Friday, June 8, 2018

CBRE’s Philip D. Voorhees and NRP-West Team Complete Sale of Bristol Center Across from South Coast Plaza for $46.46 Million

Philip D. Voorhees

SANTA ANA, CA – CBRE Executive Vice President Philip D. Voorhees announced the National Retail Partners-West (NRP-West) completed the sale of Bristol Center in Orange County, California, a community center, 97% leased to high performing, national and regional credit tenants including CVS/pharmacy, Michaels, Staples, Party City, Wells Fargo, Buffalo Wild Wings, Chick-fil-A, Chipotle and Firestone Auto Care, among others.

The purchase price was $46.46 million.

Preston Fetrow
CBRE retail experts Preston Fetrow, Kirk Brummer, Megan Wood, Sean Heitzler and Voorhees represented the seller, Sarofim Realty Advisors, a Dallas-based investment advisor.

The buyer, also represented by the NRP-West team, was JH Real Estate Partners, an Orange County-based real estate investment company who purchased the property as an addition to its portfolio.

Built in 1974, Bristol Center is a 165,508-square-foot community shopping center, situated on 14.18 acres of leased-fee land at 3601-3825 S. Bristol Street in Santa Ana, directly across from South Coast Plaza.

Kirk Brummer
“Many of the best retail properties are on leased land due to their exceptional location,” said Voorhees. “With proximity to world-renowned South Coast Plaza, Bristol Center demonstrates that best-in-class community centers in premier locations like Orange County continue to generate strong investor demand.”

“The property’s ideal Bristol Street location across from South Coast Plaza, strong historical occupancy, improving tenancy and upward trending rents in this highly dense and affluent trade area make it a very attractive acquisition for the buyer,” Brummer noted.

Megan Wood

According to Heitzler, CBRE’s marketing efforts produced more than 376 confidentiality agreement/offering memoranda distributed and through the team’s “managed bid” offer process, generated multiple offers to purchase the property.

Sean Heitzler
With this closing, CBRE's NRP-West team topped $10.4 billion in successfully closed retail investment sale transactions. Select NRP-West team California listings include: Towne Center East in Signal Hill (Long Beach), listed for $69,774,000; Temecula Town Center in Temecula, listed for $68,000,000;

Vista Village in Vista, listed for $78,662,000; Sycamore Hills Plaza in Claremont, listed for $50,503,000; The Shops at Oak Creek in Agoura Hills, listed for $32,150,000; Tesoro Village in Valencia, listed for $41,850,000; and Market Place at Oxnard in Oxnard, listed for $42,500,000. 

The NRP-West team focuses exclusively on retail investment properties in the western states, including CA, OR, WA, NV, AZ and HI, representing the most accomplished retail investors in the US.
The team's ability to collaborate across CBRE's multi-discipline platform enhances its role as strategic advisors to western U.S. clients in the disposition and acquisition of retail properties, and ensures the delivery of superior results in today's investment market. 

 For more information, please contact:

Anne Monaghan

HFF announces $23 Million leasehold sale of LSG Sky Chefs industrial property near Miami International Airport

Tracey Goo

Manuel de Zarraga
MIAMI, FL,  June 8, 2018 Holliday Fenoglio Fowler, L.P. (HFF) announces the $22.75 million sale of the leasehold interest in a two-building, 211,852-square-foot, mission-critical warehouse and office property near Miami International Airport.

HFF marketed the property on behalf of the seller, iStar Inc., and procured the buyer, the Dayan family from Brazil.  Safety, Income & Growth Inc. (NYSE: SAFE), managed by iStar, will hold the fee-simple land position in its portfolio of ground leases.

Situated on 6.71 acres at 3630 Northwest 25th Street, 3500 Northwest 24th Street and 2401 Northwest 36th Avenue, the property is just east of Miami International Airport, the dominant connection hub for Latin America. 

The property is triple net leased to LSG Sky Chefs as its mission-critical facility that provides on-board airline catering services for many of the major airlines operating out of Miami International Airport. 

