Tuesday, August 21, 2018

Marcus & Millichap Brokers $889,000 Sale of Eight-Unit Williamsburg Manor Apartments in Clearwater, FL

Sebastion Harris
CLEARWATER, FL – 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 Williamsburg Manor, an eight-unit apartment property located in Clearwater, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $889,000.
Sebastian Harris, Ned Roberts, Michael Donaldson and Nicholas Meoli, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. 

The buyer was secured and represented by the same brokers.

Ned Roberts
“The buyer was largely attracted to the asset due to the mix of all two-bedroom/two-bath units,” said Mr. Podbelski. “The sale turned out to be the highest price per unit ever paid for a 1970’s-built property in mainland Clearwater history,” added Mr. Harris.
Williamsburg Manor is a multifamily community located in Clearwater, Fla. – Florida’s most densely populated County.
The property is within walking distance of St. Petersburg College Clearwater and Spectrum Field, the spring training home of the Philadelphia Phillies.

Michael Donaldson

Built in 1979, Williamsburg Manor has tile flooring throughout the interior units, private patios and a new roof that was installed in 2015. Williamsburg Manor is located at 2470 Sharkey Road in Clearwater, Fla. 

For more information, please contact:

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


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

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HFF announces $9.25 million sale of Shoppes & Offices at PGA West in Palm Beach Gardens, FL

Shoppes & Offices at PGA West, Palm Beach Gardens, FL

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $9.25 million sale of the Shoppes & Offices at PGA West, a mixed-use retail and office development totaling 37,782 square feet in the affluent community of Palm Beach Gardens, Florida. 

Daniel Finkle
The HFF team marketed the property on behalf of the seller, special servicer LNR Partners, Inc., and procured the buyer, Juster Development Company. 

The Shoppes & Offices at PGA West comprise 18,348 square feet of retail space and 19,434 square feet of office space. 

Completed in 2001, the property is 98.3 percent leased to a diverse tenant roster that includes experiential retail uses, chef-driven restaurants and boutique office tenants. 

 Situated on four acres at 5510-5540 PGA Boulevard, the center has exceptional visibility and prominent exposure at a signalized intersection along PGA Boulevard. 

Eric Williams
The Shoppes & Offices of PGA West is located in a desirable and growing residential market surrounded by some of the area’s most prestigious golf course communities. 

The population within a three mile radius is 64,564 with an average household income of more than $115,000.   

The HFF investment advisory team included managing director Luis Castillo, senior managing director and co-head of HFF’s retail practice Danny Finkle and directors Eric Williams and Nat Scarmazzi.

“There is a tremendous amount of capital looking to invest in well located assets like PGA West,” Castillo said.  “As headlines continue to forecast the demise of retail, properties like PGA West are thriving and offer strong risk-adjusted returns for savvy investors.”

Juster Development Company is ranked among the top 100 owners of retail properties in the United States.  The company's portfolio, built through development and acquisition, includes 18 shopping centers encompassing in excess of 2,000,000 square feet along the East Coast. 

Nat Scarmazzi
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. 

 HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. 

HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF).  For more information, please visit hfflp.comor follow HFF on Twitter @HFF.

For more information, please contact:

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

HFF announces $503 million refinancing for three prominent hotels in New York, Miami and Washington, D.C.

The Manhattan at Times Square Hotel,
New York, NY

CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announces a $503 million refinancing for three prominent hotels totaling 1,049 rooms in New York, Miami and Washington, D.C.

The HFF team worked on behalf of the borrower, Qatar-based Al Rayyan Tourism Investment Company (ARTIC), to place three floating-rate loans with Mack Real Estate Credit Strategies: a $290 million loan for The Manhattan at Times Square Hotel, a $132 million loan for the St. Regis Bal Harbour Resort and an $81 million loan for the St. Regis Washington, D.C.  Each loan carries a four-year term with one one-year extension. 

St. Regis, Washington, DC

 Originally developed in 1952, The Manhattan at Times Square Hotel houses 685 rooms and 9,100 square feet of retail in its 22 stories.  The hotel is in Times Square at 790 7th Avenue and encompasses the entire city block from 51st to 52nd Street and 7th Avenue to Broadway. 

