McCarthy Building Companies is Constructing a New High School in Rancho Mirage, CA for Palm Springs Unified School District

RANCHO MIRAGE, CA — McCarthy Building Companies, Inc. www.mccarthy.com, one of the premier school builders in the U.S., is constructing the $99.3 million high school in Rancho Mirage for Palm Springs Unified School District (PSUSD).

The 332,000-square-foot high school  (top left rendering) is being constructed on 60 plus acres near DaVall Drive and Ramon Road in the city of Rancho Mirage.

“The new 2,200 student capacity high school will alleviate overcrowding from other high schools in the district,” said Mike Sattley, PSUSD project manager. “Plus, constructing in the current economic climate is cost effective,” he added. 

Funding for the school is provided by local Bond Measures E and T. The school was also provided with a $3 million grant from the California Career Technical Education Program for construction of the culinary kitchen, multimedia/video classroom and mechanic/transportation lab.

Sattley added, “The District and McCarthy have been working well together on the high school, and the project is moving forward as scheduled.”

Serving as general contractor for the buildings and site package as well as construction manager for the offsite package, McCarthy recently completed mass grading and is currently constructing the underground site utilities and the building foundations. Sattley said he expects the structural steel portion of the buildings to be topped-out by mid-2011.

Contact: 

Laura Mickelson (LM Communication), (949) 453-0851,

Susan Garritano (McCarthy Building Companies, Inc.), (314) 968-3300

HFF secures $11.5 million refinancing for Orange County, CA mixed-use property

  

LOS ANGELES, CA – The Los Angeles office of HFF (Holliday Fenoglio Fowler, L.P.) has secured an $11.5 million refinancing for Plaza Empresa (top left photo), an 87,943-square-foot mixed-use property in Rancho Santa Margarita, California.

HFF director Chris Vittetoe (middle right photo) and senior managing director Paul Brindley (lower left photo)  represented the borrower in the transaction. 

 An adjustable-rate non-recourse loan was provided by Prime Finance, a commercial real estate finance company with offices in San Francisco, Chicago and New York.

“HFF successfully recapitalized a matured CMBS loan due to the high barriers to entry of Rancho Santa Margarita and strong sponsorship,” said Vittetoe.

Plaza Empresa is situated on a 7.17-acre site at 29821-29941 Aventura with excellent access to the 241 Toll Road in Orange County. 

The property was renovated in 1997 and includes five single-story buildings that are 70% leased to primarily service retail, restaurants and medical office tenants.

Contacts: 

Christopher Vittetoe, HFF Director, (310) 407-2100, cvittetoe@hfflp.com

Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,
krmurphy@hfflp.com

                                                                                                                         

HFF closes $13.6 million two building office portfolio in Newport Beach, CA

IRVINE, CA -The Orange County office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of 3355 and 3388 Via Lido, office buildings totaling 49,886 square feet in Newport Beach, California.

HFF senior managing director Ryan Gallagher (top right photo) and director Kelly Rohfeld (middle left photo)  along with local market specialist John Pomer of Grubb and Ellis led the investment sales team on behalf of the seller.  Conrad Management purchased the portfolio for $13.6 million. 

3388 Via Lido is a five-story office property that features 110 linear feet of bay frontage with boat slips on the Newport/Lido Channel.  3355 Via Lido has three stories of office space and is located across the street from the channel with water views.  Both properties have immediate proximity to Lido Marina Village in Newport Beach. 

 “The buyer and their consultant Marshall Development have created an exceptional vision for the 3388 Via Lido building.  The building’s five-story height is well above today’s current zoning code, and from the top floors you have ocean and bay views.  This project will be the catalyst for the regentrification of Lido Marina Village,” said Gallagher.

Contacts:

Ryan Gallagher,  HFF Senior Managing Director, Ca. Lic. # 01269918, 

(949)   2538800, rgallagher@hfflp.com                              ,                                                                                            Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,    

krmurphy@hfflp.com

                 

HFF named to market for sale retail power center in south San Antonio, TX

 HOUSTON, TX – The Houston and Dallas offices of HFF (Holliday Fenoglio Fowler, L.P.) have been named to market for sale City Base Landing (top left photo), a 201,426-square-foot retail power center in south San Antonio, Texas.

The HFF investment sales team will be led by senior managing directors Robert Williamson (middle right photo), Rusty Tamlyn (middle left photo) and Jim Batjer (lower right photo) who are representing the seller.  The property is being offered for sale for $35 million, which equates to a 7.9% cap rate.

