HFF arranges $33.5 million permanent loan for mixed-use property in Pittsburgh

                                   

PITTSBURGH, PA – HFF announced today that it has arranged a $33.5 million permanent first mortgage for Piatt Place (top left photo), a 225,000-square-foot mixed-use property in Pittsburgh, Pennsylvania.

HFF worked exclusively on behalf of the borrower, an affiliate of Millcraft Industries, to secure the fixed-rate loan through Guggenheim Commercial Real Estate Finance.

Piatt Place is located at 501 Fifth Avenue on the corner of Grant Street in downtown Pittsburgh.  The property features Class A office space and ground level retail.  The Commonwealth of Pennsylvania occupies 86 percent of the fully leased building.

The HFF team representing the borrower was led by senior managing director Mark Popovich.

Millcraft Industries, Inc. is a Pittsburgh-based real estate developer and management company with a 50-year history of successfully creating and maintaining prominent large-scale office, retail and mixed-use developments.

Contacts:

  

MARK POPOVICH                                          

HFF Senior Managing Director                       

(412) 281-8714                                                 

mpopovich@hfflp.com

KRISTEN MURPHY

HFF Associate Director, Marketing

(713) 852-3500

http://www.blogger.com/krmurphy@hfflp.com

HFF named to market sale of apartment community near Oregon State University

PORTLAND, OR – HFF announced today that it has been named to market for sale Grand Oaks Apartment Homes (top left photo) a 125-unit/249-bed student housing community near Oregon State University in Corvallis, Oregon.

HFF is marketing the property on behalf of the seller, American Capital Group, free and clear of existing debt.

Grand Oaks Apartments is located at 6300 SW Grand Oaks Drive west of the campus in Corvallis.  Completed in 2002, the 98 percent leased property has one-, two- and three-bedroom units averaging 952 square feet each.  Community amenities include a clubhouse, fitness center, pool and spa, playground and covered parking.

The HFF investment sales team representing American Capital Group is led by managing director Brian Kelly (middle right photo) and director Ira Virden (lower left photo). 

“Grand Oaks offers investors the opportunity to purchase an exceptional community in a very high barrier to entry university market. 

"The lack of available housing for Oregon State University students suggests an experience operator can increase NOI by implementing a student housing-focused management strategy,” said Kelly.

American Capital Group is a premier, privately-held developer/builder based in Bellevue, Washington. 

Contacts:   

                 

BRIAN KELLY                          IRA VIRDEN                                

HFF Managing Director           HFF Director                              

(312) 528-3650                        503) 224-0444                         

bkelly@hfflp.com                     virden@hfflp.com                       

KRISTEN MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

Colliers International Completes Sale of Brea Imperial Center in Brea, CA

BREA, CA, Mar. 6, 2012 – Colliers International, the third largest global real estate services organization, has completed the sale of a 45,283 square-feet retail shopping center named Brea Imperial Center (top left photo) located at the SWC of Imperial Highway and State College.  The transaction is valued at $10,501,000 Million.  

Christopher E. Maling (middle right photo) and David Maling (lower left photo), both Senior Vice Presidents based in Colliers International’s Downtown Los Angeles office, represented the Seller, Trident Pacific Receivership for Midland PNC. 

The Buyer, Bequer Investments, LLC was represented by Arthur Flores of CB Richard Ellis.

The center is currently operating at approximately 71% occupancy and has a mix of local and national tenants including Carl’s Jr., Active Ride Shop and Bank of the West.

With more than 38 offers, 14 of which were above the listed price.” said Maling “we were able to sell the asset for $1.3 million over the listed price.” added Maling.  

“The Maling Team leveraged the Colliers platform coupled with a top tiered marketing strategy which led us to generate multiple offers and close within 75 calendar days with an all cash buyer.” said Maling.

Contact:

Jennifer Hsieh

Regional Marketing Manager

+1 949 724 5545

Jennifer.hsieh@colliers.com

Wilson Commercial Real Estate Markets 10-Acre Retail Site in Alhambra, CA

   

ALHAMBRA, CA, Mar. 6, 2012 – Wilson Commercial Real Estate, one of Southern California’s leading retail brokerage firms, has been exclusively retained East Coast-based institutional investor to market Alhambra Place, a 10.1-acre retail site at Main Street and Garfield Avenue in the San Gabriel Valley submarket of Alhambra, Calif.

The five parcel, 180,875-square-foot site provides many size and configuration options for attracting new tenants including traditional anchor and junior box space, street front shops, courtyard retail, and pads.

Wilson Commercial Real Estate's team of Senior Vice President Geoff Tranchina (middle right photo) and Senior Associate Jason Gribin are overseeing the marketing of the premier property.

 "This is a rare opportunities for an investor to acquire a value-added property in a thriving area of Southern California," said Tranchina.  "This investment provides the new owner with a multitude of options from repositioning with new tenants to re-entitling the project for greater density with a mix of uses."

Alhambra Place is located approximately eight miles northeast of Downtown Los Angeles, in the densely populated San Gabriel Valley.

 The property features immediate access to the San Bernardino Freeway (I-10) and Long Beach Freeway (I-710) providing convenient access to Downtown Los Angeles and multiple  surrounding communities including South Pasadena, San Marino, San Gabriel and Monterey Park. 

Alhambra Place draws from a large and diverse population with more than 272,000 residents and a heavily trafficked intersection averaging approximately 50,000 vehicles per day.

  For more information, please visit www.wcre.net.

Contact:

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Helen Zaver of Marcus & Millichap Brokers $22.1 Million Hotel Portfolio Sale in Birmingham, AL

  

BIRMINGHAM, AL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a two-property hotel portfolio in Birmingham.

The properties are the 130-room Hilton Garden Inn in the suburban Liberty Park business district (top left photo) and the 95-room Hilton Garden Inn located in the Wildwood area off Lakeshore Drive (lower right photo), 12 miles from Birmingham-Shuttlesworth International Airport.

The Hilton Garden Inn, Liberty Park sold for $11.9 million and the Hilton Garden Inn, Lakeshore brought $10.2 million. The sales prices include property improvement plans and a post-renovation NTM (next 12 months) cap rate of 8.5 percent to 9.5 percent for the former and 9.5 percent to 10.5 percent for the latter.

 Helen Zaver (middle right photo), a senior associate in Marcus & Millichap’s Atlanta office and a member of the firm’s National Hospitality Group, represented the seller, HP Hotels, which will continue to manage both properties.

The buyer is Summit Hotel Properties Inc., an active and well-known hotel real estate investment trust. John Leonard (middle left photo), first vice president and regional manager of Marcus & Millichap’s Atlanta office, is the broker of record.

 “Both properties are quality hotels in the Hilton franchise family,” says Zaver. “The market for well-branded full-service or select-service hotels is strong, especially for assets in primary markets or locations with robust demand drivers.”

 The Liberty Park Hilton Garden Inn is located at 2090 Urban Center Parkway, 13 miles from downtown Birmingham and within the Urban Center Corporate Park. The six-story hotel was constructed in 2008 on 3.1 acres and is in excellent condition.

Located at 520 Wildwood Circle Drive, the Hilton Garden Inn off Lakeshore Drive is near downtown Birmingham, the Birmingham Museum of Art and The Birmingham Civil Rights Institute. The hotel was built in 2004 on 1.4 acres. It has been a consistently stable and well-performing asset.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716