Monday, January 4, 2016

REVA Development Partners Announces VIP List to Serve High Demand for Luxury Rental Community Residences of Orland Park Crossing in Orland Park, IL


 
Matt Nix
 CHICAGO, IL  (Jan. 4, 2016) — Renters interested in leasing at The Residences of Orland Park Crossing, a new luxury rental community currently under construction in Orland Park, can now join a VIP List set up by developer REVA Partners and management firm Kinzie Property Management.

By joining the VIP list at www.opcliving.com, renters will be the first to receive information about pricing, incentives and pre-leasing, which will begin in January. First move-ins for rowhomes are expected in late January while first apartment and townhome buildings will deliver in March.

“We are very excited to play such an important role in the ongoing evolution of the Orland Park community,” says Matt Nix, principal of REVA Development. “There is tremendous demand in this area for living space that mixes all-out convenience with high-quality livability and that’s exactly what we’re building in to every unit in the community.”

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

Vanessa Irving virivng@taylorjohnson.com, 312.267.4525
Kim Manning, kmanning@taylorjohnson.com, 312.267.4527


Chatham Lodging Trust Announces Special Dividend on Sale of Joint Venture


Dennis Craven
PALM BEACH, FL, Jan. 4, 2016—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium branded, select-service hotels, today announced a joint venture comprised of affiliates of Cerberus Capital Management LP and Chatham sold its interests in the Residence Inn by Marriott Torrance, Calif.

Chatham realized a gain on the sale of approximately $3.6 million, subject to certain minor post-closing settlements. 

Following the transaction’s consummation, Chatham’s board of trustees declared a special, one-time common dividend of $0.08 per share that will be treated as received by shareholders for tax purposes in 2016, but will be applied by Chatham against its 2015 taxable income. Chatham owned a five percent interest in the joint venture.

“Since April 2013, we invested $1.6 million into the partnership that acquired the Residence Inn Torrance, Calif., re-developed the gatehouse into a state-of-the-art facility and significantly enhanced occupancy and room rate. The sale generated a sizable gain on our investment due to our promoted interest in the joint venture,” highlighted Dennis Craven, Chatham’s chief operating officer.

Residence Inn by Marriott Torrance CA
“This was a highly successful investment, realizing an internal rate of return of almost 100 percent and unlocking value for our shareholders through the monetization of our minority investment.

“Our intention is to pay-out 100 percent of our taxable income via dividends, and this special dividend rewards our shareholders after another great investment.”

The special dividend is payable January 29, 2016, to shareholders of record on January 15, 2016.

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

Patrick Daly
Account Executive
 Daly Gray, Inc.
620 Herndon Parkway
Suite 115
Herndon, VA 20170
 (703) 435-6293 (office)


HFF closes $22.425 million sale of and arranges $15.5 million financing for mixed-use creative tech building in Seattle’s Pioneer Square submarket


Olympic Block Building, Pioneer Square submarket, Seattle, WA

 
Nick Kucha
PORTLAND, OR. Jan.  4, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and arranged financing for Olympic Block Building, a 70,796-square-foot, mixed-use, creative tech building in Seattle’s Pioneer Square submarket. 

HFF marketed the property on behalf of the seller, LPC Realty Advisors I, LP, an affiliate of Lincoln Property Company, on behalf of a pension fund client.  Brickman purchased the asset for $22.425 million.  Additionally, HFF assisted the new owner in securing a $15.5 million, 36-month, fixed-rate acquisition loan by Natixis Real Estate Capital LLC.

The Olympic Block Building is situated on Pioneer Square’s 50-yard line at the intersection of Yesler Way and 1st Avenue South.  This location sees more than 20,000 vehicles and 3,000 pedestrians per day, and is two blocks from Sound Transit’s Pioneer Square station.

 The 70,796 square feet in the offering was spread amongst the first six floors of The Olympic Building and the connected Lippy Building (circa 1890’s) and includes ground floor retail and technology-oriented office space.  

The property also features 22 subterranean parking spaces and 18 residential units on floors seven through nine (residential units are not part of the offering).

HFF’s investment sales team representing the seller was led by managing director Nick Kucha and senior managing director Todd Tydlaska.

HFF’s debt placement team representing the borrower was led by managing director Casey Davidson and senior managing director Paul Brindley.

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 Rincon Center in North San Jose, CA


Steve Golubchik
SAN FRANCISCO, CA. Jan. 4, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Rincon Center, a two-building, 156,094-square-foot, Class A office/R&D campus in North San Jose, California. 

HFF represented the seller, an entity owned by certain funds managed by Westport Capital Partners LLC, in the transaction. 

Rincon Center consists of 1010-1020 and 1060 Rincon Circle, which are situated on an 8.31-acre site, fronting Interstate 880 and Montague Expressway in the Silicon Valley area of North San Jose.

 This location places the asset within minutes of San Jose International Airport, Levi’s Stadium, downtown San Jose and Santa Clara City Center.  

The property is served by the VTA bus lines and Light Rail with connections to the ACE, Caltrain and Amtrak commuter rail lines and the future Milpitas BART station opening in 2017-2018. 1010-1020 Rincon Circle is a 90,871-square-foot building that is fully leased to Quanta Computer.

