Atlantic | Pacific Companies Acquires Two New Properties in Atlanta, GA with the Addition of Clifton Apartments and Townview Station

Townview Station Apartments, Deering Road, Midtown Atlanta submarket

Mark Briggs

MIAMI, FL, Jan. 22, 2014 – Adding to its existing and extensive Atlanta portfolio, Atlantic | Pacific Companies (A | P Companies) is pleased to announce the acquisition of Clifton Apartments (Clifton) and Townview Station (Townview).

 Both Clifton and Townview are situated in exclusive locations within the desirable central core of Atlanta. These new acquisitions continue the expansion of A | P Companies’ “urban core” holdings in Atlanta.     

 Townview Station, located on Deering Road in Atlanta’s Midtown submarket, is a 277 unit, garden-style apartment community featuring one and two bedroom floor plans. 

Units feature fully equipped kitchens, large walk-in closets, gas fireplaces and private sunrooms in select units, and a private balcony or patio. Community amenities include a clubhouse, swimming pool with large sundeck, and 24-hour fitness center.

 The community is located within walking distance to several restaurants and nightlife destinations at Atlantic Station.

 Clifton Apartments, located near the intersection of Briarcliff Road and Clifton Road, is a 214 unit, garden-style apartment community featuring one and two bedroom floor plans. Clifton is a gated community featuring fully equipped kitchens, walk-in closets, sunrooms, and wood burning fireplaces. The community amenities include an outdoor swimming pool, a fitness center, and fenced dog park. The community is located less than a mile from Emory University and the CDC.

  

 A | P Companies plans to make capital improvements to both properties including enhancements to the clubhouses, fitness centers and pool areas, as well as upgrades within the units. 

Atlantic | Pacific Management, the property leasing & management platform under A | P Companies, will handle all property management responsibilities for both properties.

Mark Briggs, Senior Managing Director at A | P Companies, says “A | P Companies continues to be aggressive on value-add opportunities in Atlanta, particularly within Atlanta’s central core.  Both properties have matchless locations, conveniently located to employment, retail and restaurants.”

For more information, please visit www.apmanagement.net. Follow Atlantic | Pacific Companies on Facebook and Twitter.

For more information, visit www.apmanagement.net or contact Randy Weisburd at rweisburd@apmanagement.net.

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

Jessica Wade Pfeffer / Jessica Wade Inc.

Jessica@jessicawadeinc.com

305.804.8424

Megan Sedlacek / Jessica Wade Inc.

Megan@jessicawadeinc.com

305.456.0483

CraneSpotters.com Wins Tech Award For New Preconstruction Condo Website

Peter Zalewski

MIAMI, FL -- Less than five months after the August 2013 launch of version 2.0 of CraneSpotters.com, the South Florida preconstruction condo projects website created by real estate analyst and columnist Peter Zalewski of CondoVultures.com has won the "2013 Tech Product Of The Year" award from the Miami Association Of Realtors.

Zalewski - who won the "2011 Market Advisor Of The Year" award from the Miami Association Of Realtors - and his team from CraneSpotters.com are scheduled to be honored at an awards ceremony during the 2014 Miami Realtors Inaugural & Awards banquet scheduled from 10.30 am to 3.30 pm on January 31 at Jungle Island on Watson Island, just east of Greater Downtown Miami.

CraneSpotters.com is an interactive website with a searchable database - that relies on public records and private research - to profile and plot on a 3-D map the nearly 190 proposed condo towers with more than 25,000 units slated to be developed east of Interstate 95 in Miami-Dade, Broward, and Palm Beach counties.

The subscription-based CraneSpotters.com website - that offers free access exclusively to the 31,000 members of the Miami Association Of Realtors under a vendor agreement - has emerged as the official preconstruction condo projects source for South Florida's newest construction boom.

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

Condo Vultures® LLC

425 NE 22nd Street

 Suite 409,

Downtown Miami, Florida, 33137.

800-750-0517.

Cushman & Wakefield Reports U.S. Office Leasing Activity Rebounds for Strong Close to 2013

NEW YORK, ny – Jan. 22, 2014 – New leasing activity in U.S. office markets rebounded in the fourth quarter of 2013 with 19.5 million square feet of activity, the highest quarterly jump in a year, according to Cushman & Wakefield’s fourth quarter statistics for the U.S. office market.

