Friday, December 30, 2016

Passco Companies Acquires Class A 282-Unit Luxury Multifamily Community in Florida for $50.25 Million


Marisol at Viera Apartments, 2439 Casona Lane, Viera, FL

 MELBOURNE, FL – Passco Companies has acquired Marisol at Viera, a 282-unit Class A luxury multifamily asset in Melbourne, Florida for $50.25 million.

 The apartment community is located within Viera, a high-end 22,000-acre master planned community on the east coast of Florida that features a variety of high quality retail, restaurants, office space and residential options.

Colin Gillis
“Marisol at Viera is the best located and most luxurious multifamily property in the entire Melbourne MSA,” says Colin Gillis, Vice President of Southeast Acquisitions at Passco Companies.

 “This is Passco’s first acquisition on the Space Coast, and we are especially excited as the market is a top performer in the state of Florida, with YTD rent growth leading the state with nearly 10%, according to MPF. 

"This is more than double the national average.  Additionally, occupancy rates across the submarket are well into the high 90’s with only one multifamily project in the development pipeline.”   

The region is often referred to as the “Space Coast” based on its close ties to NASA and the growing high-tech and aerospace industries. 

Situated between Port Canaveral to the northeast and Melbourne to the south, the area has the largest concentration of STEM (Science, Technology, Engineering and Math) jobs in all of Florida.

The Space Coast has seen tremendous job growth over the last few years, as several key employers in the aeronautics, private space programs, and defense sectors have landed numerous multimillion dollar contracts and announced exciting and innovative projects. 

Gary Goodman
Employers including Harris Corporation, Northrop Grumman, Elon Musk’s SpaceX and Lockheed Martin have been rapidly expanding, hiring highly-skilled workers at very impressive wage levels. 

“The influx of well-paying jobs has given a tremendous boost to the already strong rental market and has created a very impressive demographic profile at the property, with average resident incomes exceeding $100,000,” says Gillis.  

“Home values and schools in Viera are also exceptional, which will assist in maintaining long-term value.  Additionally, Viera is the county seat of Brevard County, which provides a very stable local government employment base.”

The property reached 96% occupancy in seven months, often with months exceeding 40 leases, which is one of the most impressive lease ups the firm has ever seen, according to Gillis.

     “This demonstrates remarkable pent up demand in the area for a luxury multifamily product,” he says. “The property leased up with no concessions at an average rental rate of $1,400 / $1.44, which far exceeds the rental rates many of the new Class “A” suburban apartment developments in the greater Orlando area, just 45 minutes west of Melbourne.”         

Jay Ballard
       The core asset is directly adjacent to The Avenues Viera, a Cousins-built 600,000 square feet, Class “A” outdoor lifestyle center featuring a mix of premier national retailers and dining options. 

“The Avenues is the premier retail destination for the entire area,” says Gillis. “Marisol benefits tremendously from the drive-by traffic that is created by the shopping center.”

Marisol at Viera features exceptionally designed interiors and a best-in-class amenity package including two poolside bars and outdoor kitchens, a private club and amenities deck, a clubroom and TV lounge, a 6,500 square-foot dog park with outdoor grooming station, and electric car charging stations, among many other amenities.

“Ultimately, this acquisition represents the high quality assets we seek to acquire and our continued expansion in growing markets across the Southeast,” adds Gillis.

Marisol at Viera is Passco’s third acquisition in Florida this year, bringing the firm’s total multifamily acquisitions for 2016 to over $500 million, a benchmark the firm has reached for the first time since its inception. 

According to the firm’s Senior Vice President of Acquisitions, Gary Goodman, “This is our biggest year yet in terms of acquisitions.  We doubled what we acquired in 2015, and plan to continue this momentum into 2017. We are currently on track to do approximately $1 Billion in acquisitions next year.”

            The property is located at 2439 Casona Lane in Viera, Florida. The seller, Pollack Shores, and the buyer were represented by Ken Delvillar and Jay Ballard at Cushman & Wakefield. Chris Black of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco Companies through Fannie Mae.


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

Lexi Astfalk/ Jenn Quader
Brower, Miller & Cole
(949) 955-7940

Thursday, December 29, 2016

58-Unit Canard Apartments in Davie, FL Sold for $5 Million in Deal Brokered by Marcus & Millichap


Brandon J. Rex
DAVIE, FL, Dec. 29, 2016 – 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 Canard Apartments, a 58-unit apartment property located in Davie, FL, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $5,000,000.

