Thursday, July 30, 2015

HFF closes sale of three-building corporate headquarters campus in San Diego, CA


Campus at Copley, 5751, 5761 and 5771 Copley Drive,  San Diego, CA


 
Nick Psyllos
SAN DIEGO, CA, July 30, 2015 - Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Campus at Copley, a three-building, 101,571-square-foot corporate headquarters office campus in San Diego, California.

HFF marketed the asset on behalf of the seller, HighBrook Investment Management, LP.  The property was purchased by The Gildred Companies.

Campus at Copley is situated on nearly seven acres at 5751, 5761 and 5771 Copley Drive between Interstate 805 and Route 52 in the Kearny Mesa submarket of San Diego.

 This location offers substantial power infrastructure and excellent fiber connectivity with multiple fiber optic options for a telco facility, a building use making up approximately one-third of the rent roll. 

The property is 96 percent leased to four tenants including XO Communications, EdgeConneX, Reva Medical and Kleinfelder with a weighted average remaining lease term of more than six years. 

The HFF investment sales team representing the seller was led by senior managing director Nick Psyllos and director Nick Frasco. 

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 sale of Class A industrial center in suburban Washington, DC


Springfield Newington Industrial Center, Lorton, VA

Bruce Strasburg
WASHINGTON, DC, July 30, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged the sale of Springfield Newington Industrial Center, a 106,945-square-foot, 100-percent-leased, newly-renovated, Class A industrial warehouse center in the Washington, D.C. suburb of Lorton, Virginia. 

HFF marketed the property on behalf of the seller, Bristol Capital Corporation.  Stockbridge Capital Group, LLC purchased the asset.   

Situated on 6.02 acres at 8424-8444 Terminal Road, Springfield Newington Industrial Center offers direct proximity to Interstate 95, which is less than one mile away, and to Fort Belvoir, which is less than four miles away. 

Michael Stuart
The one-story building features 24’ to 26’ clear heights, cross-dock loading, I-95 visibility and privatized outdoor storage capability.  The property is 100 percent leased to three investment grade tenants including the General Services Administration and Associated Materials.

 In 2015, the property underwent an extensive exterior restoration that included a new building fa├žade and roof.

The HFF investment sales team representing the seller was led by senior managing director Bruce Strasburg and associate director Michael Stuart.

“Springfield Newington Industrial Center is a rare opportunity to acquire an institutional quality, Northern Virginia warehouse facility that is fully leased to an investment grade tenant roster,” Stuart said.  

“The property is one of the most attractive and efficient industrial options in the I-95 Corridor and is poised to benefit from future growth in the greater Fort Belvoir 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 secures $13.33 million refinancing for Lake Tahoe boutique resort hotel in South Lake Tahoe, CA


Beach Retreat & Lodge, South Lake Tahoe, CA

IRVINE, CA, July 30, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured a $13.33 million refinancing for the Beach Retreat & Lodge, a 262-room, lakefront, boutique resort hotel located in South Lake Tahoe, California.

Chip Sykes

HFF worked on behalf of the borrower’s sponsor, Urbana Realty Advisors, to secure the three-year, floating-rate loan through CapitalSource, a division of Pacific Western Bank.  Loan proceeds will be used to refinance existing debt and provide funds for additional minor capital improvements. 

Beach Retreat & Lodge consists of five buildings and features 500 linear feet of beach front on Lake Tahoe, the largest alpine lake in the U.S. 

The hotel has an outdoor heated pool, 24-hour fitness center, outdoor games and activities, full-sized beach volleyball court and The Beach Club with cabanas, lounge chairs and menu service on the beach. 

Guests have two dining options, The Tavern at Tahoe and The Boathouse, which is located on the longest pier in Lake Tahoe.  Additionally, through an on-site marine operator, guests can rent boats, jet skis and kayaks. 

Renovated in 2012 through 2014, the hotel has completed upgrades to guest rooms, the lobby and restaurant space; constructed an outdoor fire pit and patio area; and completed the Beach Retreat Conference Center, which has in excess of 4,000 square feet of flexible meeting and event space with on-site catering and state-of-the-art technology. 

James Fowler
Situated on seven acres at 3411 South Lake Tahoe Boulevard, the hotel is approximately four miles from Lake Tahoe Airport and is 189 miles east of San Francisco and 35 miles west of Reno, Nevada.

The HFF debt placement team representing the borrower was led by managing director James Fowler and director Chip Sykes.

“Urbana had completed a significant amount of the property renovation when we were asked to procure debt financing,” Fowler said.  “As a result, the property is already seeing the benefit, with strong bookings through the early summer months.  These two factors, along with a great lender in CapitalSource, helped facilitate a smooth execution.”

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 $165.75 million refinancing for 25-property industrial portfolio in Colorado, Georgia, Minnesota and Texas


Colony Industrial Portfolio

 
Jody Thornton
DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured a $165.75 million refinancing for a 25-property, four million-square-foot light industrial portfolio with buildings located in Atlanta, Dallas, Denver, Houston and Minneapolis.

