Monday, June 30, 2014

Capital One Bank Closes $14.6 Million FHA Loan to Refinance Palm Beach-Area Assisted Living Facility



Carolyn Whatley
BETHESDA, MD, JUNE 30, 2014 – Capital One Specialty Healthcare Real Estate, part of Capital One Bank’s Commercial Real Estate Group, announced today that it has provided a $14.6 million HUD 232/223(f) loan to refinance Tequesta Terrace, a 100-bed assisted living facility in Tequesta, Florida. 

The transaction was originated by Carolyn Whatley, Senior Vice President of originations, headquartered in the company’s Palm Beach office.  Tequesta Terrace is owned by Terrace Communities, which  also owns assisted living communities in Vermont, New Hampshire, Maine, and Florida.

“At Capital One, we first develop an  insightful understanding of our borrowers’ business objectives and goals for their properties,” Whatley says. 

“We then develop financing alternatives that meet their requirements in different ways.  Whenever possible, we want to offer alternatives.”  In this case, Whatley and her team presented the borrowers with various structures.

“After weighing the options, the partners chose HUD’s refinance program because it fits well with their strategy as long-term holders of the property.

" At the same time, the loan is assumable and can be prepaid, so it provides flexibility in the event their goals change.

“We are a Fannie Mae DUS® lender, a Freddie Mac Program Plus® lender and a MAP- and LEAN-approved HUD lender,” Whatley adds. 

“These programs, together with the bank products, make it possible for us to offer clients a broad array of  alternatives.”  

The transaction was financed under the HUD 232/223(f) program and was underwritten under the LEAN process.

Tequesta Terrace, Tequesta, FL
In addition to Tequesta Terrace, Capital One Multifamily is refinancing two other properties owned by Terrace Communities, both located in New Hampshire.

  Kate Heaton,  a partner of Tequesta Terrace, praised the group for the ease with which they handled all three transactions simultaneously. 

“The members of the Capital One team are consummate professionals, responsive and always accessible.  During the process, it seemed as though they are always working at most any time, day or night,” she says.  “At every turn, they went the extra mile to ensure our requests were met, providing for a most positive experience.”
  
For a complete copy of the company’s news release, please contact:

Courtney Lewis at 240-507-1948 or Jenifer Bernardi at 240-507-1946. 

Loews Hotels & Resorts Purchases The InterContinental Chicago O’Hare Hotel


InterContinental Chicago O'Hare Hotel
NEW YORK, NY (June 30, 2014) – Loews Hotels & Resorts, a wholly owned subsidiary of Loews Corporation (NYSE: L), today announced that the company has entered into an agreement to purchase the 556-room InterContinental Chicago O’Hare Hotel.  The acquisition is expected to close in late July.

 The InterContinental Chicago O’Hare will be the second hotel for Loews in the Chicago area and the third new hotel in the Midwest. 

Earlier this month, the company announced an agreement to purchase the Graves 601 Hotel in Minneapolis. Loews Chicago, a 400-room new build hotel, located downtown, will debut in February 2015. 

This is all part of Loews Hotels’ goal to add substantially to its portfolio of hotels over the next few years. The company continues to add properties in gateway cities and resort destinations.

Jonathan Tisch
 “The Midwest is an area where we were looking to increase our presence,” said Jonathan Tisch, Chairman, Loews Hotels & Resorts.  

“Adding the Loews Chicago O’Hare to our portfolio allows us to offer two Loews experiences in the Chicago area, one in the booming area of Rosemont, IL, and one downtown with the new Loews Chicago Hotel opening in early 2015.”

 Located less than two miles from O’Hare Airport and just 13 miles from downtown Chicago, the InterContinental Chicago O’Hare is across the street from the Donald E. Stephen’s Convention Center, adjacent to the newly opened Fashion Outlets of Chicago and a couple blocks from the Rosemont Entertainment district. 

The hotel features three restaurants and bars, more than 53,000 square feet of meeting and event space, and a curated art gallery.

“Loews Hotels has a strong reputation in the group meetings and conventions market and is known for delivering excellent customer service to our hotels,” said Paul Whetsell, President & CEO, Loews Hotels & Resorts.  “We look forward to bringing that expertise and stellar service to guests and meeting attendees visiting this hotel.”

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

Sarah Murov
Loews Hotels & Resorts                                                                   
(212) 521-2495                                                                          


MBA Releases Commercial/Multifamily Quarterly DataBook for Q1 2014

  

 WASHINGTON, DC -- The Mortgage Bankers Association (MBA) released its first quarter 2014 Commercial Real Estate/Multifamily Finance Quarterly DataBook.

To download a free copy, click here.