St. Regis Bal Harbour Resort, Bal Harbour, FL

 ARTIC will continue to operate the hotel on an as-is basis while it finalizes plans for a best-in-class mixed-use tower.  Once redeveloped, the nearly 1,500-foot-tall building will include 44,000 square feet of LED signage wrapping the base, 134,000 square feet of retail space, 250 hotel rooms and 150 luxury condominium residences.

Daniel C. Peek
The St. Regis Bal Harbour is a 27-story luxury hotel with 192 hotel guest rooms and 24 condo-hotel units.  

The hotel features the Remède Spa, two beach and oceanfront pools, a state-of-the-art fitness suite, business center, 11,200 square feet of meeting space plus a 7,800-square-foot ballroom, St. Regis Bentley, butler service, St. Regis Kid’s Club and multiple food and beverage outlets, including Atlantikós, BH Burger Bar, The St. Regis Bar & Sushi Lounge and La Gourmandise. 

Situated at 9703 Collins Avenue on the northern point of Miami Beach at the intersection of 96th Street and Collins Avenue, the hotel is across the street from the Shops at Bal Harbour, a luxury shopping center with several high-end restaurants and bars. 

Jeff Bucaro
The St. Regis Washington, D.C. is a 172-room luxury hotel that was originally constructed in 1926 as the Carlton Hotel.  

Listed on the National Register of Historic Places, the hotel features 25 suites with butler service and complimentary house car, 11,200 square feet of meeting space, business center, afternoon tea, 24-hour fitness center, bicycle rental and two food and beverage outlets, the St. Regis Bar and the Alhambra Restaurant. 

Located less than two blocks north of the White House, the hotel is at 923 16th Street NW at the intersection of K Street NW and 16th Street NW minutes away from the nation’s most prized monuments and nationally renowned colleges and universities in addition to direct access to a multitude of local, national and international transportation hubs.

Nicole Aguiar

The HFF debt placement team representing the borrower consisted of senior managing director and head of HFF’s hotel group Daniel C. Peek; managing directors Danny Kaufman and Christopher Peck; senior directors Jeff Bucaro, Scott Wadler and Chris Hew; and associate Nicole Aguiar.

Scott Wadler

“It was a privilege to work with the team at ARTIC to refinance these extraordinary assets,” Kaufman said.  “We are looking forward to assisting ARTIC in subsequent financing assignments as they continue to effectuate their business plan surrounding the redevelopment of The Manhattan Times Square property.”

On behalf of Al Rayyan Tourism Investment Company, Tarek M. El Sayed, managing director and CEO commented: “As one of the leading international hospitality investment companies, our strategy is focused on increasing the value of our hotel portfolio by improving operational efficiency and quality of service while enhancing and developing the properties we acquire to optimize and build new revenue streams.

"The refinancing announced today reflects the quality of our asset base and further reduces our financing costs as we execute on that strategy. 

Chris Hew
"This will help reinforce the market leading positions of our iconic luxury hotels in New York, Chicago, Miami and Washington, D.C., which form the core of our current U.S. portfolio, to provide an even stronger platform for expansion as we continue to seek more investment opportunities across the U.S.”

Established in 2003, Al Rayyan Tourism and Investment Company (ARTIC), is one of the leading investment companies engaged in real estate development, acquisition and leasing with a primary focus on the hospitality sector and hospitality-related services both in Qatar and overseas. 

ARTIC’s current portfolio comprises 24 hotels and projects in the MENA, Europe and North America.  In addition to its hotel portfolio in prime cities around the world, ARTIC owns hospitality-related services providing cost-effective support services in a shared service model, including laundry, catering and procurement services.

  Visit www.artic.com.qa or find them on Facebook at www.facebook.com/ARTICQA.

Mack Real Estate Credit Strategies, L.P., the Mack real estate credit business, was established to be a one-stop shop for borrowers with transitional assets, in particular to provide capital for deals that traditional banks are less likely to finance due to increased regulation, or complexity and execution risk that are better suited to an integrated real estate firm. 
MRECS focuses on properties in need of flexible capital and sponsors seeking an experienced, sophisticated real estate lending partner.

For more information, please contact:

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