HFF Secures $10M Refinancing for Shaw’s Plaza in Tilton, NH

WESTPORT, CT – The Westport office of HFF (Holliday Fenoglio Fowler, L.P.) has announced that it secured a $10 million first mortgage for an 89,888-square-foot shopping center (photo above) anchored by Shaw’s and Staples in Tilton, New Hampshire.

Working on behalf of Exchange Holdings, LLC, HFF managing director Al Epstein and director Christine Riniti placed the 10-year, fixed-rate loan with TD Banknorth.

The refinancing replaced an existing CMBS loan that was coming due. Exchange Holdings, LLC is affiliated with Hoffman Investment Partners, a family real estate investment business with properties in Portland, Oregon, Connecticut and New Hampshire.

Situated on a 10-acre site in the Lakes Region of New Hampshire, (Squam Lake photo at left), the property is 200 yards from the entrance of Interstate 93 on Laconia Road, the main retail thoroughfare for the region.

Within a one mile radius of the property is more than 800,000 square feet of retail space including the Tanger Outlet Center, Home Depot, BJ’s, Kohl’s, Wal-Mart, Market Basket and other prominent retail chains.

Completed in 1998, the property is fully leased to tenants including Shaw’s, Staples and Applebee’s.

“Shaw’s is one of the dominant food grocers in New Hampshire,” said Epstein. “The 55,000-square-foot, Tilton store is one of three Shaw’s located in the Lakes Region. The others are in Belmont and Gilford.”

CONTACTS:

Alvin J. Epstein, HFF Managing Director, 203 226 8171, aepstein@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com

HFF Arranges $43.37M Bridge Loan for Historic San Francisco Office Building

LOS ANGELES, CA – The Los Angeles and San Francisco offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they arranged a $43.37 million bridge loan for the Rialto Building, (above photo) a 140,000-square-foot historic office building in downtown San Francisco, California.


HFF managing director Larry Wilemon (top right photo) and director Zane Sweet (HFF San Francisco) worked on behalf of Steven Firtel, corporate counsel and director of development for Bomel Companies, to secure the loan through GE Real Estate.

Loan proceeds will retire existing debt, pay off an unsecured note, fund tenant improvements, leasing costs and capital expenditures, and return equity to the borrowers upon stabilization as ownership seeks a long-term hold and operation of this historic property.

“We are thrilled to be able to secure the financing required by Bomel and our partners on this property, which will enable us to implement a long-term leasing and capital improvements plan on the Rialto,” said Firtel.

“The entire team we worked with at HFF was diligent, knowledgeable, responsive as well as effective and most importantly successful in obtaining key required elements associated with this transaction.”

Originally completed in 1902, the Rialto Building has eight stories of office space situated above ground floor and mezzanine retail space. The property is 88% occupied by tenants including Trust for Public Land, Walgreens and Chipotle Grill. The Rialto Building is located at 116 New Montgomery Street in the south financial district submarket of San Francisco.

“The Rialto Building is a tremendous value-add opportunity due to a majority of the leases being below market and expiring within the next 6-to-36 months,” Wilemon said. “In a market that has seen rents increase from $24 per square foot to roughly $40 per square foot for Class B office space, this is a perfect time for the current owners to reposition the building and raise rents to market levels.”

Bomel Companies is an opportunistic development firm specializing in urban infill projects, with active or recent projects in San Francisco, Los Angeles, Culver City, Miami, New York, Kauai, Las Vegas and Israel. Bomel’s focus is on multifamily, retail and mixed-use urban infill projects predominately within key markets in the Western U.S. where there is an opportunity to add value and generate positive cash flow long-term.

CONTACTS:

Larry Wilemon, HFF Managing Director, 310 407 2100, lwilemon@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 339 0990, lmcdowell@hfflp.com

Grubb & Ellis|Commercial Florida Negotiates Long-Term Office Lease in Westshore/Airport Submarket

TAMPA, FL – Grubb & EllisCommercial Florida recently negotiated the long term lease of 31,414-square-feet of office space lease in Tampa’s Westshore/Airport submarket.