The report includes a summary of major trends and detailed charts and tables that provide current and historical information on the economy and commercial/multifamily real estate markets.  

Among the findings covered in the DataBook:

Commercial and multifamily mortgage originations started 2014 at the same pace they started 2013.

The level of commercial/multifamily mortgage debt outstanding reached a new high in the first quarter – increasing $11.1 billion, or 0.4 percent, over the previous quarter.

The fourth quarter of 2013 and first quarter of 2014 marked the largest percentage point declines on record in CMBS delinquency rates. 

We also see continued improvement in the performance of commercial mortgages held by banks and very low delinquencies in loans held by life insurance companies and the GSEs.

MBA’s Quarterly DataBook compiles the most up-to-date information on topics of interest to commercial/multifamily real estate finance industry professionals, including trends in the economy, property sales, originations, delinquencies, and mortgage debt outstanding.

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

Shawn Ryan
(202) 557-2727

Meridian Capital Group Arranges $9.9 Million in Acquisition Financing for a Multifamily Property Located in Jacksonville, FL

  
San Pablo Apartments, 14401 Jose Vedra Boulevard
Jacksonville, FL
Boca Raton, FL, June 30, 2014  – Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, negotiated a $9.9 million loan for the purchase of a multifamily property located in Jacksonville, FL.

 The ten-year Fannie Mae loan, provided by an agency lender, features a loan-to-value ratio of 80%, a competitive fixed-rate of 4.69% and interest-only payments for a portion of the loan term.

 This transaction was negotiated by Meridian Capital Group Managing Director, Michael Brown, and Senior Underwriter, Noam Kaminetzky, who are both based in the Company’s Boca Raton, FL office.

 The San Pablo Apartments is a two-story multifamily property totaling 200 units located at 14401 Jose Vedra Boulevard in Jacksonville, FL.

 “Meridian leveraged its strong agency lender relationships to secure a mortgage at 80% loan-to-cost with an interest-only feature in a Fannie Mae pre-review market,” said Mr. Brown. 

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.

Jonathan Stern
 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 Stern
Meridian Capital Group, LLC
212/972-3600

Sunday, June 29, 2014

RealtyTrac Reports Distressed Sales and Short Sales Down to 14.3 Percent of U.S Residential Sales


Daren Blomquist
IRVINE, CA— RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, released its May 2014 Residential & Foreclosure Sales Report, which shows that U.S. residential properties, including single family homes, condominiums and townhomes, sold at an estimated annual pace of 5,147,550 in May, virtually unchanged from April and an increase of less than 1 percent from May 2013.

“Distressed sales continue to represent a smaller share of the overall sales pie nationwide, helping to boost median home prices higher given that distressed sales tend to be in lower price ranges,” said Daren Blomquist, vice president at RealtyTrac.

“When broken down by average price range, U.S. sales are clearly shifting away from the lower end. Properties selling below $200,000 represented 50 percent of all sales in May, but that was down from a 55 percent share a year ago.

“ Meanwhile, the share of homes selling above $200,000 increased from a 45 percent a year ago to a 50 percent in May 2014.”

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

Jennifer von Pohlmann
PR Manager
Office: 949.502.8300 ext 139


Marcus & Millichap Arranges Sale of 32-Unit Apartment Building in Stuart, FL for $2.3 Million


Brandon J. Rex

 STUART, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Hemingway at Stuart, a 32-unit apartment property located in Stuart, FL. The asset sold for $2,325,000.

Brandon J. Rex, a vice president investments in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Fort Lauderdale, FL. 

The buyer, a private investor from Calif., was secured and represented by Adam G. Duncan, an associate, and Joseph P. Thomas, a vice president investments, also in Marcus & Millichap’s Fort Lauderdale office. 

“Hemingway at Stuart offered an investor the ability to acquire a well-located property in close proximity to downtown Stuart,” says Duncan.

Hemingway at Stuart Apartments, Stuart, FL
“We created a tremendous amount of interest on this deal.  There were numerous offers not only from local and regional investors but also from out-of-state buyers.

“ We procured a 1031 exchange buyer from Southern California who aggressively pursued and ultimately won the deal.  This transaction is a testament to our ability to reach a national pool of qualified buyers as well as identify 1031 exchange properties for our clients,”

Hemmingway at Stuart consists of two two-story buildings comprised of 10 one-bedroom/one-bathroom units, eight two-bedroom/one-bathroom units, and 14 two-bedroom/two-bathroom units. The property is in close proximity to downtown Stuart at 1600 S. Kanner Highway in Stuart, FL.

