Tuesday, March 11, 2014

HFF arranges construction financing for student housing community serving Florida Atlantic University in Boca Raton, FL

Rendering of planned University Park student housing community, Boca Raton, FL

Elliott Throne
MIAMI, FL – HFF announced it has arranged construction financing for University Park, a to-be-built, 159-unit/599-bed student housing community in Boca Raton, Florida. This will be the first purpose built, off campus student housing deal catering to Florida Atlantic University.

               HFF worked exclusively on behalf of the borrower, a partnership between Rosemurgy Properties, Giles Capital Group and Lewis Rental Properties, to secure the three-year loan through Mutual of Omaha Bank. 

               Due for completion in Spring 2015, University Park will feature two-, three-, and four-bedroom layouts each offering students their own bedroom, bathroom and closet. 

Units will include a washer and dryer, common living room, eat-in kitchen and covered balcony.  Residents will have access to a resort-style pool, fitness center, climbing wall, TRX/Crossfit room, cardio/yoga/boxing studio, arcade table with video gaming, student lounge with video wall, study labs with white boards, juice bar/cafĂ©, computer lounge, sand volleyball court and demonstration/event kitchen.

Adam F. Herrin
 The property is situated on a 10.7-acre site at 135 NW 20th Street, just east of Florida Atlantic University’s Boca Raton campus, which has a total enrollment of more than 29,000 students.  University Park will be managed by Innovative Student Housing.

               The HFF team representing the borrower was led by directors Elliott Throne and Adam Herrin and senior real estate analyst Scott Wadler.

               Founded in 1977 and headquartered in Boca Raton and Deerfield Beach, Florida, Rosemurgy Properties is a privately-owned commercial real estate development, investment and management firm.  Portfolio assets include multifamily, retail, self-storage, office and land properties. 

The company continues to expand in South Florida and other areas in the Southeast based on strategic partnerships and opportunities for diversification.

 FAU Innovation Centre, now known as the Innovation Centre at Florida Atlantic R & D Park, was a 10- year development project on the campus of FAU that Rosemurgy Properties began developing in 1998 and sold in 2008.

 The award-winning project encompassed 70 acres and eight buildings, and was one of the few university research parks of its kind at the time.

Giles Capital Group, founded in 2012, is a real estate advisory and investment company focused on the multifamily industry.  The firm was founded by Richard Giles, a former chief operating officer of The Bainbridge Companies.

Lewis Rental Properties has been a leader in light industrial warehouse rentals and mini storage in south Florida since it was founded in 1970. 

All of their properties are family owned, operated and maintained to ensure the best quality warehouse and storage facilities available anywhere. They entered the student housing space with Addison Park, a 165-bed facility within a block of both FAU’s campus and the University Park development site.

 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

HFF secures $23.5 million in financing for San Diego, CA multi-housing communitiesC

Zach Koucos
SAN DIEGO, CA – HFF announced today that it has secured $23.5 million for Centro Apartments and Harborview Apartments, two Class A multi-housing communities totaling 141 units in National City, San Diego, California.

               HFF worked on behalf of the borrower, PCD Capital Group and Birge & Held Asset Management, in arranging the two loans through Opus Bank.  A $9.3 million fixed-rate loan was secured for Centro, and $14.2 million in fixed-rate financing was placed on Harborview.

The new loans carry 10-year terms, with five-year initial fixed-rate periods on a non-recourse basis.  Both loans are refinancing existing mortgages on the properties.

               Centro Apartments and Harborview Apartments are situated within five blocks of each other at 45 East 12th Street and 819 D Avenue in the South Bay area of San Diego, about four miles south of downtown.  Completed in 2012, Centro is a four-story project with 60 units averaging 959 square feet each. 

The community features a pool, barbeque area, sundeck and ground-level enclosed parking.  Harborview Apartments, completed in 2011, has 81 units in one-, two-, three- and four-bedroom layouts averaging 1,279 square feet each. 

Centro Apartments, National City, CA

Community amenities include a fitness center, business center, structured parking, and a barbeque area. At six stories high, it is the only Class A mid-rise development in the South Bay area.

               The HFF team representing the borrower was led by director Zach Koucos.

“There continues to be great competition in the capital markets for quality multi-housing assets such as these two properties. This was an example where a regional bank offered terms superior to the Agencies, life companies, and conduits in order to win the business,” Koucos said.

Harborview Apartments, National City, CA
               PCD Capital Group and Birge & Held Asset Management own and manage market rate and affordable housing communities throughout the Midwestern and Western United States.