HFF worked on behalf of the borrowers, subsidiaries within the light industrial platform of Colony Capital, Inc., to arrange the 10-year, fixed-rate loan through Prudential Mortgage Capital Company. 

As of June 30, 2015, the portfolio was 97 percent leased and housed 69 tenants across 25 properties located in infill, established industrial submarkets.  The portfolio is approximately 14 percent office finish, and the buildings have clear heights ranging from 24’ to 32’.

The HFF debt placement team representing the borrowers was led by executive managing director Jody Thornton, senior managing director John Rose, director Gregg Shapiro and associate director Leon McBroom.


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


Apartment Development Along the Atlanta BeltLine Continues to Boom


Ryan Gravel
ATLANTA, GA (July 30, 2015) — The Atlanta BeltLine, the brainchild of Georgia Tech graduate Ryan Gravel, is an ambitious project that aims to connect the core of the city with walkable, bike-friendly paths and eventually public transportation. 

The Eastside Trail connecting Piedmont Park and Krog Street Market opened in 2012, and since then a myriad of multifamily residences have sprung up along the BeltLine, transforming the Midtown, Old Fourth Ward, and Inman Park neighborhoods.

The Atlanta Apartment Association has created a timeline outlining the construction and opening of these properties, as well as the progress the Atlanta BeltLine has made and plans to make in the future. 

It tells the story of how an old rail corridor turned car-free path can bring life to neighborhoods and foster the growth of restaurants, retail, art, and cultural events in the space, thus making it a popular place for renters.

Jim Fowler
It’s no secret that apartments along the BeltLine are highly desirable in the Atlanta market,” said Jim Fowler, President of the Atlanta Apartment Association. “The influx of multifamily development in this area is astounding and will only continue to grow as the BeltLine blossoms over the next several decades.”

By 2030, the 22-mile Beltline loop with paved path and streetcar options will be completed, fostering multifamily growth in a vast array of intown Atlanta neighborhoods. 

To view the timeline, click here: http://bit.ly/1VNzSoR

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

Savannah Duncan
The Wilbert Group
404-343-0870 (O) 404-901-4433 (C)


Walgreens in Cocoa, FL sells for $5.35 million


Jan Boltres
Cocoa, FL (July 30, 2015) – Seeking a long-term investment with the advantages of a net lease property, a private investor recently purchased a Walgreens store in Cocoa, Fla. for $5.35 million. The 15,120-square-foot standalone building sold for $354 per square foot. 

The buyer, SAHM Broadway MGT, LLC, a private investor from Rancho Sante Fe, Calif., was represented by Jan Boltres, CCIM, Managing Director of Industrial Services; and John Jackson, Industrial Services at Colliers International Tampa Bay.

The seller, SDG Cocoa Beach, LLC, was represented by Daniel Corcoran of Marcus & Millichap in New York City.

Net lease properties, where the tenant pays some or all of the taxes, fees and maintenance costs in addition to rent, are rising in popularity among investors, who like the simplicity of owning this type of property.

“The buyer was seeking a net lease property as a long term investment,” said Colliers’ Boltres. “It sold at a cap rate under 6 percent, which is at market value for this type of investment, considering the amount of time that Walgreens had remaining on its lease.”

The Walgreens store, located at 1106 Clearlake Road in Cocoa, is less than four miles from both the Martin Andersen Beachline Expressway and I-95.

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

Leah Saunders
B2 Communications
Office: (727) 895-2030, ext. 104
Cell: (813) 924-0367


The Dow Hotel Company Celebrates Completion of $12 Million Renovation of Hilton Bellevue in Bellevue, WA

  
 
Murray L. Dow II
BELLEVUE, WA, July 30, 2015—Officials of The Dow Hotel Company (DHC), a leading national hotel owner/investor and operator, today announced that it has completed the $12 million renovation of the 353-room (including five suites) Hilton Bellevue in Washington.

 The renovation focused on guest rooms, meeting space, the lobby, restaurant, bar and the creation of three new banquet and meeting rooms.

“Bellevue has grown tremendously over the years, becoming one of the nation's most prestigious cities in which to live and work, and the Hilton Bellevue has grown and changed along with it,” said Murray L. Dow II, DHC founder and president.

 “This full renovation brings the hotel to ‘like-new’ status,’ with new services and amenities that speak to the wants and needs of today’s business and leisure travelers.”

Located at 300 112th Avenue SE, the 10-story hotel is within walking distance of the Meydenbauer Convention Center and just a few miles from major sports arenas, Marymoor Park and the Seattle Art Museum, as well as the corporate headquarters for companies including Boeing, Microsoft, Expedia, Inc., Nokia, T-Mobile, Amazon and Starbucks. SeaTac Airport is just 25 minutes away.

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

Chris Daly
Phone:  (703) 435-6293