HFF secures $31.5 million financing for two South Florida Hampton Inn locations

Elliott Throne

MIAMI, FL – HFF announced it has secured $31.5 million in financing for the two Palm Beach County Hampton Inn hotels.

HFF worked exclusively on behalf of the owner to arrange senior mortgage financing totaling $31.5 million through Morgan Stanley Mortgage Capital Holdings, Inc. in two separate transactions. 

Both loans were on a 10-year, fixed-rate term with pricing in the low five percent range. 

                The HFF team representing the borrower was led by director Elliott Throne and senior managing director Mike Kavanau, as well as real estate analyst Alexandra Lalos.

Mike Kavanau

“These assets are some of the nicest Hampton Inns in the entire chain and their uniqueness allowed them to achieve very high per key values,” stated Throne.

 “The aggressiveness of the terms offered in the financing was a result of the quality of both the assets themselves and the sponsorship.”   

HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). 

HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.

Alexandra Lalos

HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. 

For more information, please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.  

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 closes $27.4 million sale of Overland Crossing in Overland Park, KS

Overland Crossing Shopping Center, 11900-12070 Metcalf Avenue, Overland Park, KS

Amy Sands

CHICAGO, IL – HFF announced it has closed the sale of Overland Crossing, a 174,497-square-foot shopping center in Overland Park, Kansas.

                HFF marketed the center on behalf of the seller, Continental Properties Company, to a special purpose entity arranged by GDA Companies, who purchased the asset for $27.4 million free and clear of debt.

Overland Crossing is situated on 19.6 acres at 11900-12070 Metcalf Avenue at the intersection of Metcalf Avenue and 119th Street, two of Kansas City’s busiest retail corridors with an average daily traffic count of 55,100 vehicles. 

Completed between 1997 and 2000, the property is anchored by Burlington Coat Factory, Golfsmith and OfficeMax. 

The HFF investment sales team representing the seller was led by director Danny Kaufman and associate director Amy Sands.

“Overland Crossing has arguably the best retail location in Kansas City, situated at the intersection of two of the busiest retail corridors in affluent Johnson County,” said Kaufman. 

Dan Kaufman

“In addition, the property benefits from its position at the center of a 26.4 million-square-foot office market, which provides a large daytime consumer base,” added Sands.

Continental Properties Company, Inc. is a national real estate development company headquartered in suburban Milwaukee, Wisconsin with a retail leasing office in Arizona. 

Founded in 1979 and still privately held, Continental has grown from a small real estate company to a major presence in the development industry.

GDA Real Estate Services, LLC is a commercial real estate acquisitions company in Greenwood Village, Colorado, that owns and operates over 84 properties in Arizona, California, Colorado, Oregon, Washington, South Carolina, Ohio, Georgia, Kansas, Missouri and Texas.    

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 $42 million financing on behalf of Gart Properties for a four-property retail portfolio in Colorado

The properties included in the financing are: Pavilion Shopping Center in Fort Collins;
Indian Tree Shopping Center in Arvada; Micro Center Shopping Center in Denver;
 and Saddle Rock Village in Aurora.

Eric Tupler

DENVER, CO – HFF announced it has arranged $42 million in financing on behalf of Gart Properties for a four-property retail portfolio totaling 436,107 square feet in Colorado. 

               HFF worked exclusively on behalf of Gart Properties to secure the 10-year, 4.5 percent fixed-rate loan with a correspondent life company lender. 

Loan proceeds were used to refinance maturing debt on the properties and to allow Gart Properties to realize significant value that had been created through renovation and repositioning of the assets including strategic leasing and management throughout the past several years.

Josh Simon

The properties included in the financing are: Pavilion Shopping Center in Fort Collins; Indian Tree Shopping Center in Arvada; Micro Center Shopping Center in Denver; and Saddle Rock Village in Aurora.

 The portfolio was 94 percent occupied at closing, including anchor tenants Michael’s, T.J.Maxx, Sprouts, Micro Center, PetSmart and Jo-Ann Fabric and Craft Store.

The HFF team representing the seller was led by senior managing director Eric Tupler, director Josh Simon and real estate analyst Kristian Lichtenfels.

“The entire HFF team did a terrific job beyond just covering the market with respect to potential lenders, but also in telling the Gart story and making sure that the ultimate lender not only offered compelling terms but was also an excellent cultural fit for our organization,” said Mark Sidell, president of Gart Properties. 

Kristian Lichtenfels

“This was a very meaningful deal for us and one that positions us to continue our aggressive acquisition program.”

