Thursday, January 17, 2013

George Smith Partners Secures Joint Venture Partner for Coastal Condo Development

Malcolm Davies
LOS ANGELES, CA (Jan. 17, 2013) – Commercial real estate investment banking firm George Smith Partners has successfully arranged $13 million in joint venture equity for its client, Zephyr Partners, which will assist the firm in beginning the development of a new, 35-unit luxury condo community called Ocean Street Condominiums, in Carlsbad, Calif., according to Senior Vice President Malcolm Davies.

Ocean Street Condominiums will be located at 2303 Ocean St. in downtown Carlsbad, Calif., within walking distance to the ocean and Buena Vista Lagoon. The project is estimated to be completed in 2014.

Carslbad, CA view of Pacific Ocean
The new joint venture partner for the project, a New York- based investment management company, provided the $13 million of equity for the coastal property where Ocean Street Condominiums will be built. 

  The property, which is currently occupied by a 51-unit apartment complex, was purchased by Zephyr in 2011.  Zephyr also holds the necessary entitlements to demolish the current structure.

Zephyr and the investment management company are now positioned to seek construction financing, and plan to break ground on the Ocean Street Condominium project in 2013.

“We arranged this partnership through our Equity Introduction Program, through which our team connects our clients with joint venture partners prior to the identification of a specific project,” explained Davies.

  “Through this process, we are able to more easily marry the needs of clients requiring equity with investors looking for projects in which they can invest.”

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

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

IPA Arranges Sale of Archstone Long Beach for $46 Million

Archstone Long Beach Apartments
Long Beach, CA
LONG BEACH, CA– Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Archstone Long Beach, a 206-unit, 145,276-rentable square foot multifamily community located in Long Beach’s Traffic Circle neighborhood.

The sales price of $46 million equates to $223,300 per unit.

Greg Harris
IPA executive vice president investments Greg Harris and directors Kevin Green and Joseph Grabiec advised the seller, Archstone, and represented the buyer, Western National.

“Archstone Long Beach is a true value-add renovation opportunity with a significant projected upside in rents,” Harris says. “This non-rent-controlled asset provides the investor with a unique opportunity to increase the property’s value by executing a sound renovation plan.”

Kevin Green
“Close to the Port of Long Beach, freeways and Cal State University, this property is in a prime submarket with a growing employment base,” adds Green.

Located at 1613 Ximeno Avenue, the property is less than 1.5 miles from Cal State University, 2.5 miles from the upscale beach community of Belmont Shore and just 7.5 miles from the Port of Long Beach, employer of over 30,000 people or one in eight Long Beach residents.

Joseph Grabiec
The complex provides easy access to interstates 405, 710 and 605, also known as the San Diego, Long Beach and San Gabriel freeways respectively, with an easy commute to employers throughout Orange and Los Angeles counties.

Constructed in 1985, Archstone Long Beach is comprised of 17 two-story buildings.

 The complex features eight different floor plans whose units include central air conditioning and heating, linoleum flooring, private patios and balconies, energy-efficient appliances, wall-to-wall carpeting, ceiling fans, mirrored wardrobes, fireplaces and walk-in closets in select units, and vaulted ceilings in second-floor units.

Community amenities including a swimming pool and spa, lighted tennis court, barbecue stations, landscaped courtyards, electronic card-operated laundry facilities, a modern leasing office, and covered and assigned parking.


Public Relations
(925) 953-1716

Raintree Apartments in Topeka, KS Sold by Marcus & Millichap for $5 Million

Raintree Apartments, Topeka, KS
TOPEKA, KS, Jan. 17, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Raintree Apartments, a 184-unit apartment complex located in Topeka, Kansas, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $5,150,000.

Alex Blagojevich, senior associate in Marcus & Millichap’s Tampa office and David N. Gaines, vice president investments in the firm’s Chicago office, had the exclusive listing to market the property on behalf of the seller, a limited liability company based out of California. 

Alex Blagojevich
The Florida-based buyer was also secured and represented by Blagojevich and Gaines.  Adam Christofferson is Marcus & Millichap’s broker of record in Kansas.

