HFF secures financing for resort on Lake George in New York

The Sagamore Resort, Lake George in Bolton Landing, NY

BOSTON, MA – HFF announced today that it has secured financing for The Sagamore Resort, a historic golf and lakefront resort on Lake George in Bolton Landing, New York.

Dana Brome

               Working exclusively on behalf of Ocean Properties, Ltd., HFF placed the 10-year, fixed-rate loan with Cornerstone Real Estate Advisers acting on behalf of an institutional investor. 

               Originally built in 1883, The Sagamore Resort is listed in the National Register of Historic Places and is situated on Green Island on the banks of Lake George in New York’s Adirondack Region. 

The collateral includes revenue from 386 units located in the 137-room historic hotel, seven lodge condominium buildings, the 10-suite Hermitage carriage house and the six-bedroom home referred to as Wapanak Castle. 

Also included in the loan collateral are the fitness center, pools, lake house, pavilion, docks, conference center, event center, sales and conference services building, tennis courts and an 18-hole golf course and clubhouse.

               The HFF team representing Ocean Properties, Ltd. was led by senior managing director Dana Brome.

Green Island, NY

               Ocean Properties, Ltd. & Affiliates (OPL) is one of the largest and most dynamic privately held hotel management and development companies in North America.  

With an award-winning portfolio of more than 118 hotels and 18,300 guestrooms, the company operates major brands such as Marriott, Hilton, Starwood and Intercontinental, as well as several independent hotels and resorts.

Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., U.K. Europe and Asia, is one of the world’s largest global real estate investment managers.  It provides core and value-added investment and advisory services, including a comprehensive suite of private and public 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. Visit www.cornerstoneadvisers.com.

 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

HFF arranges financing for mixed-use development in downtown Portland, OR

Park Avenue West rendering, Portland, OR

Vanessa Sturgeon

PORTLAND, OR – HFF announced today that it has arranged financing for the development of Park Avenue West, a 30-story, mixed-use high-rise in downtown Portland.

               Working exclusively on behalf of TMT Development, HFF placed the construction loan with PCCP, LLC. 

               Park Avenue West will consist of six levels of subgrade parking, two levels of ground-floor retail, 211 luxury residential units on the next 15 floors, as well as Class A office space on the upper 13 floors, which is partially leased to Stoel Rives, LLP. 

The residential units will include a mixture of studio, one- and two-bedroom options.  Due for completion in summer 2016, the tower is pre-certified LEED Platinum and will be located at 750 SW 9th Avenue one block west of Pioneer Square and adjacent to Nordstrom in downtown Portland.

Lloyd Minten

               The HFF team representing TMT Development was led by managing director Casey Davidson and senior real estate analyst Erica Christensen along with senior managing director Lloyd Minten.  This was the latest in HFF's long history of arranging financing for TMT Development.

"Throughout our 20 year business relationship with HFF, we have been continuously impressed with their commitment to providing us with strategic counsel and advocacy; they are a true partner,” commented Vanessa Sturgeon, President of TMT Development.

Davidson added, “Park Avenue West is easily the most exciting assignment of my career.  Never have I been involved with such an iconic development that will provide so much economic stimulus to Portland’s skyline. 

“TMT, HFF and PCCP put forth a true team effort working together resulting in the successful closing of the financing.  Our HFF team is extremely pleased to have played a role.”

“Having been involved in the financing of numerous properties for TMT throughout the years of my career with HFF, including the 1000 Broadway building and the Fox Tower, being part of the successful financing team for Park Avenue West is truly a remarkable accomplishment,” Minten continued.            

 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

 www.tmtdevelopment.com.

www.pccpllc.com

Thomas D. Wood and Company Announces Q3 2013 Commercial Finance Transactions

Coral Gables, FL -- Thomas D. Wood and Company secured $92,294,000 in commercial debt placement during the third quarter of 2013, contributing to year-to-date company-wide closings of $245,000,000.

 Interest rates dropped as low as 4.45%, contributing to the increase in successful closings in Q3, and 2013 as a whole.  The six offices of Thomas D. Wood and Company secured financing on commercial properties throughout Florida and the United States.

 The most notable transactions during Q3 included the following:  $9,288,000 construction loan for the development of an anchored retail plaza in Viera, Florida; $12,750,000 permanent fixed-rate loan for the refinance of a warehouse building in Orlando, Florida; $2,170,000 permanent fixed-rate loan for the acquisition of a multi-family property in Columbus, Indiana, and $3,025,000 permanent fixed-rate loan for the refinance of two self-storage facilities in Stuart and Vero Beach, Florida.

