Wednesday, April 1, 2015

HFF closes sale of Los Angeles-area corporate headquarters

2830 Orbiter Street, Brea, CA

IRVINE, CA – HFF announced today that it has closed the sale of a 101,420-square-foot PennySaver USA Publishing, LLC corporate headquarters building located at 2830 Orbiter Street in Brea, California, southeast of Los Angeles. 

Ryan Martin
HFF marketed the asset on behalf of the seller, a joint venture between Cohen Asset Management, Inc. and American National Insurance Company.

 Intercontinental Real Estate Corporation (Intercontinental) purchased the facility free and clear of existing debt.  In 2013, HFF secured financing and equity placement on behalf of the seller for this property.

2830 Orbiter Street is situated on 6.59 acres in the North Orange County Brea/La Habra submarket. 

The facility is adjacent to the Imperial Highway and less than 30 miles from downtown Los Angeles. 

The asset consists of 52,069 square feet of office space spread out over two floors and 49,351 square feet of industrial manufacturing, assembly and distribution space.

Anthony Brent
 The property is 100 percent leased to PennySaver and houses the operations for their weekly PennySaver pamphlet, web-based advertising systems and salesforce.

The HFF investment sales team was led by senior managing director Anthony Brent and managing director Ryan Martin.  

“The investment provided significant inflation adjusted rent growth and stable long-term cash flow,” Brent said.  “It was a well sought after asset due to its stable historical occupancy and its desirable location in the City of Brea.”

“It provides a high-quality, Southern California industrial asset for Intercontinental’s diverse real estate portfolio,” Martin added.
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 |

Griffin-American Healthcare REIT III Completes Acquisitions Totaling More Than $350 Million During 1Q15

Danny Prosky
IRVINE, CA (April 1, 2015) - American Healthcare Investors and Griffin Capital Corporation, the co-sponsors of Griffin-American Healthcare REIT III, Inc., announced today that the REIT completed the acquisition of 18 healthcare properties in 11 states, as well as a collateralized debt instrument, for an aggregate purchase price of $353.7 million during the first quarter of 2015.

The acquisitions were comprised of 14 medical office buildings, three senior housing facilities, a surgical hospital and the aforementioned collateralized debt instrument.

“Griffin-American Healthcare REIT III remained very active on the acquisition front during the first quarter of the year, adding a diverse collection of healthcare properties to our rapidly growing portfolio,” said Danny Prosky, president, chief operating officer and one of the largest stockholders of the REIT.

  “In just six months’ time, we have grown from approximately $41 million worth of assets to more than $631 million1 with a robust pipeline of acquisitions on the horizon.”

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

Damon Elder                                                                                                       
(949) 270-9207

ICM Realty Group Acquires Cypress Executive Center in Fort Lauderdale, FL

Cypress Executive Center, 1901 West Cypress Creek Road,
 Fort Lauderdale, FL

Bruce Timm
Fort Lauderdale, FL ---ICM Realty Group, the international real estate investment and management firm, announced today that it has purchased Cypress Executive Center, one of the area’s best located office properties at 1901 W. Cypress Creek Road in Fort Lauderdale.

The purchase represents ICM’s third investment in Florida in the past 12 months. 

The purchase was made on behalf of ICM’s (VII) U.S. Core Plus Realty Trust, a fully discretionary private equity fund focused on acquiring and developing office, retail and medical office properties.

As part of the purchase, ICM has committed to immediately completing significant capital improvements and adding building amenities. In addition, ICM intends to create an on-site property management office to better serve the needs of the building’s occupants.

”We are pleased to be investing further in a market that has and will continue to benefit from employment growth and the long-term opportunities created by the recovering economy,” said Bruce Timm, ICM’s CEO. “This transaction signifies our ongoing commitment to investing in the Southeast Florida markets.”

”A trademark of ICM is the company’s ability to provide tenants with immediate, positive changes resulting from ICM’s signature hands-on approach,” said ICM Managing Director Andrew Webb.

“This asset’s value-enhancement potential is an excellent fit with our investment strategy.”

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

Andrew Webb
Managing Director, USA
Main: (651) 398-2662

IPA Sells The Lane on the Boulevard in Redwood City, CA for $84 Million

The Lane on the Boulevard, 2580 El Camino Real, Redwood City, CA

REDWOOD CITY, CA,  April 1, 2015 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of The Lane on the Boulevard, a newly constructed, 141-unit, luxury multifamily community on the San Francisco Peninsula in Redwood City, Calif.

The $84 million sales price equates to approximately $596,000 per unit or $780 per square foot.

            Stanford Jones, IPA executive vice president investments, Philip Saglimbeni and Salvatore Saglimbeni, both IPA vice president investments, advised the seller, Summerhill Apartment Communities. The buyer is Oakwood Worldwide.

“The Lane on the Boulevard is situated within one of the strongest and most supply constrained rental markets in the country and is surrounded by some of the nation’s most affluent communities,” says Jones.

Philip Saglimbeni
“Downtown Redwood City has become a major cultural, entertainment and economic hub for the San Francisco Peninsula,” adds Philip Saglimbeni.

“In addition to the leading employers already in the immediate area, such as Facebook (Menlo Park) and Oracle, the recent influx of large tech companies to Redwood City has been pronounced.

“These include Google’s recent majority acquisition of Pacific Shores Center—934,000 square feet located just three-and-a-half miles from the property—and Box Inc.’s master lease of Crossing/900, its new 300,000-square-foot headquarters, which is located one mile from The Lane on the Boulevard.”

The property’s location at 2580 El Camino Real is within one mile of downtown Redwood City and adjacent to Atherton, considered one of the most affluent towns in the country.

Salvatore Saglimbeni
Menlo Park is four-tenths of a mile south of the apartment community and Palo Alto is three miles south of it. Both are easily accessed from the community via El Camino Real.

The Lane on the Boulevard by Summerhill Apartment Communities features one- and two-bedroom apartment homes that average 765 square feet.

The amenity package includes a fitness studio, a social lounge with a chef’s kitchen, a swimming pool and spa, an outdoor lounge with fireplace, outdoor grilling stations, bicycle storage and a five-level concrete parking structure. 

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

Gina Relva
Public Relations Manager

(925) 953-1716

Currahee Club at Toccoa, GA Named Among Top Four Golf Clubs in the Nation

Currahee Club, Toccoa, GA

Toccoa, Ga. (April 1, 2015) – Currahee Club, a stunning 1,200-acre gated community located in the foothills of the Appalachian Mountains boasting a 7,513-yard golf course overlooking Lake Hartwell, was recently honored as a top four finalist at The National Golf Course Owners Association (NGCOA)’s 2015 “Golf Club of the Year” awards ceremony.

Andrew Ward
This selection was announced at NGCOA’s Annual Conference, the golf industry’s largest gathering of owners and operators of daily fee, private, resort and municipal courses.

“The entire Currahee Club community is honored to receive this most coveted annual award,” said Andrew Ward, President at Currahee Club.

 “To be recognized by such an elite group of esteemed peers on a national level further drives our continued dedication to providing a world-class golf experience worthy of such a distinction.”

The club was recognized for exceling in the categories of quality, ownership and management, contributions to the community and to the game of golf.

For information on Currahee Club or to schedule a discovery tour, visit

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

Tucker Berta/Andi Hill
 Liz Lapidus PR