Saturday, October 25, 2014

HFF arranges $46.7 million financing for two multi-housing properties in Dallas-Fort Worth, TX area


Adam F. Herrin
DALLAS, TX – HFF announced it has arranged financing totaling $46.7 million for two multi-housing properties – The Bluffs at Ironhorse, a two-phase, 490-unit multi-housing community in North Richland Hills, and Stone Villas, a two-phase, 396-unit multi-housing community in northwest Fort Worth.

                HFF worked exclusively on behalf of the borrower, Oxford Enterprises, Inc., to secure financing for the properties in two separate transactions. 

                The HFF debt placement team was led by director Adam Herrin.

The Bluffs at Ironhorse was financed with a $34.7 million, 10-year, fixed-rate Fannie Mae loan through M&T Realty Capital Corporation.  The $12 million balance sheet loan for Stone Villas was placed with M&T Bank. 

                The Bluffs at Ironhorse is located in North Richland Hills near the intersection of Rufe Snow Drive and Northeast Loop 820, approximately 20 minutes northeast of downtown Fort Worth.  Completed in two phases between 2002 and 2013, the property includes one-, two- and three-bedroom units that are a combined 96 percent leased. 
   
For a complete copy of the company’s news release, please contact: 

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com


McCraney Property Co. Launches Fourth Spec Industrial Project in Past 18 Months


Christopher Thomson
WEST PALM BEACH, FL – McCraney Property Company announced the development of its new 33.8-acre Turnpike Business Park project, which boasts 400,000 square feet of new industrial dock-high development with one mile of direct Florida Turnpike frontage.

Plans for a five-building warehouse-distribution project are currently being reviewed by the Palm Beach County Building and Zoning Department.

Final approvals are expected prior to the end of 2014, and construction is expected to begin in January of 2015. The final site plan once approved, will total nearly 600,000 square feet collectively on the north and south parcels.


Christopher Thomson, Senior Director, Industrial Brokerage at Cushman & Wakefield, has been appointed exclusive leasing agent for the project.  Peter Corrales of Corrales Group Architects has been selected as the architect.

“The Palm Beach County market continues to strengthen,” said Steven McCraney, SIOR, CCIM, president and CEO of McCraney Property Company. “Corrales Group Architects continues to deliver award-winning designs in our projects. We are pleased to be working with such a fantastic team.”
    
For a complete copy of the company’s news release, please contact: 


Don Silver (donsil@boardroompr.com) or Ashley Fierman (afierman@boardroompr.com) of BoardroomPR, 954-370-8999/954-629-7523.

Six/Ten begins pre-leasing ahead of opening of Central Park Square in downtown Winter Haven, FL

  
Bud Strang
 Winter Haven, FL — When Central Park Square opens this fall, listen for the noise of shoppers and diners on the first floor and the creative hum of office workers upstairs.

Six/Ten LLC has transformed a dilapidated, two-story furniture store that faces Central Park and Central Avenue, along with an adjoining building, into a new gathering place and executive office suites.

 Pre-leasing is underway ahead of a grand opening. More than 20,000 square feet of new space will be available before the end of the year.

“Central Park Square is evolving into its highest and best use,” said Bud Strang, Six/Ten’s CEO. “We are reversing decades of neglect and obsolescence by giving the buildings new life.”

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

Michelle Friedman
BoardroomPR
407-973-8555

         

JLL Reports Phoenix, AZ Industrial Market Ready for Rebound


Mark Hertzberg
PHOENIX, AZ – After a long summer lull, the Phoenix industrial market is ready for a rebound that will not only fill its large blocks of available space but also continue the momentum generated by small- and mid-size users alike, says JLL’s Q3 Phoenix Industrial Report.

According to JLL, the Valley absorbed 680,434 square feet of industrial space during the third quarter, bringing year-to-date absorption up to 5.6 million square feet.

“We’ve filled in a lot of our vacancies with users in the 40,000 to 80,000-square-foot range who are either relocating or expanding,” said JLL Managing Director Marc Hertzberg.

“These transactions don’t make the kind of splash that a big deal might, but collectively they’ve brought us out of one of the worst vacancy scenarios in the country and they’re teeing Phoenix up for a much more balanced recovery.

“ Our next benchmark needs to be the attraction of large corporate users who can take down Phoenix’s 200,000-, 300,000- and 500,000-square-foot blocks that are built and waiting.”