 LSG Sky Chefs is owned by Deutsche Lufthansa AG.  The two, two-story buildings feature refrigerated areas, large-scale commercial kitchens, freight elevators, 47 dock-high loading doors and executive offices.  Also included in the sale is a land parcel used as a vehicle maintenance facility.

Luis Castillo
The HFF investment advisory team representing the seller included Manuel de Zárraga, Tracey Goo and Luis Castillo.

“We are pleased to have worked with iStar to execute this leasehold sale and simultaneous execution of a 99-year ground lease and we are excited to continue working with the Dayan family as they build their U.S. portfolio,” Goo said. 

“This transaction demonstrates an increasing desire by foreign buyers to acquire assets in Miami.  We are seeing an impressive amount of interest from global capital looking to make investments here.”
For more information, please contact:

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

Talking Rock's Home Site Offering in Arizona Nets Over $4 Million in Reservations on Opening Day

Peter Burger
PHOENIX, AZ – On June 2, Talking Rock, Prescott, Arizona’s premier membership community, unveiled phase one of Sterling Ranch – which includes a limited number of generously sized home sites – up to 10 acres, to spectacular success.
On the first day more than half of Sterling Ranch’s phase one ranch sites were selected, totaling over $4 million. Ranch buyers came from across Arizona, California and Colorado for opening day selections.
The launch event was held at Talking Rock, just 30 minutes from downtown Prescott.
“We’ve known Sterling Ranch is special, but to take couples and families up to Sterling Ranch – see their excitement first hand as they selected their ranch sites and talked about their grand plans for the future – was incredibly rewarding,” shared Bill Rosengarten, Director of Sales at Talking Rock.
“On top of the amazing offering, to add some fun, everyone who selected Opening Day received a Can Am Defender UTV incentive, which will be perfect to use on their new ranch.”

“The incredible response to our newest and most expansive phase at Talking Rock – Sterling Ranch – confirms that large, private estate-sized lots within a club community are what many people here in the west are looking for,” said Peter Burger, Managing Partner of Symmetry Companies, one of Talking Rock’s developers along with Harvard Investments.
“We’re committed to continue creating unparalleled living environments such as Sterling Ranch for our members here at Talking Rock, and at each of our other properties.”
 Learn about the beautiful Sterling Ranch sites still available at or by calling the Talking Rock sales team at (877) 768-0556.

 For more information, please contact: 

Heather Miles Austin, Director
The Ferraro Group Phoenix
120 N. 44th St. #310
Phoenix, AZ 85034
c. 602.738.9252

Las Vegas – 702.367.7771
Reno- 775.331.4555

NAI Realvest Negotiates Three Leases at Primera Court in Lake Mary, FL

Mary Frances West

Lake Mary, F– NAI Realvest recently completed three lease agreements for Class A office space totaling 3,938 rentable square feet at Primera Court in Lake Mary.    

Mary Frances West, CCIM Vice President at NAI Realvest negotiated the transactions representing the Landlords Interchange Primera Court I, LLC and Interchange Primera Court II, LLC.

At Primera Court II, 735 Primera Blvd., Employers Health Network Holdings signed a new lease for 1,408 square feet and All American Investigations and Security LLC, relocating from Oviedo, has leased 1,122 square feet.

Long-term tenant, engineering firm F.R. Aleman & Associates, Inc., renewed their lease of 1,408 square feet at Primera Court I, 725 Primera Blvd.

Primera Court I and Primera Court II totaling approximately 64,000 square feet are now 100 percent leased.

For more information, please contact:

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 

Hold-Thyssen Completes New Office/Retail Lease to Pentecostal Church in New Port Richey, FL

Carol L. Kinnard
New Port Richey, FL  --- Hold-Thyssen, LLC, a full service commercial real estate services firm with offices in Clearwater, recently negotiated a long-term office/retail lease for 1,600 square feet at the Massachusetts Center in New Port Richey.

Sales and Leasing Associate Carol L. Kinnard brokered the transaction on behalf of the owners/landlords, John H. and Christina Pimenidis / Kostas A. and Pauline Magganas. 