Completed in 2005, City Base Landing is anchored by Best Buy, Office Depot and Hancock Fabrics.

 Additional retailers at the 93% leased center include AT&T, Buffalo Wild Wings, Cato Fashions, Chase Bank, Eye Masters, Shoe Show and Sherwin Williams. 

The property is situated on 22 acres at 3326 Southeast Military Drive at the intersection of Interstate 37 and Highway 281 in south San Antonio.

“South San Antonio is one of the most densely populated areas of the city, yet it lacks a substantial amount of Class A retail centers, allowing City Base Landing to pull customers from as far as 50 miles away,” said Batjer.

“Additionally, this area is poised for rapid growth in the next few years as Brooks Air Force Base completes its transformation to Brooks City-Base, which is a 1,246-acre business park offering more than two million square feet of laboratory, office and light industrial space.

“Coupled with the continued expansion of Toyota’s new assembly plant and a new branch campus for Texas A&M University, these economic drivers will bring additional jobs and homes to the area,” added Williamson.

Contacts:

Robert Williamson, HFF Senior Managing Director, (713) 852-3500;  rwilliamson@hfflp.com

Jim Batjer, HFF Senior Managing Director, (214) 265-0880,  jbatjer@hfflp.com

 Kristen Murphy, HFF Associate Director, Marketing , (713) 852-3500,

krmurphy@hfflp.com

Southern Commercial Completes 27,224-SF Lease Renewal in Orlando, FL

  

ORLANDO, FL-- Vice President Sher Tolan (top right photo) of Southern Commercial Real Estate Advisors completed a 27,224 square foot lease renewal at 7701 Southland Blvd. 

Tolan represented the Tenant, Beaulieu Group, LLC.  The Landlord is Distribution Funding II, LLC. 

Anutra Leases 12,000 SF at 567 Ocoee Business Parkway

ORLANDO, FL.(Nov. 24, 2010-- Principals William “Bo” Bradford, CCIM, SIOR and Tom McFadden, SIOR of Southern Commercial Real Estate Advisors completed a 12,000 square foot new lease at 567 Ocoee Business Parkway. 

 Bradford and McFadden represented the Landlord, 547 Ocoee Business Parkway Trust.  The Tenant was Anutra, LLC. 

  

Media Contact:  Celeste MacKenzie, 321-281-850, cmackenzie@southerncommercialre.com

     

Berger Commercial Realty Corp. Announces Recent Leases and Sales

FORT LAUDERDALE, Fla. – Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale, Fla., and serving clients around the state, announced two new deals from brokers Steve Hyatt (top right photo)  and Reese Stigliano (lower left photo), SIOR.

Hyatt and Stigliano represented ECP Properties, Inc., in the sale of 22-unit apartment complex, located at 1300 NW 2nd Ave. and 143 NW 13th Street in Pompano Beach, Fla., to buyer Silver Key, LLC, for $475,000.

Stigliano also represented Plantation Properties of Broward, LLC in the lease of 4,498+/- square-feet of office space, located at 1700 NW 66th Avenue in Plantation, Fla., to Team Health, Inc., for 60 months.

BRIEFS:

Property Address: 1300 NW 2nd Ave. and 143 NW 13th Street, Pompano Beach, FL

Purchase Price: $475,000

Seller: ECP Properties, Inc., represented by Steve Hyatt and Reese Stigliano, SIOR. 

Buyer: Silver Key, LLC

Description:  22-unit apartment complex, named Pompano Terrace Apartments, located in northwest Pompano

Property Address: 1700 NW 66th Ave., Plantation, FL 33313

Landlord: Plantation Properties of Broward, LLC, represented by Reese Stigliano, SIOR

Tenant: Team Health, Inc.

Description: 60 month lease for 4,498+/- sf of office space

Contact:  Marielle Sologuren

Pierson Grant Public Relations

(954) 776-1999, ext. 226

msologuren@piersongrant.com

Patrick Shine and David Bell Join Sceptre Hospitality Resources as Managing Directors of Select Service Hotels

  

DENVER, CO, Nov/ 23, 2010— Sceptre Hospitality Resources, a leading revenue generation and eCommerce firm specializing in the hospitality industry, today announced that Patrick Shine (top right photo) and David Bell (top left photo), co-founders of Results in Hospitality, have joined Sceptre as managing directors of select-service hotels.

