Tuesday, March 18, 2014

HFF closes sale of single-tenant office building in Houston’s Energy Corridor


Gulf Plaza, 16010 Barkers Point, Houston, TX

Dan Miller
HOUSTON, TX – HFF announced it has closed the sale of Gulf Plaza, a six-story, 120,651-square-foot, single-tenant office building in Houston’s Energy Corridor.

               HFF marketed the property on behalf of the seller, Hartman Gulf Plaza Acquisitions, L.P.  Hartman Gulf Plaza LLC, an affiliate of Hartman Short Term Income XX, Inc., purchased the asset for an undisclosed amount.

Gulf Plaza is located at 16010 Barkers Point just east of Highway 6 and south of Interstate 10 in close proximity to the North American headquarters of BP and Mustang Engineering.  

The property is 100 percent leased to Gulf Interstate Engineering and underwent extensive renovations totaling nearly $1 million in 2012 when the company renewed their lease term.

The HFF investment sales team representing the seller was led by senior managing director Dan Miller and director Martin Hogan.  Acquisition manager Julian Kwok, CCIM and EVP of Acquisitions & Finance Dave Wheeler from Hartman Income REIT represented the buyer.

Martin Hogan
Hartman Income REIT, headquartered in Houston, Texas, is a $360 million real estate investment trust, which owns and/or manages 38 properties with 5.04 million square feet of office, industrial and retail space.  For more information visit www.hi-reit.com.


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 sale of Southern California grocery-anchored retail center


Creekside Plaza, 13409-13589 Poway Road,  Poway, CA

Ryan Gallagher
IRVINE, CA – HFF announced it has closed the sale of Creekside Plaza, a 128,852-square-foot grocery and cinema-anchored retail center in the San Diego suburb of Poway, California.

               HFF was retained by American Realty Advisors to market the property on behalf of one of American’s clients.  ROIC purchased the asset for an undisclosed amount.

               Completed in 1993 and renovated in 2005, Creekside Plaza is fully leased to tenants including Stater Bros. Markets (anchor), a 10-screen Digiplex cinema (anchor), Chipotle, FedEx Office, Jiffy Lube, Starbucks and Baskin Robbins.  

The property is situated on 12.7 acres at 13409-13589 Poway Road at the intersection of Community Road close to the 15 Freeway in North San Diego.

               The HFF investment sales team representing the seller was led by senior managing director Ryan Gallagher and associate director CJ Osbrink.

               John Jennings from Cushman and Wakefield assisted as the local market leasing representative.

CJ Osbrink
               American Realty Advisors is an investment advisor and a leading provider of real estate investment management services to institutional investors.  

With over $5.8 billion in assets under management, American Realty Advisors has provided real estate investment management services to institutional investors for over 25 years utilizing core and value-added commingled funds and separate accounts.

 The firm’s portfolios include office, industrial, multi-family, retail, and other properties nationwide, all of which are managed on behalf of their clients.  More information regarding American Realty Advisors can be found at www.americanreal.com.

Retail Opportunity Investments Corp. (Nasdaq:ROIC) is a fully integrated, self-managed real estate investment trust. 

  ROIC specializes in the acquisition, ownership and management of necessity-based community and neighborhood shopping centers, anchored by national or regional supermarkets and drugstores. 

  As of December 31, 2013, ROIC owned 54 shopping centers encompassing approximately 5.8 million square feet.  Additional information is available at: www.roireit.net.

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 arranges $150 million joint venture equity recapitalization for 3-property retail portfolio in Fairfield, Connecticut


         Black Rock Shopping Center, 2181-2233 Black Rock Turnpike, Fairfield, CT

NEW YORK, NY – HFF announced today that it has arranged an approximately $150 million joint venture equity recapitalization for a three-property retail portfolio totaling 315,121 square feet in Fairfield, Connecticut, a prominent suburban New York community.

               HFF worked on behalf of the client, Kleban Properties, to secure the joint venture equity through Regency Centers Corporation.  The equity proceeds are being used to acquire a majority interest in the properties. Kleban Properties will retain management and leasing. 

       Brick Walk, 1125-1275 Post Road, Fairfield, CT
The portfolio is 100 percent leased and consists of more than 100 diverse tenants including nationally recognized retailers and businesses such as Banana Republic, The Gap, Old Navy, Victoria’s Secret, Bank of America, Wells Fargo, Citibank, Morgan Stanley and Fidelity, as well as some of Fairfield’s top dining and entertaining establishments.

Two of the properties (Fairfield Center and Brick Walk) are high-street retail assets located downtown along the Post Road Corridor, while the other (Black Rock) is located at one of the busiest intersections in Fairfield with a highly dense population of 120,000 people within three miles of the property.

Each property provides convenient access to the densely populated and high income neighborhoods in the area, major highways serving Fairfield, Fairfield University’s faculty and students, and the Fairfield Metro North Station that connects to Manhattan’s Grand Central Station one hour away.

