HFF closes $87 million sale of 1,240-stall parking garage in downtown Seattle, WA

Pacific Place Garage Apartments, 1612  6tth Avenue, Downtown Seattle WA

Nicholas Kucha

PORTLAND, OR –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $87 million sale of Pacific Place Garage, a 1,240-stall subterranean parking garage adjacent to the Nordstrom national flagship store in downtown Seattle, Washington.

HFF marketed the property on behalf of the seller, the city of Seattle.  Madison Marquette purchased the asset.

The six-level Pacific Place Garage contains 440,185 square feet situated on 2.08 acres in downtown Seattle.  The garage was completed in 1998 and features valet and self-service parking in addition to six hydraulic passenger elevators. 

Located at 1612 6th Avenue, the garage is below Pacific Place Shopping Center, a five-story, 335,000-square-foot retail, restaurant and entertainment destination anchored by an 11-screen AMC Theatre.

 In addition to the adjacent flagship Nordstrom, the garage is in the heart of downtown Seattle’s retail core in an area with a Walk Score® of 99 – a Walker’s Paradise – and proximate to 14.6 million square feet of office space. 

The HFF investment sales team was led by senior managing director Nicholas Kucha.  Kinzer Partners, represented by Dugan Earl, Kris Curtis and Craig Kinzer, co-brokered the transaction.

For a complete copy of the company’s news release, please contact:

Kristen Murphy

Director, Marketing

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

tel 617.848.1572 | fax 617.338.2150 | www.hfflp.com

krmurphy@hfflp.com

http://madisonmarquette.com.

Gelt, Inc. Acquires 228-Unit Apartment Community Near Portland, OR for $39.5 Million

Keith Wasserman

 Los Angeles, CA – Marking its first acquisition in Oregon, Gelt Inc., a Los Angeles-based real estate investment and asset management firm, has acquired Powell Valley Apartment Homes for $39.5 million. The 228-unit apartment community is located at 1500 SW Pleasant View Drive in Gresham, a suburb of Portland. The seller was Jackson Square Properties.

“Powell Valley Apartment Homes is an ideal asset to add to our expanding portfolio,” said Keith Wasserman, partner with Gelt. “We liked that this well-maintained garden-style asset is in Gresham, a strategically located Portland submarket with minimal multifamily product being developed over the past several years, and a very limited pipeline of future development.

“Subsequently, Gresham is experiencing some of the best rental apartment metrics in the nation as occupancy is hovering close to 100 percent.” 

Wasserman added: “The Portland region’s job market has grown at a strong pace in recent years. This, coupled with significant in-migration into the area has led to an increasingly high demand for apartment units.”

Built in 1999 and situated on 9.23 acres, the property includes 18 residential buildings as well as a newly renovated clubhouse building with a leasing office, 24-hour fitness center, conference room and internet café.

Other on-site amenities include a swimming pool, year-round covered spa, an outdoor playground, a dog run, and covered garages. The property includes 38 one-bedroom units, 186 two-bedroom units, and four three-bedroom units. Each unit has a full-size washer and dryer, large deck or private patio, and exterior storage closet.

Jeffrey Harris

The seller recently renovated approximately 92 unit interiors with modern upgrades. In order to tap into renter demand for high-end finishes, Gelt plans to immediately embark on adding value to the asset by renovating approximately 100 additional units with vinyl plank flooring, stainless steel appliances, new fixtures, window covering, and new cabinet faces.  

“As a private equity firm focused on the multifamily sector, the strong fundamentals in the Portland market indicate to us that the area is primed for consistent, long-term growth and subsequently will provide strong returns for Gelt and our investors,” said Jeff Harris, director of acquisitions with Gelt. “We are thrilled to have acquired our first property in the Portland region, and we are looking to continue purchasing well-located multifamily assets in this market.”

Gresham is located on the eastern edge of Portland, and is Oregon’s fourth largest city. With a population of more than 109,000 residents, it is the second largest city in the Portland/Vancouver region.  Gresham not only benefits from a key location just 15 minutes from downtown Portland, it is also home to major corporations which employ thousands of people including Subaru, Boeing, Microchip, Xerox, U.S. Bank.

