Thursday, March 22, 2012
PHOENIX, AZ – The Phoenix office of Jones Lang LaSalle has completed the sale of Camelback Arboleda (top left photo), a 179,751-square-foot, multi-tenant office building located at 16th Street and Camelback Road, in the heart of Phoenix’s prestigious Camelback Corridor.
Jones Lang LaSalle’s Senior Managing Director Dennis Desmond (middle right photo) and Senior Vice President Brian Ackerman (middle left photo) managed the sale to El Segundo, California-based Westport Capital Partners LLC, a real estate investment firm specializing in distressed and opportunistic real estate assets.
Camelback Arboleda is currently 81 percent occupied by tenants including Stanley Consultants, Telesoft Corp., and a Starbucks administrative office. It is also the third large, opportunistic office building that Jones Lang LaSalle’s capital markets team has sold in suburban Phoenix since mid-2011.
“All of these buildings are in very sought-after locations and provide great upside opportunity,” said Desmond. “They are the value-add combination that buyers have been waiting for.”
In addition to Camelback Arboleda, the capital markets team recently brokered the sale of Scottsdale Financial Center II, (lower right photo) a 150,892-square-foot building at Indian School and Scottsdale roads that was purchased in late 2011 by Westport Capital Partners, and Scottsdale Centre, a 164,300-square-foot building located on Scottsdale Road near Indian Bend Road that was purchased in mid-2011 by Newport Beach, California-based MIG Real Estate.
According to Jones Lang LaSalle research, the Camelback Corridor was 87 percent occupied five years ago and rental rates averaged $30 per-square-foot. Today, occupancy has dropped to 69 percent and rental rates average approximately $24 per square foot.
“As local office occupancy levels improve, so do rental rates,” said Ackerman. “We are seeing signs of significant increased leasing activity now on the Camelback Corridor and that’s what is attracting investors.”
For more news, videos and research resources on Jones Lang LaSalle, please visit the firm’s U.S. media center webpage and visit www.joneslanglasalle.com.
Marketing & Public Relations
TORRANCE, CA--(BUSINESS WIRE)-- Regency Centers (NYSE: REG), a national owner, operator and developer of grocery-anchored and community shopping centers, has begun construction of South Bay Village, a 109,293-square-foot neighborhood center anchored by Orchard Supply Hardware and HomeGoods.
Located 19 miles south of downtown Los Angeles, the retail center is strategically positioned within the primary retail corridor of South Bay on Hawthorne Boulevard with daily traffic counts of 78,000. Scheduled anchor openings begin in September 2012.
Built on the site of a former Kmart, South Bay Village will include a 49,687-square-foot Orchard Supply Hardware, 25,109-square-foot HomeGoods, a future 30,000-square-foot anchor and one outparcel. The existing building will be renovated and expanded with a new exterior façade, upgraded architectural components, new signage, lighting and parking lot improvements.
“We have received strong national retailer interest in South Bay Village due to its infill location among 242,000 people with average household incomes exceeding $90,000 within a three-mile radius,” said John Mehigan, Regency Centers Vice President of Investments.
Regency Centers owns and manages 19 properties in the Los Angeles market totaling 2.4 million square feet.
The Hoffman Agency
Bonnie Hayflick, 904-398-9663
John Mehigan, 213-553-2273
Vice President Investments
Posted by Alex at 11:44 AM
ORLANDO, FL – HFF announced today that the International Council of Shopping Centers (ICSC) has appointed Michael Weinberg (top right photo) as the state chair of Florida for ICSC Next Generation for a one-year term beginning in May.
In this volunteer role, Mr. Weinberg will represent the interests of owners, developers, investors, marketers and other retail specialists across the state of Florida.
“Michael has been a leader with many strong local organizations including ICSC in the past, so it is no surprise that ICSC asked him to take on this important statewide position,” said Brad Peterson (middle left photo), managing director at HFF.
“ICSC is delighted to welcome Michael Weinberg into this new leadership role,” said Chuck Taylor (lower right photo), state chair of Florida for ISCS. “His enthusiasm and willingness to contribute to the success of ICSC and the retail real estate industry will be of great benefit to our growing membership in Florida.”
Mr. Weinberg is a senior real estate analyst in HFF’s Orlando office with nearly seven years of experience in the commercial real estate industry.
For more information, visit http://www.icsc.org/.
BRADLEY J. PETERSON
HFF Managing Director
HFF Associate Director, Marketing
HOUSTON, TX – HFF announced today that it has closed the sale of and arranged financing for Westchase Creek (top left photo) (formerly known as Camden Creek), a 456-unit multi-housing community in Houston’s Westchase District.
HFF marketed the property on behalf of the seller, Camden Property Trust.
Allen Harrison Company, LLC purchased the property in a joint-venture partnership with Dome Equities LLC and Equity Resource Investments, LLC, with the assistance of a seven-year, fixed-rate loan with two years of interest-only payments that HFF secured through Freddie Mac (Federal Home Loan Mortgage Company).
HFF will service the securitized loan through its Freddie Mac Program Plus® Seller/Servicer program.
The property has an average unit size of 639 square feet and is 96 percent leased. Upon acquisition, Allen Harrison Company will execute a capital improvement plan to upgrade unit interiors and the property exterior.
HFF’s debt placement team representing Allen Harrison Company, LLC was led by director Cortney Cole (lower left photo).
Camden Property Trust is one of the largest publicly traded multifamily companies in the United States.
Allen Harrison Company is a privately-held real estate investment and service company specializing in multifamily properties. Headquartered in Houston, Texas, Allen Harrison Company focuses on properties located in major markets throughout the southern United States.
HFF Senior Managing Director
HFF Associate Director, Marketing