Wednesday, April 26, 2017

HFF arranges $8.5 million construction financing for medical office building in Riverside, CA


 
Rendering of Planned Medical Plaza, Riverside, CA

 
Zach Koucos
SAN DIEGO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged an $8.5 million construction-to-permanent financing for a to-be-built, 27,000-square-foot medical office building in Riverside, California.

HFF worked on behalf of the borrower, Pacific Medical Buildings (PMB), to secure the 12-year, fixed-rate loan through a correspondent life insurance company. 

Due for completion in January 2019, the entire facility will be leased to RadNet Management, Inc. (NASDAQ: RDNT), and will operate as a cancer center with linear accelerator vault, imaging center and clinical programs.

The property is situated at 4536 Olivewood Avenue, adjacent to the Riverside Freeway and just south of its intersection with the Pomona Freeway in the Inland Empire.

HFF’s debt placement team representing the borrower was led by director Zach Koucos and associate Olga Walsh.  Jake Rohe, Ben Ryan, and Ben Rosenfeld led the transaction for PMB.

“We’re seeing an increasing number of capital providers taking an interest in the healthcare asset class, particularly with great sponsors such as PMB,” Koucos said.

“Radnet is a leader in value-based healthcare delivery and we are proud to be their healthcare real estate development partner helping them deliver low-cost, high-quality healthcare services to the greater Riverside community,” said Ben Rosenfeld of PMB.


Olga Walsh
Pacific Medical Buildings (PMB) is an integrated medical office building developer and a healthcare real estate partner for health systems, hospitals, medical groups, and universities.

 PMB specializes in developing, leasing, and managing medical office buildings, ambulatory care centers, clinics, academic medical facilities, and parking structures. 

For more than 40 years, PMB’s executives have led the industry in the development and management of medical care buildings, with 90 healthcare projects constructed to date throughout the Western United States.

The firm currently owns and manages 56 facilities totaling approximately more than 3.6 million square feet with more than 8,000 structured parking stalls, and has 8 projects under development totaling over 650,000 square feet.

 The San Diego-based firm also has offices in Austin, Chicago, Las Vegas, Los Angeles, Nashville, Phoenix, Portland, and Vancouver.

 For more information, please visit PMB’s website at www.pacificmedicalbuildings.com

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

Kristen Murphy
Director, Public Relations
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel 617.848.1572 | cell 617.543.4873 | www.hfflp.com



U.S. Hotel Profits Grow in 2016 Despite Slowdown in Revenue

  
 
R. Mark Woodworth
  Atlanta, GA –– U.S. hoteliers enjoyed a seventh consecutive year of increasing profits in 2016 despite a slowdown in the rate of revenue growth.  

According to the recently released 2017 edition of Trends® in the Hotel Industry by CBRE Hotels’ Americas Research, total operating revenue, driven by a 0.2 percent rise in occupancy and a 2.5 percent growth in average daily rate (ADR), increased by 2.4 percent in 2016 for the average hotel in its survey sample. 

However, by limiting the growth in operating expenses to just 1.6 percent, managers at the Trends® properties were able to extract a 3.7 percent increase in gross operating profits (GOP) for the year.

“The competitive market conditions faced by U.S. hotels in 2016 have been well documented.  With the results of the 2017 Trends® report, we now have an understanding of the impact that the modest revenue gains had on the bottom-line,” said R. Mark Woodworth, senior managing director of CBRE Hotels’ Americas Research. 

“Clearly, U.S. hotel operators saw the threat of stagnant or declining occupancy and slow ADR growth and reacted by controlling expenses.  The 3.7 percent increase in profits is the lowest we have observed since the Great Recession, but was a commendable accomplishment given the upward pressures on labor and distribution costs.”
  
 For a complete copy of the company’s news release, please contact:

Chris Daly
Daly Gray Public Relations
703 435 6293



NAI Realvest Transaction Broker Completes Strategic Lot Split Sale in St. Cloud, FL for CenterState Bank

  
Veronica Malolos


KISSIMMEE, Fla. -- Veronica Malolos, a broker with NAI Realvest, recently completed a $590,000 sale of the former CenterState Bank building at 2801 13th St. in St. Cloud that enabled the bank to build a new facility for its operations before closing.

