Thursday, August 30, 2018

HFF announces joint venture equity for Logan’s Crossing Apartments in Chicago


Rendering of planned Logan's Crossing Apartments, side view,
Logan Square Neighborhood, Chicago, IL

 CHICAGO, IL – Holliday Fenoglio Fowler, L.P. (HFF) announces joint venture equity financing for the development of Logan’s Crossing, a 220-unit, luxury mid-rise apartment building in Chicago’s Logan Square neighborhood.

Front view, rendering, Logan's Crossing Apartments, Chicago, IL
The HFF team arranged the joint venture equity partnership between the developer, Fifield Companies, and an institutional investor.  The land seller, Terraco Real Estate, remains in the deal as a co-developer.

Mary Dooley
Logan’s Crossing is being developed on the site of the former Megamall at the southwest corner of North Milwaukee and North Sacramento Avenues. 

Danny A. Kaufman
 Due for completion in the fourth quarter of 2019, the property will total five and six stories of combined residential and retail space. 

The residential component will be situated above approximately 62,000 square feet of retail space anchored by a Neighborhood Target store. 

Residential units will average 770 square feet and will feature luxury finishes, including granite countertops, stainless steel appliances, plank flooring and high-end bathrooms. 

Community amenities will include an outdoor sundeck with soaking pool and grilling areas, indoor resident lounge with large screen TV, party room with demonstration kitchen, fitness center and business center with conference room.

The HFF equity placement team representing Fifield Companies included managing director Danny Kaufman and analyst Mary Dooley.

Founded in 1977 by Steven Fifield, the Fifield Companies (Fifield) is a Chicago-based real estate development firm focused on luxury urban high-rise residences and office towers.  The Fifield team has developed 70 buildings comprising more than 15 million square feet. 

Steve Fifield
In its history, Fifield has earned a reputation for creating exciting living environments in some of the country’s most renowned locations, in addition to garnering multiple architectural and design awards, including Developer of the Year for Midwest and Chicago.


CONTACTS:

DANNY A. KAUFMAN
HFF Managing Director
(312) 528-3650

OLIVIA N. HENNESSEY
HFF Public Relations Specialist
(713) 852-3500

Lincoln Property Broker Closes On $3 Million Sale of Majority of Professional Office Condos North of Orlando, FL



Professional Office Condos, 587 East State Road 434,
 Longwood, FL
ORLANDO, FL – Lincoln Property Company recently closed on the $3,000,000 sale of the majority of a 75,720 square foot, three-story building comprised of professional office condos at 587 E. SR 434 in Longwood.  

 Sean DuPree, CCIM, broker at Lincoln Property Company, listed the property totaling 62,600 square feet or over 80 percent of the building, and negotiated the transaction representing the seller, Fort Lauderdale-based LongwoodOffice Park, LLC.    

Sean Dupree
Orlando investors 434 Longwood Medical LLC purchased 62,600 square feet which covers five vacant units on the first floor and the entire second and third vacant floors each measuring 25,000 square feet. 

 The building was constructed in 1984 just east of Ronald Reagan Blvd. (CR 427) and less than half a mile from South Seminole Hospital, north of Orlando.  

 Two other owners that occupy offices on the first floor are West Orange Neprology in 2,476 square feet and Orlando Health Family Medicine in 4,880 square feet.

Lincoln Property Company is a full service commercial real estate firm offering a comprehensive suite of value-added services for clients. 

With a substantial local presence and history in the Southeast region, the company is ideally situated to provide superior service, which comes from striving to understand the goals and challenges of tenants, investors, lenders and owners of commercial real estate. 

 CONTACTS:

Sean DuPree, CCIM, Broker, Lincoln Property Company
407-872-3500 sdupree@lpc.com

Beth Payan, Larry Vershel Communications Inc. Lvershelco@aol.com
407-644-4142

HFF announces sale of newly constructed Class A office asset in Charlotte, NC


500 East Morehead Apartments, Charlotte, NC
Ryan Clutter

 CHARLOTTE, NC –– HFF announces the sale of 500 East Morehead, a 178,336-square-foot, newly constructed, Class A office building in Charlotte, North Carolina.