Canard Apartments consists of 3681/3711/3721/3731/3741/3801 SW 60th Terrace and 3740/3760 SW 61st Avenue in Davie, FL.   The community consists of eight buildings on a total of 1.73 acres of land.  Canard Apartments has an excellent unit mix of four one-bedroom apartments, eight two-bedroom and one-bathroom apartments, 30 two-bedroom and one and one-half bathroom apartments and 16 two-bedroom and two-bathroom apartments.

Evan P. Kristol, Senior Vice President Investments, and Brandon J. Rex, Vice President Investments, both in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor. 

“An out of area partnership owned the asset for a very long time.  They were hesitant in exclusively listing due to the amount of unsolicited interest they were receiving.  We brought a buyer to the table that we had closed within the past and who was a large owner of similar properties throughout Broward County.

“ The asset had deferred maintenance but the rents were far below market and with a unit mix that is predominantly two-bedroom units, the buyer will be able to significantly increase rents after renovating the property,” says Kristol.

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

 Ryan Nee
Vice President / Regional Manager
Fort Lauderdale, FL

(954) 245-3400

Marcus & Millichap Brokers $990,000 Sale of Eight-Unit Highlands Apartments in North Miami Beach


Evan P. Kristol
NORTH MIAMI BEACH, FL, Dec. 29, 2016 – 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 Highlands Apartments, a 8-unit apartment property located in North Miami Beach, FL, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $990,000.

Harrison Rein, Associate, Felipe J. Echarte, Vice President Investments, and Evan P. Kristol, Senior Vice President Investments, all in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company and the buyer, a private investor. 

Highlands Apartments is located at 13880 NE 20th Place in North Miami Beach, FL.  The property was constructed in 1970. The unit mix consists of four one-bedroom/one-bathroom units and four two-bedroom/one-bathroom units. 

The Highlands Apartments is uniquely positioned in close proximity to two universities, Florida International University – Biscayne Bay Campus and Johnson & Wales University. Additionally, the property is located adjacent to a $4 Billion, master-planned development that broke ground in June 2015 and is expected to open in 2018.
  
For a complete copy of the company’s news release, please contact:

 Ryan Nee
Vice President / Regional Manager
Fort Lauderdale, FL

(954) 245-3400

Marcus & Millichap Arranges $520,000 Sale of Five-Unit Fulford Apartments in North Miami Beach, FL


Felipe J. Echarte
NORTH MIAMI BEACH, FL, Dec. 29, 2016 – 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 1870 NE 161st Street, a 5-unit apartment property located in North Miami Beach, FL, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $520,000.

Harrison Rein, Associate, Felipe J. Echarte, Vice President Investment, and Evan P. Kristol, Senior Vice President Investment, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor. 

Fulford Apartments is located at 1870 NE 161st Street in North Miami Beach, FL. It is comprised of four one-bedroom/one-bathroom units and one two-bedroom/two-bathroom unit. The property is located in a rental market that continues to strengthen.  The property is positioned in a central location that should continue to see occupancy and rental rates improve. Additionally, many apartment owners have experienced significant rental growth over the last three years

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

 Ryan Nee
Vice President / Regional Manager
Fort Lauderdale, FL

(954) 245-3400

Grover Corlew Acquires 46-Acre Orlando Central Office Park


Orlando Fashion Square Mall, Orlando, FL
ORLANDO, FL – G&C OC Investors, LLC, an affiliate of Grover Corlew, a Florida-based real estate investment management group, has acquired Orlando Central Office Park. The sale price was not disclosed.

The 21-building, 637,380 sq.-ft., office park is strategically located minutes from Orlando’s central business district. The park is 82 percent leased, with suites available ranging in size from 800 sq.-ft. to over 20,000 sq.-ft.

“This is a landmark property and an exceptional investment opportunity for us,” said Partner Anuj Grover, whose group is focused on acquiring, developing and operating office, retail and multi-family properties across the Southeast U.S. “Orlando Central’s submarket is undergoing a transformation as sites are being redeveloped in the immediate area. We are looking at improvements to the property in the short term with an eye on redevelopment over the next decade. The potential of Orlando Central is extraordinary.”

