Sunday, February 28, 2016

HFF closes sale of Resource Square Five in Charlotte, NC

Resource Square Five office building, University submarket, Charlotte, NC

CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Resource Square Five, a five-story, 152,452-square-foot, Class A office building in Charlotte, North Carolina’s University submarket.

HFF represented a fund managed by DRA Advisors, LLC in the sale of the property to Dilweg Companies.

Resource Square Five is located at 10715 David Taylor Drive on 12.2 acres within the five-building Resource Square office park.  This location is convenient to the Interstate 85 corridor, a stretch of the Interstate that spans from Richmond, Virginia to Atlanta, Georgia, as well as Interstate 77 and Interstate 485, which is Charlotte’s outer loop. 

Ryan Clutter
The property is also less than one mile from the ongoing Blue Line extension, an extension of the existing Blue Line rail service that serves downtown and south Charlotte. 

Completed in 2000, Resource Square Five is the newest building in the office park and is 92.4 percent leased, primarily to the IRS.  The property features an exercise facility with showers and locker rooms and on-site parking for 677 vehicles.

The HFF investment sales team representing the seller was led by senior managing director Ryan Clutter.

“Resource Square Five is a high-quality asset located in the thriving University Area submarket of Charlotte, which now has its lowest office vacancy rate in over 15 years,” said Clutter.  

“With the market really tightening up and rents growing in the area, investors were attracted to the potential to achieve compelling investment returns with the asset.”

“Institutional capital continues to find Charlotte and the Carolinas an attractive market to invest their capital, and we believe this trend will continue throughout 2016,” added Clutter. 

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

Kristen M. Murphy
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

HFF arranges $11.5 million financing for manufactured home community in the San Francisco Bay Area

Spanish Ranch II community, Hayward, CA

SAN DIEGO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $11.5 million in acquisition financing for Spanish Ranch II, a 187-home site, 100-percent occupied, manufactured home community for seniors (age 55+) in the San Francisco Bay Area community of Hayward, California.

Spanish Ranch II poolside, Hayward, CA
HFF worked on behalf of the borrower, Hometown America, to secure the 10-year, fixed-rate, full-term, interest-only loan through Aegon USA Realty Advisors, LLC, a commercial real estate investment and management arm of Aegon Asset Management.

Spanish Ranch II is situated on 22 acres at 121 Ranchero Way approximately three miles from Interstate 880 and five miles from the San Mateo Bridge, which provides direct access to all major cities in the Bay Area. 

The community is 18 miles south of downtown Oakland and 26 miles southeast of downtown San Francisco.  Spanish Ranch II features a resort-style clubhouse, dining room, library, pool, Jacuzzi, guest parking and all double-wide or larger home sites.

Zach Koucos
The HFF debt placement team representing the borrower was led by director Zach Koucos.

“Spanish Ranch II is another great addition to Hometown’s portfolio and fits very well within our investment strategy of acquiring high-quality communities in target markets such as California,” said Doug Minahan, vice president of Hometown America.

 “We were very pleased with the competitive quotes received through HFF’s efforts.  This is a clear indication that lenders are bullish on high-quality manufactured housing communities located in desirable markets.”

“The debt markets remain very competitive for high-quality manufactured housing communities like Spanish Ranch II,” Koucos added.  “We are grateful to Hometown America for the opportunity to assist them in financing such an excellent acquisition.”

 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 |

Lincoln Retained for Management Assignment for Pleasant Hill Square Center in Duluth, GA

Chip Sipple
ATLANTA, GA – Lincoln Property Company Southeast (Lincoln) has secured an assignment to manage Pleasant Hill Square. The regional power center was built in 1997 and is located at 2205 Pleasant Hill Road in Duluth, Georgia, within the Gwinnett Place CID.

“Our successful management of Pleasant Hill Square led to the former owner getting a premium price when it sold recently,” said Shane Froman of Lincoln. 

“The new owner, GW Real Estate of Georgia LLC, saw the value we were able to add as the property manager, which led to our retention of management services post-sale.”

Pleasant Hill Square includes an advantageous line-up of national anchors including Toys ‘R’ Us, Staples and Jo-Ann Fabric & Craft Stores with 86 percent of the current tenant roster featuring national and regional tenants.

 The property is located in the second-most populous county in Georgia, and is positioned directly on Pleasant Hill Road with great visibility to over 50,000 cars per day.

The property recently sold on for $16.4 million. Tony Bartlett and Chip Sipple of Lincoln and Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction.

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

Savannah Durban
The Wilbert Group

Lincoln Wins Management Assignment for Southlake Corporate Center in Morrow, GA

Shane Froman
ATLANTA, GA – Lincoln Property Company Southeast (Lincoln) has secured an assignment to manage the Southlake Corporate Center. The three-story building, which totals 57,600 square feet, is located at 3000 Corporate Center Drive in Morrow, Georgia.

