Saturday, December 20, 2014

Proffitt Dixon Partners Begins Construction on Fountains Matthews Luxury Apartment Community in Matthews, NC


Rendering of planned Fountains Matthews luxury apartments, Matthews, NC


Wyatt Dixon

 Charlotte, NC – Construction has begun on Fountains Matthews, a 258-unit luxury apartment community located on 15 acres at the intersection of Matthews Township Parkway and Northeast Parkway in Matthews, N.C. 

Proffitt Dixon Partners, a multifamily real estate development and investment firm based in Charlotte, is developing the $30 million community.
  
“We are very excited to become a part of such a great community,” said managing principal Wyatt Dixon. “Early in our rezoning and entitlement process, it became clear that the Town of Matthews had high expectations for quality design and execution. 

"Our team worked diligently to exceed these expectations and we have ended up with a terrific plan that both the town and our team can be proud of.”

The development will feature eight live-work units and a 7,000 square foot club and fitness facility, which will combine to anchor a unique urban streetscape within the community. The live-work units will be geared to meet the needs of small professional firms and business owners.

Stuart Proffitt
The clubhouse will have Wi-Fi, a gourmet entertainment kitchen and a lounge area with billiards, gaming and a large fireplace. The fitness center will be fully-equipped with cardio and weight stations as well as a separate yoga and crossfit room.

Fountains Matthews will consist of four three-story buildings which will feature elevators. The one-, two- and three-bedroom apartment homes will offer granite countertops, stainless steel appliances, built-in microwaves, French doors leading to private patios and balconies, ceiling fans and more.

Some apartments will have 10- to 12-foot ceilings, kitchen islands, linen closets and computer work stations. The grounds, anchored by a one-acre courtyard and signature fountains, will feature a saltwater swimming pool, sun deck, outdoor kitchen and grilling area, fire pit and courtyard.

 The first residents should be able to move in late next summer, with full completion expected in early 2016.

“Fountains Matthews will be the first Green Certified multifamily development in Matthews,” said Stuart Proffitt, also managing principal. “We designed Fountains Matthews to achieve the National Association of Home Builders’ Green Certification, which promotes energy efficiency and water conservation for residents and active recycling during our construction process.”


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

Media contact: Terri Thornton 404-932-4347 Terri@TerriThornton.com


Cousins Properties Signs 230,000 Square Foot Lease Extension in Houston, TX


Post Oak Central, Houston, TX

Larry Gellerstedt
ATLANTA, GA -- Cousins Properties Incorporated (NYSE: CUZ) announced it has signed a 230,000 square foot lease extension with Stewart Information Services Corporation (NYSE: STC) at Post Oak Central in Houston, Texas.

 Stewart, whose lease was scheduled to expire in September 2016, extended its term for three years to September 2019.

"We are honored to continue our relationship with a well-respected and industry-leading service provider like Stewart," said Larry Gellerstedt, president and chief executive officer of Cousins.

"Stewart is a great example of the strong and financially stable customer base in our Houston portfolio, where eight of our ten largest customers have investment grade ratings. With the execution of this extension, our 5.6 million square foot Houston portfolio is now 96% leased with over 6 years of weighted average lease term."

Cousins Properties Incorporated is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company, based in Atlanta, GA, primarily invests in Class-A office assets located in high growth Sunbelt markets, with a focus on Georgia, Texas and North Carolina. 

The Company has a comprehensive strategy in place based on a simple platform, trophy assets and opportunistic investments. For more information, please visit www.cousinsproperties.com.

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

Marli Quesinberry, 404-407-1898
Director, Investor Relations

HFF closes $15.12 million sale of Orange County, CA shopping center outparcel pads


Trabuco Hills Shopping Center, 27785, 27845 and 27865 Santa Margarita Parkway
Mission Viejo, South Orange County, CA


CJ Osbrink

 IRVINE, CA – HFF announced it has closed the $15.12 million sale (including a defeasance cost of approximately $930,000) of three outparcel retail pads totaling 24,250 square feet at Trabuco Hills Shopping Center, a 132,376-square-foot, grocery-anchored retail center in Mission Viejo, a city in south Orange County, California.

