Tuesday, November 29, 2016

Avison Young negotiates $13.8-million sale of Wilcox Townhome Apartments in Hollywood, CA

Wilcox Townhome Apartments, 920 North Wilcox Avenue, Hollywood, CA

Peter Sherman
Los Angeles, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has brokered the $13.8-million sale of Wilcox Townhome Apartments, a 26-unit apartment property built in 1990. The property is located in Hollywood, one of the country’s most desirable submarkets for multi-family investment.

Avison Young Principal Peter Sherman, based in Los Angeles, represented the seller, Sierra Wilcox LLC. The buyer, Pepper Lane Properties, was represented by Sperry Van Ness.

“The multi-family market in Los Angeles continues to display strength,” comments Sherman. “Well-located 1980s-1990s vintage assets like Wilcox Townhome Apartments, which leverage strong demographics and millennial demand, are highly desirable.

“We received outstanding investor interest which resulted in the $530,000 per unit price. The seller of this property saw this as an ideal time to realize a significant return on investment, and the buyer acquired an irreplaceable property with terrific bones and a path to push rents higher.”

Located at 920 North Wilcox Avenue, the Wilcox Townhome Apartments complex comprises 25 two-bedroom units and one studio unit. The property features a fitness center, outdoor-living spaces, a business center, controlled access and 50 parking spaces.

The asset is located in Hollywood’s Media District, which has been experiencing an influx of art galleries, top restaurants and new office developments over the past several years.

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

Darcie Giacchetto

HFF closes sale of 4-property self-storage portfolio in Harker Heights TX

Barbara Guffey

HOUSTON, TX –  – Holliday Fenoglio Fowler, L.P. (HFF) announced  it has closed the sale of a four-property, Store Here-branded self storage portfolio totaling 2,162 units in Austin, Denton, Fort Worth and Harker Heights, Texas.

Richard Schontz
HFF marketed the property on behalf of the seller, a joint venture partnership between Woodbridge Capital Partners, LLC and RHW Capital Management Group, LLC.  Westport Properties, Inc. purchased the portfolio.

The portfolio comprises facilities at 201 West Stassney Lane in Austin; 1815 Shady Oaks Drive in Denton; 4772 Golden Triangle Boulevard in Fort Worth and 700 Indian Trail in Harker Heights (Killeen area).

  The portfolio features 420 climate-controlled units, which is 19.4 percent of the total units; three warehouse/commercial spaces and 77 RV/surface parking spaces.  All of the properties are in highly-visible and accessible locations along the Interstate 35 corridor, a major north-south arterial highway that stretches approximately 500 miles within Texas and connects four of the state’s major cities: Austin, Dallas, Fort Worth and San Antonio.

The HFF self storage team representing the development manager was led by director Barbara Guffey, managing director Richard Schontz and associate director Matthew Weckesser.

“The acquisition of the Store Here portfolio provided Westport Properties with the scale and geographic diversification among some of the highest-growth areas in the state,” Guffey said.  “The quality of the facilities are a complement to Westport’s ever-growing national platform.”

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 | www.hfflp.com

HFF arranges $32.53 million acquisition financing for Dallas-area retail center

Jim Curtin
HOUSTON, TX –  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $32.53 million in acquisition financing for Rayzor Ranch Marketplace, a 641,000-square-foot, fully-leased retail power center in the Dallas-Fort Worth-area community of Denton, Texas.

HFF worked on behalf of Fidelis Realty Partners, to place the 10-year, fixed-rate loan with Sentinel Asset Management, a national life group company.  Additionally, HFF will service the loan, which is for 251,741 square feet of the center and excludes shadow anchors.

The HFF debt placement team was led by director Jim Curtin.

 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 | www.hfflp.com

HFF arranges $84 million financing for 5-building Orlando-area office park

Primera Towers I--4, Lake Mary, FL

Ed Coco
ATLANTA, GA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $84 million in financing for Primera Towers I–V, a five-building office park totaling 772,000 square feet in the Orlando-area community of Lake Mary, Florida.

HFF worked on behalf of a Parmenter Realty Partners investment fund and an institutional equity partner to secure the $84 million loan through JPMorgan Chase Bank, N.A.  Loan proceeds were used to acquire the property. 
Primera Towers I–V comprises 605, 610 and 615 Crescent Executive Court and 255 and 300 Primera Boulevard, which are located immediately off of Interstate 4 in the Lake Mary submarket of Orlando. 

This location has excellent highway visibility and access to an amenity base featuring several Fortune 500 Companies, more than 50 restaurants and numerous banks, hotels and retail.  

Additionally, the exclusive golf course communities of Alaqua Lakes, Magnolia Plantation, Heathrow and Timacuan are a short distance from the property.  The 89-percent-leased office park features on-site fitness centers and a café with patio seating at the Primera III building.

The HFF debt placement team representing the borrower was led by senior managing director Ed Coco and senior real estate analyst Matt Casey.

“Primera Towers provides an excellent core-plus investment opportunity,” said Coco.  “The well-occupied office park offers the ideal combination of cash flow stability and the opportunity to capitalize on continued strength in the Lake Mary submarket, while the attractive financing offered by JP Morgan was well-structured and will be instrumental in the overall success of the venture.  We are honored to be a part of this transaction and look forward to doing more business with Parmenter in the future.”

“Consolidating the ownership of the park for first time in its history presents an exciting opportunity to expand the available services and amenities of the park for our current and future tenants,” stated John Davidson, managing principal of Parmenter.

