Saturday, July 22, 2017

HFF closes $42 million sale of a dual grocery-anchored shopping center near San Diego, CA



Rendering of Gateway Marketplace, Chula Vista, CA      (Photo by Patrick Tang)

Gleb Lvovich
NEWPORT BEACH, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $42 million sale Gateway Marketplace, a 127,861-square-foot shopping center anchored by both Smart & Final and Aldi in the San Diego county community of Chula Vista, California.

HFF marketed the property on behalf of the seller, a partnership between Brixton Capital and ALTO Real Estate Funds.  An affiliate of American Assets Trust, Inc. purchased the asset free and clear of existing debt.

Gateway Marketplace was completed in 1997 and redeveloped in 2016.  In addition to the dual grocery anchors, the 98.7-percent-leased center is also home to Party City, Hobby Lobby, Mattress Firm, Little Caesars and AT&T. 

Gateway Marketplace is situated on 9.95 acres at 40 North 4th Avenue in Chula Vista, which is approximately seven miles from downtown San Diego and Tijuana. 

The center is located at the northwest corner of North 4th Avenue and C Street, which have combined traffic counts of 43,400 vehicles per day.  Additionally, the center has direct east and westbound access to the South Bay Freeway, which is trafficked by approximately 146,500 vehicles per day.   

The HFF retail investment sales team representing the seller was led by managing directors Gleb Lvovich and Bryan LeyMike Moser at Retail Insite assisted as a local market contact.

“We are excited to have closed one of the first Aldi-anchored shopping center sales in Southern California and look forward to working on many more as they continue their West Coast rollout,” Lvovich said.  “Aldi’s strategy of opening in densely-populated, urban trade areas lines up well with investor demand, which is focused on placing capital in urban markets.”


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 and connect with ALTO on LinkedIn, Facebook and Twitter.


HFF closes $38 million sale of and arranges $18 million financing for mixed-use property on Fifth Avenue in Manhattan



      325 Fifth Avenue, Midtown Manhattan, NY                                                               

Andrew Scandalios
NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $38 million sale of and arranged $18 million in acquisition financing for a fully leased retail property and parking garage totaling 35,262 square feet located at 325 Fifth Avenue in Midtown Manhattan.

HFF marketed the property on behalf of the seller.  HUBB NYC Properties purchased the asset free and clear of existing financing.  

Additionally, working on behalf of the new owner, HFF placed the 10-year, fixed-rate loan with Allianz Real Estate of America.  Loan proceeds were used to acquire the property.

Completed in 2005, 325 Fifth Avenue consists of two condominium units: a 5,972-square-foot, Class A, ground-floor retail condominium that is leased to Bonchon Chicken, I Love Souvenirs and Hanmi Bank and a 174-space, 29,290-square-foot, below-grade parking garage leased to GGMC Parking.

 Situated between 32nd and 33rd Streets in Midtown Manhattan’s Murray Hill submarket, the property is directly across the street from the Empire State Building, New York City’s most iconic tourist attraction, and steps from New York’s Herald Square.


Rob Rizzi
 The mixed-use property is within walking distance of multiple subway stations accessing 15 subway lines, and Grand Central Terminal, Port Authority and Penn Station are nearby.

The HFF investment sales team was led by senior managing director Andrew Scandalios and managing director Rob Rizzi.

HFF’s debt placement team was led by senior managing director Michael Gigliotti and managing director Scott Aiese.

“HUBB NYC is very excited about this transaction and appreciative of the opportunity to work with the sellers and HFF,” said Jesse Terry, HUBB NYC Director of Acquisitions.  “We can only hope to acquire more assets like this one.” 

“We're thrilled to close the sale of this property, which is one of the largest Manhattan retail trades in 2017,” Rizzi said.  “The transaction demonstrates that there is still a healthy appetite for retail investments, particularly those with strong locations and stable cash flow.”

“A number of lenders aggressively pursued this opportunity; however, Allianz Real Estate of America was ultimately selected due to its outstanding track record and strong long-term, fixed-rate quote,” added Aiese.

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 the sale of Cameron Brown Building in downtown Charlotte, NC



Cameron Brown Building, 301 South McDowell Street, Downtown Charlotte, NC

Brock Cannon
CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of the Cameron Brown Building, a 13-story, 184,144-square-foot, multi-tenant office building in downtown Charlotte, North Carolina.

