HFF closes sale of Two Addison Circle in suburban north Dallas, TX

Two Addison Circle, 15725 North Dallas Parkway, Addison, TX, a North Dallas suburb

DALLAS, TX – HFF announced today that it has closed the sale of Two Addison Circle, a 198,691-square-foot, Class AA office property in the north Dallas suburb of Addison.

               HFF and CBRE jointly marketed the property on behalf of the seller, Brookfield Property Group.  LPC Realty Advisors, an advisory affiliate of Lincoln Property Company, purchased the asset on behalf of a public pension fund client for an undisclosed amount.

Addison Circle Park, Addison, TX

               Two Addison Circle is located at 15725 North Dallas Parkway at the entrance to Addison Circle, a 70-acre mixed-use development along the North Dallas Tollway close to the President George Bush Turnpike and LBJ Freeway. 

Completed in 2009, the six-story property is 89 percent leased to tenants including USAA and Gehan Homes.

 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 secures $34 .8 million acquisition financing for 26-building industrial portfolio in northern New Jersey

Jon Mikula

FLORHAM PARK, NJ – HFF announced today that it has secured a $34.8 million acquisition financing for a 26-building industrial portfolio totaling 926,200 square feet in Fairfield and Little Falls, New Jersey.

               Working on behalf of The Hampshire Companies, HFF placed the six-year, fixed-rate loan with Principal Real Estate Investors.

The portfolio is 96 percent leased to a diverse mixture of tenants with no single tenant occupying more than seven percent of the portfolio.  The offering is situated near major New Jersey transportation corridors including Routes 46 and 3, Interstates 280 and 80 and the New Jersey Turnpike.

               The HFF team representing The Hampshire Companies was led by senior managing director Jon Mikula and director Michael Klein.

               “Principal provided the borrower with a very attractive rate and structure that best met the client’s needs and was able to quickly get their arms around a complex transaction,” said Mikula. 

Michael Klein

“With 26 properties and 57  tenants, our objective was to find a lender who already understood the market and asset type, ISRA compliance associated with the acquisition of industrial properties and be able to move fast enough to enable The Hampshire Companies to close on the acquisition with debt in place,” added Klein.

The Hampshire Companies is a full-service, private real estate firm with equity in assets valued at more than $2.5 billion, based in Morristown, New Jersey. 

The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments.

 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.hampshireco.com.

Sale and financing of 7700 San Felipe in Houston, TX closed by HFF

7700 San Felipe Street office building, Houston, TX

Dan Miller

HOUSTON, TX – HFF announced today that it has closed the sale of and arranged financing for 7700 San Felipe, a five-story, 100,716-square-foot office building in Houston, Texas.

               HFF marketed the property on behalf of the seller, a joint venture between Dallas-based Velocis Fund and Houston-based Fuller Realty Partners LLC, and procured the buyer, a local investor represented by Hicks Ventures. 

 HFF’s debt placement team worked on behalf of the buyer to secure a fixed-rate loan with Nationwide Bank, one of HFF Houston’s correspondent life company lenders, for the purchase of the property.

               7700 San Felipe is situated on a 2.2-acre site close to the intersection of South Voss and San Felipe in the West Loop/Galleria submarket of Houston, adjacent to the residential neighborhoods of the Memorial Villages and Tanglewood and a short drive from Interstate 10 and the Galleria.  

The property is 95 percent leased and features a 257-space parking garage.

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

Martin Hogan

HFF’s debt placement team representing the buyer was led by associate director Corby Chaffin.

Fuller Realty Partners, LLC was established in 1979.  Fuller is a privately owned, full service commercial real estate firm headquartered in Houston, Texas.  The principals of Fuller have been partners since 1994 and have a collective 75 years of commercial real estate experience.

Velocis is a private equity real estate fund, active in the acquisition, operation/management, and disposition of commercial real estate in the United States. Velocis has approximately $280 million in total assets under management and after the sale of 7700 San Felipe, currently owns eight assets in Texas, one in Denver, Colorado, one in Florida and one in Atlanta, Georgia.

Velocis consists of two entities: Velocis Fund, LP and Velocis Advisors, LLC.  Velocis Fund, LP is a private equity real estate fund, active in the acquisition, operation/management, and disposition of commercial real estate in the United States. 

Corby Chaffin

dditionally, Velocis Advisors, LLC provides asset management and advisory services to both investors and real estate clients.  Additional information about Velocis can be found at http://velocis.com/ .

