Friday, September 9, 2016

HFF closes $27.65 million sale of a neighborhood shopping center in Alpharetta, GA

Windward Commons, Alpharetta, GA (Pat Kelly with Sky-Shots Aerial Photography, Inc.)

Jim Hamilton

ATLANTA, GA  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $27.65 million sale of Windward Commons, a 117,234-square-foot neighborhood shopping center in Alpharetta (Atlanta), Georgia.   

The asset was purchased free and clear of existing debt by InvenTrust Properties Corp.

Built in 1999, Windward Commons is a 99-percent-leased trophy asset located in the affluent Alpharetta submarket.  

The property is home to Kroger, the No. 1 grocer in the Atlanta MSA, in addition to national and regional shop tenants, including Hallmark, The UPS Store, GNC, Great Clips, Subway, Leslie’s Pool Supplies, Menchie’s Frozen Yogurt, Little Caesars and Huntington Learning Center.

  Windward Commons benefits from its location on the “going-home” side of the road at the main and main intersection of Windward Parkway and Alpharetta Highway, where more than 50,000 cars pass by the property every day.

The HFF team representing the seller was led by senior managing directors Jim Hamilton and Richard Reid.

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 |

Voit Real Estate Services Directs Sale of 136,806-SF Multi-Tenant Industrial/Flex Business Park in Inland Empire, CA

Arrow Business Park, Rancho Cucamonga, CA

Frank Geraci
RANCHO CUCAMONGA, CA (Sept. 9, 2016) – Voit Real Estate Services has successfully completed the sale of Arrow Business Park, a seven-building, 136,806 square-foot multi-tenant industrial/flex business park in Rancho Cucamonga.

Frank Geraci and Juan Gutierrez of Voit’s Inland Empire office and Mike Bouma of Voit’s Orange County office worked together to represent both the buyer, Focus Real Estate, and the seller, Essex Arrow LLC, in the transaction.

 “The Inland Empire is one of the strongest industrial markets in the nation,” comments Geraci. “Vacancy rates in the prime Inland Empire West submarket finished the second quarter at 3.75 percent, and average lease rates jumped to $0.56 per square-foot, surpassing pre-recession peak rental rates for the first time ever.

“ Based on these strong market fundamentals, the Arrow Business Park is extremely well-positioned to capitalize on rising rental rates and the growing demand for quality industrial space throughout the region.”

The business park, which was sold for $15.4 million, consists of 69 units ranging from 240 to 12,650 square feet in size.

Geraci explains that no new multi-tenant industrial business parks have been built in the last 15 years in the local market, adding that high land and construction costs have significantly limited the available supply of new multi-tenant industrial product in this region.

Juan Gutierrez
“Demand for space in existing multi-tenant parks is at an all-time high, placing upward pressure on lease rates for this product type,” Geraci adds.

“In particular, demand for smaller flex units with office build-outs is on the rise as tenants continue to seek spaces that can accommodate a vast array of corporate functions. We are now at a point in the recovery cycle where multi-tenant industrial is poised for tremendous growth, and investors are taking note.”

Located in the Rancho Cucamonga submarket, which boasts a 1.76 percent industrial vacancy, the Arrow Business Park was 76 percent occupied at acquisition, presenting an initial challenge that the Voit team was able to overcome.

“Despite the property’s prime location in a highly desirable submarket, the vacancy rate raised initial concerns among some of the prospective buyers,” says Geraci. “We knew that the property presented tremendous opportunity for value creation in the hands of an experienced owner-operator.

“ By emphasizing the strength of the market, the well-below replacement cost value, and the asset’s tremendous value-add potential, we were able to successfully secure a buyer that recognized the opportunity for value creation.”

Voit’s Inland Empire and Orange County offices worked together to achieve this success - an integration that is reflective of Voit’s new broker-owned platform in action, according to Geraci.

Mike Bouma
“Voit’s new structure gives every broker a personal stake in the company,” he explains.  “The knowledge that the company’s success equates directly to each broker’s success has created a renewed energy and drive that is fueling collective work among and between our brokers.  As a result, we’re able to create even better outcomes for our clients, and for ourselves.”