 The 65,223-square-foot 1060 Rincon Circle is fully leased to CSR (acquired by Qualcomm in 2014).  The two-story properties were both recently renovated and share 556 parking spaces on site.

HFF’s investment sales team representing the seller was led by senior managing director and co-head of HFF’s San Francisco office, Steven Golubchik and director Ben Bullock.

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 $60.74 million acquisition financing for Galleria Place in Houston, TX


 
Galleria Place, Houston, TX


HOUSTON, TX, Jan. 4, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $60.74 million in post-closing acquisition financing for Galleria Place, two Class A office buildings totaling 401,000 square feet plus a stand-alone retail site across from the Galleria Mall in Houston, Texas.

Working on behalf of the borrower, LPC Realty Advisors I, LP, an affiliate of Lincoln Property Company, on behalf of a pension fund client,
Susan Hill

 HFF placed the three-year, floating-rate, interest-only loan with ACORE Capital.  HFF also arranged the sale of the property earlier in 2015.

Galleria Place consists of Galleria Place I (5251 Westheimer), an 11-story, 217,006-square-foot office building; Galleria Place II (5333 Westheimer), a 10-story, 178,468-square-foot office building; Sage Plaza, a 5,797-square-foot retail building fully leased to a local high-end salon and tailor; Regions Bank, a single-story bank branch and drive-thru connected to Galleria Place I and included in its square footage; and two parking garages with 1,361 spaces.

  Galleria Place is 53 percent leased to tenants including Just Energy and IHS.  The properties occupy six acres bounded by Sage and Westheimer Roads and West Alabama Street directly across from the Houston Galleria, Houston’s premier destination for shopping and dining. 

HFF’s debt placement team representing the borrower was led by senior managing director Susan Hill.


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 $13.437 million acquisition financing for Hilton Head, NC grocery-anchored retail center

                                
Fresh Market Shoppes, 890 William Hilton Parkway,  Hilton Head, NC

 
Travis Anderson
CHARLOTTE, NC. Jan. 4, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $13.437 million in acquisition financing for Fresh Market Shoppes, an 86,694-square-foot retail center anchored by The Fresh Market in Hilton Head, South Carolina. 

HFF worked on behalf of the borrower, Ferncroft Capital, to secure the loan through Synovus Bank.

Redeveloped in 2004, Fresh Market Shoppes is 91.2 percent leased and home to 16 tenants, including The Fresh Market, Bonefish Grill, Dollar Tree, Massage Envy and West Marine.

 Situated on 9.73 acres at 890 William Hilton Parkway, the center is located on Hilton Head Island, an affluent resort community with more than 37,000 year-round residents. 

The center’s location along Hilton Head’s main street has a traffic count of more than 33,900 vehicles per day, and the site is bound by two golf clubs, Long Cove Golf Club to the northwest and the Shipyard Plantation Golf Course to the southeast. 

Additionally, Fresh Market Shoppes is positioned near multiple upscale residential neighborhoods.

The HFF debt placement team representing the borrower was led by senior managing director Travis Anderson and associate director Cory Fowler. 

“This was a great opportunity to work with a quality sponsor on a well located asset with a strong grocery anchor in Fresh Market, that we believe will continue to perform at a high level,” Anderson said. 

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 leaseback of 3-property industrial portfolio in Maine and Wisconsin


Nick Foster

SAN FRANCISCO, CA, Jan. 4, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale leaseback of a three-property, four-building, mission-critical, industrial portfolio 100 percent occupied by PrideSports and totaling 241,890 square feet. The properties are located in Burnham and Guilford, Maine, and Florence, Wisconsin.

HFF marketed the portfolio on behalf of the seller, Centre Partners Management LLC, which is acquiring PrideSports as the firm expands their portfolio company, Medalist Corp.  The buyer entered into 20-year, absolute triple-net leases with the seller. 

PrideSports is a leading designer and manufacturer of sports equipment, accessories and other complementary products.

 The buildings included in the sale are all currently occupied by PrideSports and are located at 10 North Main Street in Burnham, Maine; 169 Water Street in Guilford, Maine; and 5794 In Com Drive in Florence, Wisconsin.

 The 184,890-square-foot Burnham property consists of one industrial warehouse and manufacturing building with up to 40’ ceiling heights and 20,000 square feet of mezzanine office space. 

Scott Pertel

The Guilford industrial warehouse is an 18,000-square-foot building with 1,300 square feet of mezzanine space and 16’ ceiling heights.  The two-building Florence property has a storage facility and a light manufacturing facility with 20’ ceiling heights and totals 39,000 square feet including 5,000 square feet of office space. 

The HFF investment sales team representing the seller was led by managing director Scott Pertel and associate director Nick Foster.

“PrideSports has a commanding market share position in the golf accessory industry,” Pertel said.  “These properties are critical to the design, production and distribution of their products. 

“This sale leaseback was accretive to both Centre Partners and the buyer, a true win for both parties.  Demand for mission-critical sale leaseback product remains robust, and we perceive that demand to remain consistent throughout 2016.”

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