Monday, June 22, 2015

HFF closes sale on behalf of Passco Companies LLC and secures preferred equity for The Promenade at Howard Hughes Center in Los Angeles, CA


The Promenade at Howard Hughes Center, West Los Angeles, CA

LOS ANGELES, CA, June 22, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and secured preferred equity for The Promenade at Howard Hughes Center, a 248,841-square-foot retail center in West Los Angeles recently repositioned by Passco Companies LLC into an entertainment-focused destination center. 

Bryan Ley
HFF marketed the property on behalf of the seller, Passco Companies LLC.  Laurus Corporation purchased the property and received senior financing through a major money center bank.  Torchlight Investors, LLC provided preferred equity for the project.

The Promenade at Howard Hughes Center is a high-profile, two-story outdoor retail and entertainment center completed in 2001.

 Ninety-one percent leased at the time of closing, the center is home to national tenants that include Cinemark Theatres, Dave & Busters, Buffalo Wild Wings, Souplantation, Johnny Rockets, Starbucks and Kabuki Japanese Restaurant. 

Situated at the confluence of Sepulveda and the 405 Freeway, the property has outstanding visibility with 1,200 feet of freeway frontage and a traffic count of more than 600,000 vehicles per day.  

The asset is located within the Howard Hughes Center mixed-use development that consists of approximately 1.8 million square feet of commercial space and over 900 apartment units under construction.


John Crump




 The Promenade at Howard Hughes Center provides the only retail amenities in the development and is situated to serve the surrounding residential and creative office communities of Westchester, Playa Vista and Culver City.  

The project is at the gateway to the Westside’s Silicon Beach, one of the largest tech hubs in the world with offices for Google, Hulu, Snapchat, Facebook and more.

The HFF investment sales team representing the seller was led by managing director Bryan Ley and director John Crump.  

HFF’s equity placement team was led by senior managing director Paul Brindley, associate director Jeff Sause and real estate analyst Ryan Ash.

Jeff Sause
“During our 10-year investment period on the property, we were able to reposition and transform Promenade at Howard Hughes into the Westside’s premier entertainment-focused destination center, capitalizing on the desires of today’s large demographic of millennial consumers,” said Todd Siegel, Passco Companies’ vice president of retail.

 “With the repositioning and leasing strategy we executed, Passco was able to maintain the asset value throughout one of the worst recessions in retail history.”

Solidifying Promenade at Howard Hughes’ positioning in the market as an entertainment center, Passco secured two large entertainment-focused tenants, including the first Los Angeles location of Dave & Busters, as well as Buffalo Wild Wings.

According to Siegel, the new owners of the asset now have the opportunity to take advantage of the rapidly increasing population of affluent workers and residents located nearby, as well as tourists travelling to and from LAX.

“The sale of Promenade at Howard Hughes Center represents one of the largest retail trades so far in 2015 in West Los Angeles,” Ley said.

 “The property is an iconic asset in West Los Angeles that most residents have visited or passed by while driving on the 405 Freeway.  

"More recently, the asset has seen a tremendous amount of momentum with the expansion of the area, and this speaks volumes to the further development of the asset with the new owners. 

Todd Siegel
“With all the explosive growth of the Playa Vista/Westchester area and Silicon Beach, retailers and capital will continue to pour into this area to follow tech giants such as Google, Yahoo, Facebook and many more, as they call this area home for their new Southern California offices.”

“Laurus Corporation plans on implementing a significant renovation plan to enhance the center’s atmosphere and circulation,” Brindley added.  

“With the planned improvements, the property will provide tenants and patrons with one of the most engaging and accessible entertainment venues in Los Angeles.”

In addition to the recent Promenade at Howard Hughes Center transaction, HFF’s Ley and Crump also recently completed the sale of Lakewood Galleria in Lakewood, California, and Puente Hills Mall, a 1.1 million-square-foot regional mall in the City of Industry, California, for their client, a publicly traded REIT.  