 For a complete copy of the company’s news release, please contact:

JESSICA KINNEE

Director of Marketing & Public Relations

(407) 374-0251

jessica@tdwood.com

  www.tdwood.com.

Davis Island Apartment Portfolio in Tampa, FL Sold by Marcus & Millichap for $750,000

Part of Davis Island apartment portfolio, Tampa, FL

TAMPA, FL, Oct. 25, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Davis Island Portfolio, a 16-unit apartment property located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $750,000 which was $50,000 above the asking price.

Casey Babb

Casey Babb, a CCIM and senior multifamily specialist, and Luis Baez, associate in Marcus & Millichap’s Tampa office, represented on the seller, a private investor based in Mississippi.  Babb and Baez also represented the buyer of the property, a local private investor,

The Davis Island Portfolio was built in approximately 1925 and is located at 38, 40 and 42 Davis Boulevard in Tampa, Fla. The property consists of three buildings and 16 residential units with 150 feet of frontage on Davis Boulevard and is located 0.12 miles south of Tampa General Hospital, the primary employment center on ‘The Island’.

“The Davis Island Portfolio offering was well received by the marketplace in spite of the troubling new flood insurance rates, which were dictating approximately $1,250 per unit for flood coverage alone,” says Babb.

“Although we were forced to market the property on an all-cash basis, we were still able to generate 10 offers in less than a week and negotiated for the seller, a no contingencies contract at $50,000 above the asking price with a significant non-refundable deposit and a 10-day closing. 

“Given that our client was in a 1031 exchange, he enjoyed the liquidity and hassle-free transaction we were able to deliver,” adds Babb.

  

For a complete copy of the company’s news release, please contact:

Richard D. Matricaria

Regional Manager

Tampa, FL

(813) 387-4700

Marcus & Millichap Arranges Sale of Hampton Court Assisted Living Facility in Haines City, FL for $1.5 Million

  

Hampton Court Assisted Living Facility, 301 South Tenth Street in Haines City, FL

Krone Weidler

HAINES CITY, FL, Oct. 25, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Hampton Court Assisted Living Facility, a 36,870-square foot seniors housing property located in Haines City, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,500,000.

Krone Weidler, an associate vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, a limited liability company.  

The Chicago-based buyer, Aviv REIT, was the end buyer in a transaction that included other sellers and assets that had been represented by Ms. Krone Weidler.

“The momentum for seniors housing assets in Florida is very strong now,” notes Ms. Weidler.  “Low interest rates and investor appetite for need-driven assets is at an all-time high.”

The Hampton Court Assisted Living Facility is located at 301 South Tenth Street in Haines City, Florida.

For a complete copy of the company’s news release, please contact:

Richard D. Matricaria

Regional Manager

Tampa, FL

(813) 387-4700

$26.75 Million Coral Gables, FL Property Purchased by CGI Merchant Group

55 Miracle Mile, Coral Gables, FL

CORAL GABLES, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the retail, office and parking portion of 55 Miracle Mile, located in Coral Gables, Fla. The sales price is $26,750,000.

Douglas K. Mandel

Douglas K. Mandel, a first vice president investments in Marcus & Millichap’s Fort Lauderdale office, and Benjamin H. Silver, a senior associate in the firm’s Miami office, represented the seller, CF Miracle Mile LLC.

“55 Miracle Mile is a trophy asset located in the heart of a world-class, pedestrian-friendly shopping, entertaining and dining district that commands some of the highest rental rates in the county,” says Mandel.  “We conducted a high-profile marketing campaign that reached all segments of the investment community and received a tremendous response, especially from institutions and international funds.”

“The retail, office and parking elements of 55 Miracle Mile are a perfect fit for CGI’s South Florida acquisition strategy,” adds Mandel.

Benjamin H. Silver

Built in 2004 by Starwood Capital Group, 55 Miracle Mile originally included 184 luxury residential condominium units, all of which were sold that same year. The retail and office space portion consists of 65,242 square feet located on the ground, second and third floors. The parking garage features 400 spaces and is open to the public.

At the time of the sale the property was approximately 90 percent occupied. Major tenants include Ben & Jerry’s, Cibo Wine Bar, HSBC and Tarpon Bend.

Coral Gables is a dynamic, historic and international city.  It is also centrally located, offering convenient access to Miami International Airport, downtown Miami, Brickell Avenue, Key Biscayne, Coconut Grove and South Miami.

