Tuesday, September 18, 2012

HFF closes sale of newly-built luxury southwest Florida multi-housing community

TAMPA, FL – HFF announced it has closed the sale of Lost Creek Resort at Lakewood Ranch (top left rendering), a recently-completed, 272-unit, Class A multi-housing community in Bradenton, Florida.

The HFF Florida multi-housing group represented the seller, P.A.C. Land Development in the sale of the property to an affiliate of the Inland Real Estate Group of Companies, Inc.   Joe Cosenza (middle right photo), vice chairman, negotiated the purchase on behalf of Inland Real Estate Acquisitions, Inc.

Leading the transaction for the HFF Florida multi-housing group were director Matt Mitchell and analyst Scott Wadler.

                Lost Creek Resort is situated on 24 acres within the Lakewood Ranch master planned community, approximately 40 minutes south of downtown Tampa.  

The property was designed to appeal to young professionals and families by offering resort-style amenities including a large swimming pool and spa, pool-side cabanas, tot lot, a dog park complete with an obstacle course, on-site car wash, a well-appointed clubhouse with a computer lab and entertaining areas, fitness club with weights and cardio areas, full-court indoor basketball, and volleyball and tennis courts.

  Parking is provided in a combination of surface spaces and detached garages.   The property has one-, two- and three-bedroom units averaging approximately 1,100 square feet each. 

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

HFF Associate Director, Marketing
(713) 852-3500

HFF secures $2.3 million refinancing for multi-housing property near University of Ohio State

LOS ANGELES, CA – HFF announced it has secured a $2.3 million refinancing for Somerset Square Apartments (top left photo), a 57-unit multi-housing property near The University of Ohio State in Columbus, Ohio.

                Working on behalf of 1751 Kenny, HFF placed the 10-year, 4.0 percent fixed-rate loan with Lincoln Financial Group.  Loan proceeds were used to refinance existing debt and place new long-term debt on the property.

Somerset Square Apartments is located at 1751 Kenny Road adjacent to the University and on the COTA bus line in Columbus.  Completed in 2002, the property is consistently 100 percent leased to primarily graduate students.

                The HFF team representing the borrower was led by director Chris Vittetoe (lower right photo).       

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

HFF Associate Director, Marketing
(713) 852-3500

HFF arranges $27.6 million refinancing for shopping center in Torrance, CA

LOS ANGELES, CA – HFF announced today that it has arranged a $27.6 million refinancing for Torrance Promenade (top left photo), a 269,000-square-foot retail power center in Torrance, California.

HFF worked exclusively on behalf of the borrower, KIR Torrance, L.P., to secure the 10-year, fixed-rate loan through a life insurance company.

Torrance Promenade is located at 19800 to 20100 Hawthorne Boulevard two miles south of the 405 Freeway in Torrance. Major tenants include Trader Joe’s, Office Depot, Marshalls, Same Ash Megastore, Ross Dress for Less, Loehman’s, Tuesday Morning and Party City. The property is 99 percent leased.

The HFF investment sales team representing Kimco Income REIT, an affiliate of Kimco Realty Corporation, was led by director John Crump (lower right photo) and managing director Robert Delitsky.

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

HFF Associate Director, Marketing
(713) 852-3500

Regency Centers Purchases 189,000-Square-Foot Neighborhood Center in San Diego

SAN DIEGO, CA--(BUSINESS WIRE)-- Regency Centers Corporation (NYSE:REG), a national owner, operator and developer of grocery-anchored and community shopping centers, closed on the acquisition of Balboa Mesa Shopping Center (top left photo, a 189,321-square-foot infill shopping center anchored by market-dominant grocer Vons. Regency purchased the San Diego property for $59.5 million from Balboa Realty LLC.

Built in 1969, Balboa Mesa Shopping Center is anchored by a 42,247-square-foot Vons, a 77,000-square-foot Kohl’s and a 24,000-square-foot CVS/pharmacy. Located at one of the city’s busiest intersections at Balboa Avenue and Genesee Avenue, the neighborhood center is situated in a major retail node with 63,000 vehicles passing the site daily.

The center is surrounded by a residential population of 126,000 and a daytime population of 109,000 within a three-mile radius.

“Balboa Mesa fits Regency’s standards for a dominant shopping center, including infill location, market-leading anchors and population density,” said Howard Overton (lower left photo), vice president of transactions for Regency Centers. “Located in the core market of San Diego, this center complements Regency’s premier portfolio of centers nationwide.”

Gregg Sadowsky (top right photo), senior market officer for Regency Centers, added, “The 95-percent-leased property offers an immediate redevelopment opportunity to increase the square footage of the center, further improving the net operating income for the project. The center’s prominent location, dense residential and daytime populations and strong traffic counts make this center one of the more desirable locations for retailers in the San Diego market.”

With the acquisition of Balboa Mesa, Regency owns 69 properties in California, including 10 retail centers totaling 1.5 million square feet in the San Diego market.


The Hoffman Agency
Bonnie Hayflick, 904 398 9663


Howard Overton, 925-279-1893
Vice President, Transactions

Marcus & Millichap Announces Sale of Seminole Village in Seminole, FL for $2.6 Million

SEMINOLE, FL, Sept. 18, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Seminole Village, a 56-unit multifamily property located in Seminole, Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $2,650,000.

Nicholas Meoli (top right photo) investment specialist, Michael P. Regan (lower left photo) and Francesco P. Carriera, vice president investments, all in the firm’s Tampa office, represented both the seller and the buyer, private investors based in Florida.

Seminole Village is situated on 3.08 acres of land and is located at 7770 Starkey Road in Seminole, Florida.  This 56-unit multifamily community was built in 1984 of concrete block construction and consists entirely of two-bedroom/one-bathroom units, with 950 to 1,120 rentable square feet.  Amenities at this facility include ample on-site parking, laundry facilities and central air-conditioning. 

“We generated several written offers within a 45 day marketing period,” said Meoli. “Ultimately, the buyer was an all-cash investor who closed within 25 days of an executed purchase agreement. This sale reinforces the demand for well-located “B” class assets in the Tampa Bay area.”  

 Press Contact:

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