Sunday, May 4, 2014

IPA Sells Beaver County, PA Nursing Home for $33.5 Million

Friendship Ridge Nursing Home, 246 Friendship Circle, Beaver, PA

Mark Myers
BEAVER, PA – Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Friendship Ridge, a 605-bed nursing home in Beaver, Pa., a suburb of Pittsburgh and the seat of Beaver County.

The sales price is $33.5 million.

            IPA senior director Joshua Jandris and IPA executive director Mark Myers, along with IPA associate Charles Hilding and Matthew Gorman, a vice president investments in Marcus & Millichap’s Philadelphia office, represented the seller, Beaver County, Pa. 

The buyer is a private consortium of owners and investors based in New Jersey and New York.

            “The new ownership group has more than 50 years’ experience in long-term care and is eager to begin operating in Pennsylvania with Friendship Ridge as its initial investment,” says Jandris.

Matthew Gorman
 “The state’s strong reimbursement system is especially attractive for investors from New Jersey and New York where the introduction of managed Medicare is creating uncertainty.”

            “The opportunity to acquire a large concentration of beds in a major Pennsylvania metropolitan area generated significant interest in the property,” adds Myers.

 “The asset’s large size means that incremental revenue increases and expense management strategies can greatly impact the bottom line.”

            Friendship Ridge is located on 25 acres 246 Friendship Circle in Beaver, Pa. Additional acreage is available for expansion. The facility has been in operation since 1959.

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

Gina Relva
Public Relations Manager

(925) 953-1716

Four New Electric-Vehicle Charging Units Open in Atlantic Station Parking Garage

Atlantic Station development, Midtown Atlanta, GA

ATLANTA, GA –  Four new electric-vehicle (EV) charging units have opened at the mixed-use Atlantic Station community in Midtown Atlanta.

The Level 2 chargers, which provide approximately 25 miles of driving range per charging hour, are located in the underground parking garage on P1, near the valet station.

John Gilb
The new chargers, which were made possible through funding by Nissan and property owner CBRE Global Investors, are available to the public at a cost of 85 cents per hour and add to Atlantic Station’s existing EV charging infrastructure.

The development also has a street-level charging station on 17th Street near the Millennium Gate; that station, which features four Level 2 units and one DC fast-charger unit, is partially powered by overhead solar panels and is available at no cost to the public.

The new chargers arrive as the use of EVs in Atlanta continues to grow. According to a recent report by ChargePoint, Atlanta experienced the biggest growth in EV sales of any metro area in fourth-quarter 2013.

“We are proud that Atlantic Station is leading and encouraging Atlanta residents to move toward more environmentally friendly transportation,” said John Gilb, principal at CBRE Global Investors. “Our EV charging stations are convenient not only for our visitors, but to the Midtown community as a whole.”
For a complete copy of the company’s news release, please contact:

Stephen Ursery
The Wilbert Group
+1 404 549 7150

HFF arranges $5 million financing for Woodlark Building in downtown Portland, OR

Woodlark Building, 813--817 SW Alder Street, Portland, OR

PORTLAND, OR – HFF announced it has arranged $5 million in financing for the Woodlark Building, a 43,887-square-foot historic office building in downtown Portland.

Tom Wilson
                HFF worked on behalf of the borrower, a joint venture between NFN Investments, LLC and Arthur Mutual Investments, to arrange acquisition financing through a non-local debt fund.   Loan proceeds were used to acquire the property.

                The Woodlark Building is located at 813-817 SW Alder at the intersection of SW 9th Avenue in downtown Portland.  

Built in 1912, the eight-story building has undergone continued improvements and renovations since completion, including a recent lobby refinish and exterior painting.  The property is 91 percent leased to a variety of office and retail tenants.

The HFF team was led by managing director Tom Wilson and senior real estate analyst Erica Christensen.

“This transaction is an example of how non-local lenders are taking an interest in Portland’s commercial real estate market, even for smaller transactions,” Wilson said.
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 |

HFF closes $270 million sale of 24-property Northeast retail portfolio

John Fowler
BOSTON, MA – HFF announced it has closed the sale of a 24-property, 1.4 million-square-foot retail portfolio located in the greater Boston area, New Jersey and Connecticut.

