Thursday, July 14, 2016

Record-breaking high-street retail sale in Beverly Hills, CA closed by HFF

Bijan, 420 North Rodeo Drive, Beverly Hills, CA

Marc Schillinger
LOS ANGELES, CA, July 14, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of an iconic high-street retail building that houses Bijan on Rodeo Drive.  

HFF exclusively marketed the property on behalf of a confidential seller.  A confidential investor purchased the asset all cash in a transaction.

The property is fully occupied by Bijan, a world-class fashion house that was founded in 1976 and caters on an appointment-only basis to the ultra-high-net-worth international community, drawing customers from the United States, Asia, Europe, Africa, South America and the Middle East. 

Bijan has successfully operated at the subject property for more than 40 years and is the longest-standing privately-owned designer house on Rodeo Drive.

Situated at 420 North Rodeo Drive, the Bijan building is one of the most-recognizable storefronts in retail.  The renowned yellow Rolls-Royce Phantom and the yellow and black Bugatti Veyron (both Bijan limited editions) match the building’s fa├žade and interior and have long been hallmarks of the internationally-acclaimed custom clothier and its late founder, Bijan Pakzad.

Bryan Ley
The HFF team was led by Marc Schillinger, Bryan Ley and Bill Fishel.

"We are thrilled with the record pricing we were able to achieve on our client's behalf," Schillinger said.  "By leveraging our national platform and dedicated expertise across our primary business lines – debt, investment sales and equity placement – we evaluated multiple options in an extraordinarily tight timeframe and, ultimately, delivered the best outcome for our client."

HFF has been extremely active in the Los Angeles area in 2016.  The sale of the Bijan building comes on the heels of the HFF-brokered sale of Runway Playa Vista, as well as high-street retail transactions on Melrose Avenue and Melrose Place, adding to the more than 4.7 million square feet of retail space that HFF has transacted on so far this year in the greater Los Angeles area.

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 |

Lincoln Property Co. Promotes Megan Watkins to Associate Director of Management Services

Megan Watkins
PHOENIX, AZ,  July 14, 2016 – Lincoln Property Company (LPC) Desert West has promoted Megan Watkins to Associate Director of Management Services.

In her new role, Watkins will help direct LPC’s regional portfolio of more than 6 million square feet of office, industrial and retail space. She will also work with LPC leadership to expand the company’s already active regional property management footprint.

“Megan has an extremely positive presence and reputation – achievements she has earned through hard work, client commitment and a deep knowledge of the market,” said Lincoln Property Company’s Executive Vice President David Krumwiede. “She is a true reflection of the high standards of Lincoln Property Company, and a valued addition to our leadership team.”

Based in Phoenix, LPC’s Desert West region has enjoyed a record 18 months, with more than $300 million in investment and development activity, and the addition of more than 1 million square feet of new property management assignments. “We have grown – and continue to grow – from our superior results and stellar relationships,” said Watkins. “Lincoln has an outstanding pipeline of opportunities that I am excited and honored to represent.”

For the past two years, Watkins has served as President of the Greater Phoenix chapter of the Building Owners and Manager’s Association, a leading organization of more than 300 local members providing education and advocacy for the commercial real estate industry.

David Krumwiede
During her 17-year career, she has been involved with the management of more than 1.3 million square feet of Arizona real estate, working closely with local and institutional clients, tenants, vendors and contractors, and implementing company-wide policies and procedures for property management, marketing and compliance. 

She most recently served LPC as Senior Property Manager of Paradise Village Office Park, where she was instrumental in the renovation of the Class A Paradise Valley office project.

Watkins earned her Real Property Administrator (RPA) designation through the Building Owners and Managers Institute (BOMI) in 2008 and her Facilities Management Administrator (FMA) designation from BOMI in 2010. In 2015, she was part of the LPC team to accept an International BOMA 

“The Outstanding Building of the Year” (TOBY) award, the highest award possible from BOMA for LPC’s management of the Arizona Game & Fish (AZGF) Department Headquarters in Phoenix. The building was among only fourteen buildings from across the world to earn the International honor.

