Wednesday, October 5, 2016

HFF closes sale of and arranges financing for Alton Corporate Plaza in Irvine, CA

Alton Corporate Plaza, 1733 and 1833 Alton Parkway, Irvine, CA

Ryan Gallagher
NEWPORT BEACH, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and arranged financing for Alton Corporate Plaza, a two-building, 209,351-square-foot stabilized office campus in Irvine, California.

HFF marketed the property exclusively on behalf of the seller, and procured the buyer, GI Partners. Additionally, HFF worked on behalf of the new owner to secure the loan through Goldman Sachs.  HFF was involved in the prior sale and financing of the asset in 2011.

Alton Corporate Plaza consists of the 80,088-square-foot building at 1733 Alton Parkway and the 129,263-square-foot building at 1833 Alton Parkway.  The two-story properties are fully leased and serve as the regional headquarters for Rockwell Collins. 

Situated on a 9.55-acre site within the Irvine Business Complex, Alton Corporate Plaza is accessible to the 5, 55 and 405 Freeways, John Wayne Airport and the Tustin Marine Base development within the Airport area submarket of Orange County.

Kevin MacKenzie

The HFF investment sales team representing the seller was led by senior managing director Ryan Gallagher and associate directors Derreck Barker and Nicholas Foster.

HFF’s debt placement team was led by senior managing director Kevin MacKenzie and associate director Lee Redmond.

 Founded in 2001, GI Partners is a leading middle market private equity firm based in San Francisco.  The firm currently manages over $12 billion in capital commitments through private equity and real estate strategies for recognized institutional investors across the globe. 

 For more information on GI Partners and its entire portfolio, please visit

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

Kristen Murphy
Director, Marketing
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel 617.848.1572 | fax 617.338.2150 |

HFF closes sale of three Albertsons grocery stores in Nevada and Oregon

Albertsons-occupied buildings, Henderson, NV and Baker City, OR

Nick Foster

NEWPORT BEACH, CA – September 19, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of three single-tenant retail buildings fully occupied by Albertsons and totaling 161,493 square feet in Henderson, Nevada, and Baker City, Oregon.

HFF marketed the properties on behalf of the sellers, HH Property North, LLC and HH Property South, LLC.  ValueRock Realty Partners out of Irvine, California, purchased the assets at an undisclosed price

All three properties are leased to Albertsons on a long-term triple net lease basis.  The Nevada assets comprise a 58,254-square-foot building located at 190 North Boulder Highway and a 55,000-square-foot building located at 2910 Bicentennial Parkway. 

Both centers are part of larger shopping centers in Henderson, a community southeast of Las Vegas.  The Baker City Albertsons building is 48,239 square feet and located at 1120 Campbell Street. 

For the Nevada acquisitions, the HFF investment sales team representing the seller was led by Nick Foster in conjunction with local Nevada broker David Zacharia of DZ Net Lease Realty, LLC. 

Mark West
For the Baker City acquisition, the HFF investment sales team representing the seller was led by Nick Foster, Mark West and Nick Kassab.

 “We continue to see a strong appetite for big box retail leased to national-brand grocers,” Foster said.  “Since 2015, our team has sold more than 50 single-tenant grocery stores across the western U.S.  We have been fortunate to find quality buyers who understand the lasting appeal of these daily needs operators.”

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

Kristen Murphy
Director, Marketing
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel 617.848.1572 | fax 617.338.2150 |

Wyndham Boosts Growing Footprint with Historic Colorado Springs Hotel

The Antlers Hotel, Colorado Springs, CO
PARSIPPANY, NJ – Hospitality giant Wyndham Hotel Group announced the opening of The Antlers, A Wyndham Hotel, in Colorado Springs, Colo., the latest addition to the company’s namesake Wyndham Hotels and Resorts® brand.

The Antlers, A Wyndham Hotel, owned by hoteliers John Goede and Perry R. Sanders, Jr., is in the final phase of a comprehensive renovation transforming the hotel’s 273 guest rooms and suites, lobby, restaurants, and more than 27,000 square feet of extensive meeting and event space accommodating over 2,000 people.

