Wednesday, December 23, 2015

$308.4 million in financing secured by HFF for multi-state retail joint venture

Connecticut Post Mall, Milford, CT

Claudia Steeb

PITTSBURGH, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $308.4 million in financing for three shopping malls totaling 2.3 million square feet in Connecticut, Illinois and Washington.

HFF worked on behalf of a newly-formed joint venture partnership between Centennial Real Estate Company (Centennial), Montgomery Street Partners/Blum Capital (MSP), USAA Real Estate Company (USAA RealCo) and Westfield America to place three separate five-year loans totaling $308.4 million with a lender group led by J.P. Morgan Chase Bank, N.A. and participant lenders Aareal Capital Corporation and CIT Bank, NA.

  The three shopping centers involved in the financing are Connecticut Post Mall in Milford, Connecticut; Hawthorn Mall in Vernon Hills, Illinois; and Vancouver Mall in Vancouver, Washington.

HFF also assisted Centennial, MSP and USAA RealCo in connection with transfers under the existing debt financing on two additional malls owned by the joint venture:  Fox Valley Mall in Aurora, Illinois, and MainPlace Mall in Santa Ana, California.

The five properties are all considered super regional malls located in or near large U.S. cities, and the malls have an average population of 618,474 residents living within a five-mile radius. 

The 96.9 percent-leased portfolio has diverse anchor tenants including JCPenney, Nordstrom, Macy’s, Sears, Carson Pirie Scott, Dick’s Sporting Goods, Target, Rave Cinemas and AMC Theater.

HFF’s debt placement team was led by managing director Claudia Steeb, director Jim Curtin and senior managing director Barry Brown.

“HFF is pleased to have worked with such tremendous people and firms in putting the debt together for this complex and unusual transaction,” Steeb said.  “This financing was completed in conjunction with the larger transaction.”

Jim Curtin

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 |

Multi Housing Advisors Brokers $10.3 Million Sale of Apartment Community in Birmingham, AL

Mountainside Apartments, Birmingham, AL

Jimmy Adams
BIRMINGHAM, AL — Multi Housing Advisors (MHA) has arranged the sale of Mountainside, a 196-unit apartment community located in Birmingham, Alabama.

Jimmy Adams and Craig Hey of MHA’s Birmingham office represented the seller in the transaction. Residential Ventures purchased the property for $10.3 million.

“Residential Ventures was able to acquire one of the largest multifamily assets in Birmingham’s Southside, just south of Downtown and The University of Alabama at Birmingham,” Adams said.

“The market is currently experiencing a major economic revival, and the buyer plans to inject significant capital into the project to continue the value add campaign currently in place.”  

Mountainside was built in 1970 and consists of 196 units, 90 of which were fully renovated in 2015. The property offers some of the best views of the city from Birmingham’s Red Mountain.

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

Deborah Rogers
Multi Housing Advisors

University of Central Florida Business Incubation Program Celebrates Five Years of Business Startups in Kissimmee, Osceola County, FL

Tom O'Neal
Kissimmee, FL --- Five years ago the nation was still feeling the effects of a global recession and local economies throughout Florida were struggling.

The University of Central Florida, the City of Kissimmee, Osceola County and The Corridor decided not to wait for new businesses to move into the area.   The partnership opened the UCF Business Incubator at the City Center, 111 Monument Drive in downtown Kissimmee to jump-start their economy.

Now five years on, the Incubator has helped 47 new client companies get their start in the Osceola region. Eight of them were “Soft Landing” clients---companies that wanted to establish a presence in the U.S. or in Central Florida and needed a support base to open an office.

Thirty-nine companies that were accepted into the program received help from UCF Business Incubation Program coaches, and counselors like the SBDC (Small Business Development Center) and the HBIF (Hispanic Business Imitative Fund).  The Incubator focuses on assisting companies that are industrial, commercial and institutional in nature; that tend to be higher wage jobs.

The result?  Over 60 new local jobs have been created by Incubator client companies while they were located in the incubator. More than 200 local jobs sustained. Eleven companies that got their start at the Incubator have graduated and moved out on their own, according to Jim Bowie, site manager for the UCF Business Incubator - Kissimmee.  The facility has 20 offices with meeting and conference rooms for companies to grow.

UCF College of Business Administration
“Business startups tend to fail at alarming rates and tend to grow in measurable and predictable patterns,” said Dr. Tom O’Neal, founder and executive director of the UCF Business Incubation Program.

“By studying the startup process, we can assist a startup business define its scope, identify its market potential and organize its operation to reduce the potential for failure and enhance and accelerate its rate of growth,” O’Neal explained.

“Technical assistance plays a big role, and so does networking. We’ve created an environment where new ideas can take hold and grow, and we’re improving that environment and accelerating that growth every day,” said O’Neal.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

NAI Realvest negotiates acquisition of Westside Business Center in Jacksonville, FL for $1.1 Million+

Paul Partyka
Jacksonville, FL – The Partyka Group at NAI Realvest recently negotiated the acquisition of Westside Business Center at 10142 103rd St. in Jacksonville.

Partyka P. Partyka and Juan Jimenez, who head the negotiating team, represented the buyer Winter Springs-based Sandbagger Properties, LLC, a non-residential building operator who paid $1,115,000 for the 18,000 square foot office/warehouse facility on a five-acre site. 

The property, which was 100 percent occupied at the time of the sale, consists of 12 units with office and warehouse space.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

NAI Realvest Completes Four New Office Leases for 6,000 square feet in Maitland, Winter Park and Orlando Downtown Business District

Patty Nolff
ORLANDO, FL--- NAI Realvest recently negotiated four new leases for a total of 6,074 rentable square feet of office space in Winter Park, Maitland and the downtown business district.
Jeff Bloom, senior director at NAI Realvest, represented Landlord Pan Coastal LTD, Partnership of Orlando in a lease agreement with Allen and Newman PLLC for 2,244 square feet at 1850 Lee Rd. in the Lee World Center.  Tom Heer of Landqwest represented the tenant. 

Associate Patty Nolff and Michael Heidrich principal brokered a lease for 1,500 square feet at 1245 W Fairbanks Ave. in Winter Park.   Jim Veigle Properties, LLC is the landlord and K. Hovnanian Cambridge Homes LLC is the new tenant. 

Mary Frances West, senior broker associate, represented the landlord IMMO Maitland LLC in a lease agreement with Ponall Law, P.A. for 1,382 square feet in the SunTurst Building at 253 N. Orlando Ave. in Maitland.

Paul P. Partyka, partner, and associate Juan Jimenez represented the landlord at 14 E. Washington St. in the downtown business district for a new office lease to Auctus Creative, a digital marketing agency specializing in “building massive online awareness for companies.”

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142