Hicks Ventures, who represented the buyer, generates proprietary deal flow through lengthy relationships with JV equity players, mortgage brokers, investment sales brokers, Life Co’s, banks and its 28 years of active participation in deals in Houston and other markets.

The firm identifies and purchases office buildings in quality sub markets that are attractively priced, repositions and recapitalizes the asset while adding value through aggressive management, marketing and leasing while preparing the project for sale to maximize value in a 3-5 year horizon

 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

The Residences at Trump International Hotel Las Vegas Debut New Sales Center

Trump International Hotel™ Las Vegas

LAS VEGAS, NV (Feb. 20, 2014) – Trump International Hotel™ Las Vegas, a world-class luxury hotel condominium rising 600 feet above the iconic Las Vegas strip, today announced the opening of a new sales center. 

After a sales re-launch in 2012, condominium sales at Trump Las Vegas, comprised of 1,232 studio and one-bedroom suites and 50 penthouses, have grown exponentially with a five-fold increase in closings. 

The new sales center reflects a shift to focus on remaining inventory, including the one-, two- and three-bedroom penthouses that crown the tower’s upper floors. 

Eric Trump

The surge in sales pace demonstrates that Trump Las Vegas, with its striking architecture, interiors, and unsurpassed amenities and services, represents a one-of-a-kind ownership opportunity in Las Vegas, allowing residents to indulge in the City’s world-renowned lifestyle and enjoy five-star services and amenities, a central location, and the timesaving convenience of a fully-furnished, turn-key property. 

“Following the success of our sales re-launch, less than 40 percent of the building’s studio condominiums remain available,” said Eric Trump, Executive Vice President of Development and Acquisitions for Trump Organization. 

“Strong demand from international and repeat buyers has precipitated the move to an incredible new sales center, located on the top floor of Trump International Las Vegas, and a transition in strategy to showcase, for the first time ever, the most spectacular penthouse residences on the market.”

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

Hwee Peng Yeo

Director of Asian Markets

Glodow Nead Communications

Level 21, Centennial Tower

3 Temasek Avenue

Singapore 039190

$2.975 Million Seniors Housing Facility Sale in Tampa, FL Arranged by Marcus & Millichap

  

Royal Sun Park, 312 East 124th Avenue, Tampa, FL

Krone Weidler

TAMPA, FL, Feb. 20, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Royal Sun Park, a 14,866-square foot seniors housing facility located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $2,975,000.

Krone Weidler, associate vice president investment in Marcus & Millichap’s Tampa office, and a partner in the deal, had the exclusive listing to market the property on behalf of the seller and the buyer, local private investors based in Tampa. 

Royal Sun Park was built in 2003 and is located at 312 E 124th Avenue in Tampa, Fla.

“The asset was repositioned as a stand-alone memory care community in 2011 and catered to a private pay population,” says Ms. Weidler. 

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

Richard D. Matricaria

Regional Manager,

 Tampa, FL

(813) 387-4700

Voit Handles Acquisition of San Diego’s Iconic Pyramid Building; Buyer to Reposition Project as Creative Office & Tech Incubator Space

Pyramid Building, Miramar submarket of San Diego, CA

Jon Boland

San Diego, CA – The San Diego office of Voit Real Estate Services has completed the acquisition of the iconic “Pyramid Building,” a 131,218 square-foot, six-story office property located in the Miramar submarket of San Diego. 

The property, initially part of the Miramar Metroplex, has been acquired by Alliance Diversified Holding, LLC, a value-add private equity firm. 

Well-known for its unique, pyramid-shaped exterior structure, the property will be repositioned by the new owner as a creative office and technology center, and renamed “The San Diego Innovation Center,” according to Jon Boland, Vice President of Voit’s San Diego office, who represented Alliance Diversified. 

Bob Brady

The seller in the $13.6 million transaction, APEX 1 & 2 LP, was represented by Brandon Keith, Ryan Bracker and Bob Brady, all also of Voit Real Estate Services’ San Diego office.

“As one of the most recognizable and architecturally notable office buildings in San Diego, the San Diego Innovation Center will be a natural fit for technology, R&D, medical/wellness, and traditional office tenants seeking creative office space,” says Keith, a Senior Vice President in Voit’s San Diego office.

