Hines closes sale of Mountain View Corporate Center in Denver suburb

                             

                               

 DALLAS, TX – HFF announced that it has closed the sale of Mountain View Corporate Center (top left photo), a four-building, 461,438-square-foot, Class A office development in Broomfield, Colorado.

HFF, along with Newmark Knight Frank Capital Group, marketed the properties on behalf of the seller, Hines U.S. Office Value Added Fund.  Westfield Capital Partners purchased the property free and clear of debt.

Acquired by Hines in 2006, the building has been maintained to the highest institutional standards with two of the four buildings achieving LEED Silver certification. 

The property is 92 percent leased to tenants such as Time Warner Cable, TransFirst and White Wave Foods.  Situated on approximately 27 acres of land, the property is located on Airport Way next to Rocky Mountain Metropolitan Airport northwest of downtown Denver.

Visit www.hines.com for more information.

Contacts:               

ANDREW S. LEVY                                                         

HFF Senior Managing Director                                         

(214) 265-0880                                                                                                    

alevy@hfflp.com                                                               

MYRA F. MOREN

HFF Director, Marketing

(713) 852-3500

mmoren@hfflp.com

HFF closes sale of Tanglewood at Voss in Houston, TX

HOUSTON, TX – HFF announced that it has closed the sale of Tanglewood at Voss (top left photo), a 376-unit, Class A, mid-rise multi-housing property in Houston, Texas.

HFF represented the seller, Behringer Harvard, and procured the buyer, Cornerstone Real Estate Advisers.  Cornerstone purchased the property for an undisclosed price free and clear of existing debt.

Tanglewood at Voss is a two-phase development located at 7510 Burgoyne and 2301 South Voss Road west of the Houston Galleria. 

The two four-story buildings have one- and two-bedroom units averaging 889 square feet each. 

Each building features amenities including a clubhouse with billiards table and gourmet kitchen, resort-style pool and fitness center.  Tanglewood at Voss is 96.5 percent leased.

The HFF investment sales team representing the seller was led by senior managing directors Craig LaFollette (middle left photo), Todd Marix (middle right photo) and Todd Stewart (lower left photo)along with directors Tre Banks and Chris Curry.

Behringer Harvard creates, manages and distributes global institutional-quality alternative investment programs for individual and institutional investors through its real estate investment trusts, joint ventures and proprietary program structures.

 The company also offers strategic advisory, asset management and capital market solutions.  Programs sponsored and managed by the Behringer Harvard group of companies have attracted equity of more than $5.6 billion and investments into more than $11 billion in assets.  For more information, visit http://www.behringerharvard.com/.

Cornerstone Real Estate Advisers LLC, with affiliate and subsidiary offices in the US, UK, Europe and Asia, is one of the world’s largest real estate investment advisers.

 It provides core and value-added investment and advisory services, including a comprehensive suite of real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe.  Cornerstone is a member of the MassMutual Financial Group.  Cornerstone and its subsidiaries have assets under management totaling more than $34 billion. 

More information is at http://www.cornerstoneadvisers.com/.

Contacts:               

 G. CRAIG LAFOLLETTE                          

HFF Senior Managing Director                     

(713) 852-3500                                                                                          

clafollette@hfflp.com                                       

MYRA F. MOREN

HFF Director, Marketing

(713) 852-3500

mmoren@hfflp.com

HFF secures $65 million refinancing for Ten Penn Center in Philadelphia

  

NEW YORK, NY – HFF announced that it has secured a $65 million refinancing for Ten Penn Center (top left photo), a 667,825-square-foot, Class A office tower in downtown Philadelphia, Pennsylvania.

Working exclusively on behalf of Ten Penn Associates, L.P., a joint venture between Sterling American Property Inc. and Greenville Partners, HFF placed the five-year, fixed-rate loan through Guggenheim Commercial Real Estate Finance.

Ten Penn Center is located at 1801 Market Street in the center of the Philadelphia Central Business District.  Built in 1981, the 27-floor office tower has undergone extensive renovations and is the only existing building in downtown Philadelphia to achieve LEED-EB Gold certification. 

The HFF team representing the borrower was led by senior managing director Mike Tepedino (middle right photo).

“The infusion of capital in connection with this refinance provides in excess of $10 million for future leasing costs, which is available to mitigate any tenant rollover including the upcoming exit of Janney Montgomery Scott at the end of August,” according to Michael Katz, co-CEO of Sterling American Property, Inc.

 Founded in 1972, Sterling has a successful 40-year history of national real estate development, acquisition and asset management.  Sterling is actively involved in the acquisition, development and management of residential, office, industrial and retail properties throughout the United States. 

 Since inception, Sterling, together with its affiliates, have acquired or developed more than 25 million square feet of office property, more than 8.7 million square feet of retail property and more than 65,000 residential units in 43 states. 

Greenville Partners has over 40 years of experience in real estate as an owner, developer and manager of office and industrial properties.

Contacts:               

 MICHAEL J. TEPEDINO                              

 HFF Senior Managing Director                       

 (212) 245-2425                                                  

mtepedino@hfflp.com                                      

MYRA F. MOREN

HFF Director, Marketing

(713) 852-3500

mmoren@hfflp.com

Marcus & Millichap Sells 152-Unit, Class A Apartment Complex in Central Texas

 ROUND ROCK, TX– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of The Links at Forest Creek (top left photo), a 152-unit apartment complex in Round Rock. The terms of the sale were not disclosed.

Joe James (top right photo) and Kent Myers (middle left photo), both senior associates in Marcus & Millichap’s Austin office, represented the local seller and the California-based buyer. Peter Dunn (lower right photo), a Marcus & Millichap Capital Corporation (MMCC) senior director in Houston, arranged the financing for the transaction.

“The combination of low vacancy and above-average rent growth continues to attract apartment investors to the Round Rock area,” says James. “Many of the region’s young professionals prefer the freedom of renting, which bodes well for local apartment owners, as the 25-to-34-year-old age cohort is forecast to grow this year.”

 The 142,348-square foot property is located at 20404 Poppy Hills Trail in Round Rock, close to State Highway 130, Interstate 35, State Highway 45, U.S. Highway 79, the MoPac Expressway (Texas State Highway Loop 1), Capital of Texas Highway, U.S. Highway 183 and U.S. Highway 290.

Completed in 2010, The Links at Forest Creek provides residents with controlled access entry, covered parking, a luxurious clubhouse, a state-of-the-art fitness center, a resort-style swimming pool and a cozy neighborhood living environment.

The property’s units average 937 square feet and include fully equipped kitchens, built-in microwave ovens and ample storage. Additional unit features include ceiling fans, faux-wood vinyl floors, washer/dryer connections and patios/balconies.

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