Geraci notes that in this case, the result was identifying a buyer that understood the property’s potential, and demonstrated surety of close.

“Focus Real Estate’s proven track record and solid financial backing enabled them to emerge as the right buyer for this asset,” he states.

Focus Real Estate acquired the property in partnership with HG Capital. Chris Bramel and Randy Bramel of Bridgeport Investments arranged the debt and assisted with the equity for the acquisition.  An acquisition loan was provided by Silvergate Bank of La Jolla.

Built in 1988, the Arrow Business Park features ample parking, 16’ to 24’ warehouse clearance ceilings, ground level loading, and a 35 percent office build-out. Located at 9047-9087 Arrow Route in Rancho Cucamonga, California, the property offers immediate access to the I-210, I-15, and I-10 for distribution and transportation.

The property’s close proximity to residential communities and extensive retail amenities such as Victoria Gardens and many local service providers make this a strong, centrally-located industrial asset that will deliver long-term value to tenants and investors, according to Geraci.

Focus Real Estate plans to upgrade the property, reposition the vacant space through a series of capital improvements, lease the vacant space, and bring rents to market upon tenant rollover in order to deliver strong risk-adjusted returns to its investors.

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

  Katie Kea / Jenn Quader
  Brower, Miller & Cole
  (949) 955-7940

HFF closes $68.25 million sale of 300-unit apartment property in Lakewood, CO

Rendering of Skye Crest Apartments, Lakewood, CO
Jordan Robbins
DENVER, CO –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $68.25 million sale of Skye Crest, a 300-unit, garden-style multi-housing community in Lakewood, Colorado.

HFF marketed the property exclusively on behalf of Fairfield Bentley LLC.  Jackson Square Properties purchased the asset free and clear of existing debt.

Skye Crest consists of 12, three-story buildings with one-, two- and three-bedroom residential units on a 16-acre site located at 7846 West Mansfield Parkway in the western Denver suburb of Lakewood.

 The property is strategically located immediately south of the intersection of Highway 285 and South Wadsworth Boulevard providing easy access to major employers, abundant retail and multiple recreation amenities such as the Daniel L. Schaefer Athletic Complex and Bear Creek Trail.

 In addition to offering sweeping views of the Front Range and Rocky Mountains, the property also features a swimming pool with sundeck, sports and tennis court, 24-hour fitness center, on-site dog park and clubhouse with TV lounge, kitchen and media center.

The HFF investment sales team representing Fairfield Bentley LLC was led by managing director Jordan Robbins and associate director Jeff Haag.
Jeff Haag

Jackson Square Properties is a private real estate investment company located in the San Francisco Bay Area that specializes solely in the purchase and ownership of multifamily apartment communities.

 Founded in 2004, Jackson Square Properties has expanded over the years to own a diverse pool of multifamily assets totaling more than 75 communities with 20,000 units in 10 states

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 |

Capital Square 1031 Acquires Medical Office Building in Birmingham, AL

Louis Rogers
BIRMINGHAM, AL – Capital Square 1031 announced the company has acquired a newly constructed medical office building, 100 percent leased to Fresenius Medical Care Trussville, in Birmingham, Ala.

Located at 3671 Roosevelt Blvd., the 8,140-square-foot dialysis clinic was built-to-suit for Fresenius, a wholly owned subsidiary of Fresenius Medical Care AG & Co. KGaA.  The property is leased on a triple net basis for a base term of 15 years, plus extensions.

“This medical office building is well-located in a vibrant area within the Birmingham metropolitan region, which has a population of more than 1.1 million, representing nearly 25 percent of the state’s total population,” said Louis Rogers, founder and chief executive officer of Capital Square 1031.

“The tenant’s parent company is the world leader in dialysis care and reported a net revenue of approximately $16.7 billion for fiscal year 2015. Capital Square is pleased to add this medical property to our national portfolio of assets under management, which now includes more than 50 properties valued in excess of $511 million, based on investment cost.”