Malolos said when Buyer JSA Properties of St. Cloud, LLC (for St. Cloud  Compounding Pharmacy)  made the offer on the 2,542 square foot building, Seller CenterState then proceeded to do a lot split and began construction of its new branch bank building on the piece of the parcel at the corner of U.S. 192 and Budinger Ave. 

As soon as construction was complete in early April, the bank moved to its new building and the pharmacy closed on the former bank building. 

St. Cloud Compounding Pharmacy is now in the process of moving their current operations to the new U.S. 192 location.

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



Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

Michael Heidrich at NAI Realvest Negotiates Five Leases in 30 days for Industrial Space Totaling 38,235 Square Feet in Sanford, FL



Michael Heidrich
 SANFORD, FL --- Michael Heidrich, Principal at NAI Realvest negotiated five leases within 30 days (March 7 – April 7) totaling more than 38,235 rentable square feet including four new tenants at Monroe CommerCenter South and one long-term renewal at NorthStar Business Park.

Heidrich brokered all five transactions on behalf of the landlords. 

At Monroe CommerCenter South, located off Church St. and Monroe Rd. Heidrich represented Landlord Monroe South RE, LLC in new lease agreements totaling 26,235 rentable square feet for the following new tenants:

Northern Star Millwork, LLC with 13,125 square feet; IQ Power, LLC with 6,000 square feet; HK Trading USA, Inc., 3,750 square feet and TriStar Marketing & Distributing, LLC 3,360 square feet. 

At NorthStar Business Park located off Upsala Rd. and SR 46, Heidrich represented Landlord SBS Property Investments, LLC based in New Smyrna Beach, in a lease renewal for 12,000 square feet occupied by Jacksonville-based Guardian Fueling Technologies, Inc.


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


Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com



Cooper Carry Project Nabs Prestigious NAHB Award For Industrial Apartments With Historic Past in Old Town Alexandria, VA


Brandon Lenk
ALEXANDRIA, VA – From a cotton factory and civil war prison to bottling plant and office space, a historic building in Old Town Alexandria, Virginia has reinvented itself yet again after taking home top honors in one of the nation’s premier residential awards competitions.

Designed by internationally recognized design firm COOPER CARRY, “The Mill at 515” on Washington Street won a Platinum award in the 2016 “Best In American Living” competition.  

The project was honored in the “Best Adaptive Reuse, Multifamily” category, which recognizes buildings that revitalize existing buildings while still preserving their historic character and charm.

“From the onset it was imperative to us that the transformation of ‘The Mill’ did not degrade the rich legacy of the building and site,” said Brandon Lenk, AIA, Project Architect at COOPER CARRY.

 “CAS Riegler, our client, developed a project that met the approval of multiple historic and architectural review committees, and I think the end result is truly unique. The beauty of historic adaptive reuse projects like The Mill, is that they cannot be replicated.

“This is a one-of-a-kind structure that combines a historic past with the modern benefits and amenities one might expect in a newly constructed residential facility.”

Built in 1847 and originally known as The Mount Vernon Cotton Factory, “The Mill” was seized by Union soldiers during the Civil War and converted into a makeshift prison for enemy combatants.

Bedroom, The Mill at 515 Loft Apartment
 After lying dormant for a few decades, it later served as a bottling plant, spark plug factory, and most recently, office space. The 26,000 plus square foot structure was taken down to its brick and wood frame in 2013 to enable the restoration process.

The newly-transformed industrial lofts have 25 living units which feature contemporary touches such as exposed brick walls, interior steel stairs and railings, stainless steel appliances, high-end countertops and white cabinetry throughout.

Studio, one-bedroom and two-bedroom apartments range from 450 to nearly 2,000 square feet, while a club room on the top floor offers spectacular views of Washington D.C. and Old Town Alexandria.

CAS Riegler is the developer for the project, and Snead Construction served as general contractor. For more information on the 2016 “Best In American Living” awards, visit the NAHB website.


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


Liana Moran
The Wilbert Group
404.748.1367

La Jolla, CA Retail Condominium Achieves Record Price Per Square Foot


Retail Condominium, 1020 Prospect Street, San Diego, CA
                                                                                                             (Image Courtesy of CoStar)

 
David Maxwell
SAN DIEGO, CA –– Colliers International San Diego Region announces the sale of a 3,517-square foot, two-unit retail condominium located in La Jolla, CA for $4,650,000. At $1,322/square foot, this sale sets the record for shell retail space.

