HFF closes sale of and arranges acquisition financing for southeast Houston industrial facility

HOUSTON, TX – The Houston and Dallas offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have closed the sale of and arranged financing for 8451 Market Street Road (top left photo), a 120,810-square-foot industrial facility in southeast Houston, Texas.

HFF senior managing director Rusty Tamlyn (middle right photo) and real estate analyst Trent Agnew led the investment sales team on behalf of the seller, Market Portwall L.P. (a partnership controlled by The National Realty Group, Inc.). 

Mayfield Properties purchased the property for an undisclosed amount free and clear of debt.

Working on behalf of the buyer, HFF director Brian Carlton (lower left photo) placed the five-year, 5% fixed-rate acquisition loan with Aetna Life Insurance Company. 

8451 Market Street Road is situated on five acres close to the 610 Loop and Interstate 10 interchange three miles north of the Port of Houston and five miles east of Houston’s central business district. 

The property has been renovated within the last year and is fully leased to Santini Export Packaging, Area Wholesale Tire and Interglobal Plastics.

“8451 Market Street’s largest tenant has been in occupancy since the early 1980’s, providing the owner with a strong anchor tenant and solid income stream,” said Tamlyn.

 Contacts:

Rusty Tamlyn, CCIM, SIOR, HFF Senior Managing Director, (713) 852-3500, rtamlyn@hfflp.com

Brian Carlton, HFF Director, (214) 265-0880, bcarlton@hfflp.com

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

HFF arranges $12.5 million refinancing for 66 Long Wharf in Boston

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $12.5 million refinancing for 66 Long Wharf, (top left photo) a 77,655-square-foot office and retail property along the waterfront in Boston’s Financial District. 

 HFF senior managing director Bob Herron (middle right photo) and senior real estate analyst Carlos Febres-Mazzei  worked on behalf of the borrower, ELV Associates, Inc., to secure the fixed-rate loan through Peoples United Bank. 

66 Long Wharf is among the most historic and unique properties along Boston’s waterfront.   

The property is 97.5% leased, of which 73% of the space is under long-term leases.

 Tenants include the Chart House restaurant, which has operated at the property since 1973, and engineering/construction giant AECOM (NYSE: ACM).

Located along Long Wharf in the Financial District, the property is in close proximity to the “State Street” MBTA subway station and is within walking distance to the North End, Faneuil Hall (lower left photo) and Beacon Hill.

“The property’s office occupancy has ensured strong cash flow for many years and shows no signs of abating,” said Herron.

ELV Associates was established in 1990 and has since completed the acquisition and development of more than four million square feet of commercial property in Boston, Washington, DC and Atlanta, representing nearly $500 million in market value.

Contacts:

Robert M. Herron,  HFF Senior Managing Director  (617) 338-0990, rherron@hfflp.com

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

Grubb & Ellis Facilitates Sale of Freezer/Cooler/Distribution Center to Supreme Lobster & Seafood Co.

  

ROSEMONT, IL– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that it facilitated the sale of 279 Marquette Drive (top left photo) in Bolingbrook, a 101,088-square-foot freezer/cooler and distribution facility, to Supreme Lobster & Seafood Company.

 The sale represents the expansion of Supreme Lobster from its current operations in Villa Park.

Matt Mulvihill (middle right photo), executive vice president, Industrial Group, represented Supreme Lobster.  Jack Cozzie, senior vice president, Global Logistics Group, Jim Cummings, associate vice president, Industrial Group, and Frank Melchert, senior associate, Food & Cold Storage Group, represented the sellers, M&E Cold Storage, The Crowne Group and United Insulated.

“This facility gives Supreme Lobster a prime opportunity to expand its operations into a modern building with state-of-the-art building improvements,” said Mulvihill. 

 “The building is also ideally located in relation to the company’s customer base, supporting Supreme Lobster’s status as the leading seafood supplier of fresh and frozen seafood product in the greater Chicago area.”