Tyler Johnson, Cody Hagerman, Greg Frick and Rob Marton of HFO Investment Real Estate represented both the buyer and seller in the transaction. The financing was arranged by Brian Eisendrath and Cameron Chalfant at CBRE.

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

949.278.6224

29th Street Capital Acquires Eighth Bay Area Multifamily Property in Concord, CA

Tradewinds Apartments, Concord, CA

 

Casey Davis

Concord, CA – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Tradewinds Apartments in Concord, California.

The multifamily community is in the East Bay submarket of San Francisco. Tradewinds contains one-, two- and three-bedroom units, offering floorplans and a location that appeals to both families and working professionals.

29SC purchased the asset off-market from the heirs of a family trust.  The firm plans approximately $400,000 worth of renovations, which will include new appliance packages, microwaves, lighting and hardware along with accent walls. 

Exterior improvements will include fresh paint, modern signage, pool deck upgrades and repairs to wood paneling.

“We are very excited about this acquisition,” said Casey Davis, 29th Street Capital’s Vice President of Acquisitions for California. “Tradewinds is a value-add asset in a great location with excellent schools, plentiful employment opportunities, and extremely strong submarket fundamentals for recently renovated multifamily product.”

The transaction closed on October 25. The sale price was not disclosed. The 25-unit community was built in 1971.

For a complete copy of the company’s news release, please contact:

http://www.facebook.com/pages/Thornton-Communications/112101288827299 http://twitter.com/Ttho http://www.linkedin.com/in/TerriThornton Terri Thornton

Partner, Thornton Communications

Phone: 404-932-4347

Email: Terri@TerriThornton.com

Website: www.TerriThornton.com

www.29thstreetcapital.com.

The Keyes Company Closes $25.8 Million Sale of Gables Estates Mansion, Second-Highest Price This Year for Miami-Dade Single-Family Home

110 Arvida Parkway, Gables Estates, Coral Gables, FL

Lance Ruffe

CORAL GABLES, FL – Lance Ruffe and Ray Betancourt of The Keyes Company Luxury Division listed and sold a Gables Estates mansion for $25.8 million, the second-highest price this year for a single-family home in Miami-Dade County.

According to Ruffe, the estate also has a place in movie history. One year after its construction, location scouts found the property and received permission to film “Two Much,” the 1996 romance in which stars Antonio Banderas and Melanie Griffith met and fell in love in real life.

The home at 110 Arvida Parkway had been on the market for two years with a different real estate agency before Keyes won the listing in November 2015.

“We properly conveyed the true value of the home by showing comparable waterfront sales in the Gables, Key Biscayne and other exclusive communities such as Indian Creek and Star Island,” said Ruffe.

The two-story, Mediterranean-style residence built in 1993 on almost two acres, has unobstructed bayfront views, a 200-foot dock and seawall, six bedrooms and nine-and-a-half bedrooms. Neither the buyer nor the seller were identified.

The sale’s completion, as well as the July 2016 merger with Illustrated Properties, reflects the strength of Keyes’ luxury position.

Ray Betancourt

Following the merger, Keyes and Illustrated are, together, the largest independently-owned real estate firm in Florida and a Top 25-ranked firm in the entire United States. Keyes and Illustrated have doubled their $1 million-plus property sales throughout South Florida.

Independently-owned and operated since its founding in 1926, Keyes stays very active in luxury residential real estate alongside its Valore Group Real Estate and Platinum Properties divisions. 

Keyes annually sells $650 million in luxury homes priced at $1 million or more. The company expects to grow its annual sales velocity in that category to more than $1 billion.

Keyes is a founding member and shareholder of Leading Real Estate Companies of the World®, a global network of more than 550 premier real estate firms encompassing 4,000 offices and more than 128,000 Sales Associates in 55 countries, and Luxury Portfolio International™, which sells more $1 million-plus properties than any other brand in the world.

For a complete copy of the company’s news release, please contact:

Ashley Fierman

Account Executive, BoardroomPR

afierman@boardroompr.com

O 954-370-8999

C 954-330-1554

Bank of America Plaza | 1776 N. Pine Island Road

Suite 320 | Plantation, FL 33322.    

