Monday, May 9, 2016

HFF closes $92.75 million sale of South Florida’s Deerfield Mall

Deerfield Mall, Deerfield Beach, FL

Daniel Finkle
MIAMI, FL, May 9, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $92.75 million sale of Deerfield Mall, a 394,248-square-foot, Publix-anchored, community shopping center located in the South Florida community of Deerfield Beach.

HFF marketed the property on behalf of the sellers, CP Deerfield LLC and Land Trust Agreement 1001-SOD.  Weingarten Realty Investors purchased the asset free and clear of existing debt. 

Completed in 1988 and renovated in 2001, Deerfield Mall comprises one main building totaling 366,301 square feet in an “L” configuration, two multi-tenant outparcel buildings totaling 25,427 square feet and two single-tenant outparcels occupied by Citibank and Chick-fil-A.

 The 94.9-percent-leased shopping center is 84 percent occupied by national tenants, including Publix, Sports Authority, T.J. Maxx, Marshalls, Youfit Health Club, CinĂ©polis, Dollar Tree, Five Below, Ulta Beauty, The Avenue, Panera Bread, First Watch and Taco Bell. 

The property is situated on approximately 43 acres at the “hard corner” of the heavily-trafficked intersection of Hillsboro Boulevard and Powerline Road, which have combined traffic counts of more than 81,000 vehicles per day. 

Luis Castillo
Situated in northern Broward County (Fort Lauderdale MSA) just south of Boca Raton, the center serves a densely-populated and affluent customer base with approximately 323,995 residents within a five-mile radius.

The HFF investment sales team representing the seller was led by senior managing director Daniel Finkle, managing director Luis Castillo and associate directors Nat Scarmazzi and Scott Wadler.

“Weingarten's acquisition of Deerfield Mall is consistent with our disciplined strategy to acquire dominant centers in high barrier to entry markets,” said Richard Carson, regional vice president of Development and Acquisitions for Weingarten Realty Investors. 

“The center is anchored by a market-leading grocer and top-tier power center tenants and further strengthens our Florida portfolio of high-performing centers.”

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 |

George Smith Partners Secures Acquisition Financing for $43 Million Purchase of Iconic Fred Segal Melrose Building in Hollywood, CA

David Rifkind

LOS ANGELES, CA – Commercial real estate investment banking firm George Smith Partners has successfully secured financing on behalf of Canadian retail investment firm CormackHill, LP for the recently announced acquisition of the iconic Fred Segal retail property at 8100 Melrose Avenue in Hollywood, California. 

George Smith Partners’ Principal David Rifkind and his team arranged the financing.

 “Retail is in the midst of a generational change that is reshaping financing in this sector,” says Rifkind. “The shift toward a multi-channel strategy that provides customers with a seamless shopping experience whether online or in-store is changing the way retailers view physical space and retail districts.

“ The result is increased caution among lenders, especially those who don’t yet understand exactly how this shift will impact the commercial real estate market moving forward.”

            Rifkind notes that the financing arranged for this acquisition is indicative of a larger trend in the retail market, specifically retailers and retail insiders being willing to make substantial investments in quintessential shopping districts.

            “Brick-and-mortar properties in key high-end shopping destinations such as Melrose are more important than ever to a retailer’s long-term brand,” explains Rifkind, who points to Chanel’s recent acquisitions in SoHo and Beverly Hills, as well as recent Beverly Hills acquisitions by Zara and LVMH to illustrate this trend. 

            “In this case, our client, CormackHill, LP, is extremely knowledgeable in the retail sector and understood the long term value of this irreplaceable location,” he says.  “Our team demonstrated this vision to lenders, and ultimately structured a market leading loan that fit the client’s objectives.”

            George Smith Partners secured the acquisition loan at a sub-3% floating rate with prepayment flexibility.

            Rifkind notes, “Contrary to what many in the industry claim, enlightened players in the retail sector are highly profitable – utilizing big data, efficient sourcing and manufacturing. In fact, retailers adapting to technology integration are operating at higher margins than ever before.  Many retailers will continue to reduce their store counts, concentrating instead on flagship locations.  This trend will continue to define the strongest retail districts for years to come.”

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

Jenn Quader / Miki Conant
Brower, Miller & Cole
(949) 955-7940

WNC Closes $113 Million California Institutional LIHTC Fund


Michael Gaber
IRVINE, CA, May 9, 2016 – WNC, a national investor in real estate and community development initiatives, announced today it has closed WNC Institutional Tax Credit Fund 10 California Series 14, L.P. (CA 14), a $113 million institutional low-income housing tax credit (LIHTC) fund.

The fund will acquire nine properties in both suburban and urban parts of California, within the counties of Alameda, Contra Costa, Los Angeles, Placer, Riverside, San Diego and Santa Clara. Combined, the properties will offer 1,305 affordable housing units to individuals and families.

CA 14 is WNC’s 19th fund closed in the Golden State. Upon completion of all nine property acquisitions, WNC will have acquired more than 260 properties within California.

“WNC has successfully offered and closed a California LIHTC fund for 14 consecutive years, which speaks volumes about our organization’s commitment to providing affordable housing to individuals, families and communities in need,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. 

“We are very pleased to have continuous support from our existing investors and development partners, as well as added support from new investors as we endeavor to increase the inventory of affordable housing nationwide.”

CA Fund 14 includes 10 institutional investors, nine of which have previously participated in WNC funds. Additionally, 85 percent of the developers are repeat partners.

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

Julie Leber
Spotlight Marketing Communications
949.427.5172, ext. 703 – direct