 For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Capital Corp. Arranges $5.8 Million Multifamily Rehab Acquisition in Seattle, WA

Rehabbed 36-Unit Seattle, WA Garden Apartments

SEATTLE, WA– Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged $5.8 million of debt financing for a fully rehabbed, 36-unit garden apartment in Seattle.

Glenn Gioseffi

            Glenn Gioseffi, a vice president capital markets in MMCC’s Seattle office, arranged the loan. 

            “Dan Swanson, a vice president investments in Marcus & Millichap’s Seattle office represented both the seller and buyer of this asset. The seller had just completed total rehab of the property and wanted to free up equity and move on to a new project,” says Gioseffi.

             “The buyer, a long-term client of MMCC, was interested in purchasing the property and approached me for financing,” adds Gioseffi.

Glenn Swanson

            “We didn’t have specific market data to support the financing request. We found a lender that felt comfortable with the pro forma numbers,” continues Gioseffi. “We also identified an appraiser who could work in a short time frame and had enough experience with the market that he could support the underlying numbers.”  

“The trend of taking old buildings and rehabbing them is not new. MMCC now has a strong source of funds for buildings with no historical numbers allowing us to perform in the rehab market with great success,” concludes Gioseffi.

            The 30-year fixed loan amortizes over 30 years at 3.6 percent, with a 75 percent loan-to-value.

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716

IPA Sells Orange County Multifamily for $28 Million in Garden Grove, CA

City Villas Apartments, 13061 Lampson Avenue, Garden Grove, CA

GARDEN GROVE, Calif., Oct. 24, 2013 – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of City Villas, 148-unit apartment complex in Garden Grove, Calif. The $28 million sales price equates to $189,000 per unit.

Stewart I. Weston

            IPA senior director Stewart I. Weston advised the seller, Fowler Property Acquisitions. The buyer is Benedict Canyon Equities Inc.

            “The acquisition of City Villas presents the new owner with an outstanding value enhancement opportunity,” says Weston. “Demand for infill Orange County apartment units is high and this asset has yet to undergo a major renovation program.”

            Built in 1964 on 9.5 acres at 13061 Lampson Ave. in Garden Grove, Calif., the property is located diagonally across from Twin Lakes Freedom Park, which is currently undergoing a $25 million county- and state-funded renovation.

Los Angeles Angels Stadium
Anaheim, CA

Major nearby employers include Garden Grove Hospital Medical Center, the Hilton Anaheim, the Los Angeles Angels of Anaheim, the Coast Community College District, Aramark and the Disneyland Resort.

            Apartment amenities at City Villas include sound-resistant walls, private patios in single-story units, dishwashers, ceiling fans and spacious closets, washer/dryers in single-story, one-bedroom units and washer and dryer connections in all other units.

Community amenities include two swimming pools, a basketball court, an on-site laundry facility, a covered barbecue area, carport and open parking, a stand-alone leasing office, large private patios and expansive greenbelts.

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716

$31 Million Multifamily Sale Arranged by IPA in Tampa, FL

Bridgeview Apartments, Tampa, FL

TAMPA, Oct. 24, 2013 – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of  Bridgeview Apartments, a 348-unit multifamily community in Tampa. The $31 million sales price equates to $89,000 per unit.

Jamie B. May

IPA Florida executive director Jamie B. May advised the seller, Bridgeview Apartments LLC. The buyer is Capital Square Management.

“Bridgeview Apartments is a well-maintained, stable asset in a central location,” says May.  “The property is producing strong cash flow and there is great potential to add value through strategic capital investments such as interior unit renovations that will allow the new ownership to capitalize on revenue increases.”

The 297,928-square-foot property was constructed on almost 30 acres in 1986 at 5307 Reflections Club Drive in Tampa.

The location is within close proximity of Tampa International Airport and Veterans Expressway, one of the region’s primary transportation arteries. The Westshore business district, home to 12.4 million square feet of office space and 4,000 businesses, is also nearby.

Tampa International Airport

Completed in 1986, Bridgeview Apartments consists of 17 wood-framed, two and three-story residential buildings with stucco exteriors and new roofs. 

Apartment interiors feature fully equipped kitchens with new raised-panel cabinet door fronts, full-size washer/dryer units, large walk-in closets and a patio or balcony. 

Community amenities include a clubhouse with a leasing and manager’s office, a fitness center, two indoor air-conditioned racquetball courts, two lighted tennis courts, a business center and a covered outdoor patio that provides direct access to a resort-style swimming pool.