Raintree Apartments was built in 1974 and is 95 percent occupied.  This 184-unit apartment complex is located at 3708 SW 29th Street and is in close proximity to multiple interchanges at I-470, I-335 and I-70. 

Press Contact:

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

Net-Leased Whole Foods Store in Chicago Brings $11.58 Million

Whole Foods Store, Chicago, IL
 CHICAGO, Jan. 16, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a net-leased Whole Foods store in Chicago. 

The 41,148-square foot asset commanded a selling price of $11,580, 000, which equates to approximately $281 per square foot.

            Vice president investments Sean Sharko and senior associate Austin Weisenbeck, both in Marcus & Millichap’s Chicago Oak Brook office, represented the seller, a local partnership.

Sean Sharko
The buyer was represented by Juan DeAngulo of Transwestern Investment Management.

“With strong store sales, an irreplaceable location and a Whole Foods guaranty, the asset drew significant interest and multiple offers from the investment community,” says Sharko.

            “Moreover, the lease had ample term remaining and minimal landlord responsibilities, making it a near-ideal investment,” adds Weisenbeck.

Austin Weisenbeck
            Located at 6020 North Cicero Avenue on the city’s north side, the store sits at ground level in a multi-story 136-unit condominium complex that offers 37 surface parking spaces, as well as a 130-space underground garage exclusively for store patrons.

Situated at the lighted, hard corner of Cicero and Peterson, the grocery store is highly visible from Interstate 94 and easily accessible from the Peterson Avenue off-ramp. Traffic counts at the corner exceed 57,000 vehicles per day; Interstate 94’s own traffic adds 160,000 to the count.

Juan DeAngulo
The property’s lease commenced in February 2007 for a 15-year base term with five five-year options. As a net-lease operator, Whole Foods is responsible for its pro-rata share of taxes, insurance and common area maintenance. Currently, rent is approximately 2.5 percent of the company’s total sales. The asset’s new investor assumed the current in-place, nonrecourse loan.


Public Relations
(925) 953-1716

Marcus & Millichap Announces Sale of 15.6-Acre Site in Winter Haven, FL for $340,000

Paul Bouldin
 WINTER HAVEN, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the year-end sale of King's Landing, a 15.60-acre parcel of land located in Winter Haven, Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office. The property was sold for $340,000.

Paul Bouldin and Michael Donaldson, senior associates in Marcus & Millichap’s Tampa office, represented the institutional seller, a limited liability company based out of Texas.  Mr. Bouldin and Eshenbaugh Land Company represented the buyer, a developer from Oklahoma.

Michael Donaldson
 King's Landing is located at the northeast corner of King Road and Crosstower Drive in Winter Haven, Florida.  It is situated approximately 200 feet north of the intersection of King Road and Winter Lake Road which has a traffic count of approximately 18,500 vehicles per day.  

Winter Haven is home to LEGOLAND Florida which is Florida’s newest theme park.   LEGOLAND Water Park was unveiled in May of 2012, just seven months later.

“In an effort to respond to the seller’s needs, we were able to migrate from offering, to contract execution, to closing in just a few weeks,” says Mr. Bouldin.  “The result satisfied the seller’s request and represented real value to a buyer willing and able to respond to the opportunity,” adds Mr. Bouldin.  “It was a very tight timeline and the successfully completed transaction was a real testament to everyone involved.

Press Contact:

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

DoubleTree by Hilton Opens Second Hotel in Charleston, SC Area

DoubleTree by Hilton Hotel & Suites
 Charleston Airport
McLean, VA (Jan. 17, 2012) – DoubleTree by Hilton today announced the opening of a newly renovated hotel just 15 minutes from South Carolina’s Charleston International Airport.

 The 149-room DoubleTree by Hilton Hotel & Suites Charleston Airport, formerly an exterior-corridor property, has been completely transformed into an upscale, full-service interior corridor hotel owned and operated by Homecourt Hospitality N. Charleston LLC under a franchise license agreement with a subsidiary of Hilton Worldwide.

Charleston International Airport lobby
 “We couldn’t be more proud to be the third DoubleTree branded hotel in South Carolina,” said Josh Williams, who along with partner Joe Ross, developed the hotel.  