               HFF marketed the property on behalf of the seller, Trabuco Hills Pads, LLC.  C3 Properties, LLC purchased the asset free and clear of existing debt.

               The pads are located at 27785, 27845 and 27865 Santa Margarita Parkway with frontage along the route, a heavily-trafficked south Orange County road with more than 28,000 vehicles per day.  More than 160,000 households with an average annual income of more than $115,000 live within a five-mile radius. 

The pads total 2.67 acres and are 100 percent leased to Walgreens; Claim Jumper, a Landry’s, Inc. restaurant; and Ramona Tire & Service. 

               The HFF investment sales team representing the seller was led by CJ Osbrink and Nick Foster out of the Orange County office.  Trevor Harris, Matt Crawford and Jim Wellbaum with Triwell Properties represented the buyer.

Founded in 2008, and headquartered in Orange County, Trabuco Hills Pads, LLC (an affiliate of Webb Management & Investments, LLC), is a privately held owner and manager of real estate investments across various product types and in multiple markets.
  
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
tel (main) 617-338-0990 | (direct) 617-848-1572 | cel 617.543.4873 | www.hfflp.com

HFF closes sale of and secures $30.8 million financing for Class A office building in Houston’s Energy Corridor

  
Kirkwood Tower, 11757 Katy Freeway, Energy Corridor Submarket, Houston, TX


Susan Hill
HOUSTON, TX – HFF announced it closed the sale of and secured $30.8 million in acquisition financing for Kirkwood Tower, a 285,682-square-foot, Class A office building in the Energy Corridor submarket in Houston, Texas.

               HFF marketed the property on behalf of co-owners Frontier Equity and Amstar.  Rosemont Realty, LLC purchased the property free and clear of debt.

  HFF also secured a 10-year, fixed-rate acquisition financing on behalf of the new owner through Voya Investment Management. 

  Additionally, HFF closed the sale of this property and assisted in securing joint venture equity for Frontier in 2012.

               Kirkwood Tower is situated on 2.584 acres at 11757 Katy Freeway, west of Beltway 8 between the Kirkwood and Dairy Ashford exits in the Energy Corridor submarket of Houston. 


Robert Williamson
Renovated in 2013, the 15-floor office tower has undergone significant capital improvements that have earned it the Energy Star rating multiple years as well as The Building of the Year (TOBY) award in 2008.

 The property includes a six-level parking garage, fitness center on top of the building and 10-story glass enclosed atrium.  Currently 92 percent leased, tenants include the original building developer, Mac Haik Enterprises; Preferred Bank and Skyline Executive Suites.

               The HFF investments sales team representing the seller was led by senior managing directors H. Dan Miller and Robert Williamson, director Martin Hogan and real estate analyst Wesley Hightower.

               The HFF debt placement team representing the buyer was led by senior managing director Susan Hill and real estate analysts Michael Johnson and Dustin Selzer.  Additionally, director Cameron Cureton led the 2012 equity transaction.

Wesley Hightower
               Kevin Brands, managing partner of the Office Division for Frontier Equity, acquired Kirkwood Tower in his first partnership with Amstar Group after operating in Houston for many years as a partner with CMD Realty Investors.

  Frontier Equity is an operating investment company based in Dallas, Texas, with a value-add focus to invest in office and industrial assets with institutional scale.              

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
tel (main) 617-338-0990 | (direct) 617-848-1572 | cel 617.543.4873 | www.hfflp.com


HFF closes sale of and arranges acquisition financing for 3000 Post Oak in Houston’s Galleria submarket


3000 Post Oak, Galleria/Uptown  submarket, Houston, TX


Jeffrey Hollinden
HOUSTON, TX – HFF announced it has closed the sale of and arranged acquisition financing for 3000 Post Oak, a 441,523-square-foot, Class A office building in Houston’s Galleria submarket.

