Saturday, August 18, 2012

HFF arranges financing and joint venture equity for Timberstone Apartments in Houston, TX

AUSTIN, TX – HFF announced it has arranged acquisition financing and joint venture equity for Timberstone Apartments (top left photo), a 240-unit multi-housing community in Houston, Texas.

HFF worked on behalf of Commerce Capital Partners, LLC to secure the acquisition loan through RGA Reinsurance Company.  HFF also arranged a joint venture equity contribution for the acquisition from a private investor.

Timberstone Apartments is located at 4200 West FM 1960,  close to major Houston employers including Hewlett Packard, Exxon Mobil and Lone Star College in north Houston.  Situated on 13.4 acres, the property has 10 residential buildings that are 95 percent leased.  Community amenities include a pool, barbeque grills, clubhouse and fitness center. 

The HFF team representing Commerce Capital Partners, LLC was comprised of senior managing director Douglas Opalka (middle right photo), managing director Matt Kafka (middle left photo), and associate director Robert Wooten.

Commerce Capital Partners, LLC is a private real estate investment firm focused on multifamily acquisitions, management and asset management in Texas, Arizona and Florida.

The principals in ComCapp have ownership interest in more than 60 properties comprising more than 14,000 apartment units and 3.5 million square feet of commercial space in eight states.


 DOUGLAS OPALKA                       
HFF Senior Managing Director         
(512) 532-1900                                    

ROBERT WOOTEN                    
HFF Associate Director               
(512) 532-1900                            

HFF Associate Director, Marketing
(713) 852-3500

HFF arranges $5 million refinancing for Pine Hollow Shopping Center in Conroe, TX


DALLAS, TX – HFF announced it has arranged a $5 million refinancing for Pine Hollow Shopping Center (top left photo), a 107,358-square-foot retail center in Conroe, Texas.

HFF worked exclusively on behalf of Cencor Realty Services to secure the 10-year, fixed-rate loan through Aetna Life Insurance Company.

Pine Hollow is located at the southwest quadrant of Interstate 45 and Loop 336 North in Conroe, approximately 30 miles north of downtown Houston.  Currently 92 percent leased, tenants include Aaron’s, Northern Tool+Equipment, Dollar Tree and Star Cinema Grill.

The HFF team representing Cencor Realty Services was led by managing director Travis Anderson (lower righ photo).

For a complete copy of the company’s news release, please contact:

TRAVIS ANDERSON                                                                           
 HFF Managing Director                                     
 (214) 265-0880                                                   

HFF Associate Director, Marketing
(713) 852-3500

Blood Bank Buys and Occupies $9.8 Million Office Building in Fort Lauderdale, FL

FORT LAUDERDALE, FL - OneBlood, Inc., a consolidation of several blood groups from around the state of Florida, has purchased the 75,000-square-foot office building located at 3000 W. Cypress Creek Road (top left photo) in Fort Lauderdale, FL.

The buyer was represented by Colliers International South Florida Chairman, Michael T. Fay (lower right photo) and Executive Vice President - Partner, John K. Crotty, CCIM.
 The seller, the Florida Department of Financial Services, was represented by Colliers Executive Vice President, Robert Listokin, SIOR and Senior Commercial Associate, Sal Bonsignore, CCIM. The all-cash transaction was completed for $9.8 million.

OneBlood will occupy the entire building, creating the BloodBank of Florida. OneBlood is made up of a merger of three not-for-profit blood centers including Community Blood Centers of Florida, Inc., Florida's Blood Center, Inc. and Florida Blood Services, Inc. The organization ensures that blood is available, safe and affordable for its hospital partners and patients.

"We had to work through the State of Florida as a receiver for a bankrupt business," explains Crotty. "The property had deed restrictions and a zoning issue conflicting with the buyer's use, which had to be addressed and overcome."

For a complete copy of the company’s news release, please contact:

Crystal Proenza
Vice President of Marketing
Colliers International South Florida
Commercial Real Estate Services
Tel: 305 476 7138

HFF closes sale of 230 West Monroe in Chicago

CHICAGO, IL – HFF announced  it has closed the sale of 230 West Monroe (top left photo), a 623,524-square-foot office building in Chicago.

HFF marketed the property on behalf of a national private investment firm.  A joint venture comprised of Lincoln Property Company and an investment fund purchased the property for an undisclosed amount.

230 West Monroe is located in Chicago’s West Loop district at the intersection of South Franklin Street.  Currently 89 percent occupied, the 29-story office tower is leased to tenants in the financial services, education, engineering, insurance, legal and real estate industries.  The property underwent lobby renovation, retail expansion and elevator modernization in 2003. 

The HFF investment sales team representing the seller was led by senior managing directors Jeff Bramson (middle right photo) and Jaime Fink (lower left photo) and director Mark Katz. 

 “We are very pleased to acquire this wonderfully located asset in Chicago’s West Loop with its diversified rent roll and near term opportunity to lease more than 100,000 square feet of full floor high-rise space in the coming year,” said John Grissim, senior executive vice president at Lincoln Property Company.

Lincoln Property Company is one of the nation’s largest private diversified real estate service firms in the United States. 

