Wednesday, February 8, 2012
HOUSTON, TX – HFF announced today that it has closed the sale of The Plaza at Enclave (total left photo), a 344,295-square-foot, Class A office building in Houston’s energy corridor submarket.
HFF marketed the property on behalf of the seller, Core Real Estate and BayNorth Capital LLC. An affiliate of Azrieli Group, a real estate investment and development company based in Tel Aviv, purchased The Plaza at Enclave free and clear of existing debt.
HFF also arranged acquisition financing for the buyer through Cornerstone Real Estate Advisers, MassMutual’s real estate investment subsidiary.
Completed in 2008, The Plaza at Enclave is 100 percent leased to Dow Chemical Corporation as their regional headquarters as well as Ridgewood Energy, Petrofac and HRT America.
Dow occupies 86 percent of the building under a long-term lease. The six-story building is LEED Gold Certified and has a six-story, 1,434-space attached parking garage. The property is situated on 7.97 acres at 1254 Enclave Parkway close to Interstate 10 and Highway 6 in west Houston.
HFF’s debt placement team representing an affiliate of Azrieli Group was led by managing director Matt Kafka and senior managing director Wally Reid.
“This is one of the finest office buildings if not the finest, office building in west Houston,” said Miller.
DAN MILLER, CCIM, SIOR RUSTY TAMLYN, CCIM, SIOR
HFF Senior Managing Director HFF Senior Managing Director
(713) 852-3500 (713) 852-3500
HFF Associate Director, Marketing
NEWPORT BEACH, CA––McCarthy Building Companies, Inc., one of California’s preeminent non-residential building contractors, announced that Randy Highland (top right photo) has assumed the position of president, California region.
Highland moved into this new role in January 2012 following a six-month transition period with Carter Chappell (middle left photo) the company’s former president, California region. Chappell retired in December 2011 after 30 years at McCarthy, and will continue to serve on the McCarthy board of directors in a corporate oversight role.
Based in the firm’s Newport Beach, Calif. office, Highland is responsible for the financial performance and overall operations of McCarthy’s Southern California and Northern Pacific Divisions.
These duties include participation in McCarthy Building Companies’ executive committee and board as well as overseeing the marketing, estimating, scheduling, safety, administrative and financial functions throughout California and the Pacific Northwest.
“Randy was recruited by McCarthy more than 20 years ago because of his skills, passion and leadership potential,” said McCarthy CEO Michael Bolen (lower right photo). “He has clearly demonstrated a strong commitment to innovation, quality, client service and social responsibility throughout his career at McCarthy, and I am confident that Randy will lead the California Region to even greater heights.”
At 52 years old, Highland has played a significant role in the company’s success over the last 23 years. He returns to his roots in McCarthy’s Newport Beach office subsequent to serving as McCarthy’s Nevada/Utah Division President from 2004 to 2011.
While Highland was president in Nevada, the firm was named among the “Best Places to Work,” “Contractor of the Year,” and “Safest Contractor.” Despite a challenging economy, the division grew from $50 million to $200 million, and Highland was instrumental in positioning the Division as a top community based builder with expertise in a variety of markets.
More information is available at www.mccarthy.com.
Laura Mickelson (LM Communications)
Susan Garritano (McCarthy Building Companies, Inc.)
Faris Lee Investments Completes Two Retail Property Transactions in Kenosha, WI totaling $9.57 Million
IRVINE, CA Feb. 8, 2012 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed a total of $9,575,000 in two retail property transactions in the Kenosha, WI area.
The first transaction was an $8,525,000 sale of two retail buildings at Prairie Ridge Commons (top left photo) located at 9740 - 9800 76th Street, in Pleasant Prairie.
The second transaction was the $1.05 million sale of a two-tenant retail building that houses a Starbucks and EZ Money Payday Loan store and is situated about a mile from Prairie Ridge Commons at 3910 75th Street in Kenosha.