In February, HFF also announced that it had secured joint venture equity for The Village at Howard Hughes, which is one of the new multi-housing development sites adjacent to the Promenade at Howard Hughes Center and speaks to the residential growth in the surrounding area.

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 $89.5 million construction loan on behalf of Continuum Partners for A Block @ Union Station in Denver, CO


Rendering of planned A Block @ Union Station, Denver, CO

 DENVER, CO, June 22, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged an $89.5 million construction loan for A Block @ Union Station, a 310,055-square-foot, hotel, office and retail mixed-use development in Denver’s Union Station neighborhood.

Eric Tupler
Continuum Partners, LLC worked with HFF to place the four-year construction loan with Wells Fargo and CrossHarbor Capital Partners.  

Continuum also raised $14.5 million in equity from more than 20 investors in addition to contributing the land to the project.

A Block @ Union Station broke ground in April 2015 and upon completion in November 2016, will feature a 12-story, 200-room hotel managed by Kimpton; a five-story, 45,458-square-foot office building along with approximately 13,000 square feet of retail/restaurant space; and a 197-space subterranean parking garage with 100 spaces dedicated to public parking. 

The boutique hotel will have 9,000 square feet of meeting space, a 110-seat Kimpton restaurant and a 201-seat signature restaurant that will be announced soon.

  The office property will connect to the hotel via a third floor skybridge and will have opportunities for signage for multiple tenants.  Both properties will have ground floor retail with Bank of America already under lease for 3,496 square feet of space. 

A Block @ Union Station is located at the corner of 16th and Wewatta Streets directly adjacent to the RTD Commuter Rail Transit Platform that will soon have direct rail service to Denver International Airport.  This places the property within the Union Station urban redevelopment project in Denver’s LoDo and Central Platte Valley submarkets. 

Leon McBroom
“Continuum Partners has been at the center of the entire Union Station Redevelopment project since it began in 2005. 

" This financing allows one of the most iconic development sites in the neighborhood to move forward," said Mark Falcone, CEO and Founder of Continuum Partners.

The HFF debt placement team was led by senior managing director Eric Tupler and associate director Leon McBroom.

     “The Union Station urban redevelopment project is perhaps the most highly anticipated and transformative event to occur in Denver’s core in the past century, and once complete 200,000 trips per day are expected out of the station, with A Block at the center of it all,” said Tupler. 

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 $61.2 million sale of grocery-anchored retail power center in Williamsburg, VA


Settler's Market, 5020-5225 Settlers Market Boulevard, Williamsburg, VA

 WASHINGTON, D.C. – June 22, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $61.2 million sale of Settlers Market, a 239,464-square-foot, 97-percent-leased retail power center anchored by Trader Joe’s in Williamsburg, Virginia.

Jordan Lex
HFF marketed the property on behalf of the seller, a partnership between Federal Capital Partners® and Westmoreland Partners, LLC.  AEW Capital Management, L.P. (AEW) purchased the asset. 

Built in phases between 2009 and 2014, Settlers Market is the commercial anchor to the 395-acre New Town planned development, a live-work-shop community that has become a destination for local residents, students and tourists. 

In addition to Trader Joe’s and an adjacent Walmart Neighborhood Market, tenants of the center include Michaels, HomeGoods, ULTA Beauty, Stein Mart, Cost Plus World Market, Party City, Petco, Five Below, Dress Barn, Shoe Carnival, Pier 1 Imports, Zo√ęs Kitchen, Which Wich and Noodles & Co.

  Situated on 36 acres at 5020-5225 Settlers Market Boulevard, the center is located at the mid-point of Route 199, which connects north and south to Interstate 64 and provides easy access from Williamsburg, James City County and the Peninsula Region. 

The HFF team representing the seller was led by director Jordan Lex, senior managing director Danny Finkle, managing director John Owendoff and real estate analyst Christopher Horning.

Danny Finkle
“Settlers Market represents a best-in-class shopping center in an affluent community, which drove both retailer and investor demand for the asset,” Lex said.

