Tuesday, March 6, 2012
PITTSBURGH, PA – HFF announced today that it has arranged a $33.5 million permanent first mortgage for Piatt Place (top left photo), a 225,000-square-foot mixed-use property in Pittsburgh, Pennsylvania.
HFF worked exclusively on behalf of the borrower, an affiliate of Millcraft Industries, to secure the fixed-rate loan through Guggenheim Commercial Real Estate Finance.
Piatt Place is located at 501 Fifth Avenue on the corner of Grant Street in downtown Pittsburgh. The property features Class A office space and ground level retail. The Commonwealth of Pennsylvania occupies 86 percent of the fully leased building.
The HFF team representing the borrower was led by senior managing director Mark Popovich.
Millcraft Industries, Inc. is a Pittsburgh-based real estate developer and management company with a 50-year history of successfully creating and maintaining prominent large-scale office, retail and mixed-use developments.
HFF Senior Managing Director
HFF Associate Director, Marketing
PORTLAND, OR – HFF announced today that it has been named to market for sale Grand Oaks Apartment Homes (top left photo) a 125-unit/249-bed student housing community near Oregon State University in Corvallis, Oregon.
HFF is marketing the property on behalf of the seller, American Capital Group, free and clear of existing debt.
Grand Oaks Apartments is located at 6300 SW Grand Oaks Drive west of the campus in Corvallis. Completed in 2002, the 98 percent leased property has one-, two- and three-bedroom units averaging 952 square feet each. Community amenities include a clubhouse, fitness center, pool and spa, playground and covered parking.
The HFF investment sales team representing American Capital Group is led by managing director Brian Kelly (middle right photo) and director Ira Virden (lower left photo).
“Grand Oaks offers investors the opportunity to purchase an exceptional community in a very high barrier to entry university market.
"The lack of available housing for Oregon State University students suggests an experience operator can increase NOI by implementing a student housing-focused management strategy,” said Kelly.
American Capital Group is a premier, privately-held developer/builder based in Bellevue, Washington.
BRIAN KELLY IRA VIRDEN
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HFF Associate Director, Marketing
BREA, CA, Mar. 6, 2012 – Colliers International, the third largest global real estate services organization, has completed the sale of a 45,283 square-feet retail shopping center named Brea Imperial Center (top left photo) located at the SWC of Imperial Highway and State College. The transaction is valued at $10,501,000 Million.
The center is currently operating at approximately 71% occupancy and has a mix of local and national tenants including Carl’s Jr., Active Ride Shop and Bank of the West.
“The Maling Team leveraged the Colliers platform coupled with a top tiered marketing strategy which led us to generate multiple offers and close within 75 calendar days with an all cash buyer.” said Maling.
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Wilson Commercial Real Estate's team of Senior Vice President Geoff Tranchina (middle right photo) and Senior Associate Jason Gribin are overseeing the marketing of the premier property.
"This is a rare opportunities for an investor to acquire a value-added property in a thriving area of Southern California," said Tranchina. "This investment provides the new owner with a multitude of options from repositioning with new tenants to re-entitling the project for greater density with a mix of uses."
Alhambra Place is located approximately eight miles northeast of Downtown Los Angeles, in the densely populated San Gabriel Valley.
The property features immediate access to the San Bernardino Freeway (I-10) and Long Beach Freeway (I-710) providing convenient access to Downtown Los Angeles and multiple surrounding communities including South Pasadena, San Marino, San Gabriel and Monterey Park.
Alhambra Place draws from a large and diverse population with more than 272,000 residents and a heavily trafficked intersection averaging approximately 50,000 vehicles per day.
For more information, please visit www.wcre.net.
The properties are the 130-room Hilton Garden Inn in the suburban Liberty Park business district (top left photo) and the 95-room Hilton Garden Inn located in the Wildwood area off Lakeshore Drive (lower right photo), 12 miles from Birmingham-Shuttlesworth International Airport.
Helen Zaver (middle right photo), a senior associate in Marcus & Millichap’s Atlanta office and a member of the firm’s National Hospitality Group, represented the seller, HP Hotels, which will continue to manage both properties.
The buyer is Summit Hotel Properties Inc., an active and well-known hotel real estate investment trust. John Leonard (middle left photo), first vice president and regional manager of Marcus & Millichap’s Atlanta office, is the broker of record.
“Both properties are quality hotels in the Hilton franchise family,” says Zaver. “The market for well-branded full-service or select-service hotels is strong, especially for assets in primary markets or locations with robust demand drivers.”
The Liberty Park Hilton Garden Inn is located at 2090 Urban Center Parkway, 13 miles from downtown Birmingham and within the Urban Center Corporate Park. The six-story hotel was constructed in 2008 on 3.1 acres and is in excellent condition.