Friday, July 29, 2016

HFF closes sale of Parsippany, NJ office building

600 Parsippany Road Office Building, Parsippany, NJ

Stephen Simonelli
FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of an approximately 100,000-square-foot office building located at 600 Parsippany Road in Parsippany, New Jersey.

HFF marketed the property on behalf of the seller, Mack-Cali Realty Corporation.  A joint venture between Bukiet Building Management and Mountain Development Corp. purchased the asset free and clear of existing debt.

600 Parsippany Road is situated just off exit 40 of Interstate 287 at the four-way interchange with Parsippany Road.  The property is less than two miles from Interstates 80 and 280 and Routes 24, 46, 10 and 202, and less than 30 miles from New York City.  

The three-story, black glass building is 92 percent leased to notable tenants, including Aerotek; Level 3 Communications; Sonneborn; Certified Financial Services; Inglesino, Webster, Wyciskala & Taylor, LLC; Property Title Group, LLC and Dewberry.  

The building features a newly-renovated lobby with stone and tile flooring and a full-service café on the top floor.

Michael Oliver
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Michael Oliver and Stephen Simonelli and associate director Marc Duval.

“600 Parsippany road is a quality asset located within the prime Morris County office market,” Cruz said.  “The property provides the new owners with stable cash flow given its current occupancy and the potential upside given leasing the remaining space at higher rents.”

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 |

HFF closes $30.5 million sale of Gateway Center in Charlotte’s central business district

Gateway Center, 901 West Trade Street, Downtown Charlotte, NC

Ryan Clutter
CHARLOTTE, NC – July 22, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $30.5 million sale of Gateway Center, a 10-story, 310,745-square-foot, multi-tenant office building in Charlotte’s central business district.

HFF represented the seller, KBS Real Estate Investment Trust, Inc., in the sale of the property to an undisclosed purchaser. 

Gateway Center is located at 901 West Trade Street between West Fourth and Trade Streets in the heart of downtown Charlotte.  This location is close to Bank of America Stadium, home to the NFL Carolina Panthers; Time Warner Cable Arena; BB&T Ballpark; Levine Center for the Arts and numerous dining and retail options.

 The transit-oriented property is within walking distance of the Greyhound and Light Rail stations and has easy access to Interstates 277, 77 and 85.  Bank of America and Johnson & Wales University are two of the tenants at the 90-percent-leased property, which features a sundries shop and a 149-space, below-grade parking facility.

Scot Humphrey
  A 1.622-acre parcel, currently used as a 29-space surface lot, was also part of the sale.

The HFF investment sales team representing the seller was led by senior managing director Ryan Clutter, director Scot Humphrey, managing director Ralph Smalley, and associate director Christopher Lingerfelt.

“We received tremendous interest in the Gateway Center offering further demonstrating the appeal and national attention Charlotte and the Carolinas are receiving from institutional investors,” commented Clutter.

 “Well-located, urban assets that offer notable upside potential for investors are currently in high demand and we believe this pattern is poised to continue for the foreseeable future.” 

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 |

HFF closes sale and arranges financing for Plaza at Solana mixed-use development in Westlake, TX

Plaza at Solana, Westlake, TX

 DALLAS, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and arranged acquisition financing for Plaza at Solana, a three-building office and retail mixed-use development in the suburban Dallas community of Westlake, northwest of Dallas/Fort Worth International Airport.

HFF marketed the property on behalf of the seller, Equity Office.  Harbert Management Corporation purchased the asset for an undisclosed amount.  Additionally, HFF worked on behalf of the new owner to secure the five-year, fixed-rate acquisition loan with one two-year extension through LegacyTexas Bank. 

Dallas-Fort Worth International Airport
Plaza at Solana is positioned at 1301 Solana Boulevard within Solana Business Park, a mixed-use business park featuring offices, a Marriott hotel, Larry North Fitness Club, retail, restaurants and jogging trails.