               HFF marketed the property exclusively on behalf of the seller, a joint venture between an affiliate of Five Mile Capital Partners LLC and Crocker Partners.  FG Asset Management purchased 3000 Post Oak for an undisclosed amount.  Additionally, HFF’s debt placement team worked on behalf of the buyer to secure acquisition financing.

               3000 Post Oak is situated within the Lakes on Post Oak office complex adjacent to the Galleria Mall and Loop 610 in the Galleria/Uptown District of Houston.  The 19-story property and attached parking garage are 100 percent leased to engineering and construction firm, Bechtel.


Trent Agnew
               The HFF investment sales team representing the seller was led by senior managing directors Jeff Hollinden and Dan Miller and director Trent Agnew.

               HFF’s debt placement team was led by senior managing director Wally Reid.

               “This is FG Asset Management’s first acquisition in Houston and is a great example of the strong interest that Korean investors and other foreign firms are showing in the Houston office market,” said Hollinden.  

“Well-located, Class A assets with quality tenancy and lease terms such as 3000 Post Oak are very much in demand by offshore capital.”

FG Asset Management (FG) is a Korean alternative asset management and financial services firm that specializes in real estate investment, private equity, and additional alternative investment strategies for Korean institutional investors. 

The firm’s headquarters is based in Seoul, with an office in Manhattan.  For other track record and information, please   visit http://www.fgam.co.kr/eng/operating/operating_list.asp

Wally Reid
  FG focuses on preferred equity, mezzanine debt, whole loans, and B-note positions in prime office, hotel, retail, and multi-family properties located in top tier markets of US and Europe.  


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
tel (main) 617-338-0990 | (direct) 617-848-1572 | cel 617.543.4873 | www.hfflp.com

HFF closes sale of Class A suburban office building in northwest Houston, TX


Sam Houston Crossing I, 10343 Sam Houston Park Drive, Northwest Houston, TX


H. Dan Miller
HOUSTON, TX – HFF announced it has closed the sale of Sam Houston Crossing I, a Class A office building totaling 159,175 square feet in northwest Houston, Texas.

                HFF marketed the property on behalf of the sellers, Duke Realty Corporation and Chambers Street Properties. SH Crossing I, LP, a joint venture between Fuller Realty Partners, LLC & Independencia, acquired the property.

Sam Houston Crossing I is located in Houston’s West Belt Corridor off of the Sam Houston Parkway (Beltway 8) between the Northwest Freeway (U.S. 290) and Highway 249 at 10343 Sam Houston Park Drive. 

The three-story building was completed in 2007 with a typical floor plate offering 53,000 square feet of rentable space. 

  The building is 100 percent leased to six tenants, including U.S. Steel; Farmers Insurance Exchange; C.H. Robinson Project Logistic; Brock Enterprises, Inc.; Axon EP, Inc.; and AMEC Oil & Gas, Inc.

Martin Hogan
                The HFF investment sales team representing the seller included senior managing director H. Dan Miller, director Martin Hogan and real estate analyst John Rogers.

“Sam Houston Crossing I offers investors a stable current yield while providing significant upside potential,” Hogan said.  

“The building accommodates higher density tenants looking for a high profile location with Beltway 8 frontage, efficient, rectangular floor plates and a 5/1,000 parking ratio.”

Duke Realty Corporation owns, maintains an interest in or has under development approximately 156.5 million rentable square feet of industrial and office assets, including medical office, in 22 major U.S. metropolitan areas.  

Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is listed on the S&P MidCap 400 Index.  More information about Duke Realty is available at www.dukerealty.com.


Chambers Street Properties is a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties, leased to creditworthy tenants.

  As of September 30, 2014, Chambers Street owned or had a majority interest in 129 properties located across 20 U.S. states, France, Germany and the United Kingdom encompassing approximately 36.3 million rentable square feet. For additional information, please visit www.ChambersStreet.com.