HFF marketed the property on behalf of a special servicer, and procured the buyer, The Fallon Company, LLC.

Located at 301 South McDowell Street, The Cameron Brown Building is situated in the re-surging Second Ward of Uptown Charlotte within walking distance of many of Charlotte’s most visible points of interest, including Bank of America’s headquarters, Wells Fargo’s East Coast headquarters, Spectrum Arena and the Bank of America Stadium. 

The property has exceptional transit access being located adjacent to Interstate 277 and only four blocks from the 3rd Street/Convention Center light rail station.

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


Scot Humphrey
“The Cameron Brown building is ideally positioned in Uptown Charlotte’s path of growth and is an extremely sought-after piece of real estate that bridges that gap between Midtown and Uptown,” Lingerfelt said. “These unique characteristics, among others, generated significant demand from local and out-of-town capital alike.”

“Institutional capital continues to aggressively seek value-add investment opportunities in strong urban-infill submarkets like Uptown Charlotte,” added Clutter. “The Cameron Brown building’s investment profile squarely fits this criteria, which helped facilitate a hyper-competitive marketing campaign. 

“We anticipate that a strong selling environment will continue for assets of this nature for the foreseeable future.” 

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 $43.55 million sale of a grocery-anchored retail center in California’s Central Coast



Marigold Center, San Luis Obispo, CA                          (Photo by Patrick Tang)

Gleb Lvovich
NEWPORT BEACH, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $43.55 million sale of Marigold Center, a 174,428-square-foot, grocery-anchored shopping center in the Central Coast community of San Luis Obispo, California.

HFF marketed the property on behalf of the seller, Kimco Realty Corp.  Donahue Schriber purchased the asset free and clear of existing debt.

Anchored by Vons, the 89-percent-leased Marigold Center is also home to Michaels, CVS Pharmacy, Starbucks, Carl’s Jr., Wild Birds Unlimited, T-Mobile, Fantastic Sams, Tuesday Morning and Dollar Tree. 

The center is situated on 17.54 acres at 3900 Broad Street, which, due to its location at the intersection of Broad Street and Tank Farm Road, has traffic counts of approximately 47,000 vehicles per day.

 Marigold Center is just north of the airport and in the most affluent part of the city, which is surrounded by world-renowned Edna Valley wineries.  More than 33,700 residents earning an average annual household income of $85,490 live within a three-mile radius of the center.

Bryan Ley

The HFF retail investment sales team representing the seller was led by managing directors Gleb Lvovich and Bryan Ley and director Eric Kathrein.

“The HFF team was able to navigate near term tenant turnover at the property by demonstrating the potential for future repositioning and NOI growth at Marigold Center,” Lvovich said.  “Well-located retail real estate with strong fundamentals continues to demand investor attention and a yield premium.”

“With Vons’ top-tier grocery sales, Marigold Center is one of the best community centers in San Luis Obispo,” Ley 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
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HFF secures $80 million in acquisition financing and advises on the sale of Suffolk Downs in Massachusetts



Jennifer Keller


John Fowler
BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $80 million in acquisition financing for Suffolk Downs, a 161.2-acre, transit-oriented development site located in East Boston and Revere, Massachusetts.

Working on behalf of the borrower and buyer, The HYM Investment Group, LLC, HFF placed the short-term, floating-rate loan with Bank of the Ozarks.  Additionally, HFF acted as an advisor to the buyer in the transaction. 

Suffolk Downs is located between East Boston and Revere, just four miles from Boston’s downtown commercial core.  

The site comprises 108.8 acres in Boston and 52.4 acres in Revere and is adjacent to Route 1A, allowing quick vehicular access to downtown Boston and Logan International Airport.

 The transit-oriented property is also served by two MBTA Blue Line stations, Suffolk Downs and Beachmont, providing access to downtown Boston in less than ten minutes. The site is currently the location of the Suffolk Downs horse racing facility, which will have its last racing season in summer of 2018.  


Anthony Cutone
The HFF team was led by executive managing director John Fowler, managing director Anthony Cutone, director Jennifer Keller and associate Andrew Gray

“We are thrilled to be involved in the capitalization of one of the largest and most exciting mixed-use projects in East Boston and Revere,” said Fowler.  “HYM is undoubtedly the right team for the project, and to work with the local communities to bring much needed transit-oriented housing, retail, amenities and businesses to the area.”

