Tuesday, January 5, 2010
WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced the sale of 4800 Hampden Lane (One Bethesda Center), (top left photo) a 167,000-square-foot, Class A office and retail building in Bethesda, Maryland.
HFF senior managing directors Jim Meisel (middle right photo) and Dek Potts led the investment sales team exclusively on behalf of the seller, Brookfield Properties Corporation. JBG Companies purchased the property for $71 million and assumed a $53 million existing loan.
One Bethesda Center consists of a 12-story office tower and two-story retail building that is 99% occupied by 14 tenants including Boston Consulting Group, Paley Rothman and AREVA NC.
The property was constructed in a “stepped” architectural design allowing for large terraces on select floors and a large rate of windowed offices. Tenants have access to on-site amenities including a bank, salon and day spa, travel agency and a café. In downtown Bethesda, the property is adjacent to Bethesda Row and walking distance to the Bethesda Metro Station providing access to the greater Washington, D.C. region.
“As we have seen throughout this challenging year, quality buildings with stable rent rolls in strong submarkets will generate competitive pricing,” added Potts.
Brookfield Properties owns, develops and manages premier office properties. Its current portfolio is comprised of interests in 108 properties totaling 75 million square feet in the downtown cores of New York, Boston, Washington, D.C., Los Angeles, Houston, Toronto, Calgary and Ottawa, making it one of the largest owners of commercial real estate in North America.
Since 1960, the JBG Companies has been an active investor, owner and developer in the Washington metropolitan area's real estate market - one of the most dynamic markets in the world. JBG's track record in securing superior risk-adjusted returns is widely recognized within this high-performance market.
The company’s diverse portfolio encompasses millions of square feet of office, residential, hotel and retail projects, and includes many of the region's most distinguished properties.
James A. Meisel, HFF Senior Managing Director, (202) 533-2500, email@example.com
Stephen "Dek" Potts, HFF Senior Managing Director, (202) 533-2500, firstname.lastname@example.org
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, email@example.com
MIAMI, FL— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing on December 30, 2009, in the amount of $6,000,000 for 5401 Longley and McCarran A, B and C in Reno, Nevada.
Steve Wood, (top right photo) Company Chief Operating Officer, along with Tony Castrignano of Sky Mesa Capital, financed 5401 Longley through Thomas D. Wood and Company’s correspondent relationship with Symetra Financial, in the amount of $2,500,000.
The permanent loan has a term of 10 years, based on a 25-year amortization, and a loan-to-value of 65%. The interest rate is 6.95%. The two-building, 55,874 square-foot office/warehouse was built in 1991 and is located at 5401 Longley Lane, Reno, Nevada.
The permanent loan has a term of 10 years, based on a 25-year amortization and a loan-to-value of 65%. The three-building, 41,490 square-foot office was built in 1987 and is located at 6490 S. McCarran Boulevard, Reno, Nevada.
For further information, please contact:
Steve Wood (305) 447-7820 firstname.lastname@example.org
Jessica Kinnee (407) 937-0470 email@example.com
MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it closed the sale of the Beach Place Apartments, (top left photo) a 308-unit multi-housing complex in Sunny Isles, Florida.
The HFF team of director George Vail, associate director Jaret Turkell and real estate analyst Scott Wadler served as the exclusive sale advisor to owner of the property, Sky Development.
The buyer of the property was a fund operated by Jamestown Properties, a real estate investment firm funded by German investors with its U.S. headquarters in Atlanta. The sale price was $31.25 million or approximately $101,000 per door.
The 93% leased property has four six-story buildings with one- and two-bedroom units averaging 901 square feet each. Community amenities include a pool, spa, fitness center and clubhouse with billiards room.
“Beach Place Apartments boasts a world class location, one block from the Atlantic Ocean in highly desirable Sunny Isles. The high barrier-to-entry location and the recent high quality renovations make the property an excellent condominium conversion candidate in the future, as well as a strong rental location,” said Vail.
“The transaction closed in under one week with flawless execution - a tribute to the buyer, seller and their respective counsel and advisors,” added Turkell. “That the ultimate buyer of this unique property was a prominent investment group backed by European capital is a testament to how the international community views greater Miami and Sunny Isles as a very desirable venue for long-term investments.”
George Vail, HFF Director, 305) 448-1333, firstname.lastname@example.org
Jaret Turkell, HFF Associate Director, ((305) 448-1333, email@example.com
Kristin Murphy, HFF Associate Director, Marketing, (713) 852-3500, firstname.lastname@example.org
Posted by Alex at 2:24 PM
ORLANDO, FL. – The Henin Group, based in Orlando, developers of Riviera Bella luxury community on the St. Johns River in DeBary, recently sold Harbor Walk condominiums (bottom right photo) in Virginia Beach, Va. for $4.8 million.
Jerome Henin, (top left photo) ounder and president of the Henin Group, said Franciscus Homes, which develops single-family homes and condominiums in six communities in the Virginia Beach /Norfolk area, acquired the remaining development sites that accommodate 156 new condominiums at Harbor Walk.
For more information, please contact:
Jerome Henin, Founder / President, Henin Group, 407 644-8595
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142
ORLANDO, FL --- Crossman & Company recently announced that its Publix-owned shopping center portfolio completed 70 leases and renewals totaling 114,335 square feet of retail space in 2009.
“It has been a challenging market this year, so it’s great to look back and see that deals are getting done,” said John Crossman, (top right photo) president of Crossman & Company. “I’m looking forward to even more deals in 2010.”
The Publix-owned shopping center portfolio includes more than 10.4 million square feet of retail space in five states located throughout Florida, Georgia, Alabama, Tennessee, and South Carolina. Publix owns more than 100 stores and retail centers.
“Publix-anchored, Publix-owned shopping centers are the best and most desirable locations for tenants in today’s market,” Crossman added.
For more information please contact:
John Crossman, CCIM, President, Crossman & Company, 407-581-6218, email@example.com
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, firstname.lastname@example.org