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

Ryan Nee
Regional Manager
Fort Lauderdale, FL
(954) 245-3400
    

Cushman & Wakefield’s Rick Solik Earns CoreNet Global's MCR Designation


Rick Solik
ORLANDO, FL – Cushman & Wakefield is pleased to announce that Rick Solik, Senior Director of Office Brokerage Services, has been awarded commercial real estate’s most prestigious designation — CoreNet Global's Master of Corporate Real Estate (MCR).

 Solik is one of only 90 global corporate real estate executives to earn the MCR in 2014.

The CoreNet Global MCR professional designation was established in 1982, and is part of a comprehensive career development program for the corporate real estate industry.

The MCR has been awarded to 2,114 individuals since its inception, and provides essential skills that focus on critical business issues, and reflects strategic competence and successful experience as a corporate real estate expert.

“The number of MCR graduates in the last few years is a testament to the importance and respect of the designation within the corporate real estate industry,” said Angela Cain, CEO of CoreNet Global.



Angela Cain
“Rick joins a distinguished class of MCR graduates, who have received extensive training and practical experience, and demonstrated professional competence and a high level of industry knowledge in the field.”

"We are extremely proud of Rick achieving the MCR designation," said Cushman & Wakefield's Larry Richey, Senior Managing Director and Market Leader for Central and North Florida. "It will benefit our Orlando clients and our Orlando office colleagues who work with Rick every day."

Solik, who joined Cushman & Wakefield's Orlando office in 1984, has successfully completed more than 6.1 million square feet of office projects, totaling $1.8 billion in transaction volume.

He was recently awarded Unique Deal of the Year by NAIOP and recognized by The Orlando Business Journal for the Best Deal of 2012-13.


Larry Richey
CoreNet Global is the world’s leading professional association for corporate real estate (CRE) and workplace executives, service providers and economic developers. 


CoreNet Global’s over 8,000 members, who include 70% of the top 100 U.S. companies and nearly half of the Global 2000, meet locally, globally and virtually to develop networks, share knowledge, learn and thrive professionally.


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


Silver Cross Hospital Partners with HSA PrimeCare to Develop 30,000 SF On-Campus Business Center in New Lenox, IL


Dan Miranda
CHICAGO, IL — Dan Miranda, president of HSA Commercial Real Estate, and John Wilson, president of HSA PrimeCare, announced that Silver Cross Hospital has selected HSA PrimeCare to develop a business center to be located on the east side of the hospital campus at the intersection of Silver Cross Drive and Cedar Crossings Drive in New Lenox, Ill.

The two-level, 30,000-square-foot facility will offer the hospital’s growing staff of employees a comfortable working environment within a short walk to each of the medical campus’ numerous facilities.

HSA PrimeCare plans to break ground in July 2014, and projected occupancy for the building is January 2015.

 HSA PrimeCare first partnered with Silver Cross Hospital in 2008 to develop and manage the two-story, 56,000-square-foot medical office building that includes the Ann & Robert H. Lurie Children's Hospital of Chicago physician offices, Silver Cross Center for Women’s Health, and Hinsdale Orthopaedics as prime tenants.

John Wilson
 In 2011, Silver Cross Hospital again selected HSA PrimeCare for the development of a state-of-the-art, 22,500-square-foot cancer center operated by Silver Cross Hospital and University of Chicago Medicine.

 “With the rapid growth in staff and services at Silver Cross Hospital, an on-campus office building has become an absolute necessity to give the hospital’s team of professionals a convenient and secure space in which to work,” said Dan Miranda.

“We at HSA are pleased to be able to assist with the campus’ strategic growth and to continue building on our long-standing partnership with Silver Cross.”
  
Itasca, Ill.-based Premier Design + Build will serve as the project’s general contractor, and Partners in Design Architects with offices in Riverwoods, Ill., and Kenosha, Wis., is responsible for the design services.

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

Mark Thomton, mthomton@taylorjohnson.com, 312-267-4523
         

Hunter’s Creek Plaza in South Orlando, FL Sells for $6.5 Million


Brian Carolan
ORLANDO, FL -- Crossman & Company announced this week that Hunters Creek Plaza, located at 2109 Town Center Boulevard, Orlando, FL has been sold.  This 28,606 square foot, SuperTarget shadow-anchored center traded for $6.5 million to a private investor. 

 Hunter’s Creek Plaza is situated on a primary retail corridor, South Orange Blossom Trail, in south Orlando. The property is 100% leased and was originally constructed in 2002.

 “Hunters Creek Plaza is a well-positioned center in a growing part of south Orlando.  The center includes a diverse tenant mix that will benefit from increased traffic created by upcoming retail and residential projects in the area. ” said Brian Carolan, Director at Crossman & Company. 