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

    Julie Leber                                                                         
    Spotlight Marketing Communications                    
    949.427.5172, ext. 703                   

New Castle Promotes Don Urbahn to Vice President Sales and Revenue Management

Don Urbahn
 SHELTON, CT —Gerry Chase, president and COO of New Castle Hotels & Resorts, a leading third-party management company and hotel developer, today announced the promotion of Don Urbahn to vice president of sales and revenue management for the company’s growing portfolio of hotels in the US and Canada. 

Urbahn joined the company in 1999 as a general manager and in 2007 was promoted to corporate director, a position he held until 2011 when he was promoted to vice president of revenue management. Prior to joining New Castle, Urbahn was a general manager with Vista Host Hotel Group.

“Don’s revenue management expertise has driven our hotels to the top of the market everywhere we operate,” said Chase.  “His ability to mesh the art and science of this critical discipline, and mentor others in the field will make him a terrific leader of our sales effort.  He is masterful in developing and executing the right strategy for any given market and any time period.”

“Meeting an owner’s financial goals is a responsibility we take very seriously and a well-thought out, strategic revenue management strategy is the crucial first step in that process,” said Urbahn.  “I feel certain that my in-depth knowledge of each hotel’s market and opportunities will go a long way toward informing aggressive sales plans that make meaningful contributions to the overall performance of the asset.”

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

Lauralee Dobbins
Write Touch Public Relations


Berger Commercial Realty Secures 10,000 Square-Feet in Lease Transactions for Rising Tide Development's Properties in Fort Lauderdale, FL

Joe Byrnes
FORT LAUDERDALE, FL - Berger Commercial Realty Senior Vice President Joe Byrnes and Senior Sales Associate Jonathan Thiel recently secured 10,000 square-feet in lease transactions on behalf of Rising Tide Development, LLC at three properties in Fort Lauderdale. The properties are part of a portfolio owned by Rising Tide Development.

Cypress Creek Business Park

The brokers leased 5,850 square-feet of office space to Galls, LLC and renewed a lease for 1,950 square-feet of office space for Compulink at Cypress Creek Business Park. Located at 6555 N. Powerline Road in Fort Lauderdale, Cypress Creek Business Park consists of two buildings totaling 54,600 square-feet of office and flex space. The park features ample parking, round-the-clock access, and close proximity to I-95 and Florida's Turnpike.

Powerline Business Center

Byrnes and Thiel also extended a lease for 1,400 square-feet of office space for JODA Enterprises, Inc. at Powerline Business Center, located at 5601 Powerline Road. The 82,330-square-foot building, located on a six-acre lot, consists of warehouse, showroom and office space and is within close proximity to I-95 and Florida's Turnpike as well as public transportation.

Jonathan Thiel
Cypress Creek Executive Court

Additionally, the brokers renewed a lease for 800 square-feet of office space for West Cypress Marketing, LLC at Cypress Creek Executive Court, located at 2700 W. Cypress Creek Road. The 70,287-square-foot office building offers round-the-clock access, kitchens and private restrooms in most units, and close proximity to Fort Lauderdale Executive Airport and I-95.

For more information about Berger Commercial Realty's leasing services, call 954-358-0900.

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

Lexi Robinson, ext. 255,

Marielle Sologuren, ext. 226,

Berkadia Names Greg Rainey Associate Director at New Jacksonville, FL office

Greg Rainey
JACKSONVILLE, FL. --- Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, recently promoted Greg Rainey to Associate Director to head its new Jacksonville office at 10161 Centurion Parkway North, serving Florida’s northeast and north central regions. 

Cole Whitaker, Berkadia’s Managing Director in Orlando, said Rainey has been with Berkadia for over two years serving as broker assistant and most recently as an investment sales advisor.  

In his new role Rainey – along with Whitaker and Senior Director Jason Stanton in the firm’s Tampa office – already completed sales totaling over $30 million for two Jacksonville apartment properties: Viera at Mandarin, with 188 units at 4263 Losco Rd., and Deer Meadow with 200 units at 8859 Old Kings Road South. 

Rainey is a Florida State University graduate with a Bachelor’s in Finance and Real Estate. Since joining Berkadia, he has been involved from due diligence to closing in the sales of 39 apartment properties totaling 9,886 units throughout Florida.

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

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