Wednesday, November 26, 2014

HFF closes sale of industrial flex facility in Lakewood, NJ


Michael Nachamkin
FLORHAM PARK, NJ – HFF announced it has closed the sale of a 74,400-square-foot industrial flex facility in Lakewood, a township in eastern New Jersey.

HFF marketed the property on behalf of the seller, LNR Property LLC.  Cedar Group of NJ LLC purchased the center free and clear of existing debt for an undisclosed amount.

The asset is situated on 6.28 acres at 150 Oberlin Avenue just off Route 623, approximately one mile from the Garden State Parkway and two and a half miles from Route 9.

 The multi-tenant facility is in the Ocean County industrial submarket, which is one of the closest distribution hubs to service the Jersey Shore in addition to being less than one hour from Newark Liberty International Airport and Port Elizabeth/Newark. 

Renovated in 2000, the building has 24,000 square feet of industrial space and 50,400 square feet of office space and features 20’-28’ clear ceiling heights, nine dock-high doors, nine drive-in doors and 116 parking spaces.  Tenants include Ateres Tzipora, NJPD Plumbing & Heating, Dealmed Medical Supplies and Arc of Ocean County.

Kevin O'Hearn
The HFF investment sales team was led by managing director Michael Nachamkin along with senior managing director Jose Cruz, managing director Kevin O’Hearn and real estate analyst Jordan Avanzato.

“We were pleased with the results of running the process for the seller and attracting a lot of bidders for the property,” Michael Nachamkin said.  “The end result was a smooth transaction with a quick closing.”

LNR Property LLC is a market leader in commercial real estate finance, management and development, with established expertise and demonstrated capability in the investment, management and servicing of commercial real estate assets, secured real estate loans and loan pools. 

LNR is headquartered in Miami Beach, Florida.  LNR's Commercial Property Group is focused on creating value by acquiring, developing, repositioning, managing and selling interests in commercial and multi-family real estate, including land. 

150 Oberlin Avenue, Lakewood, NJ
LNR's Real Estate Financing and Servicing Group focuses on LNR's loan and loan securities businesses and is one of the nation's leading buyers of non-investment grade and unrated commercial mortgage backed securities (CMBS), and is the leading special servicer in the U.S.

Cedar Group of NJ is a local investor based in Lakewood, New Jersey.

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

HFF closes $39.5 million sale of Class A Westchester County, NY office property


International Corporate Center, 555 Theodore Fremd Avenue, Rye, NY

Jeffrey Julien
NEW YORK, NY – HFF announced it has closed the sale of International Corporate Center at Rye, a Class A office property in Rye, Westchester County, New York, totaling approximately 180,000 square feet.

 HFF exclusively represented the seller, Faros Properties, LLC, in the transaction. 

International Corporate Center at Rye is located at 555 Theodore Fremd Avenue close to Interstates 95 and 287 in Rye.

 It is the only Class A office building in Westchester County within walking distance of the Metro-North Railroad, which provides access to Manhattan in 35 minutes. 

Renovated in 2012, the property features three interconnected office buildings connected by a five-story glass rotunda lobby with amenities including a fitness center, cafeteria, conference center with boardroom and an outdoor tenant courtyard.

Jose Cruz
 International Corporate Center at Rye is 98 percent leased to tenants in the financial service, private equity, law and consumer product sectors. 

               The HFF investment sales team representing the seller included managing director Jeff Julien, senior managing directors Jose Cruz and Andrew Scandalios. Richard Goldstein with Goldstein & Associates Realty, Inc represented the buyer.
  
For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

HFF secures $57.5 million refinancing for 8-property Louisville, KY office portfolio


John Ahmed
DALLAS, TX – HFF announced it has secured a $57.5 million refinancing for an eight-property office portfolio in suburban Louisville, Kentucky.

               Working on behalf of Ascent Properties, HFF placed the floating-rate loan with Prime Finance Partners.  Ascent Properties is controlled by Dale Boden, who runs BF Capital, a local Louisville real estate and private equity investment firm. 

The loan will recapitalize the current portfolio and provide leasing costs for the ongoing stabilization of the properties.  The financing also facilitated the acquisition of one of the buildings.

               The portfolio is comprised of: Bluegrass Business Center I and II; Plainview Point I, II and II; Thornton Park Plaza; Atrium Center; Plainview Center; and NTS Center. 