Overall leasing activity for the U.S Central Business District (CBD) office market totaled 68.1 million square feet for the year with an additional 137.8 million square feet of suburban activity, an increase of 5.9 million square feet from 2012.

Maria Sicola

New York’s Midtown Manhattan office market paced the nation with 4.5 million square feet of leasing activity in the fourth quarter. Downtown Manhattan (1.8 million), Chicago (1.3 million), Boston (1.2 million) and San Francisco (1.2 million) each saw leasing activity surpass one million square feet of activity for the quarter.

Total leasing activity in San Francisco totaled two million square feet for the quarter, bringing year-to-date leasing up to 7.2 million square feet – a record leasing year for the market whose 10-year average was only 5.8 million square feet.

“The technology and the energy markets remain strong,” said Maria Sicola, Executive Managing Director and Head of Americas Research for C&W.

“San Francisco, Boston, Houston and Denver are the markets that are seeing quite a bit of the activity and remain resilient. It’s a great start for those markets, but the other more pressing factor is going to be other industries recovering and expanding beyond technology and energy.”

Midtown Manhattan led the nation in overall leasing activity, with 16 million square feet of activity year-to-date. That total was 9.8 million more than Downtown Manhattan, which was second in C&W’s national rankings. Houston paced suburban markets with 13.9 million square feet of activity for 2013.

Manhattan Midtown

The overall vacancy rate for U.S. CBDs changed very little year-over-year, rising from 13.1 percent in the final quarter of 2012 to 13.5 percent in the fourth quarter of 2013.

The quarterly change was even less, rising 0.1 percentage points from the third quarter of 2013. Overall, 17 U.S. CBDs saw a drop in vacancy for the quarter. The largest quarter-over-quarter declines were in Hartford, Conn. (down 7.03 percent), Phoenix (down 2.6 percent) and Silicon Valley (down 1.6 percent).

Overall rental rates averaged $41.74 per square foot for U.S. CBDs for the year – a seven percent increase of $2.79 from 2012. Quarter-over-quarter, national rental rates rose $0.77.

Manhattan’s Midtown South market saw the highest quarterly change, leading the nation with $62.61 per square foot asking rents, a $2.27 change quarter-over-quarter. Downtown Manhattan was just behind it with a $2.26 change, totaling $48.26per square foot rental rate for the fourth quarter of 2013.

San Francisco's Golden Gate Bridge

Midtown Manhattan, Midtown South, San Francisco, Fairfield County, Conn., Washington D.C., Downtown Manhattan and Boston were the only U.S. CBDs to outpace the national rental rate average. Overall absorption – the net change in occupied space – was positive year-over-year for U.S. CBDs, with 16 markets seeing positive overall absorption for the year.

That gain was slim, however, with overall CBD absorption only totaling 437,844 square feet. Chicago (1.3 million) and Boston (1.1 million) saw the nation’s largest changes in CBD absorption.

“The absorption was very strong in the suburbs, while the CBDs struggled,” Ms. Sicola said. “Fortunately, there was a rebound, and it is a reflection of the national movement into our cities. We are seeing tenants that want to migrate into the CBDs. That’s mostly a core market phenomenon in places like Boston and San Francisco.”

Chicago's South Loop District

Construction in U.S. CBDs saw 6.4 million square feet of completions in 2013 with two million of that total coming directly from Downtown Manhattan.

Only six markets saw construction activity in their CBDs. An additional 12.8 million square feet is expected to be completed over the next two years, with Downtown Manhattan seeing the most gain with three million square feet of construction expected in 2014.

Silicon Valley’s suburban market will also see a surge in construction this year, with an additional three million square feet expect for completion

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

david.meyer@cushwake.com

HFF closes sale of Brooklyn, NY high street retail property

The Edge, Williamsburg Section, Brooklyn, NY

  

Andrew Scandalios

NEW YORK, NY – HFF announced today that it has closed the sale of the retail condo portion of The Edge, a waterfront mixed-use development complex totaling approximately 64,000 square feet of retail space in Williamsburg (Brooklyn), New York.

                HFF marketed the property exclusively on behalf of the seller, Douglaston Development.  Madison Marquette acquired the property for $45,500,000.  This represents Madison Marquette’s second New York City area acquisition since Arvind Bajaj and Ryan Colbert joined the firm’s New York City office.

