Sunday, April 9, 2017

Trion Properties Expands Bay Area Portfolio; Acquires Value-Add Multifamily Communiity in San Leandro, CA for $36.6 Million

Bel Brook and Hideaway Apartments, San Leandro, CA

Max Sharkansky
SAN LEANDRO, CA – Trion Properties, a private equity real estate firm with a niche focus on value-add multifamily investments, along with its joint-venture partner DVO Real Estate, a New York-based private real estate investment firm, has acquired Bel Brook and Hideaway Apartments, a 146-unit value-add multifamily property at 77-85 Estabrook Street in the San Leandro submarket of the East Bay, for $36.6 million.

This is Trion Properties’ fourth Bay Area acquisition in less than 15 months, bringing its existing Bay Area multifamily portfolio to a total of 262 units, according to Max Sharkansky, Managing Partner at Trion Properties.

            “San Leandro is thriving and experiencing tremendous revitalization, making it poised for long-term growth and investment potential,” says Sharkansky. 

“Located in the heart of the dynamic East Bay, this property is within walking distance to a BART station and a mile away from the San Leandro Technology Campus, a 750,000 square-foot mixed-use development which will bring an estimated 1,800 tech jobs to the area.

“The enormous job growth throughout this region is driving demand for quality housing located in close proximity to transit options and major employers.”

            Sharkansky notes that the entire East Bay is undergoing rapid growth as major tech giants and employers expand their presence in this region. Uber will relocate its corporate headquarters to Oakland, while Tesla has brought thousands of high paying jobs to Fremont.

Mitch Paskover
            In addition to the region’s technology sector growth, San Leandro is home to three of the Bay Area’s largest craft breweries, a thriving downtown district with a host of retail and restaurant amenities, and the San Leandro Monarch Beach, a 40-acre mixed-use development anticipated to break ground this year.

“We are bullish on the East Bay and have a proven track record in this market,” continues Sharkansky, who notes that Trion recently acquired two value-add multifamily assets in Hayward and San Leandro last year.

“This property is located only a block away from our Metro348 property on the same street. Metro348 boasts a strong and diverse mix of tenants, many of whom work in the technology and healthcare industries, including employers such as Uber, Kaiser, and GE Health. 

"Based on our enormous success in repositioning our existing Metro348 asset, the Bel Brook and Hideaway Apartments presents a unique opportunity for us to execute a similar value-add investment strategy and capitalize on the tremendous growth of this region, enabling us to generate strong cash flow and risk-adjusted returns to our investors.”Trion Properties and joint-venture equity partner DVO Real Estate acquired this property from the John Sullivan family.

Brad Lehman
Acquisition financing was arranged by Continental Partners through NXT Capital. John Leyvas Jr. and Brad Lehman of Newmark, Cornish and Carey represented both the buyer and the seller in this transaction.

The principals of Trion Properties are Max Sharkansky and Mitch Paskover, two real estate professionals with over 30 years of combined experience in finance, acquisitions, management and redevelopment.

DVO’s team is made up of highly experienced real estate investors with more than 100 years of combined experience in the industry, including 30,000+ apartment units and $6+ billion of real estate and private equity transactions. Additional information is available at  or by calling +1.212.391.0902.

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

Lauren Burgos / Katie Kea
Brower, Miller & Cole
(949) 955-7940

HFF closes sale of 4-building industrial distribution center in Houston, TX

Four Distribution Warehouses, West by Northwest Industrial Park, Houston, TX
                                                                                                                  (Photo by Jud Haggard)

Rusty Tamlyn

HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of four Class B distribution warehouses totaling 809,196 square feet in the West by Northwest Industrial Park in Houston, Texas.

HFF represented the seller, TH Real Estate an affiliate of Nuveen (the investment management arm of TIAA).  Prologis, Inc. purchased the property for an undisclosed price. 

The property comprises buildings at 14902 and 15002 Sommermeyer, 6450 Clara and 10410 Papalote in Houston’s Northwest Industrial submarket.  The buildings are situated on 39.6 acres near the intersection of Beltway 8 and U.S. 290, considered the “main and main” intersection for bulk industrial product.

 The front-load distribution buildings feature 14.2 percent office finish and clear heights ranging from 20’ to 24’.  Currently 95 percent leased, property tenants include Tercel Oilfield Producers USA, LSI Integrated Graphics, Sweet Mesquite Baker, Mason Road Sheet Metal and Southern Container.

HFF’s investment sales team was led by senior managing director Rusty Tamlyn and director Trent Agnew.

“Given its location, historical occupancy and institutional maintenance ownership, this collection of assets generated significant interest from the investment community,” Tamlyn said.  “Prologis now owns 24 of the 26 assets in this business park and has a long history in the area, so they were a logical buyer.”

Trent Agnew
“The fact that this property generated more than 10 offers from a mix of institutional capital is a statement on how the Houston industrial market is viewed currently,” Agnew added.  “There is a significant amount of capital to be deployed with few opportunities of scale like this presented, especially in Houston’s top submarket.”

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 |

HFF arranges $290 million financing for luxury mixed-use development in Manhattan’s Upper East Side

151 East 86th Street, Upper East Side, Manhattan, NY 
                                                                                               (Rendering by HOK Architects) 

David Nackoul

NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $290 million in financing for the development of 151 East 86th Street, a luxury mixed-use residential and retail project in Manhattan’s Upper East Side neighborhood.

