Sunday, April 30, 2017

Leading Apartment Ancillary Service Provider Rebrands Telecom Company and Appoints Telecom Veteran as Regional Vice President


Gregg Roffers

 IRVINE, CA – Multifamily Ancillary Group (MAG), the industry leader in revenue-generating ancillary services for multifamily owner and managers, has announced a new telecommunications and cable division, Next Wave Solutions. 

In conjunction with this launch, MAG has appointed telecom veteran Gregg Roffers as Regional Vice President of MAG, according to Vice President, Annie McClinton.

 “Our position as the premier telecom and cable consultants for multifamily is built on our relationships with telecoms firms and our ability to negotiate competitive pricing by leveraging our current portfolio of 250,000 multifamily units,” explains McClinton.


Annie McClinton
“By establishing Next Wave Solutions as its own brand, MAG is strengthening its telecom and cable identity and industry presence even further.  

"The addition of Gregg Roffers as a leader at MAG, who himself has more than 30 years on the telecom and cable company side of the table, will also positively impact our ability to grow,” McClinton adds.

In his new role, Roffers will oversee MAG’s Business Development and Marketing Department teams, as well as manage existing relationships with major apartment owners and managers. His experience in the telecom industry includes management positions with Time Warner Cable and other major operators.

“The rapid changes in the industry will increase the demand for owners and managers to supply new services at great prices,” notes McClinton. “Gregg’s capabilities and skills within the telecommunications field will help us continue to provide the best possible services and rates to our current and future clients.” 

Roffers has now joined MAG.  Next Wave Solutions will have a new brand roll-out later this year. 

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

Elisabeth Manville / Katie Kea
Brower, Miller & Cole
(949) 955-7940





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29th Street Capital Acquires Woodlake Villas Apartments; Community is Firm’s 2nd Las Vegas-Area Property


Woodlake Villas Apartments, Las Vegas, NV
Dusty Eddy
 Las Vegas, NV – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Woodlake Villas Apartments, a 218-unit multifamily community in Las Vegas, Nevada. The transaction closed April 26. The sale price was not disclosed.

29SC plans to implement a $1.9 million capital improvement program to renovate unit interiors, enhance the property’s exterior and curb appeal and improve the amenity package. 29SC will also implement energy-efficient upgrades through the Freddie Mac Green financing program.

The Las Vegas market has experienced significant economic improvements in recent years. In 2016 alone, the Las Vegas market ranked third in rent growth (Axiometrics), added 24,800 jobs and had a positive net migration of 40,000. Additionally, the Las Vegas MSA reported millennial population growth of 3.0% in 2016, which ranked the highest in the U.S.

“We are very pleased with the addition of Woodlake Villas to the 29SC portfolio and our expansion into the ever-improving Las Vegas market,” said Dusty Eddy, 29SC’s Vice President of Acquisitions for Phoenix, Las Vegas and San Diego. “We’re excited to start our renovation program that will ultimately lead to a more desirable community.”

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

Terri Thornton
Partner, Thornton Communications
Phone: 404-932-4347



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HFF closes sale of and arranges financing for Birmingham, AL seniors housing community


Danberry at Inverness Seniors Housing, Hoover, AL

Sarah Anderson
DALLAS, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and arranged acquisition financing for Danberry at Inverness, a 232-unit seniors housing community in the Birmingham, Alabama, suburb of Hoover.

HFF marketed the property on behalf of a joint venture between a private equity seller and LCS, and procured the buyer, a joint venture partnership between LCS and an affiliate of Artemis Real Estate Partners.

 Life Care Services, an LCS Company, will also continue to manage and operate the property.  

In addition to brokering the sale, HFF worked on the new owner’s behalf to secure a seven-year, floating-rate acquisition loan through Freddie Mac’s CME Program. 

The securitized loans will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.

Danberry at Inverness comprises 160 independent living units, 48 assisted living units and 24 memory care units.  

The Class A+ property has high-end finishes and amenities, including an expansive grand lobby, 24-hour concierge service, elegant dining room, state-of-the-art fitness center, solarium, library with fireplace, lounge/clubroom, business center, heated swimming pool and hot tub, barber shop and full-service salon. 