Gart Properties is a Denver-based real estate investment, development and management company. Its portfolio of properties includes office buildings, resort properties, residential developments and more than 3.5 million square feet of retail shopping center space.  www.gartproperties.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 closes sale of LOOP West in Kissimmee, FL

Loop West shopping center, Kissimmee, FL

Kim Flores

MIAMI, FL – HFF announced it has closed the sale of LOOP West, a 295,100-square-foot retail center in Kissimmee, Florida.

               HFF marketed the property on behalf of the seller, O’Connor Capital Partners.  An affiliate of North American Development Group purchased the property free and clear of debt.

               Completed in 2008, LOOP West is fully leased to national tenants including Babies R Us, Bealls, TJ Maxx, Books-A-Million, DSW, Party City and Ulta and shadow-anchored by JC Penney. 

The 38.72-acre site is located at 2001 West Osceola Parkway near Walt Disney World, Sea World, Hollywood Studios and The Florida Turnpike about 15 miles south of downtown Orlando.

Luis Castillo

                The HFF team representing the seller was led by senior managing directors Danny Finkle and Brad Peterson, and directors Luis Castillo and Kim Flores.

               “LOOP West is one of the most dominant and successful retail centers in Florida due to its prominent location, national credit tenancy and high-quality physical improvements,” said Finkle.

HFF has capitalized more than $4.3 billion in retail assets nationally through third quarter 2013.  The HFF Florida team has capitalized more than $476 million in retail transactions during this time.

O’Connor Capital Partners is a privately-owned, independent real estate investment, development and management firm.  O’Connor concentrates its efforts on making direct investments in high-quality assets in major metropolitan markets in North America.

Brad Peterson

In its cumulative business history, North American Development Group ("NADG") has been active in the development, acquisition, redevelopment and management of over 200 shopping centers comprising well in excess of 25 million square feet of GLA with an enterprise value of over $3 billion. 

NADG owns over 14 million square feet of existing shopping center gross leasable area in the U.S and Canada, with an additional 4 million square feet of shopping center GLA in development or pre-development. 

The company also owns approximately 1400 acres of land) in the U.S. and Canada that has been acquired for future retail development. 

  NADG has 11 offices across North America, consisting of 6 in the United States and 5 in Canada, and a team of over 150 seasoned real estate professionals. 

Daniel Finkle

Over the last 4 years, NADG has acquired 35 retail properties comprising over 5 million square feet of existing or to be developed space.  For further information, please visit, www.nadg.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 closes $24.25 million sale of Newark, New NJ multi-housing community

Mount Prospect Tower Apartments, 380 and 420 Mount Prospect Avenue,
Forest Hill Section, Newark, NJ

Jose Cruz

FLORHAM PARK, NJ – HFF announced it has closed the sale of Mount Prospect Towers, two 15-story multi-housing towers totaling 219 units in Newark, New Jersey.

               HFF represented the sellers, Praedium Group and KABR Group, in this transaction.  Azure Partners purchased the asset for $24.25 million or $111,000 per unit. 

                Mount Prospect Towers is located at 380 and 420 Mount Prospect Avenue in the Forest Hill section of Newark, and is approximately 25 minutes from Manhattan via the Holland Tunnel.

 The 96 percent leased property is comprised of  studio, one-, two- and three-bedroom units that are undergoing renovations with updated kitchens, baths and flooring.

 Both buildings were also recently improved with new building systems, roofs and common areas.  Community amenities include 24/7 doorman security and on-site indoor and outdoor parking.

Andrew Scandalios

               The HFF investment sales team representing the sellers was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeffrey Julien and associate director Michael Oliver.

               “The properties are well positioned near local demand drivers such as Saint Michael’s Medical Center, Newark Beth Israel Medical Center, Seton Hall and Rutgers University,” said Cruz. 

               “The Praedium Group and KABR Group have done a tremendous job in restoring and revitalizing Mount Prospect Towers and has put Azure Partners in an exceptional position for continued future success,” added Oliver.

Kevin O'Hearn

The Praedium Group is a privately-held real estate investment firm focusing on under-performing and under-valued assets throughout the United States. 

The Praedium Group was formed in 1991 and since inception has completed over 350 transactions representing $9.3 billion of capital, including 70,000 multifamily units and 43.3 million square feet of commercial space. 

Over the past 23 years, The Praedium Group has sponsored a series of private equity funds. 

The commingled funds by The Praedium Group have attracted investors that include public and corporate pension funds, financial institutions, insurance companies, foundations and endowments.  For more information, please visit www.praediumgroup.com

Jeffrey Julien

Headquartered in Ridgefield Park, NJ, the KABR Group was founded in 2008.  The first two funds sponsored by the KABR Group raised approximately $45,000,000 each.