HFF worked on behalf of the developer, a joint venture between Ceruzzi Holdings LLC (Ceruzzi) and Kuafu Properties (Kuafu), to secure the construction loan with a foreign capital source. HFF previously sourced financing on Ceruzzi’s behalf for its acquisition of the site in 2014.

151 East 86th Street is situated at the corner of 86th Street and Lexington Avenue. The project will include a combination of luxury residential totaling 151,500 square feet and two stories of ground-floor retail totaling 30,600 rentable square feet.

 Complementing the retail base will be 61 luxury condominium units averaging 2,485 square feet with top-of-the-line finishes and floor-to-ceiling windows offering sweeping views of the Manhattan skyline and the East River. 

Resident amenities will include concierge service and 6,500 square feet of amenity space, including a state-of-the-art fitness facility, lounge, rooftop terrace and children’s playroom.  Due for completion in first quarter 2019, the 18-story building has been designed by world-famous HOK Architects with interiors by the renowned design firm Shelton, Mindel & Associates.

Christopher Peck
HFF’s debt placement team was led by senior managing director David Nackoul, managing director Christopher Peck and associate Scott Findlay.

“The Upper East Side is a unique and sought-after area where the opportunity to develop from the ground-up rarely presents itself, especially on a prime corner such as 86th and Lexington,” said Peck.  

“Ceruzzi and Kuafu managed to create and execute on a very complex structure, and it was a privilege to help them capitalize on this vision with a single source of debt capital.”

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 |

HFF closes sale of Boulder, CO multi-housing community

Tantra Lake Community, Boulder, CO
Matthew Lawton

CHICAGO, IL  – Holliday Fenoglio Fowler, L.P. (HFF) announced  it has closed the sale of Tantra Lake, a 185-unit, garden-style multi-housing community in Boulder, Colorado.

HFF represented Waterton in the sale of the property to the Boulder Housing Authority.  The property was sold free and clear of debt.

Tantra Lake is situated on 10.9 acres at 1000 West Moorhead Circle, approximately three miles southeast of downtown Boulder and the University of Colorado Boulder campus. 

The property’s location provides easy access to U.S. 36 and all of Boulder’s employment, educational and recreational amenities.  Tantra Lake comprises a total of 301 units, of which 116 are individually owned as condominiums located in separate buildings.

 The 185 apartment units included in this transaction feature a variety of one-, two- and three-bedroom floor plans averaging 812 square feet each. 

Community amenities include a heated indoor swimming pool, hot tub, outdoor basketball and tennis courts, grilling areas, playground, 24-hour fitness facility, resident lounge, business center, manmade lake and sweeping views of the Rocky Mountains.

The HFF investment sales team representing Waterton was led by executive managing director Matthew Lawton along with managing director Jordan Robbins.

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 |

HFF closes sale of 1 Gatehall Drive in Parsippany, NJ

1 Gatehall Drive, Parsippany, NJ
Jose Cruz
FLORHAM PARK, NJ  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of 1 Gatehall Drive, a 114,000-square-foot, four-story, Class A office building in Parsippany, New Jersey.

HFF represented the seller in the sale of the property to Lincoln Property Company.

1 Gatehall Drive is situated along Route 202, in close proximity to Route 10 and Interstates 287 and 80. Renovated in 2004, the Energy Star-rated building features a two-story lobby atrium with skylight, well-appointed common areas, shared conference room, dining area and a fitness center.

1 Gatehall Drive also shares a fountain courtyard with an adjacent office building and is next door to a Marriott Residence Inn.  Tenants at the 63-percent-leased property include software, consulting, communications, staffing and foodservice tenants.

The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn and directors Stephen Simonelli and Michael Oliver.

“This sale further exemplifies the demand for well-located value-add office buildings in Northern New Jersey where the buyer can continue to improve the property,” Cruz said. 

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 |


HFF secures $124.5 million financing for three Class A office buildings in Northern New Jersey

51, 101 and 103 JFK Parkway,  Short Hills, NJ

FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $124.5 million in financing for 51, 101 and 103 JFK Parkway in Short Hills, New Jersey.

Working on behalf of the borrower, Mack-Cali Realty Corporation, HFF placed the 10-year, fixed-rate loan through Citi and Goldman Sachs & Co.  Loan proceeds were used to acquire the properties, which were part of a larger six-property portfolio that HFF sold to Mack-Cali on behalf of RXR Realty.

Jon Mikula
The properties are located in Short Hills, along the high-growth Route 24 Corridor, which is close to the affluent residential communities of Millburn, Summit, Livingston, Chatham and Florham Park, plus The Mall at Short Hills; the downtown areas of Morristown, Madison and Summit and the retail offerings along Route 10. 

Built between 1981 and 1988, the properties are fully leased to major tenants, including KPMG, Merrill Lynch, Wells Fargo, Dun & Bradstreet and Investors Bank.

The HFF debt placement team representing the borrower was led by senior managing director Jon Mikula. 

“We were excited to help Mack-Cali with its acquisition of the Short Hills assets, which are some of the premier Class A office buildings in the state,” stated Mikula.

“This acquisition signifies Mack-Cali’s substantially expanded presence in the affluent Short Hills submarket—positioning us as the owner of nearly all of the Class A office space, as well as some of the most premier assets in the Madison submarket,” said Michael J. DeMarco, Mack-Cali President. 

“This transaction exemplifies our strategy of owning only the best assets in strong markets that offer tenants state-of-the-art office spaces with a suite of first-class amenities.”

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 |