                The Edge stretches from North 5th to North 7th Streets along the Williamsburg waterfront, adjacent to the North Williamsburg Ferry Terminal in Brooklyn.

Jose Cruz

 Completed in 2010, the property is part of The Edge mixed-use project, a master-planned development featuring condominiums and residential units in four buildings, including two towers along the waterfront.

The retail condominium is long-term leased to Brooklyn Harvest Market, CVS Pharmacy, Ride Brooklyn and Fabbrica Café, among others. 

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

Jeffrey Julien

                Douglaston Development, Levine Builders and Clinton Management coordinate cohesively to acquire property, develop it to its full potential, and manage it creatively to assure that its investments achieve and maintain maximum value and profitability.

Madison Marquette is a private real estate investment and operating company. 

Kevin O'Hearn

Founded in 1992, the firm’s primary focus is infill retail and mixed-use assets in major markets throughout the United States.

 Madison Marquette specializes in enhancing the value of its projects through its integrated investment and services platform offering sourcing, acquisition, asset management, leasing, property management, marketing, and development functions.

Madison Marquette is headquartered in Washington DC and covers its key markets with senior investment and operating professionals in major cities around the country, including New York, San Francisco, Los Angeles, Seattle, Philadelphia, Dallas, and South Florida.

Rob Rizzi

For more information on Madison Marquette, please visit the firm’s website at www.madisonmarquette.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

tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 | www.hfflp.com

krmurphy@hfflp.com

HFF expands Los Angeles debt placement team with multi-housing specialist Marc Schillinger

Marc Schillinger

LOS ANGELES, CA – HFF announced today that Marc Schillinger has joined the firm as a director in its Los Angeles office.  Mr. Schillinger will specialize in multi-housing debt and equity placement transactions primarily in Los Angeles. 

                Prior to joining HFF, Mr. Schillinger was a senior vice president with George Smith Partners where he originated, marketed and closed debt and equity transactions with a focus on multi-housing transactions 

During 2012-2013 he closed approximately 112 transactions, which included office, retail, and industrial properties.

                Also joining the firm with Mr. Schillinger is Andrew Hornblower, who will be a real estate analyst for the firm’s debt placement group.  Mr. Hornblower previously worked with Mr. Schillinger as a real estate investment banking analyst at George Smith Partners and is a graduate of the University of Southern California.

                “HFF’s west coast offices have grown tremendously over the past year and with the addition of Marc and Andrew, we now add multi-housing debt specialization to our Los Angeles office.

Paul Brindley

“ This team will complement the platforms and specialties HFF already has in place and will continue to assist with building upon all HFF has accomplished across Southern California,” said Paul Brindley, senior managing director and co-head of HFF’s Los Angeles office.

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

tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 | www.hfflp.com

krmurphy@hfflp.com

HFF arranges $25 million construction loan for multi-housing development in Boston’s northwest suburbs

Construction site for planned 200-unit Princeton Westford Apartment Homes, Westford, MA

Lauren O'Neil

BOSTON, MA – HFF announced today that it has arranged a $25 million construction loan for the development of Princeton Westford Apartment Homes, a 200-unit, garden-style multi-housing development in Westford, Massachusetts.

                HFF worked exclusively on behalf of the borrower, an affiliate of Princeton Properties & Guggenheim Real Estate LLC, to secure the three-year, floating-rate construction loan through First Niagara Bank’s Boston office.  The loan has two one-year extension options.

                Princeton Westford Apartment Homes is located on 90 acres at 16 Littleton Road in Westford, a northwest suburb of Boston.

 Due for completion in 2014, the property will feature four different floor plans of one- and two-bedroom units averaging 1,128 square feet each.

 Each apartment will have granite countertops, under mount dual-bowl kitchen sinks, gooseneck faucets, and espresso stained wood cabinetry. Community amenities will include a 3,800-square-foot clubhouse offering fitness, business and social centers with a resort-style pool and play area. 

Riaz A. Cassum

There will be private garages available for lease and surface parking. The development also has the potential for a 6,000-square-foot retail building along the access driveway housing a farmer’s market-style tenant. 

