Thursday, June 21, 2018

HFF announces capitalization of multi-housing development in suburban Portland, OR

Rendering of Axletree,
 a to-be-built, 110-unit, Class A
multi-housing project in the Portland suburb of Milwaukie, OR

PORTLAND, OR, June 21, 2018  Holliday Fenoglio Fowler, L.P. (HFF) announces the capitalization of Axletree, a to-be-built, 110-unit, Class A multi-housing project in the Portland suburb of Milwaukie, Oregon.

The HFF team worked on behalf of the developer, Guardian Real Estate Services, to place a floating-rate construction loan through a regional bank.  Additionally, the HFF team arranged joint venture equity through Hanover Financial.

Carrie Kahn

Axletree will be situated at the intersection of SE Main and SE Washington Streets in downtown Milwaukie, less than 200 feet from the new MAX Orange Line stop. 

The project, which will be the first multi-housing community to be built in Milwaukie since 1995, is also positioned within walking distance to numerous retail and riverfront recreational amenities. 

Due for completion in the third quarter of 2019, the property will feature a mix of studios, one- and two-bedroom floor plans averaging 610 square feet. 
Casey Davidson

In addition, Axletree will encompass 77 parking stalls and nearly 7,000 square feet of ground-floor retail, and will offer impressive views of the Willamette River and Portland’s West Hills.

The HFF team representing the developer in the construction financing included managing director Casey Davidson. Senior managing director Ira Virden and director Carrie Kahn led the equity capitalization efforts.

Established in 1971 and headquartered in Portland, Oregon, Guardian Real Estate Services has evolved into a leading management, development and investment firm. 

The company offers a diversified real estate service platform, including property management, investments, development and advisory services. 

Guardian delivers custom solutions by offering a higher level of expertise, resources and creative capacity to develop a unique approach for each client. 

Ira Virden
 For more information, visit

Hanover Financial, LLC is a fiduciary real estate capital manager based in Los Angeles with an additional office in the San Francisco Bay Area. 

 Founded in 1999, Hanover’s niche is providing equity capital to local and national developers and operators of real estate to facilitate the acquisition, reposition and/or development of multi-family and net lease properties. 

The company focuses on financing projects in the $2 million to $125 million range that typically require $500 thousand to $20 million of equity capital.  Since inception, the firm has invested approximately $400 million of equity capital comprising in nearly $2 billion of real estate projects.

For more information, please contact:

HFF Public Relations Specialist
(713) 852-3500

Marcus & Millichap Brokers $3.9 Million Sale of 75,197-SF Office Building in Orlando, FL

Justin W. West
Orlando, FL, June 21, 2018 – 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 6039 S. Rio Grande Ave. Orlando, FL , a 75,197-square foot office property 100 percent occupied by the U.S. Army Reserves who utilize the facility for administration and training purposes, according to Justin W. West, regional manager of the firm’s Orlando office.

The asset sold for $3,915,000. Iwan Griffiths and Ray Turchi in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a bank/financial institution. The buyer, an investor in South Florida, was procured by the listing agents.

For more information, please contact:

 Justin W. West, Vice President / Regional Manager, Orlando (407) 557-3800

Marcus & Millichap Arranges $1.7 Million Sale of Anytime Fitness Site in Tampa, FL

TAMPA, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Anytime Fitness, a 7,144-square-foot net-leased property located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,700,000

James Medefind
James Medefind and James Garner, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was a private investor in a 1031 exchange moving to the area.
“Our team is committed to maximizing exposure and ensuring that all qualified buyers brought to the table are properly vetted," said Garner.
"We welcome the opportunity to work with outside brokers so when a local Sarasota broker brought their 1031 exchange client to the table, we helped to position them in the best light possible. 

"Through a collaborative effort with the other broker, we were able to help the buyer and seller overcome a number of deal challenges from environmental concerns to deferred maintenance, which very easily could have derailed the deal. 
"I believe it was our persistence, transparency, and commitment to getting the deal across the finish line that made the difference in this one.” 
Anytime Fitness lies on busy Kennedy Boulevard with easy ingress/egress and a daily average traffic count of 41,500 cars. The property caters to the residents and businesses with an average household income of $97,416.
James Garner
 The property benefits from its excellent location on West Kennedy Boulevard, the main east-west thoroughfare in South Tampa, and a preferred development location for many companies entering the Tampa Bay. Anytime Fitness is located at 2905 West Kennedy Boulevard in Tampa, Florida.

For more information, please contact:
Ari Ravi
Regional Manager, Tampa
(813) 387-4700