Built in 2004, 279 Marquette Drive is a freestanding freezer building with 73,000 square feet of freezer space, 12,600 square feet of refrigerated dock space and approximately 15,000 square feet of office space.

Features include excellent expressway access, a desirable business park setting, 60-foot deep staging area and a clearance height of 35 feet. 

The property is also expandable by more than 50,000 square feet.

 Contact: Erin Mays. Phone: 312.698.6735. Email: erin.mays@grubb-ellis.com

Grubb & Ellis Company Names Mathieu Streiff General Counsel

SANTA ANA, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, has named Mathieu B. Streiff (top right photo) executive vice president, general counsel and corporate secretary, effective immediately.  Streiff replaces Andrea R. Biller, who has left the company.

“Mat has played a key role within our management team for several years,” said Thomas P. D’Arcy (bottom left photo), president and chief executive officer.  “We are extremely confident that his legal experience, strategic thinking and proven management skills will make him a highly effective general counsel.”

D’Arcy said, “Andrea provided the company with valuable insight, particularly with respect to our Investment Management business, and we wish her well in her future endeavors.”

 Streiff joined Grubb & Ellis Realty Investors in 2006 as the firm’s real estate counsel responsible for structuring and negotiating property acquisitions, financings, joint ventures and disposition transactions.  He was promoted to chief real estate counsel and senior vice president, investment operations in 2009.

 Contact: Janice McDill, Phone: 312.698.6707, Email: janice.mcdill@grubb-ellis.com

    

Retail Investment Veteran Ronald Cappello Joins Grubb & Ellis

KING OF PRUSSIA, PA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  announced that Ronald Cappello (top right photo) has joined the company’s King of Prussia office as senior vice president, Private Capital Markets, specializing in retail real estate investments.

“Ron’s experience both as a broker representing the needs of retail investors as well as serving in ownership roles himself brings a new perspective to Grubb & Ellis,” said Bob Clements, executive vice president and market leader for Grubb & Ellis’ Philadelphia tri-state area.

  “His strong relationships, track record and expertise make him a tremendous addition to our team and represent a great opportunity to reassert our strength in the retail market.”

 Cappello is a 25-year industry veteran with experience in investment sales, asset management and retail leasing.

 Since 2004, Cappello was a senior director and investment sales broker for Fameco Real Estate, Inc., where he was the senior member of a team of five investment professionals in investment sales transactions totaling in excess of $500 million.

 Contact:  Erin Mays, Phone: 312.698.6735, Email: erin.mays@grubb-ellis.com

Marcus & Millichap Sells 62,981-SF assisted living and Alzheimer’s Community for $3.2 million in Altamonte Springs, FL

ALTAMONTE SPRINGS, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Emeritus at Altamonte Springs (top left photo), a 62,981-square foot Assisted Living and Alzheimer’s community located in Altamonte Springs, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $3,200,000.

 Ms. Krone Weidler (lower right photo), a senior associate and seniors housing specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company based out of Seattle, Washington.  Ms. Weidler also represented the buyer, a limited liability company based out of Maryland.

Emeritus at Altamonte Springs is located at 433 Orange Avenue.  This premier Assisted Living and Alzheimer’s community is set on five acres of beautifully landscaped grounds with an outdoor courtyard and swimming pool.

“The buyer is planning extensive renovation and expects upside in occupancy and rents.” says Ms. Weidler.

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

Melrose-Sovereign Companies to manage Lake Thomas Pointe in Land O’Lakes and Harbor Grove in Safety Harbor

ORLANDO, FL - Melrose-Sovereign Companies, the Orlando-based firm that ranks as one of the largest and most active homeowner and condominium association management firms in Florida, was recently awarded contracts to manage the homeowner associations at Lake Thomas Pointe in Land O’Lakes and Harbor Grove in Safety Harbor.

 Jack Hanson (middle left photo) and Ellen Lumpkin (top right photo), co-founders and partners at Melrose-Sovereign Companies, said Lake Thomas Pointe is a gated luxury community located on the southern shore of Lake Thomas.