NAI Realvest Negotiates Nine Industrial Leases totaling more than 21,000 Rentable Square Feet – Including Eight At South Park Business Center in Orlando, FL

Tom R. Kelley II

ORLANDO, Fla. – NAI Realvest recently negotiated eight leases at South Park Business Center, 8600 Commodity Circle off of S. John Young Pwy. and W. Sandlake Rd.,  representing the Miami-based landlord South Park LLC.   

Tom R. Kelley, II, CCIM, a principal at NAI Realvest negotiated the transactions.  Seven new tenants signed leases totaling 12,235 rentable square feet at South Park including:

Bell Italy Solution Corp. and Sumig USA Corporation who both leased 2,499 square feet; Ecell Global, Inc. 2,146 square feet, Towers Construction Company 2,105 square feet, Transfirst Media, Inc. and Southern Marketing  who both leased 1,830 square feet and Woof Gang Bakery, Inc. 1,825 square feet.

  De Paula Realty USA represented Bell Italy and Armel Real Estate represented Towers Construction.      Kelley also brokered a lease renewal agreement with Florida Mobility Rentals, LLC for its unit with 2,499 square feet at South Park Business Center.

Kelley also represented, Freese Management the local landlord in a new long-term industrial lease of 4,000 square feet at 5612 Carder Rd. off of Edgewater Drive and All American Blvd. in Orlando.    The tenant is KCP Products, Inc., a worldwide supplier of ignition wire core products, represented by McNulty Group. 

For a complete copy of the company’s news release, please contact:

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

Lincoln Selected to Oversee Sale of Office/Industrial Building at 4261 Communications Dr. in Norcross, GA

Chip Sipple

ATLANTA, GA – Lincoln Property Company Southeast (Lincoln) has been selected to sell a 55,986-square-foot office/industrial building in a prime location at 4261 Communications Dr. in Norcross, Georgia. Chip Sipple and Jeff Henson are overseeing sales efforts for the property, which is listed at $4.47 million.

“This property is located in the highly sought-after I-85 Northeast submarket, Atlanta’s largest industrial market, and offers top-of-the line features, making it a perfect location for a corporate headquarters,” Sipple said. “With all of the property’s prime offerings and serene business park setting, we believe it will generate significant interest from potential buyers.”

4261 Communications Dr. contains 11,597 square feet of office/showroom space with an open/functional floorplan and a mixture of private offices and open work areas, as well as a 44,389-square-foot warehouse featuring 24-foot clear heights and drive-in, dock-high loading availability.

Additionally, the 4.75-acre property includes ample surface parking, an attractive landscaped environment and easy access to major roadways including I-85 and I-285.

For a complete copy of the company’s news release, please contact:

Savannah Durban

The Wilbert Group

404-343-0870

sdurban@thewilbertgroup.com

Faris Lee Investments Completes Record-Breaking Ground Lease Sale of Newly Developed El Pollo Loco-Occupied Property in Moreno Valley, CA

El Pollo Loco, 15135 Perris Boulevard,  Moreno Valley, CA

IRVINE, CA – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $1.62 million ground lease sale of a freestanding, 2,975-square-foot retail property in Moreno Valley, Calif.

The property includes a newly developed single-tenant restaurant building that is occupied by El Pollo Loco which has a new, 20-year lease in place. At a 3.98 percent cap rate, the sale marks the lowest cap rate ever for an El Pollo Loco-occupied asset throughout the United States, per CoStar records. 

Jeff Conover

Jeff Conover with Faris Lee Investments represented the seller and developer of the property, Redlands, Calif.-based Infinity RS, LLC. The buyer, San Francisco-based Ling Trust, was represented by Kidder Mathews.

“Faris Lee began marketing this property during development and it sold for $10,000 over the asking price while it was still under construction,” said Conover. “New, single-tenant assets with long-term leases by recognizable tenants like this property are highly sought after. Ultimately, we secured multiple offers and sold the asset for all-cash to a 1031 exchange buyer.”

Located at 15135 Perris Blvd., El Pollo Loco opened its doors in August 2016. The property is situated at the signalized intersection of Perris Blvd. and John F. Kennedy Drive which sees more than 36,000 vehicles per day.

The property is across the street from numerous national retail brands including 7-Eleven, Jack in the Box, Cardena’s Supermarket, Boost Mobile, and Little Caesar’s Pizza, and is near March Air Reserve Base which includes approximately 30,000 personnel.