 All Hunter’s Creek Plaza tenants and business will remain unaffected by the sale of this property.  Current tenants include Once Upon a Child, Axis Tan, Springleaf Financial, , America’s Urgent Care, Buffalo Wings, Great Clips, Sally Beauty Supply, Marco’s Pizza, GameStop, Inc., and Payless Shoe Source.

 Brian Carolan exclusively represented the owner in the sale of this property to a private investor.

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

Claire Pagán
Crossman & Company

407.581.6223

Saturday, June 28, 2014

J.McLaughlin to Open Store in Phillips Place in Charlotte, NC


John W. 'Johnny' Harris
CHARLOTTE, NC — J.McLaughlin, a classic American sportswear and accessories store for men and women, is relocating its Charlotte store from Providence Road to Phillips Place.

 Phillips Place, a pioneer in the lifestyle center concept, aligns with J.McLaughlin's strategy of seeking locations in lifestyle centers and standalone stores. The new in-line store will open this fall.

“Phillips Place is the leading specialty retail destination in the Southeast, so it’s really a perfect fit for J.McLaughlin,” said Johnny Harris, president of Lincoln Harris.

 Phillips Place includes 133,059 square feet of high-end national retail tenants such as Brooks Brothers and Dean & Deluca, the Post Park at Phillips Place apartment community, and Hampton Inn & Suites.

Phillips Place is one of the most successful mixed-use developments in the country.  Phillips Place offers 26 stores totaling more than 130,000 square feet of retail, restaurant and entertainment space that also includes a 402-unit luxury apartment complex, movie theater and Hampton Inn & Suites.

For more information on Phillips Place, please visit their website at www.phillipsplace.info.

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)



Queens Development Site in NYC Sells for $10.2 Million

  
Steven Siegel
NEW YORK, NY – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a 23,000-square-foot lot for development in the Flushing neighborhood of  Queens in New York City for $10,200,000.

            Steven Siegel, Michael Kook and Michael Helpern, all in Marcus & Millichap’s Manhattan office, represented the seller, a family partnership, and the buyer, a local/regional development group.

            “Downtown Flushing is one of New York City’s most heavily trafficked areas,” says Kook. 

“The development site is part of a block that recently had its zoning changed to C2-6A, which allows for a variety commercial and residential uses.


Michael Halpern
" The new zoning is accompanied by an FAR of 4, which allows for a 92,000-square-foot development.”

            “The area is attracting a lot attention from developers,” adds Siegel. “The entire block is prime for redevelopment and this site is part of a limited new area in which to build.”

            Located on Fowler Avenue in New York City, the site is five blocks from the intersection of Main Street and Roosevelt Avenue, an area that features a significant amount of retail activity and access to the No. 7 subway line and the Long Island Railroad commuter rail system.

            Siegel, Kook, and Helpern sold a similar 86,000-buildable-square-foot site on the other side of this block on Avery Avenue in October 2013 for $11,250,000.



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

Gina Relva
Public Relations Manager

(925) 953-1716

Marcus & Millichap Capital Corp. Arranges Two Loans Totaling $24.2 Million for New York City properties




Chris Marks
NEW YORK, NY – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged two loans totaling $24.2 million in New York City.

A 30-unit residential property and a three-unit mixed-use commercial property on 10th Avenue received $14.7 million; and a 30-unit residential mid-rise apartment on West 51st Street received $9.5 million.

Chris Marks, in the firm’s Manhattan office, and Steve Rock in the Westchester office handled both assignments. 

Steven Rock
“The borrowers wanted to secure more attractive terms for their maturing loans,” says Rock. “We identified a lender that provided favorable underwriting and met the client’s financing goals.” 


MMCC sourced two 7-year, fixed-rate loans at 3.9 percent. The loans amortize over 30 years with a 70 percent loan-to-value. 


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

Gina Relva
Public Relations Manager

(925) 953-1716

Greenwich Village Mixed-Use Asset Sold for $10.25 Million in Seven Days


19 West 8th Street, Greenwich Village neighborhood
New York, NY
NEW YORK, NY – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 19 West 8th Street, a 8,831-square-foot, five-story mixed-use building, located in the Greenwich Village neighborhood of New York City.

 The $10,250,000 sales price equates to approximately $1,160 per square-foot. The seller is actively looking for a replacement asset.

            Peter Von Der Ahe, Joseph Koicim, David Lloyd, Sean Lefkovits and Assaf Tayar, all in Marcus & Millichap’s Manhattan office, represented the seller, JMC Holdings, and the buyer, a private investor.

          “The building was bought by JMC in 2011 for $4,925,000” says Von Der Ahe. “We were able to sell the building at over double the price they paid in 2011, which equates to roughly $1,160 per square-foot.”

