Saturday, January 28, 2017

Marcus & Millichap Arranges the Sale of AA Accredited Storage in Clearwater, FL


Brian Baldwin
 CLEARWATER, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of AA Accredited Storage, a 358-unit self-storage facility located in Clearwater, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office.

Brian Baldwin, investment associate, Luke Elliott, vice president investments, and Michael A. Mele, senior managing director investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller. The buyer was secured and represented by Anne Williams, vice president investments in the firm’s Memphis office. 

“The buyer selected was new to self-storage investments and was sourced through the marketing platform unique to Marcus & Millichap with multiple offers in the first three days,” says Baldwin.

AA Accredited Storage consists of 358 total units, comprised of 187 climate controlled units, 56 covered shed spaces, 26 full closet units, 22 half closet units and one open bay space across 16,419 rentable square feet.

The facility caters to the local demand for boat and RV storage with 56 covered shed spaces for 25,480 rentable square feet, in addition to 66 open yard spaces. Located at 14433 62nd Street North in Clearwater, Florida, the facility is one-half mile northwest of U.S. Route 19 and 0.7 miles north of Ulmerton Road.
For a complete copy of the company’s news release, please contact:

Ari Ravi
Regional Manager
 Tampa, FL

(813) 387-4700

New Owners Unveil Revitalization Plan for East Hills Mall in Bakersfield, CA

Duane Keathley
BAKERSFIELD, CA. – Local developers C & C Properties, Inc. and MarkChris Investments announced their plans for the revitalization of East Hills Mall in Bakersfield, Calif.

The vision is to transform the enclosed mall into an exciting, destination open-air lifestyle center offering a collection of restaurants, shopping and entertainment in 350,000 square feet.

A new, state-of-the-art, movie theater complex will serve as the centerpiece of the new development. The redevelopment project is expected to break ground late in the second quarter or early third quarter of this year, and be completed in the third quarter of 2018.

The redesign features a large outdoor plaza, water fountain, seating and landscaping in front of the theater complex and the adjacent buildings. On either side of the theater are a variety of major retailers, boutique shops, quick-serve restaurants, a coffee house and sit-down restaurants.

In addition to the main building area, the new owners plan to add several buildings along Mall View Road for shops, restaurants and services. The proposed design includes an activated and welcoming streetscape and approachable storefronts that connect with pedestrians and provide plenty of opportunities to sit and socialize.

“We are looking forward to providing Bakersfield and especially northeast Bakersfield, an exciting, first-class shopping and entertainment experience,” said Craig Carver. “Our design inspiration is a blend of mid-century modern and contemporary-style architecture so it will uniquely stand out in the market.”

Vincent Roche
Carver said that they have received a lot of interest in the location and are currently in lease negotiations with several national and regional retailers and restaurants as well as a national theater chain.

The new owners completed their purchase of the 414,000-square-foot regional shopping center on December 23, 2016.

 Duane Keathley, Vince Roche and Josh Sherley of Cushman & Wakefield | Pacific Commercial Realty Advisors represented the buyer and seller in the sale. The seller was Retail Equities, LLC of Modesto, Calif. and El Corte Ingles of Spain, Madrid. Keathley, Roche and Sherley have been retained to lease the new shopping center.

“We are excited that local developers recognize the potential of the retail demand in northeast Bakersfield and will execute on a vision to bring a vibrant retail and entertainment center to an underserved retail submarket of Bakersfield,” said Vincent Roche, Senior Director/Principal, Cushman & Wakefield/Pacific Commercial Realty Advisors.

“National retailers look for the strong demographics and high traffic counts that this location offers,” added Roche.

Josh Sherley
Built in 1988 on 36.4 acres, East Hills Mall is located on Mall View Road, between Mt. Vernon Avenue and Oswell Street with excellent visibility and access to Highway 178. According to Roche and Keathley, there are 250,000 people in the project’s primary trade area and approximately 500,000 people in a 10-mile radius. 

There are more than 93,000 cars per day along highway 187 at Mt. Vernon Avenue and 70,500 cars along the highway at Oswell Street.

“This redevelopment has been a long time coming,” said Duane Keathley, Senior Director/Principal Cushman & Wakefield/Pacific Commercial Realty Advisors. “It’s great news for the people of east Bakersfield and for the City of Bakersfield in general. It will be an impressive retail and entertainment center.” 