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

Spaulding Thompson Associates

949.278.6224

Arbor Funds $279 Million in Multifamily Transactions Across U.S.

Ronen Abergel

UNIONDALE, NY -- Arbor Realty Trust, Inc. (NYSE:ABR), a real estate investment trust and national direct lender specializing in loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets, has funded 34 loans totaling $279,219,964 across Kansas, Florida, Texas and other states under Fannie Mae Delegated Underwriting & Servicing (DUS®) Loan, Fannie Mae DUS Small Loan, Fannie Mae DUS Supplemental Loan, Fannie Mae DUS Multifamily Affordable Housing Loan, Arbor CMBS Loan and Arbor Bridge Loan programs.

Ronen Abergel, Vice President in Arbor’s New York office, originated the loans.

For a complete copy of the company’s news release, please contact:

Christopher Ostrowski
AVP, Corporate Communications

Arbor Realty Trust, Inc.
333 Earle Ovington Blvd., Suite 900
Uniondale, NY 11553
T: 516-506-4255

C: 516-395-0508
F: 516-832-4973

costrowski@arbor.com

www.arbor.com

HFF secures $14.5 million refinancing for 1200 Wilshire Boulevard in Los Angeles, CA

  

1200 Wilshire Boulevard, Downtown Los Angeles, CA

 LOS ANGELES, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured a $14.5 million refinancing for 1200 Wilshire Boulevard, a 96,060-square-foot office building in downtown Los Angeles, California.

Working on behalf of the borrower, Sharp Capital, HFF placed the 10-year, interest only, 4.02 percent, fixed-rate loan with a national bank.  This loan replaces previous acquisition financing with a regional bank that HFF helped secure in late 2014 for the borrower.  Sharp Capital plans to hold the asset in their core portfolio and the newly-placed, full-term interest only loan will help maximize the cash flow to Sharp Capital.

Jeff Sause

1200 Wilshire Boulevard is situated on 0.78 acres in the heart of downtown Los Angeles at the intersection of Wilshire and Lucas Street, three blocks from the Harbor Freeway.  

The six-story building was renovated in 2006 and is 89 percent leased to a variety of tenants in the banking, healthcare, legal, counseling and marketing sectors. 

The HFF debt placement team representing the borrower was led by director Jeff Sause and associate Ryan Ash.

“Since acquiring the asset we have seen strong demand for space at the property and have been able to create significant value,” said David J. Shophet, a principal of Sharp Capital.  “We look forward to continuing to hold the property and operating it as a top-tier asset in the submarket.”

For a complete copy of the company’s news release, please contact:

Kristen Murphy

Director, Marketing

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

tel 617.848.1572 | fax 617.338.2150 | www.hfflp.com

krmurphy@hfflp.com

HFF arranges acquisition financing for 240-unit apartment community in Dallas’ Oak Lawn neighborhood

Cortney Cole

 HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged acquisition financing for ilume Park, a 240-unit, boutique apartment community in Dallas’ Oak Lawn neighborhood.

HFF worked exclusively on behalf of the borrower, Venterra Realty (Venterra), to secure the five-year, fixed-rate acquisition loan with five years of interest only payments through a life company correspondent lender.

 Venterra acquired ilume Park’s partner property, ilume, in conjunction with this acquisition in a non-HFF-related transaction.  ilume has 316 units and is situated across from ilume Park at 4123 Cedar Springs Road.

Steve Heldenfels

ilume Park is located at 3109 Douglas Avenue at the intersection of Cedar Springs Road in the Oak Lawn submarket near Uptown, the medical district and downtown Dallas.

 The property’s one- and two-bedroom units feature granite countertops, stainless steel appliances, gray faux wood flooring, washer/dryer connections and patios or balconies. 

Community amenities include a 4,000-square-foot fitness and health center, massage room, tanning beds, Zen garden, two enclosed dog parks with bone-shaped dog pool and pet grooming salon.

The HFF debt placement team representing Venterra was led by managing directors Cortney Cole and Steve Heldenfels.