The HYM Investment Group, LLC is a Boston-based real estate company focused on the acquisition, development and management of complicated urban mixed-use projects. 

HYM is currently leading the development of over nine (9) million square feet of mixed-use development in Greater Boston, including the following notable and complex projects: Bulfinch Crossing (Government Center Garage redevelopment), NorthPoint/Twenty|20 and Suffolk Downs Redevelopment.

 In addition, HYM is the co-developer of 80 Guest Street (Boston Bruins Training Facility at Boston Landing), 125 Guest Street (Luxury Apartment Tower at Boston Landing) and Waterside Place (Seaport District Luxury Apartment Tower).
  
Andrew Gray
HYM is focused on creating significant value for investors by recognizing real estate opportunities where others may not.  

Each real estate asset is treated as a unique real estate opportunity, and each asset plan seeks to cause the real estate to reconnect, energize and enhance the urban communities of which it is a part.

 For more than 35 years HYM’s principals have been working on real estate ventures in the Boston, New York and Washington, D.C. corridor. 

For more information visit www.hyminvestments.com.

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

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HFF closes $24.5 million sale of 3-building office park in Hillsboro, OO



Sunset Corporate Park, Hillsboro, OR                   (Photo by Red Studio Inc.)
Nick Kucha
PORTLAND, OR –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $24.5 million sale of Sunset Corporate Park, a three-building, Class A suburban office park located in Hillsboro, Oregon.

HFF marketed the property on behalf of the seller and procured the buyer, Swift Real Estate Partners. 

Sunset Corporate Park is located adjacent to Intel’s $3 billion Ronler Acres Campus at 22823, 22845 and 22867 NW Bennett Street in Portland’s Silicon Forest area. 

The property is two miles from Orenco Station (Hillsboro’s urban town center) and has freeway visibility along Highway 26.  

Completed in 1999, the property is 92.5 percent leased to tenants, including LAIKA, Volkswagen, Nikon, SCREEN, first insight and CHS+.  The property also includes 6.85 acres of developable land.

The HFF investment sales team representing the seller was led by senior managing director Nick Kucha and associate Logan Greer.

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

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Canada Pension Plan Investment Board Announces Definitive Agreement to Acquire Parkway, Inc.


Hilary Spann

TORONTO, CANADA and HOUSTON, TX /PRNewswire/ -- Canada Pension Plan Investment Board ("CPPIB") and Parkway, Inc. (NYSE: PKY) ("Parkway") announced today that they have entered into a definitive agreement under which CPPIB will acquire 100% of Parkway, a Houston-based real estate investment trust, for US$1.2 billion, or US$23.05 per share.

The transaction is not subject to a financing condition and is expected to close in the fourth quarter of 2017, subject to customary closing conditions, including approval by Parkway's stockholders.
"Parkway fits well with CPPIB's long-term real estate strategy to hold stable, highquality assets in large U.S. markets," said Hilary Spann, Managing Director, Head of U.S. Real Estate Investments, CPPIB.  "Through this investment, CPPIB gains additional scale in Houston."


James R. Heistand
Parkway owns the largest office portfolio in Houston, totaling approximately 8.7 million square feet across 19 properties.

 Located in the desirable areas of Westchase, Greenway and Galleria, the high-quality office properties are 87.6% leased as of March 31, 2017, and anchored by a broad mix of strong tenants in financial services, technology and commodities businesses.

"CPPIB shares our view of the long-term resiliency of the Houston market, and we believe this transaction demonstrates our commitment to enhancing stockholder value," stated James R. Heistand, Parkway's President and Chief Executive Officer.

"We believe there are still some near-term headwinds in the office sector for
Houston, but the implied asset valuation of this transaction shows CPPIB's
appreciation for the high-quality portfolio we have assembled and the near-term
stability it provides during the current downturn in the market."

Canada Pension Plan Investment Board (CPPIB) is a professional investment
management organization that invests the funds not needed by the Canada
Pension Plan (CPP) to pay current benefits on behalf of 20 million contributors and
beneficiaries.