“We extend a special thanks to our JV partner, Westmoreland Partners; our leasing and property management team at The Shopping Center Group and James City County for helping our team restore this important commercial site to its potential,” said Howard Jenkins, vice president of Federal Capital Partners®.

 “Settlers Market is located at one of the most visible and central locations in the Williamsburg MSA.  With careful planning, design and targeted leasing efforts, we were able to fulfill our team’s original vision to develop and stabilize a well-merchandised economic retail engine to the community’s benefit. 

“We greatly appreciate HFF’s careful attention to our sale and ultimately identifying a new owner in AEW, one of the largest retail owners in the U.S.  We leave this project in very capable hands.”

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 Hotel Indigo in Miami’s Dadeland submarket


Hotel Indigo, 7600 North Kendall Drive, Kendall, FL

MIAMI, FL, June 22, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of the Hotel Indigo, a 120-room, upscale hotel in Miami’s Dadeland submarket. 

Cecily Nazario
HFF marketed the property on behalf of the seller, an affiliate of The Carlyle Group and Rodblu Investment Fund 1.  An affiliate of California-based Integrated Capital, LLC purchased the offering.

The Hotel Indigo is located at 7600 North Kendall Drive on the western side of the “Dadeland Triangle”, a dense, urban community within the broader city of Miami comprising the 1.4 million-square-foot Dadeland Mall, Downtown Dadeland, numerous high-rise office and residential properties and a Metrorail station. 

The six-story hotel features an outdoor swimming pool with private cabanas, restaurant offering breakfast and dinner, business center, fitness facility and indoor/outdoor meeting space.  

Dan Peek
The hotel serves the entire South Miami region, including the University of Miami, Baptist Hospital and the nearby neighborhoods of Pinecrest and Kendall, as well as the substantial international visitation to the area’s retail destinations.

The HFF investment sales team representing the seller was led by senior managing director and head of HFF’s hotel group Dan Peek, managing director Max Comess and real estate analysts Joseph Won and Cecily Nazario.

“Dadeland—like other Miami nodes such as Doral, Aventura and Coconut Grove—is experiencing a renaissance today among both visitors and locals,” Comess said. 

 “The Hotel Indigo was attractive to investors because it provided a perfect balance of a hotel that is very successful today with strong future growth potential as the destination continues to flourish.”

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

Avison Young completes $5.3-million sale of historic mixed-use property in Santa Ana, CA


Pacific Building225-227 North Broadway and 214, 216 & 220 West Third Street
Artist Village District, Santa Ana, CA

Dan Vittone
Irvine, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has completed the $5.3-million sale of the Pacific Building, a historic 16,274-square-foot (sf) mixed-use property in the Artist Village District of Santa Ana, CA.

Avison Principals Dan Vittone and Alan Pekarcik, based in the company’s Orange County office, along with Gil Marrero of Voit Real Estate Services represented the seller, Gumm Investments.

 The buyer, Red Rock Management, was represented by Red Rock Capital Advisors, LLC. The property was 100% leased at close of escrow, and the closing cap rate was approximately 6%.

The Pacific Building is located at 225-227 N. Broadway and 214, 216 & 220 W. Third Street at the southeast corner of North Broadway and West 3rd Street, a signalized intersection in the heart of Downtown Santa Ana. 

The property is fully occupied by 11 tenants, including two on the ground floor: Chapter One, a modern local metropolitan-style restaurant and bar; and Downtown Sugar, a hip spa, beauty and personal care boutique. 

Alan Pekarcik
The Copper Door, a trendy nightclub, bar and lounge that hosts live local music on select evenings, is on the basement level, and a mix of creative office tenants are on the second floor.

“The Pacific Building is in the midst of Santa Ana’s downtown, which is growing and becoming widely recognized as a dynamic urban center that is home to a community of artists and theatrical productions, as well as eclectic shops, restaurants, and high-density residential options including live/work lofts,” comments Pekarcik. 

