Tuesday, October 15, 2013

HFF closes $15.8 million sale and arranges $11.52 million in financing for student housing portfolio near Ball State University in Indiana

Ball State University student housing portfolio, Muncie, IN

Brian Kelly
INDIANAPOLIS, IN – HFF announced today that it has closed the sale of and arranged acquisition financing for a seven-property, 332-unit/892-bedroom student housing portfolio near Ball State University in Muncie, Indiana.

               HFF marketed the portfolio on behalf of the seller, Klingbeil Capital Management.  Peak Property Group, LLC purchased the assets for $15.8 million.  HFF then assisted the buyer with acquisition financing through Jefferies LoanCore. 

Ken Martin
               The Ball State Portfolio is comprised of Autumn Breeze Apartments, Everbook Townhouses, Windsong Apartments, Silver Tree Apartments, Sunreach Apartments, Cardinal Vista Apartments and Linden Place Apartments, all surrounding Ball State University in Indiana. 

Completed between 1984 and 1992, the properties feature two- and three-bedroom units.  All residents have use of the amenities at Silver Tree, which include a fitness center, basketball court, volleyball court, swimming pool, outdoor grilling areas and computer lab.

               The HFF investment sales team representing the seller was led by managing director Brian Kelly.

Ball State University campus, Muncie, IN
               HFF’s debt placement team was led by associate director Ken Martin.

               “The Ball State Portfolio offered investors an opportunity to achieve immediate scale and operational efficiencies in a strong Midwest university market,” said Martin.

               Klingbeil Capital Management, Ltd. (KCM) is a multi-faceted national real estate company with holdings throughout the United States.

               Peak Property Group, LLC is a fully integrated, self-managed private company with expertise in the acquisition, development, investment and property management of student housing and multi-family properties.   

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

HFF closes $50 million sale of and arranges financing for three-property office portfolio in Long Island, NY

Part of Long Island Office Portfolio, Long Island, NY

Jose Cruz
FLORHAM PARK, NJ – HFF announced today that it has closed the $50 million sale of and arranged financing for a three-property office portfolio totaling 372,544 square feet in various Nassau County, Long Island locations. 

               A joint venture between Investcorp International, Inc. and Lincoln Equities Group LLC purchased the offering free and clear of existing debt.   HFF also arranged acquisition financing for the buyers.  

The portfolio has undergone more than $5 million in capital improvements since 2003 and is 93 percent leased.  Individual property details are listed below:

Location                                                                Size/Number of Buildings        Occupancy

666 Old Country Road, Garden City, NY           120,238 SF/1                             98%

114 Old Country Road, Mineola, NY                 114,356 SF/1                             95%

100 Merrick Road, Rockville Centre, NY           137,950 SF/2                             87%

Andrew Scandalios
The HFF team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeff Julien and associate Jackie Ferrer.

HFF’s debt placement team was led by senior managing director Mike Tepedino and associate director Michael Gigliotti.

“This was a rare opportunity to purchase a well-located office portfolio with upside in the competition constrained Long Island market,” said Cruz.  “Investcorp and Lincoln did a great job closing the multi-property portfolio.”

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

 Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

Lionstone Group Acquires Local Treasure in Downtown Houston, TX

712 Main Street, Downtown Houston, TX

Dan Miller
HOUSTON, TX (Oct. 15, 2013) -- The Lionstone Group announced today the acquisition of 712 Main Street, a 794,186-square-foot office tower in the central business district of Houston, Texas.

This acquisition marks the first time 712 Main has been offered for sale on an individual basis since its construction in 1929.

Trent Agnew
The office tower is the Texas headquarters for JPMorgan Chase’s southwest banking operations and is currently 85 percent leased to 43 tenants. Transwestern has been retained by Lionstone to manage and lease the property.

 HFF, led by Dan Miller and Trent Agnew, marketed the property on behalf of the seller, Brookfield Asset Management, Inc.

 “Interest in the property was strong due to the quality of the asset and the stable and predictable cash flow via JPMorgan Chase’s lease through 2030,” said HFF’s Miller.

Tom Bacon
 Lionstone was formed in 2001 by partners Tom Bacon, Dan Dubrowski, and Glenn Lowenstein. The firm serves the interests of real estate capital by performing extensive market research to find unique productivity-driven investments—and thus unique value for investors—and by carefully managing investment risks.

The iconic 37-story Art Deco skyscraper is rich in history and is a defining landmark of downtown Houston. Developed by Jesse H. Jones, the tower was originally constructed for Gulf Oil and the National Bank of Commerce.

Dan Dubrowski
It was then expanded in 1948 and 1950 to bring it to its current size. Eight frescoes depicting Texas history adorn the lobby walls.

 The murals were executed on-site in 1929 on wet plaster with a fresco painting method similar to that used by Michelangelo, Botticelli, and Rosselli in the Sistine Chapel. 

