HFF closes $5.4M sale of Harris Teeter in Wilmington, NC

ATLANTA, GA – The Atlanta office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of a 57,230-square-foot, free-standing Harris Teeter in Wilmington, North Carolina.

HFF directors Jim Hamilton (top right photo)  and Richard Reid (bottom left photo) and associate director Kevin Hurley marketed the property on behalf of the seller, Inland Western REIT. Lake Davidson Village, LLC, an affiliate of Chen Development, LLC, purchased Harris Teeter for $5.4 million.

Harris Teeter is located at 820 South College Road close to Routes 76 and 74, The University of North Carolina at Wilmington, and Wrightsville Beach in Wilmington. The property is situated on nearly five acres and is fully leased to Harris Teeter through 2015.

Inland Western Retail Real Estate Trust, Inc. is a self-managed real estate investment trust that acquires, manages and develops a diversified portfolio of real estate, primarily multi-tenant shopping centers across the United States.

 As of June 30, 2009, Inland’s portfolio under management totaled in excess of 49 million square feet, consisting of 301 wholly-owned properties.

They also have interest in 12 unconsolidated operating properties and 17 properties in 7 development joint ventures. For further information, please see the company website at www.inlandwestern.com.

Contacts:

Jim Hamilton, HFF Director, (404) 942-2212, jhamilton@hfflp.com
Richard Reid, HFF Director, (404) 942-2209, rreid@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF places $24M loan with Freddie Mac for Fullerton, CA luxury multi-housing property

 

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) has placed a $24 million loan with Freddie Mac for City Pointe Apartments, a 183-unit, Class A multi-housing property in Fullerton, California.

Working exclusively on behalf of Cornerstone Real Estate Advisers, HFF senior managing director Dana Brome (top right photo)  and senior real estate analyst Carlos Febres-Mazzei secured the loan through Freddie’s Capped ARM Program.

The five-year adjustable-rate financing is repaying an existing loan with Cigna Investments also arranged by HFF in 2004.

City Pointe Apartments is located at 130 East Chapman Avenue near the Riverside and Orange Freeways in Fullerton, approximately 23 miles southeast of Los Angeles. Completed in 2004, the property consists of five stories of residential units, averaging 875 square feet each, situated above ground-floor commercial/retail space and a parking garage. The residential portion of the property is 95% leased. Community amenities for residents include a fitness center, pool, media room, business center and community center.

“City Pointe is located in North Orange County, which is recognized as one of the strongest multi-housing markets in the Los Angeles area. Its rapid population growth, desirable location and access to local and regional freeways and amenities have ensured low vacancy for a number of years,” said Brome.

Cornerstone Real Estate Advisers is a national commercial real estate advisor with more than $9.5 billion of assets under management.

Contacts:

Dana E. Brome, HFF Senior Managing Director, (617) 338-0990, dbrome@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF arranges $16.3M refinancing for two-building office campus in Marlborough, MA

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $16.3 million first mortgage loan secured by a 207,000-square-foot, two-building office campus within Lake Williams Corporate Center in Marlborough, Massachusetts.

Working exclusively on behalf of Great Point Investors, LLC, HFF senior managing director Riaz Cassum and senior real estate analyst Lauren O’Neil placed the five-year fixed-rate loan with Danvers Bank. Loan proceeds were used to retire the existing maturing debt on the properties, which was originally placed with a life company by HFF in 2002.

Located at 26 and 62 Forest Street within the Lake Williams Corporate Center, the properties are close to Interstates 495, 90 and 290 in southwest Marlborough approximately 27 miles west of Boston. 26 Forest Street has 119,016 square feet and 62 Forest has 88,342 square feet of Class A office space. Both properties were completed in 2001 and are 90% leased to four tenants: Advanced Micro Devices, International Power America, Netezza and Navilyst Medical.

“HFF was able to secure a loan that was equal to the existing debt on the property, which was a major accomplishment in today’s challenging capital market,” said Cassum. “Additionally, the borrower was able to fix its cost of capital for the next five years at a very attractive interest rate.”

Great Point Investors, LLC creates and manages private market real estate transactions for institutional investors.

