Tuesday, January 15, 2013

HFF closes $2.7 million sale of Fort Myers, FL grocery-anchored retail center

Southtrail Shopping Center, Fort Myers, FL
MIAMI, FL – HFF announced today that it has closed the leasehold sale of Southtrail Shopping Center, an 83,690-square-foot, grocery-anchored shopping center in Fort Myers, Florida.

                HFF marketed the property on behalf of the seller, an entity affiliated with Lakeland, Florida-based Century Retail, LLC (“Century”).  FH Southtrail, LLC purchased the property for $2.7 million free and clear of existing debt. 

  The leasehold interest was sold in conjunction with Auction.com Commercial. 

Daniel Finkle
Southtrail Shopping Center is situated on an 8.3-acre site at 3225 Cleveland Avenue (US 41), the main north/south thoroughfare in Fort Myers.  The property was renovated in 2010 and is fully leased to dd’s Discount, Save-A-Lot, Citi Trends and Family Dollar, among others. 

                The HFF team representing the seller was led by senior managing director Danny Finkle and director Luis Castillo

“We are continuing to see strong investor demand for solid grocery-anchored retail in secondary Florida markets,” said Castillo.  “Southtrail Shopping Center was no exception and should continue to be successful under its new ownership.”

Luis Castillo
Century develops, leases and manages a variety of retail projects from small strips to large neighborhood centers with national tenants such as Publix, Marshalls, Save-A-Lot, Starbucks and Bealls among many more.  Century was organized in 2004 for the purpose of developing and leasing retail projects in Florida, Georgia, Alabama and the Carolinas.

Auction.com is the nation’s leading online real estate marketplace.  Since 2009, the platform has sold more than $5.7 billion in commercial assets on behalf of 150+ financial institutions and thousands of private clients.  This unique, web-based model provides a proven model for unparalleled execution and maximized asset disposition, with average Commercial auctions drawing at least 1,300 hits each.


Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

HSA PrimeCare Acquires 86,125-SF Michigan Orthopedic Center on the St. Joseph Mercy Hospital Ann Arbor Campus

Michigan Orthopedic Center, Ypsilanti, MI
CHICAGO, IL (Jan. 15, 2013) — John Wilson, president of HSA PrimeCare, the national health care real estate division of Chicago-based HSA Commercial Real Estate, announced today that the firm recently purchased the four-story, 86,125-square-foot Michigan Orthopedic Center at 5315 Elliot Drive in Ypsilanti, Mich.

The facility is anchored by St. Joseph Mercy Health System and some of the leading orthopedic surgeons in the state and is situated within the 340-acre St. Joseph Mercy Hospital Ann Arbor campus.

Jon E. Boley
HSA PrimeCare purchased the property from Michigan Orthopedic Center Properties, a partnership of local medical practitioners. HSA PrimeCare partnered with Boler Properties on the acquisition which was represented by Greg French, CCIM, of Inverness-based French Commercial Realty.

 St. Joseph Mercy Health System occupies approximately 25 percent of the building’s leasable square feet. The remainder of the space is populated by orthopedic specialists. The building is currently 98 percent leased.

 “We like the building’s on-campus location, the hospital system as a long-term tenant, and the demographics of Ann Arbor,” says Jon Boley, vice president of acquisitions at HSA PrimeCare. “The combination of those factors made it a logical addition to our portfolio.”

 Lee Asher, first vice president with CBRE, represented the seller.

Media contact: 

 Mark Thomton,
 (312) 267-4523

Charles Dunn Completes First Westwood Village Multifamily Property Sale in Over 12 Months

Ramin Gheitanchi
  LOS ANGELES, CA, Jan. 15, 2013 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $1.7 million sale of a 10-unit multifamily property located at 476 Landfair Ave. in Los Angeles.  The asset is well-located in Westwood Village near UCLA and is the first multifamily property to sell in the coveted Westwood Village area in more than a year.

Ramin Gheitanchi of Charles Dunn Company represented the seller, Pearl Pinson Trust from Los Angeles, as well as the buyer, 476 JCE Landfair LLC from Los Angeles.