Area surrounding Orlando Central is booming

Orlando Central is ideally situated just north of East Colonial Drive across from Orlando Fashion Square Mall.  Orlando Fashion Square Mall, a 1.2 million sq.-ft. mall is undergoing a complete renovation. 

As part of that renovation, an estimated $26 million, 151-room boutique ecofriendly hotel is opening in 2017.  

The outdated Sears building is being demolished and replaced with a $19.9 million, 140,000 sq.-ft. redevelopment anchored by Orchard Supply Hardware and Floor & D├ęcor. Dicks Sporting Goods recently opened a new store on the west side of the mall.

Mark Corlew
 Trammel Crow Residential has submitted plans to redevelop the northeast corner of the mall’s commercial space into a 356-unit, $50 million Class A multifamily complex. Elan Audobon Park, a 449-unit apartment complex, which abuts the property, was completed this year (and is part of the currently existing 2,000 multifamily units within a .5 mile radius of Orlando Central).

 Just south of Orlando Central, Colonial Plaza and Colonial Marketplace were recently redeveloped.

Located 3.5 miles east of Orlando’s central business district, the office park is immediately adjacent to the west of Baldwin Park, one of Orlando’s few “live, work, play” communities set within a dense, walkable community with the perfect mix of amenities, parks and recreation. 

Located just five minutes north is the City of Winter Park, one of Central Florida’s most affluent suburbs well-known for its historic roots and high-end retail.

“There is no question that Orlando is a thriving community which will only continue to become more desirable as Florida’s population continues to grow,” said Partner Mark Corlew. “We consider Orlando to be a strategic and important market to our organization as we continue to expand our footprint throughout the state.”
  
Grover Corlew has been an active developer and investor in and around Central Florida.  Grover Corlew recently redeveloped a former auto dealership in Vero Beach, a portion of which was redeveloped with a Wawa which sold earlier this month for $5.055 million.  In 2014, Grover Corlew sold Summer Palms, a 340-unit apartment complex in Riverview, for $31.7 million.

Grover Corlew will manage the property and Tower Realty will continue as the leasing agent. Chris Lee, lead broker with CBRE, represented G&C OC Investors, LLC with the project financing.


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

Samantha Van Nuys
Pierson Grant Public Relations
6301 Northwest 5th Way, Suite 2600
Fort Lauderdale, FL  33309
P: (954) 776-1999  ext. 115
F: (954) 776-0290


Berger Commercial Realty Secures 30,000 Square-Feet in Lease Transactions for Landlords in Broward County, FL

  
Keith Graves
 FORT LAUDERDALE, FL  - Berger Commercial Realty brokers recently secured 30,279 square-feet in lease transactions on behalf of landlords in Broward County.

Powerline Business Center

Senior Vice President Keith Graves represented Rising Tide Development, LLC in leasing 8,400 square-feet of office space to Auto Mobility Sales, Inc. at Powerline Business Center, located at 5601 N.W. Powerline Road. Powerline Business Center is part of a portfolio owned by Rising Tide Development.

The 82,330-square-foot Powerline Business Center is situated on six acres of land just north of Commercial Boulevard and features frontage on Powerline Road, overhead doors and convenient access to I-95 and Florida's Turnpike.

Sawgrass Plaza

Senior Vice President Joseph Byrnes represented Bergeron Sawgrass Plaza, LLC in leasing 5,074 square-feet of retail space to America's Escape Game, LLC at Sawgrass Plaza, located at 12701 W. Sunrise Blvd. in Sunrise. With the transaction, Sawgrass Plaza has reached 100 percent occupancy.

The 27,117-square-foot Sawgrass Plaza is situated on 3.66 acres at the main entrance of Sawgrass Mills Mall on the northwest corner of West Sunrise Boulevard and White Seahorse Lane, offering convenient access to the Sawgrass Expressway and I-595. This is America's Escape Game's first location outside of its initial site along the International Drive corridor in Orlando.

Joseph Byrnes
Executive Airport Business Center

Senior Vice President Judy Dolan and Senior Sales Associate Jonathan Thiel represented TCPH, LLC in leasing 2,467 square-feet of flex space to SKAF Group, Inc. at Executive Airport Business Center, located at 5101 N.W. 21st Ave.