 Their responsibilities include providing pre-opening sales and marketing, local sales and marketing blitzes and remote sales efforts to dramatically improve revenues for Sceptre clients.

“We continue to add depth and special experience to our team to support our goal of being the only company to provide the full range of sales and marketing services,” said Bill Linehan,(lower right photo) Sceptre’s chief marketing officer.

 “In effect, we are the only ‘one-stop,’ third-party sales and marketing shop in the hotel industry.  As a result, we can plug in the expertise to solve any revenue issue a hotel may incur.

“Patrick and David bring more than 50 years of hotel operations, technical, sales and marketing experience to the Sceptre portfolio of 500-plus hotels.

"They will provide our clients with an unparalleled direct sales ‘SWOT’ team that can jump-start a hotel’s top-line revenues at any stage of a hotel’s life from pre-opening to flag conversion, from shoulder seasons to slow periods. 

"They can add extra sales and marketing staff on a temporary, as-needed basis, as well as provide in-depth training and support to sustain revenue growth year-round,” he said.

“Our base program typically is an intense, three- to five-day onsite sales and marketing package aimed at helping hotels reach their full sales potential,” said Shine. 

Contact: 

Jerry Daly or Chris Daly, (703) 435-6293

 www.esceptre.com

Grubb & Ellis Healthcare REIT II Acquires Sylva Medical Office Building in North Carolina

SYLVA, N.C. /PRNewswire/ -- Grubb & Ellis Healthcare REIT II, Inc. today announced that it has acquired Sylva Medical Office Building, a three-story, 45,000-square-foot, Class A single-tenant medical office building on the campus of Harris Regional Hospital in Sylva.  The acquisition closed on Nov. 15.   

Located at 98 Doctors Drive, Sylva Medical Office Building is on the campus of the 86-bed Harris Regional Hospital, an acute care facility that serves the residents of Jackson County and neighboring communities in western North Carolina.

 Carolinas HealthCare System, one of the leading healthcare organizations in the Southeast, manages the hospital on behalf of its owner, WestCare Health System. 

"Grubb & Ellis Healthcare REIT II is committed to building a diverse portfolio of income-producing healthcare-related properties that are accretive and supportive of our investor distribution," said Danny Prosky (middle right photo), president and chief operating officer. 

"This strategy allows us to provide our stockholders with dependable income and superior long-term financial performance."

Built in 2010, the property is leased to Harris Regional Hospital (middle left photo), which signed a long-term lease through 2025.   

Sylva Medical Office Building was acquired from CDP-Sylva LLC, an unaffiliated third party represented by Doug Connell, senior vice president, Investment Group in Grubb & Ellis Company's Atlanta office.

 Grubb & Ellis Healthcare REIT II financed the acquisition using $11.4 million in borrowings under its line of credit with Bank of America, N.A and cash proceeds received from its offering. 

As of Nov. 5, 2010, Grubb & Ellis Healthcare REIT II has sold approximately 12,068,577 shares of its common stock, excluding the shares issued under it distribution reinvestment plan, for approximately $120,375,000 through its initial public offering, which began at the end of the third quarter of 2009.

To date, the REIT has made 11 geographically diverse acquisitions comprised of 21 buildings valued at approximately $162 million, based on purchase price.

Contact:  
Damon Elder of Grubb & Ellis Company, +1-714-975-2659, damon.elder@grubb-ellis.com
 Web Site: http://www.grubb-ellis.com/

$82.44 Million Sale of 2121 K Street NW in Washington, DC Closed by HFF

     

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of 2121 K Street NW (top left photo), a 190,458-square-foot, Class A office building in downtown Washington, D.C.

HFF senior managing directors Jim Meisel  (middle right photo) and Dek Potts (middle  left photo) and managing director Andrew Weir (lower right photo) represented the seller, ING Clarion Partners. 

TF Cornerstone purchased the property for $82.44 million free and clear of existing debt.

 Recently renovated in 2009, 2121 K Street NW is an 11-story property with ground-level retail and a 132-space underground parking garage.

 The property is 71% leased to tenants including the United Mine Workers of American Pension Trust (UMWA), Economists Incorporated, Intl Research & Exchange, George Washington University and a recently signed retail lease with celebrity chef Bobby Flay’s, Bobby’s Burger Palace.

  Tenants have access to an on-site fitness center with showers and locker rooms, and a rooftop terrace.  Located on the north side of K Street between 21st and 22nd Streets, 2121 K Street NW is within walking distance of the Foggy Bottom, Farragut West and Farragut North Metro stations in downtown Washington, D.C.

