Tuesday, May 9, 2017

BLT Enterprises Acquires Flex Industrial Building in San Diego’s Kearny Mesa Submarket for $8.9 Million

Bernard Huberman
SAN DIEGO, Calif., (May 5, 2017) – BLT Enterprises, a multi-faceted commercial real estate investment company, has acquired a 71,862 square-foot, two-story flex industrial building in the Kearny Mesa submarket of San Diego for $8.9 million.

“Kearny Mesa is San Diego’s largest and most dynamic R&D and industrial submarket,” says Bernard Huberman, Founder and President of BLT Enterprises. “The region’s tightening vacancy rates are rapidly driving rent growth, and will continue to increase property values over the next several years. 

"At the end of last year, overall vacancy in this submarket was 2.9-percent, which was the lowest in all of Central San Diego’s R&D and industrial submarkets.”

Huberman explains that this property will continue to benefit from the region’s diverse economy and growing labor pool, making it a strong addition to BLT’s existing San Diego portfolio, which encompasses over 500,000 square feet in the market.

“Kearny Mesa is not reliant on a single industry,” says Huberman. “The submarket boasts diversification that is unmatched by surrounding areas. Healthcare, education, defense, construction, government and consumer products are all staples in the overall fabric of Kearny Mesa, providing long-term stability and demand for our asset over time.”

Mike Meraz
Constructed in 1981, the property was originally a 52,000 square-foot R&D/flex building. In the late 1980s, it was expanded into a two-story office building, adding an additional 20,000 square feet to the property.

“We plan to remove this additional 20,000 square feet of added mezzanine and return the property to its original 52,000 square-foot size,” says Huberman. “The addition of the office space resulted in a 3/1,000 parking ratio, which made it severely under parked. 

"By removing this section, we are able to increase the parking ratio to 4.25/1,000, which will improve the property’s functionality and appeal in the market.”

In addition to removing the mezzanine, BLT Enterprises also plans to integrate a series of improvements that will modernize the property. This includes redone exteriors, new mechanical systems, and employee amenities.

“Our investment platform centers on holding our assets long-term,” says Huberman. “By modernizing the property and increasing parking, we will be able to attract high quality tenants that will deliver long-term value to this asset.”

He adds, “Overall, this acquisition is well-aligned with our strategy to acquire and develop properties in primary growth markets where we can bring value to tenants.”

Ron Jacobson
The property is located at 5454 Ruffin Road in San Diego, California.

Mike Meraz of Magnum Properties and Ron Jacobson of SD Realty Partners represented BLT Enterprises as the buyer in the transaction.

Kerry Schimpf of Commercial Properties Group and Randy LaChance of Voit Real Estate Services represented the seller, Apprentice and Journeymen Training Trust Fund of Southern California Plumbing and Piping Industry.

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

Elisabeth Manville/Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940

HFF closes sale of Publix-anchored retail center in the Atlanta MSA

Castleberry Southard Retail Center, 5475 Bethelview Road, Cumming, GA

Jim Hamilton
ATLANTA, GA – April 27, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Castleberry Southard, a dominant 80,018-square-foot, Publix-anchored neighborhood retail center in the affluent Atlanta submarket of Cumming, Georgia.

HFF marketed the property for the seller, TA Realty.  New Market Properties, LLC, purchased the asset free and clear of existing debt.

Located at 5475 Bethelview Road in Cumming, Castleberry Southard is situated at the “main and main” intersection of Castleberry and Bethelview Roads in one of the most affluent and fastest-growing submarkets in the Atlanta area. 

More than 38,000 residents earning an average annual income of more than $110,000 live within a three-mile radius of the center.  Built in 2006, Castleberry Southard is 92 percent leased to a variety of tenants, including Publix, The UPS Store, Subway, H&R Block and Huntington Learning Center.

The HFF investment sales team representing the seller was led by senior managing directors Jim Hamilton and Richard Reid and associates Mike Allison and Brad Buchanan.

“Castleberry Southard represented a rare opportunity to acquire a dominant Publix-anchored shopping center in one of the most affluent and fastest growing suburbs of the Atlanta MSA,” Hamilton said.

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 | www.hfflp.com

HFF closes $32 million sale of Class A office tower in Louisville, KY

Meidindger Tower 462 South 4th Street, Downtown Louisville, KY

Lenisa Alvey

 ATLANTA, GA  – Holliday Fenoglio Fowler, L.P. (“HFF”) announced it has closed the $32 million sale of Meidinger Tower, a 26-story, 331,172-square-foot, Class A office tower in downtown Louisville, Kentucky.

HFF marketed the property, along with locally-based NAI Fortis Group, on behalf of the seller, Torchlight Investors, based in New York City.  In-Rel Properties purchased the asset free and clear of existing financing.

Meidinger Tower is located at 462 S 4th Street adjacent to Louisville’s premier retail and entertainment district, 4th Street Live!, in the heart of downtown Louisville.  

