Wednesday, June 13, 2018

HFF announces financing totaling $53 million for development of The Bradley Apartments in Miami, FL

The Bradley Apartments, Wynwood Neighborhood, Miami, FL
Scott Wadler

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announces financing totaling $53.175 million for the development of The Bradley, a mixed-use residential and retail property in Miami’s Wynwood neighborhood.

Working on behalf of the developers, a partnership between The Related Group and Block Capital Group, the HFF team secured a $33.175 million construction loan from Santander Bank and $20 million in preferred equity from Greenstreet Real Estate Partners, L.P.

The Bradley is situated in the southeast end of Wynwood and is walkable to the neighborhood’s main retail strip on NW 2nd Avenue. 

The mid-rise development is designed by Kravitz Design and will comprise 175 residential units along with approximately 32,000 square feet of ground-floor retail space. 

Jesse Wright
Residential units will range from 480 to 1,000 square feet in a mix of one-, two- and three-bedroom floor plans.  

The project is located at 51 NW 26th Street proximate to Wynwood 25, which is also being co-developed by The Related Group.  HFF sourced construction funding for that project in May of last year.

The HFF debt placement team included senior director Scott Wadler and associate Jesse Wright.

“The Bradley, along with Related’s other Wynwood properties, are a preview of what’s coming to the neighborhood,” said Jon Paul Perez, vice president for The Related Group. 

 “For a long time, Wynwood was seen simply as a weekend destination, but now the influx of high-quality residential and mixed-use options is driving the community’s transition into a true 24/7 neighborhood.  We look forward to continuing work with our partners to help the neighborhood reach its full potential.”

Jon Paul Perez
“The Bradley’s central location between Wynwood and Midtown will further connect and densify the neighborhoods,” Wadler said.  “We are excited to see how Wynwood evolves as the first institutional-quality apartments are delivered in the area.”

For more information, please contact:

HFF Public Relations Specialist
(713) 852-3500

CBRE Announces Sale of Glendale’s Mixed-Use Westgate Entertainment District for $133 Million in Phoenix Metro Area

Westgate Entertainment District, Glendale, AZ
Philip D. Voorhees
PHOENIX AZ – CBRE Executive Vice President Philip D. Voorhees announced today that the National Retail Partners-West (NRP-West) completed the sale of the 533,116-square-foot Westgate Entertainment District in the Phoenix metro area for $133 million.

The sale of the premier 46.6-acre property, listed by CBRE since April, also includes 30 acres of undeveloped land located on the north side of the property.

Jimmy Slusher
CBRE retail experts Jimmy Slusher, Kirk Brummer, Sean Heitzler and Voorhees of NRP-West, along with Jesse Goldsmith, Steve Julius and Bryan Taute with CBRE’s Phoenix office, represented both the buyer and the seller.

 YAM Westgate, LLC, a venture formed by Scottsdale, Arizona-based YAM Properties, purchased the entertainment, retail and office destination located near the Loop 101 and Glendale Avenue from The New Westgate, LLC, formed by iStar Properties, Inc.

Kirk Brummer
“It was fantastic to see a local firm committed to excellent projects in Phoenix and surrounding communities prevail in this marketing process,” said Voorhees.

 “Westgate’s prior ownership positioned the property perfectly for this sale, with the asset providing an ideal combination of high-performing, internet-resistant dining and entertainment uses, income stability and growth from the dining, retail, office and apartment use types, and with future development components as well.

Jesse Goldsmith
"It will be exciting to follow YAM’s evolution of the Westgate Entertainment District in the years to come. YAM is the perfect owner for this property.”

Open since 2006, Glendale’s Westgate Entertainment District offers more than 40 retailers and restaurants including a 20-screenAMC Theatre, Dave & Busters and Yard House.

The center also includes 159,026 square feet of Class A office space as well as 76 luxury multifamily lofts located on the upper floors.

 Nearby attractions include Gila River Arena, University of Phoenix Stadium and Tanger Outlets. The property also offers immediate access to the Phoenix metro region via Loop 101.

Steve Julius
“With less than two months on the market, Westgate’s status as a peerless mixed-use asset in Arizona and across the western U.S. presented investors with a unique opportunity to acquire a property of its size and caliber that also offered tremendous upside potential,” said CBRE’s Goldsmith.

“The availability of additional land to develop combined with a proven record of tenant performance helped ensure strong investor interest.”

The West Valley is one of the fastest growing areas of greater Phoenix and is projected to outpace the U.S. annual rate of growth, according to CBRE Research. Already, more than a third of the Phoenix metro’s population, or 1,623,473 residents, live in the West Valley.

Bryan Taute
With this closing, CBRE's NRP-West team topped $10.6 billion in successfully closed retail investment sale transactions.

The NRP-West team focuses exclusively on retail investment properties in the western states, including CA, OR, WA, NV, AZ

For more information, please contact:

Anne Monaghan 

Vue Newport Announces Increased Sales and New Restaurant Additions in Newport Beach, CA

Vue Development, Newport Beach, CA

NEWPORT BEACH, CA – Third Palm Capital, a national real estate investment and development firm, today announced that just eight bayfront residences remain for sale within its VUE enclave, an intimate collection of 27 luxury coastal villas and townhomes on the Newport Beach bayfront just two blocks from the Pacific Ocean.

Represented for sale by the Tim Smith Group of Coldwell Banker, VUE fronts a serene channel along the Newport Bay, and many of its casually elegant villas feature unobstructed bay views.

Ranging from 679 to 6,405 square feet, the office condos are brand new construction and offer prominent signage opportunities along one of Newport Beach’s major thoroughfares.  Brought to you by Redwood West, VUE is the first ground-up, waterfront, for-sale office development in the Newport Beach market in 28 years.

Chris Kelsey
“With just 8 of VUE’s harborside homes remaining on the market, it is evident that the community shares our enthusiasm for new, high-quality residences on the Peninsula,” said Chris Kelsey, President of Third Palm Capital. “And because VUE also offers the very best in waterfront office space in a world class setting with extraordinary views just steps away from your front door, the opportunity to live and work at VUE provides the best of both worlds.”

In a further announcement today, Third Palm Capital shared that two of VUE’s exciting new commercial tenants, The Pizza Press and Hamptons Restaurant, will open in the coming months. 

“We are pleased to welcome two highly anticipated restaurants to VUE Newport,” said Kelsey. “Our residents are looking for unique dining experiences with character and atmosphere. 

"With the addition of The Pizza Press and Hamptons, diners will have the opportunity to choose from two very distinct menus and themes while they enjoy some of the most delicious food the area has to offer.”

 For more information, please contact:

Jordan Kruk
Kitchen Table Marketing + PR


 Carrie Williams
Kitchen Table PR