C & C Properties and MarkChris Investments have completed numerous residential, industrial, commercial and retail development projects in the City of Bakersfield over the last 25 years.

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

Anne Monaghan                                      
Monaghan Communications               


Meridian Capital Group Arranges $21.5 Million for the Refinance of the Hampton Inn by Hilton in Coconut Grove, FL

Noam Kaminetzky
Boca Raton, FL – Meridian Capital Group, America’s most active debt broker, arranged $21.5 million in financing for the refinance of the Hampton Inn by Hilton located in Coconut Grove, FL on behalf of Hospitality Operations, Inc.

The seven-year balance sheet loan, provided by the U.S. arm of an international bank, features a fixed rate of 3.90%. This transaction was negotiated by Meridian Managing Director, Noam Kaminetzky and Vice President, Joseph Landsberg, who are both based in the company’s Boca Raton, FL office.

The Hampton Inn by Hilton, located at 2800 South West 28th Terrace in Coconut Grove, is a six-story, 135-key hotel. The property is situated directly across the street from the Metrorail at Coconut Grove and is a 10-minute drive from Miami International Airport and the Port of Miami.

The hotel is also in close proximity to Coral Gables, Key Biscayne, Brickell and Downtown Miami, where guests enjoy a variety of dining, shopping and entertainment, including the American Airlines Arena, Bayside Marketplace, Perez Art Museum and Adrienne Arsht Center for Performing Arts.

 In addition, The Hampton Inn by Hilton’s central location offers direct access to shopping centers and malls, including Cocowalk, Shops at Sunset Place, Village at Merrick Park, Dolphin Outlet Mall, Dadeland Mall and Miami International Mall.

Joseph Landsberg
“This deal presented a unique challenge for the borrower as the prior loan could not be prepaid without a significant penalty,” explained Mr. Kaminetzky.

 “There were concerns about the rising interest rate environment and Meridian negotiated a loan that allowed for a six-month rate lock,” he added. “Ultimately, the borrower was able to close the loan 55 basis points below prevailing market rates as result of this arrangement.”

“The borrower had a long-standing relationship with an existing advisory firm,” said Mr. Landsberg. “Meridian leveraged its strong relationships and experience to obtain a better loan structure, tailored to meet the unique requirements of this asset,” he added.

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

Jonathan Stern
Meridian Capital Group

HFF secures $46.6 million financing for 7-property office portfolio in Washington, D.C.-area

Capital Office Park,  6301-6421 Ivy Lane, Greenbelt, MD

Cary Abod
WASHINGTON, D.C. –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $46.6 million in financing for Capital Office Park, a seven-property office portfolio totaling 806,531 square feet in the Greenbelt, Maryland suburb of Washington, D.C.

HFF worked on behalf of the borrower, Morning Calm Management, to arrange the floating-rate acquisition financing through ACORE Capital, a leading commercial real estate finance company.   
The office park is situated at 6301-6421 Ivy Lane, about 11 miles northeast of Washington, D.C. near The Capital Beltway (Interstate 495) in Greenbelt.  The portfolio is currently 60 percent leased to a diverse mix of tenants, including Bozzuto & Associates, Whiting Turner, and the U.S. District Attorney’s Office.

 Morning Calm Management, who will be moving its primary office to Capital Office Park, has a successful track record of office repositionings throughout the United States. Morning Calm intends to inject substantial capital into the assets via the upgrading and modernization of lobbies, elevators, windows and amenity spaces.

These improvements will help the assets retain current tenants and attract additional tenants, and cement Capital Office Park’s position as the premier suburban D.C. corporate location. 

Michael Gigliotti
The HFF debt placement team representing the borrower was led by managing director Cary Abod and senior managing director Michael Gigliotti. 

“Morning Calm has made an impressive foray into the D.C. marketplace with their acquisition of Capital Office Park,” said Abod. 

“They have a clear, coherent plan for the portfolio that resonated with the lender community and generated an impressive amount of interest.  In addition, ACORE was remarkably effective in executing the financing on a condensed timeline.”

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 |

HFF arranges $23 million financing for the historic Tribune Tower in Oakland, CA

Tribune Tower, Downtown Oakland, CA

Bruce Ganong
SAN FRANCISCO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $23 million in acquisition and capital improvement financing for Tribune Tower, an iconic 20-story office building in downtown Oakland, California.

HFF worked on behalf of the borrower, Harvest Properties and True North Management Group, to place the floating-rate loan with a debt fund based on the East Coast.

