Sunday, May 21, 2017

HFF hires Andrew Briner as a managing director to lead its industrial sales effort in Southern California and the West Coast

           
Andrew Briner
LOS ANGELES, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced today that Andrew Briner has joined its Los Angeles office as a managing director concentrating on industrial investment sale transactions throughout Southern California and the West Coast.

Mr. Briner joins HFF from CBRE where he was a member of the Institutional Group.  Over the past 11 years, Mr. Briner has closed more than $24 billion in dispositions and recapitalizations nationally.

 He has been recognized by various industry organizations for completing high-profile transactions, including numerous deal of the year awards.  

A graduate of the University of California Berkeley, Mr. Briner is an active member of the Cal Athletics Alumni Association, and he sits on the Board of Directors of Catholic Big Brothers Big Sisters of Los Angeles.

“Andrew is a phenomenal addition to HFF,” said Kevin MacKenzie, senior managing director and co-head of HFF for the West Coast.  “Partnering with our current team, Andrew will strengthen and help lead HFF’s industrial presence in Southern California, bringing a best-in-class industrial advisory practice to our clients throughout the Western region.

“Due to our clients increasing demand and appetite for industrial product, we are pleased to add an industry professional such as Andrew to our growing team, locally and nationally.”


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


HFF closes $25.25 million sale of Syracuse, NY office property



One Lincoln Center, 110 West Fayette Street, Syracuse, NY

Rob Rizzi
NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $25.25 million sale of One Lincoln Center, a 305,594-square-foot Class A office tower in Syracuse, New York.

HFF marketed the property on behalf of a private seller and procured the buyer, Zamir Equities. 

One Lincoln Center is located in the center of downtown Syracuse at 110 W. Fayette Street within close proximity to Armory Square, and numerous hotels, shopping, banking and museums. 

The property is surrounded by the Syracuse Federal Building, the Pike Block, City Hall, OnCenter and is not far from the intersection of Interstates 81 and 690, which provide connectivity to Syracuse’s most popular residential neighborhoods.

  The 17-story property is 86 percent leased to a diverse roster of tenants, including JP Morgan Chase, Bond Schoeneck & King PLLC, Cadaret Grant & Co LLC, Bousquet Holstein, Grossman St.Amour and Arcadis. 

The HFF investment sales team representing the seller was led by managing director Rob Rizzi, associate director Steven Rutman and director Michael Oliver.

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


HFF closes sale of fully occupied retail center near Houston, TX

  
Grand Crossing II Retail Center, Katy, TX

 HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Grand Crossing II, an 8,500-square-foot, newly developed, fully leased retail strip center located at the confluence of Interstate 10 and Grand Parkway in the Houston-area suburb of Katy, Texas.

HFF marketed the asset on behalf of the seller, Edifis Group.  Urbahns Property Group purchased the property free and clear of existing debt.

Grand Crossing II is 100 percent leased to Sleep Number, GrandLux Nail and American Dental Partners.  Completed in 2016, the one-building strip center is shadow anchored by Costco. 

Ryan West
Situated on a full acre at 23641 Katy Freeway, Grand Crossing II is at the highly visible southwest corner of where Interstate 10 and Grand Parkway meet, providing the center visibility from more than 357,000 vehicles per day.

 The property is part of the larger 125-acre Grand Crossing mixed-use development, which upon completion will include state-of-the-art multi-housing, office and retail uses that will be fully walkable. 

Approximately 93,101 people earning an average annual household income of more than $107,000 live within a three-mile radius of the center.

Katy is one of the fastest-growing residential communities in the United States due to its quality of life, great schools and low crime rate.  There are several globally recognized corporations headquartered within a few miles of Katy (and Grand Crossing), including Igloo, BP Americas, ConocoPhillips and Academy Sports & Outdoor as well as premier medical facilities.

 Due to these factors, Katy has been the recipient of several awards and accolades including “100 Best Places to Live” by Relocate America and “Top Houston-area School District” by Niche.    

The HFF investment sales team representing the seller was led by senior managing director Ryan West.

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


Shopoff Realty Investments Acquires 45.89-Acre Manufactured Housing Community Near Los Angeles


John Santry
LOS ANGELES, CA –– Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced it acquired a 45.89-acre manufactured housing community in the City of El Monte, a Los Angeles suburb, for approximately $52.7 million.

“Southern California continues to experience a severe shortage of affordable housing, a crisis which is expected to continue for the foreseeable future,” said Shopoff Realty Investments CEO William Shopoff. “We are proud to create a solution that will help meet the current demand and benefit the local community.” 

Located at 12700 Elliott Avenue, the community features 421 home sites with a 64 percent occupancy at close of acquisition. Shopoff Realty Investments’ value-add strategy includes repositioning, re-tenanting and stabilizing the manufactured housing community by adding 150 homes to the community and the city’s housing stock.

“From a macro perspective, we view investments in mobile home parks very favorably,” said John Santry, executive vice president of Shopoff Realty Investments Land Division.

“From the micro perspective, however, this acquisition provides us an opportunity to perform physical and operational improvements, stabilize occupancy and potentially enjoy a significant value-add proposition. It is a rare opportunity to acquire a value-add asset of significant scale within the Los Angeles market.” 

Ladder Capital served as both lender and equity partner to Shopoff Realty Investments.

