Saturday, November 5, 2011

HFF Austin expands with addition of Robert Wooten and Kelsey Roop as associate directors

 AUSTIN, TX – HFF announced today that its Austin office has expanded with the
addition of Robert Wooten as an associate director in the debt placement group and Kelsey Roop as an associate director in the investment sales group. 

Mr. Wooten will focus on debt and structured finance transactions with a specific focus on the Austin and San Antonio markets.   He joins the Austin office from HFF Houston, where he worked in the debt placement group since 2007.  Mr. Wooten holds a Bachelor of Science degree in Economics from The University of Texas at Austin.

Ms. Roop is relocating to the Austin office from HFF Dallas where she has worked for the investment sales group since 2007.  She will primarily focus on office investment sale transactions in the Austin and San Antonio markets with a secondary focus on industrial and retail transactions.  Prior to HFF, she was the director of market research with The Staubach Company in San Antonio.  Ms. Roop is a licensed real estate salesperson in Texas and holds a Bachelor of Business Administration degree from the University of Texas at Austin.

“Robert and Kelsey have four years of experience with HFF in our Dallas and Houston offices and have added a tremendous amount of value to their respective teams and offices.  They have extensive experience in the Austin and San Antonio markets and we are eager to have them as a part of the growing Austin office as we move forward within our inaugural year,” said Sean Sorrell, senior managing director and co-head of HFF’s Austin office.

Sean Sorrell, HFF Senior Managing Director, (512) 532-1900                                                                 
Douglas Opalka, HFF Managing Director, (512) 532-1900                                                                     
 Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500                       

Institutional Property Advisors Closes North Dallas Multifamily Sale


RICHARDSON, TX –Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of The Venue (top left photo), a 285-unit, 283,577-square foot, transit-oriented development in the Telecom Corridor area of Richardson, an affluent North Dallas suburb. The terms of the sale were not released.

Will Balthrope (middle right photo), an IPA senior director, and Lindsay Allen, an IPA director, represented the seller, Legacy Partners Residential Development and The General Investment & Development Cos. (GID) The buyer was Illinois-based Amli Residential.

 “The Venue is an extremely high-profile property,” says Balthrope. “We had three public real estate investment trusts bidding for it fiercely.”

“Almost every major apartment owner in the country was tracking this sale,” adds Allen.

The property is located at 2301 Performance Drive, 100 yards from a DART rail stop in the Galatyn Park urban center on U.S. Highway 75

Developed in 2008 by Legacy Partners, the Venue is a “distinctive urban resort-style residential property,” according to Balthrope. The design incorporates a musical/theatrical theme to complement the nearby Charles W. Eisemann Center for Performing Arts and Corporate Presentations (lower left photo). The asset also includes approximately 6,000 square feet of retail space.

The 285-unit, four- and five-story mid-rise includes 35 luxury floor plans averaging 995 square feet in size.

The Telecom Corridor is a large concentration of technology firms and other businesses located along U.S. Route 75 between Interstate 635 and President George Bush Turnpike.

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

Laguna Beach, CA Festival Center Building Listed at $10.7 Million

 LAGUNA BEACH, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has secured the exclusive listing for the Laguna Beach Festival Center building (top left photo), a 19,780-square foot property fronting Laguna Canyon Road, California State Route 133 in Laguna Beach. The sales price of $10.7 million equates to $541 per square foot.

Paul Bitonti (middle right photo), a vice president investments in Marcus & Millichap’s Newport Beach office, is representing the seller, a local private investor.   

“The Festival Center building is a unique owner-user investment opportunity located at the gateway to a special district for the arts in Laguna Beach,” says Bitonti.

 “The art district creates space for open-air festivals, kiosks and outdoor events that are prohibited elsewhere in the city. The world-famous Sawdust Art Festival (Logo by Jesse Miller at  the Art-A-Fair festival, the Pageant of the Masters, the Laguna Playhouse and the Seven Degrees event facility are all located within this special district,” adds Bitonti.

The property is located at 805-859 Laguna Canyon Road, near the Pacific Coast Highway and California State Highway 73. The building is a short walking distance from Laguna’s main beach, restaurants, shops and galleries.

The facility is currently 25 percent occupied by the Laguna Culinary Arts cooking school.

California State Highway 73 has an average daily traffic count of 81,000 and California State Highway 133, Laguna Canyon Road, has an average daily traffic count of 36,000. The average household income within a one-mile radius of the property is $151,019.

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