“Office space in secondary markets is growing in popularity as demand for intown space is driving rental rates to a premium,” said Shane Froman of Lincoln. “Well-located Class A space is in high demand, and with Lincoln’s best-in-class management services we believe the remaining space will lease quickly.”

Southlake Corporate Center features spaces ranging from 1,700 to 13,409 square feet, frontage along I-75, and a strong amenity base including easy access to restaurants, banks, hotels and Southlake Mall. 

The property is approximately 10 minutes from Hartsfield-Jackson International Airport, and offers ample surface parking with four spaces per 1,000 square feet.

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

Savannah Durban
The Wilbert Group

Marcus & Millichap Arranges $2.35 Million Sale of Knights Inn in Panama City, FL

David M. Greenberg
PANAMA CITY, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of the Knights Inn (formerly known as the Buccaneer Beach Motel), a 101-room hotel located in Panama City, Fla, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $2,350,000.

David M. Greenberg, first vice president investments, and David Altman, an associate, both in Marcus & Millichap’s Fort Lauderdale office, represented both the seller and buyer of the property.

“The buyer of the property saw a great opportunity to convert the hotel to a senior living facility, due to its waterfront location and close proximity to downtown Panama City, County and Federal Court Houses, Gulf Coast Regional Medical Center and Bay Medical Center,” says Altman. 

“Also included in the sale was a 12,500-square foot restaurant, most recently operated by Panama Café.”

Originally constructed in 1960 as a Holiday Inn, the Knights Inn is a 101-room, five-building, two-story, full-service motel.  The motel is situated on a 3.2+/- acre parcel with over 800-feet of direct frontage Saint Andrew’s Bay and includes a private beach and dock.

The Knights Inn is located at 711 West Beach Drive in Panama City, FL.

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

Ryan Nee
Vice President / Regional Manager
Fort Lauderdale, FL

(954) 245-3400

Stepp Commercial Completes Sale of 16-Unit Apartment Property in Long Beach, CA

225 Gaviota Avenue Apartments, Long Beach, CA
Robert Stepp

LOS ANGELES, CA – Stepp Commercial, a leading multifamily brokerage firm in the Long Beach market, has completed the $2,375,000 sale of a 16-unit apartment property located at 226 Gaviota Avenue in Long Beach in an off-market transaction.

Robert Stepp and Michael Toveg of Stepp Commercial represented the seller, Los Angeles-based Jarm One, LLC, as well as the Los Alamitos-based private buyer. The transaction closed at a 4.68 percent cap rate. 

“The property is located in an area with historically low vacancy rates so our goal was to find a buyer who was seeking a true value-add opportunity,” said Toveg. 

“We were able to secure a buyer who was comfortable with the product type and location and saw the opportunity to maximize the property’s income potential by changing the façade, renovating the units, and bringing rents up to market rate.”

Built in 1920, the property includes 12 studio units, two one-bedroom units, and two two-bedroom units. It is located in the Alamitos Beach neighborhood of Long Beach which has been experiencing a substantial amount of investment and rental growth over the past two years.

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

Darcie Giacchetto

Ackerman & Co. Arranges Sale of 1.4 Acres for $1.2 Million to Bojangles Franchisee in Kennesaw, GA

Gina DeRaffele

Atlanta, GA– The Ackerman & Co. Retail Investment Sales team and Transwestern represented Flagstar Bank in the sale of a 1.4-acre land in Kennesaw, Ga. for $1,200,000. A Bojangles Franchisee, one of the fastest growing quick-service brands in the country, purchased the property. The franchisee was represented by Retail Site Services.

Sean Patrick
Last summer, the Charlotte-based chicken-and-biscuit chain announced plans to add additional corporate and franchise restaurants in Atlanta. 

Bojangles’ debuted in this market in 2013 with a location in the Atlanta Hartsfield-Jackson International Airport – there are now more than 45 locations in the City.

Ackerman & Co.'s Sean Patrick and Gina DeRaffele along with Chris McCauley of Transwestern (Boston, Ma.) represented Flagstar Bank.

"This is an excellent retail location," said Vice President of Investment Sales Sean W. Patrick, CCIM. 

"With demand from Kennesaw State University, close proximity to an extensive retail area which includes recognizable brands like Home Depot, Walgreens and Starbucks among others," he added.

The property also offers rear access to Shiloh Road with a signalized intersection along the heavily traveled retail corridor with more than 35,000 vehicles per day. 

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

Fara Wilson
Vice President
Director of Marketing and Communications

P: 770.913.3904    C: 678.358.2060    F: 770.913.3965

Petco Leases 192,461 Square Feet at Ackerman & Co.’s Braselton 85 Distribution Center in Braselton, GA

Kris Miller
 Atlanta, GA – California-based Petco has signed a 192,461-square-foot, five-year lease at Ackerman’s Braselton 85 Distribution Center in Braselton, Ga. This lease brings the center to 100-percent occupancy.

The 440,165-square-foot, Class “A” bulk distribution center is located less than two miles from I-85 and the Georgia Highway 211 interchange. 