“Washington, D.C. continues to rank as the top city for commercial real estate investment in the world,” said Meisel.  “We had tremendous interest in this core plus investment opportunity as the leasing market in the CBD continues to improve.”

TF Cornerstone is a family-owned and operated real estate acquisition, development and management organization with residential, commercial and retail properties in both New York and Washington, D.C.

 Headquartered at 290 Park Avenue South, TF Cornerstone’s principals pride themselves on their personal involvement in all aspects of their business and portfolio, ensuring the highest level of quality and assurance.  www.TFCornerstone.com.

Contacts: 

James A. Meisel, HFF Senior Managing Director, (202) 533-2500,  jmeisel@hfflp.com

Stephen ‘Dek’ Potts Jr., HFF Senior Managing Director, (202) 533-2500,  dpotts@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

krmurphy@hfflp.com

                                             

St. Regis Hotels & Resorts Debuts First St. Regis Resort in China

From left : Mr. Don Lin, first guest at the hotel; Mr. Magdy Anis, General Manager of The St. Regis Resort, Lhasa; Mrs. Bai Sheng Lin, first guest at the hotel and Ms. Elfa Cleofe, Director of Sales and Marketing of The St. Regis Resort, Lhasa.

LHASA, TIBET-- - Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today announces the debut of St. Regis’ first property in China and first-ever luxury resort in Tibet, with the opening of The St. Regis Lhasa Resort (middle right photo).

Standing on the “Roof of the World” at 12,000 feet above sea level, The St. Regis Lhasa Resort offers refined luxury and superlative service in a storied city.

The resort boasts awe-inspiring views of the Himalayas and the Lhasa Valley from each of the 162 guest rooms, suites and villas which feature distinctive architectural details and décor that entwine modern luxury with traditional Tibetan elements.

 “We are proud to debut the St. Regis brand in China with the opening of The St. Regis Lhasa Resort, offering our discerning guests access to the distinguished St. Regis legacy with the highest expression of personalization, refined elegance and uncompromised guest experiences,” said Paul James (lower left photo), Global Brand Leader, St. Regis and The Luxury Collection Hotels & Resorts.

“With the region’s unrivaled natural beauty and enchanting cultural heritage, Lhasa is one of the world’s most coveted destinations for global travelers, and The St. Regis Lhasa Resort is destined to be an unparalleled way to discover Tibet.”

Contact:

Hwee Peng Yeo

Director of Asian Markets

Glodow Nead Communications – Asia

Level 21, Centennial Tower

3 Temasek Avenue

Singapore 039190

Tel : 65 9768.6087

 Glodow Nead Communications

1700 Montgomery Street, Suite 203

San Francisco, CA 94111

T: 1 415.394.6500

C : 1 650.892.4769 F: 415.403.9060

hweepeng@glodownead.com

http://www.glodownead.com/

W Retreat & Spa Bali-Seminyak Marks the Much-Anticipated Debut of W Hotels Worldwide in Indonesia

BALI, INDONESIA (Nov. 22, 2010) – The much anticipated W Retreat & Spa Bali-Seminyak (top left photo) marks its debut in Indonesia this early 2011, representing another milestone in W’s global expansion into the world’s most exciting and vibrant destinations.

 Located in Seminyak, the trendy enclave of Bali, W Retreat & Spa Bali-Seminyak is the latest playground on the island which will emanate the destination’s exuberance, where designer boutiques, eclectic galleries, concept restaurants, and chic cocktail bars and clubs predominate.

 “We are excited to bring the W brand to Bali,” said Miguel Ko (lower right photo), President and Chairman of Starwood Hotels & Resorts, Asia Pacific.

“After the opening of W Retreat & Spa-Vieques Island and W Retreat Koh Samui, W Retreat & Spa Bali-Seminyak will be our third retreat to open in 2010.  W Retreat & Spa Bali-Seminyak will redefine the resort experience and bring a new and distinctive product to the hotel market in Indonesia.”

Contact:

Hwee Peng Yeo

Director of Asian Markets

Glodow Nead Communications – Asia

Level 21, Centennial Tower

3 Temasek Avenue

Singapore 039190

Tel : 65 9768.6087

 Glodow Nead Communications

1700 Montgomery Street, Suite 203

San Francisco, CA 94111

T: 1 415.394.6500

C : 1 650.892.4769 F: 415.403.9060

hweepeng@glodownead.com

http://www.glodownead.com/

Marcus & Millichap Lists $23.4 Million Shopping Center in Central Ohio

 HILLIARD, OH – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Market at Mill Run (top left photo), a 146,173-square foot shopping center in Hilliard.