Ryan Maconachy



The property’s location at 235 Inverness Center Drive places it near Birmingham’s “280-Corridor”, which is among the fastest-growing business corridors in the Southeast.  The affluent Hoover area has experienced a 48.1 percent growth in population in the past decade with an average household income of approximately $111,374.

The HFF investment sales team was led by senior managing directors Ryan Maconachy, Chad Lavender and Bill Miller.

HFF’s debt placement team was led by associate director Sarah Anderson.

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

Olivia Hennessey
Public Relations Specialist
HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com



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HFF secures $142 million financing for mixed-use lifestyle development in suburban Cleveland, OH


Trey Morsbach
DALLAS, TX – April 27, 2017 - Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $142 million in financing for the development of Pinecrest, an approximately 650,000-square-foot mixed-use lifestyle project in the Cleveland suburb of Orange Village, Ohio.
  
HFF worked on behalf of development partners, Cleveland-based Fairmount Properties and the DiGeronimo Companies, to place the construction loan with a syndicate of banks led by Huntington Bank, which also included KeyBank, First National Bank, First Commonwealth Bank and Flagstar Bank.  HFF also assisted the developer in securing joint venture equity for the project in June 2016.

Due for completion in spring 2018, Pinecrest will encompass more than 400,000 square feet of high-caliber retail, including many stores, restaurants and entertainment anchors that are new to the region and exclusive to Pinecrest.

 The retail component will feature tenants such as Whole Foods, REI, Silverspot Theaters, Pinstripes, West Elm, Williams Sonoma, Pottery Barn, Vineyard Vines and Kona Grill. 

The Offices at Pinecrest will consist of two adjoining 75,000-square-foot Class A office buildings, which will be positioned above the retail and restaurant component.  Pinecrest will also feature a 145-room AC Hotel by Marriott®, 87 high-end luxury apartments and a one-acre town center.


Jim Curtin
 The project is ideally situated on 58 acres to the east of Cleveland’s CBD at the center of Orange Village’s retail trade area just off Interstate 271 at Harvard Road.

The HFF debt placement team representing the borrower was led by senior managing director Trey Morsbach, managing director Danny Kaufman and director Jim Curtin.

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

Olivia Hennessey
Public Relations Specialist
HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com



HFF closes sale of 309-unit apartment community in suburban St. Louis, MO


Residences at The Streets of St. Charles, 1650 Beale Street, St. Charles, MO

Sean Fogarty
CHICAGO, IL –- Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Residences at The Streets of St. Charles in the northwest St. Louis suburb of St. Charles, Missouri.

HFF marketed the property exclusively on behalf of the seller, Cullinan Properties, Ltd., and procured the buyer, Trilogy Real Estate Group.

Residences at The Streets of St. Charles is located at 1650 Beale Street within The Streets of St. Charles, a 1.5-million-square-foot development encompassing 26 acres immediately south of Interstate 70, which provides access to the greater St. Louis metropolitan area.

 The Streets of St. Charles is a distinctive mixed-use community with retail, dining, entertainment, hospitality, residential and office components. 

With a town center design that creates a neighborhood atmosphere, The Streets of St. Charles is unique in the market and includes all the latest amenities for sophisticated living, casual and elegant dining, retail, modern offices and entertainment.


Completed in 2014, the five-story, Class A property overlooks the Missouri River and features studio, one- and two-bedroom units ranging from 559 to 1,287 square feet with high-end finishes, including wood-style flooring, stainless steel appliances, custom cabinetry, designer backsplashes, walk-in closets and in-unit washers and dryers. 

Marty O'Connell
In addition to the dining, retail and entertainment amenities situated within the development, residents also have access to an infinity pool and hot tub, grilling area, fire pit, 24-hour fitness center, tanning bed, clubhouse, game room with billiards, business center, pet park, dog wash parlor and attached garage parking. 

The HFF investment sales team representing the seller was led by managing directors Sean Fogarty and Marty O’Connell and associate director Wickliffe Kirby.