The 73,130-square-foot, class-A business park is situated on 6.09 acres just north of Commercial Boulevard and southwest of Fort Lauderdale Executive Airport. The property consists of two buildings and features lush landscaping, ample parking, close proximity to I-95 and Florida's Turnpike, and a diverse mix of tenants in the retail, brokerage, medical, telecommunications and professional service industries.

Enterprise Commerce Center

Senior Vice President Keith Graves and Sales Associate John Forman represented Mancini & Sons Florida #2, LLC in leasing 1,890 square-feet of industrial space to Hallmarc Group, Inc. at Enterprise Commerce Center in Deerfield Beach.

Located at 5051 N.W. 13th Ave., the 19,620-square-foot, class-A warehouse and flex building features grade-level overhead doors, ample parking, and convenient access to I-95, Florida's Turnpike and the Sawgrass Expressway. The building is situated on 2.91 acres just east of Powerline Road and north of Green Road.

Judy Dolan
Harbor Walk Building

Senior Vice President Steve Hyatt represented Intervest-Harbor Walk, LLC in leasing 1,543 square-feet of office space to Fr. Meyer's Sohn North America, LLC, an international logistics company, and 1,500 square-feet of office space to publishing company Bonnier Corporation, Inc. at the Harbor Walk Building, located at 1650 S.E. 17th Street.

The 60,360-square-foot Harbor Walk Building is situated on 1.38 acres along Fort Lauderdale's renowned 17th Street Causeway, a major east/west corridor that connects Fort Lauderdale / Hollywood International Airport with Port Everglades and Fort Lauderdale beach.

 The four-story office building offers building signage opportunities, office suites starting at 750 square-feet, renovated common areas, an onsite restaurant and structured parking directly accessible from the first three floors.

Springtree Country Club Plaza

Senior Vice President Joseph Byrnes and Senior Sales Associate Jonathan Thiel represented DELP, LLC in leasing 1,511 square-feet of retail space to Reese Vision Care, PA and 846 square-feet of retail space to Quantum Connect Financial, Inc. at Springtree Country Club Plaza, located at 3801 N. University Drive in Sunrise.

The 57,575-square-foot Springtree Country Club Plaza is situated on 3.41 acres adjacent to Springtree County Club Golf Course. Located on North University Drive just north of West Oakland Park Boulevard, the property offers ample parking, lush landscaping and proximity to I-95 and the Sawgrass Expressway.


Jonathan Thiel
Lyons Tech 4

At Lyons Tech 4, located at 4811 Lyons Technology Parkway in Coconut Creek, Berger Commercial Realty Senior Vice President Judy Dolan and Broker Associate Greg Milopoulos represented 4811 Lyons Tech Pkwy, LLC in:the new lease of 1,562 square-feet of industrial space to GMB Aquatic Services, Inc.,the lease renewal of 1,562 square-feet of industrial space to Parkland Printing & Graphics,the lease renewal of 1,562 square-feet of industrial space to Bottomley Aviation, Inc.,
and the lease renewal of 1,562 square-feet of industrial space to Tasoro, LLC.

Lyons Tech 4 is a 49,984-square-foot industrial and flex building situated on five acres at the northwest corner of Lyons Road and Johnson Road. Lyons Tech 4 is located within Lyons Technology Park, an industrial complex consisting of two buildings, each with 30 bays of approximately 1,562 square-feet. The property offers hurricane impact glass, ample parking and convenient access to I-95, Florida's Turnpike and the Sawgrass Expressway.

Greg Milopoulos
Cypress Creek Executive Court

Senior Vice President Joseph Byrnes and Senior Sales Associate Jonathan Thiel represented Rising Tide Development, LLC in renewing a lease for 800 square-feet of office space to S.R.E.M. Corporation at Cypress Creek Executive Court, located at 2700 W. Cypress Creek Road.

 Cypress Creek Executive Court is part of a portfolio owned by Rising Tide Development. The 70,287-square-foot office building offers round-the-clock access, kitchens and private restrooms in most units, and close proximity to Fort Lauderdale Executive Airport and I-95.

For more information about Berger Commercial Realty's leasing services, call 954-358-0900.

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

954-776-1999
Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Jane Grant, ext. 224, jgrant@piersongrant.com

Tuesday, December 27, 2016

BankUnited Provides $9 Million Loan for Atlantic Housing Partners Apartments


 
Patrick Fitzgerald
MIAMI LAKES, FL (Dec. 27, 2016) – BankUnited announced it closed on a $9 million loan for the purchase of tax-exempt multifamily mortgage revenue bonds that will fund the construction of a 100 percent affordable housing apartment complex in Orlando. 