For a complete copy of the company’s news release, please contact:

Kristen Murphy

Director, Marketing

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

tel 617.848.1572 | fax 617.338.2150 | www.hfflp.com

krmurphy@hfflp.com

Cushman & Wakefield Negotiates Sale of Michigan Senior Housing Portfolio

David Rothschild TAMPA, FL, November 4, 2016 — Cushman & Wakefield announced today that it has negotiated the sale of a three-property, 371-unit independent living portfolio in suburban Detroit comprising Pine Ridge of Garfield, Pine Ridge of Plumbrook and Pine Ridge Villas of Shelby. Allen McMurtry Cushman & Wakefield’s Tampa team, led by Executive Managing Director Allen McMurtry, and San Diego team, led by Executive Managing Director David Rothschild, represented an institutional seller in the disposition. The portfolio was purchased by an affiliate of Chicago-based private equity firm Green Courte Partners, LLC. Green Courte, which invests in scalable niche real estate strategies, is building a nationwide portfolio of age-restricted housing as part of its fourth closed-end fund. Green Courte began actively investing in age-restricted housing in November of 2015. Pine Ridge of Garfield This is Green Courte’s third acquisition in the strategy and its portfolio now totals five independent living communities with 764 units. Green Courte has retained the in-place manager, an affiliate of Spectrum Retirement Communities, LLC, to manage the properties. Pine Ridge of Garfield is a 117-unit independent living community built in 2006 on ±5.6 acres at 36333 Garfield Road in Clinton Township. The two-story building includes ±118,100 square feet. Pine Ridge of Plumbrook Pine Ridge of Plumbrook is a 118-unit independent living community built in 2004 on ±15.4 acres at 8350 Plumbrook Road in Sterling Heights. The two-story building includes ±110,905 square feet. Pine Ridge Villas of Shelby is a 136-unit independent living community built in 1987 on ±5.5 acres at 4200 West Utica Road in Shelby Township. The four-story building includes ±124,053 square feet.

For a complete copy of the company’s news release, please contact:

David A. Meyer

Owner

Meyer Media 

+ 1 407 489 7488

david@meyer.media

RECI Finds Uncertainty Among Treasury Rate and Mortgage Spread Spikes

Jeanne Peck

Chicago, IL – Real Estate Capital Institute reports recent treasury rate and mortgage

spread spikes show a combination of capital market uncertainty on monetary

policy issues, the election and overall investor fatigue.  Yields are

globally rising as investors reevaluate how much longer current monetary

programs will work for controlling economic stimulus.  Pricing translates to

at least a quarter higher than a month ago. In fact, treasuries jumped to

the highest level since May.  Emerging commercial mortgage pricing trends

include:

Stubborn Rates:  Bond markets flattening out.  Evidence mounts for

policymakers to stay within the neutral zone, at least for the short term.

While inflationary pressures overshadow the American economy, latest figures

favor key cost indicators staying in check.  Global markets still stymied by

lackluster performance, keeping domestic rates tamed.  Current yields, for

the most part, factor in at least one quarter-point rate hike.

Risk Retention Ignited:  This month Wall Street issued a considerable new

batch of conduit loans.  Issuers continue to shuffle pipelines ahead of

impending risk retention regulations taking effect on December 24, 2016.

After maintaining a steady rally over the past six months, new issue spreads

have begun to drift slightly wider.  With stringent loan loss requirements,

smaller conduits exiting the markets, in favor of larger financial

institutions that can absorb risk.  The net effect equates to about 15 bps

widening since September.

Agencies Active:  Freddie and Fannie are managing their caps well and are

still actively lending on multifamily assets. Both Agencies have released

competing green programs that offer significant benefits in rate and

proceeds should the property qualify. These programs can reduce interest

rates by up to 40 bps. 

Forward Planning:  With more flexible [balance-sheet] internal allocation

goals, based compared to other permanent lenders sources, LifeCos budgeting

funds for 2017. Key areas of competition include lower rates and

forward-rate locks of up to one year.

The Real Estate Capital Institute's director, Jeanne Peck, boasts "It's a

double header ball game -  as the current economic recovery rolls along, at

least for another year or so.  Simply too much capital in the system.

Expect more of the same market behavior, regardless of who takes the White

House."