The property is close to State Route 110, Interstate 495, Nashoba Valley Ski Area, Kimball Farm, and Great Brook Farm State Park, which offers 1,000 acres for hiking, biking, horseback riding, canoeing and fishing.  It is also situated within three miles of one million square feet of office space with firms such as Red Hat, IBM, Netscout and Juniper Networks.

                The HFF team representing the borrower was led by senior managing director Riaz Cassum and director Lauren O’Neil.

                “Princeton and Guggenheim are building an exciting project in a strong market that has seen little new supply,” said O’Neil.  “The attractive financing provided by First Niagara will ensure a quick and timely completion, with the project delivering at the perfect time in the cycle.”

                Founded in 1973 by James Herscot, Princeton Properties of Lowell, Massachusetts acquires, builds, renovates, leases and manages apartment communities and corporate furnished apartments.  Currently, Princeton Properties owns and manages more than 6000 apartment homes for rent in Massachusetts, New Hampshire, Maine and Georgia.

James Herscot

                Guggenheim Real Estate, founded in 2001, invests across a wide spectrum of the real estate market including: direct real estate investments, REIT securities, private funds, secondary market funds and partnership units, preferred equity and mezzanine debt financing, and commercial mortgage backed securities.

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

tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 | www.hfflp.com

krmurphy@hfflp.com

HFF closes sale of Shops at 95th & Cicero in Chicago, IL

Shops at 95th & Cicero, Evergreen Park/Oak Lawn Neighborhood, Chicago, IL

Amy Sands

CHICAGO, IL - HFF announced today that it has closed the sale of the Shops at 95th & Cicero, a 77,468-square-foot retail center in Chicago.

HFF represented the seller in the transaction to ACF Property Management, Inc. arranged by GDA Companies who purchased the asset free and clear of debt.

The Shops at 95th & Cicero is located in Chicago’s Evergreen Park/Oak Lawn neighborhood, which is a first ring suburb of Chicago about 15 miles south of the city center.

 Renovated in 2006, the property is 100 percent leased to tenants including Sports Authority, Staples, Men’s Wearhouse, Corner Bakery Café and Verizon.

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

“The Shops at 95th & Cicero has arguably the best retail location within its submarket, situated at the intersection of 95th Street and Cicero Avenue.  The intersection sees the highest daily traffic counts along Cicero Avenue,” said Sands. 

Daniel Kaufman

“In addition, the property benefits from its dense infill location with over 500,000 people within a five-mile radius of the property,” said Kaufman.

                GDA Companies is a commercial real estate acquisitions company based in Greenwood Village, Colorado that owns and operates more than 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

tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 | www.hfflp.com

krmurphy@hfflp.com

HFF closes $48.6 million sale of two GSA leased office buildings in Rockville, MD

12420 Parklawn Drive, Rockville, MD

WASHINGTON, D.C. – HFF announced today that it has closed the sale of two office buildings totaling 148,742 square feet in Rockville, Maryland.

5630 Fishers Lane, Rockville, MD

HFF marketed the properties exclusively on behalf of the seller, The JBG Companies.  NGP V Fund LLC purchased the properties for a total of $48.6 million in two separate transactions. 

Both buildings are located near the intersection of Twinbrook Parkway less than one half mile from the Twinbrook Metro Station (Red Line) south of downtown Rockville. 

Fully renovated in 2009, 12420 Parklawn Drive is a four-story, 93,014-square-foot office building that is 100 percent leased to the General Services Administration (GSA) through December 2020.  Situated on 2.4 acres, the building is LEED Gold certified. 

Renovated in 1997, 5630 Fishers Lane is a two-story, 55,728-square-foot building that is 100 percent leased to the GSA through February 2023. 

Jim Meisel

The HFF investment sales team representing the seller was led by senior managing directors Jim Meisel, Dek Potts and Andrew Weir along with executive managing director Stephen Conley.

Headquartered in Chevy Chase, Maryland, The JBG Companies is a private real estate investment firm that develops, owns and manages office, residential, hotel and retail properties. 

The company has more than $10 billion in assets under management and development in the Washington metropolitan area.  Since 1960, JBG has been active in the communities where it invests, striving to make a positive impact. 

Dek Potts

More information can be found by visiting the company's website: www.JBG.com, or by calling 240.333.3600.