The approximately 780,000-square-foot portfolio is 86 percent leased overall to a mix of high-quality, institutional tenants.  The properties are all located within suburban office submarkets along the Interstate 64 corridor east of Louisville’s central business district.  Leasing and property management is provided by NTS. 

               The HFF debt placement team representing the borrower was led by director John Ahmed and senior analyst Rex Cruz.
  
For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

Marcus & Millichap arranges sale of Colonial Resort apartments in Pompano Beach, FL for $1.4 million


Tal I. Frydman
POMPANO BEACH, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Colonial Resort Apartments, an 11-unit apartment property located in Pompano Beach, Fla. The asset sold for $1,450,000.

Derek R. Gibbs and Daniel J. Cunningham, senior associates, and Tal I. Frydman, a first vice president investments, in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private investor from Fort Lauderdale, Fla, and the buyer, a private investor from Fort Lauderdale.

Built in 1966, the two-story building consists of two studios, eight one-bedroom/one bathroom units and one two-bedroom/two-bathroom townhouse style unit.

Colonial Resort Apartments is located at 3226 NE 12th Street in Pompano Beach.
  
For a complete copy of the company’s news release, please contact:

Ryan Nee
Regional Manager
Fort Lauderdale

(954) 245-3400

HSA Commercial Launches 50,000 SF Build-To-Suit for Carrier in Nashville, TN


Craig Phillips

CHICAGO, IL and NASHVILLE, TN— HSA Commercial, Inc., announced the firm has started construction on a new 50,000-square-foot regional distribution center for Carrier at 60 Airways Boulevard in Nashville, Tenn.

 Carrier, a leading manufacturer and distributor of heating, air-conditioning and refrigeration products, is scheduled to take occupancy of the new facility in spring 2015.

Carrier’s distribution center, to be located at the northwest corner of Airways Boulevard and Jetway Drive, will be built to satisfy the tenant’s unique specifications including a 4,000-square-foot area utilized as a showroom and training center.

The Carrier facility will be constructed on land next to a 200,000-square-foot industrial building acquired by an HSA partnership in 2010 that was recently fully leased. 

Both buildings are located adjacent to the Nashville International Airport and tarmac areas in a free trade zone.

Lee Black
In 2010, HSA Commercial completed a separate 71,250-square-foot lease transaction with Carrier at the firm’s 495,000-square-foot Baton Rouge West industrial development in Port Allen, La.

“Carrier has been a great tenant of ours in Baton Rouge, and we are pleased to have the opportunity to work with them again on this build-to-suit project,” said Craig Phillips, executive vice president of development with HSA Commercial, Inc.

The Carrier distribution center will be designed and built by Nashville-based T.W. Frierson Contractor, Inc. Lee Black at CBRE represented Carrier in the lease transaction.


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


Mark Thomton, mthomton@taylorjohnson.com, 312-267-4523

HSA Commercial Lands HomeGoods for Phase 2 of The Mayfair Collection in Wisconsin



CHICAGO, IL and MILWAUKEE, WI — Timothy Blum, executive vice president of retail development for HSA Commercial Real Estate, announced that the firm has executed a 22,454-square-foot lease with HomeGoods for the second phase of The Mayfair Collection which is now under construction.

HomeGoods will occupy the northern end cap of the building at 11100 West Burleigh Street which will be anchored by a 45,150-square-foot Whole Foods Market. The home furnishings and accessories retailer is scheduled to open the new location in fall 2015, and it will be the company’s second store in the Milwaukee area.


 The Mayfair Collection is a 400,000-square-foot retail development at Highway 45 and Burleigh Street in Wauwatosa, Wis.

Evanston, Ill.-based TOA Architects is the project architect for The Mayfair Collection. Premier Design + Build will serve as the general contractor for the first two phases.
  
For a complete copy of the company’s news release, please contact:


Mark Thomton, mthomton@taylorjohnson.com, 312-267-4523

Tuesday, November 25, 2014

Joseph Reed Joins Shopoff Realty Investments as Vice President, Land Acquisition


William A. Shopoff
IRVINE, CA, Nov. 25, 2014 – Shopoff Realty Investments announced today that seasoned real estate professional Joseph Reed has joined the company as vice president of land acquisition.

During his 27-year career, Reed has led the origination of nearly 200 transactions with a total aggregate value in excess of $1 billion in equity and debt structures, and has managed more than $1 billion in institutional capital and private equity investments.

Reed has also directed the acquisition of more than 2,600 lots throughout Southern California.

“Joseph joins Shopoff Realty Investments with a very successful track record in real estate land acquisitions,” said William Shopoff, CEO of Shopoff Realty Investments.