 The initial fund was launched at the end of 2008 as a response to the impending real estate crisis.  The KABR Group has opportunistically acquired select real estate assets through the market cycle bottom.

It has achieved success from its ability to identify, purchase and manage properties from highly motivated sellers at discounts to their intrinsic value.

KABR targets returns in excess of 18%. Unencumbered by the typical “market peak” purchases, KABR employs a fresh balance sheet to acquire and work through distressed, mismanaged and over-leveraged properties.

Azure Partners LLC (Azure) is a real estate private equity firm based in New York City focused on the opportunistic acquisition and management of real estate assets within high-growth markets in the United States. 

Michael Oliver

Since its founding in 2010, Azure has acquired in excess of $400,000,000 of real estate in the multi-family and retail sectors.

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 closes $42.8 million sale of development site in Midtown Manhattan

Manhattan, NY development site, 140 West 28th Street

Andrew Scandalios

NEW YORK, NY – HFF announced it has closed the sale of 140 West 28th Street, an approximately 7,538-square-foot, mid-block development site in the Chelsea neighborhood of Manhattan.

               HFF marketed the development site exclusively on behalf of the seller, Sovereign Partners, LLC.  The purchase price of the site was $42.8 million.

               The development site is located at 140-144 West 28th Street between 6th and 7th Avenues close to the Chelsea High Line, Chelsea Piers, Hudson River Park, Herald Square and Penn Station.  

Jose Cruz

The property is zoned for a maximum of 144,876 square feet of development rights. 

               The HFF investment sales team representing the seller was led by senior managing directors Andrew Scandalios and Jose Cruz, managing directors Jeffrey Julien and Kevin O’Hearn and director KC Patel.

               Sovereign Partners is a privately held real estate investment organization that specializes in the acquisition of quality assets throughout the United States.

KC Patel

Sovereign’s real estate team draws on a deep knowledge of real estate fundamentals and capital markets to acquire properties throughout the country.

With interests in over six million square feet of property, Sovereign Partners has demonstrated its ability to identify and finance promising opportunities.

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 closes sale of two power centers in Pensacola, FL

Cordova Commons shopping center, 1650-1680 Airport Boulevard, Pensacola, FL

Daniel Finkle

MIAMI, FL – HFF announced it has closed the sale of Cordova Commons and Tradewinds Shopping Center, two retail power centers totaling approximately 344,000 square feet in Pensacola, Florida.

               HFF marketed the properties on behalf of the seller, a joint venture between AEW Capital Management, L.P. and GMH Capital Partners, LP.  Cole Real Estate Investments, Inc. (“Cole”) purchased the centers for an undisclosed amount.

Tradewinds Shopping Center
6601 North Davis Highway,
Pensacola, FL

               Most recently renovated in 2012, Cordova Commons is located at 1650-1680 Airport Boulevard at the intersection of North 9th Avenue across from Pensacola State College, Cordova Mall and Sacred Heart Hospital. 

Situated on 11.9 acres, the 165,480-square-foot retail center is 100 percent leased to tenants including Marshalls, DSW, The Fresh Market, Ulta, Stein Mart and Petco.

Brad Peterson

               Tradewinds Shopping Center is located at 6601 North Davis Highway, less than one mile from Interstate 10.  The 178,554-square-foot center is situated on 19.15 acres and is occupied by tenants including TJ Maxx, Home Goods, Dollar General and Jo-Ann Fabrics. 

               The HFF team representing the seller was led by senior managing directors Danny Finkle and Brad Peterson, managing director Paul Stasaitis and director Luis Castillo.  Vice president of acquisitions Thomas Falatko represented Cole.

Paul Stasaitis

HFF has capitalized more than $4.3 billion in retail assets nationally through third quarter 2013.  The HFF Florida team has capitalized more than $476 million in retail transactions during this time.

Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide.  One of the world’s leading real estate investment advisors, AEW and its affiliates manage approximately $37 billion of capital invested in more than $50.8 billion of property and securities in North America, Europe and Asia (as of September 30, 2013). 

Luis Castillo

Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. 

AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Singapore, and Hong Kong, as well as additional offices in eight European cities.  For more information please visit www.aew.com.

Under the umbrella of parent company GMH Associates Inc., GMH Capital Partners is a revolutionary real estate investor and developer founded in 1985 by Gary Holloway, Sr., whose vision was to create an all-encompassing real estate entity that would eliminate the need for any third parties to manage or develop its properties. 

Thomas Falatko

Strategic thinking and diversified assets have made GMH Capital Partners a nationwide industry leader in commercial and multifamily investment and development.

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