  “The first floor, which has historically been leased to home furnishing tenants, will now be leased to business support services and amenity-based uses in order to better serve other tenants.”

Brandon Keith

According to Boland, the new owner intends to invest in cosmetic upgrades to provide a more professional office atmosphere, and to improve suites on each floor in order to accommodate interested tenants.

“Beyond the vibrant architecture and physical improvements, our marketing of this repositioning will include adding a tenant mix that creates a lifestyle environment that appeals to all manner of professional office tenants,” Boland explains.

 “Ownership intends to fill the ground floor with high-end health and fitness uses, a restaurant, and business support services that will meet the demand of the new creative, medical, technology and R&D tenants we will be attracting here.”

Ryan Bracker

From its opening, the Pyramid was hailed as an architectural landmark.  The project was featured in an architectural review by Dirk Sutro of the Los Angeles Times when it first opened in 1992.  Sutro hailed the design as San Diego architect N. Charles Slert’s “most distinctive office design yet.”

According to Ted Eldredge, President of Alliance Diversified, “This building was actually a bit before its time.  We will now be able to bring this dynamic property to its full potential as a creative shell in which creative companies will thrive.” 

The property, which is located at 7310 Miramar Road in San Diego, is in close proximity to the I-15, 805, 52 and I-5 freeways.  The building offers multi-tenant and full-floor leasing options, and is zoned for a wide range of uses, including medical, general office, and retail sales.

Leasing information is available by contacting Jon Boland or Brandon Keith at (858) 453-0505.

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

  Jenn Quader / Judith Brower

  Brower, Miller & Cole

  (949) 955-7940

  JQuader@browermillercole.com

Hold-Thyssen negotiates three lease agreements totaling more than 9,000 square feet in Orlando, FL

Kennedy Commerece Center
 995 West Kennedy Boulevard
Orlando, FL

WINTER PARK, FL--- Hold-Thyssen Real Estate Services, a commercial property firm based in Winter Park with offices in Tampa and Nashville, recently negotiated three lease agreements totaling 9,139 square feet in Orlando.

 Troy Stevens, leasing agent at Hold-Thyssen negotiated the three transactions, representing the Landlord for each facility – Miami-based LNR Partners, LLC.

 Groupware, a local IT services firm renewed its lease of 7,500 square feet in Kennedy Commerce Center, a flex warehouse facility at 995 W. Kennedy Blvd. off  S. Keller Rd. 

 Southeast Wiring Solutions, experts in security systems, alarm monitoring and home automation, leased 1,000 square feet of flex warehouse space in suite 6270 in Edgewater Commerce Center at 3300 Edgewater Drive. 

Edgewater Commerce Center, 3300 Edgewater Drive
 Orlando, FL

 ADTC Fire and Security, Inc. of Orlando leased suite 116 with 639 square feet in the Kirkman Commerce Center at 771 Kirkman Rd. in Southwest Orlando.  

 Hold-Thyssen Real Estate Services provides commercial property and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

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

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142 Lvershelco@aol.com.

Meridian Capital Group Arranges $15.5 Million in Permanent Financing for the Shoppes at Blue Lake Located in Boca Raton, FL

Shoppes at Blue Lake shopping center, Boca Raton, FL

Boca Raton, FL – Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, negotiated a $15.5 million mortgage for the refinancing of the Shoppes at Blue Lake shopping center located in Boca Raton, FL.

 The seven-year, non-recourse mortgage features a 75% loan-to-value ratio and a competitive fixed-rate of 4.13%.

This financing was rate-locked at application and was provided by a local savings bank. Meridian Managing Director, Michael Brown, and Directors, Noam Kaminetzky and Daniel Bockstoce, of the Company’s Boca Raton, FL negotiated this transaction.

The 50,000 square foot shopping center consists of four multi-tenanted buildings and notable tenants include Wells Fargo, PNC Bank, and Miller’s Ale House.

“Meridian leveraged our outstanding lender relationships to negotiate highly accretive financing that will save our client more than $1 million over the new loan term,” said Mr. Brown.

Founded in 1991, Meridian Capital Group, LLC is one of the nation’s largest commercial real estate finance and advisory firms.

Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida, Arizona and California.

Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties.