Andrew Held and David Ross oversaw the Harborview and Centro transactions for the borrower.

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

HFF San Francisco hires Jordan Angel in its debt placement group

Jordan Angel

SAN FRANCISCO, CA – HFF announced today that Jordan Angel has joined the firm as a director in its San Francisco office to focus on debt and equity placement transactions in the western United States.

Jordan joins HFF from Barry Slatt Mortgage Company where he had been since 2005.  During his tenure there, he secured more than $1 billion in debt and equity for retail, industrial, office, multi-housing, mixed-use and other commercial property types. 

He is a Certified Mortgage Banker (CMB), the current president of the Bay Area Mortgage Association (BAMA), a member of the commercial real estate conference board for the California Mortgage Bankers Association (CMBA), a member of the programs and legislative action committees for the San Francisco National Association of Industrial and Office Properties (NAIOP), as well as an active member of the National Mortgage Bankers Association (MBA), Urban Land Institute (ULI), International Council of Shopping Centers (ICSC), and the U.S. Green Building Council.

 Angel is also the membership chair for The Belden Club and is an active member of The Guardsmen, an organization that helps at-risk youth in the San Francisco Bay area.  He graduated from The University of California at San Diego with a Bachelor of Science degree.

Bruce Ganong
“Jordan brings strong relationships and deep connections in the commercial mortgage industry and we are confident his experience will prove to be a tremendous benefit to his existing and future clients in the Bay Area.  We are excited to welcome Jordan to HFF,” said Bruce Ganong, senior managing director and co-head of HFF’s San Francisco 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
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

HFF closes $9.7 million sale of retail power center in southwestern Georgia

Albany Square retail power center, 2707 Dawson Road, Albany, GA

ORLANDO, FL - HFF announced today that it has closed the sale of Albany Square, a 125,038-square-foot retail power center in Albany, Georgia.

Brad Peterson
               HFF marketed the property on behalf of the seller, Equity Investment Group.  Cole Credit Property Trust IV, Inc., a real estate investment trust affiliated with American Realty Capital Properties, Inc., purchased the asset for $9.7 million free and clear of existing debt.

               Albany Square is located at 2707 Dawson Road in Albany and was completely renovated in 2013.  The property is 97.6 percent leased to tenants including Hobby Lobby, PetSmart and Party City. 

               The HFF investment sales team representing the seller was led by senior managing director Brad Peterson and senior financial analyst Whitaker Leonhardt in HFF’s Orlando office.

Peterson noted, “Albany Square is located at the epicenter of the most dominant retail trade area in southwest Georgia.  Albany Square is adjacent to a successful Publix Supermarkets and Target and directly across the street from the Albany Mall. 

“With the recent addition of a new Petsmart and Party City to the retail center, combined with recent capital improvements, it feels like a brand new center.”

Whitaker Leonhardt
               Equity Investment Group, Inc. (EIG) is a diversified, Midwest-based investment company with over 60 years of experience investing in and managing commercial real estate and operating companies throughout the United States.

EIG currently owns and manages approximately 40 retail centers in 20 states in addition to office, industrial and other regional commercial property holdings.  EIG affiliates also own and manage several national B2B and B2C manufacturing and distribution companies. 
EIG’s headquarters are located in Fort Wayne, Indiana, with affiliate offices in Atlanta.

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

Renewals & Expansions Drive Leasing Success at 355 Alhambra in Coral Gables, FL; 66,104 Square Feet Leased

355 Alhambra office building, Coral Gables, FL

Brian Gale
CORAL GABLES, FL – March 11, 2014 –Taylor & Mathis of Florida has renewed and/or expanded 53,853 square feet of leases at 355 Alhambra, a landmark office building in Coral Gables. An additional 12,251 square feet was leased to Bank of America in a new deal.  

The award-winning 355 Alhambra, last year’s BOMA Regional Office Building of the Year, has a historically high retention rate with renewals & expansions driving its recent leasing success. 

Owned by AEW Capital Management (AEW) it is leased and managed by Taylor & Mathis of Florida.  The Taylor & Mathis’ Miami leasing team of Brian Gale, Ryan Holtzman, Andrew Trench and Jeannette Mendoza brokered the deals on behalf of the owner.