The listing price of $23,418,000 represents $160 per square foot.

 Chris Thomson, a retail property investment specialist in the firm’s Columbus office, is representing the seller, a well-known local developer and the original owner of the property.

 “Market at Mill Run is anchored by Movie Tavern and Lifestyle Family Fitness, both of which have long-term leases,” says Thomson.

 “Movie Tavern’s lease expires in 2016 and Lifestyle Family Fitness’ lease expires in 2021. Nonrecourse assumable financing with favorable terms is available,” adds Thomson.

The property is located at 3770 Fishinger Blvd., a heavily traveled east-west thoroughfare in Hilliard, a densely populated suburb northwest of Columbus. Traffic counts on Fishinger Boulevard exceed 45,000 cars per day.

Market at Mill Run was built in 1988 on 21.34 acres. The property is currently 85 percent occupied by 28 tenants. Major tenants include Chipotle, First Watch, Huntington Bank, Shell, Starbucks and Tire Discounters.

Hilliard is a mature infill suburb that has experienced tremendous growth during the past 15 years.

 Bill Rose Named Western Regional Director of Marcus & Millichap’s National Retail Group

ENCINO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Bill Rose  middle left photo), to Western Regional Director of its National Retail Group (NRG), according to Alan L. Pontius (lower right photo) managing director of the NRG.

In addition to his new duties with the NRG, Rose will continue to serve as sales manager of the San Diego office.

“Bill has an in-depth understanding of the fundamentals that shape the western U.S. retail market,” says Pontius. “His knowledge of the retail investment sector and capital markets makes him an asset to our investment advisor, as well as our private and institutional investor clients.”

Rose joined Marcus & Millichap’s San Diego office in September 2003 as a retail and multifamily investment specialist. He was promoted to associate status in September 2004 and earned the title of senior associate in September 2006.

Prior to rejoining the firm, Rose was a managing director in the San Diego office of Holliday Fenoglio Fowler L.P., where he was primarily responsible for originating debt, equity and investment sale transactions throughout the western United States. 

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

Stirling Sotheby’s International Realty Unveils Smart Phone Bar Code Marketing Technology in Central Florida

 ORLANDO, Fla. --- Stirling Sotheby’s International Realty has unveiled its new smart phone bar code (top left photo) marketing technology throughout Central Florida.

 Roger Soderstrom (middle right photo), founder and owner of Stirling Sotheby’s International Realty, said both potential home buyers and commercial clients will be able to access a comprehensive data base about individual properties by snapping a picture of the bar code on the property ‘for sale’ or ‘for lease’ sign.

“We are redesigning our signage, brochures, postcards, web site and advertising to accommodate bar codes,” Soderstrom said.

 “Prospective buyers can access all the data on a particular property, including brochures, interactive flyers and video instantly and easily by snapping a picture of the bar code,” Soderstrom said.

 Soderstrom said Stirling Sotheby’s has rolled out the barcode marketing technology on all of its downtown Orlando commercial properties.

 For more information, contact:

Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890  

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 

NAI Realvest Negotiates $300,980 Sale Price for 4-Acre Development Site in Poinciana Office & Industrial Park in Osceola County, FL

 MAITLAND, FL – NAI Realvest completed the $300,980 sale of an industrial development site at Poinciana Office and Industrial Park on Poinciana Blvd. and U.S. Hwy.17-92 in Poinciana, Osceola County.

 NAI Realvest Principals Robert Blackwell (top right photo), SIOR and Michael Heidrich (lower left photo) negotiated the transaction representing the seller Avatar Properties, Inc. of Coral Gables. 

Williams Properties, an Orlando-based developer, bought the site designated as four acres of Tract N and plans to use the property for an office warehouse development.

For more information, contact:  

Robert Blackwell SIOR or Michael Heidrich, Principals at NAI Realvest, 407-875-9989;  

rblackwell@realvest.com,

mheidrich@realvest.com;

Patrick Mahoney, President NAI Realvest , 407-875-9989 pmahoney@realvest.com;

 Beth Payan, Larry Vershel Communications, Inc. 407-644-4142 lvershelco@aol.com

   

NAI Realvest Brokers Sale of Brevard County, FL Development Site

 ORLANDO, Fla. – NAI Realvest recently negotiated the $548,856 purchase of a 0.98-acre retail development site for a new Tire Kingdom store on Lake Andrew Drive just north of Napolo Drive in Viera.