Bill Shrader, David Maxwell, Joe Brady and Luke Holler of Colliers International’s Urban Property Group represented the seller, Hammer Ventures on behalf of RREF II-HV PROSPECT PROPERTY OWNER, LLC. The Cove Equity Group, LLC purchased the property with no outside representation.

The condominium is located at 1020 Prospect Street on the ground floor of Muse, a new 16-unit, ultra-luxury residential building currently under redevelopment.

The current restoration and renovation of this classic icon preserves the integrity of the architects’ original modernist vision while elevating the property to a whole new level that meets the expectations of modern luxury.

“The buyer was attracted to the iconic Prospect & Girard location at Muse, which is one of the best-located retail spaces in the county,” said Bill Shrader, leader of the Urban Property Group and Senior Vice President at Colliers International San Diego Region.
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 For a complete copy of the company’s news release, please contact:


Kenny Moore  |  Associate
C 760 468 0394 

Cushman & Wakefield Negotiates $158.5M Sale of Montage at City Center in Pembroke Pines, FL




Montage at City Center, 10170 SW 7th Street, Pinebroke Pines, FL

Robert Given
PEMBROKE PINES, FL, April 26, 2017 — Cushman & Wakefield announced today that it has negotiated the sale of the Montage at City Center, a 700-unit mid-rise and townhome residential asset located at 10170 SW 7th Street in Pembroke Pines, FL.

Vice Chairman Robert Given and Executive Managing Director Zachary Sackley of Cushman & Wakefield’s South Florida Multifamily Team, along with Senior Managing Director Troy Ballard, Financial Associate Neal Victor and Financial Analyst Aaron Mandel represented AVR Realty Company in the disposition. An affiliate of Harbor Group International, LLC acquired the asset for $158.5 million.

Montage at City Center consists of 700 units in 12 mid-rise and 28 townhome buildings. The community offers a mix of one-, two- and three-bedroom units. Montage at City Center was built in two phases. Phase One (422 units) was completed in 2014. Phase Two (278 units) was completed in 2015.

Units at Montage at City Center feature formica countertops, espresso cabinetry, stainless steel appliances and hard surface flooring. Property amenities include a LEED Gold-certified clubhouse, two resort-style pools, a fitness center, business center, game room and demonstration kitchen. Private garages and storage units are available for rent.

Troy Ballard
The property is currently stabilized with 95% occupancy and an average market rent of $1.55 per square foot.

“Montage’s walkability to the future development of the Pembroke Pines City Center and recently completed amphitheater makes this a compelling investment opportunity,” said Given. “The property is located in the heart of very strong retail dynamics and tremendous employment drivers.”

Pembroke Pines City Center is a 47-acre mixed-use project that will feature a mix of retail, office and residential. Terra Group is the developer of the phased project, with Phase One consisting of 200,000 square feet of retail anchored by a 45,600-square-foot Publix.

Phase Two will add 450 apartments and 100,000 square feet of office. Additionally, the city is in the process of completing a $60 million civic and cultural center, which includes a new city hall, 3,500-seat performance space, a standalone commission chamber and a 1,000-square-foot arts center. All of this is less than a mile from Montage at City Center.

“The location and asset quality of Montage position it as a core-plus opportunity, allowing for a light value-add program enhancing the interiors and creating additional rent premiums,” said Sackley.

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions.


Aaron Mandel
Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory.

2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action.

To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com
 or follow @CushWake on Twitter.

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

David A. Meyer 
Meyer Media 
407.489.7488 


Hanley Investment Group Completes Sale of New Single-Tenant Net-Lease LA Fitness in Chicago Metro Area



LA|Fitness, 620 North York Street, Elmhurst, IL


Austin Blodgett
ELMHURST, IL - Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, arranged the sale of a new single-tenant net-lease investment occupied by LA Fitness in an off-market transaction. The property is located in the Chicago metro area in Elmhurst, Illinois.

Hanley Investment Group Associate Austin Blodgett and Executive Vice President Eric Wohl represented the seller on this transaction. The seller was a development company based in the Chicago area and the buyer, which represented themselves, was a publicly-traded REIT. The purchase price could not be disclosed.