The Developer is Atlantic Housing Partners, L.L.L.P. of Winter Park. The project will be managed by Concord Management, Ltd.

Westwood Park Apartments will be constructed on a 12-acre parcel of land located at Westwood Boulevard and Harbor Vista Drive near SeaWorld Orlando. The rent- and income-restricted apartment complex will feature 178 units within six, three-story apartment buildings.

“BankUnited is pleased to be able to provide financing for another project developed by Atlantic Housing Partners, a valued and longtime client and leader in providing high-quality affordable housing throughout Central Florida,” said Patrick Fitzgerald, senior vice president, commercial real estate.

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

Amy Hoffman
Pierson Grant Public Relations
6301 Northwest 5th Way  Suite 2600
Fort Lauderdale, FL  33309
v. (954) 776-1999  ext. 228
f. (954) 776-0290
ahoffman@piersongrant.com
www.highimpactdigital.com



Facebook at facebook.com/BankUnited.official and on Twitter @BankUnited.     

PulteGroup Buys 205 Acres in St. Lucie for Its First Del Webb- Branded Community in Southeast Florida; Homebuilder planning 550 homes for active adults 55-years plus


Brent Baker
PALM BEACH GARDENS, FL  (Dec. 27, 2016) -- National homebuilder PulteGroup Inc. has closed on 205 acres in the master-planned community of Tradition in Port. St. Lucie, FL.

Pulte plans on building 550 homes on the site. It will be the company’s first Del Webb-branded active adult community in Southeast Florida.  Sales and construction for Del Webb at Tradition are scheduled to start next year. 

“We’re very excited to be bringing this product line into Tradition,” said Brent Baker, Pulte’s southeast division president. “We have seen throughout the country that there is very strong demand for lifestyle, active adult communities, particularly here in Southeast Florida.”

The Del Webb brand is known nationally for its adult-only communities that feature rich amenity campuses.  Del Webb at Tradition will have a clubhouse, state-of-the-art fitness facility, tennis, bocce and pickleball courts, and fitness trails, among other amenities.  A lifestyle director will be on site to coordinate community activities.

Del Webb at Tradition will be located in the Southern Groves section of the Tradition. Southern Groves, which lies to the south of Tradition Parkway, represents the next area of residential and commercial development within the master-planned community.

Fountains at Tradition, Port St. Lucie, FL
Keiser University recently invested $14 million to construct a state-of-the-art campus nearby along Southwest Village Parkway, while the Tradition Medical Center is underway with an expansion project that is expected to be completed in 2018.

“This is an exciting time in Tradition’s history to be introducing our Del Webb brand,” said Baker.

While site work is underway, the builder plans to have a temporary sales office on Town Center Boulevard near Tradition Square.

PulteGroup is currently building another community in Port St. Lucie, as well as homes in Vero Beach, Palm City and Jupiter. Construction will start on new developments in Lake Worth and Hollywood next year. 

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

Todd Templin and Eric Kalis,
BoardroomPR
ttemplin@boardroompr.com or
ekalis@boardroompr.com
954-370-8999



Monday, December 26, 2016

HFF closes $154.25 million sale of 271-unit multi-housing property in downtown Brooklyn, NY


Rob Hinckley
NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $154.25 million sale of The Addison, a 271-unit, high-rise multi-housing property in downtown Brooklyn.

HFF represented Waterton in the sale of the property.  Bentall Kennedy purchased the asset free and clear of existing financing.

Completed in 2011, The Addison comprises a 26-story and 15-story tower with 65 studio, 117 one-bedroom and 89 two-bedroom units – a small portion of which are designated affordable rate – that average 715 square feet.

 Additionally, the property has three fully-leased ground-floor retail storefronts totaling 6,610 square feet and a 109-space, below-grade parking garage managed by a third party. 

The Addison features contemporary unit finishes such as stainless steel appliances, granite countertops, washers and dryers in select units and an amenity package, including laundry facilities, 24-hour door attendant, lounge with fireplace, fitness center and unobstructed southward views of Boerum Hill. 

The property is located directly above the Hoyt-Schermerhorn subway station (A, C, G lines) at 225 Schermerhorn Street midway between Hoyt and Bond Streets.  The Addison is also within a few blocks of an additional 10 subway lines and the Atlantic Terminal lines. 


