HFF secures $165 million financing for 4-property retail portfolio in Pennsylvania and Ohio

The Waterworks, Pittsburgh, PA

PITTSBURGH, PA - HFF announced it has secured $165 million in financing for a four-property retail portfolio totaling more than 1.9 million square feet in Pennsylvania and Ohio.

Working on behalf of the borrower, J.J. Gumberg Co., HFF secured a fixed-rate loan on three of the properties through CorAmerica Capital, LLC and JP Morgan Chase Bank, National Association and a floating-rate loan on the fourth property through CorAmerica Capital, LLC. 

The portfolio includes a mixture of two enclosed malls, a grocery-anchored retail center and a power center.  Individual property details are listed below:

Property Name & Location      Size                     Year Built      Occupancy

Clearview Mall                                     760,000 SF            1998         94%

Butler, Pennsylvania

The Waterworks                             640,000 SF            2005           99%

Pittsburgh, Pennsylvania

North Huntingdon Square                 130,000 SF            1975            100%

North Huntingdon, Pennsylvania    

Northtowne Mall                              385,000 SF            1986            98%

Defiance, OH                                       

The HFF debt placement team was led by executive managing director Gerard Sansosti and senior analyst Brandi Wyskocil.

Brandi Wyskocil

J.J. Gumberg Co. is a third-generation, global real estate investment and development company.  Headquartered in Pittsburgh, Pennsylvania, Gumberg has been an established industry leader for nearly 90 years, and is one of the largest privately held retail real estate developers in the country with a focus on creating institutional-quality, large-scale retail properties.

For more information, 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 $40.41 million financing from U.S. Bank for creative office campus in Los Angeles

bLAckwelder office campus, La Cienega Boulevard at Fairfax Avenue,  Los Angeles, CA

Mark Wintner

LOS ANGELES – HFF announced it has arranged a $40.41 million financing for bLAckwelder, a 150,627-square-foot creative office campus in Los Angeles, California.

HFF worked on behalf of the borrower, a joint venture between Alcion Ventures and Genton Property Group, to secure the three-year, floating-rate bridge and construction loan through U.S. Bank.  The loan will be used for the continued redevelopment of the asset.

The bLAckwelder campus is located on La Cienega Boulevard at the intersection of Fairfax Avenue just north of Jefferson Boulevard and approximately one-half mile south of Interstate 10. 

The project is situated on a 6.18-acre site that consists of 19 renovated, to-be-renovated, or to-be-constructed creative office buildings.  13 buildings were recently renovated and are 100 percent leased to multiple tenants.

  Five of the six remaining buildings are scheduled for conversion from industrial to creative office space, with the last scheduled to be demolished and replaced with a new creative office building.

The HFF team representing the borrower was led by managing director Mark Wintner along with senior managing director Doug Bond.

Doug Bond

Alcion Ventures is an entrepreneurial real estate private equity firm that executes a high-yield investment strategy with uniquely positioned real estate in select North American markets.

Genton Property Group, based in Los Angeles, California, is a diversified real estate investment company focused on Southern California office, industrial and multifamily acquisition and development opportunities. 

Genton Property Group, directly or through affiliates, currently owns real estate investments totaling more than $500 million, with invested equity exceeding $150 million.

For more information, 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

NAI Realvest Negotiates New Industrial Lease of 10,000 Square Feet in Apopka, FL

George Livingston

ORLANDO, FL--- NAI Realvest recently negotiated a new lease for 10,000 square feet of industrial property at 2402 Clark St. in Apopka.  

           

NAI Realvest broker associate Drew Saphos, CCIM, associate Paul Vera, principal Christie Alexander, and chairman George Livingston represented the local tenant Elro Manufacturing, a manufacturer of exterior cladding and other metal products for the construction industry.

The landlord is Rubenstein Investment Co. of Longwood, represented by Results Real Estate Partners.

For more information, please contact:

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