                HFF exclusively marketed the portfolio on behalf of G.P.B. Holdings, LLC and introduced the buyer, Kimco Realty Corporation (NYSE: KIM), who purchased the properties for $270 million including the assumption of approximately $121 million of debt.

                The overall portfolio was  96 percent occupied and anchored by a variety of national and regional credit tenants including Walmart, Kohl’s, Lowe’s, Whole Foods, Trader Joe’s, Petco, Pier 1 Imports, Walgreens, CVS as well as Kings and Aldi supermarkets.  

Twenty-one of the properties are located in Massachusetts, two are in New Jersey and one is located in Connecticut.  Several included irreplaceable, core locations such as the Trader Joe’s near Harvard and M.I.T. on Memorial Drive in Cambridge, Massachusetts and a Whole Foods in close proximity to Boston College and Boston University in Brighton, Massachusetts. 

James Koury
                The HFF investment sales team representing the seller was led by senior managing director Jim Koury and executive managing director John Fowler.

                According to Koury, “This was unique opportunity to acquire a critical mass of retail property located in Boston’s inner suburbs where it is rare to see the transfer of retail ownership. 

  "In addition to being well located, the overall portfolio will provide Kimco with good opportunity to grow the cash flow over their investment horizon. 

  "It’s been personally satisfying to have originally orchestrated the sale of this same portfolio back in 1996 and again now in 2014.  I’m positive Kimco will be as successful with the portfolio as the previous owners.”

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 |

HFF arranges $17.03 million participating mortgage for transit-oriented multi-housing development in suburban Denver, CO

Rendering of planned Lofts at Lincoln Station, Lone Tree, CO

Josh Simon
DENVER, CO – HFF announced it has arranged a $17.03 million participating mortgage for the ground-up development of Lofts at Lincoln Station, a Class A, 101-unit, luxury transit-oriented multi-housing project in Lone Tree, Colorado.

               HFF worked exclusively on behalf of Griffis Blessing and Niebur Development to secure the seven-year, interest-only, fixed-rate loan through Principal Real Estate Investors. 

               The Lofts at Lincoln Station will be situated on a 1.5-acre site at 9365 Station Street adjacent to the Lincoln Station light rail stop and across the street from Kaiser Permanente’s brand new specialty medical campus. 

The property has access to abundant shopping, dining and entertainment options and is also close to Interstate 25, which is the main north/south thoroughfare through Denver and the Front Range. 

Due for completion in 2015, the property will feature junior one-, one- and two-bedroom units averaging 787 square feet each.

Pat Burger
 Property amenities will include a 131-space parking garage, business center, fitness center, spectacular water feature and outdoor kitchen with a built-in BBQ area, and a courtyard with a fire pit. 

               The HFF team representing the borrower was led by director Josh Simon, director Pat Burger and real estate analyst Leon McBroom.

               “This is one of the very few true transit-oriented developments in the Denver metro area given its location steps from the Lincoln Station light rail platform,” said Simon.  “As such, interest level was extremely high on both the debt and equity sides and we were able to find the developer the best of both worlds with this 89 percent of cost participating loan.”

               “Griffis Blessing and Niebur Development are entering a market with very strong metrics that support the project,” said McBroom.

“The Lone Tree market just welcomed a new Kaiser campus, Sky Ridge Medical Center is adding beds, and the market will soon be home to a new Charles Schwab campus. 

Leon McBroom
“This market activity along with the continued economic growth of the Lone Tree market will continue to add to the renter demand that Griffis Blessing and Niebur Development are well positioned to capitalize on.”   

               Griffis/Blessing, Inc. is a real estate services firm representing individual, corporate and institutional owners of real estate throughout the United States. The firm offers clients comprehensive real estate asset management services, with a primary focus on property management and investment services.  Headquartered in Colorado Springs, Colorado, with an additional office in Denver, Griffis/Blessing has over 4,000,000 square feet of office, retail, and industrial space and more than 6,900 apartment units under management.

20 years ago, Joe Niebur, principal of the nationally recognized golf course construction firm Niebur Golf Inc., established Niebur Development, Inc. to focus on the development of commercial, residential and multi-family markets across the United States.  Niebur Development has developed or is currently developing 380 multi-family units and has another 365 units in the development pipeline.

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 |