Jeff Julien
Other nearby amenities include Fort Green Park and multiple retail and dining destinations on Smith Street, Fulton Street and Atlantic Avenue retail corridors.  The property encompasses four tax lots; the largest two lots are the beneficiary of a 15-year 421-a tax abatement with approximately nine years remaining, and the smaller two are subject to a 25-year 421-a tax abatement with approximately 19 years remaining.

The HFF investment sales team representing the seller was led by senior managing director Andrew Scandalios and managing directors Rob Hinckley and Jeff Julien along with executive managing director Matthew Lawton.

“The Addison sale represents one of the first sizable sales transactions of an institutional-quality multi-housing asset in downtown Brooklyn,” said Hinckley.  “Waterton did an excellent job in acquiring, completing construction and operating the asset over the last six years.”

“Even though the property is already well maintained, we feel the asset has tremendous long-term upside for the buyer due to its location in an increasingly sizable and transforming market,” added Scandalios. “There are several ways the buyer may elect to add value, including adding in additional amenity space via unused lower-level areas, improving on existing common area configurations and the eventual renovation of units to appeal to the evolving aesthetic of the Brooklyn market.”

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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com


HFF closes sale of Hampton Inn & Suites Austin Airport Hotel in Austin, TX


Hampton Inn & Suites Austin Airport Hotel, Austin, TX                         (Photo by  Red Wing)                 

Daniel Peek
                                                                    DALLAS, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of the Hampton Inn & Suites Austin Airport Hotel, a 102-room, select-service hotel adjacent to Austin-Bergstrom International Airport in Austin, Texas.

HFF marketed the property on behalf of the seller, Pendo Investments.  InLight Capital, LLC purchased the asset and will self-manage the hotel.

Hampton Inn & Suites Austin Airport Hotel is situated on 2.67 acres at 7712 East Riverside Drive in southeast Austin near both Austin-Bergstrom International Airport and the Circuit of The Americas, a domestic and international attraction for the annual Formula One U.S. Grand Prix and multiple music concerts throughout the year. 

The hotel’s proximity to State Highway 71, U.S 183 and Interstate 35 provides access to downtown Austin, which is less than six miles from the property, in addition to the greater Austin area.  Completed in 2001, the Hampton Inn & Suites Austin Airport Hotel underwent extensive renovations in 2015.

 The hotel’s 102 rooms include 18 suites, and the hotel features an outdoor pool, 440 square feet of meeting space, 24-hour fitness center, 24-hour business center and complimentary hot breakfast. 

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 John Bourret and associate director Austin Brooks.

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

Kristen M. Murphy
Director, Marketing
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 and Triad Commercial Properties close sale of 4-property office/bank portfolio in Greensboro, NC


Four Office/Bank Buildings, Greensboro-Winston-Salem-High Point Area of North Carolina


Kevin Kemp
CHARLOTTE, NC  – Holliday Fenoglio Fowler, L.P. (HFF) and Triad Commercial Properties (Triad) announced they have closed the sale of four office/bank buildings totaling 136,860 square feet in the Greensboro-Winston-Salem-High Point area of North Carolina. 

HFF and Triad marketed the properties on behalf of the sellers, a joint venture between CBL & Associates Properties, Inc. and a pension fund investor advised by Heitman, and procured the buyer, Deep River Partners.   

The four-building portfolio is situated on approximately eight acres along Green Valley Road just west of downtown Greensboro and directly adjacent to the Friendly Center, the Triad’s premier shopping destination.

 The two- and three-story properties located at 600, 620, 625 and 629 Green Valley Road, are 93 percent leased to tenants including Wells Fargo, Bank of America, First Citizens Bank and Stifel Nicolaus.  

All of the buildings feature office space with ground floor retail banking operations of major multi-national and regional banks.

Director Scot Humphrey and senior managing director Ryan Clutter with HFF, along with Kevin Kemp and Jason Ofsanko with Triad Commercial Properties, represented the seller in the transaction.

“The strength of this location along with the positive fundamentals in the Greensboro market attracted a significant amount of interest from institutional buyers,” said Humphrey. “Well-located properties in the Triad will continue to command strong interest in 2017 as the market continues to flourish.”