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

Stacey Hershauer
focusAZ
Marketing & Public Relations
(480) 600-0195

CBRE Capital Markets Arranges $150 Million Sale of Multifamily Portfolio in Orlando, FL – area’s largest apartment sale in 2014


Orlando, FL – CBRE Capital Markets announced that it represented a large national owner-operator in the sale of a 1,024-unit multifamily portfolio in Orlando.

The portfolio was acquired by Atlas Residential for $150 million and represents the largest apartment complex sale in the metropolitan Orlando area in 2014.

The properties included in the transaction were:

· Alexandria Parc Vue, located at 10649 Bastille Lane, Orlando, FL.
· Crowntree Lakes, located at 5759 Crowntree Lane, Orlando, FL.

“This market-leading transaction serves as a testament to the desirability of the Central Florida market, and to the viability of the multifamily sector here. Rent growth is continuing to beat the expectations of property owners and managers,” said Shelton Granade, Executive Vice President of CBRE Capital Markets, Multifamily.

Alexandria Parc Vue Apartments, Orlando, FL
“Rents in Orlando are forecasted to increase 3.5% to 4% each year for the next five years, and average occupancy should hold very strong in the 94% to 95% range.”

CBRE’s Shelton Granade, Robert Given, Luke Wickham, and Justin Basquill exclusively represented the seller in the transaction, and have closed more than $1.4 billion in apartment sales in Central Florida since 2013 to date.
  
For a complete copy of the company’s news release, please contact: 

Elizabeth Cross
Marketing Director, FL
305.428.6373

Daniel Jimenez
Communications Specialist
407.839.3191


South Loop Luxury by Related Enters Final Phase of Sales as Related Midwest continues to lead rebirth of Chicago’s condo market


Curt Bailey
CHICAGO, IL – A year and a half after relaunching sales at South Loop Luxury by Related, a collection of 500 condominiums across three towers in the South Loop, Related Midwest announced it has sold 400 units in just over 18 months, with only 100 of the original 500 residences remaining.

South Loop Luxury by Related represents three previously-stalled condo buildings that Related Midwest reimagined in 2013, when Chicago’s condo market was showing few signs of recovery.

As a result of the overwhelmingly positive response from buyers, Related Midwest has released an assortment of previously reserved units across the collection, which comprises The Grant, Adler Place and Harbor View – all immediately west of Chicago’s famed Museum Campus.

The newly released residences include a mix of standard units, as well as townhomes, penthouses, and two 4,000-square-foot “white box” units.

“When we launched South Loop Luxury by Related in 2013, we saw a unique opportunity to lead the charge in rejuvenating Chicago’s condo market,” said Curt Bailey, president of Related Midwest.

“Since starting sales last year, when the units accounted for nearly half of downtown Chicago’s unsold condo inventory, we’ve been able to significantly boost values in the South Loop.”





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

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528
Julie Liedtke, jliedtke@taylorjohnson.com, (312) 267-4521

North American Properties Announces Opening Dates for 54 Avalon Retailers and Restaurants to Open Oct. 30 in Alpharetta, GA


Kellie Pickler
ATLANTA, GA – With only a week until the highly anticipated Avalon opens in Alpharetta, Georgia, officials with North American Properties (NAP) recently announced opening dates for retailers.

A ribbon cutting ceremony is scheduled at 9 a.m. on Oct. 30 to celebrate the grand opening of the $600 million mixed-use project.

 Avalon’s retail component is 98 percent leased with 90 percent of tenants opening at 10 a.m. following the ribbon cutting.

 Avalon’s festive four-day grand opening will feature local chef demonstrations, fall fashion shows and live entertainment, including a special performance by country star Kellie Pickler.



Mark Toro
On opening day, guests can visit national retailers such as C. Wonder and J. Crew and local favorites like Fab’rik and Bantam + Biddy restaurant. 

In addition to the 54 opening on Oct. 30, new retailers and restaurants will open steadily throughout the remainder of this year and into early next.

“All the brands represented align with our vision to create a unique experiential retail environment,” said Mark Toro, managing partner at NAP.

 “In addition to having sought-after national retailers, we’re introducing new retail and restaurant concepts to the market such as Soft Surroundings, Boston Proper, Lou & Grey and Oak Steakhouse."