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

Olivia Hennessey
Public Relations Specialist
HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com



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HFF arranges joint venture for luxury condominium development in Lower Manhattan


 
Eric Anton
NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a joint venture for the development of 69 West Broadway, a ground-up luxury condominium project in Lower Manhattan’s trendy Tribeca neighborhood.

HFF worked on behalf of the developer, Cape Advisors, Inc. and Forum Absolute Equity Partners, a private equity fund based in New York, to arrange the investment with a European fund, which contributed in excess of $21 million toward the total project cost of approximately $120 million.

69 West Broadway will occupy the block between Warren and Murray Streets at West Broadway in Tribeca.  This location, convenient to the 1, 2, 3, A and C Chambers Street metro stations as well as the newly completed, Santiago Calatrava-designed World Trade Center Transportation Hub, is being designed by BKSK Architects. The eight-story building will have 24 luxury units situated above ground-floor retail. 

HFF’s equity placement team was led by senior managing director Eric Anton.

“It is always a pleasure to work with the creative team at Cape Advisors, and I am happy that HFF was able to aid in the funding of their latest endeavor,” Anton said.  “Given the current challenges in securing capital for condominium development, this deal is a testament to the quality of the location, development team and long-term strength of New York City’s residential market.”

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

Olivia Hennessey
Public Relations Specialist
HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com



Saturday, April 29, 2017

HFF arranges $11.1 million financing for four-building industrial portfolio in Atlanta, GA


Ken Martin
INDIANAPOLIS, IN –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $11.1 million in acquisition financing for a fully-leased, four-building industrial portfolio totaling 409,851 square feet in the metropolitan Atlanta area.

HFF worked on behalf of the borrower, Citimark, Inc. (Citimark), to place the seven-year, fixed-rate loan with 40/86 Mortgage Capital, Inc.  

This acquisition signals Citimark entry into the Atlanta market, forwarding Citimark’s strategy of purchasing infill Class A and B small bay industrial properties in primary markets in the United States.

The portfolio comprises Airport Plaza 2 and 3 at 470 and 472 Plaza Drive in College Park near Hartsfield International Airport; Atlanta Northeast 11 at 4164 Northeast Expressway in Doraville, which is located in the Interstate 85 Northeast submarket at the intersection of Interstate 85 and Interstate 285; and Royal Industrial Center 3 at 5025 North Royal Atlanta Drive in Tucker, also in the Interstate 85 Northeast submarket. 

The buildings were all developed between 1970 and 1985, have clear heights ranging from 18’ to 24’ and were 100 percent leased at acquisition. 

The HFF debt placement team representing the borrower was led by director Ken Martin.

Tim Hoffman
“Atlanta serves as the industrial hub of the southeast, and as Citimark continues to grow its industrial presence nationally, it’s important that we establish and grow a presence there,” said Citimark CIO Tim Hoffman.  “The fundamentals in Atlanta remain strong, and we feel there will continue be opportunities to grow our footprint in the market.”

HFF’s Industrial Group is extremely active in the southeastern United States, having closed more than 100 investment sales and debt placement transactions involving more than 84 million square feet in the last five years.

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

Kristen M. Murphy
Director, Public Relations
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 sale of and $42.4 million financing for the Rotunda Building in Charlotte, NC


Rotunda Building, SouthPark Submarket, Charlotte, NC

 
Ryan Clutter
CHARLOTTE, NC  – Holliday Fenoglio Fowler, L.P. (“HFF”) announced it has closed the sale of and arranged $42.4 million in acquisition and improvement financing for the Rotunda Building, a 230,790-square-foot, premier, Class A, multi-tenant office building in the prestigious SouthPark submarket of Charlotte, North Carolina.

HFF marketed the property on behalf of the seller, a global asset manager.  Equus Capital Partners, Ltd. purchased the building.  Additionally, HFF worked on behalf of the new owner to place the floating-rate acquisition loan with Bank of America Merrill Lynch.