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

Kristen M. Murphy
Director, Marketing
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 $35 million refinancing for ShopRite-anchored shopping center near Wilmington, DE

  
Governor's Square Shopping Center, Bear, DE

 HILADELPHIA, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $35 million refinancing for Governor’s Square Shopping Center, a 294,213-square-foot, fully-leased, retail property anchored by ShopRite in the Wilmington suburb of Bear, Delaware.

HFF worked on behalf of the borrower, Delle Donne & Associates, Inc., to secure a new, permanent, fixed-rate loan with an institutional lender.  Loan proceeds will be used to retire existing indebtedness.

Ryan Ade
Governor’s Square Shopping Center is a two-building center with three pad sites leased to Wells Fargo, Taco Bell and McDonald’s.  

In addition to grocery anchor ShopRite, the retail center is also home to Kmart, American Signature Furniture, Rite Aid, Sneaker Villa, H&R Block, Karate for Kids, Radio Shack, Bear Chiropractic, Subway, GameStop and more. 

Located at 401 Governor’s Place, Governor’s Square Shopping Center is near the convergence of Route 40, U.S. Route 1 and Highway 7 in Bear, a northwest suburb of Wilmington.  More than 44,000 vehicles pass by the property daily, and approximately 81,000 people live within a three-mile radius of the center.

The HFF debt placement team representing the borrower was led by managing director Ryan Ade.

“The quality of the location and the strength of sponsorship led us to a successful loan placement in a time of volatility with respect to interest rates,” Ade said. 

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

Kristen M. Murphy
Director, Marketing
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 Riverway in northwest suburbs of Chicago


Riverway Office Complex and Daycare Facility, 9399 West Higgins Road, Riverway West, Rosemont, IL


Jaime Fink
 CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Riverway, a transit-oriented collection of three 11-story office buildings and a Bright Horizon’s daycare facility totaling 869,120 square feet in the northwest Chicago suburb of Rosemont, Illinois.  

HFF marketed the property on behalf of the seller, and procured the buyer, Adventus Realty Trust.

The Riverway campus comprises Riverway Center at 9377 West Higgins Road, Riverway West at 9399 West Higgins Road, Riverway East at 6133 North River Road and the Bright Horizons daycare facility at 6107 North River Road.

 Situated at the junction of two of Chicago’s most heavily traveled arteries, Interstates 90 and 294, the transit-oriented property is within walking distance of the CTA blue line and is a five minute drive from O’Hare International Airport and the Metra commuter rail system providing linkage to executive housing in Chicago’s northwest suburbs. 

Riverway possesses a diversified rent roll of 20 tenants including U.S. Foods, Central States Pension Fund, Culligan International, First Union Rail and The NPD Group.  The property features parking for more than 2,800 vehicles in a mixture of surface and garage spaces, a fitness center, and conference facilities. 

The HFF investment sales team representing the seller was led by senior managing directors Jaime Fink, Jeff Bramson and Mark Katz and associate directors Bryan Rosenberg and Patrick Shields.

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

Kristen M. Murphy
Director, Marketing
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 and arranges financing for Shops of Forest Hill in Germantown, TN


Shops of Forest Hill, Germantown, TN


Jim Hamilton
ATLANTA, GA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and arranged acquisition financing for Shops of Forest Hill, a 343,855-square-foot community center located in Germantown, Tennessee.      

HFF marketed the center on behalf of the seller, Boyle Investment Company and Milton Schaeffer.  Epic Real Estate Partners purchased the asset free and clear of existing debt.  Additionally, working on behalf of the new owners, HFF placed the five-year acquisition loan with Wells Fargo Bank.

Shops of Forest Hill is a community center located in Germantown, the most affluent suburb of Memphis, and is anchored by Sprouts Farmers Market, Marshalls, Malco Cinemas and Target (shadow).

 The property is located on the “going home” side of Poplar Avenue, Germantown’s main east-west corridor, and the average household income within a one-mile radius of the property exceeds $170,000. 

Other national and regional tenants at the property include Mattress Firm, Sally Beauty, Hallmark, GNC, Mellow Mushroom, Allstate Insurance and Sherwin Williams.

The HFF investment sales team representing the seller was led by senior managing directors Jim Hamilton and Richard Reid and associates Brad Buchanan and Mike Allison.

Richard Reid
The HFF debt placement team representing the borrower was led by managing director Gregg Shapiro and director Kyle Spencer. 