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716

$35.3 Million Apartment Complex Sale in New Haven County, CT Arranged by IPA

Grand Reserve Orange Apartments, 75 Prindle Hill Road, Orange, New Haven County, CT

ORANGE, CT – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Grand Reserve Orange, a 168-unit garden-style apartment complex in Orange (New Haven County), Conn.

Steve Witten

The $35,300,000 sales price equates to $210,000 per unit.

            IPA executive directors Steve Witten and Victor Nolletti advised the seller, Behringer Harvard Orange LLC.  The buyer is FF Realty II LLC.

“Grand Reserve Orange is the exemplary multifamily property in Orange and it is unlikely that anything similar will be built there,” says Witten.

“The property is centrally located to serve the needs of both lifestyle renters and transit-oriented tenants working in Fairfield and New Haven counties,” adds Nolletti.

Built in 2005 on more than nine acres, the 161,670-square-foot luxury apartment community is located at 75 Prindle Hill Road in Orange, Conn., immediately off Exit 41 on Interstate 95.

Victor Nolletti

Grand Reserve Orange consists of six detached three-story buildings located on two separate contiguous parcels. There are 112 one-bedroom apartments, 28 two-bedroom apartments, 28 three-bedroom, luxury, garden-style apartments and 10 different floor plans.

The apartment homes feature fully equipped kitchens with breakfast bar, walk-in closets, energy-efficient windows, individual alarm systems, in-home washer and dryer units and a private patio or balcony area. Select units also include bay windows with scenic views and gas-burning fireplaces.

Community amenities include a fully equipped clubhouse with resident lounge, scenic boardwalk over a wetland preserve, heated resort-style outdoor swimming pool, state-of-the-art fitness center with Cardio Theater, landscaped playground and picnic/barbecue areas.

Witten and Nolletti also recently closed the sale of 124 units in Stamford, Conn., for $45,100,000 and 597 units in Hartford, Conn., for $29,500,000.

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Promotes 2 Professionals to Associate Vice President Investments Status

Allan Miller

 Allan Miller Moves Up in San Antonio, TX Office

 SAN ANTONIO, TX, Oct. 25, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Allan Miller to associate vice president investments.

This high level of recognition represents excellence in the development and servicing of long-term client relationships, according to J. Michael Watson, vice president and regional manager of Marcus & Millichap’s San Antonio office.

J. Michael Watson

“With this promotion, Allan has earned a prestigious designation within the firm and solidified his reputation as a knowledgeable and successful investment professional,” says Watson. “His focus on providing superior client services has earned him a high degree of loyalty and respect from investors as well as from his peers.”

Miller began his career with Marcus & Millichap in July 2005, specializing in the sale of hospitality properties. Most recently, he held the position of senior associate.

Michael Francis Recognized in Salt Lake City

Michael Francis

SALT LAKE CITY, UT,  Oct. 25, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Michael Francis to associate vice president investments.

This high level of recognition represents excellence in the development and servicing of long-term client relationships, according to Gary Mangum, regional manager of Marcus & Millichap’s Salt Lake City office.

Gary Mangum

“With this promotion, Mike has earned a prestigious designation within the firm and solidified his reputation as a knowledgeable and successful investment professional,” says Mangum.

“His focus on providing superior client services has earned him a high degree of loyalty and respect from investors as well as from his peers.”

Francis began his career with Marcus & Millichap in June 2003, specializing in the sale of hospitality properties. Most recently, he held the position of senior associate.

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716

Grocery-Anchored Shopping Center in Fort Worth, TX Changes Hands

Kroger Shopping Center, 3510 Altamesa Boulevard, Fort Worth, TX

FORT WORTH, TX– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the Kroger Shopping Center, a 167,961-square-foot grocery-anchored retail center in Fort Worth, Texas. The terms of the sale were not released.

Jason Vitorino

Jason Vitorino, a first vice president investments in Marcus & Millichap’s Dallas office, represented the seller, a Dallas-based developer.

Ray Turchi, senior associate and Christopher Travis, associate, both in the firm’s Orlando, Fla. office, represented the buyer, an international company. This is its first purchase in Texas.

“We created full exposure for this retail center with our unique proprietary marketing system and received multiple offers from a wide range of investors within a few weeks,” says Vitorino.

 “This is exactly why the seller decided to exclusively list this redevelopment asset with our firm.”