 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







Hanley Investment Group Negotiates Sale of Grocery-Anchored Shopping Center in Corona, CA for $28.6 Million



Sierra Del Oro Towne Centre, Green River Road and Serfas Club Drive, Corona, CA


Ed Hanley
CORONA, CA - Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced the firm completed the sale of Sierra Del Oro Towne Centre, a 110,004-square-foot Ralphs grocery-anchored shopping center located at the signalized intersection of Green River Road and Serfas Club Drive in Corona, Calif.

The purchase price was $28.6 million. According to CoStar, this is the second grocery-anchored property to trade in the Inland Empire in the last 24 months.

Hanley Investment Group Executive Vice President Pat Kent, along with President Ed Hanley and Senior Associate Corey Olson, represented the seller, Cornerstone Development Partners of Irvine, Calif. The buyer, Phillips Edison & Company of Cincinnati, Ohio, represented themselves.

Built in 1991, Sierra Del Oro Towne Centre shopping center is located on 11 acres at 2621-2721 Green River Road in Corona. Tenants include Ralphs, Dollar Tree, Anytime Fitness, Bank of America, Jack in the Box, Domino’s Pizza, Children’s Montessori Center, Kumon Math and Reading Center, Mercury Insurance and Postal Annex.

Pat Kent
The shopping center was 94 percent occupied with strong historical tenants and anchors. According to Hanley Investment Group, 88 percent of the current tenancy has occupied space at the property for more than five years and 70 percent of the current tenancy has occupied space for over 10 years.

“The sale of Sierra Del Oro represented a unique opportunity to acquire an entire grocery-anchored shopping center, including the anchors, shop tenants and pad building ground leases in an affluent market located in Southern California,” said Kent. “Ralphs has operated at the shopping center since it was originally constructed in 1991 (26+ years) and executed a five-year extension in 2015.”

According to Kent, Sierra Del Oro’s Ralphs grocery store is the only “traditional” grocery store within a three-mile radius serving the westerly part of the Corona market and Ralphs has a captured customer audience of nearly double that of its competitors.

Corey Olson
Kent added that the average household income within a one-mile radius of the property is in excess of $104,000 and there are more than 156,000 people within a five-mile radius. 

The property is conveniently situated less than one mile from the Serfas Club Drive exit and two miles from the Green River Road exit on the 91 Freeway (with 275,000 cars per day). 

“Since 2014, there have been 25 retail properties that have traded for over $20 million in Riverside and San Bernardino counties, according to CoStar; only six of these properties were grocery-anchored, which speaks to the rarity of this type of property,” said Kent.

 “In that same period of time, there have been 195 retail properties that have traded for over $20 million in Los Angeles, Orange and San Diego counties, including five grocery-anchored retail properties that changed hands in this year alone.”


“The market for grocery-anchored centers in infill markets remains strong with interest from both the institutional buyers and private 1031 exchange buyers,” said Hanley. 

“So far, this year, we have seen an increase in the supply as sellers recognize that this is an ideal time to sell. However, there still remains limited properties available similar to the Sierra Del Oro in both size and quality.”

Hanley Investment Group has several grocery-anchored shopping centers listed for sale. “Buyers are willing to look in both primary and secondary markets outside of California in search of higher returns and more inventory,” Hanley noted. 

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

Anne Monaghan
MONAGHAN COMMUNICATIONS, INC.
830.997.0963


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Friday, July 21, 2017

CAPTRUST Advisors, LLC to Relocate Headquarters to Downtown Tampa’s Park Tower


Park Tower, Downtown Tampa, FL
TAMPA, FL – Feldman Equities announced CAPTRUST Advisors, LLC has signed a lease to relocate its headquarters to nearly 10,500 square feet in Park Tower in downtown Tampa. 

The investment consulting firm will relocate to Park Tower later this year after almost 20 years in the CAPTRUST building at 102 W Whiting Street. That building is scheduled for demolition as part of Feldman’s Riverwalk development.

The deal comes on the heels of the previously announced multimillion-dollar renovation to Park Tower.

“The renovation plan is already impacting the building’s leasing,” said Mike DiBlasi, Feldman Equities Executive Vice President for Leasing and Marketing.

“The plan to reposition this historic structure as one of the most notable and exciting buildings on Tampa’s skyline is resonating with prospects. We are seeing interest from quality conscious firms for whom high-end finishes and amenities are a must.”

Mike DiBlasi
CAPTRUST will occupy the building’s 18th floor which features expansive views of the waterfront and downtown skyline.  The tenant representation broker for the CAPTRUST lease transaction was Doug Bartley, Partner with Commercial Advisory Services.