Lake Thomas Pointe features estate-sized home sites, a boardwalk and a dock for swimming, canoeing and paddle boats.

Harbor Grove is a luxury home community off Highway 580 and North Bay Hills Blvd. in Safety Harbor on the west shore of Tampa Bay. The community features a resident-controlled association of 34 home owners.

 Headquartered in Orlando, Melrose-Sovereign Companies has eight offices throughout the state.

For more information contact: 

Jack B. Hanson, LCAM, Partner/co-founder, Melrose-Sovereign Companies, 407-228-4181, jhanson@melrose-sovereign.com

 Ellen G. Lumpkin, LCAM, Partner/Co-founder, Melrose-Sovereign Companies, 407-228-4181, elumpkin@melrose-sovereign.com

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

Emerson Park by Centex Homes Starts Phase Four with Homes Priced from the $110s

 ORLANDO, FL - Emerson Park (top left photo), the pedestrian-friendly family community located off Alston Bay Blvd. east of the Western Beltway interchange at Ocoee-Apopka Rd. near Apopka, has started a fourth phase of single-family and town homes by Centex Homes priced from the $110s.

 Sean Strickler, vice president of marketing for the Central Florida Division of Centex Homes, said land development for the fourth phase is now under way. 

 Construction of the next town home building featuring new two-story designs will begin before the end of the year, Strickler added.

 Emerson Park features a private community clubhouse and swimming pool, along with a community playground.

 Strickler said Centex Homes is having a Red Ribbon inventory sale now through Dec, 12 at Emerson Park that offers discounted pricing with up to six percent towards closing costs, special six month no interest financing and a wide range of free features and upgrades on select inventory homes in the community.

For more information, contact:  

Lyndsey Clarke, Marketing Manager Centex Central Florida, 407-661-2150 ext 1416 2301 Lucien Way, Suite 400, Maitland, FL 32751; lyndsey.clarke@pultegroup.com

Sean C. Strickler, Vice President Sales & Marketing Centex-Central Florida, 407-661-1461 sean.strickler@pultegroup.com;

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

  

Emerson International awards $400,000 contract to build out new headquarters facility at CenterPointe I for North American Risk Services

ALTAMONTE SPRINGS, FL – Emerson International recently awarded a contract worth $400,000 to provide interior build out services at CenterPointe I (top left photo), the four-story, 97,000 square foot Class A office building Emerson International developed at 240 E. Central Parkway in Altamonte Springs.

 Eric Emerson (bottom right photo), general manager and vice president of Emerson International, said MacDade Construction, Inc. of Deltona will build out the new 19,496 square foot headquarters facility leased by North American Risk Services, Inc., the Central Florida based firm which provides claims management services for insurance, brokerages, managing general agencies, re-insurers, liquidation bureaus and self-insured funds.

 Emerson said North American Risk Services plans to move into its new headquarters facility in December.

 Kenneth Koch, commercial portfolio manager for Emerson International, negotiated the long-term lease agreement with NARS.

For more information, contact:   

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

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

Marcus & Millichap Sells $16.1 Million Multifamily Complex in La Mirada, CA

LA MIRADA, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Somerset Glen (top left photo), a 161-unit, 97,079-square foot Section 42 Low-Income Housing Tax Credit (LIHTC) property in La Mirada.

The sales price of $16.1 million represents $100,000 per unit and $161 per square foot.

The Tax Credit Group of Marcus & Millichap (TCG) represented the buyer. The Tax Credit Group is led by Robert Sheppard (middle right photo), a senior vice president investments, along with Armand Tiberio (lower left photo), a first vice presidents investments, and Spencer Hurst, a vice president investments. Alexander Garcia (lower right photo), a senior vice president investments in the firm’s Ontario office, provided representation.

Garcia and TCG also represented the seller.