Ray Turchi

The shopping center is located in a blue-collar area of Dallas/Fort Worth and was 98-percent occupied at the time of the sale.

“Marcus & Millichap’s collaborative culture gives us an unmatched ability to bring buyers and sellers together and source assets for first-time and out-of area investors,” adds Turchi.

 The property is located at 3510 Altamesa Blvd. at the intersection of Altamesa Boulevard and McCart Avenue. Altamesa Boulevard is a prime retail corridor that connects southern Fort Worth to the downtown area. National tenants in the surrounding area include Walmart, Chase Bank, CVS, Chick-fil-A, Discount Tire, McDonald’s, Walgreens and Wells Fargo.

Chris Travis

Anchored by Kroger, this shopping center features a complementary mix of tenants that includes Church’s Chicken, GameStop, LA Fitness, Office Depot, Sally’s Beauty Supply and Subway.

Kroger has been a tenant of the center since 1980 and recently spent extensive capital on its space and added a gas station to its site, which is on a long-term ground lease.

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716

Waterbury, CT Apartment Building Sells for $1.35 Million

Valley View Apartments, 209 Wolcott Street, Waterbury, CT

BRIDGEPORT, CT – Investment sales broker Northeast Private Client Group has announced the sale of the Valley View Apartments, a 28-unit garden-style apartment complex located at 209 Wolcott Street in Waterbury, CT.  

Bradley Balletto

Bradley Balletto, the firm’s regional manager for Connecticut, represented both the seller and the buyer in the $1,350,000 transaction, which closed on September 26th.

 “High occupancy and rent growth are driving strong demand, especially for multifamily properties,” notes Balletto.  “In today’s slow recovering financial market conditions, income-producing real estate remains one of the best opportunities for generating and preserving wealth.”

 The Valley View Apartments consist of studio, one-bedroom and two-bedroom apartments built in 1989, with 11 income-generating garages set on 2.32 acres.

Edward Jordan

The Connecticut-based buyer, 209 Wolcott Waterbury LLC, purchased the Valley View Apartments property for a price that equates to more than $48,000 per unit, which represents a capitalization rate of 9.3 per cent on the current year’s net operating income.  The seller, ROI Valley View LLC of Waterbury, CT, will focus on new projects moving forward. 

 “The success of this transaction is the result of our relation-based approach to investment sales,” explains Edward Jordan, JD, CCIM, the firm’s managing director.  “With our regional brokerage platform, we were able to identify the right buyer for the assignment and close the deal.”

 For a complete copy of the company’s news release, please contact:

Rick Leonard

RCL Communications

rleonard81@gmail.com

203.434.7734

HFF arranges $38 million financing for multistate seven-property industrial and flex office portfolio

Bradshaw Business Park, Sacramento, CA

PORTLAND, OR – HFF announced today that it has arranged $38 million in financing for a seven-property industrial and flex office portfolio totaling nearly 1.06 million square feet in California, Washington, Colorado and Missouri.

Sunrise Business Center, Rancho Cordova, CA

                HFF worked on behalf of a joint venture between a subsidiary of a fund managed by Oaktree Capital Management, L.P. (“Oaktree”) and ScanlanKemperBard Companies, to arrange an adjustable-rate loan through Latitude Management Real Estate Investors, Inc.  Proceeds from the loan were used to acquire the portfolio.

The portfolio is 52 percent leased with individual property details listed below:

Name                                                 Location           Size                         Property Type

Bradshaw Business Park           Sacramento, CA          342,000 SF            Warehouse/Flex

Sunrise Business Center            Rancho Cordova, CA    57,600 SF              Flex

Fruitridge Industrial Center        Sacramento, CA             53,238 SF              Flex

Andover Executive Park               Tukwila, WA              181,163 SF            Flex

West Valley Distribution Center    Kent, WA                   138,296 SF            Warehouse/Flex

Inverness Business Park                Englewood, CO          83,058 SF              Office/Flex

Holmes Corporate Center I & II    Kansas City, MO       202,391 SF            Office

The HFF team representing the borrower was led by senior managing directors Lloyd Minten and Paul Brindley and managing director Tom Wilson.

Oaktree is a leader among global investment managers specializing in alternative investments, with $76.4 billion in assets under management as of June 30, 2013.  

Paul Brindley

The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high-yield debt and senior loans), control investing, convertible securities, real estate and listed equities. 

Headquartered in Los Angeles, the firm has more than 750 employees and offices in 13 cities worldwide.  For additional information, please visit Oaktree’s website at www.oaktreecapital.com.