Contacts:

Riaz A. Cassum, HFF Senior Managing Director, (617) 338-0990, rcassum@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Corporate Office Centers Leases Floor at Lenox Building

ATLANTA, GA-- Corporate Office Centers of Arlington, Texas, signed a lease for 21,000 square feet at the Lenox Building, (top left photo)  according to PM Realty Group, which markets and leases space in The Lenox Building.

Corporate Office Centers, one of the largest executive office business center operators in the United States, committed to a 10-year lease at the Lenox Building. The lease commences in December.

Corporate Office Centers is in the middle of a growth initiative that has positioned it as a nationwide provider of executive office space.

"The Lenox Building will offer our clients a true Class A environment with direct access to unparalleled amenities," said Thad Pittman, president of Corporate Office Centers. "It is the type of building that is ideal for a Corporate Office Centers location."

The Lenox Building is a 20-story, 350,000-square-foot Class A office tower in Atlanta's Buckhead submarket. The tower, owned by one of ING Clarion's separate-account pension fund clients, is connected to the Lenox Square Mall and the JW Marriott hotel.

"Corporate Office Centers is a nice addition to the tenant mix at the Lenox Building," said Dean Giordano, (bottom right photo)  a senior vice president at PM Realty Group. Giordano and Bill Weghorst, senior vice president and director of PM Realty Group's Atlanta Region, represented the landlord.

The Corporate Office Centers lease continues the Lenox Building's leasing momentum. Earlier this month, Gables Residential signed a 21,000-square-foot deal at the Lenox Building. The developer, owner and manager of multifamily properties will move its headquarters to the building this fall.

Corporate Office Centers owns and operates 31 executive suite locations nationwide The company provides cost-effective, immediate office space solutions, virtual office plans, meeting facilities, administrative support services and network access to office space and business services worldwide.

Media Contact:

Tony Wilbert, Wilbert News Strategies LLC, 404-888-3091 office/404-405-3656 cell, twilbert@wilbertnewsstrategies.com

Transwestern's Atlanta Investment Services Group Sells $20.2M in Assets Over the Past 90 Days

ATLANTA, GA - Transwestern's Atlanta office announced today that its investment services group, led by Kevin Markwordt, (top right photo),  Jon Kleinberg, (middle left photo)  and Mike McGaughy, (bottom right photo)  has closed more than $20.2 million in sales in Atlanta over the past 90 days.

Southlake Festival, an 81,725-square-foot retail development sold in October, is located in the City of Morrow. Markwordt and Kleinberg represented Wells Fargo Bank, the owner of Southlake Festival. Malon D. Mimms Company purchased Southlake Festival for $1,600,000.

In August, the group's Kleinberg and McGaughy sold Ivy Place, a 122-unit multifamily property in Atlanta, for $8,750,000, and Windmont, a 178-unit multifamily property in Atlanta, for $9,889,000. They represented Equity Residential, the seller of the properties.

"What we're seeing is that despite a slow market, Transwestern is performing for its clients," said Bruce Ford, executive vice president and leader of Transwestern's Southeast region. "We attribute this success to the fact our team relies on a more personal approach with direct solicitation of a highly-targeted list of likely purchaser prospects."

Markwordt, Kleinberg, and McGaughy have almost 70 years of combined experience in the commercial real estate industry, and together have sold more than $3.0 billion in retail, office, multifamily, industrial, and land assets throughout the Southeast.

Transwestern, one of the largest privately held commercial real estate and development firms in the U.S., is focused on creating value for our clients in each local market we serve.

Transwestern's unique business model offers fully integrated real estate services and operates through six distinct functional lines of business - agency leasing, property and facility management, investment services, tenant advisory, development and research - for a broad range of property types, including office, industrial, retail, healthcare and multifamily.

Transwestern leads the industry in sustainability and has received multiple EPA ENERGY STAR®awards. We have partnered with our clients and the USGBC to pursue LEED® certification on projects across the country.

 Please visit us at http://www.transwestern.net/.
Media contact:  Tony Wilbert, twilbert@wilbertnewsstrategies.com
404-888-3091 office, 404-405-3656 cell