Ron Pfohl
“We’ve curated a collection of specialty retailers and chef-driven restaurants that can’t be found anywhere else in the Southeast,” said Ron Pfohl, partner and director of leasing at NAP.

 “We have top names from Calypso St. Barth and Vineyard Vines to Flywheel and that’s just the beginning. More exceptional retailers like Anthropologie and BCBG are scheduled to open in the coming months."


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


Suong Nguyen
The Wilbert Group
404-343-0637 (O) 678-642-4301 (C)


Avison Young completes $7.8-million sale of Mission Health Center in Rancho Santa Margarita, CA


Dan Vittone

 Irvine, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced it has completed the $7.8-million sale of Mission Health Center, a 23,289-square-foot (sf) medical office building in Rancho Santa Margarita, CA.

Avison Young Principals Dan Vittone and Alan Pekarcik, based in the company’s Irvine office, represented the buyer, Cypress West Realty Partners, LLC as well as the undisclosed seller.

The two-story building was 77% leased to six medical and dental clients at close of escrow. The largest tenant, Mission Hospital Regional Medical Center, occupies 34% of the building.

 Built in 2001 and situated on 1.57 acres, Mission Health Center is located at 22032 El Paseo in the affluent submarket of Rancho Santa Margarita in south Orange County.

The property is within the heart of the Rancho Santa Margarita Town Center, an approximate 29-acre power retail center, located at the intersection of the 241 Toll Road and Santa Margarita Parkway. The center offers a diversity of restaurants, stores, banks and other retail amenities.

Alan Pekarcik

“The Affordable Care Act, along with policy changes and demographic shifts, stand to boost demand for medical office space,” comments Vittone.

“The push into communities has given way to development of ambulatory surgery centers, stand-alone emergency departments and multi-tenant properties housing physician offices like Mission Health Center.”

Vittone also noted that the Mission Health Center provided the buyer with the security of investing in a well-located building with a strong, long-term tenant base as well as the ability to add value through the lease-up of vacant space.

“As the healthcare segment grows, medical office sales accelerated by roughly 10% in 2013 on a national basis,” adds Pekarcik.


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

Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224


Northeast Private Client Group Represents Seller Exclusively in $1.9 Million Sale of Southbury, CT Retail Center


David Almeida
 BRIDGEPORT, CT – Investment sales broker Northeast Private Client Group has announced the sale of Southford Center, a multi-tenant mixed-use property located at 1481 Southford Road in Southbury, CT.

 David Almeida, a senior associate in the firm’s Bridgeport office, represented the seller exclusively in the $1,900,000 transaction, which closed on October 16. 

“The successful completion of this sale is yet another positive indication of the strong demand for mixed-use properties in suburban markets,” said Almeida.  “We were able to create tremendous competition among qualified buyers to acquire this asset.”

Located at the intersection of Route 67 and Route 188 in Southbury, CT, Southford Center is comprised of seven retail storefronts and four apartment units for a total of 14,000 rentable square feet. The property was built in 1988 and is situated on 4.60 acres of B-1B zoned land.


Bradley Balletto
The seller, Southport Holdings LLC of Trumbull, CT, sold the asset as a shift in strategy towards private real estate lending.

 The buyer, a private investor from Oxford, CT, was sourced by Bradley Balletto, regional manager of Northeast Private Client Group.  

 The buyer acquired the property at price equivalent to $132 per square foot, a 9.0% capitalization rate on actual net operating income.

“This transaction clearly played to the strengths of our platform,” said Edward Jordan, JD, CCIM, managing director of Northeast Private Client Group. 

 “With offices throughout the Northeastern U.S., we leveraged our relationships to source a well-qualified buyer for this desirable mixed-use asset.”


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

 Randy Savicky
Strategy+Communications
(203) 226-6156


NAI Realvest negotiates $1.01 Million Sale of Longwood, FL Office Building


Kristen Kemp

ORLANDO, FL – NAI Realvest negotiated the sale of the 16,000 square foot office building at 1920 Boothe Circle in Longwood for $1,010,000.00. 

Michael Heidrich, principal at the firm, and associate Kristen Kemp negotiated the sale representing the seller, Red Boothe Circle Holdings, LLC based in Newport Beach, Calif.   

SFG Properties, LLC of Longwood purchased the 17-year-old office building which was 66 percent occupied at the time of the sale.

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

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