Tenant Iglesia Cristo LaRoca Viva, Inc. is a long-term tenant at the center who moved from their existing 1,000 square feet in suite 7208 to a larger space with 1,600 square feet at 7214-7216 Massachusetts Avenue.  

The new location accommodates the growth of the church’s congregation.  Tenant will be making modifications to the new space. 

For more information, please contact:

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 

Three-Property Hospitality Repositioning and Redevelopment Opportunity Sells in Central Florida for $40.9 Million

Ahmed Kabani

ORLANDO, FL -- Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of a three-property hospitality repositioning and redevelopment opportunity in Orlando, Florida. The three properties sold for a total of $40.9 million.
                  “Collectively, these contiguous assets represent the best hospitality repositioning and redevelopment opportunity in Orlando,” says Ahmed Kabani, first vice president investments in Marcus & Millichap’s Miami office.
 “The assets’ growth potential and location near the Orange County Convention Center attracted many potential buyers, including investors from China and South America.
         "The new owner, however, is a local family with a great deal of experience in the Orlando hospitality marketplace. One of the properties, the Orlando Metropolitan Resort, has already been rebranded as a Clarion hotel.”
                Kabani had the exclusive listing to market the property on behalf of the seller, a private investor, and procured the buyer.
                The properties are all located in Orlando’s International Drive submarket. They are:

  • Orlando Metropolitan Resort, a 297-room hotel and development opportunity located on nearly four acres on Austrian Court
  • A 1.58-acre parcel of buildable land on Austrian Court
  • Allure Resort, a 223-room hotel located on more than five acres on International Drive
  For more information, please contact: 

Scott Lunine
Vice President / Regional Manager, Miami
(786) 522-7000

HFF announces financing totaling $173 Million for five apartment communities in Denver and Houston

Cortney Cole

Eric Tupler
DENVER, CO Holliday Fenoglio Fowler, L.P. (HFF) announces financing totaling $172.845 million for five apartment communities comprising 1,534 units in the Denver and Houston metropolitan areas.

The HFF team worked on behalf of the borrower, Advenir, Inc., to secure the seven-year, fixed-rate loans in five separate transactions through Freddie Mac’s CME Program. 

The securitized loans were used to refinance existing floating-rate debt on the properties, and will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. 

HFF worked with the borrower in a strategy to mitigate interest-rate risk amid the current rising rate environment.  The average rate across the five fixed-rate loans is 4.27 percent with rates spanning from 4.21 to 4.34 percent. 

Josh Simon
 The average rate at the retirement of the LIBOR-based, floating-rate loans was 4.47 percent with rates spanning from 4.26 to 4.86 percent.  The fixed-rate conversions took the ongoing LIBOR adjustment risk off the table and ultimately provided the borrower with a reduction in the all-in rate for each property with additional interest-only amortization.

“We have found this to be an opportunistic time to lock interest rates with fixed-rate loans for stable properties that exhibit a long-term ownership horizon,” said Stephen L. Vecchitto, managing director and principal of Advenir, Inc.  “These properties provide substantial current cash flow and continued market appreciation.  While the original floating-rate debt allowed for the execution of the value-add business plan upon acquisition, the new fixed-rate debt allows for interest rate stability and a longer hold timeframe for the asset.”

The properties in the portfolio are: Advenir at Eagle Creek, a 258-unit property located at 10373 North Sam Houston Parkway East in Humble, Texas; Advenir at Woodbridge Reserve, a 288-unit property located at 15000 W. Airport Boulevard in Sugar Land, Texas;

Stephen L. Vecchitto
 Advenir at Cherry Creek North, a 345-unit property located at 1090 S. Parker Road in Denver, Colorado; Advenir at Cherry Creek South, a 292-unit property located at 1211 S. Quebec Way in Denver, Colorado; and Advenir at Del Arte, a 351-unit property located at 151 S. Joliet Circle in Aurora, Colorado.  The portfolio is 94.57 percent occupied overall.

The HFF team representing the borrower included senior managing director Eric Tupler and managing directors Josh Simon and Cortney Cole.

For more information, please call:

HFF Public Relations Specialist
(713) 852-3500