The HFF team represented the seller, Beacon Partners, and procured the buyer, a member company of Zurich North America (“Zurich”), advised by Zurich Alternative Asset Management, LLC (“ZAAM”), its alternative investment adviser.

Completed in 2017, 500 East Morehead is one of Charlotte’s premier office assets featuring high-quality new construction, best-in-class tenant buildouts, sweeping views of Uptown Charlotte and an attached four-level parking deck. 

Scott Humphrey



The seven-story property also features a market-leading amenity package highlighted by a state-of-the-art fitness center with locker rooms and showers, a shared executive conference room, three shared outdoor terraces, a 900-square-foot rooftop terrace and three popular restaurants on the ground floor.

  Tenants at the fully leased trophy asset include Elliott Davis, CB&I, Lennar Multifamily Communities, Guggenheim Real Estate and Hood, Hargett & Associates. 

The three dining concepts are: The Packhouse, Joe and Nosh and Capishe.  500 East Morehead is situated in the Morehead Corridor, Charlotte’s fastest growing area, and has easy access to Uptown, Midtown, South End and Dilworth.

Chris Lingerfelt
  The transit-oriented property is just two blocks from the Carson Boulevard light rail station and the Charlotte Rail Trail, and has regional connectivity via Interstates 277, 77 and 85, the region’s three primary transportation arteries.

The HFF investment advisory team representing the seller consisted of senior managing director Ryan Clutter, senior director Scot Humphrey, director Chris Lingerfelt and director Zack Drozda. 

The ZAAM team was led by Roy Rosenbaum, director of Acquisitions, and Sean Bannon, managing director and head of U.S. Real Estate.

“The sale of 500 East Morehead Street represents a noteworthy inflection point for the Carolinas market and Charlotte in particular,” Clutter commented. 

Zack Drozda



 “This sale demonstrates that Charlotte is now pricing in line with other sought-after U.S. markets such as Austin and Denver.  We believe pricing will continue to reset to new levels throughout the Carolinas as more and more institutional capital sources continue to target the region.”

“500 East Morehead was heavily pursued by a multitude of capital sources,” Lingerfelt added.  “This amenity-rich asset boasts one of the best locations in the city and will be an exceptional investment for years to come.”

Holliday GP Corp. ("HFF") is a North Carolina licensed real estate broker.

Roy Rosenbaum
Beacon Partners is a Charlotte-based commercial real estate firm specializing in the development, acquisition, leasing and management of industrial and office properties.  

Beacon Partners leases and manages over 9.5 million square feet of space throughout the Carolinas.

  For more information on Beacon Partners, please visit beacondevelopment.com or call (704) 597-7757.





ZAAM is the alternative investment adviser to Zurich and its affiliates that is responsible for Zurich’s hedge fund, private equity and U.S. real estate investments.


Sean Bannon

 ZAAM runs a national core and core-plus acquisition program out of New York which targets office, retail, industrial and multi-family assets valued between $15 million and $100 million throughout 20 major markets in the United States. 

ZAAM currently manages approximately $2.3 billion of commercial real estate exposure in the Unites States for its various affiliated balance sheets.

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.

  For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

CONTACT:

KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990


HFF announces $16.7 million sale of Grand Rapids, MI power center


Grandville Marketplace, Grandville, MI

CHICAGO, IL –– HFF announces the $16.7 million sale of Grandville Marketplace, a 224,479-square-foot power center in the Grand Rapids suburb of Grandville, Michigan.
Amy Sands

The HFF team marketed the property on behalf of the seller, Retail Value Inc. (RVI).  RCG - Grandville, LLC purchased the property.

Constructed in 2001, the 80.4-percent-occupied power center is home to 15 tenants, including Hobby Lobby, Office Max, PetSmart, Cost Plus World Market, Logan’s Roadhouse, Party City, Dollar Tree, Five Below and America’s Best Contacts and Eyeglasses. 

Clinton Mitchell

Additionally, the center is shadow anchored by Lowe’s and has several outparcel pads, which are leased to Discount Tire, Famous Dave’s, Wendy’s and Flagstar Bank.

  Situated on 32.64 acres at 4485 Canal Avenue SW, Grandville Marketplace is at the northwest corner of Rivertown Parkway and Canal Avenue in Grandville, which is one of Grand Rapids’ oldest suburbs and is positioned about 10 miles southwest of downtown. 

More than 20,500 households earning an average annual household income of $77,000, which is 15 percent above the Midwest average, are within a three-mile radius of the center.

The HFF investment advisory team representing the seller included senior directors Amy Sands and Clinton Mitchell along with managing director Matthew Schoenfeldt.

Holliday GP Corp. ("HFF") is a Michigan licensed real estate broker.

Matthew Schoenfeldt
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange.  RVI holds assets in the continental U.S. and Puerto Rico and is managed by one or more subsidiaries of DDR Corp.  RVI focuses on realizing value in its business through operations and sales of its assets.  

Additional information about RVI is available at www.retailvalueinc.com.

RCG Ventures LLC (RCG) is a privately funded real estate investment group that acquires and develops commercial real estate in the continental United States.  The company’s primary focus is value-add anchored shopping centers with the potential for long-term ownership. 

Visit http://rcgventures.com for more information.

CONTACT:

KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990


HFF announces sale of 120-suite Residence Inn Boston Downtown Seaport


 Residence Inn Boston Downtown Seaport, Fort Point Neighborhood,
Seaport District, Boston, MA

BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of the 120-suite Residence Inn Boston Downtown Seaport located in the Fort Point neighborhood of Boston, Massachusetts.

Denny Meikleham
The HFF team represented the seller, Norwich Partners, LLC, and procured the buyer, Claremont Companies.

The HFF investment advisory team representing the seller consisted of managing director Denny Meikleham, senior director Alan Suzuki and director Matthew Enright.

Originally built as The Stillings Building in 1901 by the Boston Wharf Company, the unique brick, post and beam property was redeveloped into the Residence Inn Boston Downtown Seaport in 2013. 

The adaptive re-use project created an award-winning, one-of-a-kind hotel asset rich with history, distinctive architectural detail and modern d├ęcor. 

Alan Suzuki
 Honored as the “Best Custom Project” in 2014 by Marriott International, the hotel is widely considered one of the best designed and highest quality Residence Inns in the entire system and one of the best room products in Boston. 

The 120 loft-style suites feature 12-foot-high ceilings, exposed brick walls, wooden beams, oversized windows and fully equipped kitchens.

  The hotel’s public space is situated around a six-story, interior atrium topped with a glass skylight providing natural light to all floors.  Hotel amenities include meeting space, a sundry shop, business center, fitness center and two restaurant offerings: Caffe Nero and sweetgreen. 

 Located in the Fort Point neighborhood of Boston’s Seaport District, the property is easily accessible to the Financial District, South Station, Back Bay, Cambridge and Logan International Airport. 

Additionally, the area immediately surrounding the property has transformed into a 24-hour, live-work-play environment with a robust amenity base of restaurants, office space, museums, art galleries and loft-style apartments.

Patrick Carney
Norwich Partners is a New England and Florida-based developer of and investor in commercial real estate, primarily hotels in the northeastern U.S. and Florida.  

Founded and capitalized in 2003, the company formalized a long-standing business relationship between the three founding members. 

 Headquartered at Lakeshore Center in Bridgewater, Massachusetts, Claremont Companies is a privately owned and closely held real estate investment, development and asset management firm.

  The company was started in 1968 when Patrick Carney, Claremont’s current chairman and CEO, began investing in and developing residential multi-family properties in Southeastern Massachusetts. 

Throughout the 1970s and 1980s, the company established its core real estate holdings by developing large scale apartment complexes throughout New England. 

 In the late 1980s and 1990s, the company expanded its real estate development and ownership into different asset classes such as hotels, retail centers and office buildings. 

 In 2003, with over 10,000 apartment and hotel units across the United States, Claremont began a disposition strategy in order to capitalize on the overall appreciation of the national real estate market. 

CONTACT:

KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990



Camille Renshaw named to Rutgers University Big Data Advisory Board

Camille Renshaw


 NEW YORK, NY, Aug. 30, 2018 – Camille Renshaw, CEO and co-founder of B+E, the first tech-driven brokerage and trading platform for net lease real estate, will serve as a board member on the Rutgers Big Data Advisory Board, part of the Rutgers University Center for Innovation Education.

“I am honored to serve on the board and look forward to working with Rutgers in equipping future leaders to make significant business contributions through data and its analytics,” said Renshaw.

Membership on the board is invitation-only and is based upon professional accomplishments. The board consists of diverse and innovative top-level executives from Salesforce, Prudential Life, Verizon, Merck, TIG, Johnson & Johnson and Morgan Stanley.

With offices in New York, Tampa and San Francisco, B+E sets the modern standard for net lease real estate brokerage services and performance.  

The B+E trading platform consists of user-friendly dashboards, real-time predictive pricing and an AI-driven exchange -- all leveraging the largest data set in the industry.

Buyers and sellers can conduct entire NNN transactions online, reviewing real-time credit, news and tenant data while they trade, much like online stock trading platforms.  The mission of B+E is to help virtually anyone confidently trade net lease. 

For more information, please go to www.benetlease.com.

CONTACT:

Press Release Contact:
John Vita
John Steven Vita Communications
847/853-8283


Truss Expands in Texas with More Office and Retail Space Available


Marshall Hudes
DALLAS, TX and SAN ANTONIO, TX – Truss, an award-winning platform for commercial real estate, announced it will expand its retail and office space into the Dallas and San Antonio markets with more than 7,000 spaces across both markets.

 Truss now has more than 300 million square feet of office, retail and industrial space available to search, tour and lease on its platform.

"Truss is a useful high-tech tool that was instrumental in my search for office space.  I was able to view and shortlist viable properties online in a matter of minutes,” said Cindy Cohn, principal, Springboard Consulting, San Antonio.

 “'Vera,' the automated chatbot, presented my options in terms that I could understand and provided all-in economics with no surprises. My broker was knowledgeable and helpful throughout the lease negotiation process. I recommend using Truss to find your next office, retail or industrial space."

Cindy Cohn

Truss’ expansion in Texas follows ongoing demand for more office space, retail or industrial space in several markets including Dallas, San Antonio, Austin and Houston. Recently, the four Texas cities were named in the top 15 for the ‘Biggest Boomtowns in America,’ according to 
MagnifyMoney. 

“We’ve experienced high adoption rates for Truss throughout Texas, largely because many of the cities are tech-savvy, fast growing and diverse,” said Marshall Hudes, co-founder of Truss. “Based on our continued growth and demand in these markets, we’re expecting to see ongoing demand from small business owners in this region, including in Dallas and San Antonio.” 

Business owners can search, tour and lease office, retail and industrial space through Truss platform, which uses artificial intelligence (AI) to review and compare their options in the market. 

To learn more about Truss, please visit www.truss.co or follow them on social media on FacebookInstagram and Twitter.

CONTACT:

Molly Lynch
773-505-9719


Native Realty’s Jaime Sturgis Obtains Listing for Uptown Fort Lauderdale Retail Development


Rendering of planned Crown Center Plaza,
Uptown Fort Lauderdale, FL

FORT LAUDERDALE, FL –– Native Realty Founder and CEO Jaime Sturgis has been selected to exclusively lease Crown Center Plaza, a retail project under construction on Cypress Creek Road in Uptown Fort Lauderdale – an evolving hub for technology, government and aviation office tenants.

 Developed by Midgard Group, Crown Center Plaza is poised to fill a void for high-quality retail and restaurant offerings to service the robust professional population.

The 18,000-square-foot retail center at 1475 W. Cypress Creek Road is scheduled for August 2019 completion. Crown Center Plaza is designed with high ceilings, open floor plans, hurricane resistant windows and opportunities for prominent signage with visibility from I-95.

CONTACT:

Eric Kalis
Account Director, BoardroomPR
Bank of America Plaza | 1776 N Pine Island Road