Tuesday, April 11, 2017

The Hitting Academy Opens 14,000-SF Site at Kingsway Plaza in Brandon, FL

Rob Ciaravino
BRANDON, FL -- The Hitting Academy has opened in 14,000 square feet at Kingsway Plaza in Brandon. Also new to the center is a Circle K convenience store.

 The Academy deal was brokered by Pattie DeWitt of Florida Retail Partners representing the Landlord. Adding an entertainment component to the center appeals to millennials for whom statistics show want more entertainment options in their shopping experience.

 “This is great news for the community,” according to DeWitt. “The Hitting Academy brings substantial traffic to the center benefitting all our retailers while providing a fun service to the community.

Kingsway Plaza recently underwent substantial renovation to better serve its tenants and their customers. The renovations included upgrading the parking lot, new site lighting, landscaping and tenant signage.

 Florida Retail Partners, an X Team partner has turned around the once struggling Kingsway Plaza, a 78,000 square foot retail center in Brandon, FL. bringing a myriad of new tenants including a solid anchor tenant in Dollar Tree.

“For years, I knew the next location for The Hitting Academy was Brandon, said Academy owner Rob Ciaravino. After searching the market for the best available space, Kingsway Plaza seemed to be the best fit.

“With a large amount of families in the immediate area and the latest improvements to the shopping center, we felt this would be a superb location for our 3rd location.

"Things are going great at our new Brandon location and we are looking forward to helping all of the baseball and softball players in the area for years to come.”

Kingsway Plaza, Brandon, FL
The Hitting Academy is the premier indoor baseball/softball training facility in Tampa Bay with three locations in Clearwater, Tampa and now Brandon. Ciaravino opened his first Academy in Clearwater in 2007 with the goal of helping as many players as possible improve their skills.

 Since that time, The Hitting Academy has worked with many of the top players in the area to become better hitters and overall athletes.  

They train athletes of all ages and skill level from serious training to just having fun. 

They have created a great learning environment by understanding that most people (especially kids) are visual learners, and to nurture that use video analysis in all private hitting lessons.

X Team partner Florida Retail Partners was founded in 1997 and currently has four Florida Retail Real Estate Specialists all with over twenty years of experience.  The company’s focus has always been on retail tenant and landlord representation on Florida’s West Coast and Central Florida.

This exclusive focus on retail includes diverse assignments ranging from tenant representation, land sales and consulting to leasing of both distressed properties in need of turnaround and upscale mixed-use projects with very specific co-tenancy parameters.
For a complete copy of the company’s news release, please contact:

HFF hires Garrett Gilleland to focus on land investment sale transactions in Austin. TX office

Garrett Gilleland
AUSTIN, TX, April 11, 2017–– Holliday Fenoglio Fowler, L.P. (HFF) announced today that Garrett Gilleland has joined its Austin office as an associate director focused on land investment sale transactions in the Central Texas corridor and San Antonio.

Mr. Gilleland joins HFF from ARA where he was an associate representing land owners and purchasers.  Prior thereto, he was in a similar role as an associate at CBRE focused on land investment sale transactions.  

He is a licensed real estate salesperson in Texas and holds a Bachelor of Science from the University of Texas.  Additionally, Mr. Gilleland is a member of the Real Estate Council of Austin and Urban Land Institute.

“HFF has enjoyed ongoing success and expansion in our local Austin office,” said Sean Sorrell, senior managing director and co-head of HFF’s Austin office.  “We view a land specialist such as Garrett, as a critical component in our desire to provide our clientele comprehensive services for their investment needs.” 

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

RECI Reports Hawkish Fed Statements in March Push Up Benchmark Rates

Jeanne Peck
Chicago, IL - Real Estate Capital Institute reports most of March, benchmark rates “marched” upward in step with the second Fed rate hike prompted by continued economic growth.  Due to hawkish Fed statements, pundits expect rates to reach a 3%-handle for longer term debt based upon the current trajectory.  

In the face of rising rates, and correspondingly lower financing demand, how are various funding sources re-tooling to remain active?  The following summary tackles key players active in the permanent financing arena:

CMBS:  Numerous borrowers with maturing conduit debt are unable to effectively restructure their loans per currently stringent underwriting requirements.  Major financial institutions and banks issue bonds, keeping the vertical strip and maintaining strong relationships with horizontal strip investors per risk retention guidelines.  Pricing is tighter, resulting from higher quality loan offerings.  Leverage up to 75% is available for premium deals, but 70% is more common.

Agencies: “Workforce” and “affordable” are the two most important words when discussing best pricing and terms for multifamily housing with the agencies.  The GSEs are very focused on meeting their housing goals, as well as energy efficiency to various “green” program discounts.  Discussions surface about more creative options including construction loan and pre-stabilization funding. 