Sean Lefkowitz
           “Aside from the rent-stabilized units, the entire building has undergone extensive renovations,” adds Lloyd.

            Built in 1920, the property at 19 West 8th Street consists of one retail unit and eight residential units.

It underwent a high-end renovation including six apartments units, the stairwell, roofs, plumbing and security.

All of the renovated, free-market units feature stainless steel appliances, granite countertops and marble bathrooms. In addition, there are three units that feature terraces, as well as two penthouse units that contain 16-foot ceilings and skylights.

            “We had significant interest in the property, and within one month of marketing the building we found the right all-cash buyer, who was able to execute a contract and close one week later.” concludes Koicim. “We are now in the midst of helping JMC find a replacement asset to effectuate a 1031 exchange.”          

Assaf  Tayar
The property is located in the heart of Greenwich Village near Washington Square Park, just steps from New York University and New York University School of Law. 



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



Gina Relva
Public Relations Manager

(925) 953-1716

$26 Million Multifamily Sale Arranged in Greater Phoenix, AZ by IPA


Steve Gebbing
GLENDALE, AZ – Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Adobe Ridge, a 224-unit apartment complex in Glendale, Ariz. The $26,050,000 sales price equates to $116,000 per unit.

            IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, Farnum Properties LLC. The buyer is The Praedium Group.

            “Adobe Ridge is located between the affluent and amenity-rich trade area known as Arrowhead and the North I-17/ Deer Valley Employment Corridor, an area encompassing more than 17.5 million square feet of retail, office, industrial and flex space with more than 51,000 employees,” says Gebing.

“The benefit of the property’s position within the competitive landscape of the submarket is that it provides for a captive rental audience by bisecting the two major employment concentrations.”

Cliff David
            Built in 2005 on almost 15 acres by MLP Investments, the property is located at 4545 West Beardsley Road in Glendale. It is adjacent to Loop 101 (the Agua Fria Freeway) and has approximately 1,144 linear feet of drive-by visibility from an estimated 153,000 daily freeway commuters.

            Each Adobe Ridge apartment home features nine-foot ceilings, a fully equipped gourmet kitchen, full-sized washer and dryer, storage space, large walk-in closets, ceiling fans, and a private patio or balcony with additional outside storage.

 Linen closets and kitchen islands are available in select units. Community amenities include a stand-alone leasing office and separate clubhouse with kitchenette and fireplace, a fitness center with cardio and weight training equipment, a fully appointed business center, a resort-style swimming pool and spa with covered cabanas, outdoor spaces featuring picnic areas and barbecue grills, controlled access gated entry and 40 detached garages with automatic door openers.


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

Gina Relva
Public Relations Manager

(925) 953-1716

Edward R. James Homes Opens Sales at Westgate at The Glen North of Chicago, IL


Former Glenview Naval Air Station, Glenview, IL

CHICAGO, IL – Glenview, Ill.-based homebuilder and developer Edward R. James Homes kicked off sales at Westgate at The Glen in a Grand Opening reservation event held on May 31, 2014.

Westgate at The Glen is a 29-acre, 171-unit community that represents the final parcel to be developed on the site of the former Glenview Naval Air Station.

 “Demand for homes at Westgate at The Glen has been very strong. In about three weeks, we’ve already sold 25 percent of the community,” said Jerry S. James, president of the Edward R. James Companies.

“We think this reflects a number of factors, not the least of which is the limited supply of new construction homes on the North Shore that offer first-floor master bedrooms in a maintenance-free community.

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

Julie Liedtke, jliedtke@taylorjohnson.com, (312) 267-452

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527


Leasing Activity at Terminus Hits Historic High in Atlanta, GA


Terminus 100 and Terminus 200, Atlanta, GA
ATLANTA, GA— Cousins Properties Incorporated (NYSE: CUZ) announced today that Terminus has reached a historic high in percentage leased at the office towers. 

  The Class A buildings located in Buckhead have reached 95% combined, the highest level since completion of Terminus 200 in 2008.  

“We are thrilled about the amount of activity going on at Terminus – from the increase in leasing to the new amenities and opening of Industry Tavern,” said Thad Ellis, Senior Vice President and Atlanta Market Leader of Cousins Properties. “The Buckhead real estate market continues to gain momentum with corporate relocations and new multi-family and retail offerings, and we’re excited to be a part of it.”

Thad Ellis
Most recently, Prince Global Sports, signed to occupy 11,778 square feet at Terminus, relocating its corporate headquarters to Atlanta from New Jersey.

 New customer Fidelity Investments also signed a lease for 7,861 square feet, and Lockton Companies, a Terminus customer since 2007, renewed and expanded.

