Tuesday, July 18, 2017

Xebec Announces the Formation and Initial Capitalization of Xebec Industrial Trust, LP in Dallas, TX

Kevin MacKenzie
DALLAS, TX –– Xebec announced today the formation and initial capitalization of Xebec Industrial Trust, LP, a sector-specific real estate investment entity exclusively focused on the acquisition and selected development of industrial properties primarily in target markets positively impacted by the growth of eCommerce in the United States. 

Xebec Industrial Trust seeks to provide institutional, family office and high-net worth qualified investors with “Core Plus” returns from stabilized cash flowing assets coupled with build-to-core strategies.

In connection with the formation and capitalization transaction, Holliday Fenoglio Fowler, L.P. (HFF) arranged a $46 million loan for the fully-leased, seven-building portfolio comprising four core industrial properties encompassing an aggregate of over 550,000 square feet in Los Angeles and Chicago area markets.

 The HFF debt placement team representing the Xebec Industrial Trust was led by senior managing director Kevin MacKenzie and senior director Brian Torp.

Brian Torp
“Industrial demand in major markets across the country is literally exploding based upon the continued expansion of eCommerce,” stated Randy Kendrick, Chief Executive Officer of Xebec, the parent of Xebec Industrial Trust’s general partner and the primary sponsoring investor in the partnership.

 “Tenant demand is clearly outstripping product supply in many key metros, and in Los Angeles and other Southern California markets tenant demand is driving rent growth that we have not seen in the past 30 years.”

 Xebec Industrial Trust acquired its first tranche of stabilized assets from the Xebec platform that Mr. Kendrick has built during his over 30-year career in industrial development.  

Many investors in the Xebec developed-projects reacted enthusiastically and demonstrated their continued confidence by contributing their interests to Xebec Industrial Trust’s initial portfolio.

“Our existing investors see the benefit of continuing their capital investment from individually developed projects into a diversified, lower-leveraged portfolio with strong cash flow provided by the initial properties contributed to form the partnership,” Mr. Kendrick observed.  

“The initial properties contributed to form Xebec Industrial Trust are of outstanding quality and most are located in key infill locations in Southern California, recognized by most industry experts as the most valuable and sought after industrial market in the country,” continued Mr. Kendrick.  “The largest of the initial properties is an approximately 343,700 square foot campus leased on a long-term basis to Lagunitas Brewing Company (a subsidiary of Heineken NV) in the City of Azusa.” 

Randy Kendrick
 “Xebec Industrial Trust was structured in response to institutional investor feedback and is part of Xebec’s commitment to seek to deliver superior risk-adjusted returns in the industrial asset class across a spectrum of investment opportunities,” said Scott Hodgkins, Xebec’s Executive Vice President. 

Mr. Hodgkins, who brings to the Xebec platform over 30 years of corporate and securities law, finance and capital markets experience working with public and private real estate companies, helped structure and lead the transactions creating Xebec Industrial Trust and will play a significant role in the external management of the partnership’s operations through Xebec Asset Management, LLC, a wholly-owned subsidiary of Xebec. 

“We believe there continues to be tremendous investor interest for industrial exposure given the solid fundamentals for the asset class based upon key market drivers, including the continuing expansion of retail sales migrating to eCommerce channels,” continued Mr. Hodgkins.  “With the formation and initial capitalization of Xebec Industrial Trust complete, we look forward to pursuing a private capital raise from institutional investors later in 2017, together with a concurrent debt strategy, to finance the acquisition over the next two years of the company’s  pipeline.”

 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

Aurora Sunny Isles Beach Grows Sales Team with Addition of Jack Paget

Jack Paget

SUNNY ISLES BEACH, FL – Aurora Sunny Isles Beach has announced the hiring of luxury condominium sales specialist Jack Paget as a sales executive with its growing team.

The addition comes at a time when Aurora developer Verzasca Group is receiving tremendous demand at the Sunny Isles Beach project, which is being developed as part of an intimate collection of boutique residences, along with Le Jardin Residences and Pearl House in Bay Harbor Islands. Verzasca just opened a brand-new sales center for Aurora at 17600 Collins Avenue, adjacent to the project site.

John Warsing
Paget brings more than 20 years of luxury real estate sales experience to Aurora. His distinguished career includes five years as Vice President with leading Miami development and real estate investment company Adler Group and 10 years as a Vice President with real estate firm International Sales Group (ISG). 

Paget graduated from Lehigh University with a Bachelor of Arts degree in International Relations.

Led by Director of Sales John Warsing, the addition of Paget amplifies the wealth of real estate experience at Aurora’s sales team.

“Jack is a tremendous addition to our sales team,” said Verzasca Managing Director Tim Lobanov. “We continue to see strong interest for our project from local and international buyers. The marketplace is realizing that Aurora offers a rare convergence of luxury, value and location.”

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

Eric Kalis: ekalis@boardroompr.com, 954-370-8999
Jasmin Curtiss: jcurtiss@boardroompr.com, 954-370-8999

HFF closes $16.25 million sale of development site in Raleigh, NC

Justin Good
CHARLOTTE, NC, July 18, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $16.25 million sale of an 18.82-acre parcel within the larger 51.32-acre St. Albans at Midtown development site near North Hills in Raleigh, North Carolina.  Located at 900 St. Albans Drive, this is the third site closed from the St. Albans at Midtown offering.

HFF marketed the site on behalf of the seller, Wells Fargo Bank, acting as Trustee for a local family; and Henry Sink and Richard Williams, acting as Co-Trustees for another local family.