Tom Wilson

ScanlanKemperBard Companies (“SKB”) was established in Portland, Oregon in 1993 with the intent of capitalizing on the real estate experience, skills and vision of its founders.  Since that time, SKB has become one of the region’s leading real estate merchant banking firms specializing in projects ranging in total capitalization from $5 million to $100 million located throughout the western United States.

  

For a complete copy of the company’s news release, please contact:

Olivia Hennessey

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF arranges $7 million financing for creative office property in Marina Del Rey, CA

1038--1040 Princeton Drive, Marina Del Rey, CA

LOS ANGELES, CA – HFF announced today that it has arranged a $7 million financing for 1038-1042 Princeton, an approximately 33,000-square-foot creative office property located in Marina Del Rey, California.

Chris Vittetoe

HFF worked on behalf of the borrower, The Luzzatto Company, Inc., to secure an adjustable-rate acquisition loan through California Bank & Trust. 

The property consists of an 11,000-square-foot building at 1042 Princeton and a 22,000-square-foot building at 1038-1040 Princeton.  1042 Princeton is fully leased to three tenants.  Currently vacant, 1038-1040 Princeton is set to undergo extensive renovation and subsequent tenant stabilization after the completion of construction.

The HFF team representing the borrower was led by director Chris Vittetoe and real estate analyst Benjamin Gallant.

Benjamin Gallant

The Luzzatto Company, Inc. (TLC) is a Santa Monica, California private equity firm that invests nationwide in real estate and real estate-related debt with existing investments in California and nine other states.

 TLC acquires properties through its equity fund, Luzzatto Real Estate Value Fund I, L.P., as well as through existing ventures and partnerships with high-net-worth individuals and institutional investors. 

Additionally, TLC’s affiliate Diversis Capital invests in small and mid-market companies, equity and distressed debt.  For more information, please visit: www.luzzattocompany.com.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF closes sale of and arranges financing for Gaslamp CitySquare in downtown San Diego, CA

  

Gaslamp CitySquare, 430 5th Avenue, historic Gaslamp Quarter, San Diego, CA

Ryan Gallagher

IRVINE, CA – HFF announced today that it has closed the sale of and arranged financing for Gaslamp CitySquare, a 54,773-square-foot high-street retail asset in San Diego’s historic Gaslamp Quarter.

HFF marketed the property on behalf of the seller, Champion Real Estate Companies.  A joint venture between Clarion Partners and HP Investors purchased the asset free and clear of existing debt.  HFF also arranged a floating-rate loan on behalf of the buyer.

CJ Osbrink

Gaslamp CitySquare is located at 430 5th Avenue within walking distance of the San Diego Convention Center and the 42,000-seat PETCO Park and is less than four miles from San Diego International Airport. 

Completed in 2004 and 2006 in two phases, the high-street retail property is part of a larger mixed-use project that includes 223 residential units (not included in this transaction).  The asset includes tenants such as The Oceanaire, Bice Ristorante, Puma, Quiksilver, Skechers, and Oakley. 

Tim Wright

The HFF investment sales team was led by senior managing director Ryan Gallagher and associate director CJ Osbrink from HFF’s Orange County office.

HFF’s debt placement team was led by senior managing director Tim Wright and associate director Zack Holderman from HFF’s San Diego office.

“This transaction demonstrates the continued strong institutional interest in high-street retail properties.  As the Gaslamp District continues to mature, we expect to see more high-profile transactions take place,” commented Gallagher.

Los Angeles-based Champion Real Estate Company was founded in 1987.  The company has been primarily a developer and investor in urban infill retail, multifamily and mixed-use projects in prime Southern California locations.  

The company has also renovated and repositioned existing projects and completed the adaptive re-use of historic buildings.  To date, Champion Real Estate Company has completed more than 2 million square feet of development and investment projects with aggregate and anticipated revenues in excess of $1 billion.

Clarion Partners has been a leading U.S. real estate investment manager for more than 30 years. Headquartered in New York, the firm has offices in major markets throughout the U.S., in São Paulo, Brazil and London, England as well as a presence in Mexico. 

San Diego Convention Center

With more than $28 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors.

Formed in 2010, HP Investors is a principal owner and investor of commercial real estate assets and is based in San Diego. 

 The firm primarily invests in urban high-street retail projects in major gateway cities throughout the United States. The investment marks the company’s seventh retail investment in Downtown San Diego in the past 18 months.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

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