 NAI Realvest principals Kevin O'Connor (top right photo) and Matt Cichocki (middle left photo)  negotiated the transaction on behalf of the buyer Pavilion Capital, LLC of Charlotte, N.C., a developer for Tire Kingdom who plans to construct a 7,000 square foot store on the site.  

 The Viera Company of Melbourne is the seller.

 This is the ninth Central Florida Tire Kingdom location the NAI Realvest retail team of O’Connor and Cichocki has secured, with two additional sites under contract.

 NAI Realvest managing partner Paul P. Partyka and associate George Viele represented the seller in the transaction.

For more information, contact:

Kevin O’Connor or Matt Cichocki, Principals NAI Realvest, 407-875-9989

koconnor@realvest.com;

 mcichocki@realvest.com;

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

 Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com

 Beth Payan or Larry Vershel, Larry Vershel Communications, Inc.  407-644-4142 

Marketplace Advisors, Inc. Negotiates Lease at Shoppes at Aloma Walk in Seminole County, FL

ORLANDO, FL - Marketplace Advisors, Inc. recently negotiated a new long-term lease agreement for 2,400 square feet of restaurant space at the Shoppes at Aloma Walk, a Publix-anchored retail center located on Aloma Ave. at S.R. 417 in Seminole County.

 David Marks (top right photo), president of Marketplace Advisors, Inc., negotiated the lease agreement representing the landlord, Aloma Walk Commercial Venture, LLC.

 The new tenant is Y.Y. Gourmet Group, LLC, d/b/a Miyako Japanese Restaurant.   GBA Realty, LLC associate Paul Kiang participated in the transaction representing the tenant.

For more information, contact:  

David Marks, Marketplace Advisors, Inc., 407-599-0007, dmarks@cfl.rr.com;

Larry Vershel or Beth Payan, LV Communications, 407-644-4142   

Hendricks & Partners and The Oakley Group Negotiate Sale of Large Birmingham AL Apartment portfolio for $32,100,000

 BIRMINGHAM - Hendricks & Partners, one of the nation’s largest multifamily advisory and research firms and The Oakley Group co-listed and negotiated the sale of the Highland Multi-Family Portfolio of apartment properties in Birmingham for $32,100,000.

Cole Whitaker (top right photo), who heads the Southeast region for Hendricks & Partners in Orlando, said Abbey Residential, LLC of Birmingham acquired the portfolio, which includes 1,782 apartment units, and ranks among the largest unit sales in Birmingham history.

The portfolio includes three apartment communities, Highland Peak, with 585 apartments at 114 Aspen Circle in Homewood, Highland View with 644 units located at 700 Aspen Drive in Birmingham and Highland Bluff with 553 apartment units at 200 Robert Jemison Drive in Birmingham

 “The Highland Multi-family Portfolio sale points to the strength of the Birmingham market,” Whitaker said.  “Market response to this offering was exceptionally strong, and all of us are pleased that the properties were acquired by a Birmingham company,” he said.

 “We are very appreciative of the support Hendricks & Partners and The Oakley Group provided in achieving the 30-day due diligence period and contract parameters to close this transaction in 60 days, said J. Frank Barefield, Jr.,  president of Abbey Residential, LLC.  “That is a very difficult task for 1,782 distressed units,” he added. 

 “Abbey Residential was the perfect fit for this deal,” said David Oakley. (middle right photo)  “They did exactly what they said they would do throughout the entire process—there were no retrades and no extensions. 

"That goes a long way in our industry and demonstrates the high standards of Abbey Residential,” Oakley explained.

 Whitaker headed the Hendricks & Partners team that negotiated the sale along with associate partner Hal Warren (top left photo) of Orlando, and Associates John Clayton, Aaron Hargrove and Tim McKay who work out of Hendricks & Partners south central office.

Hendricks & Partners and The Oakley Group represented the seller REDUS Alabama Commercial, LLC (Wells Fargo Bank, N.A.) of Atlanta, Charlotte and Los Angeles.

For more information, contact:  

Cole Whitaker, Managing Partner, Hendricks & Partners 407-256-9594;  

 David Oakley, The Oakley Group, Inc.  205-918-0785;  

Hal Warren, Associate Partner, Hendricks & Partners 407- 256-9594;  

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142  

 www.hendrickspartners.com/