  “We’ve watched the DoubleTree brand continue to gain market share over the last few years and appreciate the uniqueness the brand offers to owners.  We extend our heartfelt thanks to the multitude of people who have worked extremely hard to bring this vision to reality.” 

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

Jerry Daly, Chris Daly
(703) 435-6293

Access Point Finances Dual-branded Marriott Project in Nashville, TN

Jon S. Wright
 NASHVILLE, TN and ATLANTA, GA (Jan. 17, 2013)—Access Point Financial, Inc., (APF) a direct full-service lending and advisory firm focused on the hospitality industry, today announced it has provided first mortgage financing for a $37.5 million, 245-room dual-branded Marriott project located in the Midtown-West End district of Nashville, Tenn.

The eight-story, mixed-use project is being developed by ACE Hospitality, a well-regarded developer/owner with a successful history as a hotelier in Nashville.

The hotel complex will comprise a 145-room Residence Inn and a 100-room SpringHill Suites by Marriott. The property, currently set to break ground by the end of the month, is expected to open in 2014.  The hotel will be managed by Marriott International.

Located at the intersection of 18th St. and Hayes Ave., the hotel is being built on the site of the former Days Inn Vanderbilt, around the corner from Music Row and Vanderbilt University.   The hotel also will be convenient to the 1.2 million-square-foot Music City Convention Center scheduled to open midyear and the adjacent Country Music Hall of Fame expansion at the same site. 

 “This is a well-conceived project, in a great location, further enhanced by longstanding relationships with both Marriott and the developer,”  said Jon S. Wright president and CEO of Access Point Financial.  

“While our sweet spot continues to be financing the long-delayed CapEx projects as well as providing bridge financing for low leveraged refinance or acquisitions, we lend to quality projects such as this. 

" The borrower’s proven 20-year track record, combined with the city’s robust growth outlook and strong brand affiliations, made this a perfect fit for our lending platform.”

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

Jerry Daly, Chris Daly
(703) 435-6293

Atlantic | Pacific Management Continues to Expand Portfolio

Lissette Sabatino
 MIAMI, FL – As of October 2012, Atlantic | Pacific Management (A|P Management), the property leasing & management platform under Atlantic | Pacific Companies, is pleased to announce their appointment as the new property management company for Coquina Cove at Martin Downs and Willoughby Cove.

 Under the new agreements, A|P Management will handle all property management responsibilities for each property.

 Coquina Cove at Martin Downs is a Class A apartment community located in the popular Martin Downs area of Palm City, FL.  The property has 256 luxury rental units with convenient access to the Florida Turnpike in Martin County, FL. 

Mark Briggs
Property Manager Shanon Pereira and Regional Manager Lissette Sabatino manage the property, both of whom are AP Management veterans.

 Willoughby Cove is a Class A apartment community conveniently located in the prestigious Willoughby neighborhood within minutes from the heart of downtown Stuart, FL.  Willoughby Cove contains 304 luxury rental units with easy access to I-95.  Property Manager Ginger Vyterna and Regional Manager Lissette Sabatino manage the property.

 A|P Management’s Sr. Managing Director, Mark Briggs, says “A|P continues to grow its rental apartment management business throughout the southeast.  A|P has now added more than 2,500 new units under management in 2012 with even greater expansion plans for 2013.”

Briggs continues by saying, “We believe that our steady growth is attributable to our high quality associates with an owner’s mindset that offers our clients a competitive advantage in all of our management assignments.”


Jessica Wade Pfeffer
Jessica Wade Inc.

Essex Realty Group Management Buyout Completed in Chicago

Douglas Imber
 CHICAGO, IL – Doug Imber, President of Chicago based Essex Realty Group, Inc., is pleased to announce it has just completed a management buyout of the company.

 Essex was founded in 1990 by Imber and Northbrook based Banner Apartments.  Banner, (which focuses on the acquisition and management of apartment communities nationally), had been the majority owner of Essex, although it remained largely a passive investor in the firm.

Douglas Fisher
Imber and three of Essex’ Managing Directors, veteran brokers Jim Darrow, Doug Fisher and  Matt Welke, acquired Banner’s interests.