The NGP V Fund is managed by NGP V Management, a private real estate firm whose principals have vast experience in the commercial real estate business, including 20+ years in the highly specialized government real estate business.

Andrew Weir

NGP's latest endeavor, the NGP V Fund, represents the current government real estate program managed by the firm's principals. NGP funds have acquired, developed and managed government-leased assets totaling 12.5 million square feet and valued at more than $2.5 billion. 

More information can be found by visiting the company's website www.ngpv.com.  

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

Olivia Hennessey

Public Relations Coordinator

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 12012 Wickchester in Houston’s Energy Corridor

Woodbranch Building, 12012 Wickchester, Houston, TX

Dan Miller

HOUSTON, TX – HFF announced today that it has closed the sale of the Woodbranch Building, a 109,471-square-foot office building located at 12012 Wickchester in Houston’s Energy Corridor submarket.

HFF marketed the property on behalf of the seller, an affiliate of Parkway Properties, Inc.  CapRidge Partners, LLC purchased the building for an undisclosed amount free and clear of debt.

12012 Wickchester is situated on approximately 3.7 acres near the northwest corner of Kirkwood and Interstate 10 in the quickly growing Energy Corridor submarket.  Since 2002, the property has undergone significant capital improvements and is 100 percent leased to a variety of tenants.

The HFF team representing the seller was led by senior managing director Dan Miller and director Marty Hogan.

Marty Hogan 

CapRidge Partners, LLC, is a value office investor and manager headquartered in Austin, Texas, and serving the major markets throughout the state.

Founded in 2012 by Steve LeBlanc and Tom Stacy, two proven leaders in real estate, investments and commercial operations with nearly 40 years of combined experience, the company is dedicated to providing superior services to its investors and clients.

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

Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

Marcus & Millichap Capital Corp. Arranges $10.6 Million Retail Power Center Acquisition Loan in Joliet, IL

North Ridge Plaza, Joliet, IL

Erin Patton

 JOLIET, IL – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged $10,612,000 of debt for North Ridge Plaza, a 238,000-square-foot retail power center in Joliet, Ill.

            Richard Lynn, a director in MMCC’s Chicago Oak Brook office, arranged the loan. 

            Robert Horvath and Todd Tremblay in Marcus & Millichap’s Boston office represented the buyer, North Windham Properties LLC. 

Scott Wiles and Craig Fuller in the firm’s Cleveland office, along with Sean Sharko and Austin Weisenbeck, both in Marcus & Millichap’s Chicago Oak Brook office, and Erin Patton in the firm’s Columbus office, represented the seller.

            “The Boston-based 1031 exchange buyer needed prompt local financing to complete the acquisition of this value-add opportunity asset,” says Lynn. “MMCC worked with a Chicago-based community bank to provide the loan and the entire process was completed in less than five weeks.”

Richard Lynn

              The four-year fixed loan amortizes over 25 years at 4.5 percent. The loan-to-value is 75 percent.

“North Ridge Plaza is an institutional-quality asset located along Joliet’s most heavily trafficked retail corridor,” says Wiles. “The new owner plans to reposition the property and add several new anchor tenants.”

The power center was built in 1985 on 29 acres. Current tenants include Ultra Foods, Office Max, Hobby Lobby, Burlington Coat Factory, GameStop, Fashion Bug, Home Choice and Sally Beauty and Supply.

 “The completion of this transaction is a testament to the power of Marcus & Millichap’s collaborative culture and the benefits that a national commercial real estate services firm with a powerful financing contingent can provide to clients,” adds Charles Krawtiz, MMCC’s central region vice president.

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

Gina Relva

Public Relations Manager

Marcus & Millichap Capital Corporation

(925) 953-1716

Rick John Named 2014 President of SIOR Inland Empire/Orange County Chapter

  

Rick John

ORANGE COUNTY, CA (Jan.  22, 2014) – Rick (RJ) John, Executive Vice President and Branch Manager of Daum Commercial Real Estate Services, has been elected the 2014 President of the Society of Industrial and Office Realtors, Inland Empire/Orange County Chapter.  This is John’s second term as president, having previously held this position in 1998.

“Our chapter is comprised of 60 highly motivated commercial real estate professionals who, in 2013 alone, completed transactions totaling more than $3.5 Billion.  This is truly an extraordinary group of industry leaders in this market,” John noted.