The Rotunda Building represents one of Charlotte’s trophy, iconic office buildings.  Completed in 1988, the four-story building features a two-floor parking deck and surface parking with a total of 761 dedicated parking spaces; lobby consisting of a two-story porte cochère with Italian marble; conference room; Village Tavern, a full-service restaurant; and a water fountain that spans the entire rear side of the building.

 The 91-percent-occupied property is home to a variety of tenants, including Jones Lang LaSalle, Jeffries, First Bank, Capital South, Development Management and Michelin. 

Scot Humphrey
Situated on 5.34 acres at 4201 Congress Street, the Rotunda Building is located at the intersection of Congress Street and Carnegie Boulevard directly across from the 1.6 million-square-foot SouthPark Mall, a prestigious regional retail destination.  

The building is in the heart of the SouthPark submarket, a mixed-use, urban environment with a live-work-play atmosphere five miles south of Charlotte’s Uptown area.

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

HFF’s debt placement team representing the buyer was led by director Brent Bowman and senior managing director Travis Anderson.

 ”The Rotunda Building is a trophy asset located in Charlotte’s prestigious SouthPark submarket,” Clutter said.  “Iconic assets of this nature continue to be sought after from investors seeking an attractive mix of stability and modest upside. 

“We believe more core and core-plus office assets like Rotunda will come to market in Charlotte and the Carolinas over the next 36 months as investor attention to these opportunities continues to be strong.  The draw of institutional capital to the Carolinas region is at an all-time high and we see this continuing for the foreseeable future.” 

“The high-quality nature of Rotunda, a diversified tenant roster and its location within the booming SouthPark submarket attracted substantial lender interest from both life insurance companies and banks,” Bowman added.

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

Kristen M. Murphy
Director, Public Relations
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 closes $81.45 million recapitalization of eight-building Long Island, NY medical office portfolio


Andrew Scandalios
NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $81.45 million recapitalization of Stony Brook Technology Center, an eight-building medical office portfolio totaling 261,824 square feet in the Long Island community of East Setauket, New York.

HFF represented TRITEC Real Estate, and procured the partner, a fund advised by UBS Real Estate & Private Markets. 

Completed between 1987 and 2007, the portfolio is located within a master-planned business park proximate to several large universities and hospital groups, including Stoney Brook University, in Eastern Long Island.  Stony Brook University is one of the key tenants in the 97-percent-leased portfolio, occupying more than 65 percent of the buildings.

The HFF team representing TRITEC was led by senior managing directors Andrew Scandalios and Jose Cruz and assisted by senior managing director Michael Gigliotti.

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

Kristen M. Murphy
Director, Public Relations
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
 or follow TRITEC on Twitter at @TRITEC_RE.

HFF closes sale of and secures financing for Holiday Inn Orlando SW – Celebration Area near Walt Disney World Resort

  
Holiday Inn Orlando SW – Celebration Area, Florida

 
Michael Weinberg
ORLANDO, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and secured acquisition and renovation financing for Holiday Inn Orlando SW – Celebration Area, a 444-room, limited-service hotel near the grounds of Walt Disney World Resort in Orlando, Florida.

HFF marketed the property on behalf of the seller, Eastgate Hospitality Investors, LLC, for which HFF secured financing for the property in 2012.  Palm Holdings purchased the asset free and clear of debt and unencumbered of management.

Additionally, working on behalf of the new owner, HFF placed the five-year, floating-rate loan with BMO Harris Bank.  

Proceeds of the financing will be used to acquire the hotel and immediately implement a property improvement plan, which includes a complete overhaul of the lobby, common areas and guestrooms. 

Holiday Inn Orlando SW – Celebration Area is an official Walt Disney “Good Neighbor Hotel” at 5711 W. Irlo Bronson Memorial Highway in Kissimmee, 2.5 miles from Walt Disney World Resort (Disney), which welcomes more than 50 million visitors a year. 

Preston Reid

Additionally, the hotel is less than two miles east of Interstate 4, which provides access to Universal Studios Orlando, SeaWorld Orlando, LEGOLAND and the Orlando Premium Outlets.  