 The asset’s location at the intersection of Solana Boulevard and State Highway 114 allows for access to the entire north Texas region via State Highway 114, U.S. Route 377 and Interstate 35. 

The property is proximate to Dallas/Fort Worth International Airport, Southlake Town Square and three of Dallas-Fort Worth’s top-four suburbs.  The buildings total 359,873 square feet and are leased to a variety of tenants, including Wells Fargo, Verizon Wireless, Audatex, Echo Locum Tenens, Pfizer, Western & Southern Life Insurance Company and Midwest Hospitality.

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 |

Passco Cos. Acquires 236-Unit Class AA Multifamily Asset in Louisville, KY MSA for $50.4 Million

The Veranda Apartments at Norton Commons, Prospect, KY

Colin Gillis
LOUISVILLE, KY – Passco Companies, LLC has acquired The Veranda, a 236-unit multifamily community in the highly sought-after Norton Commons master-planned community in Prospect, Kentucky, a growing submarket of the Louisville MSA, for $50.4 million.

 “The Veranda at Norton Commons is the only ultra-luxury rental option within one of the best-executed master planned communities in the Southeast,” explains Colin Gillis, Vice President, Acquisitions - Southeast at Passco Companies. 

“Norton Commons is the embodiment of a high-quality lifestyle destination, with unrivaled walkability to employment, boutique retail, dining, entertainment and recreation.” 

The Louisville MSA is experiencing rapid economic growth, resulting in strong demand for multifamily product throughout the region, according to Gillis.

“The demographic profile at The Veranda is one of the most impressive we have ever seen,” he says.  “The region continues to demonstrate strong employment growth, high average income levels, and a highly educated workforce.  Market fundamentals are extremely strong, and will drive continued demand for the asset over time.”

            Gillis notes that job gains in the Louisville MSA far exceed multifamily deliveries. Approximately 8,500 new jobs have been added year-over-year, while only approximately 1,000 new multifamily units are being constructed each year. Further, the unemployment rate in Louisville is 4.6 percent, which is well below the national average of 5.5 percent. 

Mike Kemether
  “The median household income within a one-mile radius of the area is $115,000, a number that is consistent with the income levels seen at the property,” says Gillis. 

“In addition, rising construction costs, expensive nuances that accompany developing within Norton Commons, and land prices exceeding $1 million per acre will make the addition of new rental units extremely difficult. 

“This provides Passco with a competitive advantage over any new future development in Louisville for many years to come.”

Mike Kemether in Cushman & Wakefield’s Atlanta office adds, “The Veranda at Norton Commons is a unique project, strategically positioned as the only apartment component within the Norton Commons master planned community.”

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

Devin Ugland / Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940
@CushWake on Twitter.

Walmart breaks ground on new Supercenter at Metrocenter Mall in Northwest Phoenix, AZ


Thelda Williams
PHOENIX, AZ – The next chapter has begun in the grand history of Metrocenter Mall.

Officials with Walmart, the City of Phoenix and Carlyle Development Group – along with area business leaders – were on hand to conduct a ceremonial groundbreaking for a new Walmart Supercenter. The project represents the single largest capital investment in Metrocenter Mall in decades.

“Metrocenter Mall is a Phoenix icon that has served shoppers in this community for decades,” said Phoenix City Councilwoman Thelda Williams

“Together, this Walmart and City Council’s recent approval of a new development plan for Metrocenter symbolize re-investment and rebirth for this critical community asset.”

Construction begins immediately on the approximately 148,000-square-foot store on the south side of Metrocenter Mall, near I-17 and Dunlap. 

The Supercenter will take shape on the site of the former Broadway building, which was recently demolished and had been vacant since 2006. The Walmart is slated to open in Spring 2017.

“Those of us at Walmart are excited this project will both help us serve our customers better while playing an important role in the continued revitalization in the Phoenix landmark that is Metrocenter Mall,” said Paula Ginnett, a Walmart Vice President and Regional General Manager. 

“This site is going to be buzzing with shoppers next year, and that’s a great thing – for the City of Phoenix, area businesses and Metrocenter Mall.”

