HFF completes $122.75 million of self storage property sales within past 60 days

HOUSTON, TX – HFF announced today that it has completed the sale of 28 self storage properties totaling approximately $122.75 million in the past 60 days.  The properties were closed in eight unrelated transactions and are located throughout the United States.

The largest of the three transactions was a 19-property portfolio HFF marketed on behalf of Barker Pacific Group, Angelo Gordon & Company and Union Development Company, Inc.  Extra Space Storage purchased the portfolio, which totals 1,592,053-square-feet and is located throughout Southern California. 

A six-property, 3,122-unit portfolio was sold on behalf of Prudential Real Estate Investors and Extra Space Storage to six separate buyers for a total price of $17.9 million.  The properties are located in Arizona, Massachusetts, Michigan, Ohio, Rhode Island and Tennessee. 

Lastly, HFF represented America’s Capital Partners in the sale of a 72,050-square-foot StorSafe Hammocks facility in Miami, Florida.  The property is 71 percent leased and was purchased by Extra Space Storage. 

The HFF self storage investment sales team that represented the sellers included senior managing director Aaron Swerdlin (top right photo), managing director Doug McCarron (middle left photo) and associate director Barbara Guffey.

Year-to-date 2011, HFF’s self storage group has closed $198 million in sales transactions.  “The self storage sector continues to perform extremely well on an actual basis and a relative basis to other product types. 

“The fundamentals reported by the public companies in the sector support the notion that concessions have normalized, solid rent growth is likely to continue and there is an appetite from the capital markets to do the right deals.  Provided that transaction pricing accurately reflects asset and market quality as well as the overall risk associated with an asset, transaction volume will continue to be solid,” commented Swerdlin.

Contacts:

 Aaron A. Swerdlin HFF Senior Managing Director, Ca. Lic. # 01473385                          

(713) 852-3500,  aswerdlin@hfflp.com                     

Douglas M. McCarron, HFF Managing Director, (310) 407-2100,                    

dmccarron@hfflp.com

 Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

krmurphy@hfflp.com

HFF secures $34 million refinancing for Class A multi-housing community in Rancho Cucamonga, CA

IRVINE, CA – HFF announced today that it has secured a $34 million refinancing for Carmel Apartments (top left photo), a 306-unit, Class A multi-housing community in Rancho Cucamonga, California.

Working exclusively on behalf of Lewis Operating Corp., HFF placed the 12-year, 5.01 percent, fixed-rate loan with Northwestern Mutual.  Loan proceeds refinanced a maturing loan.

 Carmel Apartments is located at 10850 Church Street across from Terra Vista Town Center and close to Victoria Gardens Center, the LA/Ontario International Airport, and Interstates 210, 15 and 10 in Rancho Cucamonga.  The 15.8-acre site has 21 residential buildings that are 97.1 percent leased.  Community amenities include a pool, wading pool, clubhouse, business center, fitness center and play park.

The HFF team representing Lewis Operating Corp. was led by Don Curtis (middle right photo) and Charles Halladay (lower left photo). 

Lewis Operating Corp. is a member of the Lewis Group of Companies.  Founded in 1955, the Upland, California-based Lewis Group of Companies is one of the nation’s largest privately-held real estate organizations engaged in the acquisition, ownership, development and management of residential and commercial real estate throughout California and Nevada.  The Lewis Group of Companies has developed more than 65,000 single family homes and apartments and more than 14 million square feet of retail, office and industrial space. 

For more information about Lewis Operating Corp. and the Lewis Group of Companies visit www.lewisop.com.

 Contacts:

 Donald J. Curtis, HFF Senior Managing Director, (949) 253-8800.

dcurtis@hfflp.com                                           

 Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

krmurphy@hfflp.com

HFF arranges $14.85 million FHA 223(f) refinancing for Village View in Oceanside, CA

IRVINE, CA –HFF announced today that it has arranged a $14.85 million refinancing for Village View (top left photo), a 114-unit garden-style multi-housing community in Oceanside, California.

HFF worked on behalf of the borrower to secure the 35-year, fixed-rate loan through M&T Realty Capital Corporation.  The borrower took advantage of the low interest rate environment and locked in a rate of 3.95 percent.  The loan is an FHA 223(f) refinance of an existing bridge loan through M&T Realty Capital Corporation that HFF arranged at the time of the acquisition in 2010. 

Village View is located at 3634 College Boulevard about four miles from the coast in Oceanside.  The property has 138,860 square feet in 10 two- and three-story apartment buildings and a single-story management office/fitness center.  The property is currently 95 percent occupied.

The HFF team representing the borrower was led by Mark Erland and Charles Halladay (bottom right photo), based in HFF’s Orange County office.

 Contacts:

 Charles W. Halladay, HFF Associate Director,  (949) 253-8800                                           

challaday@hfflp.com                                 

 Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

krmurphy@hfflp.com

HFF named to market sale of Penn Avenue Place in Pittsburgh, PA

PITTSBURGH, PA –HFF announced today that it has been named to market for sale Penn Avenue Place (top left photo), a 557,559-square-foot, Class A office property in Pittsburgh’s central business district.

HFF will market the property exclusively on behalf of the seller, Penn Avenue Place Associates, an affiliate of Oxford Development Company, a privately-owned real estate services firm headquartered in downtown Pittsburgh.

Originally built in 1907, Penn Avenue Place was renovated in 1997 and features 419,479 square feet of office space, 55,531 square feet of retail and 82,549 square feet of storage space.

 The property is 99.6 percent occupied by tenants including Highmark, Civic Light Opera, Rite Aid and Max & Erma’s.  Located at 501 Penn Avenue, the property is situated at the confluence of Pittsburgh’s financial, retail, cultural, greenbelt and residential districts.

The main station of Pittsburgh’s light rail transit system, which is currently under construction, will be located in front of Penn Avenue Place and will provide service to Pittsburgh’s central business district, North Shore and South Hills suburbs.

 The HFF investment sales team representing the seller is led by executive managing director John Pelusi (middle right photo) and senior managing directors Jaime Fink (lower  left photo), Jeff Bramson and Mark Popovich.

Contacts:

John H. Pelusi Jr., HFF Executive Managing Director, (412) 281 8714 

jpelusi@hfflp.com                                  

Jaime M. Fink, HFF Senior Managing Director, (312) 528-3650                                      

jfink@hfflp.com                           

 Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

krmurphy@hfflp.com

Essex Realty Group Brokers Sale of Mixed-Use Property in Chicago

CHICAGO, IL, Nov. 2, 2011.   Essex Realty Group, Inc. is pleased to announce the sale of a mixed-use property located in Chicago’s Wicker Park neighborhood, in the heart of the Division Street commercial and entertainment corridor.

 The building, located at 1914 W. Division and formally known as the Russian and Turkish Bath House (top left photo) is currently 100% vacant and consists of 6,000 square feet of first-floor commercial space (divided between two spaces), 6,000 square feet of garden-level commercial space and five apartments on the second story above.  Apartments include 5 two-bedroom units.

Doug Fisher (lower right photo) and Jason Fishleder of Essex were the brokers in the transaction. The price was approximately $1,650,000.

 Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

For more Information, contact:

Douglas S. Imber

Essex Realty Group, Inc.

773.305.4902

dougimber@essexrealtygroup.com