Perry R. Sanders
Situated in the heart of Colorado Springs, a city recently named one of the best family vacation spots in the United States by U.S. News & World Report, the upscale hotel offers spectacular views of Pike’s Peak and the Rocky Mountains and is a short walk from local shops, restaurants and museums.

Its opening increases Wyndham Hotel Group’s presence in the Colorado Springs area to 15 hotels, including The Mining Exchange, A Wyndham Grand Hotel, also owned by Goede and Sanders.

Wyndham Hotels and Resorts make travel extraordinary with personal, thoughtful touches, connecting with guests by delivering comfort that exceeds expectations with the tailored services and amenities expected at a first-class hotel.

“With more than five million visitors annually, Colorado Springs is an increasingly popular destination for U.S. travelers, making it a perfect addition to Wyndham’s growing portfolio of city-center and vacation destinations,” said Chip Ohlsson, Wyndham Hotel Group’s chief development officer for North America.

Chip Ohlsson
“We’re focused on bringing this brand to new markets by partnering with established owners like John, Perry and their management team. Their leadership, combined with the strength of the Wyndham name, will undoubtedly deliver extraordinary travel experiences to guests who stay with us at The Antlers, A Wyndham Hotel.”

Celebrating the area’s distinct landscape and local culture, the second phase of the hotel’s transformative renovation includes a new rooftop pool and bar with direct views of Pike’s Peak; a lobby bar with 100 beers showcasing local Colorado micro brews and 100 Colorado craft spirits; and dinner service at the new Antlers Grill, home to local Colorado fare.

Additional offerings will include a rooftop garden and apiary, a new Italian restaurant, a 24-hour fitness center and an indoor pool and hot tub.

The Antlers, A Wyndham Hotel, is the latest hotel to join the global Wyndham brand, which consists of nearly 100 locations in major urban and resort destinations around the world. Earlier this year, Wyndham Hotel Group announced the signing of the first Wyndham hotel in Africa, Wyndham Addis Ababa Bole Road in Ethiopia, as well as the brand’s first Vietnam location, slated to be the tallest building in Danang.

The Antlers first opened in 1883 by the founder of Colorado Springs, General William Jackson Palmer, and housed the General’s large and envied collection of hunting trophies. Then known as “Little London” because of the multitude of English tourists to the hotel, it featured modern conveniences of the time including a hydraulic elevator, central steam heat and gas lights. The hotel was rebuilt in 1901 following a fire and again in 1967, still standing today in its original location.

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

Kathryn Zambito
Wyndham Hotel Group
22 Sylvan Way
Parsippany, NJ  07054
(973) 753-6590

Real Estate Capital Institute Finds Mortgage Markets Behaving Like Musical Chairs With Liitle Rate Movement

Jeanne Peck
Chicago, IL -- Chicago-based Real Estate Capital Institute reports "The Song Remains the Same" is the
musical theme for mortgage markets during this heated pre-election season.

Markets behave more like musical chairs, with little movement in rates.  As
the economy rises towards full employment, few politicians and Fed
policymakers fear making any serious economic changes for now.  Even with
inflation concerns, expect the Fed to respond with rate hikes gradual and
most likely next year.

Borrowers are not concerned about an imminent, material increase in long
term rates but they ARE motivated to refinance off their long term
financings locked in from 2005-2007 so some are still looking to close this
year to achieve significant interest rate savings; at the very least they
are closely tracking the dates of their "prepay at par" clauses in the
documents.  They are mixed with preferences between floating rate and fixed
rate structures.

Otherwise, not much excitement, other than mortgage money pricing remains
low. With the exception of a mid-month spike, benchmark treasuries moved
down modestly, settling at about the same levels as the beginning of the
month. Longer-term mortgages range stay in the 3%+ range, while shorter term
rates start in the mid-2% range - a relatively tight yield curve between
various maturities.  Other trends include:

*    Renewed conduit investor activity helps the industry regain ground -
AAA credit components priced in the low 100 bps range over treasuries.

*    Rate "tweaking" not as important with many borrowers given the
already low levels.  More emphasis on other underwriting variables
(prepayment, leverage, debt coverage, etc.)