 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 | www.hfflp.com

CBRE's Philip D. Voorhees and NRIG-West Team Complete Sale of Southgate Plaza in Sacramento, CA

Southgate Plaza, Sacramento, CA

 SACRAMENTO, CA – CBRE Executive Vice President Philip D. Voorhees announced that he, Jimmy Slusher and their National Retail Investment Group – West (NRIG-West) team completed the sale of Southgate Plaza, a 339,369-square-foot grocery-anchored shopping center in Sacramento, Calif., leased to three high-performing grocers, Walmart Neighborhood Market, 99 Ranch Market and 99 Cents Only, along with a complementary mix of co-tenants including, Ross Dress for Less, Skechers, Baskin Robbins, Sally Beauty, Payless Shoe Source, Chase Bank, Farmer & Merchants Bank, Taco Bell, H&R Block and others.

The sale price for the asset, located at Florin and Franklin in Sacramento, was $42.1 million.  

Philip D. Voorhees

 CBRE’s retail investment experts Voorhees, Slusher, Todd Goodman, Megan Wood, Matt Burson, Kirk Brummer, Preston Fetrow and John Read, represented Chicago-based Wrightwood Financial on behalf of one of its managed vehicles.

The buyer, also represented by NRIG-West, was a subsidiary of NewMark Merrill Companies, LLC, a Los Angeles-based, full-service retail investment and management company.

NewMark Merrill Companies had previously been hired by Wrightwood to oversee the re-tenanting and repositioning of Southgate after the asset was taken over by Wrightwood over five years ago.

CBRE’s Sacramento-based Executive Vice President Chris Campbell and his partners First Vice Presidents Scott Carruth and Jason Read were the leasing agents on Southgate Plaza at the time of sale and generated tremendous leasing momentum over their tenure

“Southgate Plaza provided a perfect combination of daily necessity and value-focused anchor tenancy, along with an immediate upside opportunity through the lease-up of currently vacant space. Newmark Merrill excels at managing, merchandising and promoting centers like Southgate Plaza. This was a fantastic transaction for both buyer and seller,” said Voorhees. This was NewMark Merrill’s third acquisition in the Sacramento area.

Megan Wood

According to Slusher, “The property had tremendous leasing momentum despite the existing 27% vacancy at the time of sale. In the past 15 months, 53,000 square feet or 21% of the property has been leased up.”

“We have had a longstanding relationship with Newmark Merrill Companies, having previously provided capital to them, and worked closely with them as the project’s asset manager through the downturn,” said Bruce Cohen, CEO of Wrightwood Financial. “After a comprehensive market effort, ably led by the CBRE team, Newmark Merrill emerged as the logical buyer.”

“Investor demand for retail assets with strong fundamentals and an opportunity to improve NOI continue to attract strong interest from private and institutional investors alike, and an asset like Southgate, which has three daily needs generators, as well as best-of-class soft-goods retailers are especially in demand,” said Voorhees.

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

Anne Monaghan

KTGY-Designed Mixed-Use Development in Downtown Morgan Hill, CA Receives Approval

The Edes Building, Downtown Morgan Hill, CA

Dan McCranie
LOS ANGELES, CA – International award-winning firm KTGY Architecture + Planning is pleased to announce a new three-story, 10,000-square-foot mixed-use building located in the heart of downtown Morgan Hill, Calif., was unanimously approved by the city’s planning commission.

 The project, to be named The Edes Building, is being developed by local restaurateur Dan McCranie, owner of Morgan Hill’s popular Ladera Grill.

The new mixed-use development designed by KTGY aims to connect fine art, fine dining and fine wine, according to McCranie, who hopes to capitalize on the growth of Morgan Hill as a dining destination for out-of-town visitors.

 McCranie, who will own and operate the businesses in the building, worked with the Morgan Hill Historical Society to ensure the building signage will reflect the heritage of the site, which is located at 17395 Monterey Road. A recreation of a nearly 100-year-old sign will pay homage to the Edes Brothers’ hardware store that once occupied the site around 1910 after the original sign was found at a local Edes family’s residence in town.

Straying from the downtown norm, The Edes Building will feature an upscale art gallery and a café/wine bar on the first floor that will be interconnected to engage and attract people from the street level while promoting local wine makers. A grand staircase will lead to the main art gallery space on the second floor and the third floor will have a five-star restaurant with rooftop lounge.

Manny Gonzalez
“Not only will the restaurant include seating for 120 diners but it will be Morgan Hill’s first rooftop restaurant with a late-night lounge,” stated Manny Gonzalez, FAIA, LEED AP and managing principal with the Los Angeles office of KTGY.

“The traditional brick façade will be modernized with NanaWalls and backlit-perforated steel panels. And the views of the surrounding hills will offer a dining experience unlike no other in Morgan Hill.” Construction is slated to begin in early 2017, and finish by the end of the year.

At the corner of Monterey Street and East 1st Street in Morgan Hill, KTGY is also the project designer for a new four-story, contemporary-style boutique hotel adjacent the Granada Theater. “This is a very exciting time for forward-thinking city of Morgan Hill. We think that Morgan Hill will be the next Sonoma or Healdsburg, and will become a popular food and wine destination. KTGY is excited to play a pivotal role,” added Gonzalez. 

KTGY is an international full-service Architectural Design and Planning firm. With nearly 400 people in 7 offices, working in 28 states and 12 countries.

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

Anne Monaghan

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http://www.ktgy.com/ KTGY | An Architectural Design and Planning Firm