Monday, April 30, 2012
The HFF team representing 610 & San Felipe, Inc. was led by associate director Robert Wooten (lower right photo)
The borrower, 610 & San Felipe, Inc., is owned by Cam Allard, a Canadian-based real estate investor, who has developed, managed and leased office, retail, apartment and residential communities across the US and Canada.
ROBERT B. WOOTEN
HFF Associate Director
KRISTEN M. MURPHY
HFF Associate Director, Marketing
CHICAGO, IL – HFF announced today that it has secured $65 million in financing for Grace Lake Corporate Center (top left photo), a 10-building, 882,949-square-foot, Class A office complex in Van Buren Township, Michigan.
Working on behalf of Sovereign Partners, LLC, HFF placed the floating-rate balance sheet loan with Ladder Capital Finance. Loan proceeds were used to finance the acquisition of the property from Visteon Corporation, a Fortune 500 components manufacturer for which Grace Lake Corporate Center serves as the international headquarters.
Completed by Hines in 2004 to the “highest institutional standards”, Grace Lake Corporate Center is fully leased to Visteon, General Electric and Dana Holding Corporation. Situated on 282 acres at 1 Village Center Drive in Van Buren Township, the property is close to Detroit Metro International Airport and Interstate 275.
The HFF team representing the borrower was led by managing director Matthew Schoenfeldt (middle right photo).
“The multi-national corporations that call Grace Lake Corporate Center ‘home’ enjoy amenities unmatched in the competitive property set including: a cafeteria boasting world-class cuisine, a state-of-the-art fitness facility, a multi-media center and the serene 35-acre Grace Lake,” said Schoenfeldt.
Sovereign Partners is a privately-held real estate investment firm that specializes in the acquisition of high-quality office assets throughout the United States.
MATTHEW R. SCHOENFELDT
HFF Managing Director
KRISTEN M. MURPHY
HFF Associate Director, Marketing
The property is ideally located at the northwest corner of 3rd Street South and 4th Avenue South.š It is adjacent to the University Village Shopping Center which is anchored by a high volume Publix grocery store.
ARA’s Tampa-based Senior Vice President, Patrick Dufour (middle left photo), and Boca Raton-based Principal, Richard Donnellan (top right photo), represented the seller.
“The site has four million square feet of office space located within one mile of the property, and is only five blocks away from -- and within walking distance to -- Bayfront Medical Center and All Children’s Hospital, which combined employ more than 5,000 people,” stated Donnellan.
According to Dufour, who lives in St. Petersburg, “The property provides a unique walkable lifestyle and is located within blocks of the downtown waterfront, multiple museums, sporting venues, theaters as well as several restaurants and shops. This is truly irreplaceable real estate, in fact, many of the units will enjoy open water views of Tampa Bay,” added Dufour.
For additional information, contact Patrick Dufour at 813-639-7662.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Marti Zenor at mzenor@ARAusa.com or 561.988.8800.šš
ATLANTA, GA (April 30, 2012) – As the economy is slowly gaining traction, so too is the U.S. industrial real estate market. In fact, the sector’s fundamentals have improved enough to catch the eye of investors growing leery of an overheated market for apartment properties.
Those were two of the points made by show host Michael Bull (top right photo) and his guests on the most recent episode of “America’s Commercial Real Estate Show,” which provided an in-depth look at the industrial market’s performance in first-quarter 2012.
The R&D/flex component of the market experienced a 20-basis-point decline in its vacancy rate during the first quarter, while the warehouse/distribution subsector’s vacancy rate dipped by 10 basis points, said Ryan Severino (middle left photo), a senior economist for Reis.
Investment sales in the sector dipped slightly in the first quarter when compared with the last three months of last year, but the transaction volume was 21 percent higher than in the same period in 2011, Severino added. 2012’s sales volume should end up bigger than 2011’s, and sales will likely continue to grow in the years ahead, he said.
Bull echoed Severino’s assessment. “I think it’s going to be a big year for investment sales in the industrial market,” he said.
“It was another quarter of what I would characterize as modest improvement in the industrial sector …,” Severino concluded. “I say that we should be cautiously optimistic about the sector [in the year ahead].”