*    Maximum leverage loans still available from agencies, and more life
insurance companies team up with mezzanine providers for higher proceeds.

*    FHA/HUD multifamily funding programs continue providing higher
leverage construction/perm debt, even as banks pull back from maximum loan
amounts within this sector.

Ms. Jeanne Peck, director of The Real Estate Capital Institute(r), advises,
"Markets are on a steady course for the remainder of the year, irrespective
of who takes control of the White House.  Still a great time to borrower

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

 Jeanne Peck, Executive Director

ATTOM Data Solutions Finds Homeowners Ahead in Democrat-Controlled Congressional Districts

IRVINE, CA -- ATTOM Data Solutions analyzed homeowners living in Democrat-controlled congressional districts have gained more than twice as much in housing wealth as homeowners living in Republican-controlled districts over the past eight years.

Highlights in the report:

 ·         Among 2.4 million single family homes purchased eight years ago, those in Democrat-controlled districts have gained an average $59,467 in value since purchase — a 21 percent return — compared to a $22,086 return representing a 10 percent ROI for homes in Republican-controlled districts.

·         Homeowners in Republican-controlled districts are paying lower property taxes — $2,514 on average representing a 1.02 effective tax rate compared to $3,659 representing a 1.07 percent tax rate for homeowners in Democrat-controlled districts.

·         Counter to the national trend, seven of the 11 battleground states in the 2016 presidential election have produced better ROI for homeowners in Republican-controlled districts.

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

29th Street Capital Acquires Seventh Houston Area Multifamily Community

Javier Bustillo
Houston, TX – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Clear Lake Condominiums, a 284-unit multifamily rental community in Webster, Texas.

The transaction represents 29SC’s seventh acquisition in the greater Houston market. The firm’s strategy will be to invest approximately $2 million into renovations to upgrade unit interiors, enhance the property exterior and add or update key resident amenities. The firm will rebrand the community as Barringer Square Apartments.

The property is in Webster, Texas, a submarket of Southeast Houston. It is located on Galveston Road between NASA’s Johnson Space Center and Ellington Airport, which has federal approval to become the nation’s first truly urban spaceport.

 The spaceport, which could open in two years, includes plans for an aerospace and innovation hub. The apartment community is also minutes from Baybrook Mall – just across I-45 – which recently added 500,000 square feet of high-quality retail space.

“We are extremely excited about this acquisition,” said Javier Bustillo, 29SC’s Senior Vice President of Acquisitions for Texas and Georgia. “We feel that this is a very unique community in a great submarket and we are eager to implement our value-add strategy immediately.”

29SC plans to invest approximately $7,000 per unit in capital to improve the asset. Interior unit upgrades will include new stainless steel kitchen appliances, cabinets, countertops, backsplashes, flooring and fixtures.

Stan Beraznik
  Key exterior improvements will include new roofing, siding and fresh paint as well as fa├žade repairs. The firm also plans to improve the resident experience by overhauling the leasing center and clubhouse, adding a playground for families with children, creating covered outdoor grilling areas and constructing a large dog park.

The transaction closed September 30. The sale price was not disclosed.

29th Street Capital has acquired 15+ multifamily assets over the past 12 months in markets including Phoenix, Arizona; Denver, Colorado; Chicago, Illinois; Austin, Texas; and Oakland, California. 

It is also actively pursuing additional opportunities throughout the U.S. The firm continues to target opportunities that fall below the institutional radar, with the intention of offering its investors above-market returns.

For investment inquiries, contact:
Stan Beraznik, Founder and Managing Principal at 29th Street Capital
415.643.6875 |

For a complete copy of the company’s news release, please contact: Terri Thornton
Partner, Thornton Communications
Phone: 404-932-4347

Shopoff Realty Investments Acquires Two Loft Commercial Buildings in Chicago

William Shopoff
 CHICAGO, IL (Oct. 5, 2016) – Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced today that the company has acquired two creative loft commercial buildings in premier Chicago neighborhoods. 

In line with the company’s strategy, there is a possibility of the addition of a co-investor in the near future.

The properties are located at 900 N. Franklin Street and 224 N. Desplaines Street in the River North and West Loop neighborhoods, respectively. 