 According to Imber, “The buyout was extremely friendly and cooperative.  We hope and expect to continue our close relationship with Banner in other ventures for many years to come, as they have truly been outstanding partners.”

Matt Welke
Essex has grown to become Chicago’s largest broker of mid-market investment real estate. 

 Imber added that “Darrow, Fisher and Welke deserve so much of the credit for Essex’ success.  With them now as co-owners, I know Essex will continue to grow and to provide clients with the very highest level of service.”

James Darrow
 Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.


Douglas S. Imber
Essex Realty Group, Inc.

Avison Young acquires Houston-based Mason Partners

Mark E. Rose
 TORONTO, CANADA /PRNewswire/ - Mark E. Rose, Chair and CEO of Avison Young, Canada's largest independently-owned commercial real estate services
company, announced it has acquired the assets of Mason Partners, a Houston-based commercial real estate brokerage company.

The acquisition will further expand Avison Young's market and business-line coverage in Texas. Terms of the acquisition were not disclosed.

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

 Media Relations:
Sherry Quan         
(604) 647-5098 or
(604) 726-0959 cell

Hotel Equity & Lender Perspectives (HELP) Conference Announces Speakers for Two-Day Event April 8-9 at Seaport Boston Hotel

Mark Woodworth
BOSTON, MA—Officials of the Hotel Equity and Lender Perspectives (HELP) Conference set for April 8-9 at the Seaport Boston Hotel announced key topics and speakers for the two-day event, including: 

·         Perspectives from 30,000 Feet—Kicking off the conference will be an insightful outlook for hotel equity and debt featuring Scott Berman, principal and industry leader, PriceWaterhouseCoopers; Anne Lloyd-Jones, managing director, HVS International; Mark Woodworth, president, PKF Hospitality Research, LLC; and moderator, Jeff Higley, VP, Digital Media & Communications,

Anne Lloyd-Jones
·         At Last, Financing for Hotels Over $25 Million—One of a number of panels expected to attract significant interest, this topic will be dissected by Israel Lopez, senior vice president, Bank of America Merrill Lynch, and Joe O’Loughlin, vice president, Wells Fargo Bank, among others; and moderated by Tom McConnell, executive managing director, Cushman & Wakefield Sonnenblick Goldman.

Registration for HELP is $695 during the early registration period through February 1st, after which it increases to $795.

 More information about the Hotel Equity & Lender Perspectives Conference, including sponsorship details, is available at or by calling (978) 777-4100.              

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

Jerry Daly, Chris Daly
Daly Gray, Inc.

Gemstone Hotels & Resorts Acquires Hotel Durant in Berkeley, CA

Thomas Prins
BERKELEY, CA and PARK CITY, UT—Gemstone Hotels & Resorts, a full-service hotel management company that specializes in owning and operating luxury and upscale urban hotels and resorts, today announced the company has acquired the Hotel Durant in Berkeley Calif.

 The 144-room boutique hotel  is adjacent to the University of California Berkeley campus. 

“Hotel Durant is an outstanding addition to Gemstone’s growing collection of ‘one-of-a-kind’ hotels in top destination markets with high barriers to new entry,” said  Thomas Prins, Gemstone principal. 

Hotel Durant interior, Berkeley, CA
“A boutique hotel set amidst a vibrant university campus meshes perfectly with the rest of our portfolio and allows us to meet the needs of our guests for an intimate, luxury experience in the greater San Francisco area.”

Gemstone’s portfolio of major market boutique hotels also includes Maison 140 in Beverly Hills, the Mosaic in Los Angeles, the Copley Square Hotel in Boston and The Carlton in New York.

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

Chris Daly,
Lauralee Dobbins
(703) 435-6293

First Green Bank Celebrates 4th Anniversary in February; Ends 2012 with 25 Percent Increase in Assets and Loan Volume

First Green Bank Headquarters, Mount Dora, FL
 Mount Dora, FL. – First Green Bank celebrates its 4th Anniversary in February, and they have even more to celebrate with its 2012 record of 25 percent increase in assets and 25 percent increase in loan volume.