Completed in late 2016, the new 37,000-square-foot single-tenant building is situated on 4.8 acres at 620 North York Street in Elmhurst, Illinois, adjacent the I-290/Dwight D. Eisenhower Expressway on/off-ramp in DuPage County.  LA Fitness just executed a brand new 15-year primary lease term with a number of options.

“This is a highly visible/high traffic intersection located at the off-ramp of the I-290/York Road exit in west suburban Elmhurst, adjacent a new Starbucks-anchored multi-tenant building and near Mariano’s Fresh Market,” said Blodgett. “Numerous quick-serve restaurants and other national and regional retailers are in the area.”

Eric Wohl
According to Blodgett, “The sale of single-tenant health clubs has become a much more viable retail investment alternative in today’s market.

 Private and intuitional investors are seeing the value and security of the income stream from a single-tenant health club, especially those leased to LA Fitness, one of the most successful private retailers in the United States and the #1 health club in the nation.

 Also, being that health clubs are a service retailer, investors are turning to this product type to avoid investments that may be impacted by Amazon in the very near future.” 

LA Fitness has more than 690 locations in 32 states and Canada and is continuing to open more clubs from coast to coast.

Wohl added that the number of health clubs opening has increased as more people want to live a healthier lifestyle. “Having a health club located close to where people live motivates more people to work out, and at the rate that LA Fitness is growing these health clubs will be accessible to nearly everyone in the country by just a short drive away,” Wohl said.

Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $5 billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved.

For more information, visit www.hanleyinvestment.com
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 For a complete copy of the company’s news release, please contact:

Anne Monaghan
MONAGHAN COMMUNICATIONS, INC.

830.997.0963

Tuesday, April 25, 2017

Errol Blumer Joins Cushman & Wakefield’s South Florida Multifamily Team


 
Errol Blumer
FORT LAUDERDALE, FL — Cushman & Wakefield announced Errol Blumer has been hired as an Associate on the South Florida Multifamily Team.

Blumer will join the Fort Lauderdale-based team led by Vice Chairman Robert Given. This team focuses exclusively on the needs of institutional and private owners of multifamily properties, land development, and structured equity and debt finance throughout South Florida.

The South Florida Multifamily Team comprises 15 seasoned professionals with over 130 years of combined real estate and investment sales experience and over $20 billion in multifamily production. Blumer will assist with business development, client management and the creation of research and marketing collateral.

Before joining Cushman & Wakefield, Blumer served at Avison Young, where he contributed in more than $650 million in capital markets, debt and equity transactions throughout the Southeast. 

Blumer also served as a Transaction Manager for Apartment Realty Advisors (now ARA Newmark) and Senior Acquisitions Analyst at Green Springs Property Management in West Palm Beach.


Robert Given
“Errol is a tremendous addition to our team and we’re excited to welcome him aboard,” said Given. “His experience, skill set and market knowledge dovetail perfectly with our needs and significantly advance our ability to serve our clients.”

“It’s an honor to be a part of such a dynamic and well-respected team,” said Blumer. “Robert and his team have set the bar extremely high and I very much look forward to the challenges ahead.”

Blumer holds a Bachelor of Arts in History from the University of South Florida. He also earned an MBA in Finance and graduate certificate in Real Estate Development from Nova Southeastern University.



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

David A. Meyer 
Meyer Media 
407.489.7488 


Raintree Partners Expands Rapidly; Adds Acquisitions and Operations Veterans to Bolster Growth



Annette Thurman
             LAGUNA NIGUEL, CA – Raintree Partners, a private commercial real estate investment company that acquires, develops and redevelops multifamily and mixed-use properties in California, has announced a recent growth milestone accompanied by an expansion of its acquisitions and operations team.

            “We have been extremely active in the market in recent months, increasing our existing portfolio by 25 percent,” explains Aaron Hancock, Managing Director of Raintree Partners.  “We now own nearly 5,000 units throughout California, and we continue to actively acquire assets that meet our investment criteria.”

            Hancock notes that Raintree’s acquisitions team has recently widened its scope to include smaller properties ranging from 25 units and larger.

            “We focused on larger assets for many years, however the market has shifted and we’re nimble enough to shift with it,” says Hancock. “We continue to draw upon our expertise in this multifamily niche in order to identify acquisition and development opportunities where we can create and maintain long-term value.”

            In addition to expanding its portfolio, Raintree is launching an intensive renovation program for its existing assets, with plans to implement more than $23 million in capital improvements portfolio-wide in 2017.