“Somerset Glen is the premier active seniors rental property in La Mirada,” says Sheppard. “The property has strong historical occupancy and was 100 percent occupied at the time of the sale.”

The property’s location is 13380 Hillsborough Drive in La Mirada, which is in southeastern Los Angeles County near the Orange County border.

           Somerset Glen was constructed in 1999 under the Section 42 LIHTC program and has extended use restrictions in place until 2028.

The community consists of 128 one-bedroom/one-bath and 33 two-bedroom/one-bath apartment homes.

The gated community features numerous amenities, including a clubhouse, on-site laundry facilities, barbecue area, fitness center, library, swimming pool and spa. The units contain well-equipped kitchens, ample storage, walk-in closets and private balcony or patio.

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

Chatham Lodging Trust Announces Proposed Public Offering of 7 Million Common Shares

PALM BEACH, FL, Nov. 12, 2010 - Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium-branded select-service hotels, today announced that it is commencing an underwritten public offering of 7 million common shares. 

 The company expects to grant the underwriters a 30-day option to purchase up to 1,050,000 additional common shares to cover overallotments, if any.

The company intends to use the net proceeds of the offering to repay debt under its secured revolving credit facility, to acquire additional hotels and for general business purposes.

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. 

These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. 

This announcement shall not constitute an offer to sell or a solicitation of an offer to buy the company’s common shares, nor shall there be any sale of these common shares or a solicitation of an offer to buy these common shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Barclays Capital and UBS Investment Bank are acting as the joint book-running managers for the offering.

FBR Capital Markets is acting as the joint lead manager and Morgan Keegan & Company, Inc., Credit Agricole CIB, Piper Jaffray, Stifel Nicolaus Weisel and JMP Securities are acting as co-managers. 

 A copy of the prospectus can be obtained by contacting Barclays Capital, c/o Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, N.Y. 11717, telephone (888) 603-5847 or by e-mail at barclaysprospectus@broadridge.com, or UBS Securities LLC, Prospectus Department, 299 Park Avenue, New York, N.Y. 10171 or by telephone at (888) 827-7275. 

 The prospectus may also be obtained by contacting any of the other underwriters listed above.

 Chatham Lodging Trust Cancels NAREIT Presentation

PALM BEACH, FL, Nov. 12, 2010—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium branded select-service hotels, has cancelled its presentation and webcast at the NAREIT REITWorld Annual Convention, originally scheduled for Monday, November 15, 2010.

Chatham announced earlier today that it is commencing an underwritten public offering of 7 million common shares and, in accordance with SEC rules, is prohibited from making any public comments about the company. 

Contact:

Jerry Daly, Carol McCune, Daly Gray Public Relations, (Media),

(703) 435-6293, jerry@dalygray.com                                                   

 Dennis Craven, Chief Financial Officer, Company), (561) 227-1386 dcraven@cl-trust.com

                                                                                                                                                                          

Best Western Bowery Hanbee Hotel Receives the Hotel Chain’s Highest Award for Quality

NEW YORK CITY, NY – Nov. 12, 2010 – The Best Western Bowery Hanbee Hotel (top left photo), located in downtown New York City, has received the Best Western Chairwoman’s Award, the chain’s highest honor for outstanding quality standards.

The Chairwoman’s Award recognizes Best Western International hotels with a cleanliness and maintenance inspection score of 988 points out of a possible 1,000, placing the hotel in the top five percent of all 2,400 Best Western hotels.

The hotel also had to meet Best Western’s requirements for design and high customer satisfaction scores in order to qualify.

“Receiving this award is a tremendous honor,” said General Manager Raymond Sun. “The Best Western Bowery Hanbee Hotel is committed to providing quality accommodations and service for our guests.

"Our staff has worked very hard to achieve this level of excellence and we are delighted to receive this important symbol of distinction from Best Western.”

The Best Western Bowery Hanbee Hotel is located at 231 Grand Street in the heart of downtown New York City.