A lack of new supply in recent years has the sector set for significant rent increases in the future, said Mitch Roschelle (middle right photo), who heads PricewaterhouseCoopers’ Real Estate Advisory Practice. Also driving rent growth is tenants’ growing reluctance to move and disrupt the efficient operations they’ve established, he added.
To move “and run the risk [of] this finely tuned machine that’s been productive and profitable taking a hiccup … it doesn’t make sense, and so [tenants would] rather stay put,” Roschelle said.
While fundamentals continue to improve, the industrial sector is not yet a market that favors landlords, said Greg Herren (lower left photo), COO of Seefried Industrial Properties. However, “as they enter the market, I don’t think tenants should expect grossly discounted deals,” he said.
Albuquerque, N.M.; Denver; and Salt Lake City are three industrial markets experiencing notable recoveries, while Dallas; Nashville, Tenn.; and Orlando, Fla., are three that continue to struggle, according to Roschelle.
The next “Commercial Real Estate Show” will be available May 3 and will provide an update on the investment market for U.S. medical properties.
Wilbert News Strategies
Office: (404) 965-5026
Cell: (404) 405-2354
CLEARWATER, FL, April 30, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Westbridge Apartments (top left photo), a 12- unit apartment property located in Clearwater, Florida, according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office. The asset commanded a sales price of $370,500.
Michael Donaldson (middle right photo), a multifamily associate in Marcus & Millichap’s Tampa office had the exclusive listing to market the property on behalf of the seller, a financial institution. The buyer, a local private investor, was also secured and represented by Donaldson.
“This transaction represents another example of the improving market conditions for the multifamily industry, as Westbridge fetched a higher price point than similar foreclosed apartments that have recently sold” comments Donaldson.
“The asset is situated in a desirable location close to downtown Clearwater and the beaches and was close to being fully stabilized. The property also featured unique amenities and was parceled separately for condominiums. These are all qualities that attracted substantial interest from buyers” adds Donaldson.
Westbridge Apartments was built in 1966 and is located at 700 South Betty Lane.
Press Contact: Bryn D. Merrey, Vice President/Regional Manager, Tampa
Berger Commercial Realty Corp. Broker Keith Graves Completes $1.1 Million Sale of Bank-Owned Retail Show Room in Miami
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 broker Keith Graves (top right photo) completed a $1.1 million sale of a bank-owned 8,539-square-foot retail showroom.
The space, located at 1470 N.W. 107th Ave., was purchased by RY Investment Group, LLC. It was owned by Wells Fargo and being managed by Berger Special Assets, the receivership division of Berger Commercial Realty Corp.
"This was a great investment opportunity in the retail sector," Graves said. "Deals like this one are helping South Florida's commercial real estate market to rebound."
Pierson Grant Public Relations
(954) 776-1999, ext. 226
The three loans were funded under the Fannie Mae Delegated Underwriting and Servicing® (DUS) Loan product line for the portfolio’s combined $41,400,000 acquisition. These loans include:
Ladera Palms, Fort Worth, TX (top left photo) – This 784-unit complex received $11,550,000 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. Ladera Palms has performed well in its sub-market, which has a long-term positive performance outlook. The property features 68, two-story apartment buildings; six outdoor, in-ground swimming pools, including three kiddie pools and three adult pools; a playground; a basketball court; a fitness center; and three tennis courts.
Canyons at 45 West, Amarillo, TX (middle right photo) – This 328-unit complex received $10,270,000 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. Canyons at 45 West recently emerged from a substantial renovation project that significantly enhanced occupancy in a strong market with rising demand. The property’s units now feature new kitchens, bathrooms, interiors, flooring and plumbing.
Regal Crossing, Dallas, TX (middle left photo) – This 384-unit complex received $7,250,000 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. Regal Crossing recently underwent several significant capital improvements that have elevated its strong position in the market further with rising occupancy. Amenities include two pools with patio areas, a business center, a lounge and two laundry rooms.
All of the loans were originated by Alex Kaushansky (lower right photo), Vice President, in Arbor’s New York City office.
“Arbor takes pride in the long-term relationships it builds with its borrowers, a fact that helped lead to the funding of these properties,” Kaushansky said. “In addition to the strong sponsorship, each of the deals involved properties exhibiting robust performance track records within local markets with increasing rental demand.”
Contact: Christopher Ostrowski, firstname.lastname@example.org