Fuller Realty Partners, LLC was established in 1979 and is a privately owned, full service commercial real estate firm headquartered in Houston, Texas.  Learn more at www.fuller-realty.com

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
tel (main) 617-338-0990 | (direct) 617-848-1572 | cel 617.543.4873 | www.hfflp.com

HFF arranges $40 million financing for SoHo development site in Manhattan, NY


Rendering of planned 300 Lafayette at Lafayette and Houston Streets, SoHo Neighborhood
 Manhattan, NY

Mike Tepedino
NEW YORK, NY – HFF announced it has arranged $40 million in financing for the fee simple interest of 300 Lafayette, a development site at the corner of Lafayette and Houston Streets in Manhattan’s SoHo neighborhood. 

                HFF worked exclusively on behalf of the borrower, LargaVista Companies, to secure the 20-year, fixed-rate loan through a national life insurance company.  HFF will also service the loan.

                300 Lafayette is an 11,622-square-foot site with 365 feet of frontage along Crosby, Lafayette and Houston Streets in the SoHo neighborhood of Manhattan. 

Currently the location of one of the most recognizable gas stations in the country, the site is planned to be developed into a seven-story, dynamic mixed-use retail and office tower by a joint-venture between LargaVista Companies and Related Companies, that has entered into a long-term leasehold ownership position.

Michael Gigliotti
                The HFF debt placement team representing the borrower was led by senior managing director Mike Tepedino and managing director Michael Gigliotti. 

                “300 Lafayette is a highly visible and energetic location,” said Gigliotti.  “The lender showed ingenuity in recognizing the value of such a site, despite the fact that the project has not yet broken ground.  The impressive vision of the project, the excellent location, and the strength of the borrower combined to merit an attractive permanent financing.” 

                 LargaVista Companies is a premier real estate development, investment and management firm specializing in the remediation and redevelopment of environmentally impacted properties.  LargaVista owns a diverse portfolio of holdings in New York City, Westchester County, Florida and California.

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
tel (main) 617-338-0990 | (direct) 617-848-1572 | cel 617.543.4873 | www.hfflp.com

HFF closes sale and financing of 3.1 million-square-foot office portfolio in southeastern United States


Hermen Rodriguez
MIAMI, FL – HFF announced it has closed the sale of and secured acquisition financing for a Class A office portfolio located in Florida, Georgia, Texas, North Carolina, Kentucky and Virginia.

                HFF marketed the 22 property, 3.1 million-square-foot portfolio on behalf of the owners, who were advised by Interventure Advisors LP. 

  An affiliate of Parkway Properties, Inc. purchased the portfolio in its entirety for $475 million and, immediately thereafter, sold 19 of the assets to a joint venture between affiliates of Banyan Street Capital and Oaktree Capital Management, L.P. for $237 million. 

  Parkway Properties retained ownership of three of the assets located in Tampa, Florida. 

In addition, HFF secured acquisition financing on behalf of Banyan and Oaktree.  A $210.7 million, floating-rate loan was placed with Blackstone Mortgage Trust (NYSE: BXMT) to fund the acquisition as well as certain capital expenditures and leasing costs.
               
H. Dan Miller
  The original portfolio offering consisted of 22 properties with 3.1 million square feet of office located in Tampa, Florida (six properties); Orlando, Florida (three properties); Atlanta, Georgia (six properties); Houston, Texas (three properties); Morrisville, North Carolina (two properties); Louisville, Kentucky; and Richmond, Virginia. 

The HFF investment sales team representing the sellers included senior managing director Hermen Rodriguez, senior managing director H. Dan Miller, managing director Ralph Smalley, director Martin Hogan, director Ike Ojala and associate director Jorge Portela. 

Financing was arranged by the HFF debt placement team led by senior managing directors Wally Reid and Paul Stasaitis.