 DeWitt Carolinas Inc. (DeWitt) purchased the site, which is adjacent to DeWitt’s separately owned, 161,000-square-foot One Renaissance Center office building and accompanying land site.

The St. Albans at Midtown development site is situated less than one half of a mile from the terminus of North Hills, a growing area of Midtown Raleigh that has nearly 1.1 million square feet of office space, more than 1,800 multifamily units either completed or underway, and more than one million square feet of retail. 

Allan Lynch
The site at 900 St. Albans is located less than a half mile from Interstate 440 and, in addition to North Hills, is proximate to executive housing in North Raleigh, the tech hub of downtown Raleigh and Duke Raleigh Hospital.  

The new owner successfully rezoned the site in May 2017 to allow for development height between seven and 20 stories.

The HFF investment sales team representing the seller was led by managing director Justin Good and senior director Allan Lynch.

 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

Marcus & Millichap Arranges $2.6 Million Sale of Taco Bell’s Net-Leased Site in Fort Myers, FL

James Medefind
FORT MYERS, FL, July 18, 2017- Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Taco Bell, a 2,939-square foot net-leased property located in Fort Myers, Florida, according to Ari Ravi, regional manager of the firm's Tampa office. The asset sold for $2,600,000.

James Medefind and Jim Shiebler, investment specialists in Marcus & Millichap's Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.

With Medefind's and Shiebler's efforts, coupled with Marcus & Millichap's extensive marketing platform, ensured that the property sold at the highest potential strike price. 

"We generated five offers for the property in a relatively short listing period,” says Shiebler. "Ultimately, an international investor from South America was selected who appreciated the numerous valuable property drivers. 

"Additionally, the submarket's regentrification efforts and the country's leading migration levels were also key factors in the investor's decision to select this Southwest Florida net leased property." 

Located in the heart of a dense retail corridor, the property is operated by a regional powerhouse franchisee, Coastal QSR, one of Taco Bell's top 20 franchisees in the country, who has a proven 12 year successful operating history at the location.

Taco Bell is located at 3431 Cleveland Avenue in Fort Myers, Florida.

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

Ari Ravi
Regional Manager, Tampa
(813) 387-4700  

Draper and Kramer’s Sam Groppi Named to Institute of Real Estate Management’s 30 Under 30 Class of 2017

Sam Groppi

CHICAGO, IL (July 18, 2017) – Draper and Kramer, Incorporated, a full-service national real estate firm, has announced that Sam Groppi, the firm’s revenue manager, was named to the Institute of Real Estate Management’s 30 Under 30 Class of 2017.

“We’re so thrilled that IREM has recognized Sam’s achievements and his passion for the industry,” said Julie Johnson, senior vice president of management services for Chicago-based Draper and Kramer.

“We highly value Sam’s diverse skill set and extensive property management experience that has spanned everything from leasing and operations to capital improvements and financial reporting.”

Julie Johnson

As revenue manager for Draper and Kramer, a position that was created with his capabilities in mind, Groppi is responsible for maximizing revenue by developing and supervising strategies across the firm’s portfolio. He approves daily pricing via revenue management software, leads regular team calls to review revenue growth and provides reporting across all layers of the company. Additionally, Groppi assists with acquisitions and lease-ups for Draper and Kramer properties.

Groppi has also successfully initiated several emerging technology programs that have improved performance, including a customized app to assist resident communication and a software program to standardize preventative maintenance. Currently, he is leading a portfolio-wide rollout of YieldStar revenue management software after spearheading a successful pilot program at select properties.

“I’m incredibly honored that IREM included me among this group of exceptional young professionals,” said Groppi. “I greatly appreciate the many opportunities IREM facilitates for its members to learn best practices, share ideas, ask and offer advice, and mentor the next generation of real estate managers. I am also grateful to Draper and Kramer for creating a position that challenges me and allows me to grow professionally.”  

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

Sarah Lyons, slyons@taylorjohnson.com, (312) 267-4520
Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

HFF arranges $65 million in equity and debt for 279-unit apartment development in Philadelphia

Ryan Ade

 PHILADELPHIA, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $65 million in preferred equity and construction financing for the development of The Hamilton, a 10-story, 279-unit, luxury apartment building in Philadelphia, Pennsylvania.

HFF worked on behalf of the developer, Radnor Property Group, to arrange both construction financing and preferred equity.  HFF arranged a $48.5 million construction loan from the Santander Commercial Real Estate office in Philadelphia and $16.5 million in preferred equity from an insurance company.

Due for completion in 2018, The Hamilton will consist of studio, one- and two-bedroom unit layouts.  The initial 279 units will be the first of two phases constructed on a 1.68-acre site at 440 North 15th Street.

 The site is positioned in the Logan Square neighborhood at the northern entrance to Center City Philadelphia near multiple employers and institutions of higher learning.  The site has a WalkScore® of 95 and Transit Score of 100.

Rob Hinckley
 The HFF team representing the developer was led by managing directors Ryan Ade, Rob Hinckley and David Giancola and associate director Michael Pagniucci.

“We are excited to be developing in this previously underutilized corridor between Spring Garden and Vine Street,” said Dave Yeager of Radnor Property Group.

 “This collaboration between Radnor Property Group and the Community College of Philadelphia, which has provided the ground lease to the project, will bring a mix of residential and retail offerings that will serve the community at large by sustainably transforming a vacant building into a vibrant, amenity-driven hub for those who wish to live in this highly-desirable and growing neighborhood.”

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 | www.hfflp.com