 Additionally, Cousins relocated and expanded its fitness facility, Fusion ATL, which now includes programs and services from Peachtree Orthopedics.  The new restaurant Industry Tavern, serving breakfast, lunch, dinner, craft beers and cocktails, also recently opened. 

Along with the new additions in the office towers, Crescent Communities, based in Charlotte, NC, recently opened the first phase of Crescent Terminus, a 355-unit luxury apartment community located in the Terminus complex. 

Terminus is located in the Buckhead submarket of Atlanta, at the corner of Peachtree Road and Piedmont Road.


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

Marli Quesinberry
Cousins Properties Incorporated              
(404)407-1898

HFF secures $11.425 million senior loan for Village Oaks in Pensacola, FL

  
Cecily Nazario
MIAMI, FL – HFF announced it has secured an $11.425 million senior loan for Village Oaks, a 165,851-square-foot neighborhood shopping center in Pensacola, Florida.
                 Working on behalf of RCG Ventures, HFF placed the 10-year, fixed-rate senior loan with Prudential Mortgage Capital Company.  Greg Krafcik, a director with Prudential Mortgage Capital, led the transaction. 

                Village Oaks is located on a 14.7-acre site at 6241-6251 North Davis Highway one mile south of the Interstate 10 interchange in Pensacola.  The property was most recently renovated in 2013, and is 95.4 percent leased to a number of national and regional tenants including Bealls, PetSmart, Planet Fitness, Party City, Cato and Plato’s Closet. 

Chris Drew
                The HFF team representing the borrower was led by director Chris Drew and real estate analysts Whitaker Leonhardt and Cecily Nazario.

HFF’s debt placement team has secured more than $533 million in loans for retail assets nationally during the first quarter of 2014.  In Florida, HFF has closed more than $134 million in retail transactions across all capital markets platforms during the same period.  

                “The competitiveness from lenders for this asset was unbelievable and the highly attractive terms that the borrower was able to secure are a testament to the quality of the asset and sponsorship coupled with the increased liquidity flowing into the capital markets,” said Drew.

                RCG Ventures LLC (“RCG”) is a privately funded real estate investment group that acquires and develops commercial real estate in the continental United States.  RCG is an experienced owner and operator of commercial real estate with more than 70 properties totaling seven million square feet. 

Whitaker Leonhardt
The company’s primary focus is value-add anchored shopping centers with the potential for long-term ownership.  In addition, the company selectively enters into joint ventures with institutional partners.  Founded in November 2003, RCG has steadily grown its portfolio through direct investment.

 It is the combination of significant capital resources and operational expertise that gives RCG a competitive advantage in the industry.

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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com




Walmart Announces Plans for New Supercenter at Metrocenter Mall in Northwest Phoenix, AZ

                                                                                       

Marcia Veidmark

PHOENIX, AZ – Walmart has announced plans to build a Supercenter at the iconic Metrocenter Mall, near I-17 and 35th Avenue, in northwest Phoenix.

 Work on the project is expected to begin in the first quarter of 2015 with the demolition of the former Broadway building, which has been vacant since 2006.

Officials with Walmart, the City of Phoenix and Metrocenter Mall, as well as area business owners and community leaders, were on-hand for the Supercenter announcement. This marks the single largest capital investment in Metrocenter Mall in decades.

“Metrocenter Mall is a Phoenix landmark that has served shoppers from across Arizona for decades,” said Phoenix City Councilwoman Thelda Williams

“I’m proud to be a part of this announcement with Walmart and I know that, together with its efforts and those of the City of Phoenix and area business and community leaders, Metrocenter Mall’s best days are still ahead.”

Metrocenter Mall opened in 1973 as the biggest shopping center in Arizona and one of the largest nationwide. Recent years saw Metrocenter challenged by the establishment of competing regional malls, changing shopping patterns and the Great Recession. 

Thelda Williams
Now, Metrocenter Mall owner Carlyle Development Group, the City of Phoenix and community leaders are intent on bringing new life to the area. In mid-March, the Phoenix City Council unanimously approved a redevelopment plan that will, over the coming decade, guide land use, infrastructure upgrades and public transportation for a 2,500-acre area, including Metrocenter Mall. Currently, the retail vacancy rate in the vicinity averages 28 percent, more than double the citywide figure.

The construction of a Walmart Supercenter is a critical part of Metrocenter’s turnaround, said Warren Fink, COO of Carlyle Development Group.

“Our vision when we acquired Metrocenter Mall two-and-a-half years ago was to bring in a well-known anchor to serve our local community. Walmart more than fulfills that requirement and we are thrilled to welcome them,” said Fink.