Recent deals totaling 66,104 square feet include:

Merrill Lynch Pierce, Fenner & Smith, Inc. – Extension – 28,844 RSF – Co-brokered by Javier Osuna of Lincoln Harris

Bank of America, N.A. – 12,251 RSF – New - Co-brokered by Javier Osuna of Lincoln Harris

Marquis Bank – 12,231 SF Renewal & Expansion (4,803 RSF – Expansion – 7,428 RSF – Renewal) – Co-brokered by Barbara Liberatore Black of Cresa

Barbara Liberatore Black
RBB Public Relations, LLC – 6,564 RSF – Renewal – Co-brokered by Adriana J. Rosillo of Flagler Real Estate Services

Genesis Investment Advisors LLC. – 5,371 RSF – Renewal – Co-brokered by David Steinfeld of JLL
Catalyst Pharmaceutical Partners, Inc. – 843 RSF – Expansion – Co-brokered by Matthew Cheezem of Cresa

Located at the center of the Coral Gables business district, this landmark, 16-story, 224,000-square-foot Class A office building is home to nationally-known tenants such as Merrill Lynch, Chase Bank, and Kraft Foods. 

The building is GOLD LEED certified. For more information visit www.355alhambra.com.

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

Brian Gale, Taylor & Mathis
(305) 476-8880  

Sperry Van Ness Chicago Commercial Partners with Real Estate and Auction Veteran Diana Peterson to Launch SVN AuctionWorks

Diana M. Peterson
CHICAGO, IL– Sperry Van Ness (SVN), a leading national commercial real estate brokerage firm, has announced the launch of its newest Chicago-based franchise, Sperry Van Ness AuctionWorks (SVN AuctionWorks).

The innovative, global real estate auction firm will host a multi-property auction online from April 5-7, 2014.  Buyers will have the opportunity to bid online or submit pre-auction offers on a mixture of residential and commercial properties. 

Led by auction expert Diana M. Peterson, SVN AuctionWorks is a Woman-Owned Small Business (WOSB) and an independently owned and operated franchise of SVN. Previously, Peterson served as executive vice president of Auctions by ATG, where she launched the company and was solely responsible for building the firm’s auction platform.

SVN AuctionWorks will provide its clients with the expertise and experience of the SVN network on a global basis.

Al Stepan
 “The auction method continues to be the quickest and most cost effective choice for buyers and sellers worldwide, and with the full-service capabilities of SVN AuctionWorks, we are poised to become a leader in both real estate and personal property auctions,” said Peterson, president of Chicago-based SVN AuctionWorks.

“Partnering with the owners of Sperry Van Ness Chicago Commercial on this venture is a natural fit, as the firm has tremendous experience with auction and brokerage services and will support the endeavor through its extensive network of affiliates.”
“Auctions have grown in popularity immensely in recent years and we wanted to meet this demand by adding a dynamic auction provider to our services,” said Al Stepan, managing director with SVN Chicago Commercial.

“We were impressed with Diana and her accomplishments in the field and we knew a partnership would be beneficial for the firm and our clients. We are thrilled to be in this market and look forward to expanding our business through our partnership with Diana and our sister company, SVN AuctionWorks.”

According to Peterson, the firm’s first auction will take place April 5-7 and includes a diverse list of commercial and residential properties. Online and pre-auction bids will be accepted at www.svnauctionworks.com.

 Interested parties in the April 5-7 online auction should visit www.svnauctionworks.com to register to bid and join the mailing list to receive future auction notices.

In May, SVN AuctionWorks will be holding a personal property auction that will feature office furniture and equipment, plumbing fixtures and equipment and motorcycle enthusiast accessories and merchandise.
For a complete copy of the company’s news release, please contact:

Mark Thomton, mthomton@taylorjohnson.com, 312-267-4523
Emily Johnson, ejohnson@taylorjohnson.com, 312-267-4522

Hendricks-Berkadia Reports Sales of 5,030 Apartment Units in 2013C

Cole Whitaker
ORLANDO, FL --- Hendricks-Berkadia, which ranks as one of the nation’s leading multi-family investment banking and research companies, reported it negotiated sales of 20 apartment communities last year that totaled 5,030 apartment units.

Cole Whitaker, partner at Hendricks-Berkadia who heads the firm’s Southeast region, said sales of multi-family apartment properties last year brought a total of over $325,000,000 in revenues for its clients.

In addition, Hendricks-Berkadia closed 11 land transactions around the state of Florida.

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

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

Stirling Sotheby's International Realty Negotiates $2.59 Million Land Sale North of Heathrow, FL

Ingrid Cameron

Lake Mary, FL – Stirling Sotheby’s International Realty recently negotiated the sale of two prime residential parcels of land totaling 15.91 acres located just north of Heathrow on Orange Blvd. and S. Lake Sylvan Drive for $2,593,330 or $163,000 per acre.