Paula Ginnett
Metrocenter Mall opened in 1973 as the biggest shopping center in Arizona and one of the largest nationwide. Recent years saw Metrocenter challenged by the establishment of competing regional malls, changing shopping patterns and the Great Recession.

 Now, Metrocenter Mall owner Carlyle Development Group, the City of Phoenix and community leaders are intent on bringing new life to the area.

In June, the Phoenix City Council unanimously approved a Planned United Development (PUD) application for 130 acres in and around Metrocenter Mall. The new zoning allows for multiple new uses, including office, senior housing, multifamily housing and healthcare. It also provides for increased height and density at the infill site.

"Even in our early planning, the name 'Walmart' would come up regularly as a great fit for a mixed-use Metrocenter development,” said Warren Fink, COO of Carlyle Development Group.

“With our new zoning, we're now able to actively pursue that vision through the addition of elements like office, senior housing and medical uses. Walmart is a valued part of that mix, and a welcome addition to the neighborhood at large. We're very pleased to celebrate their groundbreaking."

The new Walmart Supercenter will provide shopping convenience and offer quality, value-priced general merchandise that includes apparel, electronics, toys and sporting goods. The store also will feature a full-service pharmacy and complete line of groceries, including organic selections, fresh dairy and meat departments and local favorites.

Warren Fink
Walmart will construct the Supercenter with industry-leading technology to maximize energy efficiency, conserve water and minimize waste. Environmentally responsible features will include LED lighting, high-efficiency HVAC units and the use of drought-tolerant landscaping irrigated with a low-flow and drip watering system.

Once open, the Supercenter will employ an estimated 250 associates. A mix of full- and part-time positions will be available throughout the store, including: department managers, customer service, personnel, maintenance, sales associates, stocking positions, cashiers and more.

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

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

 merchandise sales:

HFF hires Doug Rodio as a senior managing director and co-head of its Philadelphia office

Doug Rodio
 PHILADELPHIA, PA – Holliday Fenoglio Fowler, L.P. (HFF) announced it has hired Doug Rodio as a senior managing director in its Philadelphia office.  Mr. Rodio will co-head the office alongside senior managing director Mark Thomson, who has served as an office head since the opening of the office in December 2013.  

Additionally, Mr. Rodio will focus on office investment sales in Greater Philadelphia and throughout the northeastern United States.

Mr. Rodio joins HFF from Jones Lang LaSalle (JLL) where he was a managing director and co-head of the Philadelphia Capital Markets Group. 

 He has 13 years of industry experience and has been involved in more than 200 assignments covering a wide range of office, industrial, retail, multi-housing and land sales and financings totaling more than $6 billion in volume.

 Prior to joining JLL in 2010, Mr. Rodio held senior investment sales positions at CBRE and Marcus & Millichap where he was consistently a top producer.  He was elected to the National Board of Directors for NAIOP in 2014 and is also an active member of the Urban Land Institute. 

Mark Thomson
Mr. Rodio has served as a guest lecturer at the Daniel M. DiLella Center for Real Estate at Villanova University and attended Penn State University where he was a member of the varsity baseball team. 

HFF’s Philadelphia office opened with five employees in 2013, and today has a total of 24 transaction professionals, analysts and support staff for an increase of roughly 380 percent.

“Doug and I started in the business together more than a decade ago, and we have maintained a great friendship ever since,” said Thomson.  

“I am very excited to add one of the most dominant producers in our region to the HFF team, and on a personal level, I am looking forward to working with Doug again so we can continue to build a significant presence here in Philadelphia.”

“Doug is an extremely well-respected broker with not only a stellar track record, but also a stellar reputation,” added Thomson. 

 “He exemplifies the caliber of character and cultural integrity that HFF requires, which is why he is joining us in a leadership position.  Doug’s addition fills a local need for us in the office sales arena, and we are anxious to add the top market share in office to our existing top market shares for multi-housing and retail.”

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 |