Warren Fink
 “This is a first step toward revitalizing a once dominant mall, rebuilding customer commitment and moving forward with plans for the future of Metrocenter that include rezoning to permit complimentary uses such as multifamily apartments, senior housing, corporate offices, healthcare facilities and medical offices.”

Marcia Veidmark, Chairwoman of the North Mountain Business Alliance, is supportive of the Walmart Supercenter, and said its development should help attract additional customers and capital investment to the area.

“This is a very good day for Metrocenter Mall and for the Metro and North Mountain communities,” said Veidmark.  “Walmart’s investment can be a catalyst for economic growth and job creation.  We need both of these.”




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

Stacey Hershauer
focusAZ
Marketing & Public Relations
(480) 600-0195


Friday, June 27, 2014

Charles Dunn Co. Completes $7.85 Million Sale of Multifamily Property in Los Angeles, CA for Record High Price


Albert Shilton
LOS ANGELES, CA, June 27, 2014 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $7.85 million sale of a 17-unit multifamily property located at 1520-1522 South Hayworth Ave. in the Faircrest Heights neighborhood of Los Angeles, Calif.

The property sold for nearly $462,000 per unit, a record high price for the neighborhood (per CoStar for multifamily properties with eight units or more).

Albert Shilton and Blake Rogers of Charles Dunn Company represented the seller, Los Angeles-based SHI Properties, an LLC owned by Oak Coast Properties. The buyer was a Los Angeles-based private investor.

This transaction marks the fifth sale for Shilton and Rogers in the 90035 zip code within the past two years, for a total sales volume equating to 22 percent market share.

Blake Rogers
Built in 1990 and fully renovated in 2013, the non-rent controlled building is situated on .31 acres and includes 15 two-bedroom/two-bathroom townhomes, one two-bedroom/two-bathroom unit, and one one-bedroom/one-bathroom unit. On-site amenities include a new fitness room, a lushly landscaped courtyard, and a gated garage with 35 parking spaces.

“After we sold the building to Oak Coast Properties in 2012, our client completely renovated the common areas and interiors of 15 units,” said Shilton. “Once renovated, the owner increased average in-place rents by 49 percent and stabilized the property, making it an attractive investment for the buyer.”

The property is located one block west of Fairfax Ave. and one block south of Pico Blvd. It benefits from close proximity to CBS Television City, Beverly Center, and The Grove Shopping Center.

“Faircrest Heights has consistently been ranked as one of the top up-and-coming neighborhoods in Los Angeles, and this statement could not be more evident than by this sale,” commented Rogers.

1522 South Hayworth Avenue,
Faircrest Heights neighborhood
Los Angeles, CA
 “Not only was the rent growth incredible, but the building sold for a price per square foot that was 58 percent more than what it last sold for just 18 months ago.

 Additionally, this sale represents the highest price per unit ever paid in the 90035 zip code, and the highest price per square foot ever paid for a non-rent controlled building in the same area.” (Per CoStar)



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

Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224

Stan Johnson Co. Completes $7.4 Million Sale of Hanil USA in Tallahassee, AL


Andrew Ackerman
Tallassee, AL, JUNE 27, 2014 – Stan Johnson Company, The Net Lease Authority®, has completed the sale of an 111,564-square-foot industrial property leased to Hanil USA, Inc., located in Tallassee, Alabama. The property sold to BIG Acquisitions for $7,400,000.

Andrew Ackerman, Rahill Lakhani, and Mike Sladich of Stan Johnson Company’s Atlanta office represented the seller, AES Industries – an individual Investor, in this transaction. 

Hanil USA, Inc. is operating under a NNN lease with a 15-year base lease term and two, five year renewal options. The tenant is an automotive manufacturing supplier and a subsidiary of TI Automotive.

Located approximately 65 miles southwest of the KIA Motor Facility in Georgia and 37 miles northeast of the Hyundai plant in Alabama, this tenant is strategically located to distribute products and support to these major manufacturing facilities.
  
For a complete copy of the company’s news release, please contact:

David Ebeling
Ebeling Communications
(949) 278-7851

Thursday, June 26, 2014

Sale of The Woodley, Washington, D.C.’s newest luxury multi-housing community in Woodley Park, closed by HFF


The Woodley, 2700 Woodley Road NW,
Woodley Park, Washington, DC
WASHINGTON, D.C. – HFF announced today that it has closed the sale of The Woodley, a newly completed, multi-housing building in the Woodley Park neighborhood that will set the standard for luxury living in Washington, D.C. for the next generation.

                HFF marketed the property on behalf of the sellers, The JBG Companies and CIM Group and the asset was purchased by TIAA-CREF free and clear of existing debt.

                The Woodley, located at 2700 Woodley Road NW in Woodley Park, is close to Rock Creek Park, Dupont Circle and Cleveland Park about three miles northwest of downtown D.C. 