 That’s the word from Kenneth LaRoe, chairman and CEO of First Green Bank headquartered in Mount Dora, with branches in Clermont, Ormond Beach, downtown Orlando and soon in Winter Park.

Kenneth E. LaRoe
 “We recently found a Winter Park site and we will be there by the end of this year,” LaRoe said.  “All in all it has been a profitable year for us,” LaRoe emphasized.  

 First Green Bank’s assets for the year reached just over $200 million and loan volume was $151 million.  “Not bad for less than four years in operation,” LaRoe commented. 

For more information about this press release, contact:  

Kenneth E. LaRoe, CEO and Chairman, First GREEN Bank, 352-483-9100,
Paul Rountree, President, First GREEN Bank, 352-483-9100,
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 or 407-461-3780,   

NAI Realvest Negotiates Expansion/Renewal Lease at Goldenrod CommerCenter in Orlando, FL

Goldenrod CommerCenter, East Orlando, FL
 ORLANDO, FL – NAI Realvest recently negotiated an expansion lease for 2,206 square feet of industrial space and a lease renewal for 2,206 square feet at Goldenrod CommerCenter, 1468 N. Goldenrod Rd. in east Orlando. 

Michael Heidrich, principal at NAI Realvest brokered the transactions representing the landlord, COP-Goldenrod, LLC of Maitland. 

 The tenant in the Goldenrod CommerCenter who renewed Suite 220 and expanded into adjacent Suite 230 bringing total occupancy to 4,412 square feet is Black Forge, LLC.  

For more information, please contact

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

NAI Realvest Negotiates Sale of Former Sears Service Center in Daytona Beach, FL to National Distributor

Paul Partyka
 MAITLAND, FL  -- NAI Realvest recently negotiated the sale of the former Sears Service Center located at 840 Bill France Blvd. in Daytona Beach for $630,000.

 Paul P. Partyka, managing partner at NAI Realvest, who represented the seller Warmack-Muskogee, LP of Texarkana, Texas, said the property was purchased by Airgas USA.

 The 12,200 square foot facility built in 1991 and its 2.22+ acre site was purchased by Airgas to expand from its current nearby location.   The buyer is a distributor of industrial, medical and specialty gases and related equipment and services based in Kennesaw, Ga.

For more information, contact

 Paul P. Partyka, Managing Partner, NAI Realvest, 407-875-9989;
 Patrick Mahoney, President, NAI Realvest, 407-875-9989;
 Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

Emerson International Reports Expansion Leases totaling more than 6,000 SF at CenterPointe in Altamonte Springs, FL and Sanlando Center in Longwood, FL

Kenneth Koch
 Altamonte Springs, FL. --- Emerson International recently negotiated expansion leases for two of its tenants – one in Longwood, and one in Altamonte Springs totaling more than 6,000 square feet. 

Kenneth Koch, director of leasing for Emerson International, Inc., said Freedom Mortgage Company expanded its occupancy by 4,901 square feet in the Sanlando Center at 2180 W. SR 434 in Longwood.   Freedom Mortgage now leases a total of 15,905 square feet from Emerson International at the Sanlando Center.

Sanlando Center, Longwood, FL
At CenterPointe II, 220 E. Central Parkway in Altamonte Springs, Koch said Maguire Insurance renewed its existing lease and expanded with another 1,112 square feet for a total of 7,920 square feet.  

Paul Kelly, senior associate at Coughlin Commercial represented Maguire in the expansion lease agreement at CenterPointe II.

Koch represented Landlord Emerson International in negotiations for the leases at both locations.

For more information, contact

Kenneth Koch, Director of Leasing, Emerson International, Inc. 407-834-9560;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Berger Commercial Realty Brokers Joseph Byrnes and Greg Milopolous Negotiate 10-Year Lease at 2005 Vista Parkway in West Palm Beach, FL

Joseph Byrnes
FORT LAUDERDALE, FL - Berger Commercial Realty Vice President Joseph Byrnes and Broker Associate Greg Milopolous recently represented Black Oak Partners, LLC in leasing more than 10,000-square-feet of office space, located in a two-story suburban office building at 2005 Vista Parkway in West Palm Beach, to GLV Insurance Agency, Inc.

