Saturday, April 8, 2017

HFF arranges $43.3 million financing for Denver, CO mixed-use development

Travis Anderson
CHARLOTTE, NC  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $43.3 million in financing for the development of LYND @ Park 17, a mixed-use residential and retail project in the Uptown neighborhood of Denver, Colorado.

HFF worked on behalf of the borrower, LYND, to secure the construction loan through a regional bank.

LYND @ Park 17 will be situated on a one-acre site at the corner of Park and 17th Avenues to the east of downtown in Denver’s City Park West area.  

The centrally located site is bordered by Colfax Avenue (U.S. 287) and the Colorado State Capitol to the south and Saint Joseph Hospital, Presbyterian-St. Luke’s Medical Center and City Park to the north.

 The eight-story, podium-style project is due for completion in 2019 and will comprise 190 Class A residential units with approximately 12,000 square feet of ground-floor retail. 

The HFF debt placement team representing the borrower was led by senior managing director Travis Anderson and managing director Josh Simon.

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

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

Construction of Amenity Facilities to Start Sooner Than Planned at LakePark at Tradition in St. Lucie County, FL

Rendering of model home at Minto Communities' LakePark at Tradition,
 St. Lucie County, FL

Port St. Lucie, FL – Minto Communities has some good news for residents and buyers at LakePark at Tradition, a new active adult community in St. Lucie County. The award-winning home builder announced that it will start building the LakePark amenity facilities a couple of months ahead of schedule. Construction is scheduled to start later this fall with a delivery date next summer. 

“Because of brisk home sales, we are now in a position to start building our resort-style amenities earlier than we had planned,” said Steve Svopa, vice president of Minto Communities. “In the meantime, our residents will continue to have access to similar recreation facilities at our nearby sister community, TownPark at Tradition.”

Rendering of Minto Communities'
model homes, LakePark at Tradition,
St. Lucie County, FL
Once completed, the LakePark facilities will be for the exclusive use of residents and their guests. Even when completed, residents will still have the option of enjoying the amenities at TownPark if they wish.   

The amenities at LakePark will feature a state-of-the-art fitness center, resort-style pool and spa, cabanas, screened lanai for social gatherings, outdoor seating area and grill, event lawn and residents-only dog park. Parks and nature trails surround both Minto communities at Tradition.   

LakePark at Tradition captures the charm of a small town while offering adults over 55 years of age an active and carefree vacation-inspired lifestyle.  To date, most of the community’s residents have come from South Florida, primarily St. Lucie and Palm Beach counties.

Pricing for Minto’s maintenance-free single-family and villa homes at LakePark range from the $190,000s to the mid-$200,000s. For a limited time, Minto is offering a $15,000 buyer incentive on select homes.

In addition, Minto is offering prospective buyers a Stay & Play Getaway to test drive the lifestyle.  Guests will be able to stay in a home for three days and two nights and enjoy existing amenities, and play golf at the PGA Golf Club, located just minutes away.

Minto is known for its award-winning communities and exceptional home designs. LakePark residences feature quality and energy-efficient construction, open interiors, spacious kitchens and designer baths.

There’s also a host of included premium features and architectural details that are included in the base price of each home. 

Steve Svopa
Minto offers a selection of five villa home designs ranging from 1,565 to 1,862 square feet under air, and four single-family floorplans that offer 1,895 to 2,220 square feet under air.

Four of Minto’s model homes at LakePark earned awards from the Treasure Coast Builders’ Association in 2016. 
LakePark at Tradition is located in the heart of Florida’s Treasure Coast. Shopping, dining and entertainment options are just a stroll or bike ride away at Tradition Square. The area offers quick access to I-95 and the Turnpike for easy drives to Orlando, St. Augustine and the Palm Beaches.

Late last year, a nationally recognized real estate consulting firm named Tradition among the top 50 master-planned communities in the United States.

For complete information on LakePark at Tradition or the Stay & Play offer, visit or call 877-801-1663.

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

Kelsey Dean or Ashley Fierman, BoardroomPR

Marcus & Millichap Brokers Sale of 78,630-SF Self Storage Facility in Palmdale, CA

Luke Elliott
PALMDALE, CA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Palmdale Self Storage, a 78,630-net rentable square foot self-storage facility in Palmdale, California, according to Ari Ravi, regional manager of the firm’s Tampa office.

Luke Elliott, vice president investments, Devin Beasley, investment associate and Michael A. Mele senior managing director investments of The Mele Group in Marcus & Millichap’s Tampa and Phoenix offices, had the exclusive listing to market the property on behalf of the seller, a private investor.

The buyer, a private investor, was also secured by Elliott, Beasley and Mele. They were assisted by Marcus & Millichap’s California Broker of Record, Kent Williams.

“We continue to see strong interest from private clients and Wall Street funded investors. This transaction was interesting as we are seeing significant interest from East Coast buyers looking to migrate capital from east to west. This is a core value proposition of Marcus & Millichap and our group is uniquely qualified to assist our clients with such opportunities,” Elliott comments.

Palmdale Self Storage is a well-maintained asset located at 3305 East Palmdale Boulevard. This institutional-quality facility is comprised of 268 climate controlled units and 358 non-climate controlled units, ranging from 25 square feet and 300 square feet, for a total of 626 units. Palmdale is a submarket in Los Angeles County, California.

“This is a quality asset acquired through a smooth transactional process and it will provide a nice addition to the buyer’s current portfolio,” says Beasley.
For a complete copy of the company’s news release, please contact:

 Ari Ravi
Regional Manager, Tampa

(813) 387-4700

History Repeating: JLL Q1 Report Shows Highest Phoenix Office Rents Since 2007

Dennis Desmond
PHOENIX, AZ – Even with more than 1.1 million square feet of new space delivered in the first quarter of the year, average asking rents for Phoenix office product has increased to the highest level in nine years, according to the Q1 2017 Phoenix Office Insight [add link] report released this week by the Phoenix office of JLL.

Reaching $24.91 per-square-foot, today’s Phoenix office rent average is just 7.1 percent lower than the pre-recession high of $26.82, set in Q4 2007.

Total vacancy remains relatively unchanged – and still under 20 percent – as new construction just slightly outpaces demand, and with more than half of all new space delivered in Q1 2017 representing preleased product, primarily at the Marina Heights/State Farm development in downtown Tempe.

“Since 1990, there have been three significant cycles that have dramatically impacted the Phoenix economy and its office rents, and each cycle contained a period of peak and trough rental rates,” said JLL Senior Managing Director Dennis Desmond. “This creates some level of predictability, and – as predicted – history is repeating itself.”

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

 Stacey Hershauer
 +1 480 600 0195