Renovated in 2006, the property is currently 97 percent leased to tenants, including Computershare, Mountjoy Chilton Medley, Cotiviti, River Road Asset Management, Seiller Waterman, Northwestern Mutual and TQL.

The HFF investment sales team representing the seller was led by managing director Ralph Smalley and senior managing director John Merrill.  Mark Wardlaw and Lenisa Alvey led the sales process for NAI Fortis Group.

“Louisville is a vibrant city with its own unique character combining aspects from both Midwestern and Southern cultural influences,” said Merrill.  “As a result, Meidinger Tower, with its outstanding location within the heart of the city, was attractive to investors from throughout the Southeast and Midwest.”

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 | www.hfflp.com

Aurora Sunny Isles Beach Sells Commercial Space for $5.5 Million

Tim Lobanov
SUNNY ISLES BEACH, FF – Aurora Sunny Isles Beach has announced the sale of 5,382 square feet of ground-floor commercial real estate at the luxury residential project to an international investor for $5.5 million – or about $1,022 per square foot.

The commercial sale comes at a time when developer Verzasca Group is preparing to begin construction at Aurora this summer. Aurora is a new boutique luxury condominium project with 61 residences at 17550 Collins Avenue in Sunny Isles, one of the world’s most sought-after destinations.

 It is the first project to be developed on the west side of Collins Avenue – or A1A – in more than a decade.

Aurora’s two and three-bedroom residences range from 1,385 to more than 2,150 square feet. Prices start in the $900,000s, making it the most attainable luxury project on Sunny Isles.

“We are thrilled to complete this commercial sale in advance of commencing vertical construction at Aurora,” said Verzasca Managing Director Tim Lobanov. “This transaction shows that the demand for Sunny Isles real estate transcends the residential sector.”

Alex De Leon of Fortune International Realty represented the undisclosed buyer in the transaction. De Leon specializes in working with buyers and sellers of luxury real estate throughout Miami, including in Aventura, Bal Harbour, Brickell, Downtown Miami, Miami Beach and Sunny Isles.

John Warsing, Director of Sales with Aurora, represented the project in the deal.

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

Jasmin Curtiss
PR Coordinator
O 954-370-8999

Shaner Hotels Announces Grand Opening of 120-Room Courtyard Hershey Chocolate Avenue in PA

Plato Ghinos
 HERSHEY, PA,  May 8, 2017—Officials of Shaner Hotels, an award winning, international hotel owner, operator and developer, today announced the opening of the 120-room Courtyard by Marriott Hershey Chocolate Avenue in Pa. 

 The hotel is owned by Bears Creek Hershey Hotel, LLC, a joint development between Shaner and Chafia Capital Partners, a real estate investment and private equity firm.  The property will be managed by Shaner Hotel Holdings, LP, and was financed by Clearfield, Pa.-based CNB Bank.

                “We have been quite active in hotel development the past several years, and the fruits of our labor are coming on line,” said Plato Ghinos, Shaner president.  “We expect to open an additional four hotels in 2017 and another five projected to open in 2018. 

“We are quite upbeat on our outlook for hotel real estate and continue to have an aggressive appetite to build respected brands in markets with high demand generators and barriers to new entry.”

                Located at 515 E. Chocolate Avenue in historic Hershey, Pa., the four-story hotel is nestled between downtown Hershey, the Hershey Country Club, Hershey Chocolate World, Hersheypark and the Hershey Medical Center.

 Additional nearby attractions include Indian Echo Caverns, Hollywood Casino at Penn National Race Course and ZooAmerica North American Wildlife Park. 

“While we always design our hotels to be a part of the local community, we took special steps for this property to architecturally enhance it to match Hershey’s historic downtown, providing such local touches as brick and limestone,” Ghinos added.

Hotel amenities include guest laundry, fitness room, indoor pool and full-service business center.  

Lance Shaner
The hotel features the new Courtyard Refreshing Business lobby, which includes the C-Bar, serving breakfast, coffee and cocktails, as well as flexible seating options ranging from a communal table in the middle of the action to more private media booths with high-definition televisions to a more intimate, semi-enclosed lounge area.  

Guest rooms offer free Wi-Fi, plush bedding and a guest room entertainment package which includes 40 HD channels, an interactive channel guide and internet TV equipped with Netflix, YouTube, Hulu, Crackle and Pandora.

“This property is configured to comfortably accommodate both business and leisure travelers that are coming to Hershey in larger numbers every year,” said Lance Shaner, Shaner Hotels chairman. 

“That’s what made this location so appealing, its close proximity to all the key locations in the city.  With our headquarters just across the way in State College, we are particularly gratified to open this one-of-a-kind hotel in our backyard.  

“As the newest hotel in Hershey, we expect the property to ramp up quickly as it takes its rightful place as the destination of choice for business and leisure travelers to the Sweetest Place on Earth.”

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

620 Herndon Parkway, Suite 115 | Herndon, VA 20170
Main: 703-435-6293
Mobile: 703-864-5553