Ian Couwenberg
           








 “As property operators with an owner’s perspective, we recognize the opportunity to improve our assets strategically in order to grow rents, drive ongoing occupancy, and create the best resident experience possible,” explains Jason Check, Managing Director for Raintree Partners. 

            To maintain its active acquisition pace while conducting this capital improvement campaign, Raintree has added two industry veterans to its team, Ian Couwenberg as Director of Acquisitions, and Annette Thurman as Senior Director of Asset Management.

“Ian and Annette are seasoned professionals with the critical skills to continue our forward momentum while maintaining our high standards of excellence,” explains Check.

Ian Couwenberg brings a wealth of industry experience to Raintree.  Most recently serving as Vice President of Acquisitions and Dispositions for Sack Properties, Couwenberg began his career as a multifamily broker for CBRE, and has also been the Director of Investments at Equity Residential and Assistant Vice President of Acquisitions at Archstone Smith.

Annette Thurman boasts nearly two decades of experience in commercial real estate. Most recently, she served as Senior Vice President, Northwest at Alliance Residential Company, where she oversaw 82 assets consisting of nearly 20,000 units.  She also served in senior positions at Riverstone Residential and Fairfield Residential, LLC.  In her new role, Thurman will oversee Raintree’s capital improvement program and spearhead all asset management initiatives.

Aaron Hancock
            Raintree Partners pursues the development, acquisition and ownership of multifamily and mixed-use properties in high-growth Western U.S. markets with a particular focus on the major metropolitan areas in Southern and Northern California. 

With patient institutional equity capital, Raintree Partners has the ability to take a long-term investment perspective in the execution of its acquisition and development strategy. 

More information is available at www.raintreepartners.com.



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


Elisabeth Manville/Jenn Quader
Brower, Miller & Cole
(949) 955-7940




Daum Commercial Helps Medical Device Testing Company Double Its Orange County, CA Footprint with Irvine Industrial Lease


 
Rick Turner
 IRVINE, CA – DAUM Commercial has directed the 10-year lease of a 33,324 square-foot freestanding industrial building in Irvine, California. 

Rick Turner, a Senior Associate in DAUM’s Newport Beach office, represented the lessee, a medical device testing company that is relocating from a 16,000 square-foot space in Fountain Valley – doubling its footprint in Orange County.

 “We began the search in North Orange County, close to the Client’s existing facility. However, with 2.3 percent industrial vacancy county-wide, we knew widening the parameters was required,” says Turner. 

“By expanding the search geographically, we were able to identify this high-image building, which is in close proximity to many of the tenant’s existing and target customers, making this the perfect fit for their expansion.”

Turner notes that the facility features many of the specific items the tenant was seeking, including in-place climate control options and existing office space to accommodate the precise demands of the medical device testing industry.

“Our Client plans to implement a series of improvements that will transform the space into a state-of-the-art testing facility,” says Turner.  “Further, the 10-year lease term closed with a five-year option, giving the landlord a strong, dependable tenant for many years to come.”

Turner explains that these lease terms are rare in the current Orange County market, where availability and pricing continues to drive prospective tenants north or inland.

“This lease speaks to the high quality of our Client’s company, and to our firm’s ability to identify solutions even in a tightening market,” says Turner.

The building is currently vacant and is located at 9400 Toledo Way in Irvine, California, off Alton Parkway and in close proximity to the I-5 Freeway.  The new $4.5 million lease begins on May 1, 2017.  

The landlord, John Meehan of Meehan Holdings, LLC, represented himself in the transaction.

DAUM Commercial is a leading provider of commercial real estate services including brokerage, tenant representation, consulting, leasing, sales and property management. Founded in 1904, DAUM focuses on longstanding client relationships and draws upon its century-long track record to deliver steadfast insights and proven results to clients throughout the U.S.

DAUM has ten offices throughout Southern California and Arizona. More information is available at


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

Miki Conant
Account Executive
Brower, Miller & Cole
895 Dove Street, Third Floor
Newport Beach, CA 92660
p: (949) 955-7940 / c: (832) 260-4414


Monday, April 24, 2017

Lifescapes International Redefines Urban Living In Downtown Los Angeles; Complees Landscape Design for 25-story Luxury Condo Development

Trumark Urban’s TEN50,  Downtown Los Angeles, CA


LOS ANGELES, CA (April 24, 2017) – Lifescapes International, the landscape architectural firm behind iconic destinations such as The Grove in Los Angeles and Wynn Las Vegas, has recently completed the landscape design for Trumark Urban’s TEN50, the new, luxury 25-story high-rise featuring 151 luxury residences in the heart of downtown Los Angeles.