 Roger Soderstrom, owner and founder of Stirling Sotheby’s International Realty, said Ingrid Cameron, luxury marketing specialist in the firm’s Heathrow Marketing Center, negotiated the transaction representing both seller and buyer. 

 The property was purchased by Orlando-based Park Square Homes who plans to develop 38 luxury single-family homes on the site.   Soderstrom said the proposed community will offer gas which is an excellent selling feature in today’s market.

 “Good residential development sites are difficult to locate in this region and in strong demand,” said Soderstrom. 

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

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

SR Commercial to Develop First Spec Product in Vista, CA Market in Past Three Years

SAN DIEGO, CA (March 11, 2014) – SR Commercial has acquired an industrial portfolio in Vista, Calif. consisting of four buildings totaling 168,013 square feet, as well as a 1.43 acre developable land parcel.

The company plans to develop a new, 30,000 square-foot addition on the land parcel, which will be the first speculative construction in Vista in three years, according to Adam Robinson, a Principal at SR Commercial.

“This $15.2 million acquisition presents a tremendous opportunity to add value through repositioning a portfolio that is perfectly aligned with our ongoing investment strategy,” says Robinson, who founded SR Commercial along with partner CJ Stos.

“After implementing any needed improvements, we anticipate selling two of the buildings to industrial users, and holding the remaining two buildings as long-term assets.”

SR Commercial has acquired over a million square feet during the past two and a half years, and has both institutional and private equity partners in place, which expands its buying power and enables the firm to seek out larger deals throughout Southern California, according to Robinson. 

“When we invest with private equity partners, we have the capability of utilizing the kind of strategy we are employing on this acquisition, which is to deliver an asset management strategy including decreasing our basis through selling part of the portfolio, increasing the remaining asset value through rehabilitation, development of additional square-footage, and the deployment of a tactical marketing and leasing/sales program. 

“We have also been able to underwrite assets for a 15-plus year hold, which is somewhat unique as compared to many of our competitors,” Robinson explains.

“Alternately, our firm is equally able to devise a short-term value-add strategy when working with our institutional partners, who require a much shorter horizon in order to meet their needs,” he adds.

The four building industrial portfolio acquired by SR  Commercial is currently 79 percent occupied, and is comprised of two single-tenant buildings, located at 2641 La Mirada Drive and 1385 Park Center Drive; as well as two multi-tenant buildings, located at 2651 La Mirada Drive and 1125 Joshua Way.

1385 Park Center Drive is currently 100 percent occupied by Glacier Water Technologies, while beauty company Creative Nail Design occupies more than half of the Joshua Way building, which was originally a build-to-suit for Creative Nail Design.

Adam Robinson
Adjacent to the Joshua Way building is the land parcel, on which SR Commercial will construct an additional 30,000 square-foot high-bay distribution space that will be divisible with grade and dock-level loading.

“In Vista, there is a very limited supply of quality product with visible street presence, clear height, easily accessible loading, and proper ingress and egress,” notes CJ Stos, a Principal and Co-Founder of SR Commercial. 

“Our new development at Joshua Way will fill a void in the market for new, more functional and more visible industrial space in this size category.”

 “We plan to aggressively market the buildings for sale or lease, and have already received inquiries on the property from industrial users interested in both acquisitions and leasing,” notes Stos.  “Demand for this product is extremely high in the market.”

"In February of 2012, we acquired a similar building in Vista, and were able to lease the property in less than three months,” he adds. “Our success in leasing is a direct result of our strong relationships with local brokers.  We anticipate that leasing for this property will also be completed very rapidly.”

CJ Stos
SR Commercial was represented by Barry Hendler, Rick Reeder and Brad Tecca of Cassidy Turley in the acquisition.

SR Commercial is a privately held, full-service commercial real estate investment company, which acquires, owns and develops income-producing industrial and office properties.  The firm’s two Principals include Adam S. Robinson, CPM, CCIM, SIOR, and CJ Stos, MRED.

As an active commercial real estate operator with a well-established reputation as a value-added investor, SR Commercial focuses on real estate opportunities that are inefficiently priced due to a variety of circumstances.

These include vacancies, rollover risk, sub-optimal management, inefficient current use, deferred maintenance, long-term undervalued leases or other unfavorable property and market conditions.

With its corporate office in San Diego and the Principals' close ties to Orange County and Los Angeles County, SR Commercial has positioned itself to become one of the leading real estate investment companies in its respective markets.

 In addition to owned real estate, the firm provides third-party management for more 5 million square feet of industrial, office, and retail properties. 

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

Amanda Alenick/ Jenn Quader
 Brower, Miller & Cole
(949) 955-7940