Approximately 50 miles northeast of Atlanta, Braselton has become a major logistics center, attracting several tenants to the area including Mizuno, Hitachi, Havertys and Kichler Lighting.

“Being able to find nearly 200,000 square feet of contiguous space was an incredible opportunity in such a tight market,” said Kris Miller, President of Ackerman & Co. “Braselton 85 Distribution Center was the best option for Petco.”

The national pet retail store will use this space as an additional Southeast distribution center, increasing its footprint in the market to nearly 700,000 square feet.

Trey Barry and Mark Hawks of CBRE represented Ackerman & Co. in this transaction.

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

Fara Wilson
Vice President
Director of Marketing and Communications

P: 770.913.3904    C: 678.358.2060    F: 770.913.3965

T&M Florida Snags Two Renewals at Sawgrass Corporate Park in Sunrise, FL

Sawgrass International Corporate Park, Sunrise, FL

Jennifer Gemma
 Sunrise, FL --  T&M Florida has secured 18,500 square feet of renewals at Sawgrass International Corporate Park in Sunrise, FL  following M-M Properties’ $75 million purchase of the four building office portfolio.

 The new ownership’s focus now centers on leasing the portfolio’s remaining 7% of available space including a full floor of 24,000 square feet.

 “With the limited supply of new and existing Class A office space in the Sawgrass market, it’s getting harder and harder for companies to find large contiguous amounts of space,” said Joel McCarty Senior Vice President of M-M Properties. “Office rates will continue to rise as supply dwindles.”

The portfolio’s centralized location with access to both the Fort-Lauderdale-Hollywood and Miami International Airports make it an ideal location for corporate headquarters and regional offices. 

Donna Korn and Jennifer Gemma of T&M Florida negotiated the two recent renewals on behalf of the buildings’ owner.

Bureau Veritas renewed an 11,500 square foot lease at 1601 Sawgrass Centre. The company is a world leader in laboratory testing, inspection and certification services. Created in 1828, the Group has around 66,700 employees located in 1,400 offices and laboratories around the globe. Rod Loschiavo and Lauren Gallart of JLL represented the tenant in the transaction. 

Donna Korn
All Risks, LTD renewed a 7,000 square foot lease at 1551 Sawgrass Centre. The insurance company headquartered in Hunt Valley, Maryland, is the largest national independent wholesale brokerage firm. 

The 51-year-old firm employs over 750 staff members throughout the U.S. CBRE brokers Jeff Holding and A.J. Belt represented the tenant in the transaction.

The four buildings within the M-M Properties portfolio are located at 1550-1560 and 1551-1601 Sawgrass Corporate Parkway. They total 348,676 square feet on 28.1 acres within the Sawgrass Park submarket of Broward County.

The properties are 93 percent leased to tenants such as Centene Management, eFund Corporation, Regus Business Centre, and Marsh USA, Inc. 

The office park is close to Interstates 75 and 595, just southwest of the second most visited attraction in Florida, the Sawgrass Mills Mall, an area which sees more than 25 million 
visitors per year.

Lauren Gallart
T&M Florida is a diversified real estate company specializing in the development, marketing and management of office buildings, suburban office parks, industrial parks and mixed-use projects The company leases and/or manages a portfolio over 12 million square feet throughout the state with offices in Sunrise, Miami, West Palm Beach, Tampa, Jacksonville and Orlando.

M-M Properties is a privately held real estate investment firm that seeks to provide exceptional risk-adjusted returns to its investors through superior execution of carefully developed strategies. M-M Properties’ senior management have worked together for long tenures ranging up to 20 years through several public and private real estate investment companies. 

M-M Properties’ team has deep experience throughout real estate market cycles and multiple project phases including acquisition, disposition, recapitalization, development, and investment management across a broad range of property types and within all major U.S. markets. 

The company or its principals have engaged in real estate investment activities on behalf of investors, partners or for its own account across a portfolio of assets that has included 36 million square feet of office projects and almost 17,000 multifamily units with a cumulative transaction volume of approximately $8.6 billion.

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

Post Properties Announces Quarterly Dividends; Increases Dividend Payout to Common Shareholders by 6.8 Percent

Dave Stockert
ATLANTA, GA --(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, declared quarterly dividends on its common stock of $0.47 per share for the first quarter of 2016. 

The dividend is payable on April 15, 2016, to all common shareholders of record as of March 31, 2016.

Said Dave Stockert, CEO and President, “We are pleased to raise the dividend to common shareholders again this year, reflecting the continuing success of our business and a favorable operating environment. 

"With today’s announcement, we expect our annualized rate of common dividends to increase by 6.8 percent to $1.88 per share.”

Post also announced regular quarterly dividends for its 8.5 percent Series A Cumulative Redeemable Preferred Stock of $1.0625 per share for the first quarter of 2016. 

The dividend is payable on March 31, 2016, to all Series A preferred shareholders of record as of March 15, 2016.

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

Post Properties, Inc.

Chris Papa, 404-846-5000