 “The first, for-sale residences in the market in more than a decade, TEN50 is unlike any other luxury condo development in Southern California,” says Julie Brinkerhoff-Jacobs, President of Lifescapes International.  “The project re-envisions the Los Angeles skyline with exquisite new homes and offers unparalleled, state-of-the art amenities to complement an entertainment-focused, active lifestyle.”

Julie Brinkerhoff-Jacobs

TEN50 features a private screening room, an ultra-modern fitness studio, and a drone delivery service, complete with the first air-delivery-ready drone landing pad in the country.

Lifescapes designed the landscape environment for the project’s sixth floor outdoor terrace and pool deck known as “The Fifty,” which blurs the lines between indoor and outdoor living, spilling seamlessly out from the gathering spaces inside. The design features resort-style amenities that feel like a boutique hotel, including entertainment bars, fire tables for city-light viewing parties, and vibrant water features.

            “Entertainment-driven environments are redefining residential living, and we continue to deliver on this concept,” says Brinkerhoff-Jacobs. “For TEN50, we successfully blended urbanism with thoughtful landscape design in a way that appeals to multiple generations.”

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

Katie Kea or Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940



HFF closes sale of and secures $38.2 million financing for suburban retail center near Houston

First Colony Commons, Sugar Land, TX

Rusty Tamlyn

HOUSTON, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and secured $38.2 million in acquisition financing for First Colony Commons, a 410,121-square-foot retail center with multiple big box tenants in the Houston suburb of Sugar Land, Texas.

HFF represented the seller, Covington Realty Partners.  TriGate Capital (TriGate) purchased the property for an undisclosed price.  Additionally, working on behalf of the new owner, HFF placed the five-year, floating-rate, non-recourse loan with a five-year extension option with NexBank SSB.

First Colony Commons is 99 percent leased to a variety of big box and national retailers, including The Home Depot, Babies"R”Us, Office Depot, Michaels, Conn’s and Tuesday Morning.  

Situated on 37.85 acres at 15201-15555 Southwest Freeway, the center is at the highly visible intersection of Highway 59/Interstate 69 and Williams Trace Boulevard, which is accessible to approximately 239,321 vehicles per day.  

The property is just north of the intersection of Highways 59 and 6, the two main transportation corridors that link Houston to Sugar Land.  Sugar Land is an affluent community 20 miles from downtown Houston and in the heart of Fort Bend County, the sixth fastest-growing county in the country.  More than 85,000 residents earning an average annual household income of more than $134,000 live within a three-mile radius of First Colony Commons.

HFF’s investment sales team was led by senior managing directors Rusty Tamlyn and Ryan West.

HFF’s debt placement team was led by director Jim Curtin.


“This power center had a lot of moving parts, which presented challenges for buyers and lenders,” Tamlyn said.  “TriGate was able to navigate through the issues and will have potential value add opportunities down the road.”


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

Kristen Murphy
Director, Public Relations
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel 617.848.1572 | cell 617.543.4873 | www.hfflp.com


HFF arranges $24 million financing for 43-unit luxury apartment community in Chicago’s River North


 
Daniel Kaufman
CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $24 million in financing for The Hensley, a 43-unit luxury apartment community in Chicago’s River North neighborhood.

Working on behalf of the borrower, Akara Partners, HFF placed the three-year, floating-rate loan with Heitman LLC.  The loan refinanced existing construction financing on the property.

Completed in 2016, The Hensley is located at 707 North Wells Street in the vibrant River North neighborhood of downtown Chicago.  The 11-story boutique property is 100 percent leased and has a mix of one-, two- and three-bedroom floor plans averaging 1,053 square feet each.

  The Hensley also has 5,892 square feet of ground-floor retail, which is fully leased to GT Prime, a new restaurant from the Boka Restaurant Group.  