The hotel comprises two eight-story guestroom towers and a single-story section between them that was all completed in 1984 and 1985 and then redeveloped into a Holiday Inn in 2007. 

The Holiday Inn Orlando SW – Celebration Area features an outdoor pool, kid’s pool and whirlpool; fitness center; business center; game room; playground; Trattoria Café with an onsite Pizza Hut Express; lobby bar; 4,000 square feet of function space and scheduled transportation to the theme parks. 

The HFF team was led by senior managing director Michael Weinberg and associate directors Preston Reid and Matthew Sand.

“BMO Harris offered a flexible financing solution that fit well with our client’s business plan for the hotel,” Sand said.  “We were excited to help Palm Holdings continue to grow its presence in the Orlando market.”

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

Kristen M. Murphy
Director, Public Relations
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


Friday, April 28, 2017

Fifield Realty Corp. and F & F Realty Ltd. Break Ground on 727 West Madison; At the corner of Madison and Halsted streets, 727 will be the tallest tower west of the Kennedy Expressway



Randy Fifield

 CHICAGO, IL (April 28, 2017) – Chicago-based Fifield Realty Corp. and F & F Realty Ltd. broke ground Wednesday, April 26, on 727 West Madison (also known as One South Halsted): a 44-story, 492-unit luxury rental tower with more than 10,000 square feet of retail space.

At just under 500 feet, it will be the tallest building in Chicago’s West Loop upon its completion in late 2018. 

Dr. Laura Calamos


Speaking at the groundbreaking event were David Friedman, president of F & F Realty Ltd.; Randy Fifield, chairwoman of Fifield Realty Corp.; Steve Fifield, chairman of Fifield Companies; 27th Ward Alderman Walter Burnett Jr.; Dr. Laura Calamos, president of the National Hellenic Museum located in West Loop’s Greektown; and Irene Koumi, president of the board of directors for the Chicago Greektown Educational Foundation.

Both Dr. Calamos and Ms. Koumi were presented with life-sized checks for $30,000 for each of their respective organizations as a donation from 727 West Madison.

David J. Friedman
“We’re so thrilled to have the neighborhood growing, expanding and evolving,” said Dr. Calamos. “Last year, the National Hellenic Museum served over 15,000 people through classes, tours and field trips. 

"We believe there is so much to learn from our history and our heritage. This building is a wonderful addition that allows us to bring more education to a larger community.”

Designed by Chicago-based FitzGerald Associates Architects, with Lendlease as general contractor and interior design by Evanston-based Morgante Wilson Architects, the residences at 727 West Madison will include studio, one-, two- and three-bedroom layouts ranging from 490 to 1,550 square feet.

Individual units will be appointed with plank flooring; oversized windows with views of downtown and Lake Michigan; kitchens with quartz countertops, flat-paneled cabinets, high-end stainless steel appliances and single-bowl undermount sinks, and Grohe Concetto faucets; and bathrooms with quartz countertops, frameless glass shower doors, and porcelain tile walls and flooring.

Select units will feature walk-in closets in the master bedroom and double- bowl vanities in the master bathroom.

Steve Fifield
From 727 West Madison, residents will be within walking distance of popular grocers and retailers, one-of-a-kind shops, Randolph and Fulton Street restaurants, nightlife, CTA stops and Metra stations, Divvy stations, and a large number of employers across multiple industries.
  
 “Google is here and McDonald’s is coming, Sterling Bay has a big presence, and every day you hear about more tech firms coming to the West Loop,” said Randy Fifield. “It was important to us to create a luxury building that would serve a diverse demographic of people wanting to enjoy the West Loop experience.”

Outdoor amenities at 727 West Madison will include a large sun terrace with a pool, spa, cabanas, and grilling stations with intimate seating areas with porticos for dining and lounging.

Indoor amenities will include a fitness club with a yoga, barre and Pilates studio; private massage room; resident lounge with demonstration kitchen; state-of-the-art screening room with surround sound; ‘WeWork’-style business center and conference rooms with presentation screen, work carrels, and high-speed Wi-Fi; dog spa; and bicycle “kitchen” with extensive bike storage, supplies, tools and air pumps. High-speed internet and DIRECTV will be available in all units.

