Monday, January 23, 2012
ONTARIO, CA, Jan. 23, 2012 – Jones Lang LaSalle has been awarded the leasing for Safari Business Center (top left photo), a 16-building, 1,138,219-square-foot business park in Ontario, Calif. The premier industrial complex has immediate availability for users ranging from 5,000 to 57,440 square feet.
Leading the leasing efforts for the property are Jones Lang LaSalle Vice President Jeff Bellitti (middle right photo) and Associate Jordan Quinn.
“Jones Lang LaSalle was selected for this assignment because of its deep understanding of the Inland Empire industrial market,” said Quinn. “Safari Business Center is ideal for companies seeking a superior building in an excellent location.”
Jones Lang LaSalle was hired by the asset manager, American Realty Advisors, on behalf of the landlord.
Strategically located in the heart of the Inland Empire, Safari Business Center offers close proximity to the I-10, I-15 and SR-60 freeways as well as rail lines and airports including the Ontario International Airport. (lower left photo)
Safari Business Center features 30’ minimum warehouse clearance; truck-well and ground-level loading with ample truck staging and maneuverability; loading dock doors with automatic levelers; and .45 or .60 GPM/3,000 sprinkler system.
For more news, videos and research resources on Jones Lang LaSalle, please visit our U.S. media center Web page. Bookmark it here: http://www.us.am.joneslanglasalle.com/UnitedStates/EN-US/Pages/News.aspx.
DALLAS, TX – HFF announced today that it has arranged $5.1 million in first lien financing for the refinance of Southcross Plaza (top left photo), a 34,051-square-foot retail center in Austin, Texas.
HFF worked exclusively on behalf of Cencor Realty Services to secure the five-year, 4.85 percent, fixed-rate loan through First National Bank & Trust of McAlester. The loan’s interest rate will reset at the end of year five for an additional five years.
The HFF team representing Cencor Realty Services was led by director Travis Anderson (middle right photo).
Cencor Realty Services was founded in 1989 as a full-service commercial real estate company specializing in property management, asset management, development and construction services.
The company has grown from managing five million square feet of space in 1989 to managing a portfolio of more than 20.4 million square feet today. Cencor is one of the largest retail property management companies based in Texas with space under management throughout Texas’ major market areas in Dallas, Fort Worth, Austin, Houston and San Antonio.
TRAVIS ANDERSON KRISTEN MURPHY
HFF Director HFF Associate Director, Marketing
(214) 265-0880 (713) 852-3500
IRVINE, CA – HFF announced today that it has hired James Fowler as a managing director in its Orange County office.
Mr. Fowler will focus on debt placement and structured finance transactions for properties throughout Southern California. .
Prior to joining HFF, Mr. Fowler was the principal and founder of US Realty Capital, a nationwide commercial real estate financial intermediary.
“James’ strategic skills and extensive industry experience as well as his unwavering commitment to both excellence and integrity with regard to client satisfaction will be an asset to the west coast debt placement team and we are excited to welcome him to HFF,” said Kevin MacKenzie (top right photo), senior managing director and co-head of HFF’s Orange County office.
HFF Senior Managing Director
KRISTEN M. MURPHY
HFF Associate Director, Marketing
FLORHAM PARK, NJ – HFF announced today that it has closed the sale of Ravens Crest (top left photo), a 704-unit, Class A multi-housing community in Plainsboro, New Jersey.
HFF marketed the asset on behalf of the seller, Equity Residential. The purchaser is an affiliate of Chicago-based, Heitman LLC.
The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz (top right photo) and Andrew Scandalios (lower left photo), and directors Kevin O’Hearn and Jeffrey Julien.
“Raven represents one of the top assets in the central New Jersey market and the sale represents one of the largest apartment transactions in New Jersey over the past two years. EQR timed this sale perfectly to coincide with a high demand for multi-housing in this market,” said Cruz. “The buyer will be able to capitalize on future rent growth over the next several years.”
“This is the fourth multi-housing asset that HFF has completed in the Plainsboro market. The firm has sold more than $350 million over the last 12 months in the municipality. Overall, the New York and New Jersey offices of HFF have sold more than $1 billion of multi-housing properties in the last 18 months in the tri-state area,” added Cruz.
Equity Residential (NYSE: EQR) is an S&P 500 company, over 4,000 employees strong, that owns, develops and operates more than 400 high-quality apartment properties in top U.S. growth markets.
JOSE R. CRUZ ANDREW G. SCANDALIOS
HFF Senior Managing Director HFF Senior Managing Director
(973) 549-2000 (212) 245-2425
KRISTEN M. MURPHY
HFF Associate Director, Marketing
Tulsa, OK, Jan. 23, 2012 –Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of two distribution facilities, 100% leased to FedEx Corporation, located in suburban Detroit and in Kalamazoo, Michigan. The combined sale price was $7.85 million.
Craig Tomlinson (top right photo) and John Zimmerman (lower left photo) of Stan Johnson Company represented both parties, who are private individuals.
“The lack of new builds in the single-tenant space is driving buyers to shorter and shorter leases,” said Tomlinson. “While both are sub 10-year leases, the buyer is very satisfied with the long-term prospects of keeping his tenant.
The seller did a great job timing the market, having recently exercised lease extensions on both buildings,” said Zimmerman.
NEW YORK, NY, Jan. 23, 2012 - PCCP, LLC announced today it has provided a $16 million senior loan to recapitalize University Mall (top left photo) in Chapel Hill, NC on behalf of the owner, Madison Marquette, a retail real estate investor and operator.
Built in 1973 and renovated in 2008, University Mall is a 367,623 square foot enclosed shopping mall on 39.5 acres. The center is approximately 89 percent leased and anchored by Dillard’s, Rose’s, Harris Teeter, and A Southern Season.