For a complete copy of the company’s news release, please contact:

Jeanne Peck, Executive Director, director@reci.com

www.reci.com

Passco Companies Acquires 400-Unit Class A Multifamily Community in Highly Sought-After Dunwoody, GA for $72 Million

Two Blocks Apartments, 4000 Dunwoody Park, Dunwoody, GA

 

Colin Gillis

DUNWOODY, GA – Passco Companies has acquired “Two Blocks,” a Class A, 400-unit midrise multifamily community in the highly-sought after Dunwoody submarket of Atlanta, Georgia for $72 million.

“Two Blocks is a rare find in today’s market,” says Colin Gillis, Vice President of Acquisitions, Southeast, at Passco Companies. “Institutional quality assets of this nature that provide a strong opportunity for value creation are hard to come by.

“This property, in particular, is strategically located within a premier submarket of Atlanta that provides quality demographics, a highly educated workforce, and immediate access to a variety of extremely deep and dynamic employment hubs.”

Gillis explains that the apartment community is adjacent to Atlanta’s largest office market, Perimeter Center, which boasts over 30 million square feet of office and retail space. 

Perimeter Center is home to more than 5,000 companies and 123,000 jobs, including the national and regional headquarters of several Fortune 500 and Fortune 1000 companies. The property is also located less than three miles from Atlanta’s largest medical district, which includes three world-class hospitals employing over 15,000. 

“While the property enjoys a very close proximity to some of Atlanta’s most important employment drivers, it enjoys more of a quiet, suburban-like, single-family setting, removed from the congestion in and around Perimeter Mall. It is an excellent combination of urban and suburban locations,” says Gillis. “The property also enjoys immediate access to I-285, GA-400 and I-85, which provides access to an additional 300,000 jobs in surrounding submarkets.”

John Weber

ARA Newmark's Atlanta team, led by John Weber, Dan Phelan, and Bo Moore, represented the seller in this transaction. Chris Black of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco Companies through Fannie Mae.

"Passco was quick to recognize the long-term value Two Blocks presented and then performed flawlessly through an accelerated due diligence and closing timeline," according to one of the brokers involved in the transaction, Dan Phelan, Director of Multifamily Investment Sales for ARA Newmark.

For a complete copy of the company’s news release, please contact:

Lexi Astfalk/ Jenn Quader

Brower, Miller & Cole

(949) 955-7940

LAstfalk@browermillercole.com

www.aranewmark.com

www.passco.com.

RAF Pacifica Group Unveils Planned Spec Development of New 144,461-SF Creative Industrial Building in Carlsbad, CA

Adam Robinson

SAN DIEGO, CA – RAF Pacifica Group has announced its newest Creative Industrial™ spec development project. The company unveiled plans for “cre•ate,” a 144,461 square-foot corporate headquarters facility situated on 9.70 acres of land in the thriving Carlsbad market, according to Adam Robinson, Principal of RAF Pacifica Group. This is the firm’s seventh ground-up spec development project in the San Diego County.

“A flight to quality is underway in the Carlsbad industrial market,” says Robinson. “Today’s industrial users are demanding the same high-quality, creative environments as their office counterparts, with high-tech amenities and indoor/outdoor gathering areas that cultivate collaboration and drive innovation. 

"We are building exactly what Carlsbad’s industrial users are seeking in order to attract creative tenants in this market.”

The firm’s planned development will be a Creative Industrial™ corporate headquarters facility, divisible down to 72,231 square feet and designed to accommodate one or two tenants in the tech and biotech industries.

According to Robinson, cre•ate will feature a true creative office aesthetic with a corporate headquarters look and feel. The completed project will include extensive glass for natural lighting, bi-fold vertical glass doors, modern landscaping, and outdoor amenity areas to cultivate a live/work/play environment.

Mike Erwin

“Today’s tech, biotech, and manufacturing companies are seeking flexible workspaces that will allow them to consolidate their research and development, engineering, and corporate operations under one roof for maximum efficiency,” continues Robinson.

“The challenge is that there is currently no existing product that integrates both creative office and industrial space in one state-of-the-art facility.  Our cre•ate project will fill this void in the market and provide users with the work environments that will enable them to grow and prosper.”

The cre•ate facility will include 50,000 to 70,000 square feet of office to attract tenants in need of extensive office space, according to Robinson.