“The renaissance of this area was attractive to the buyer, as the investment shows promising returns now and for years to come.”

The Pacific Building has been designated as a qualified historical property on the City of Santa Ana Register of Historical Properties. 

It has been extensively improved with a modern feel and design, while preserving the integrity of a building constructed during the 1925 Renaissance-revival era

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

Darcie Giacchetto

949.278.6224

Maury L. Carter & Associates, Inc. Completes Seven Land Transactions


Maury L. Carter (left) and son Daryl M. Carter
ORLANDO, FL -- Ronn Allen of Maury L. Carter & Associates Inc., represented the buyer in the $3,857,700 acquisition of 1,169 acres on Sundown Creek Road in Madison County, Florida.

John Evans of Maury L. Carter & Associates, Inc. represented the seller in the $1,875,000 sale of approximately 654 acres on the north side of County Road 305 at Lake Disston Drive in Flagler County, Florida. 

Daryl M. Carter and John Evans of Maury L. Carter & Associates represented the seller in the $1,172,710 sale of approximately 335 acres of bank-owned land just west of State Road 710 in Okeechobee County.

John Evans
Daryl M. Carter, Trustee of Carter-Flagler Roberts Road Land Trust, purchased approximately 232 acres on the east side of Roberts Rd in Palm Coast, Florida. The 232 acres were acquired from Florida Landmark Communities, LLC in two transactions for a total of $3,340,000. Daryl M. Carter with Maury L. Carter & Associates, Inc. represented the buyer, and David Lusby with Palm Coast Holdings represented the seller.

Daryl M. Carter, Trustee of Carter-Suwannee 137 Highway 795 Land Trust, sold approximately 137 acres at I-10 and Highway 795 in Suwannee County, Florida. The 137 acre parcel was sold to Dennis Music. In addition, Carter represented the seller in the sale of the cell tower lease on a portion of the property. The two transactions totaled $723,868 cash.

David Lusby

Daryl M. Carter, Trustee of Carter-Lake 215 SR 46 Land Trust, recently purchased approximately 215 acres on the north side of SR 46, adjacent to the planned Wekiva Parkway interchange at SR 46 in Lake County, Florida. The 215 acres were acquired from Marcus O Williams III and Carolyn Williams for $3,100,000. Maury L. Carter & Associates, Inc. represented the seller, and Belmont Management Group represented the buyer.    

Daryl M. Carter and John Evans of Maury L. Carter & Associates, Inc. represented the seller in the $1,470,000 sale of approximately 294 acres of grazing land north of SR 44 on Spring Valley Rd in northeast Lake County, Florida.

Since January of 2012, Maury L. Carter & Associates, Inc. has completed over $120,000,000 in transactions on 14,450 acres of land.

Maury L. Carter & Associates, Inc. is an Orlando-based full service commercial real estate firm proficient in commercial real estate investments, asset management, brokerage, and development. The firm's officers combine more than 75 years’ experience in real estate investments and brokerage.

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

Maury L. Carter & Associates, Inc.
3333 S. Orange Avenue, Suite 200, Orlando, FL 32806
407-422-3144

Lincoln Harris Arranges $900,000 Sale of Industrial Building in Morrisville, NC



John Mikels
RALEIGH, N.C. (June 22, 2015) — Lincoln Harris has arranged the $900,000 sale of The Amerinode Building, a 7,500-square-foot industrial building located at 115 Quail Fields Court in Morrisville, North Carolina. 

John Mikels of Lincoln Harris’ Raleigh office represented Telica LLC, the seller, in the transaction. The buyer was Carolina in Home Flooring & Design Center LLC.

“The industrial market in the Morrisville/Research Triangle Park area is very strong.” Mikels said. “We had multiple offers on the building, and were able to secure the full asking price. The nearby Park West Village development helped drive interest in the property.”

The buyer plans to convert the building into a design center and showroom for a home flooring business, which is slated to open later this year.

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

Savannah Duncan
The Wilbert Group
404-303-0870 (O) 404-901-4433 (C)