 Residents will have access to a 24-hour on-site concierge and adjacent parking garage with 375 parking spaces.

Alderman Burnett acknowledged David Friedman for spearheading development of the empty site and for his collaboration with community organizations like the Greektown SSA and the West Loop Gate Association.


Walter Burnett Jr.
 He recognized the project’s financial contributions to the National Hellenic Museum and the Chicago Greektown Educational Foundation, as well as its $1 million donation for affordable housing to be built in the 27th Ward.

Friedman, who owns the 398-room Crowne Plaza Metro adjacent to the 727 West Madison site, thanked Alderman Burnett for entertaining discussions on 727 West Madison beginning in 2009. 

He also recognized FitzGerald Associates for beautifully articulating a vision for the building during its early stages of development.

“It’s a very exciting day for us,” said Friedman. “It gives us a lot of pride to make this contribution at the gateway of the West Loop. We’re honored to co-develop this building with the Fifields, who have the ability, the finesse, and the flair to create an iconic apartment tower.”

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

Gretchen Muller, gmuller@taylorjohnson.com, (312) 267-4511
Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527


NAI Realvest Negotiates Acquisition by Arthur Murray Dance Studio Franchisee of a free-standing building in Lake Mary, FL for $973,050



Mary Frances West
Lake Mary, FL – NAI Realvest recently negotiated the acquisition of a free-standing building with 4,990 square feet at 840 Currency Circle in Lake Mary.    

Mary Frances West, CCIM, Vice President at NAI Realvest represented the Buyer Mohic LLC d/b/a Arthur Murray Dance Studio who paid $973,050 for the property. 

The Seller Beaver Dam Development, LLC of Raleigh, N.C. was represented by Mark Harkins of Harkins Commercial Real Estate.  

West also represented Arthur Murray Dance Studios in leasing locations in Dr. Phillips, Waterford Lakes and Winter Park.

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

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

CBRE National Retail Partners West Completes $33.25 Million Sale of BeachWalk in Solana Beach, CA



Solana Beach, CA BeachWalk Retail Center







John Read
SOLANA BEACH, CA  – CBRE’s John Read announced that his National Retail Partners – West (NRP-West) team along with Reg Kobzi in CBRE’s San Diego office completed the sale of BeachWalk, a 54,973 square-foot coastal retail center in the city of Solana Beach, Calif.

Situated along Highway 101, the property is steps to the Pacific Ocean, walking distance to the Cedros Design District and Amtrak Train Station, and less than a mile from the world famous Del Mar Fairgrounds, site of the Del Mar Racetrack. The sale price was $33.25 million.

CBRE’s retail investment experts Read, Philip Voorhees, Jimmy Slusher, Kirk Brummer, and Kobzi, represented the seller, a partnership managed by The Muller Company, an Orange County-based real estate investment company. 

The buyer, a fund manager based in Chicago, also represented by CBRE’s NRP-West team, acquired BeachWalk as an addition to its portfolio.

Built in 1993, BeachWalk shopping center sits on 3.06-acre site at 437 S. Highway 101 in Solana Beach. According to Read, the CBRE team’s marketing system distributed more than 540 offering memoranda to investors and brokers, and through the team’s "managed bid" offer process, generated eight offers to purchase the property.

Phillip Voorhees
"True coastal retail projects like BeachWalk seldom come to market. The property’s internet-resistant ‘daily needs’ and complementary tenancy with national, regional and local operators including California Pizza Kitchen, Alfonso’s of La Jolla, Rubio’s Coastal Grill, Banfield Pet Hospital, and other established tenants, make the property an integral part of this coastal community," said Read.

"There are few alternatives in this immediate area and coastal areas in general for tenants seeking more traditional retail center space with adequate on-site parking, keeping occupancy levels high,” Read noted.

“Based on the property’s configuration, strong historical occupancy, improving tenancy and upward trending rents in this highly affluent trade area where average household income exceeds $142,000, Beachwalk is a trophy asset in a coastal location that will maintain its dominant market position for years to come."

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






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