Built in 2008, the hotel is ideally situated between Chinatown and Little Italy in Lower Manhattan, surrounded by some of the most vibrant New York City neighborhoods such as Tribeca (middle left photo),  Soho (top right photo) and the Lower East Side (bottom right photo). Abundant subway access is a few blocks from the hotel.

City Hall, Battery Park, Trinity Church and PACE University are within walking distance. All 102 guestrooms feature a modern, comfortable design with 32-inch flat panel TVs and high-speed Internet access. The 100% non-smoking hotel also offers complimentary continental breakfast, Wi-Fi in the lobby, and a fitness center.

The Best Western Bowery Hanbee Hotel is operated by Interstate Hotels & Resorts (www.ihrco.com), the nation’s largest independent hotel management company.

For more information about the Best Western Bowery Hanbee Hotel in New York City, visit www.bw-boweryhanbeehotel.com. 

 

Contact:

Raymond Sun, General Manager

Best Western Bowery Hanbee Hotel

 (212) 925-1177 / raymond.sun@ihrco.com

www.bw-boweryhanbeehotel.com

Thomas D. Wood & Co. Brokers 2 Loans totaling $3.1 Million

ORLANDO, FL— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $3,100,000 for Southpointe Center and Temple Village Plaza.

Doug Rozzell (top right photo), Company Principal, secured financing for Southpointe Center through Thomas D. Wood and Company’s correspondent relationship with Woodmen of the World Life Insurance Company in the amount of $2,500,000. 

The borrower, an affiliate of Pineloch Management Corporation, refinanced Southpointe Center at a loan with a low, fixed rate of 5.5%. 

The non-recourse, permanent loan has a term of 10 years, based on a 20-year amortization.  The loan-to-value is 64%.  The 37,250 square-foot office/industrial building was built in 1987, and is located at 345 and 379 W. Michigan St., Orlando, Florida.

 Jeff Schnupp (middle left photo), Company Vice President, secured financing for Temple Village Plaza through Thomas D. Wood and Company’s relationship with a local bank in the amount of $1,100,000.

 The fixed-rate loan has a term of five years, based on a 20-year amortization and an interest rate of 6.25%.  The loan-to-value is 45%. 

The 13,144 square-foot multi-tenant retail plaza was built in 1967, with an addition added in 1985, and is home to major tenant Pizza Hut.  Temple Village Plaza is located at 2335 Temple Trail, Winter Park, Florida.

For further information, please contact:

Doug Rozzell, (407) 937-0470, drozzell@tdwood.com

Jeff Schnupp, (407) 937-0470, jschnupp@tdwood.com

Jessica Kinnee, (407) 937-0470, jkinnee@tdwood.com

http://www.tdwood.com/                                 

                        

Stephen Jones joins D & A Building Services in Longwood, FL

LONGWOOD, FL, Nov. 10, 2010 — Stephen Jones (top right photo) has joined D & A Building Services Inc. as Government Sales Specialist.

 In the newly created position, Jones is responsible for expanding the facility maintenance company’s national public sector business with municipal and state governments, federal agencies and the military.

 He has a 20-year career as president of NCLN20, Inc., a government procurement consultancy with offices in California, New York, Georgia, Arizona and Florida. Jones will operate from D & A’s Longwood, Florida, headquarters.

 “We are fortunate to have a government contracts expert join our staff to lead our public sector expansion efforts,” said Al Sarabasa, Jr. (middle left photo), president/CEO, D & A Building Services.

D & A Building Services Picked by City of Dallas for Window Cleaning at Love Field

LONGWOOD, Fla., Nov. 10, 2010 — D & A Building Services Inc. has secured a window cleaning contract at Dallas Love Field (bottom left photo).

Under the scope of its contract, D & A is providing exterior window washing services to the City of Dallas, the airport’s owner. The staff at D & A’s Dallas branch office will perform work on this contract.