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

Jill Swartz
Spotlight Marketing Communications
949.427.5172, ext. 701

Passco Companies Expands Portfolio in Florida’s Space Coast; Acquires 336-Unit Multifamily Community in West Melbourne for $53.3 Million


Colin Gillis
West Melbourne, FL – Passco Companies, a privately held California based real estate company that specializes in the investment, acquisition, development and management of commercial properties throughout the U.S., has acquired The Haven at West Melbourne, a 336-unit  multifamily community in West Melbourne, Florida for $53.3 million.

This is Passco’s second acquisition in the Space Coast within the last six months, according to Colin Gillis, Vice President of Acquisitions for the Southeast at Passco Companies.

“The Space Coast is one of the fastest growing regions across the Southeast and we continue to find deep value here,” says Gillis. “The region is experiencing rapid job and population growth – both of which are indicators of the future economic growth of the region and key demand drivers we look for with any new acquisition.”

Gillis explains that the region’s population is anticipated to grow another six percent over the next five years. 

“This strong population growth is driven largely by the tremendous amount of new businesses flocking to the Space Coast,” says Gillis. “The Space Coast is home to America’s space and aeronautical industries and is quickly becoming the top destination for STEM (Science, Technology, Engineering and Math) jobs in all of Florida. For example, top employers such as Harris Corporation, Northrop Grumman, and Lockheed Martin are all located within seven miles of the property.”

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

Lauren Burgos/ Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940


Stepp Commercial Completes $3.3 Million Sale of Cherry Avenue Apartments in Retro Row Neighborhood of Downtown Long Beach, CA


Robert Stepp
Long Beach, CA - Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $3.3 million sale of Cherry Avenue Apartments, a 12-unit apartment property within the Retro Row neighborhood of Downtown in Long Beach, Calif.

Principal Robert Stepp and Vice President Michael Toveg of Stepp Commercial represented the seller, 546 cherry Waterford, LLC from Long Beach. The buyer was a private investor from Palos Verdes. The property closed at a 4.4 percent cap rate and a price per unit of $275,000.

Built in 1963, the two-story property is located at 546 Cherry Avenue. The property includes seven, one-bedroom units, three two-bedroom units and two studio units. The property offers ample parking, controlled access entry and a laundry facility.

"This property was recently renovated and offered the buyer an upgraded, turn-key asset. We received a number of offers and was sold at full asking price," said Stepp.

Cherry Avenue Apartments is situated less than one-mile from the ocean and is just three blocks from the more than 40 shops and restaurants of Retro Row on East 4th Street.

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

Darcie Giacchetto
D.G. Communications, Inc.

949.278.6224

MCA Realty Acquires Eight-Acre Land Parcel in Temecula; Plans 140,000-SF Industrial Development


Tyler Mattox
Temecula, CA – MCA Realty, a full service real estate investment and management company, has acquired an eight-acre land parcel in Temecula, California. 

The firm plans to develop a 140,000 square-foot industrial building on the site, which will be the first industrial development built in the City of Temecula in over eight years, according to MCA Realty Principal, Tyler Mattox.

“There is no other competitive product currently being developed in the region,” explains Mattox. “This is the last developable land parcel in Temecula with the ability to accommodate a building in excess of 100,000 square feet, providing a strong opportunity and competitive advantage for MCA.”

MCA Realty plans to break ground on the new industrial development, which it will brand as MCA Business Center, this month, May 2017.

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

Lauren Burgos / Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940

Avanath Capital Management Doubles Brooklyn Footprint; Acquires 17-Building Affordable Housing Portfolio for $73 Million


John Williams
 BROOKLYN, NY – Avanath Capital Management, LLC, an institutional fund manager that has invested over $1 billion in affordable and workforce housing properties throughout the United States, has acquired an affordable housing portfolio of 17 apartment buildings totaling 198 units in Brooklyn, New York for $73 million. 

The properties were acquired in joint partnership with New York-based Oak Tree Management.

“This portfolio presented a rare opportunity to gain a substantial stake in one of the most dynamic markets in the nation,” explains John Williams, President and Chief Investment Officer of Avanath. 

“Brooklyn’s explosive economic growth, population gains, and cultural renaissance are driving an influx of investment capital to this market, which consistently ranks as one of the most expensive places to live in the U.S.”

Located in the rapidly growing neighborhoods of Prospect Heights, Crown Heights, Williamsburg, and Bedford-Stuyvesant, the properties include 115 rent-stabilized units, 79 free-market units, and 4 commercial spaces.

Average rents in these assets range from $1,700 to $2,500 - roughly half the cost of rental comps in the Brooklyn submarket, according to Williams.

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

Katie Kea / Jenn Quader
Brower, Miller & Cole
(949) 955-7940

The newly launched AVANI Avenida Liberdade Lisbon Hotel Offers travelers a stylish and well-priced base in the Portuguese capital’s most fashionable street


AVANI Avenida Liberdade Lisbon Hotel, Lisbon, Portugal

 LISBON, PORTUGAL -- Avenida da Liberdade is the best address in Lisbon and it is now possible to stay at the upscale AVANI Avenida Liberdade Lisbon Hotel. The newly launched Hotel has a perfect location just off fashion-forward Avenida da Liberdade, which attracts an eclectic crowd to its tree-lined esplanades with big-name designer labels and continental sidewalk cafes.

The hotel, formerly Tivoli Jardim Hotel, has undergone an extensive 1.5 million Euro refurbishment. The upgrade includes the redesign of the fa├žade, the guest rooms, lobby, reception, the installation of an AVANIFIT gym and the relaunch of well-known Olivier Restaurant.

The open plan and retro spirit of the lobby merges chill, social and work areas, offering a stylish communal space in which to relax.

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

Hwee Peng Yeo
Vice President
Glodow Nead Communications