Saturday, March 17, 2018

HFF Announces $32 Million Land Acquisition for a Multi-story Industrial Project near John F. Kennedy International Airport in Queens, NY

Rob Rizzi
NEW YORK, NY – – Holliday Fenoglio Fowler, L.P. (HFF) announces land acquisition and pre-development financing totaling $32.1 million for the eventual development of a three-story, state-of-the-art, 300,000-square-foot industrial project with proximity to John F. Kennedy International Airport in Queens, New York.

The HFF team worked on behalf of the developer, Triangle Equities, to arrange an initial $10.1 million investment in the form of joint venture capital with L&B Realty Advisors (L&B).  L&B has additionally committed to the vertical capitalization of the project. 

Rob Hinckley
 The HFF team also placed the $19 million, floating-rate loan with Citizens Bank.  Loan proceeds will be used for land acquisition and pre-development costs.  The remainder of the capitalization came from Triangle Equities.

The three-story industrial facility will be constructed on a 119,000-square-foot lot located at 130-120 South Conduit Avenue in South Ozone Park and is currently operating as a surface parking facility.  The lot features frontage on the Belt Parkway and is approximately one mile from JFK Airport. 

The property is proximate to the Port of New York and New Jersey, one of the largest natural harbors in the world and the third largest port in the U.S.  The facility is expected to have first- and second-floor loading and clear heights ranging from 23 to 26 feet.

The HFF equity placement team included senior managing director Andrew Scandalios, managing directors Rob Hinckley and Rob Rizzi and associate Tyler Peck.

Tyler Peck
The HFF debt placement team consisted of senior director Geoff Goldstein.

“The property is strategically positioned to capture the insatiable demand for modern, ‘last-mile’ distribution space located in highly populated urban areas,” Hinckley said.

For more information, please contact:

HFF Digital Content/Public Relations Specialist
(713) 852-3420

Marcus & Millichap Arranges $4.475 Million Sale of Spring Hill Medical Mall in Spring Hill, FL

Jaclyn Blair

SPRING HILL, FL -- Marcus & Millichap (NYSE:MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, accounced the sale of Spring Hill Medical Mall, a 29,917-SF office property in Spring Hill, FL, according to Ari Ravi, regional manager of the firm's Tampa, FL office. The asset sold for $4,475,000.
Jaclyn Blair, an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a developer. 
The buyer, a limited liability company, was secured and represented by L.J. Tsunis and Krone Weidler , investment specialists in Marcus & Millichap’s Tampa office.

Krone Weidler

“Our marketing efforts created a competitive bidding environment ultimately generating eight offers and closed above list price,” says Ms. Blair. "The buyer was extremely attracted to the quality of the asset and it augments their existing commercial real estate portfolio," says Mr. Tsunis.
Spring Hill Medical Mall is a 30,000-square-foot single-story medical office located in the Tampa Bay MSA and has a solid mix of national and regional tenants with four to six-year lease terms remaining.

L.J. Tsunis
The property is well located at the main entrance to the 124-bed regional hospital which is directly behind the property, and the property is surrounded by other medical and senior living facilities. There is very little competing second-generation medical space in the immediate market. All occupied suites have recently undergone improvements such as upgraded flooring, paint and other additions.

The Spring Hill market has a dense population with a large retirement presence and is experiencing growth. The immediate area around the property is undergoing roadway improvements with new commercial developments either underway or recently completed. 
Spring Hill Medical Mall is located at 120 Medical Boulevard in Spring Hill, Florida.
For more information, please contact:

Marcus & Millichap
4030 W. Boy Scout Boulevard
Suite 850
Tampa, FL 33607
(813) 387-4743 direct
(813) 387-4700 main
(813) 387-4710 fax

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Marcus & Millichap Real Estate Investment Services

Alpha Wave Investors Acquires 110-Unit Multifamily Property in Tucson, AZ

Orange Tree Village, Casas Adobes Neighborhood, Tucson, AZ

TUCSON, AZ – Alpha Wave Investors, a private equity investment firm specializing in opportunistic and value-add multifamily and hospitality assets in the Western U.S., has acquired Orange Tree Village, a 110-unit townhome-style multifamily property in the Casas Adobes neighborhood of Tucson, Arizona.
The property, which is currently 85-percent occupied, was acquired in an off-market transaction at a significant discount to replacement cost, according to Jordan Fisher, a Founding Partner of Alpha Wave Investors.

Jordan Fisher
“This property meets our investment criteria at all levels,” says Fisher.  “The asset has been under-managed in recent years, resulting in a strong opportunity to create value through strategic renovations.”
Alpha Wave will invest more than $2 million in capital upgrades at the property, including new paint and roofing, an upgraded pool and clubhouse, a new fitness center and children’s playground, interior unit renovations, as well as a dog park.
“The Tucson market has lagged many others in the current recovery cycle, providing a unique opportunity for experienced investors to generate strong yields,” Fisher explains.  “While many primary and secondary U.S. markets are facing potential over-supply of multifamily units, Tucson has very few multifamily projects under construction, resulting in strong demand for existing, renovated product.”
Fisher also points to recent job growth in the region as a driver of rental demand in the market moving forward. 

Ken Cruse
Caterpillar recently announced a new headquarters location in Tucson that will bring approximately 600 jobs, while Geico plans to open a new corporate office that will bring more than 700 jobs to the region. 
 Further, The Tucson Sentinelreported this week that a planned Amazon distribution center in Tucson could be as large as a million square feet.  The article notes that Amazon’s typical distribution centers range from 800,000 square feet and 1,000 employees to 1,500,000 square feet and 2,000 employees.
 “We recognize that this is the ideal time to invest in additional properties in Tucson,” says Fisher. “By selecting properties that are well-located and poised for growth, we are able to leverage current momentum in the market and acquire ahead of peak pricing.”
Constructed in 1981, Orange Tree Village offers spacious townhomes in one-, two-, and three-bedroom floor plans.  Residents enjoy private patios and easy access to nearby retail, entertainment, and employment. The property is located at 645 W. Orange Grove Road in Tucson, Arizona.

David Sloan
Alpha Wave Investors acquired the property for $10.55 million from a Texas-based private investor. ABI Multifamily, the Western U.S.’s leading multifamily brokerage and advisory services firm, represented both buyer and seller in the transaction.
Alon Shnitzer, Senior Managing Partner with ABI, was the lead broker for the buyer. Jon Ibrahim, Vice President with ABI, was lead broker for the seller.
David Walkin of Meridian Capital Group arranged acquisition financing for Alpha Wave Investors. The loan was provided by Los Angeles-based Thorofare Capital.

            Alpha Wave Investors, LLC. is a Southern California-based private equity investment firm specializing in multifamily and hospitality investments in the Western U.S. Known for its creative, disciplined, and value-driven approach, the firm invests on behalf of individuals and institutions, and has acquired assets valued at more than $92.1 million to date.

            Led by Ken Cruse, former CEO of a $5 billion publicly traded REIT, as well as Jordan Fisher and David Sloan, Alpha Wave Investors targets opportunistic and value-add investments and conducts management through its in-house property management platform. More information is available at

For more information, please contact:

Jordan Kruk / Jenn Quader
Brower Group
(949) 955-7940