The Woodley is a collaborative design effort between David M. Schwarz Architects, Cooper Carry Inc. and VOA Associates.

David Nachison
 The exclusive, 212-unit luxury property has studio through three-bedroom units averaging 1,119 square feet each, which feature the very finest and detailed finishes including solid hardwood flooring, soaring ceilings, marble countertops, built-in appliances, private balconies and terraces.

 The amenity package at the property includes a resident club room with catering kitchen, library, fitness center, courtyard with reflecting pool, infinity edge pool, and an active rooftop experience where residents can cook and host guests outdoors while taking in the views.

                The HFF investment sales team representing the seller was led by senior managing directors Dave Nachison and Alan Davis and directors Brenden Flood and Bret Thompson.

                “The Woodley is the first luxury high-rise apartment building to be built in decades in Woodley Park, one of the District’s most prestigious and historic residential neighborhoods, and it will redefine the standard for luxury apartment homes in the D.C. market going forward,” said Nachison.  “The property will attract residents seeking the finest in rental living offering a timeless red brick design infused with modern comforts and will be unrivaled in first-class service and amenities.” 

Alan Davis
“The Woodley’s unique mix of  large format residences is designed to cater to a growing demographic of mature residents leaving upscale homes and seeking similarly high quality places to live in established urban neighborhoods,” added Davis.

Headquartered in Chevy Chase, Maryland, The JBG Companies is a private real estate investment firm that develops, owns and manages office, residential, hotel and retail properties. 

  The company has more than $10 billion in assets under management and development in the Washington metropolitan area.  Since 1960, JBG has been active in the communities where it invests, striving to make a positive impact.  More information can be found by visiting the company's website: www.JBG.com, or by calling 240.333.3600.

TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with approximately $569 billion in assets under management (as of 3/31/14) and is the leading provider of retirement services in the academic, research, medical and cultural fields.

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
tel (main) 617-338-0990 | (direct) 617-848-1572 | cel 617.543.4873 | www.hfflp.com

Kiser Group Brokers Three Chicago-Area Apartment Property Sales

  
John Meyer

  CHICAGO, IL – Kiser Group, Chicago’s leading mid-market commercial real estate brokerage firm, recently brokered the sales of three Chicago-area properties.

 The May 2014 closings included a 70-unit apartment complex in Mundelein, Ill.; a 31-unit apartment building in the Kenwood/Hyde Park neighborhood on Chicago’s South Side; and a 10-unit apartment building in the Belmont Cragin neighborhood on Chicago’s Northwest Side.
       
 40-42 S. Shaddle - Mundelein

Embassy Apartments, located at 40-42 S. Shaddle Ave. in northwest suburban Mundelein, Ill., includes two identical 35-unit buildings for a total of 70 units with 137 parking spaces on a 4-acre parcel. The unit mix includes 64 two-bedroom, 1 ½ -bath apartments; four one-bedroom, one-bath units; and two studios. It sold for $4.65 million.

Bill Baumann
 “Embassy Apartments is adjacent to a large industrial park that employs a lot of area residents, and it’s also three miles northwest of Hawthorn Shopping Center in Vernon Hills,” said John Meyer, managing director of Kiser Group, who represented buyer and seller in the sale. “Since it’s near so many employers, the property consistently maintains 100 percent occupancy.”
               
4740 S. Greenwood - Chicago

 Located at 4740 S. Greenwood, just one and a half blocks north of President Barak Obama’s permanent residence, this completely renovated vintage courtyard includes 31 apartments, bike storage and laundry room. 

The unit mix is 12 one‐, 13 two‐, and six three‐bedroom apartments, each with one bath. Extensive renovations completed in 2013 include a roof tear-off, new skylights and windows, tuck-pointing, new water main, plumbing, electric, and waste stacks. It sold for $4.3 million.

Sean Connelly
“This property sold quickly as its convenient location and excellent building condition provide a market vacancy of less than 5 percent,” said Zack Hofstadter, associate with Kiser Group, who represented the seller in the transaction.

“The new condo-quality luxury finishes in the units also appealed to the buyer,” said Bill Baumann, senior managing director with Kiser Group, who represented the buyer in the sale.
  
5156 W. Melrose - Chicago

Built in 1929, this 10-unit walk-up apartment building located at 5156 W. Melrose in Chicago’s Belmont Cragin neighborhood sold for $950,000. Sean Connelly, senior managing director of Kiser Group, represented the buyer in the transaction.

All the names of buyers and sellers involved in these transactions are not available at this time.

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

Mark Thomton, mthomton@taylorjohnson.com, 312-267-4523