“CAPTRUST is excited to modernize our offices and relocate into the center of downtown Tampa in Park Tower,” said Eric Bailey, Managing Principal. 

“The new façade and chic upgrades will be a refresh for CAPTRUST and a focal point near the Riverwalk and major corridors in Tampa. Our employees are looking forward to the move and the opportunity to take advantage of all the new amenities.”  

CAPTRUST Advisors, LLC is a privately-held, employee-owned, independent investment consulting practice headquartered in Tampa, Florida. Founded in 1998, CAPTRUST provides investment consulting services to institutional investors, corporate retirement plans, and family offices.


Eric Bailey
The most dramatic change at Park Tower will be the modernization of the 475,000 square foot office building’s façade.  In addition to painting the exterior a lighter color, a new and dramatic entrance will feature a ‘Light Box’ on one of the most prominent corners of Tampa.  The building’s amenities will be also upgraded with a striking new lobby.

In addition to exterior renovations, plans include the addition of new tenant amenities, including: 

·         High-end lobby café with seating
·         6th floor “Chill Zone” tenant lounge
·         All new fitness center and yoga room with spin bikes
·         Shared tenant conference room
·         New lobby concierge desk
·         Renovated parking garage with new LED lighting

Park Tower currently has full floor availabilities, including a full floor of just-built, move-in ready spec suites. “We’ve had a lot of interest in the spec suites which are nearing completion, said DiBlasi. I’m not sure what has impressed prospects more – the views or the renovation plan.”

In November 2016, a joint venture partnership consisting of City Office REIT, Feldman Equities and Tower Realty Partners acquired Park Tower for $79.75 million. 

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

Mack Feldman
 Feldman Equities LLC
(813)221-6699        

Meridian Capital Group Arranges $35.5 Million in Construction Takeout Financing for the Shalimar at Davie Luxury Multifamily Property in Davie, FL


Noam Kaminetzky

Boca Raton, FL – Meridian Capital Group, America’s most active dealmaker, arranged $35.5 million in construction takeout financing for the Shalimar at Davie luxury multifamily property located in Davie, FL, on behalf of TM Real Estate Group.

The 10-year loan, provided by a national life insurance company, features a fixed rate of 4.04% and full-term interest-only payments. This transaction was negotiated by Meridian Managing Director, Noam Kaminetzky and Vice President, Jason Grimm, who are both based in the company’s Boca Raton, FL office.

Shalimar at Davie, located at 4901 South University Drive, is a three-story, 240-unit multifamily community, consisting of one-, two-, and three-bedroom apartments and town homes. Each unit features nine-foot ceilings, a washer and dryer, stainless steel appliances, and wood plank floors.

 Community amenities include a fitness center with a yoga and a spin studio, a business center, a residents’ lounge, a resort-style pool and a grilling area. 


Jason Grimm


Shalimar at Davie is situated near the South University Drive and Griffin Road intersection with 330 feet of frontage on South University Drive, offering residents walking distance to a Starbucks, Walmart Supercenter and CVS Pharmacy, and a short drive from the Nova University Campus, Interstate 595, and Florida’s Turnpike.

“This transaction presented a unique challenge as the construction loan was maturing and the asset was still in lease-up,” explained Mr. Kaminetzky. “With a rising interest rate environment and no historical data to rely on, Meridian worked with the lender to create a favorable loan structure, while holding the rate for several months, until the property reached stabilization.”

“Meridian worked closely with the borrower and the lender to match the lease-up velocity with the forward rate lock in order to close the loan with the maximum interest rate protection,” said Mr. Grimm. “This allowed for more time to negotiate every aspect, resulting in a truly custom tailored solution for the client.”

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

Jonathan Stern
Meridian Capital Group
212-972-3600

MetroGroup Realty Finance Secures Acquisition Financing for Three-Building Industrial Business Park in Orange, CA



Orangewood Business Plaza, Orange, CA


J.D. Blashaw
ORANGE, CA – MetroGroup Realty Finance, a private commercial mortgage banking firm based in Newport Beach, California, has secured $3.9 million in permanent acquisition financing for Orangewood Business Plaza, a three-building industrial business park in Orange, California.