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

Jonathan M. Stern

Managing Director

Meridian Capital Group, LLC

1 Battery Park Plaza, 26th Floor

New York, NY 10004

jstern@meridiancapital.com

Direct: 212.612.0181

Fax: 212.201.5181

www.meridiancapital.com

HFF closes the sale/leaseback on a grocery-anchored shopping center in Belleville, NJ

A&P Shopping Center anchored by Pathmark Supermarket, Belleville, NJ

Jose Cruz

FLORHAM PARK, NJ - HFF announced today that it has closed the sale/leaseback of a 53,946-square-foot shopping center anchored by a Pathmark Supermarket in Belleville, New Jersey.

                HFF marketed the property on behalf of the seller, The Great Atlantic & Pacific Tea Company (A&P) and its affiliates, as part of a larger nine-property A&P and Pathmark-branded grocery store and sale/leaseback portfolio in the greater New York and Philadelphia metropolitan areas. 

A joint venture between affiliates of Black Oak Associates and MCB Real Estate, LLC purchased the Belleville property free and clear of debt.  A&P continues to operate a Pathmark grocery store at the site.

 HFF closed the sale/leaseback of four freestanding Pathmark stores from this portfolio last year and has sold more than 15 A&P/Pathmark-anchored supermarket centers in New Jersey and the surrounding markets for various owners during the last two years.

Andrew Scandalios

                The property is located on 9.49 acres at 115 Belmont Avenue less than one mile from the Garden State Parkway in Belleville, northwest of Newark.  The fully leased property consists of a 51,946-square-foot Pathmark Supermarket and 2,000 square feet of in-line retail space.

The HFF investment sale/leaseback team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeff Julien and real estate analyst Marc Duval.

“MCB has acquired the third property of this portfolio giving them a superbly located Northern New Jersey infill asset and more diversification,” said Cruz.

Kevin O'Hearn

Founded in 1991, Black Oak Associates is an integrated property, development / redevelopment and investment management company operating in the mid-Atlantic region with approximately 2 million square feet currently owned and managed.

The Company specializes in retail and mixed use projects and has acquired properties and land at different stages of development that have required site planning, zoning changes, permitting, access improvements and building construction.

  Black Oak is focused on sustainability and increasing value through long term ownership.  More information on Black Oak is available at www.blackoakusa.com.

Jeff Julien

MCB Real Estate is a privately held, institutionally capitalized commercial real estate investment firm.  Through deep experience in all phases of the real estate cycle, MCB successfully employs multiple strategies to achieve strong risk-adjusted returns in retail, industrial, and office assets.  More information on MCB is available at www.mcbrealestate.com.  

Founded in 1859, A&P is one of the nation's first supermarket chains. The company operates more than 300 stores in six states under the following banners: A&P, Best Cellars, Food Basics, The Food Emporium, Pathmark, Superfresh and Waldbaum's.

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

McCarthy Completes Construction of J. Craig Venter Institute’s Landmark Net-Zero-Energy Genomic Laboratory in La Jolla, CA

J. Craig Venter Institute, 4120 Torrey Pines Road, on University of California, San Diego (UCSD) campus

SAN DIEGO, CA –  Bringing to life what is sure to become one of San Diego’s most iconic buildings, McCarthy Building Companies, Inc. has completed construction for the new J. Craig Venter Institute (JCVI), La Jolla, located on a 1.75-acre scenic site at 4120 Torrey Pines Road on the University of California, San Diego, (UCSD) campus.

J. Craig Venter

Designed by Zimmer Gunsul Frasca Architects (ZGF), the three-story, 45,000-square-foot building is an apt tribute to its prominent, coastal location, with its long, slender shape. 

Exposed architectural concrete panels, Spanish cedar wood siding, a wood-framed window curtain wall and storefront system, metal panels, and an expansive photovoltaic array give this building its signature identity.

The net-zero-energy facility represents the most ambitious sustainably designed biological research laboratory project ever to be built and is integral to JCVI’s quest to perform the science needed to solve critical environmental and human health challenges. The landmark building has been built to earn LEED Platinum Certification.

“Our new facility was built not only to advance genomic research, but to showcase how science can be compatible with the best of environmentally sustainable practices,” said JCVI Founder and CEO J. Craig Venter, Ph.D.

“Construction completion of this remarkable building signifies the fulfillment of a long-time dream to return to the UCSD campus where I began my research career, and collaborate with other scientists in the region to find solutions to our most pressing social issues.”