D & A Building Services, one of the largest Hispanic owned businesses in the nation, established its Dallas office in 2008, and currently employs a staff of 20 cleaning specialists

 For additional information, please visit http://www.dabuildingservices.com/

PR Contact: Elaine Ingra, (407) 384-1344 elainei@pr-works.com

Arbor Closes $2,690,000 Fannie Mae DUS® Small Loan for 1866 Greenfield Apartments inLos Angeles, CA

 Uniondale, NY (Nov. 12, 2010) – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,690,000 loan under the Fannie Mae DUS® Small Loan product line for the 18-unit complex known as 1866 Greenfield Apartments (top left photo) in Los Angeles, CA.

 The 10-year loan amortizes on a 30-year schedule.

The loan was originated by Ronen Abergel (bottom right photo), Director, in Arbor’s full-service New York, NY, lending office.

Contact:  Christopher Ostrowski, costrowski@arbor.com

Trump Name On Half Of Unsold Sunny Isles Beach Condos

Nearly half of the 1,000 completed condominium units that were still unsold in Sunny Isles Beach at the end of the third quarter of 2010 are located in the six condo projects bearing the name of the successful New York developer Donald Trump, according to a new report from CondoVultures.com.

Nearly 500 units out of more than 1,800 Trump-named condos constructed on the ocean side of Collins Avenue since 2003 are not sold as of Sept. 30, 2010, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Sunny Isles Beach™.

In fact, the largest concentration of unsold units in Sunny Isles Beach is located in the Trump Tower III (top left photo), where not a single unit had closed in the 271-unit project as of the end of the third quarter of this year, according to Miami-Dade County records.

"The fact that such a large percentage of the Trump-named units are unsold has more to do with the number of condos constructed rather than the product type," said Peter Zalewski (middle right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "Many buyers are attracted to the condo product bearing the Trump name. At the right price, today's all-cash buyers will consider purchasing a unit or two in one of the half-dozen Trump projects standing in Northeast Miami-Dade County."

Buyers acquired more than 65 units in a Trump-named project in Sunny Isles Beach in the third quarter of 2010 for a combined $58 million. This works out to an average sales price of $440 per square foot.

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

Supertel Hospitality Reports 2010 Third Quarter Results

NORFOLK, NB,  Nov. 10, 2010 – Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT) which owns 106 hotels in 23 states, today announced its results for the third quarter ended September 30, 2010.

• Revenue from continuing operations rose 6.5 percent

• Net loss per diluted share of $(0.02) compared to prior year net loss of $(0.06) per diluted share.

• FFO of $0.10 per diluted share, and FFO without impairment of $0.15 per diluted share

• Revenues from continuing operations for the 2010 third quarter rose 6.5 percent to $24.9 million, compared to the same year-ago period.

• Net loss attributable to common shareholders for the 2010 third quarter was $(0.5) million, or $(0.02) per diluted share, compared to net loss attributable to common shareholders of $(1.4) million, or $(0.06) per diluted share, in the 2009 same quarter.

• The $0.9 million improvement in earnings was primarily the result of an increase in revenue from continuing operations.

For a complete copy of the company’s news release and financials, please contact:

Jerry Daly, Carol McCune, Daly Gray, (Media Contact), 703.435.6293, jerry@dalygray.com

ARA Arranges Sale of 264 Units in Tampa, FL

TAMPA, FL (Nov. 11, 2010) — The Central/North Florida offices of ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announces the sale of the 264-unit Reflections at Carrollwood (top left photo) apartment community in Tampa, FL.

The transaction was arranged by the ARA Central/North Florida team of Kevin Judd (middle right photo) , Patrick Dufour (middle left photo), and Dick Donnellan (lower right photo).

 ARA represented the seller, Jackson Square Properties, a San Francisco, CA-based privately-held real estate operating company in the transaction.

