Wednesday, May 6, 2015

National Retail Properties Announces First Quarter 2015 Operating Results

Craig Macnab
Orlando, FL  – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, announced its operating results for the quarter ended March 31, 2015.  Highlights include:

•       Portfolio occupancy was 98.8% at March 31, 2015, as compared to 98.6% at December 31, 2014 and 98.2% at March 31, 2014

Investments and Dispositions for the quarter ended March 31, 2015:

•       Investments:
◦       $155.2 million in property investments, including the acquisition of 56 properties with an aggregate 782,000 square feet of gross leasable area at an initial cash yield of 7.3%

•       Dispositions:
◦       Six properties with net proceeds of $23.3 million producing $7.1 million of gains on sales, net of income tax and non-controlling interest

Capital Transactions for the quarter ended March 31, 2015:

•       Raised $48.7 million in net proceeds from the issuance of 1,223,827 common shares

Craig Macnab, Chief Executive Officer, commented: "In the first quarter we benefited from our differentiated acquisition approach purchasing the bulk of our properties directly from sellers, with no intermediaries involved.

“The cash yields in these retail properties are well in excess of our cost of capital and will improve over time as the rent increases over the long duration of the leases. 

"We are optimistic about the remainder of 2015 as our balance sheet remains very strong and we continue to find opportunities to selectively deploy capital while growing per share results."

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.  As of March 31, 2015, the company owned 2,104 properties in 47 states with a gross leasable area of approximately 23.1 million square feet and with a weighted average remaining lease term of 11.5 years.

 For more information on the company, visit

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

Kevin B. Habicht

Chief Financial Officer
(407) 265-7348

HFF closes $33 million sale of Southern California grocery-anchored shopping center

Hawaiian Gardens Town Center, 12090-12144 Carson Street
Hawaiian Gardens, CA

CJ Osbrink
IRVINE, CA – May 6, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $33 million sale of Hawaiian Gardens Town Center, a 124,645-square-foot, grocery-anchored retail center in the Southern California community of Hawaiian Gardens. 

HFF marketed the property on behalf of the seller, an affiliate of HP Investors, LLC (  JH Real Estate Partners, Inc. purchased the asset free and clear of existing debt.

Hawaiian Gardens Town Center underwent renovations in 2012 and 2013 and consists of five one-story buildings.

 The center is anchored by Walmart Neighborhood Market and is 95 percent leased to a diverse roster of national and regional tenants including O’Reilly Auto Parts, Sally Beauty Supply, MetroPCS, Hertz Rent-a-Car and Rent-a-Center. 

Located on 10.7 acres at 12090-12144 Carson Street in the South Bay submarket, the property is immediately off of the 605 freeway about 21 miles from Los Angeles in southeastern Los Angeles County near its border with Orange County. 

Ryan Gallagher

The center is located at a “main and main” intersection in Hawaiian Gardens and is within walking distance to the city’s largest employer, the Hawaiian Gardens Casino.

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

“Hawaiian Gardens Town Center saw a broad spectrum of buyers from private high net worth and exchange driven investors to REITs and institutional advisors,” Osbrink said. 

“The property’s long-remaining lease term with the credit anchor, stable rent roll and high-traffic location checked several boxes that many investors are looking for in retail acquisitions today.”

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 secures $23.18 million financing for Beverly Hills, CA development site

Kevin MacKenzie
 IRVINE, CA – May 6, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $23.18 million in financing for a 36,000-square-foot development site at 9908 Santa Monica Boulevard in Beverly Hills, California.

HFF worked on behalf of the borrower, GPI Companies in placing the three-year, floating-rate loan with Cornerstone Real Estate Advisers. 

The development site is situated on the southwest corner of Santa Monica and Charleville Boulevards across from the Beverly Hilton, the former Robinsons-May department store building and the Peninsula Beverly Hills hotels.  

Once the site of the Friars Club, the vacant site is currently commercially zoned for office or retail use.

The HFF debt placement team consisted of senior managing director Kevin MacKenzie and associate directors Greg Brown and Jeff Sause.

“HFF was able to identify a lender that understood the specific goals of our client and worked to provide a loan structure that will allow them to execute their business plan,” said Brown. 

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 |

The Residences at W Atlanta-Downtown Announces Penthouse Sale for $1.2 Million

David Tufts
ATLANTA, GA (May 6, 2015) – As the demand for luxury condominiums continues to intensify, The Residences at W Atlanta – Downtown confirms yet another condominium home sale, leaving only two remaining for purchase.

The spectacular two-story, 3,443-square-foot penthouse, sold for $1.2 million, the highest price paid for a downtown condo this year. 