Apartment finishes include nine-foot ceilings, floor-to-ceiling windows, Samsung appliances, quartz countertops, spa-inspired shower fixtures, custom closets, vinyl plank flooring, Nest thermostats and expansive private terraces.  The community features a fitness center and a 12th floor roof deck with a fire pit, kitchen, grilling stations and lounge seating.

Stephen Skok



The HFF debt placement team representing the developer was led by managing directors Danny Kaufman and Stephen Skok. 

“It was an absolute pleasure to work with the team at Heitman,” Kaufman said.  “They were very responsive to the impressive project that Akara delivered.” 

“New unit absorption is continuing at a rapid pace in the River North residential market,” Skok added.  “It is a sign of downtown Chicago’s appeal and a result of new job creation in the city.”

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

Kristen Murphy
Director, Public Relations
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel 617.848.1572 | cell 617.543.4873 | www.hfflp.com



Stepp Commercial Completes $14.4 Million Sale of Sandpiper Apartments in Whittier, CA


Sandpiper Apartments, 14515 Leffingwell Road,.Whittier, CA

Robert Stepp
Whittier, CA, April 24, 2017 – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $14.4 million sale of Sandpiper Apartments, a 71-unit apartment community in Whittier, Calif.

Principal Robert Stepp and Vice President Michael Toveg of Stepp Commercial represented the seller, Los Angeles-based Westside Capital Partners LLC, as well as the buyer, a private investor from Long Beach who was in a 1031 exchange. The property closed at a 4.84 percent cap rate and a price per unit of just under $202,000.

Built in 1965, the property is situated on 2.09 acres at 14515 Leffingwell Road. The unit mix includes 41 two-bedroom units, 29 one-bedroom units and one studio. 

Fifty-five units were recently renovated to include updated kitchens featuring new custom cabinets, granite countertops and stainless steel appliances; as well as new vinyl plank and carpet flooring. 

The property includes a pool and sun deck, barbeque area, gated carport parking with 93 spaces, controlled access entry, and fully landscaped grounds.

Michael Toveg



“Whittier is a market that has an undersupply of quality rental units and the buyer liked that this property offered a competitive edge as a majority of the units have been upgraded to attract and retain tenants and garner favorable rental rates,” said Stepp.

 Stepp Commercial is a brokerage firm specializing in the multifamily sector for properties ranging in size from $1 million to $50 million. 

Stepp Commercial’s mission is to provide apartment owners with a fully integrated sales platform that includes comprehensive market knowledge and local real estate expertise to successfully complete any type of multifamily transaction.

For more information visit www.steppcommercial.com

Darcie Giacchetto
949.278.6224

Darcie Giachetto Communications

Sunday, April 23, 2017

Pompano Beach Real Estate Investment Group Grover Corlew Weighs in on City’s Revitalization Efforts


 
Mark Corlew
POMPANO BEACH, FL – Mark Corlew, partner of the Pompano-based real estate investment group Grover Corlew, took part in the first of a series of NAIOP city main street discussions that showcase up-and-coming areas throughout South Florida. 

The discussion brought together a panel of high-profile civic leaders, developers and real estate professionals to discuss the renaissance that is underway in Pompano Beach.

Corlew, who was instrumental in the redevelopment of Las Olas and whose company, Grover Corlew, now owns three commercial buildings in Pompano Beach, was well-qualified to speak on the future development of the city.

When asked what initially attracted his firm to the area, he said, “Pompano Beach is centrally positioned close to major thoroughfares and within close proximity to thriving tri-county cities such as Fort Lauderdale and Boca Raton. The strong workforce to the west and the developed economic base also were natural attractors.”

When asked further about his vision for the future of Pompano, he added that, “The city has worked effectively to plan and implement revitalization efforts such as beautification projects, and parking and main artery improvements, but continued investment is needed to build on the momentum that the city has created. We envision Grover Corlew’s properties functioning as mixed-use, with flourishing ground-floor retail spaces as the city continues to evolve into a more pedestrian-friendly, residential community.”

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

Samantha Van Nuys
Pierson Grant Public Relations
6301 Northwest 5th Way, Suite 2600
Fort Lauderdale, FL  33309
P: (954) 776-1999  ext. 115
F: (954) 776-0290


                            





Stepp Commercial Recruits Todd Hawke as Vice President



Todd Hawke
SANTA MONICA, CA – Stepp Commercial, a leading multifamily brokerage firm in the greater Los Angeles market, has recruited Todd Hawke as vice president. He will focus on expanding multifamily investment sales in the Long Beach market.  