“Shops of Forest Hill offered investors the rare opportunity to acquire a dominant community center with a dynamic tenant line-up and significant upside potential located in the highly sought after Germantown suburb of Memphis, Tennessee,” Hamilton said.

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

Kristen M. Murphy
Director, Marketing
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


Berger Commercial Realty Handles $543,833 Sale of Downtown Fort Lauderdale, FL Office Building


Keith Graves
FORT LAUDERDALE, FL (Dec.  26, 2016) - Berger Commercial Realty Senior Vice Presidents St. George Guardabassi and Keith Graves recently represented AMC Liquidators in the sale of the Professional Building, located at 1326 S.E. 3rd Ave. in Fort Lauderdale, to attorney Alan Geffin for $543,833.

"Located in the heart of downtown Fort Lauderdale, the building offers immediate access to U.S. 1 and the 17th Street Causeway, providing connectivity to some of Fort Lauderdale's most famous spots," Graves said. "With such close proximity to Broward County Courthouse, the location is ideally suited for a boutique law firm."

The Professional Building is a +1,888-square-foot, free-standing office building situated on +8,039 square-feet of land south of the New River between Davie Boulevard and S.E. 17th Street.

The office building features terrazzo floors, a reception area, five private offices and conference room. The property offers nine onsite parking spaces and pylon signage fronting S.E. 3rd Avenue.

For more information about Berger Commercial Realty's brokerage services, call 954-358-0900.

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

954-776-1999
Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Jane Grant, ext. 224, jgrant@piersongrant.com 

Sunday, December 25, 2016

HFF arranges $21.2 million construction loan for 74-unit multi-housing development in Oakland, CA



Alice Street Apartments, 250 17th Street, Lakeside Neighborhood, Oakland, CA
                                                                                              (Rendering by Kotas Pantaleoni Architects)



Colby Mueck
HOUSTON, TX – December 20, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $21.2 million in financing for Alice Street Apartments, a 74-unit, Class A, transit-oriented multi-housing development in Oakland, California.

HFF worked exclusively on behalf of the borrower, a joint venture between SIMEON and Lionstone Investments, to secure the non-recourse construction loan.

Alice Street Apartments is currently being constructed on a 0.41-acre site at 250 17th Street in Oakland’s upscale Lakeside neighborhood.  

The transit-oriented site has a WalkScore© of 99 and is convenient to the 19th Street BART station, Interstates 880 and 980, Amtrak and ferry service, connecting residents to major employment centers in downtown Oakland, San Francisco, Emeryville and Silicon Valley.

 With Lake Merritt and Broadway Street within a few blocks, the live-work-play property will also provide residents with access to numerous dining, nightlife and recreational options. 

The six-story property is due for completion in 2018 and will encompass 74 studio, one- and two-bedroom units averaging 788 square feet each.  Community amenities will include a secured, ground-level parking garage; electric vehicle charging stations; bicycle parking and repair; fitness center; private decks; common roof deck recreational space; and meeting space.

The HFF debt placement team representing the borrower was led by managing director Colby Mueck and associate director Brandon Roth.



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


Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | hfflp.com





National City, CA Office & Warehouse Property Sold for $3.35 Million


Marissa Montano

SAN DIEGO, CA –– Colliers International San Diego Region announces the sale of a 12,468 square foot office and warehouse property located on 1.71–acres at 101 E. 30th Street, National City, CA (91950) for $3,350,000.

Chris Holder
Mark Lewkowitz and Chris Holder of Colliers International San Diego Region represented the San Diego-based seller, 30th & A, LLC. Marissa Montano of Fit Properties represented the San Diego-based buyer, Analog Properties, LLC. Wells Fargo provided financing.

“It’s a rare to find a single-story, freestanding flex property with above average parking in National City,” said Lewkowitz, Associate Vice President at Colliers International San Diego Region,

The recently renovated property features Class A interior finishes, fully fenced lot, and grade-level loading.  

 Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries.

With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide.

Mark Lewkowitz


Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.


Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. 

Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 11 consecutive years, more than any other real estate services firm.

For the latest news from Colliers, visit Colliers.com or follow us on Twitter: @Colliers and LinkedIn. To see the latest news on Colliers International in the San Diego Region, follow @Colliers_SD

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

Kenneth Moore
760-468-0394 


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