 Black Oak Partners purchased the building for $3.725 million from Design Arts of Palm Beach LLC on July 31.

Greg Milopoulos
 Black Oak Partners assigned the exclusive lease listings for the building to Byrnes, who represented the company in the purchase, and hired Berger Commercial Realty Vice President of Property Management Tim Hackett to manage it. Since then, the building has had a 10 percent rise in its occupancy level.

 The 41,899-square-foot building sits on four acres of land and was built in two phases during 2003 and 2006.

Tim Hackett
Byrnes represents more than 800,000 square feet of office, industrial and retail space. He is a retail real estate specialist in the capacity of landlord and tenant representation.

Milopoulos handles industrial and office space and has more than four years of real estate experience. He is a licensed real estate broker, licensed general contractor, and licensed mortgage broker.

Hackett oversees the management of more than 4 million square feet of commercial properties in South Florida.


Marielle Sologuren
Pierson Grant Public Relations
(954) 776-1999, ext. 226

$84.5 million sale of Long Island City, NY office building closed by HFF

Long Island City, NY Train Station
NEW YORK, NY – HFF announced it has closed the sale (December 31, 2012) of The Center Building, a 450,000-square-foot, multi-tenant office building in Long Island City, in the borough of Queens, New York. 

                HFF marketed the property on behalf of the seller, Hampshire Properties. 

  A venture formed by affiliates of Madison Marquette and certain funds within the Perella Weinberg Partners’ Asset-Based Value strategy purchased The Center Building for $84.5 million.

 The purchaser plans to build upon the asset’s existing strong tenancy and cash flow, and to add value to both the office and retail components. The Center Building is located at 33-00 Northern Boulevard.
For a complete copy of the company’s news release, please contact:

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 |

HFF arranges $19.1 million financing for sale-leaseback of a Greenwich, CT office property

Michael Tepedino
NEW YORK, NY – HFF announced it has arranged $19.1 million in acquisition financing for a 32,000-square-foot office property in Greenwich, Connecticut.

                Working on behalf of the borrower, Win Properties, HFF placed the 10-year fixed-rate loan with Cantor Commercial Real Estate.  The loan proceeds were used to acquire the property in a sale-leaseback transaction. 

                The property is located less than one mile north of Interstate 95 in downtown Greenwich, approximately 25 miles north of Midtown Manhattan.  The property is 100 percent net leased to the national headquarters of an institutional equity trading corporation.

The HFF team representing Win Properties was led by senior managing director Michael Tepedino with real estate analyst David Fowler.

Win Properties, Inc. was incorporated in 1986.  It is a 60 plus year old privately owned enterprise that invests, develops, leases, and manages its portfolio of properties in 35 states plus Canada.  The properties are predominately retail and are either downtown Main Street, freestanding, or community strip shopping centers.  Additionally Win owns residential rental apartment units in New York City.

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

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 |

HFF arranges $7.17 million in first lien financing for Hulen Fashion Center in Fort Worth, TX

John Brownlee
DALLAS, TX – HFF announced today that it has arranged $7.17 million in first lien financing for the acquisition of Hulen Fashion Center, a 181,099-square-foot retail strip center in Fort Worth, Texas.

                Working on behalf of a group of investors represented by Venture Commercial and E&B Investment Trust, HFF placed the three-year floating-rate loan with Bank of Texas, N.A. 

The HFF team representing the borrower was led by senior managing director John Brownlee and associate director Campbell Roche

Hulen Fashion Center, Fort Worth, TX
Bryan Cornelius, Easley Waggoner and John Zikos of Venture Commercial represented the buyer in the transaction.  Brandon Beeson of EDGE Realty Partners represented the seller.  Bank of Texas was represented by Mack Haisten.

                Hulen Fashion Center is situated on a 12.9-acre site at 5200 South Hulen Street, one block south of the Hulen Mall in Fort Worth.  The property is subject to a master ground lease with 47 years remaining on the lease term.  Hulen Fashion Center is 89 percent leased to major tenants including Jo Ann Stores, Chili’s Restaurant and Men’s Wearhouse. 

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

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 |