476 Landfair Avenue Apartments, Los Angeles, CA
  “Westwood Village apartment owners rarely sell as they obtain very high rents and there is a high demand for rental units in the area due to its proximity to UCLA," said Gheitanchi.

"This property had a lot of deferred maintenance and the seller wanted to close escrow before the end of the year to pay less capital gains tax.

 “I was able to identify an all-cash buyer and close escrow in just 17 days, right before the end of the year.”

The charming 7,091 square foot building was built in 1929 and is fully occupied. It includes eight studio units and two, one-bedroom units with low monthly rents ranging from $552 to $1,000 for the singles and $1,550 to $1,600 for the one-bedroom units.

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

Darcie Giacchetto
D.G. Communications, Inc.

Marcus & Millichap Sells office depot in Miami, FL for $6.59 million

Office Depot, Miami, FL
MIAMI, FL, Jan. 15, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a 24,894-square foot Office Depot located near Miami International Airport in Miami, FL. The asset commanded a sales price of $6,590,000.

Senior Associate Scott C. Sandelin in Marcus & Millichap’s Miami office had the exclusive listing to market the property on behalf of the seller, a REIT based in NY.  The buyer, a limited liability company from Canada, was also secured and represented by Sandelin.

Scott Sandelin
Office Depot is strategically located at the entrance to the Miami International Airport and caters to the many businesses in the area. 

Office Depot signed a new 10-year, corporate guaranteed, triple-net lease in September 2008 which runs through September 2018. The rent will increase by 10 percent in October of 2013.

Subsequently, there are four five-year options to renew, with 10 percent rent increases in each option period.  The property is located at 3600 LeJeune Road in Miami.

Press Contact:

 Kirk A. Felici
First Vice President/Regional Manager,
(786) 522-7000

George Smith Partners Secures $9 Million in Financing for Las Vegas Retail Acquisition

The Shoppes at Harmond Square
Las Vegas, NV
LOS ANGELES, CA (Jan. 15, 2013) – Commercial real estate investment banking firm George Smith Partners has successfully arranged a $9.1 million bridge loan for its client, HD Harmon Square LLC, for the acquisition of The Shoppes at Harmon Square, a 36,265 square-foot retail shopping center located on the corner of Harmon Avenue and Paradise Road in Las Vegas, across from the Hard Rock Hotel & Casino,  according to Principal and Managing Director, David Rifkind.

The buyer was HD Harmon Square LLC. Michael Kammerling of Newmark Grubb Knight Frank represented Gaslamp Holdings, the seller.

David Rifkind
The property was sold for $11.5 million, $9.1 million of which came from the private bridge loan secured by George Smith Partners on behalf of the buyer.

 “This transaction marks a turnaround for quality investment retail properties in Las Vegas,” explained Rifkind.  “At this point in the recovery, there have been very few sales of retail properties in the Las Vegas market, and of those that have sold most have been distressed. 

“This non-distressed acquisition was made by a knowledgeable local developer and investor who understands the value and potential of this property in the recovering market.  We expect to see more of these standard sales occurring as the Las Vegas retail market continues to steadily recover.” 

Michael Kammerling
The Shoppes at Harmon Square is a newly renovated shopping center, currently anchored by Kiss Monster Mini Golf and zoned H-1 for high-rise and hotel development.  The seller, Gaslamp Holdings, spent more than $1 million in renovations on the property, with retail suites ranging in size from 1,100 to 2,388 square feet.

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

Corynne Randel/ Judith Brower
Brower, Miller & Cole
(949) 955-7940

Greystone Continues West Coast Expansion

Richard Wolf
 New York, NY – Jan. 15, 2013 – As part of a continued effort to strengthen its West Coast presence, and better serve its growing customer base, Greystone, a leading national provider of multifamily and commercial mortgage loans, will be actively recruiting and hiring experienced originators, underwriters and closing staff to its California offices.