The financing was arranged by MetroGroup’s J.D. Blashaw and Ivan Kustic.

The 49,880 square-foot business park, which is located near Angel Stadium of Anaheim, consists of one office building and two flex/industrial buildings.

“The region surrounding Angel Stadium is undergoing tremendous revitalization, presenting a strong opportunity for long-term value for investors,” according to Blashaw, Vice President at MetroGroup, who notes that a new $450 million development is planned to be delivered next to the Stadium, which is approximately one third of one mile from Orangewood Business Plaza.

The new development includes a hotel, high-rise office buildings, a variety of retail and entertainment, as well as apartments and condominiums.

Ivan Kustic
“This ongoing revitalization will serve as a catalyst for future growth and is one of the reasons the sponsor was initially attracted to the property,” explains Blashaw. “Given the strong opportunity for future value creation, the sponsor needed a loan structure that would provide flexibility and increase initial cash flow.”

MetroGroup was able to secure $3.9 million in financing, which was 46 percent of the purchase price.

“This was a complex transaction that required some innovation,” says Kustic, Loan Officer at MetroGroup. “First, we worked closely with the sponsor and the seller to negotiate an additional $4 million using the sponsor’s existing portfolio of income properties as temporary security in anticipation of selling an existing asset.

“From there, we structured interest only payments for the first 18 months of the loan to provide increased cash flow, which gives the sponsor flexibility to make improvements to the asset and bring current rents up to market value.”

MetroGroup secured the five-year, fixed-rate loan at a rate of 4.6 percent. The buildings are located at 1717 and 1745 West Orangewood and 571 North Poplar Street in Orange, California.

Jim Hawkins and Phil Fridd of Lee & Associates represented both the buyer, Betty L. Davies Family Limited Partnership, and the seller, Orangewood Business Plaza, LLC.

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

Elisabeth Manville
Junior Account Executive
Brower, Miller & Cole
895 Dove Street, Third Floor
Newport Beach, CA 92660
p: (949) 955-7940


Illustrated Properties Lands $5.5 Million Palm Beach Biltmore Condo Listing



Shelley Newman

PALM BEACH, FL. | July 21, 2017 – Illustrated Properties, a member of The Keyes Family of Companies, has announced the acquisition of a $5.5 million turn-key listing in the Palm Beach Biltmore condominium building.

Mike Pappas
Shelly Newman, a top producer for Illustrated Properties, is the exclusive listing agent.

Designed 20 years ago by renowned architects David Martin and Charles T. Young and award-winning designer Bettye Jordan Young, Residence 712 at the Biltmore was originally constructed in New York and shipped to its current home at 150 Bradley Place. Inspired by the New York apartment of prominent businessman Bill Koch, Residence 712 was spotlighted in Architectural Digest’s “Around the World” feature.

The timeless 2-bedroom, 2-bathroom residence totals 2,000 square feet of living space and features African wood paneling, high countertops, Asian inspired accents, marble floors and a cityscape view overlooking the Intracoastal Waterway. The residence boasts of unsurpassed quality, impeccable attention to detail, and the highest standards for healthy living.

On-site building amenities at the Biltmore include an Olympic-sized salt water pool, infrared saunas, tennis court, three social gathering rooms and a state-of-the-art fitness center. A personal building representative and concierge are available to assist residents. The Biltmore includes private oceanfront beach club with shuttle service, two spas, a restaurant, and dock.

The prime location puts residents just minutes away from the famed Worth Avenue retail shops, dining and other local attractions.

“From the moment I walked in, I fell in love with the residence’s distinct and serene look,” said Newman. “It’s more than a home. It’s a piece of art. This masterpiece lives as glorious as it looks. The owners addressed the important core details of condominium living when designing this residence.”

Bettye Jordan Young
During her stint in the real estate world, the former award-winning professional figure skater with family ties to Palm Beach for over 50 years, and a business, sales and design background, has facilitated multiple notable transactions in Palm Beach, including the 1320 North Lake Way mansion, which closed for $14.5 million.

“Shelly has experience building, maintaining and selling properties,” said Mike Pappas, President and CEO of The Keyes Company. “Along with her persistent and disciplined athletic background, the unique combination makes her the perfect candidate for this listing.”

Independently-owned and operated since its founding in 1926, Keyes is extremely active in luxury residential real estate. In 2016, Keyes listed more than $1 billion in luxury homes priced at $1 million or more.