Hawke most previously served at Triqor Group where he focused on multifamily apartment investment sales.

 With more than 16 years of industry experience, Hawke not only brings successful experience in brokerage to Stepp Commercial, but also in the multifamily development sector including rehabilitation, condo conversions, and ground-up construction.

 Hawke has seen success with individual investments, partnerships and syndications through service and experience-based advisement.

“We are thrilled that Todd has joined our team and feel that he is an ideal fit to grow our presence in Long Beach as he offers in-depth knowledge and experience in all aspects of the multifamily sector. This will enhance our team’s client advisement and overall level of service,” said Kimberly R. Stepp, principal with Stepp Commercial.

Stepp Commercial is a brokerage firm specializing in the multifamily sector for properties ranging in size from $1 million to $50 million. Stepp Commercial’s mission is to provide apartment owners with a fully integrated sales platform that includes comprehensive market knowledge and local real estate expertise to successfully complete any type of multifamily transaction.

For more information visit www.steppcommercial.com

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

Darcie Giacchetto

949.278.6224

Saturday, April 22, 2017

Hanley Investment Group Completes Sale of Brand New Single-Tenant Starbucks at Record-Breaking Cap Rate in Bakersfield, CA



Starbucks, Bakersfield, CA

Bill Asher
BAKERSFIELD, CA – Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced the firm has completed the sale of a brand-new construction single-tenant corporate Starbucks with a drive-thru located in Bakersfield, Calif.

The purchase price of $2.65 million represented a cap rate of 4.09 percent and $1,432 psf. According to CoStar, this sale achieved a record low cap rate for a single-tenant Starbucks in Bakersfield and a record high price per square foot in the city.

Hanley Investment Group Executive Vice President Bill Asher and Associate Jeff Lefko and represented the seller, Evergreen Development. Spanning the last 42 years, Evergreen is a national retail and multi-family development company with heavy emphasis on developing projects in California, Colorado, Arizona and now Utah.

The buyer, a private investor from Los Angeles, was represented by Joe Bolognese of Major Properties Real Estate in Los Angeles.

Built in 2017, the 1,850-square-foot building is situated in the southeast quadrant of Colony Street and Panama Lane in Bakersfield on .81 acres.

Jeff Lefco
 The property is in close proximity to the 99 Freeway Panama Lane on/off ramp, benefitting from more than 128,000 cars per day and nearby national and regional credit tenants including Walmart Supercenter, Albertsons, Aldi, AutoZone, Carl’s Jr., Family Dollar, In-N-Out, Jack in the Box, Lowe’s, O’Reilly Auto Parts, McDonald’s, Pizza Hut, Sleep Train, Vallarta Supermarkets and Walgreens.

Traffic is also driven to the area by the nearby Bakersfield Auto Mall, made up of 21 different major auto dealerships. Additionally, there are multiple new housing developments from builders Lennar, CalAtlantic and Legacy Homes in the surrounding area.

Lefko adds that there are approximately 223,000 people with an average household income of nearly $62,000 within a five-mile radius of the property.

“We utilized our extensive database to procure an all-cash 1031 exchange buyer prior to formally marketing the property,” said Asher. “Additionally, we facilitated a successful pre-sale strategy and closed escrow approximately one month prior to Starbucks formally opening for business and paying rent.” 

Joe Bolognese
According to Asher, “Starbucks was originally located at the northeast corner of Panama Lane and Colony Street since September 2004, without a drive-thru. The new location (with a drive-thru) is scheduled to formally open at the end of April and will draw from an established customer base in the trade area for over 12 years.”

Asher commented, “Average store sales are significantly greater in Starbucks locations that have a drive-thru, which has created a goal for Starbucks to have drive-thrus in half of its stores by 2020. By 2019, Starbucks expects to grow from $16 billion to $30 billion in revenue, with 60 percent of all new locations including a drive-thru.”

“Single-tenant Starbucks properties continue to be one of the most sought-after triple-net investments from private investors across the country,” said Asher. ”Corporate Starbucks sites typically offer strong underlying real estate fundamentals combined with a long-term corporate guaranteed lease and rental escalations, providing investors with a secure income stream and rental escalations as a hedge against inflation.” 

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