 Rick Wolf, a member of Greystone’s senior management team will be driving the West Coast expansion. His responsibilities previously included managing production for the Northeast and Midwest offices, as well as product head for Greystone’s small loan program. Wolf joined the team three years ago after 10 years with Fannie Mae.

Joseph H. Mosley
 “We believe Rick’s experience with Fannie Mae, his contributions to the team as a member of the senior management team and his proven track record recruiting and managing several key members of our production team makes him uniquely qualified for this challenge,” said Joe Mosley, Executive Managing Director and head of production for the Greystone Agency lending platform. 

 Additionally, the firm will also be looking to open new offices in the region including Orange County, CA and Seattle, WA. Greystone currently has production offices in Los Angeles and San Francisco, and underwriting support in Los Angeles and Pasadena.

Billy Posey
“We recognize the opportunities offered in several key markets in California, Oregon and Washington, and we believe additional production, credit and operational personnel will allow us to significantly increase market share and to provide more timely and effective customer service,” said Billy Posey, Executive Vice President and head of Greystone’s Agency platform. 

 In 2012, Greystone originated approximately $3.4 billion of Fannie Mae DUS, Freddie Mac Affordable, FHA and Bridge multifamily business. The firm currently services almost $12 billion in mortgage loans.


Loretta Mock/Jessica Kleinman
+1 646 395 6300

C&W Negotiates 4,519-SF Renewal for NuView IRA in Lake Mary, FL

Anne Spencer
ORLANDO, FL --Cushman & Wakefield announced today that the firm has assisted NuView IRA in renewing its office lease in Lake Mary's Northpoint Park.

The Orlando Office Brokerage Services team of Senior Director Jeff Sweeney and Director Anne Spencer represented NuView in the renewal of 4,519 square feet of space in the Northpoint IV building, a ±118,000-square foot, five-story Class A facility which earned the Energy Star label in 2009.

 Northpark is one of Orlando's premier office parks and is located on Greenwood Avenue in the northern Orlando suburb of Lake Mary,

Jeff Sweeney
For the past nine years, NuView has helped thousands of clients unlock their IRAs to invest in non-publically traded assets of their choosing. NuView, along with its Chicago affiliate, has a portfolio valued at more than $500 million comprised of self-directed retirement funds invested in real estate, notes, private placements and a wide variety of other unique investments.
Glen Mather

"This renewal indicates our long term commitment to the Orlando marketplace and the strong growth of self-directed IRA demand across the state," said NuView President and CEO Glen Mather.

Vice President Natalee Gleiter served as landlord representative for Jones Lang LaSalle. The four-year lease expires in January 2016.


David Meyer

Loews Hotels & Resorts Announces Loews Chicago Hotel Opening in 2015

Jonathan Tisch
 NEW YORK, NY (Jan. 15, 2013) — Loews Hotels & Resorts, a wholly owned-subsidiary of Loews Corporation (NYSE: L), today announced that the company will open a new property in Chicago. 

The hotel is being developed by Chicago-based DRW Trading Group (DRW) and designed by the architectural firm Solomon Cordwell Buenz. 

 The Loews Chicago Hotel will feature 400 guestrooms, including 36 suites, a signature restaurant, more than 25,000 square feet of innovative meeting space, multiple outdoor terraces for guest and function uses, spa/fitness center and an outdoor rooftop including a pool overlooking the city.  The hotel is slated to open in January, 2015.

Loews Chicago Hotel rendering
“This Chicago property promises to deliver a unique experience for our guests as we expand and grow our brand,” said Jonathan Tisch, Chairman of Loews Hotels & Resorts. 

  “The location, amenities and services will surpass expectations, making the Loews Chicago Hotel one of the most sought after hotels in the area.”

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

Loews Hotels & Resorts
Lark-Marie Anton                                                                        
(212) 521-2779                                                                          

 Sarah Murov
(212) 521-2495

HFF arranges $41.5 million in acquisition joint venture equity and financing for three-property Tampa, FL office portfolio

Part of Carillon Parkway office portfolio, Tampa, FL
MIAMI, FL – HFF announced today that it has arranged $41.5 million in joint venture equity and financing for a three-property, Class A office portfolio totaling 312,543 square feet within the Gateway submarket of Tampa, Florida.

