 350 lawyers and staff.

“It was particularly difficult for the Firm to agree to leave Buckhead after 25 years and to relocate to Midtown, a decision we did not take lightly,” Wells added. “However, we feel strongly that this is the right move at the right time for us.”

The firm is negotiating to take roughly 140,000 square feet in the Campanile Building, compared to the almost 114,000 square feet it currently has in the Atlanta Financial Center.  Jones Lang LaSalle is representing Morris, Manning & Martin in its search for new office space.

 “While we remain very committed to Buckhead, the Firm believes that the Campanile Building better accommodates the future growth of the Firm,” said Sonny Morris, one of the Firm’s founding partners.

Media Contact: Terri Thornton, Thornton Communications

404-932-4347 (Cell), http://www.territhornton.com/

Colliers International Completes $4 Million Multifamily Sale in Marina Del Rey, CA

MARINA DEL REY, CA.  - Colliers International, the second largest global real estate services organization, has completed the investment sale of a 6,316-square-foot apartment building located at 15 Outrigger Street (top left photo), Marina Del Rey, Calif. The transaction sold for $4 million.

 Kitty Wallace (middle right photo), executive vice president, based in Colliers International’s West Los Angeles office, represented both the Buyer, a Los Angeles-based real estate investment firm, and the Seller, private investors based in Hawaii.

 The Outrigger Apartments is located on the prestigious Marina Peninsula, just steps from the sand and the canals. The four-story asset was built in 1972 and was renovated in 1982. The property’s spacious floor plans and parking ratio of 2.55 spaces per unit creates the opportunity for a condominium conversion further down the road.

  “Almost immediately, we saw tremendous interest in the Outrigger Apartments. As expected the property scored well with investors due to its coastal location, impeccable condition, and 100% occupancy rate,” said Wallace.  “There was an aggressive bidding war over the asset and it finally sold at list price with $100,000 hard money up front to a 1031 exchange Buyer.”

 “The fact that the property sold for $444,444 per unit and a 3.84 CAP Rate is an excellent indicator that class-A markets of the city continue to draw top market values regardless of the recession. There is always demand for high-end properties in good neighborhoods,” added Wallace.

Additionally, the property has an excellent unit mix with one one-bed, one-bath unit, two one-bed, one-bath, plus a loft and patio units, four two-bed, two-bath units, and two two-bed, plus a loft and patio units.

The units are all spacious, have walk-in closets, balconies, and fireplaces in every bedroom and living room. Most units have double-paned windows and three have washer/dryer hook-ups. Common area amenities include 23 parking spaces, an elevator, a laundry room, and controlled access entry.

Colliers International Negotiates Three Industrial Deals Totaling $13.75 Million in Greater Los Angeles

 LOS ANGELES, CA – Colliers International, the second largest global real estate services organization, has negotiated two industrial leases and an industrial sale totaling $13.75 million in the Mid-Counties Market in Greater Los Angeles.

 Chris Sheehan (middle right photo), SIOR, senior vice president, and Adam Deierling (lower left photo), vice president, based in Colliers International’s Torrance office represented tenants and user in all three transactions.

 The first transaction, an industrial property located at 13226 Alondra Blvd., Cerritos, Calif., is valued at $10.56 million. Built in 1981, this 128,000-square-feet industrial property will be used as a distribution and light manufacturing center by the new buyer who will also build 4,000-square-feet of new office space. The seller, Scope Properties, LLC, was represented by Ted Carpenter of Carpenter & Associates. Deierling and Sheehan represented the buyer, Achem Industry America, Inc.

The second transaction was a five-year lease for a total of $2.214 million in consideration for a 102,576-square-feet industrial property located at 13930 – 13950 Mica St., Santa Fe Springs, Calif. Prologis California LLC was the landlord in this deal.

Sheehan and Deierling along with Phil Norton, senior vice president, based in Colliers’ Commerce office represented the tenant, Capitol Distribution, a Santa Fe Springs-based bulk food distribution company. This property was built in 1980 and will be used as warehousing and distribution center for bulk food by the new tenant.

Lastly, Deierling and Sheehan along with Josh Hayes, vice president based in Colliers’ Ontario office, negotiated a 50-month lease for a property located at 14659 Alondra Blvd., La Mirada, Calif. for the tenant, Royal Sugar, LLC, a New Jersey-based food distribution company. The transaction is valued at $942,824. Prologis California LLC was once again the landlord in the deal. This property was built in 1970 and will be used as a processing and distribution center of sugar by the new tenant.

 “These deals demonstrate the active owner/user demand prevalent in the market today,” said Deierling.

 “We are seeing more confidence from tenants and owners/users in the marketplace willing to commit to longer term leases and purchase,” added Sheehan.

 Contact:

Angela S. Hwang

Regional Marketing Coordinator | Greater Los Angeles

Dir +1 213 532 3258 | Mob +1 310 867 4105

Main +1 213 627 1214 | Fax +1 213 327 3258

angela.hwang@colliers.com

http://www.colliers.com/

Follow us at www.twitter.com/colliersgla