Keyes is a Founding Member and Shareholder of Leading Real Estate Companies of the World®, a global network of more than 550 premier real estate firms encompassing 4,000 offices and more than 128,000 Sales Associates in 55 countries.

In July 2016, Keyes and Illustrated Properties announced the completion of a merger between the two companies, which continue to operate under their existing brands. Overall, Keyes and Illustrated generate more than $6 billion in annual revenue from their real estate service lines.

For a complete copy of the company’s news release, please contact:
Jasmin Curtiss
PR Coordinator, BoardroomPR

O 954-370-8999

Wednesday, July 19, 2017

PM Hotel Group Begins Management of Sheraton DFW Airport Hotel in Texas

                             
  
Joseph Bojanowski
 IRVING, TX, July 19, 2017—PM Hotel Group, a leading, national hotel management company based in Washington, D.C., announced today that it has assumed management of the 302-room Sheraton DFW Airport Hotel. 

“In combination with the Doubletree by Hilton Dallas DFW Airport North, this marks our second hotel in the Dallas/Fort Worth area, a testament to our continued faith in the strength of the marketplace,” said Joseph Bojanowski, president of PM Hotel Group.

“This provides us with invaluable knowledge and the ability to implement economies of scale and shared services and best practices quickly.  Following the implementation of our proprietary management and marketing programs, we are confident the hotel will soon take its place as the preferred hotel for travelers seeking unique, upper upscale accommodations in the area.”

Sheraton DFW Airport Hotel, Dallas-Fort Worth, TX
Located at 4440 West John Carpenter Freeway, the hotel is within minutes of DFW Airport and convenient to the entire DFW Metroplex area, including such attractions as the Texas Motor Speedway, Six Flags Over Texas and AT&T Stadium. 

 The hotel recently completed an extensive $7 million renovation to refurbish guest rooms, expand and redesign the Club Lounge and upgrade the entire lobby experience. 

Guest rooms provide complimentary internet access and the Sheraton Signature Sleep Experience.  Hotel amenities include a state-of-the-art fitness center, outdoor pool, 25,000 square feet of meeting space and the Link@Sheraton, a full-service business center.  

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

Chris Daly, media                                                            
Leticia Proctor, corporate inquiries
(703) 435-6293                                                                
 (202) 787-3304

MArcus & Millichap Arranges $7.5 Million Sale of The Towers at 1601 Belvedere in West Palm Beach, FL

                  

 
Douglas K. Mandel
WEST PALM BEACH, FL, July 19, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Towers at 1601 Belvedere, a 101,730 rentable-square-foot office property located in the Airport Micro-Market of West Palm Beach, FL, according to Ryan Nee, Vice President / Regional Manager of the firm’s Fort Lauderdale office.

The asset sold for $7,500,000.

This was the second time around for Douglas K. Mandel, Senior Managing Director Investments, and C. Todd Everett, SIOR, Director in the National Office and Industrial Properties Group, as they marketed the property for sale in 2013 for the previous owner.

“Although the market timing was not in our favor back in 2013, we have always believed in the opportunity for an investor to re-position this asset and we were determined to see it through” stated Mandel.

Mandel and Everett, both in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.


C. Todd Everett
The team of Mandel and Everett has been very active in the West Palm Beach market having sold multiple suburban office buildings including the recent sale of Northpoint Corporate Center, a 100,000 square foot class “A” office building located within the Northpoint Corporate Park, as well as three iconic assets on Clematis Street in the heart of downtown and are currently marketing the 100,000 square foot premier Gold Leed Certified office building EcoPlex, also located within the Airport Micro-Market.

Additionally, Mandel and Everett are closing this week on a 207,000-square foot office building in Boca Raton, FL.

“There continues to be a strong appetite for high quality assets in good locations. With supply constraints and limited new development on the horizon, we remain bullish on the suburban office outlook for Palm Beach County” added Everett.

Towers at 1601 Belvedere consists of two, five-story, multi-tenant office buildings, each comprised of approximately 51,000 rentable square feet. The property is connected by a shared atrium/lobby with an Embassy Suites Hotel.

The Property is located at 1601 Belvedere Road in West Palm Beach, FL. 

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

Ryan Nee
Vice President / Regional Manager, Fort Lauderdale

(954) 245-3400