Sunday, March 10, 2019

HFF announces $125.65 million financing for Uptown Boca in South Florida

Rendering of Uptown Boca Retail, Boca Raton, FL

Elliott Throne
MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announces $125.65 million in construction financing for the development of Uptown Boca, a mixed-use lifestyle center with residential and retail space in Boca Raton, Florida.

The HFF team worked on behalf of the development team of Giles Capital Group, Rosemurgy Properties and Schmier Property Group in partnership with Wheelock Street Capital to secure the floating-rate construction loan through Jutland Finance Inc.

Uptown Boca will be situated on a 38-acre site at Glades Road and 95th Avenue South in West Boca Raton. 

The lifestyle center will encompass 456 Class A luxury apartments and 171,806 square feet of upscale retail space, which will be anchored by Lucky’s Market, Silverspot Cinema, Bolay, Chick-fil-A and BurgerFi, along with a variety of smaller retail and restaurant tenants. 

Steven Klein
 The retail component is expected to deliver in summer 2019 with the residential component available in early 2020.

  The property is the last undeveloped parcel located off Glades Road, which is Boca Raton’s main east/west thoroughfare and retail corridor, and also benefits from its proximity to both the East and Boca Town Center office markets, which together consist of more than 330 buildings and nine million square feet.

HFF’s debt placement team representing the developers included managing directors Elliott Throne and Steven Klein along with associate Jesse Wright.

“The sponsorship team includes an experienced institutional equity partner along with the best local developers, which allows them to understand the specific needs of the West Boca Raton community,” said Throne, who is also a Boca Raton resident.

Jesse Wright
“This project will create the first livable destination lifestyle retail center that will provide a sense of place and will serve West Boca the way Mizner Park serves East Boca.”

About Giles Capital Group

Giles Capital Group is a real estate investment and development firm focused on multifamily rental communities in Florida. 

Over the past 30 years, founder Rick Giles has been responsible for the performance of over 25,000 apartment units throughout the southeastern and Mid-Atlantic regions of the United States. 

In 2013, Giles Capital Group teamed up with Rosemurgy Properties to form a joint venture, Park Partners Residential, for the purpose of acquiring, developing and managing multifamily assets.

Rick Giles
About Rosemurgy Properties

Rosemurgy Properties, headquartered in Boca Raton, Florida, is a privately owned commercial real estate development, investment and management firm with more than 40 years of experience in the industry. 

 The company maintains a diversified portfolio over several asset classes, which include multifamily, self-storage, retail and office. 

Rosemurgy Properties has developed and acquired over two million square feet of commercial real estate in the past 15 years in various partnerships.

  Notable development projects include the FAU Research Park and Innovation Centre, and University Park, the first purpose-built student housing development in Palm Beach County. 

Brian S. Schmier
 The company, which includes general contracting, property management and asset management services, owns commercial properties throughout Florida and the Carolinas.

About Schmier Property Group

Schmier Property Group is a diversified commercial real estate investment, development and management company located in Boca Raton, Florida. 

 The principals, Brian Schmier, CEO, and Robert Schmier, President, have extensive development experience with a specialization in retail. 

Robert Schmier
The company invests directly and with partners across all asset classes, including retail, office, industrial, self-storage and multifamily. 

The most recent project by the principals (through affiliate Schmier & Feurring Properties) include the ground-up development of Park Place, the grocery-anchored retail portion of a mixed-use project located in Boca Raton, Florida. 

Schmier & Feurring Properties began in south Florida in 1981 and has developed/owned over one million square feet along Glades Road, including University Commons, Towne Plaza, Corporate Center, West Boca Place, Somerset Shoppes and Mission Bay Plaza.

Rick Kleeman

About Wheelock Street Capital

Wheelock Street Capital was formed in 2008 by Rick Kleeman and Jonathan Paul, two veteran real estate private equity investors, each with over 25 years of broad real estate transaction experience across all major asset classes. 

Wheelock has since raised over $2 billion in capital commitments and is currently investing its fifth fund comprising $725 million of commitments from leading pension funds, endowments and foundations. 

Jonathan H. Paul
Wheelock will invest in a broad range of real estate assets throughout the United States.  

The fund may invest directly or with high quality joint venture partners through a variety of capital structures and transaction types, including acquisitions, restructurings, and recapitalizations.


HFF Managing Director
(305) 421-6549

HFF Managing Director
(212) 632-1838

HFF Public Relations Specialist
(713) 852-3403

Ackerman & Co. and Pioneer Land Group Broker Sale of 35.1-Acre Parcel for $7.26 Million in Gwinnett County, GA

John Speros
ATLANTA, GA In a transaction brokered by the Ackerman/Pioneer Land Advisory Group, Wood Partners has purchased three parcels on Herrington Road in Gwinnett County totaling 35.14-acres for $7,260,000 ($452,618 per usable acre). 

Wood Partners, one of the nation’s largest multifamily developers, plans to develop Alta Sugarloaf, a 330 unit multifamily complex.

The Ackerman/Pioneer Land Advisory Group’s John Speros, JT Speros, Will Golf and Kyle Gable represented Herrington Commons LLC, the owner of one parcel containing 25 acres and packaged the three properties and resold them to Wood Partners. 

J.T. Speros Jr.
“There is rising demand for rental units in this part of Gwinnett County for two reasons," said John Speros.  "
 A number of people are electing to rent versus own and there is a shortage of affordable single-family houses. Wood Partners builds a high-quality product and Alta Sugarloaf will serve that demand.”

“Only 15 acres of the property will actually be developed as 20 acres has been set aside in a conservation easement and will provide significant open space within the project.”

The property offers 750 feet of frontage on Herrington Road, excellent access to Atlanta’s major job centers via nearby Interstate 85, and proximity to the many retail options along Highway 316 and Sugarloaf Parkway. 

Kyle Gable
About Ackerman & Co.

Headquartered in Atlanta, Ackerman & Co. is a privately held, full-service commercial real estate firm focused on providing quality investment, brokerage, management and development services in the Southeast.

The company, founded in 1967, retains an expert team of more than 100 real estate professionals.

To date, Ackerman & Co. has developed and acquired 35 million square feet of office, medical, industrial, retail and mixed-use space, has 8 million square feet under management, and maintains an investment portfolio valued at $1 billion.


Steve Webb 

Steve Webb (swebb@ACKERMANCO.NET)