To discuss property management opportunities with Lincoln Property Company in the Desert West region, please call David Krumwiede, John Orsak or Megan Watkins at (602) 912-8888.

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

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

With Over 110 Years In The “Remaking,” Old New York Meets New New York This July as Landmark Hotel is Reborn

HGU New York Hotel, NoMad District at 34 East 32nd Street, Manhattan, NY

(NEW YORK, NEW YORK – July 12th) – Alfa Development, one of Manhattan’s leading real estate companies, will be opening its first boutique hotel project, HGU New York. Alfa Development has invested $18 million in renovations of HGU New York, located in the NoMad District at 34 East 32nd Street.

 The hotel will manifest the city’s history through its original architecture, curated art programming and multifaceted eclectic design.

The hotel lobby preserves the history of the 1905 landmark Beaux-Arts structure designed by architect Frederick C. Browne. To inject a modern New York sensibility to the property, Alfa Development has enlisted hospitality designer Peter Guzy of Asfour Guzy Architects as well as DD Allen of Pierce Allen Design.

Michael Namer
The fusion of these two visions is a mindfully designed and eco-conscious hotel, where guests enjoy in the ambience of communal spaces.  Alfa Development brings a sensibility in design and modern infrastructure to hospitality, including a state of the art HVAC system decreasing the carbon footprint by 50%.

“We look forward to introducing our motto, history, architecture, and sustainability on a human scale into one of the world’s most robust hotel markets,” adds Michael Namer, CEO of Alfa Development.

“While the renovation brings new life to this landmark hotel, we are preserving the historic elements to what we believe the hotel would have offered, providing guests with an experience grounded in a century-long New York point of view.”

HGU New York has also partnered with Gallery 151, a premier contemporary art gallery based in lower Manhattan. The curated art will showcase contemporary pieces, drawing inspiration from urban backdrops of New York City’s emerging artists and feature icons such as Fab 5 Freddy and Liz Markus, among many others.

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

SHADOW PR                                               
Jamie D’Attoma

Marcus & Millichap Arranges $6.83 Million Sale of Panama City, FL Walgreens

Lori Schneider

PANAMA CITY, FL – 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 Walgreens, a 14,550-square foot net-leased property located in Panama City, Fla. The asset sold for $6,630,000 equating to $455 per square foot.

“Passive private investors looking for safety of yield and little management responsibilities continue to drive sales in the drugstore sector. Because Florida has no state income tax or Rite Aid competition, well-located assets in the state are highly coveted,” says Lori Schneider, a senior vice president investments in Marcus & Millichap’s Fort Lauderdale office.

Schneider represented the seller, a limited liability company from Columbia, S.C.  The buyer was a private investor from Lexington, K.Y.

Built in 2010 on a 1.77-acre parcel, Walgreens has 20 years remaining on the absolute net lease with no landlord responsibilities and 50 one-year options. The property is located at 635 East Highway 98 at the signalized intersection of Business Highway 98 and Martin Luther King, Jr. Boulevard. It is across from Bay Medical Center, a 323-bed full-service hospital and medical center.

For a complete copy of the company’s news release, please contact:
Ryan Nee
Vice President / Regional Manager
 Fort Lauderdale, FL

(954) 245-3400

Berkadia Completes Sale of 208-Unit Winter Springs, FL Apartment Community

Columns at Winter Springs Apartments, 1020 Chatham Pines Circle, Winter Springs, FL

Hal Warren

ORLANDO, FL --- Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated a $23,325,000 cash sale for Columns at Winter Springs at 1020 Chatham Pines Circle in the robust Winter Springs/Casselberry/Oviedo submarket. 

Berkadia’s Senior Directors Hal Warren and Jason Stanton, along with Managing Director Cole Whitaker, negotiated the transaction representing the Seller, Seminole-Winter Springs Associates LLC based in Atlanta.

Nashville-based Winter Springs Multifamily Partners, LLC purchased the property consisting of 208 one, two and three-bedroom apartments on a 16+ acre park-like setting with lake views. 

Columns at Winter Springs, built in 1991-1992,  was 95 percent occupied at the time of the sale. 

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142