The community was purchased by an undisclosed local investor for $12,925,000.š The property was built in 1982 and features 264 units in one of the most desirable submarkets of Tampa.š

The property features a variety of one- and two-bedroom floor plans with an average unit size of 729 square feet.š

 “The buyer is very familiar with the Tampa market and owns several properties in the immediate area. They believe in Tampa’s underlying fundamentals long-term and see significant upside in the market in the near term, ” said ARA Florida's Tampa-based Vice President, Patrick Dufour.

 Reflections at Carrollwood is a well-located, fully-stabilized asset with strong historical operations.š The property is located in a stable, mature submarket of Tampa and has averaged well over 90% occupancy over the past three years.š Additionally, the existing owner has upgraded several unit interiors and is achieving rent premiums for those units.

“Reflections at Carrollwood provides the buyer with excellent in-place cash flow and the ability to increase rents through overall market recovery and continuing the interior upgrade program,” noted ARA’s Orlando-based Principal, Kevin Judd.  “The buyerhad to assume two loans from Fannie Mae, both with favorableinterest-only financing,” 

Reflections at Carrollwood is located in the heart of the Carrollwood submarket, with the easy access to major employment centers and ample shopping and entertainment venues.š Individual units at the property feature fully-equipped kitchens, walk-in closets, screened patios or balconies and additional storage. Community features include clubhouse, pool, fitness center and business center.

To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson (lrobinson@ARAusa.com) or Amy Morris (amorris@ARAusa.com) at (404) 495-7300; locally, please contact

For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com.

  Marti Zenor mzenor@ARAusa.com, Director of Marketing

ARA  Florida, 777 Yamato Road, Suite 140 Boca Raton, FL 33431

561.988.8800 x112 Direct  954.205.5207 Cell  561.988.8810 Fax

Marcus & Millichap Sells $6.9 Million Los Angeles Apartment Building in 1031 Exchange

 COSTA MESA, Calif., Nov. 11, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has executed a 1031 exchange involving two Southern California multifamily properties.

The firm arranged the sale of an 18-unit apartment building at 1420 Kelton Ave. (lower right photo) in Los Angeles, and used the proceeds to negotiate the acquisition of the 40-unit Villa Cordova (top left photo) in Costa Mesa.

Justin White, a vice president investments; John Vorsheck (middle right photo), a senior associate; and Rebecca Caldwell, a multifamily investment specialist, all based in the Long Beach office, found the replacement property using Marcus & Millichap’s unique brokerage platform, which provides sellers with access to a nationwide pool of investment capital and encourages cooperation between brokers.

The Long Beach office worked with John L. Nguyen (lower left photo), a vice president investments in Newport Beach, on this transaction.

“This transaction is indicative of the investment opportunities available in today’s market,” explains White.

“Our client improved his cash flow; now owns a newer property; has more two-bedroom units, which are historically the most-sought after; and has new depreciation to offset increasing taxes.

“We also advised our client on a long-term investment strategy, which is always exciting. Right now, investors have the opportunity to trade up, and we enjoy working with those who are utilizing our expertise to make profitable deals, while others remain on the sidelines.”

Located at 2323 Elden Ave. in Costa Mesa, Villa Cordova includes 26 one-bedroom units and 14 two-bedroom units.

 Located in the highly desirable East Costa Mesa residential neighborhood, properties of this size rarely come to market.

The property is situated on a large lot providing the tenants a quiet park-like setting with ample parking and enclosed garages.

The value of the Villa Cordova sale was $172,375 per unit.

“Because of the high quality of this asset, there was an extremely large amount of interest, enabling us to close the Villa Cordova sale in a record 22 days,” explains Nguyen.

 “This transaction provided the buyer with an excellent opportunity to create immediate value by upgrading the interiors and increasing the rents, which were 10 percent to 15 percent below market,” says Nguyen.

1420 Kelton Ave., an 18-unit apartment complex, is located in the heart of Los Angeles’ Westwood neighborhood. Built in 1968, 1420 Kelton Ave. is ideally located just minutes from UCLA, Westwood Park, Century City and Beverly Hills. The apartment building encompasses 14,166 square feet.

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