The 900 N. Franklin Street building is a 87,270-square-foot creative, loft office space with outstanding views, close to restaurants and retail establishments. As of the date of the acquisition, the occupancy rate is 89 percent.

The 224 N. Desplaines Street building is a 76,729-square-foot creative, loft office space boasting excellent views and modern amenities in the booming West Loop neighborhood that is close to some of Chicago’s best restaurants and bars. As of the date of the acquisition, the occupancy rate is 92 percent.

David Placek
“Both properties are located in prestigious Chicago neighborhoods and currently renting at 30 percent below market rates,” said William Shopoff, chief executive officer of Shopoff Realty Investments.

“There is a shift by employers moving away from traditional office spaces in the Chicago suburbs to more open, creative-style offices with character downtown,” said David Placek, executive vice president of Shopoff Realty Investments. 

“With limited loft-style office inventory available, our plan is to focus on interior improvements and updates with the intention of stabilizing rents at current market rates.” 

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

Jill Swartz
Spotlight Marketing Communications
949.427.5172, ext. 701

 or call (844) 4-SHOPOFF.

$3 Million Loan on Winter Park, FL Industrial Property Arranged by Marcus & Millichap Capital Corp.

Robert Bhat
WINTER PARK, FL – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged a $3 million non-recourse loan secured by a small-bay industrial property located in Winter Park, Fla. 

Robert Bhat, a director in MMCC’s Miami office, arranged the debt placement.

“The borrower, who specializes in value-add, small-bay industrial projects, acquired this property back in 2014 when it had minimal occupancy.  Shortly after they renovated and stabilized the property, we were able to secure a loan with attractive terms,” says Bhat.

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

Kirk A. Felici
First Vice President/Regional Manager;
Miami Office


Grandbridge's Adam Lipkin Closes $19 Million in Financing for New York Investor

Adam Lipkin
MIAMI, FL and CHARLOTTE, NC. (Oct. 4, 2016) — Adam Lipkin, vice president of Grandbridge Real Estate Capital's Miami team, has secured three loans totaling $18.75 million for a New York-based investor’s acquisition of three retail properties in the Southeast.

The financing provided to Big V Capital is an example of how a third-party advisor like Grandbridge can facilitate creative financing solutions and obtain extremely favorable terms for value-add investors.

Led by Lipkin, Granbridge placed the loans with a major regional bank. The five-year loans have floating rates of under 3 percent with two years interest-only, followed by a 25-year amortization schedule.

A vertically integrated real estate investment and property management company, Big V Capital specializes in buying and managing neighborhood and community shopping centers throughout the Southeast. The company acquired the three shopping centers totaling 457,695 square feet for $24 million (or $52 per square foot) from Ziff Properties, Inc. of Charleston, S.C.

Lanier Plaza, Brunswick, GA

The portfolio includes the following properties:

·             Village at Myrtle Grove, a 74,370-square-foot community shopping center located in Wilmington, N.C.
·             Lancer Center, a 180,194-square-foot community shopping center located in Lancaster, S.C.
·             Lanier Plaza, a 203,876-square-foot grocery-anchored community shopping center located in Brunswick, Ga.
“The portfolio represents an intriguing value-add investment opportunity to pick up high-quality, well-located assets with strong cash flow at a low cost basis,” Lipkin said. “There is significant value creation available through further leasing at the centers.”

To facilitate the floating rate financing, Lipkin educated the borrower about the potential cost savings and other benefits of floating rate debt over fixed-rate debt, including the efficient ways to hedge against an increase in LIBOR with interest rate caps at a minimal cost. 
Village at Myrtle Grove, Wilmington, NC
“Value-add borrowers can end up breathing a deep sigh of relief knowing they didn’t pay to lock in a fixed-rate loan at a spread of 100 basis points or more,” Lipkin said. “The interest savings can be huge over a 3-to-5 year period.”

Interest rate exposure can be a critical component of the success of a project, according to Lipkin. Interest rate caps can provide multiple advantages over other hedges, like rate swaps, including no prepayment penalties and minimal transaction costs.

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

Eric Kalis