 It currently has more than $30 billion in assets under management including 144,000 residential units and 130 million square feet of commercial space.  Lincoln’s Chicago commercial region’s leasing and management portfolio totals more than eight million square feet. 

JEFFREY M. BRAMSON                           
HFF Senior Managing Director             
  (312) 528-3650                                                          

JAIME F. FINK                                    
HFF Senior Managing Director     
312) 528-3650                                                      

HFF Associate Director, Marketing
(713) 852-3500 

Marcus & Millichap Announces Sale of 311-Unit Apartment development site in Tampa, FL for $4.8 Million

 TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of the NoHo Flats development site; a new 311-unit, loft-style apartment community being built on roughly 8.5 acres within the North Hyde Park district located near downtown Tampa, Florida. 

According to Richard D. Matricaria, Regional Manager of the firm’s Tampa office, the site commanded a sales price of $4,888,817.

Casey Babb (top right photo), CCIM and Paul Bouldin (middle left photo), both senior associates in Marcus & Millichap’s Tampa office, acted in a transactional brokerage capacity to help facilitate the sale between the Tampa-based seller, Hyde Park Realty Group, LLC and the buyer, Atlanta-based Pollack Shores Real Estate Group.

North Hyde Park is an urban, mixed-use redevelopment of what has traditionally been an industrial neighborhood generally located along Rome Avenue just north of Kennedy Boulevard.

In 2006, nearly 15 acres were assembled and entitled for 1,500,000 square feet of residential and commercial space and the NoHo Flats will become the second major apartment development within the site. 

The project will be built on roughly 8.5 acres encompassing three city blocks and will offer market-rate, loft-style apartments within three and four-story buildings with surface parking and a host of community amenities.

Press Contact:

Richard D. Matricaria
Regional Manager, Tampa
(813) 387-4700

Faris Lee Investments Completes $5.7 Million Sale of Retail Property in Lubbock, TX

IRVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $5.7 million sale of a single-tenant retail property occupied by Best Buy (top left photo).

Built in 2003, the 30,000-square-foot property is situated on 3.14 acres and is located at 5916 W. Loop 289 in Lubbock, Texas. 

Jeff Conover (middle right photo), senior managing director with Faris Lee Investments, represented the all-cash buyer, Cole BB Lubbock TX, LLC, a buying entity of Cole Real Estate Investments from Phoenix.

Conover also represented the seller, Hawaii-based Lubbock HPI, LP.  The property garnered multiple offers and closed at a 7.95 percent cap rate.

“Faris Lee marketed the property through our proprietary database of institutional, 1031 exchange, and private capital buyers,” said Conover.

“Ultimately, we identified Cole Real Estate Investments, a real estate investment trust from Arizona who saw the intrinsic value of the property based on its key location and high tenant sales volume, as well as the absolute triple-net lease from Best Buy, a national credit tenant.”  

Conover added that Best Buy has eight years remaining on its 15-year lease plus four, five-year options to extend the term.

The property is ideally positioned with strong visibility from State Loop 289 (60,000 vehicles per day) and State Spur 327 (21,400 vehicles per day) and caters to over 249,000 people within its trade area, including Texas Tech University with approximately 32,000 students.

Best Buy is also adjacent to many major retailers including Home Depot, Lowe’s, and Target. In addition, the property is across the freeway from the South Plains Regional Mall, which is the premier enclosed mall in West Texas and is anchored by Dillards, JCPenney, Bealls, and Sears.


 Darcie Giacchetto, 949.278.6224
Spaulding Thompson & Associates
For Faris Lee Investments

Charles Dunn Co. Completes $7 Million Sale of Retail Property Occupied by CVS in Imperial Beach, CA


LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the nearly $7 million sale of a 14,884-square-foot retail property occupied by CVS/pharmacy.

The property is situated on one-acre of land and is located at 800 Palm in Imperial Beach, Calif., south San Diego County.

Hamid Soroudi (lower right photo)and Kimberly Roberts Stepp (lower left photo) of Charles Dunn Company represented the buyer, Los Angeles-based Drooz Trust.  The seller was San Diego-based Imperial Beach Promenade, LLC and was represented by Sam Hanna of Marcus & Millichap.

 “The buyer had sold two apartment properties in Santa Monica and wanted to complete a 1031 exchange by purchasing a single tenant investment with a corporate guaranteed long-term lease which would give her a higher cash flow and no management fee,” said Soroudi.


Darcie Giacchetto
D.G. Communications, Inc.

NAI Realvest negotiates renewal lease for 3,000 SF at Airport Industrial Center in Orlando


ORLANDO, FL – NAI Realvest recently negotiated a renewal lease of 3,000 square feet at 7480 Narcoossee Road in the Airport Industrial Center in southeast Orlando. 

Michael Heidrich, a principal at NAI Realvest, brokered the transaction representing the landlord, Columbus, Ohio-based Airport Investment Properties LLC and the tenant Plant It Earth, Inc. of Orlando.

For more information,  contact:

Michael Heidrich, Principal, NAI Realvest, 407-875-9989
Patrick Mahoney, President, NAI Realvest 407-875-9989
Beth Payan or Larry Vershel Communications, 407-644-4142