The planned development will also feature the most unique outdoor space ever seen in any industrial property, as well as high-end creative office finishes and open floor plans for a collaborative work experience. Industrial features include 30’ clear height ceilings, ESFR sprinklers, and multiple dock-high doors.

Mike Erwin and Tucker Hohenstein of Colliers International represented RAF Pacifica Group as the buyer, while Ted Cuthbert of Colliers International represented the seller.

 

Tucker Hohenstein

“Carlsbad’s innovation economy is booming, fueling the demand for workspaces that foster creativity,” notes Robinson. “The Carlsbad Center for Economic Development recently reported that more than 650 new patents were issued to Carlsbad businesses last year, a rate that outpaces even innovation hubs such as the San Francisco Bay Area. Our cre•ate project is uniquely positioned to leverage this momentum of innovation, making this development a strong, long-term investment for our firm.”

Cre•ate will be located in Carlsbad Oaks North, a 120-acre master planned corporate business park in Carlsbad, California, near leading biotech firm IONIS Pharmaceuticals and two of RAF Pacifica Group’s other Creative Industrial™ projects.  The project is estimated to break ground in the second quarter of 2017.

RAF Pacifica Group acquired the 9.70-acre land parcel for a total consideration of $8.8 million from Carlsbad Oaks North Partners, LP. The development site is located at the intersection of Whiptail Loop and Gazelle Court in Carlsbad, California.

For a complete copy of the company’s news release, please contact:

Katie Kea / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

kkea@browermillercole.com

Osceola Partners Negotiates $8.4 Million Sale of Cory Lake Professional Center in Tampa, FL, Doubling Sale Price in Less Than Three years

                                                                                       

Aerial Rendering of Cory Lake Professional Center, Tampa, FL

                                                     

Lisa Hyde Ferich

TAMPA, FL –– Osceola Partners has negotiated the recent sale of Cory Lake Professional Center in Tampa, Hillsborough County, Florida for $8,450,000.00.  This sale price represents an increase of 206 % over the $4,100,000 sale price from 33 months earlier.

Michael Winters, Sheriar Khorsandian, CCIM and Lisa Hyde Ferich of Osceola Partners, LLC exclusively represented the seller, Sarasota-based CLPC, LLC, in a transaction that was under contract for only 30 days before closing.

During the 33 of months of CLPC LLC’s ownership, Osceola Partners brought the occupancy of the property from 70.57% leased in December 2013 to 90.76% leased at the time of the sale. Osceola Partners will continue to exclusively lease and manage the property under the new ownership, CLPC II, LLC, a Tampa-based private investor.

Michael Winters

“This property is located in an area that has experienced explosive growth over the last five years,” says Michael Winters, President and CEO of Osceola Partners. 

“We continue to see development of single-family homes, townhomes, apartments followed by intensive commercial, retail and supporting services development. 

"Cory Lake Professional Center is in a perfect area to service the almost 24,000 households in the immediate area.”

Cory Lake Professional Center is a 78,182 square foot suburban office and specialty retail complex located in the New Tampa community of Tampa, Florida.

It consists of eight single-story buildings built on ±6.2 acres with office, medical and specialty retail tenant users. The property is close to several of Tampa Bay’s major roads and interstates including I-75, I-275, SR-56 and Bruce B. Downs Boulevard, drawing clients and customers from both Hillsborough and Pasco County.

Sheriar Khorsandian

Osceola Partners is a boutique commercial real estate services firm headquartered in Tampa, Florida that specializes in commercial real estate brokerage and property management, and has been named among the top veteran-owned businesses in both 2016 and 2014 by the Tampa Bay Business Journal.

 Osceola Partners provides landlord, owner and tenant representation services in leasing, selling and site selection of commercial property throughout Central Florida.

 The principal brokers of the firm have handled several hundred million dollars in lease and sales transactions during their careers. Prior to starting Osceola, the firm’s founder managed a commercial real estate portfolio with a value exceeding $1 Billion.

 For more information about Osceola Partners, visit www.OsceolaPartners.com.

 For a complete copy of the company’s news release, please contact:

LISA HYDE FERICH

Senior Vice President

Osceola Partners LLC

Licensed Real Estate Broker

3314 Henderson Boulevard, Suite 106

Tampa, Florida 33609    

T:  813.532.8142

F:  813.347.9111

lferich@osceolapartners.com