The building’s spacious main banking hall is a colonnaded area topped by a 50-foot-high richly carved vaulted ceiling. The Art Deco halls feature French Brèche de Salernes marble and Italian Siena travertine walls highlighted by stained glass windows.

Glenn Lowenstein
712 Main has been designated a City of Houston landmark and a National Civil Engineering landmark, and is listed on the National Register of Historic Places.

 “It is truly a local treasure nestled beautifully in the heart of downtown Houston, and cutting edge tenants are finding it very desirable,” said Lionstone Chief Investment Officer Glenn Lowenstein.

 The Lionstone Group, armed with proprietary research and analytics, are adept at pinpointing investments in irreplaceable locations wanted by high-productivity firms. 

712 Main is located along Main Street in downtown Houston, is adjacent to the North and East rail lines, and has two connections to Houston’s underground tunnel system of shops and restaurants.
 For a complete copy of the company’s news release, please contact:

The Lionstone Group
Jane Page, COO
(713) 533-5801

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

Multi Housing Advisors Brokers Sales of Two Birmingham, AL Apartment Communities for a Total $21.1 Million

High Pointe Apartments, Birmingham, AL

Jimmy Adams
BIRMINGHAM, AL (Oct. 15, 2013) — Multi Housing Advisors (MHA) has brokered the sales of two Birmingham apartment communities totaling 506 units. The properties — the 256-unit High Pointe and the 250-unit Brookstone — sold for a total of $21.1 million.

 Jimmy Adams, Managing Director for MHA who oversees the firm’s Birmingham office, represented the seller, Ruffner Mountain, in both of the transactions.  A Michigan-based LLC purchased the two properties.

 Both sales were loan assumptions, closing in 60 days or less from application, and the transactions mark the buyer’s first purchases in Alabama. High Pointe sold for $13 million, Brookstone for $8.1 million.

 With the closings, MHA’s Birmingham office has completed 20 investment sales this year. MHA, which also has offices in Atlanta and Charlotte and completes deals throughout the South, is aiming to close 100 transactions in 2013.

 “The number of apartment sales that we’ve completed this year is a powerful indication of the ongoing demand for multifamily investments as well as our ability to find the right buyers for our clients’ properties,” Adams said. “With the apartment sector poised to continue to thrive in the near future, we anticipate the pace of activity to remain brisk as well.”

 High Pointe and Brookstone were built in 1974 and 1983, respectively.

 MHA recently expanded its Charlotte office and intends to open additional offices in the South. The firm has made a number of significant new hires over the past year as well, adding experienced brokers to expand its geographic reach and to take advantage of the increasing volume of multifamily investment sales.

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

Stephen Ursery
The Wilbert Group
404-549-7150 (O)
404-405-2354 (C)

National Retail Properties, Inc. Declares Common Dividend

Orlando, Florida, Oct. 15, 2013 – The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a quarterly dividend of 40.5 cents per share payable November 15, 2013 to shareholders of record on October 31, 2013. 

National Retail Properties is one of only four publicly traded REITs and 102 publicly traded companies in America to have increased annual dividends for 24 or more consecutive years.

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

National Retail Properties, Inc.
450 S Orange Avenue, Suite 900
Orlando, Florida 32801
Phone: 1-800-NNN-REIT (1-800-666-7348)
General Inquiries:

Meridian Capital Group Arranges $5.3 Million in Acquisition Financing for the Marsh Oaks Apartments Located in Atlantic Beach, FL

Marsh Oaks Apartments, 2768 SR-A1A, Atlantic Beach, FL

 Boca Raton, FL Oct.15, 2013– Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, negotiated a $5.3 million mortgage for the purchase of the Marsh Oaks Apartments multifamily property located in Atlantic Beach, FL.

Marsh Oaks Apartments
The seven-year, non-recourse loan features a fixed-rate of 3.50% and was provided by a savings bank. This transaction was negotiated by Meridian Capital Group Managing Director, Michael Brown and Director, Noam Kaminetzky, who are located in the Company’s Boca Raton, FL office. 

 The 120-unit Marsh Oaks Apartments is located at 2768 SR-A1A and was built in 1986.

 “Interest rates jumped by over 100 basis points during the time that the loan was being underwritten and negotiated, but Meridian was able to leverage our significant market position and relationship with the lender to hold the interest rate from application through closing,” said Mr. Brown. “This will save the client more than $500,000 over the loan term,” he added.

Founded in 1991, Meridian Capital Group, LLC is one of the nation’s largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida, Arizona and California. 

Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com
 For a complete copy of the company’s news release, please contact:

Jonathan M. Stern
Managing Director
Meridian Capital Group, LLC
1 Battery Park Plaza, 26th Floor
New York, NY 10004
Direct: 212.612.0181
Fax: 212.201.5181