Madison Marquette purchased the mall in 2007 and has since invested approximately $3.4 million in interior and exterior renovations as part of its repositioning strategy for the asset.
The business plan is to undertake a series of physical, merchandising and programming enhancements intended to position the center as Chapel Hill’s primary shopping and entertainment destination, a focal point of community and cultural activity, and a venue that reflects the unique character of this highly educated community.
Recent leasing activity will provide for the $9 million expansion and conversion of an existing Harris Teeter Supermarket into the grocer’s flagship store concept, and the addition of the Chapel Hill Library.
“Madison Marquette is a premier national real estate investment and operating company that specializes in the development, redevelopment and repositioning of retail and mixed use properties,” said John Randall (top right photo), senior vice president with PCCP, LLC.
In addition to PCCP’s senior loan, Jay Lask (middle left photo), managing director of Madison Marquette, has indicated the company plans to invest another $7.5 million in capital to continue to execute its repositioning and value enhancement strategy.
Says Lask: “University Mall benefits from serving a community with high barriers to entry, a recession resistant economy and a large daytime employment base.
"Additionally, its resident population, that ranks among the most highly educated in the country, has a high level of disposable income and a very strong desire to spend locally.”
University Mall is well situated at the intersection of Route 15/501 (North Fordham Blvd.) and South Estes Drive. Route 15/501 is a major thoroughfare and provides direct access to Durham, NC to the northeast and Pittsboro to the south.
Mark Remington and Jordan Lex of HFF arranged the financing.
Learn more about PCCP at http://www.pccpllc.com/.
Contact: Darcie Giacchetto, Spaulding Thompson & Associates, 949.278.6224
ATLANTA (Jan. 23, 2012) – The Great Recession left the retail real estate market ailing, but the sector exhibited some significant signs of health last year and should continue to recover in 2012.
Guests of the most recent episode of the “Commercial Real Estate Show” provided those observations and others in a detailed look at the market.
Topics included retail spending, investment sales activity, landlord-tenant negotiations and the growth of Smashburger, an award-winning, fast-casual restaurant chain.
On a chain-store basis, retail spending grew by 4.7 percent in 2011 when compared to the year before, according to Michael Niemira (top right photo), chief economist for the International Council of Shopping Centers. The growth was the largest since 1999, but Niemira qualified the rise by noting it was fueled to a large degree by price increases implemented by retailers grappling with inflation in their supply chains.
Chain-store sales should increase by 3 percent in 2012, Niemira said. “In many respects, [that] is a better number because the inflationary pressures are receding,” he added.
Investment sales of retail properties also grew substantially in 2011. Such transactions totaled about $47 billion last year – almost double 2010’s figure of $24 billion, said Kevin Imboden, senior market analyst for Real Capital Analytics, who added his firm hasn’t finalized the 2011 figures yet.
“A lot of investors are looking for new opportunities,” Imboden said. “I think there might be a little bit of a conservative element too because a lot of the centers that were selling were grocery-anchored strip centers … Everyone needs to go to those centers.”
Jonathan Neville (middle right photo), a partner with the Arnall Golden Gregory law firm, said retail tenants are now frequently trying to negotiate self-help provisions into their leases to allow them to recover the expense of property repairs and maintenance they undertake in the face of landlord inaction.
Such negotiations often feature “an argument as to how you get your money back, whether you can offset rent, whether you just send a bill to the landlord and hope they pay it, or whether you have to go to court,” Neville said.
Self-help provisions are easier for big, national tenants to get, Neville added.
To learn more about the U.S. retail real estate market, listen to the whole show, which is available for download here.
The next “Commercial Real Estate Show” will be available Jan. 25 and will provide an update on the U.S. industrial market.
Wilbert New Strategies
FORT LAUDERDALE, FL –Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale, and serving clients around the state, announced Senior Vice President Steve Hyatt (top right photo) closed three new lease transactions.
Hyatt represented tenant Trans-I Technologies in the 3-year lease of 1,336-square-feet of space located at 888 E. Las Olas Blvd in Fort Lauderdale from landlord The Las Olas Company.
Hyatt also represented landlord Carbogen Corporation in the 3-year lease of 950-square-feet of space located at 1041 S.E. 17th St. Causeway in Fort Lauderdale to tenant MTS Yachts, represented by Kathleen Beasley of Charles Rutenberg Realty.
Joseph Byrnes Hired as Vice President
FORT LAUDERDALE, FL. – Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced it has hired commercial real estate broker Joseph Byrnes (middle right photo) as vice president.
Byrnes has more than 27 years of real estate experience in Broward County. At Berger Commercial Realty Corp., he will be responsible for providing a full range of commercial real estate and brokerage services, including the representation of property owners in the sale, lease and oversight of their assets.
Byrnes currently represents more than 800,000 square feet of office, industrial and retail space. He is a retail real estate specialist in the capacity of landlord and tenant representation.
“We are proud to welcome Joe to the firm," said Lloyd Berger (lower left photo), founder and president Berger Commercial Realty Corp. "The synergy between his professional expertise and our firm's services is tremendous. He immediately brings new business development to the firm while offering expanded services to his existing client roster."
Byrnes was previously a broker at ComReal in Fort Lauderdale. He is CCIM member, a member of the South Florida Office Brokers Association, and a past member of the Commercial Industrial Real Estate Broker Association, for which he served as president from 2005 through 2010. Byrnes has been named a CoStar Power Broker for the past seven consecutive years. He holds a Bachelor of Science degree from the University of South Florida and is a resident of Plantation.
Pierson Grant Public Relations
6301 NW 5th Way, Suite 2600
Fort Lauderdale, FL 33309
P: 954-776-1999, ext. 255
F: (954) 776-0290
Pierson Grant Public Relations
(954) 776-1999, ext. 226