 “He is a dedicated professional with extensive relationships throughout the industry, as well as experience spanning a variety of asset classes, including residential, mixed-use, retail, multifamily and master-planned communities. I couldn’t be more pleased to welcome Joseph to our team.”

Reed joins Shopoff Realty Investments from KB Home, where he spent two years as vice president of land acquisition, acquiring more than 1,400 units/lots throughout the counties of Los Angeles, Orange and San Diego.

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

Julie Leber
Spotlight Marketing Communications
949.427.5172, ext. 703

More than 30,000 SF in Lease Renewals Announced in Miramar Park of Commerce in Miramar, FL


Maridee Bell
MIRAMAR, Fla. – Miramar Park of Commerce, the largest locally owned and managed Business Park in South Florida, has announced the following lease renewals: 

United Collection Bureau (UCB) has renewed its lease for 25,590 sq. ft. of space at 2906 Executive Way. Founded in 1959, UCB offers revenue cycle and account receivable services and products.

Topsville, a division of Jaclyn Incorporated, has renewed its lease for 5,003 sq. ft. of space at 10370 USA Today Way. Topsville is an industry leader in the design and manufacture of children’s apparel.

For all transactions, the Miramar Park of Commerce was represented by Maridee Bell, vice president of Sunbeam Properties, developer of the Park, and Ryan Goggins of Sunbeam Properties.
  
 For a complete copy of the company’s news release, please contact:

Kathryn Gallagher
Pierson Grant Public Relations
954-776-1999, ext. 242

Berkadia Names Greg Rainey Broker Assistant in Orlando, FL Office


Greg Rainey
ORLANDO, FL --- Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, has hired Greg Rainey as a broker assistant.

Hal Warren, senior vice president at Berkadia, said Rainey is a graduate of Florida State University and holds a Bachelor of Science in Finance and Real Estate. In addition, he is a Florida licensed real estate sales associate.

Rainey has served as an intern at Berkadia since May of this year, Warren said.

In his new role he will manage the tasks involved in closing sales and function as liaison between clients, agents, escrow companies and mortgage brokers, as well as assist in the underwriting of multi-family commercial real estate properties.

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

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


Feldman Equities and Tower Realty JV Acquire Third Office Building in Downtown St. Petersburg, FL


First Central Tower, Downtown St. Petersburg, FL
ST PETERSBURG, FL – A joint venture consisting of affiliates of Feldman Equities, Tower Realty Partners and Second City Real Estate, has acquired First Central Tower, a 17-story, 250,000 square foot office building located at 360 Central Avenue in downtown St. Petersburg.

 Larry Feldman, CEO of Feldman Equities will spearhead leasing and redevelopment efforts while Tower Realty Partners will handle management responsibilities. 

 The group intends to invest nearly $10 million dollars in building renovations and tenant improvements.  After taking into account known tenant move-outs, the building is approximately 50% occupied.

 “As with our other downtown acquisitions, this is yet another opportunity for us to do what we do best – renovating and upgrading office buildings in order to maximize their value,” commented co-owner Larry Feldman, CEO of Feldman Equities.  

 “Downtown St. Pete has a higher quality of life than almost any other downtown in the state. It is a truly “walkable downtown” with hundreds of acres of dedicated city parks that run along the waterfront. 

“Within walking distance from First Central Tower, there are 7 museums, over 45 restaurants, a theater for the performing arts, a major league baseball stadium and nearly a dozen marinas. 

Larry Feldman
:Downtown St. Pete is in in the midst of an impressive revitalization with thousands of new residential units planned or under construction. We are thrilled to be a part of this re-urbanization trend.”
  
Feldman said City Center and Morgan Stanley Tower buildings are currently both over 95% leased.  Excluding First Central Tower, the three major office buildings in downtown have an average occupancy well over 90%.

Redevelopment plans for First Central Tower include an extensive lobby renovation, upgraded tenant floor elevator lobbies, tenant corridors and restrooms.

In addition, ownership is planning an amenity package which will include a concierge desk, state-of-the-art luxury fitness center and conference center.  

Over the last 20 years, Feldman Equities and Tower Realty Partners have successfully joint ventured on the acquisition of millions of square feet of under-performing office buildings.  The venture plans to aggressively expand their portfolio of Class A office properties.
  
 For a complete copy of the company’s news release, please contact:

Feldman Equities - Larry Feldman, 727-822-3395 lfeldman@feldmanequities.com