FHA/HUD:  HUD continues to offer the most attractive leverage and pricing.  However, the longer closing timeline is the major factor influencing borrowers seek traditional financing alternatives.  Some of the more competitive seller/servicers now offer Bridge-to-HUD funding options to allow more borrowers to use interim debt while the HUD funding process is in play, expanding the possibilities for using this financing vehicle for property acquisitions.

Life Companies:  Armed with ample allocations of mortgage funds, LifeCos offer the best rates, in return for providing lower leverage.  Lower-100-basis-point spreads are surfacing, as spreads tighten between competing LifeCos.  Longer term dollars are plentiful.  Multiple players supplement are highlighting their transitional bridge product.

Banks:  The most traditional construction and short-term lenders, banks, stay focused on compliance within a more restrictive regulatory environment. Cautiously active on new construction with lower loan-to-cost fundings generally reserved for the “best” customers.  Pricing is still very favorable starting spreads of 300 basis points over Libor.  

Term loans up to seven years are available for balance sheet lending, although interest rates swaps will be required to protect fixed-rate risk.  Small regional and community banks may be more aggressive on term and leverage, but generally limited to loans of $15 million or less.

Debt Funds:  Helping borrowers with loans that the aforementioned funding sources find challenging, debt funds provide higher leverage needs and more structured fundings such as preferred equity, mezzanine, and bridge loans.  Pricing is 100 to 300 basis points or more versus regular sources.
Ms. Jeanne Peck, director of the Real Estate Capital Institute®, states “Debt funds and smaller community banks are the sources to watch for more flexibility, leverage as more creative underwriting solutions are needed, instead of tighter pricing restricted by lower leverage.”

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

Jeanne Peck, Executive Director

Keystone Development Site Unveiled in Atlanta’s Old Fourth Ward

Scott Cullen

ATLANTA, GA  – Georgia Power, a subsidiary of Southern Company, has hired commercial real estate firm JLL to market its property located at 760 Ralph McGill Boulevard in Atlanta, with the intent of gauging interest for redevelopment.

Branded by JLL as Eastline at Fourth, the property represents a keystone development opportunity in the red hot Old Fourth Ward neigborhood. JLL’s Scott Cullen, Mark Lindenbaum, and Leigh Martin will oversee the marketing, developer selection and sales process for the property.

Project details can be found at www.eastlineatfourth.com. A formal bidding process is outlined in JLL’s materials, which indicates bids should to be submitted by Wednesday May 24th.

“The city has made significant infrastructure investments in this submarket, allowing the area to evolve into one of the most dynamic in the City. This, along with recent demographic, employment and population trends, creates a tremendous development opportunity,” said JLL’s Scott Cullen.

Mark Lindenbaum
“The fundamentals of the property suggest a dense, mixed-use project given its Atlanta Belt Line adjacency, Historic Fourth Ward Park frontage, multiple surface street connections, and a potential future light rail station,” said JLL’s Mark Lindenbaum.

“We expect interest from local, regional, and national developers. The site is positioned well to capture the continued growth and demand for intown Atlanta projects,” said JLL’s Leigh Martin.

Located adjacent to The Atlanta BeltLine’s Eastside Trail and Historic Fourth Ward Park, the 10.2 acre parcel can potentially be redeveloped with a mix of residences, offices, hotel rooms, and retail space.

 The Atlanta BeltLine has earned national recognition for urban redevelopment and mobility.

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

Adrienne Heintz
Skyline, A Wilbert PR Company
(o) 404-260-6438

(c) 404-384-2210

Regency Centers Announces Development of Pinecrest Place in Miami, FL

Paul Maxwell
MIAMI, FL, April 10, 2017 -- (BUSINESS WIRE)-- Regency Centers Corporation (“Regency” or the “Company”), a national owner, operator, and developer of grocery-anchored shopping centers, has announced the start of a new ground-up development in Miami, Florida.

 Pinecrest Place, with estimated net development costs of $16.4 million, will be adding 70,000 square-feet of high quality retail to an existing 173,000 square foot Target, anchored by a new, 46,000 square foot flagship Whole Foods Market. Construction completion is expected in the second quarter of 2018.

“Pinecrest Place is an ideal blend of best-in-quality anchors with substantial parking, and visibility from the heavily travelled US-1 commercial corridor south of Miami,” said Paul Maxwell, Vice President of Investments for Regency Centers.

“The shopping experience will be a powerful reflection of the lifestyles and wants of the affluent communities surrounding the shopping center, providing a superior anchor lineup with complimentary restaurants and small shop retail.”

Strategically located off of US-1 (S. Dixie Highway), Pinecrest Place will benefit from a traffic count that exceeds 90,000 cars per day in one of the strongest trade areas in Southeast Florida. A surrounding daytime population of over 120,000 bolsters an active and affluent residential market with average household incomes over $130,000 in the trade area.

For leasing inquiries, please contact Matt Hagan at MattHagan@RegencyCenters.com,
 or 561-630-2345.

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

Regency Centers Corporation
Eric Davidson, 904-598-7829

Communications Manager

Paul Maxwell, 561-630-2324
Vice President, Investments