Mia Jarrell, (middle left photo) vice president in the company’s Office Group and Neil Resnick, (middle right photo) executive vice president with Grubb & Ellis Company’s Transaction Services Group negotiated the lease of 31,414-square feet at Woodland Corporate Center, (top left photo) located at 7920 Woodland Center Blvd. in Tampa, FL.


(Woodland Corporate Center photo courtesy Tampa Bay Business Journal).



Jarrell and Resnick represented the tenant, Hilton Reservation Worldwide. The landlord is Liberty Property Limited.

For more information, contact:
Mia Jarrell, Grubb & EllisCommercial Florida 813-830-7522, mjarrell@commercialfl.com;
Larry Lietzman, Grubb & EllisCommercial Florida, 813-639-1111

Johnson-Laux Construction Completes More Than 18 Medical Projects Since August 2005 at Florida Hospital Waterman in Tavares, FL

ORLANDO, FL – Orlando-based Johnson-Laux Construction has completed more than 18 medical projects totaling over $5.3 million since August 2005 at Florida Hospital Waterman in Tavares, in Lake County, FL, according to LEED-Accredited Professional Kevin Johnson,(top right photo) president, and Anthony Laux, vice president.

In February the company completed a 1,050-square-foot Linear Accelerator/Trilogy unit at Florida Hospital Waterman (photo at left) Cancer Center and will commence construction on a High-Dose Radiation Treatment Booth this summer.

Johnson also announced the company has been awarded a 6,000-square-foot interior build-out at Lake Eye Associates at Florida Hospital Waterman, a 1,600-square-foot Patient Financial Services relocation build-out and the new Occupational Health Clinic.

Other completed projects include: the 8,000-square-foot Center for Medical Imaging (CT Scan, MRI, PET Scan, Radiography); 6,000-square-foot Pharmacy interior build-out; 4,500-square-foot Administrative Board Room, Conference Center and Classroom Facility interior build-out; 1,500-square-foot Diagnostic Imaging Offices and Conference Room renovations;

1,500-square-foot Endocrinology Suite interior build-out; 1,000-square-foot Bronchoscopy Suite addition; 1,000-square-foot Education Center renovation; 1,000-square-foot Cath Lab 3 interior build-out;

1,000-square-foot PACS addition/renovation; new 1,000-square-foot Staff Lounge; 1,000-square-foot Wound Care and Hyperbaric Chamber replacement;

800-square-foot Griner-Garrison Chapel; 500-square-foot Cancer Center CT Sim replacement and renovations; new 450-square-foot Registration Area restroom; 400-square-foot Emergency Department renovation; Diagnostic Imaging Center (new 64-slice CT Scan and E.D. X-ray renovation), multiple areas; and miscellaneous Medical Office Building interior build-outs.

Johnson-Laux Construction is located at 4502 35th Street, Suite 500, Orlando, FL, phone 407-770-2180. For more information, visit http://www.johnson-laux.com/.

CONTACT:

Kenneth H. Cristol, President, Cristol Marketing Company, 237 Hunt Club Blvd., Suite 102, Longwood, FL 32779 USA, PH 407-774-2515, FX 407-774-6647, Strategic Marketing, Brand Management, Publicity and Advertising, and Corporate Communications

khc@crismktg.com

http://www.crismktg.com/

Marcus & Millichap Brokers Sale of Three Lake Worth, FL Properties

LAKE WORTH, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment brokerage firm, has announced the sale of three adjacent properties, two shopping strips and an office building in Lake Worth, according to Gene A. Berman, Managing Director in the firm’s Fort Lauderdale office.

The three buildings commanded a total sales price of $1,900,000. The 5,000-square foot shopping strip located at 210 S Dixie Highway sold for $850,000, the 5,795-square foot shopping strip located at 220 S Dixie Highway sold for $650,000 and the 5,300-square foot office building located at 230 S Dixie Highway sold for $400,000.

Vice President Investments David Luther (top right photo) and Investment Specialist Justin Hopkins in the Fort Lauderdale office represented the seller, Bleeker-Grove Associates FL, LLC. The listing agents also secured the buyer, Lake Worth Plaza, LLC.

“The combination of the quality of asset, excellent location and also the potential for higher returns by bringing rents to market, made these properties a great addition to the investor’s portfolio,” says Luther.

Contact: Ashley Steele, (954) 245-3400