The sale highlights a strong desire for this luxurious five-star lifestyle and – with only two finished penthouses remaining – buyers will be hard pressed to find anything that compares.

“As demand continues to rise – so does pricing,” said David Tufts, president of The Marketing Directors. “This sale marks a surge in demand as available inventory continues to be absorbed – all indicating that now is the time to buy.”

The broker representing the buyer for this transaction was Adrian Schmidt with Atlanta Fine Homes Sotheby’s International.

For more information about W Atlanta - Downtown, explore
 or call 404-524-4092

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

Liz Lapidus/Andi Hill
Liz Lapidus PR

Charles Dunn Company Completes 21,257-Square-Foot Retail Lease for New Planet Fitness Location in Los Angeles

George Russell
LOS ANGELES, CA,  May 6, 2015 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed a 10-year, 21,257-square-foot retail lease valued at approximately $5.7 million with Planet Fitness.

George Russell, director with Charles Dunn Company, represented the property owner, Miracle Mile Properties. 

SRS Real Estate Partners represented Planet Fitness, a rapidly growing fitness franchise with more than 900 locations across the country.

The space is located at 1000 E. Washington Blvd. just south of the 10 Freeway and the major cross street of S. Central Ave. near Downtown Los Angeles. 

It was previously occupied by Casa Linda Furniture which is relocating. Planet Fitness is undergoing significant renovations to the space and is anticipated to open in October 2015. 

Other tenants at the property include Auto Zone, Boost Cellular and Subway.

1000 East Washington Boulevard,
Downtown Los Angeles, CA

“Planet Fitness chose this location as it is within a densely populated area that has seen strong growth in retail amenity offerings over the past several years,” said Russell. 

“Superior Super Markets and Fresh & Easy have opened stores nearby, and vacancy rates are decreasing. 

"New retailers seek to be a part of the synergy created with a variety of shopping, dining and other service options for local residents and businesses.”

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

Darcie Giacchetto


Former Pope & Land General Counsel Joins Morris, Manning & Martin in Atlanta, GA

Thomas Burch
Atlanta, GA – Real estate attorney Thomas Burch has joined Morris, Manning & Martin, LLP as Special Counsel in its Commercial Real Estate Development & Finance group. 

Burch arrives from Pope & Land Enterprises, Inc., a leading mixed-use developer based in Atlanta, where he served as General Counsel. 

Prior to joining Pope & Land in 2008, Burch was in private practice for 30 years working in Georgia, Illinois and Japan.   
“Tom has incredible experience with some of the largest mixed-use projects in the country, which fits perfectly with the scope of the clients we represent,” said MMM Founder John “Sonny” Morris.

“Morris, Manning & Martin has one of the leading real estate practices in the country,” offered Tom Burch. “It is the right fit for me. The firm’s full range of services and its commitment to clients convinced me I’d found the right home for my practice.”

John 'Sonny' Morris

Burch’s practice focuses on representing developers and investors in mixed-use and office developments, as well as in joint ventures and other equity investments.

 He earned his B.S. and J.D. degrees with honors from the University of Illinois. 

He is also a decorated military veteran who served as a Captain in the U.S. Army (Armor). His first day at MMM was April 27.

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

  Terri Thornton
Thornton Communications

Marcus & Millichap Arranges Sale of 12-Unit Apartment Building in Tampa, FL

The Grant apartments
1914 West Dekle Avenue, Tampa, FL
TAMPA, FL, May 6, 2015 – 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 The Grant, a 12-unit apartment property located in Tampa, FL, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. 

The asset sold for $1,050,000.

Casey Babb, CCIM and Ari Ravi, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. 

The buyer, a private investor, was secured and represented by Casey Babb, CCIM and Ari Ravi.

Casey Babb
The Grant is located at 1914 West Dekle Avenue in Tampa, FL.  Originally built in the 1920’s, the property has been under the same ownership for 19 years.  It consists of four studios and eight, on-bedroom/one-bathroom apartments homes.  Units feature original wood floors and nine foot ceilings.
“The Grant was attractive to the buyer who was looking for a value-add asset located in a recession-proof submarket,” said Babb.  “

This property fit the criteria, being located in the Historic Hyde Park neighborhood, with the ability to dramatically increase cash flow through building and unit renovations. 

  Through an aggressive marketing plan we were able to show the property 13 times and generate 6 offers, ultimately closing with a 1031 exchange buyer at above 95% of the asking price”

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

Richard D. Matricaria
Vice President/Regional Manager
Tampa, FL

(813) 387-4700