Individual property details are listed below:

Property Name/Location                                Size                       Year Built/Renovated       Occupancy

Black Rock Shopping Center , 98,481 SF ,1965/1997, 100%
2181-2233 Black Rock Turnpike                   

Brick Walk, 124,224 SF, 1960/2010, 100%
1125-1275 Post Road

The Fairfield Center Building, 92,416 SF, 2001, 100%
1499 Post Road                                                                              


The Fairfield Center Building, 1499 Post Road, Fairfield, CT    
             The HFF team representing Kleban Properties was led by managing director Rob Rizzi and associate director Rob Hinckley.

               “These properties represent some of the best located and mostly highly sought after in the suburban New York market, most of which have been owned and/or developed by Kleban for more than 50 years,” said Rizzi. “This was a generational opportunity, and while only offered to a highly targeted “off market” group of investors coordinated between HFF and Kleban, there was tremendous interest.”

Rob Rizzi
Rizzi added, “The relationship between Kleban and Regency clicked almost immediately, which greatly contributed to Regency’s selection as a venture partner, and was strengthened through the complex acquisition process setting the ground work for what we believe will be a very successful partnership.”

Kleban Properties is a Connecticut-based real estate development company with holdings throughout the U.S. in states including Vermont, South Carolina, Alabama, Louisiana and Florida. Kleban owns and manages its own portfolio including more than 10 centers in Fairfield, Connecticut, where its commitment to continued growth is strongest, and where it intends to further invest with Regency where opportunities are presented.

Regency is the preeminent national owner, operator, and developer of high quality grocery-anchored and community shopping centers. At December 31, 2013, the company owned 328 retail properties, including those held in co-investment partnerships. 

Rob Hinckley
Including retailer-owned square footage, the portfolio encompassed 43.3 million square feet located in top markets throughout the United States. 

Since 2000, Regency has developed 214 shopping centers, including those currently in-process, representing an investment at completion of more than $3 billion. 

Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.


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 secures financing for Class A multi-housing community in Houston’s Uptown/Galleria District


Piney Point apartments, 9100 Westheimer Road, Uptown/Galleria District, Houston, TX


CHICAGO, IL – HFF announced it has secured financing for Piney Point, a 319-unit, Class A multi-housing community in Houston’s Uptown/Galleria District.

               Working on behalf of the borrower, Marquette Companies, HFF placed the seven-year fixed-rate loan with Allianz Real Estate of America, LLC.

Matthew Schoenfeldt
 Loan proceeds were used to acquire the property and fund a capital improvement program to the unit interiors and common areas.  HFF will also service the loan.

               Piney Point is located at 9100 Westheimer Road close to Houston’s Westchase District, the Galleria and Loop 610 in West Houston. 

Completed in 2004, the property has an average unit size of 919 square feet and offers residents amenities including a pool, clubhouse with socializing area, 24-hour fitness center, business center and parking garage.  Piney Point is currently 96 percent leased. 

               The HFF debt placement team representing the borrower was led by managing directors Matthew Schoenfeldt and Matt Kafka.

               The Marquette Companies is a Naperville, Ill.-based private real estate company that has been a leading property manager and developer of apartment and condominium communities since 1983.  Today, Marquette is aggressively expanding its private portfolio as well as its property and fee management division.

Marquette has significant expertise in purchasing value-add opportunities that are underperforming and undervalued real estate assets across the country to reposition or redevelop them.

 Nationally, The Marquette Companies owns and/or manages more than 11,000 units, including apartment communities in Colorado, Indiana, Illinois, Michigan and Texas.

 The company has managed and developed more than 25,000 multi-family homes throughout the Midwest and its gross annual revenues total approximately $99 million.  For more information on The Marquette Companies, visit www.marquettecompanies.com, and for Marquette Management, visit www.marquettemanagement.com.

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



AEW Acquires 296-Unit Senior Housing Community in Louisville, CO


 
Chris Kazanatis
BOSTON,  MAAEW Capital Management, L.P. (AEW) announced its recent acquisition of the Balfour Senior Housing Portfolio. The portfolio consists of three Class A properties with a total of 296 units and includes independent living, assisted living and skilled nursing.

AEW acquired the property on behalf of AEW Senior Housing Investors II, L.P.

Ryan Maconachy, Chad Lavender, and Campbell Roche of HFF represented Balfour on the sale and also arranged the acquisition financing for AEW through Cornerstone Real Estate Advisers.

The property sits on the east side of Colorado Highway 42 along Hecla Drive and includes The
Lodge and The Residences, which are independent-living communities, as well as the Balfour Retirement Community, an assisted-living and skilled-nursing property.

The community’s continuum of care offers seniors a broader range of services as they age.

“We are excited about the opportunity to once again partner with Michael Schonbrun and
Balfour, an established, well-seasoned operator through the acquisition of this high-quality
community in the affluent Louisville submarket of Boulder/Denver.” said Chris Kazantis,
Portfolio Manager for AEW Senior Housing Investors II.