                HFF worked exclusively on behalf of the borrower, Cardinal Point Management, LLC, to secure a $28 million, five-year first mortgage loan through Wells Fargo.  Halstatt Real Estate Partners provided $13.5 million in joint venture equity.

Chris Drew
The three properties are located at 740, 780 and 800 Carillon Parkway close to the Tampa International Airport and Interstate 275 along the eastern edge of Pinellas County.  Collectively, the properties are 94 percent leased to tenants including Allstate, Humana, SunTrust Bank and Lincoln National Life Insurance.

                The HFF team representing Cardinal Point Management, LLC was led by director Chris Drew, managing director Hermen Rodriguez, director Luis Castillo and senior real estate analysts Jorge Portela and Jose Carrazana.

Hermen Rodriguez
“This venture was arranged in approximately 70 days and demonstrates that both equity and debt is readily available in select markets throughout the Tampa MSA for highly qualified sponsors such as Cardinal Point Management,” said Drew.  “During the past 24 months, HFF has completed approximately $1 billion of office capitalizations throughout Florida.” 

Luis Castillo
Cardinal Point Management, LLC is a well-capitalized and highly experienced investment management firm with an institutional background.  The firm is focused on value-add residential and commercial real estate acquisitions for assets throughout West Florida.

Halstatt Real Estate Partners is a private equity fund created by the Sproul Family, a member of the Barron Collier Family based in Naples, Florida.  HREP is focused on investing in residential and commercial real estate in Florida.


Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

HFF names Jim Meisel co-head of Washington, D.C. office; Steve Conley to run HFF’s national office platform

Jim Meisel
WASHINGTON, D.C. – HFF announced today that senior managing director Jim Meisel has been named head of the local Washington, D.C. investment sales teams (office, multi-housing, industrial and NNN single-tenant sales) and will assume the role of office co-head along with senior managing director Susan Carras, who oversees the debt and structured finance teams.

                Stephen Conley will continue his leadership of the HFF national office platform and will continue to be an integral part of the Washington, D.C. office team with Jim Meisel, Dek Potts and Andrew Weir.

Susan Carras
Mr. Meisel has more than 25 years of experience in the commercial real estate industry and since joining HFF in 2007, he has been involved in more than $2.6 billion of commercial real estate sales for office properties in the greater Washington, D.C. region.

“This change is part of the Washington, D.C. office succession plan to provide growth opportunities to our valued employees and continue to provide ‘best-in-class’ service throughout our multiple business lines," said Conley. 


Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

HFF secures $95 million financing for West Windsor, NJ office properties

University Square Office Complex, West Windsor, NJ
NEW YORK, NY – HFF announced today that it has secured $95 million in financing for 1 University Square Drive and 100, 104 and 115 Campus Drive, office properties totaling 465,563 square feet in the University Square office complex in West Windsor, New Jersey.

                Working on behalf of RXR Realty, HFF placed two floating-rate loans with Bank of America.  An $80 million loan was arranged for 1 University Square Drive and a $15 million loan was arranged for 100, 104 and 115 Campus Drive.  Loan proceeds are refinancing existing loans on the properties.

Michael Tepedino
The properties are located within the University Square office complex close to Princeton University, the Princeton Junction train station and Interstates 95, 195 and 295 along the Route 1 Corridor in West Windsor.  Completed in 2008,

1 University Square is a fully leased 328,181-square-foot, Class A office property.  Tenants include Axis Reinsurance, BlackRock, Mercer and Otsuka Pharmaceutical.  The Campus Drive properties are single-story buildings that are 75 percent leased overall and have a combined square footage of 137,382 square feet. 

The HFF team representing RXR Realty was led by senior managing director Michael Tepedino.

RXR Realty is one of the premier real estate operators, developers and investment managers in the New York Tri-State area.  RXR Realty and its affiliates, own interests in 106 operating properties encompassing 18 million square feet of commercial space in New York City, Long Island, New Jersey, Westchester and Connecticut.


Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com