Friday, March 25, 2016

HFF closes $54 million sale of aloft and element Lexington in suburban Boston, MA


Aloft Lexington Hotel and Element Lexington Hotel, Lexington, MA


Denny Meikleham
BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of the 136-room aloft Lexington and the 123-room element Lexington, two hotels situated in the northwest Boston suburb of Lexington, Massachusetts.

HFF marketed the property on behalf of the seller, Rockwood Capital, LLC.  A confidential buyer purchased the hotels for $54 million, unencumbered by management.

The aloft and element Lexington hotels were developed in 2008 as prototypes for the brands and are the only Starwood select-service/extended-stay products along Route 128 in suburban Boston. 

The aloft offers hotel guests light grab-and-go dining, the w xyz bar, an indoor swimming pool, business center, game room, fitness room, meeting room and complimentary shuttle service.

 The element features complimentary breakfast, evening reception, an indoor swimming pool, business center, fitness room, meeting room and complimentary shuttle service. 

The hotels are situated on a 12.7-acre site at 727 Marrett Road at the intersection of Interstate 95/Route 128 and Route 2A in Lexington, about 16 miles northwest of Boston. 

Alan Suzuki
Within a five mile radius of the hotels exists more than 15 million square feet of office space, occupied by top corporate demand generators VistaPrint, Shire Pharmaceuticals and Raytheon.

The HFF investment sales team representing the seller was led by managing director Denny Meikleham and director Alan Suzuki.


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

Kristen M. Murphy
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 $32.1 million sale of grocery-anchored retail center near the Jersey shore

  
The Plaza at Cape May Court House, New Jersey

Chris Munley
PHILADELPHIA, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $32.1 million sale of The Plaza at Cape May Court House, a 163,629-square-foot, grocery-anchored retail center in the coastal community of Cape May Court House, New Jersey.

HFF marketed the property on behalf of the seller, Polimeni International, LLC.  An affiliate of RW Capital Partners, Inc. purchased the asset free and clear of existing debt.

The Plaza at Cape May Court House is located at 11 Court House South Dennis Road in Cape May, one of the most visited tourist destinations on the East Coast with more than 12.5 million visitors annually.

 Positioned off of Route 9, the gateway to the Jersey shore, the center is at the termination of Stone Harbor Boulevard, one of the main thoroughfares to the Stone Harbor and Avalon shore destinations. 

The Plaza at Cape May Court House is 97.6 percent leased to a variety of national and regional tenants, including ACME Markets (ACME), Marshalls, Staples, CVS Pharmacy, Pier 1 Imports, Alfredo’s Pizza, Chopsticks Restaurants, Melini Hair Care, GNC and Payless ShoeSource.


Jose Cruz
The HFF team representing the seller was led by managing director Chris Munley and supported by senior managing director Jose Cruz and managing director Kevin O’Hearn.

“The Plaza at Cape May Court House is the dominant grocery-anchored retail center within the sub-market,” Munley said.  “The asset is anchored by a high-performing ACME and offers additional upside opportunities in conjunction with a currently strong occupancy rate.”

“Retail continues to remain high on investors list of preferred product types with grocery-anchored centers taking the top spot for institutions and private buyers alike,” Cruz said.

“The Plaza at Cape May Court House acquisition offers RW Capital Partners, Inc. the opportunity to redevelop and reposition a core asset in a desirable market,” noted Robert F. Whalen, Jr., RW Partners managing partner.  

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

Kristen M. Murphy
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



JLL Completes $15.04 Million Phoenix, AZ Condominium Conversion Sale


John Cunningham
PHOENIX, AZ  – In a sign that Phoenix multifamily assets are still in high demand, capital markets experts in the Phoenix office of JLL have completed the $15,046,909 sale of 90 units at Aderra Condominium Residences, near the intersection of Tatum Boulevard and Cactus Road in Phoenix.

The entire Aderra project is comprised of 312 condominiums on eight acres. This 90-unit portion consists of one- and two-bedroom condominiums averaging 1,032 square feet.

JLL Executive Vice President John Cunningham and Senior Vice President Charles Steele represented the property seller, Real Capital Solutions. The property buyer was Pathfinder Partners.

“These 90 units are a great opportunity for an investor to acquire and build value in an improving housing market, within one of metro Phoenix’s most affluent suburbs – while also enjoying the benefit of strong in-place cash flow,” said Cunningham.

Built in 2008, Aderra Condominium Residences is located at 11640 N. Tatum Blvd. in Phoenix, 1.5 miles from State Route 51. Aderra fronts the Stone Creek Golf Course and offers more than 3.35 million square feet of retail shopping—including the 1.5 million-square-foot Paradise Valley Mall—within one mile of the property.