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

             

Bonnie Kutch

Kutch & Company    

 bkutch@kutchco.com   

Phone: (619) 299-1010

Susan Garritano

sgarritano@mccarthy.com

McCarthy Building Companies, Inc.

Phone: (314) 968-3300

Stonemark Now Managing 21 Apartment Communities For The RADCO Companies; New Contracts Bring Total to 5,700+ Units

Ashford Pavillion Apartments, Decatur, GA

Norman J. Radow

ATLANTA, GA (Feb. 20, 2014) – Multifamily real estate firm Stonemark Management recently added another 1,600 apartment units owned by The RADCO Companies® (“RADCO”) to its management portfolio.

The addition of properties in Chicago, Indianapolis, Tulsa, Okla., and Atlanta brings the total number of units Stonemark manages for RADCO to more than 5,700 in 21 multifamily communities.

RADCO, an innovative, rapidly expanding and nationally recognized real estate industry leader, enhances Stonemark’s strategic expansion into the Midwest, while also strengthening its existing footprint in the Southeast. 

The RADCO portfolio brings the total number of units Stonemark manages for all its clients to approximately 15,000.

“Stonemark is an exceptional multifamily property management firm with an impeccable reputation, which makes them a perfect fit for RADCO’s rapidly expanding portfolio of multifamily communities,” said RADCO founder and CEO Norman J. Radow.

Michael Taylor

“We look forward to continuing to foster and grow our relationship with this outstanding company, which has helped ensure that RADCO’s properties are among the most sought-after in the Atlanta metro area.”  

  

“We work every day to exceed expectations and deliver excellent results for our clients and partners,” said Michael Taylor, CEO of the Stonemark Group.

 “The fact that RADCO put its trust in us to help increase financial performance in these important properties means a great deal.”  

The partnership began in November 2012 when RADCO hired Stonemark to manage rental communities in Atlanta and Lilburn, Ga. Last year, the portfolio grew to include about a dozen more Atlanta-area communities, totaling more than 4,000 RADCO units under Stonemark management. The additional six communities came online in January and February.

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

Terri Thornton

 404-932-4347

Terri@TerriThornton.com 

www.stonemarkmanagementllc.com.

RealtyTrac® Finds Monthly House Payments for Home Buyers Increase an Average 21 Percent from a Year Ago in 325 U.S. Counties

 

Daren Blomquist

IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data,  released a housing affordability analysis showing that the estimated monthly house payment for a median-priced three-bedroom home purchased in the fourth quarter of 2013 — including mortgage, insurance, taxes, maintenance, and subtracting the estimated income tax benefit — increased an average of 21 percent from a year ago in the 325 U.S. counties included in the analysis.

The rise in monthly housing payments came as the result of an average 10 percent rise in median prices across the 325 counties combined with a 33 percent increase in the average interest rate for a 30-year fixed rate mortgage as reported by Freddie Mac in its Primary Mortgage Market Survey.

“A potent combination of rapidly rising home prices and the often-overlooked but significant uptick in interest rates in the second half of 2013 caused the monthly cost of owning a home using traditional financing to jump substantially in many markets over the last year,” said Daren Blomquist, vice president at RealtyTrac.

“The monthly cost of owning a home is still less than renting in the majority of markets, but the cost of financed homeownership is becoming dangerously disconnected with still-stagnant median incomes, driven not by shoddy underwriting practices this time around but by investors and other cash buyers who are not tethered to the typical affordability constraints.

Sheldon Detrick

“One simply needs to look at the minimum income needed to qualify for a median-priced home in some markets to realize the extent of the disconnect between prices and incomes,” Blomquist continued.

“For example, in Los Angeles County, the minimum qualifying income needed to purchase a median-priced home is at more than $95,000, up from about $68,000 just a year ago.”

"Home price appreciation continues to climb in the Oklahoma housing market, and in some instances deters people from buying a house, forcing them to rent, especially given the new mortgage rules that took place in the beginning of 2014," said Sheldon Detrick, CEO of Prudential Detrick/Alliance Realty covering the Oklahoma City and Tulsa, Okla., markets.

"The American dream of owning a home still stands though, so potential homeowners will try to buy as soon as they can."

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

Jennifer Von Pohlmann

949.502.8300, ext. 139

jennifer.vonpohlmann@realtytrac.com

Brittney Marin

949.502.8300, ext. 107

brittney.marin@realtytrac.com

Data and Report Licensing:

800.462.5193

datasales@realtytrac.com