Tribune Tower features 88,334 square feet including ground floor retail.  The property was originally built in 1906 for The John Breuner Furniture Company as a showroom and store.

 In 1923, the adjoining 20-story, steel-frame iconic Renaissance Revival-style clock tower was completed, and the Oakland Tribune took occupancy for the next 65 years.  Harvest Properties along with True North will embark upon a capital improvement plan to transition the tower into a best-in-class creative office environment.

 The Tribune Tower is located at 409 13th Street in downtown Oakland, ideally located a half a block from the 12th Street/City Center BART station.

The HFF debt placement team representing the borrower was led by senior managing director Bruce Ganong, associate director Brandon Roth and associate Zachary Kersten

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 |


Luxury Real Estate Veteran Candace McIntosh Rejoins The Keyes Company’s Platinum Properties

Candace McIntosh

 PALM BEACH, FL – Platinum Properties, a Keyes Family Company, announces that luxury real estate veteran Candace McIntosh has rejoined the company. Platinum Properties operates as one of Keyes’ luxury residential real estate divisions.

With nearly 15 years of experience as a licensed real estate agent, McIntosh continues to have success representing buyers and sellers in northern Palm Beach County. As a top producer, McIntosh has generated $12 million in sales since the beginning of 2015. She serves an affluent client base in Jupiter, Tequesta and Hobe Sound.

McIntosh has spent most of her career with Platinum Properties. She returns to the firm after a stint at the Jupiter office of Keller Williams.

James Kirvin
In Jupiter’s Mallory Creek, McIntosh listed a property and secured a buyer in just six hours. The transaction was one of the highest sale prices per square foot in that community. She will be bringing another Mallory Creek listing to market in late February.

Before earning her real estate license, McIntosh developed a passion for real estate by investing in property in Utah, Washington and New Mexico, where she grew up.

Independently-owned and operated since its founding in 1926, Keyes is extremely active in luxury residential real estate. In addition to Platinum Properties, Keyes has Valore Group, which is also a division of Keyes Luxury. The combined companies are a premier luxury leader.

Keyes annually sells $650 million in luxury homes priced at $1 million or more. The company expects to grow its annual sales velocity in that category to more than $1 billion.

“We are so excited to have Candace on our team,” said James Kirvin, Chief Executive Officer of Platinum Properties. “She is an extremely knowledgeable real estate professional who has exceptional marketing skills. Candace is constantly a top producer in the northern Palm Beach County market, and she is the type of agent we are trying to attract to our company.”

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

Eric Kalis or Ashley Fierman, BoardroomPR


HFF arranges financing for Hanover Rice Village in Houston, TX

Hanover Rice Village Apartments, Near Rice University, Houston, TX

HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged fixed-rate financing for Hanover Rice Village, a 379-unit, Class A, podium-style apartment community near Rice University in Houston, Texas.

HFF worked exclusively on behalf of the borrower, The Hanover Company (Hanover), to secure the 10-year, fixed-rate loan through an agency lender.

Cortney Cole

Completed in 2013, Hanover Rice Village comprises 379 residential units and nine retail spaces totaling 22,599 square feet.  The LEED Green-certified property is situated at the intersection of Kelvin Drive and Dunstan Road in the heart of Houston’s Rice Village live-work-play mixed-use development. 

Hanover Rice Village is a few blocks west of Rice University and proximate to the Texas Medical Center and Hermann Park.  The property’s retail component is leased to tenants, including Coppa Italian Food, Punk’s Simple Southern Food and Cyclone Anaya’s Mexican Kitchen. 

Scott Galloway
Apartment units feature a variety of one-, two- and three-bedroom floor plans with high-end finishes such as nine-foot ceilings, custom cabinetry, large kitchen islands, stainless steel appliances, granite countertops, walk-in closets, in-unit washers and dryers, hardwood in living and dining areas and oversized soaking tubs. 

In addition to pedestrian access to some of the city’s best retail and dining attractions, resident amenities also include a courtyard with resort-style swimming pool, poolside cabanas, fire pit, grilling areas, open-air loggia with fireplace and TV, outdoor banquette seating and dining space, The Resident Club with TV lounge and billiards, gourmet catering kitchen, pet washing station and controlled-entry parking garage.

The HFF debt placement team representing Hanover was led by managing director Cortney Cole, executive managing director Scott Galloway and real estate analyst Dustin Selzer.

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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |