Wednesday, December 5, 2018

HFF announces sale of single-tenant retail building near Houston, TX

Walgreens-Leased Building, 1180 Clear Lake City Boulevard, Clear Lake, TX                                                                                                                Photo by Mabry Campbell                                                                                                                                
HOUSTON, TX –– HFF announces the sale of a 13,905-square-foot single-tenant retail building net leased to Walgreens in the suburban Houston community of Clear Lake, Texas.

Ryan West
The HFF team marketed the property for the seller, Lister Property Company.  The Chiang Family Trust purchased the asset. 

Walgreens has occupied the property since 1998 and has more than nine years remaining on its net lease after a recent renewal last year.  

Situated on 1.9 acres at 1180 Clear Lake City Boulevard, the freestanding building is in Clear Lake, one of Houston’s premier suburbs that is approximately 20 miles southeast of downtown Houston.  

The property is one mile from Interstate 45, which welcomes 193,000 vehicles per day.  More than 70,000 residents earning an average annual household income of $105,000 live within a three-mile radius of the Walgreens. 

HFF’s investment advisory team representing the seller included senior managing director Ryan West and analyst Charles Strauss.   

Charles Strauss
“The market for single-tenant, triple-net-leased properties is robust,” West said.  “Private investors like the idea of ‘mail-box money’ – receiving a monthly rent check with no management responsibility.  

"We continue to see buyer pools increase, especially for properties such as this that are supported by a best-in-class tenant in one of Houston’s most sought-after suburbs.”

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


TX Lic. #478560
HFF Senior Managing Director
(713) 852-3500

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

Levin Johnston Directs $24.25 Million Trade of 73-Unit Multifamily Community in Pleasanton, CA

Vista Del Sol, 2451-2529 Santa Rita Road. Pleasanton, CA

PLEASANTON, CA – Levin Johnston of Marcus and Millichap, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, has directed the $24.25 million trade of Vista Del Sol, a 73-unit multifamily asset in Pleasanton, California. 

Adam Levin and Robert Johnston, both Senior Managing Directors of Levin Johnston, represented both the seller, a private LLC, and the buyer, a local investor, in the transaction.

Adam Levin
“Alameda County is currently experiencing the fastest population growth in the region – making it a highly desirable investment market,” says Levin. 

“The appeal of this asset is further substantiated by Pleasanton’s strong employment fundamentals and low-vacancy levels, which will drive high occupancy and a well-sustained renter base for years to come.”

Vista Del Sol recently underwent a $1.44 million capital improvement campaign consisting of extensive exterior and interior upgrades. 

During its ownership, the seller remodeled the clubhouse, updated the gym and outdoor pool/barbeque area, and added new signage. 

Inside, 50 of the 73 units were completely remodeled with designer finished, updated kitchens, and large walk-in closets.

“This was a premier opportunity to acquire a property that is already positioned for strong NOI growth,” says Levin. “By identifying a buyer who was seeking the opportunity to expand his portfolio into the Greater Bay Area, we were able to support the buyer’s goals while also achieving a strong sale price for the seller.”

Situated on 3.37 acres, the property is located in downtown Pleasanton in close proximity to I-580 and I-560, two BART stations, as well as a commuter train and regional bus service, providing direct access to the Silicon Valley, San Francisco, and the Central Valley.

Robert Johnston
“This is a prime rental location for commuters, which contributes to the strength of this asset as an investment,” says Johnston, who notes that the asset is located just one mile from Hacienda Business Park, which is home to many major employers including Kaiser Permanente, Boeing, Caltrans, and MetLife, among others, as well as a new six-story corporate headquarters development that is under construction.

“Pleasanton has been listed as one of the ‘Best Places to Live’ by several national publications and offers one of the top 10 ranked school districts in California,” Johnston continues. “These attributes will support continued renter demand for many years ahead.”

The property is also in close proximity to shopping, dining, and outdoor activities.  Community amenities include a pool and spa, outdoor cabana and sundeck, and lush, landscaped greenbelts.

More information is available at


Alex Caswell / Jenn Quader 
Brower Group
(949) 955-7940

RECI Finds Mortgage Rates Still in Borrower-Friendly Pricing Territory

John Oharenko

Chicago, IL -- Chicago-based Real Estate Capital Institute (RECI) finds recent financial market developments resulting from trade wars, global instability and a cooling economy are giving the Fed reasons to back off from an additional rate hike this month.
Such favorable interest-rate news Add captionhelps mortgage rates stay inborrower-friendly pricing territory.  
Proof of low rates is most clearly illustrated by current benchmark ten-year
treasuries priced at 30 basis points lower this month compared to November's
peak level.  This rate almost mirrors April pricing, except for short-term
rates, which are now nearly 50 basis points higher.  And compared to the
some of the best rates seen this decade (Summer of 2016), overall pricing is
about 125 basis points higher -- still relatively attractive by modern
historical standards.  As is the trend for quite some time, long-term debt
continues to be the most attractive funding option vs. short-term loans.

While interest rates hold somewhat steady, other notable realty capital
market news include: (1) Agencies comfortably hitting their annual
multifamily production targets; (2) HUD guidelines for speeding up
processing of Low Income Housing Tax Credits; (3) Life companies meeting their lower-leverage funding goals well before yearend, (4) Banks
maintaining strict underwriting discipline on construction lending and (5)
Debt funds moving into the more competitive pricing arena in direct
competition with mortgage conduits.  

Markets remain flooded with surplus capital across all levels of the capital
stack, including debt and equity.  Yields are compressed and risk-adjusted
pricing is in record-low territory.  Fears of loosening underwriting
standards are mitigated with more investor equity than witnessed in previous
financial cycles.  Lenders carefully compete on pricing instead of higher
leverage, as evidenced by converging perm loan underwriting among conduits
and debt fund players.

The Real Estate Capital Institute's director, John Oharenko, stresses,
"Lenders are already starting to dip into their 2019 funding allocations,
especially life companies. Some lenders avoid quoting new deals until their 2019 budgets are soon finalized." 


John Oharenko, 
Executive Director

Group P6 Announces Ribbon-Cutting Ceremony for 327 Royal Palm in East Boca Raton, FL

327 Royal Palm, East Boca Raton, FL

BOCA RATON, FL -- Group P6, a leading developer of luxury residences in south Florida is hosting a ribbon cutting ceremony on Monday, Dec. 17 at 5 pm, to celebrate the official opening of 327 Royal Palm.

Ignacio Diaz

Since launching sales in January of 2015, 70% of residences have been sold, with only a few units remaining, ranging from 3,177 to 3,461 square feet, and prices starting at $1,699,000.

“327 Royal Palm is the culmination of what can result when there is a synergy between developer, architect and the community,” said Ignacio Diaz, Director, Group P6.

“We hope the success of 327 Royal Palm will highlight our continued commitment to an innovative and responsible design philosophy, one that works in sync with the vision of leaders in community as well as a focus on Boca’s unique history, and we look forward to continuing this collaborative effort in the future.”

Mizner Park
This highly successful residential project, Group P6’s first luxury boutique condominium in Boca Raton, is quietly located just one block off of one of the most desired residential streets in East Boca.

The 9 story, 24 unit building offers stunning panoramic views overlooking the lush green fairways of the Boca Resort to the south, historic Mizner Park to the north and the beautiful blue waters of the Atlantic Ocean to the east.

 The building’s central location is within a short walking distance to Boca’s pristine beaches, Mizner Park, high-end shopping & top restaurants.


Todd Richardson
Group P6