The Prairie Ridge Commons transaction included 26,444 square feet on nearly six acres and is fully occupied by 12 tenants including Starbucks Coffee with a drive-thru, Panda Express, AT&T, and Aspen Dental.
Jeff Conover, senior managing director, with Faris Lee Investments represented both the buyer, Repak Pridge Partners LLC from Northbrook, IL, and the seller, Prairie Ridge Investors LLC from Del Mar, Calif. The closing cap rate was 8.23 percent.
“We aggressively priced this property for a tertiary trade area and focused on the strength of the market and a favorable cap rate not available in primary markets,” said Conover. “We were able to identify a buyer who saw the intrinsic value in the asset and garnered the highest price per square foot ($322) for a multi-tenant retail property sale over $5 million in the entire state of Wisconsin over the past 12 months.
Faris Lee sourced the Chicago-area investor from its premium Midwest private capital database.
Prairie Ridge Commons is the retail component to a $600 million mixed-use development that includes: Hawthorne Suites Hotel, St. Catherine’s Hospital Campus (lower left photo), 216 single family homes, and 900 units for a senior care facility.
Anchor tenants part of the retail center that were not included in the transaction include: Target, Dick’s Sporting Goods, JCPenney, and PetSmart.
The second transaction was a 3,138-square-foot property situated on .44 acres fully occupied by Starbucks Coffee with a drive-thru and EZ Money Payday Loan. Jeff Conover of Faris Lee Investments represented the seller, Sunshine Investors from Del Mar, Calif. Mid-America Wisconsin represented the buyer N3 Retail, LLC from Southlake, Texas.
The closing cap rate was 9.37 percent. The transaction garnered the highest price per square foot of $335 over the last two years for a multi-tenant property under $2 million in Kenosha County.
The property is located at the signalized corner of the heavily traveled, 5-way intersection of Highway 50/75th Street, 39th Avenue, and Roosevelt Road cross streets, boasting over 43,000 cars per day.
For more information, please visit www.farislee.com.
Spaulding Thompson & Associates
For Faris Lee Investments
Irvine, CA (Feb. 08, 2012) – Voit Real Estate Services’ Irvine office has successfully completed the $27.75 million sale of a 155,499 square-foot R&D facility in Irvine, Calif., which has been occupied by Mazda North American Operations (top left photo) for more than 20 years.
John Griffin, Executive Vice President in Voit’s Irvine office, represented the seller, EFT Holdings, a private, family-run investor. The buyer was Mazda North American Operations.
“Large facilities in Orange County are in high demand, as availability for properties above 100,000 square feet dropped to two percent throughout the county last quarter,” said Griffin. “As occupancy increases, buyers and investors are motivated to make deals. In this case, Mazda was ready to make a long-term commitment to this location.”
The three-building campus property serves as Mazda’s U.S. research and development facility, where the company conducts technology and market trend studies; develops new designs and evaluates product conformity for the North American market, according to its website.
The Mazda North American Operations R&D facility is located at 1421 Reynolds, and 1424 and 1444 McGaw Ave. in Irvine, Calif.
Further information on Voit is available at www.voitco.com.
Mazda North American Operations is headquartered in Irvine, Calif., and oversees the sales, marketing, parts and customer service support of Mazda vehicles in the United States, Canada and Mexico through nearly 900 dealers. Operations in Canada are managed by Mazda Canada, Inc., located in Ontario; and in Mexico by Mazda Motor de Mexico in Mexico City.
For more information on Mazda vehicles, visit the online Mazda media center at www.mazdausamedia.com.
Product B-roll may be ordered online by visiting The News Market at www.thenewsmarket.com/mazda.
Judith Brower / Jenn Quader
Brower, Miller & Cole
ATLANTA, GA -- Engler Financial Group is pleased to offer for sale Jasmine Woodlands (above centered photo) a 644 unit garden-style apartment community located off the west side of Village Parkway, approximately one-quarter mile south of Windy Hill Road, in the City of Smyrna, in Cobb County, Georgia.
Jasmine Woodlands is offered for sale for $40,500,000 and represents an excellent opportunity to purchase a well-located Class "B" apartment community with "value-add renovation" potential.