Michael Schonbrun
Balfour will continue to manage the community and the roughly 300 employees at the site will be
retained and remain employees of Balfour.

Michael Schonbrun, President of Balfour Senior Living said “The proceeds from the deal will be
used to pay off debt and recapitalize the venture, including cashing out the 100 original equity investors, many of whom were brought in by Phillips Capital of Denver.

 The balance will be used
to help Balfour expand its brand into the Midwest, starting in Michigan. Balfour's headquarters will remain in Louisville, Colorado.”

The partnership with Balfour isn’t a first for AEW. The two engaged in a similar deal in 2012 at Balfour's Cherrywood Village memory care community in Louisville. Balfour and AEW are also partnering on Riverfront Park, a 205-unit development in downtown Denver slated to open in September.

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

Elizabeth Herlihy,
 AEW Capital Management

617-261-9301 or eherlihy@aew.com

HFF secures $5.7 million in financing for Home Depot Plaza in Escondido, CA


Home Depot Plaza, Escondido, CA

 SAN DIEGO, CA – HFF announced it has arranged $5.7 million in financing for Home Depot Plaza, a 171,300-square-foot retail center in Escondido, California.

Working exclusively on behalf of a family trust professionally advised by First Foundation, HFF placed the 15-year, fixed-rate loan with one of its correspondent life company lenders.  Proceeds were used to recapitalize existing debt on the property.

Home Depot Plaza is situated on 18.6 acres near the intersection of East Valley Parkway and North Rose Street.  The property is anchored by Home Depot and is 97.72 percent leased.  Other tenants include Starbucks, Panda Express, Wells Fargo, Chase Bank and Game Stop.

The HFF team representing the borrower was led by associate director Zack Holderman.

First Foundation Inc. is a private financial firm that seamlessly offers banking, estate planning, wealth management, philanthropic consulting and trust services. Founded in 1990, the full-service firm provides complete financial management through its affiliates.

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 sale of 144-unit San Jose, CA value-add multi-housing community


Alterra San Jose Apartments, San Jose, CA

Kenneth Gladstein
SAN FRANCISCO, CA - HFF announced it has closed the sale of Alterra San Jose, a 144-unit multi-housing community in San Jose, California.

HFF marketed the property on behalf of the seller, Pacific Urban Residential and Hunt Companies. 

Pacific Urban Residential and Hunt previously acquired the property on an off-market basis in early 2011 experiencing significant increases in rents and value as the San Francisco/Silicon Valley markets began to recover from the financial crisis of 2008-2010. 

Sares Regis Multifamily Fund, L.P. purchased the asset subject to the existing Freddie Mac financing.  The acquisition is the sixth for Sares Regis since forming its fund in early 2013 with over $100 million in equity commitments.  The purchase price was not disclosed.

Al Pace
Alterra San Jose is located near the intersection of Almaden Expressway and CA-87, within walking distance of Caltrain’s Tamien Station and less than two miles southeast of downtown San Jose.  

Originally constructed in 1988, the property features 14 residential buildings with one- and two-bedroom units ranging in size from 750 to 900 square feet.  Community amenities include a poolside fitness center, heated swimming pool and spa, and covered parking.  At the time of sale the property’s unit interiors had not been renovated. 

“Alterra offers a solid value-add opportunity to renovate the unit interiors and reposition the property so it competes with neighboring communities while capitalizing on the region’s significant employment and rental growth,” said Kenneth Gladstein, co-chief investment officer of the Sares Regis Multifamily Fund. 

Charles Halladay
Pacific Urban Residential CEO Al Pace noted, “we are delighted with the sale and success of this early cycle investment, effectively doubling invested equity in three years.  We believe the San Francisco Bay Area remains a prime investment arena and know Sares Regis will do very well with their asset investment plan.”

The HFF investment sales team representing the seller was led by director Nathan Blair of HFF’s San Francisco office, with support from capital markets director Charles Halladay of HFF’s Orange County office.  The buyer was self-represented.

Pacific Urban Residential remains among the most active private multifamily investors in the west and has acquired nearly $3 billion of multifamily west region investments since its founding in 1998. 

In the past two years, Pacific Urban Residential and its strategic institutional partners have acquired or sold approximately $600,000,000 in west coast apartment communities.  Today, Pacific Urban Residential’s west coast multifamily portfolio totals over 6,000 apartment homes and $1.5 billion.

Nathan Blair
 In addition, Pacific recently became an investment manager for the California Public Employees’ Retirement System (CalPERS).

Founded in 1947, Hunt is a developer, investor, and manager of real assets providing a broad range of services to public and private sector clients.  Together, Hunt and its affiliates have $24.8 billion in assets under management.

Sares Regis Group manages a portfolio of more than 17,000 units for its partners and investor clients valued at more than $2.5 billion. 

Since its inception in 1003, Sares Regis Group has acquired or developed 20,000 homes and apartments valued at more than $3.4 billion throughout California, Colorado and Arizona.

 Sares Regis Group is also California’s leading privately held developer of LEED-certified apartments.

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