Real estate professionals who have earned the SIOR designation are recognized by corporate real estate executives, commercial real estate brokers, agents, lenders, and other real estate professionals as the most capable and experienced brokerage practitioners in any market, according to John.

John has over 34 years of commercial real estate experience. With top salesman accolades the last eleven of thirteen years, John’s thirty year plus career has been focused in the San Bernardino/Riverside County markets. He is a member of the Society of Industrial and Office Realtors (SIOR).

During his career, John has been responsible for the marketing of 38 million square feet of buildings over 5,000 acres of industrial land with a transaction volume of well over one billion dollars.

DAUM Commercial Real Estate Services provides a full array of commercial real estate services including brokerage, consulting, leasing, sales, tenant representation, corporate services and the management of assets, construction, projects and properties. 

  Founded in 1904, DAUM is California’s oldest and most experienced commercial real estate brokerage company.  DAUM has nine offices throughout Southern California and Arizona.

DAUM Commercial Real Estate Services is a member of ONCOR International, a premier global commercial real estate network.  ONCOR International LLC, a subsidiary of Realogy Corporation, oversees the ONCOR International member network. 

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

Amanda Alenick/Judith Brower

Brower, Miller & Cole

(949) 955-7940

Aalenick@browermillercole.com

www.daumcommercial.com.  

www.oncorintl.com.  

Faris Lee Completes $54 Million Sale of Foothill Crossing Regional Power Center in Rancho Cucamonga, CA

  

Foothill Crossing,  12181-12357 Foothill Boulevard, Rancho Cucamonga, CA

Jeff Conover

 IRVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment sales and advisory firm, has completed the $54 million sale of Foothill Crossing, a 312,307-square-foot regional power center located at 12181-12357 Foothill Blvd. in Rancho Cucamonga, Calif.

Built in 2004 and 2006, the property sits on just over 31 acres and is 90 percent occupied by a strong national credit tenant lineup including Sears Grand, Total Wine & More, and Office Depot.

 Jeff Conover of Faris Lee Investments represented the seller and the developer of the property, Foothill Crossing, LLC from Los Angeles. Dennis Vaccaro of Faris Lee Investments represented the 1031 Exchange buyer, Tivoli Square Apartments, LP.

 “We targeted both private and intuitional investors in our marketing strategy for Foothill Crossing,” said Conover. “Additionally, the intrinsic value of the center and its cash-on-cash return were key factors that garnered a strong amount of interest and multiple offers.

“ We selected Tivoli Square Apartments, LP, an investment group coming out of an apartment complex sale in a 1031 Exchange. This buyer was also a logical fit as it already owns a number of nearby retail properties.”

Dennis Vaccaro

“The buyer was attracted to Foothill Crossing because the retail center has remained successful despite the recent recession, proving its ability to attract and retain tenants. To that point, a vast majority of tenants are renewing their leases as they roll,” said Vaccaro.

“The property also offered the buyer one of the best retail locations in the Inland Empire as it is situated at the on/off ramp of Foothill Boulevard and Interstate 15, and is directly across from the 1.5-million-square-foot Victoria Gardens lifestyle mall.”

 Victoria Gardens is anchored by Macy’s, JCPenney, AMC Theaters, and Bass Pro Shops, and is one of the top performing retail centers in California, providing excellent tenant synergy and strong crossover shopping.

Foothill Crossing also benefits from unobstructed retail frontage of nearly a half-mile along Interstate 15, and approximately 1,600 feet of frontage along Foothill Boulevard. The average household income is in excess of $89,000 within a 5-mile radius.

 Faris Lee has conducted multiple transactions with Foothill Crossing’s buyer and seller due to the firm’s solid track record and experience in marketing multi-tenant regional and community shopping centers throughout the Inland Empire over the years.

Faris Lee’s most recent Inland Empire retail center transaction was in late 2013 with the $13.2 million sale of The Monet at Victoria Gardens Mall, a fully occupied, 31,407-square-foot retail center located across the street from Foothill Crossing and fronting the mall. Tenants at The Monet include Destination XL, Destination Maternity, Shakey’s Pizza, Pacific Dental and others.

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224     

www.farislee.com.