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
tel (main) 617-338-0990 | (direct) 617-848-1572 | cel 617.543.4873 | www.hfflp.com


HFF places $150 million financing for 125 Summer Street in Boston’s Financial District


Riaz A. Cassum
BOSTON, MA – HFF announced it has placed a $150 million first mortgage loan on 125 Summer Street, a 475,303-square-foot, Class A office tower in Boston’s Financial District.

                HFF worked on behalf of the borrower, Oxford Properties Group, to secure the fixed-rate loan through Guggenheim Commercial Real Estate Finance, LLC.  Oxford acquired the property as part of a larger office portfolio in September of this year.

                125 Summer Street is located along the Rose Kennedy Greenway one block from South Station in the heart of Boston’s Financial District. 

  The transit-oriented property has easy access to the MBTA and commuter rail lines via South Station and is adjacent to the on-ramps for both Interstate 93 and 90.

 In addition, the 22-story property is a short walk from the shops, restaurants and residential base in Downtown Crossing, Government Center, Faneuil Hall and the Seaport District. 

John Fowler
125 Summer Street is leased to a wide range of tenants including Burns & Levinson, Sunstein Kann Murphy, and Gartner.  Amenities at the Class A tower include below-grade parking for 273 vehicles, a Bright Horizons daycare and a Starbucks.  

                The HFF debt placement team representing the borrower was led by senior managing director Riaz Cassum, executive managing director John Fowler and real estate analyst Patrick McAneny.   

                “125 Summer is an institutional quality asset that is poised to benefit from its location in the Financial District, an area of the city that has seen an influx of more than 3,000 residents and is currently undergoing a transformation into a 24/7 neighborhood,” said Cassum.

Established in 1960, Oxford Properties Group is a global real estate investor, developer and manager, with distinguished portfolios in the office, retail, industrial, multi-family and hotel sectors.  Headquartered in Toronto with offices in Canada, New York, London, Boston and Washington, D.C., Oxford currently owns and manages a global real estate portfolio value at approximately C$27 billion.


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
tel (main) 617-338-0990 | (direct) 617-848-1572 | cel 617.543.4873 | www.hfflp.com

Thursday, December 18, 2014

McCarthy Completes Construction of National City Middle School Phase II in National City, CA

  
National City Middle School, 1701 D Avenue, National City, CA

            SAN DIEGO, CA -- McCarthy Building Companies, Inc., one of the nation’s top education facility builders, has completed construction of a new 19,880-square-foot classroom building, comprising phase two of National City Middle School, located on a two-acre site at 1701 D Avenue in National City, Calif. 91950.

            The $11,122,000 project was performed on behalf of the Sweetwater Union High School District, with Trent Carr serving as project manager for the district.  LPA, Inc., served as the architect and interior designer.  Construction began in June of 2013.

            The new two-story classroom building uses light gauge metal framing, structural steel and a SureBoard shear wall system. 

It encompasses 11 classrooms, an Associated Student Body room, teachers’ lounge, storage and copy room, and broadcast studio.  

            Sitework included construction of a new courtyard that features radial bands of colored concrete and seat walls.  It also entailed new hardscape, landscape and bioswale servicing across the entire site.

            National City Middle School originally was built in the 1930s, so the construction project presented numerous unidentified site utilities and underground structures.  According to McCarthy Project Director Craig Swenson, other challenges included installation of the unique SureBoard shear wall framing system.  BIM and BIM 360 Field technology aided the team with its approach.

             “Another difficulty the team overcame was dealing with the school’s year-round class schedule, which meant having students coming and going on three sides of the new building throughout the construction duration,” said Swenson.  “The site also provided very limited project access to workers and equipment.”

            In addition to being the project architect, LPA, Inc., was the structural engineer, environmental engineer and landscape architect.  

Martin & Ziemniak was the civil engineer, OMB was the electrical engineer, Henrickson Owen was the plumbing and mechanical engineer, and Sweeny & Associates handled irrigation.

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

Bonnie Kutch
Kutch & Company           
Phone: (619) 299-1010                                    

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