For complete details and a copy of the company’s flyer, please contact:
(678) 992-2000, ext. 1
Senior Vice President
(678) 992-2000, ext. 2
(678) 992-2000, ext. 4
Engler Financial Group, LLC | 1000 Windward Concourse, Suite 110 | Alpharetta, GA 30005 | www.efgus.com
NAI Realvest Negotiates Lease agreements for more than 10,000 SF of industrial space at Hanging Moss Center and Carter CommerCenter in Orlando area
ORLANDO, FL– NAI Realvest negotiated three industrial lease agreements totaling 10,075 square feet at the Hanging Moss CommerCenter in Orlando and at Carter CommerCenter in Winter Garden.
Michael Heidrich, Sr. (lower left photo) principal at NAI Realvest negotiated all three transactions on behalf of the landlords.
NAI Realvest Associate Michael Heidrich, Jr. (top right photo) represented Tenant Robert E. Himler, Jr. who signed a new lease for suite 570 with 4,200 square feet at 6100 Hanging Moss Rd. in the Hanging Moss CommerCenter. Maitland-based COP-Hanging Moss, LLC is the landlord.
Heidrich, Sr. also negotiated a lease renewal at Hanging Moss for suites 540-550 where Florida Home Medical Equipment Inc. occupies 4,000 square feet. Howard B. Feuerstein of Travers Realty Corp. represented the tenant.
In Winter Garden Heidrich, Sr. negotiated a lease of 1,875 square feet at Carter CommerCenter on behalf of the landlord COP-Carter LLC. Orlando-based Kimric Development Corp. d/b/a Kimric Auto Brokers is the new tenant at 902 Carter Rd., Suite 290.
For more information, contact
Michael Heidrich, Principal, NAI Realvest, 407-875-9989 or firstname.lastname@example.org
Patrick Mahoney, President, NAI Realvest, 407-875-9989 email@example.com
Beth Payan, Larry Vershel Communications, 407-644-4142, firstname.lastname@example.org
IRVINE, CA. (Feb. 8, 2012) – Sperry Van Ness International, one of the fastest-growing commercial real estate brokerage franchisors in the nation, today announced the addition of two new franchises in California and Wisconsin.
The new franchises are part of Sperry Van Ness International’s national expansion program, which started in 2001 and has grown to more than 1,000 advisors and staff representing more than 150 markets today.
“The Sperry Van Ness collaborative culture and industry-leading technology platform continue to attract professionals seeking to align with a strong national presence,” said Kevin Maggiacomo (top right photo), chief executive officer and president of Sperry Van Ness International. “San Ramon and Milwaukee are new markets for us and signify an important addition to our national expansion efforts."
United Apartment Group will now operate as Sperry Van Ness / United Apartment Group, located at 6 Crow Canyon Court, Suite 100 in San Ramon, Calif. Led by Ted Booras, who serves as managing director, the firm will specialize in multifamily investments in the East Bay of the San Francisco Bay Area.
An East Bay native, Booras comes to Sperry Van Ness with more than19 years of multifamily investment advisory and brokerage experience. Prior to joining Sperry Van Ness, he served as managing director for Acquisitions Investment Group and was previously managing broker for United Partners Group, where he managed more than $183 million in transactional volume.
The Hintze Group will now operate as Sperry Van Ness / The Hintze Group, located at 6936 N. Braeburn Lane in Glendale. Led by Jay Hintze (middle left photo), managing director, the firm will specialize in the acquisition and disposition of commercial and investment properties, development of senior housing, acquisition and disposition of REO properties, highest and best use studies for land, and municipal interaction between the real estate community and local elected officials throughout Southeastern Wisconsin.
John Klement will serve as advisor for Sperry Van Ness / The Hintze Group. With more than 10 years of real estate experience, he has worked across virtually all commercial real estate product types and has specialized expertise in appraisals and development.
Contact: Megan Morales, (714) 273-2472, email@example.com