Aderra has three subterranean parking garages with elevators to deliver residents directly to their unit floor. It provides open floorplans with above-average 10- and 11-foot ceilings, gourmet-style kitchens, Energy Star GE stainless steel appliances, custom wood cabinetry, gas fireplaces and oversized closets. Property amenities include gate access, fitness center, pet areas, resort-style pool and spa, and direct golf course access.

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

Stacey Hershauer
focusAZ
Marketing & Public Relations
(480) 600-0195



MBA Opens Doors Foundation Named an Official Charity Partner of the 2016 TCS New York City Marathon Set for Sunday, Nov. 6, 2016


Debra Still
New York City, NY —The Mortgage Bankers Association Opens Doors Foundation was named an Official Charity Partner of the 2016 TCS New York City Marathon. The race will take place on Sunday, November 6, 2016.

“MBA Opens Doors is thrilled to partner with the TCS New York City Marathon as an official charity partner,” said Debra Still, CMB, Chairman of the Foundation and President and CEO of Pulte Mortgage.

“The TCS New York City Marathon provides a dynamic platform for our dedicated charity runners to raise significant funds and increase awareness for important causes that are special to them. W

"e are looking forward to supporting and celebrating our runners, as they undertake this rewarding journey on behalf of families trying to keep their home while caring for a hospitalized child.”

Approximately 340 official charity partners will be part of the 2016 TCS New York City Marathon.

For most families, the fear of losing a home is second only to the sense of panic that comes with the need to care for a loved one who is suffering from a major illness – especially if they are a child. The MBA Opens Doors Foundation was developed as an industry association model for utilizing both expertise and resources to help individuals and families facing housing challenges associated with the significant cost of care for a seriously ill child.

Michael Rodgers
 Opens Doors is currently able to pass 100 percent of the donations it receives on to families in need of assistance. 

The Foundation’s ongoing relationship with children’s hospitals in Washington D.C., Boston, Massachusetts, Dallas-Ft. Worth, Texas, Denver, Colorado, and Houston, Texas identifies potential grant recipients.

“We welcome MBA Opens Doors Foundation as an official charity partner of the 2016 TCS New York City Marathon,” said Michael Rodgers, Vice President of Development and Philanthropy for New York Road Runners. 

“Our official charity partner program is one of the TCS New York City Marathon’s most meaningful elements, providing thousands of participants with the opportunity to run for causes significant to them, while raising critical funds for hundreds of inspiring non-profit organizations. We wish the best to all of these runners as they begin their extraordinary journey to the 2016 TCS New York City Marathon.”

Nichole Wischoff
The 2016 TCS New York City Marathon will feature a talented American and international professional athlete field, charity runners, and thousands of runners of all ages and abilities. 

More than 10,000 volunteers help to support participants across the 26.2-mile race route, which touches each of New York City’s five boroughs, and is lined with more than one million neighbors and guests.

The 2016 TCS New York City Marathon will be broadcast live locally on WABC-TV, Channel 7, and nationally on ESPN2.
  
A very limited number of race spots may become available, MBA members wishing to participate should contact Nichole Wischoff at nwischoff@mba.org.


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

Ali Ahmad
(202) 557-2727

 



Lincoln Hires Chris Wakefield as Construction Manager in Atlanta, GA

  
Chris Wakefield
ATLANTA (March 25, 2016) – Lincoln Property Company (Lincoln) has hired Chris Wakefield as a construction manager in its Atlanta office.

 Wakefield comes to Lincoln from nationally recognized Brasfield & Gorrie General Contractors, where he spent eight years as a project manager and estimator working a wide range of commercial construction projects. With Lincoln, Wakefield will oversee the firm’s new development and construction for third-party and Lincoln owned assets. 

At Brasfield & Gorrie, Wakefield’s fieldwork included a diverse mix of projects including interior and base building construction spanning from large-scale recreational centers, interior renovations for an Atlanta based mega-church, a build-out for a Ritz-Carlton Residences and preconstruction work on the new Braves SunTrust Stadium, now under construction.

“Chris impressed us with his experience handling high-level work at Brasfield & Gorrie,” said Tony Bartlett, senior vice president of Lincoln who oversees the firm’s Atlanta office. “His wide-ranging experience and attention to detail will be invaluable to us and will help us maintain the high level of service we deliver to our clients and partners.”

Wakefield received a Bachelor of Science in civil engineering from Auburn University’s Samuel Ginn College of Engineering.

For more information on the Southeast Region of Lincoln Property Company, please visit lpcsoutheast.com. To check out the blog, go to www.lpcsoutheast.com/blog. 

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

Laura Rispin • The Wilbert Group
1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309
M: 404-630-0148

www.thewilbertgroup.com

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