HFF closes sale and arranges financing for South Florida mixed-use property

Dadeland Square, 7700 North Kendall Drive, Miami, FL

MIAMI, FL – HFF announced today the closing of the sale and concurrent financing of Dadeland Square, a mixed-use retail and office center in Miami, Florida. 

HFF marketed the property on behalf of The Green Companies, a Miami-based real estate company.  COFE ZM Dadeland LLC purchased Dadeland Square and hired HFF to arrange financing through JP Morgan Chase & Co. 

Dadeland Square is located at 7700 North Kendall Drive in Miami, Florida.  

The property is situated within the most densely-developed area south of Downtown Miami and is near the Simon-owned Dadeland Mall.  Dadeland Square is a mixed-use retail and office center totaling 214,357 square feet that is 95 percent leased and anchored by TJ Maxx, HomeGoods, Jo-Ann Fabric and Craft and Guitar Center.  

Daniel Finkle

The HFF investment sales team representing the seller was led by managing director Luis Castillo, senior managing director Danny Finkle and director Ike Ojala.

“Dadeland Square was a highly sought-after opportunity and reflects investors’ desire to acquire well-located assets backed by strong retailer and office tenant performance,” Castillo said.

HFF’s debt placement team representing the buyer was led by senior managing director Paul Stasaitis and senior analyst Nat Scarmazzi.

“The Dadeland Square asset, coupled with highly regarded sponsorship, yielded outstanding finance terms and lender interest,” Stasaitis added.  

“Driven by strong residential demand, the Dadeland submarket’s retail and office sectors only stand to benefit further from already-impressive rental and occupancy levels.”

Luis Castillo

HFF’s investment sales team secured more than $553 million in sales of retail assets nationally during the first quarter of 2014.  In Florida, HFF closed more than $134 million in retail transactions across all capital markets platforms during the same period.

The Green Companies is one of Miami's oldest family-owned firms, specializing in real estate development, acquisition, and property management.  

Since 1948, The Green Companies have constructed thousands of homes, condominiums, rental apartments and planned residential communities.  The firm is also responsible for more than two million square feet of office and mixed-use development in South Florida

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 $23 million sale of two Publix-anchored shopping centers in Florida

New Smyrna Beach Regional Shopping Center,
New Smyrna Beach, FL

ORLANDO, FL – HFF announced today the closing of the $16 million sale of New Smyrna Beach Regional, a 118,451-square-foot, multi-tenant retail center in New Smyrna Beach, Florida, and the $7 million sale of Forest Village, a 71,526-square-foot, multi-tenant retail center in Tallahassee, Florida.

               HFF marketed both properties exclusively on behalf of the seller, Equity One, Inc.  Publix Supermarkets Inc. purchased the properties for a total of $23 million in two separate transactions.

Brad Peterson

               Both shopping centers are Publix-anchored.  New Smyrna Beach Regional (NSB) sits on 19.8 acres on State Road 44 in New Smyrna Beach, Florida, and is the largest multi-tenant center in the area.  Built in 1987, the center is 90 percent occupied and, in addition to Publix, includes Dollar Tree, Pet Supermarket and Metcare of Florida as tenants. 

               Forest Village is located at the intersection of Crawfordville Road and Capital Circle S.W. in Tallahassee, which has a daily traffic count of approximately 36,400 cars.

  It sits on 15.9 acres with an additional 15.4 acres of undeveloped land, which was included in the sale.  Built in 2000, the property is 79 percent occupied to tenants including Publix, Rent-A-Center, Pizza Hut and The UPS Store. 

               The HFF team representing the seller was led by senior managing director Brad Peterson and real estate analyst Whitaker Leonhardt.

Whitaker Leonhardt

“These properties presented investors with an opportunity to acquire two seasoned and successful shopping centers,” Peterson said.  “HFF has sold 23 Publix-anchored shopping centers in Florida since 2012, and we continue to see very strong demand for these types of retail investments.”

HFF’s investment sales team secured more than $553 million in sales of retail assets nationally during the first quarter of 2014.  In Florida, HFF closed more than $134 million in retail transactions across all capital markets platforms during the same period.

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 $10.5 million refinancing for New Jersey office buildings

Michael Klein

FLORHAM PARK, NJ – HFF announced today that it has secured a $10.5 million refinancing for 180-188 Mt. Airy Road, a two-building office property totaling 104,202 square feet in Basking Ridge, New Jersey.

               Working on behalf of Lincoln Property Company, HFF placed the five-year, floating-rate loan with OceanFirst Bank.  Loan proceeds will be used to retire existing debt and return equity to the partnership.

               180-188 Mt. Airy Road is located in northern New Jersey 54 miles outside of New York City in an area known as the state’s “Wealth Belt” along Interstate 78.

  Situated on 14.4 acres, the asset is comprised of two two-story, multi-tenant office buildings containing 104,202 square feet of rentable space.  180 Mt. Airy Road was renovated in 2004, and 188 Mt. Airy Road was renovated in 2007. 

 The properties are 95 percent leased, and major tenants include Montgomery Academy, The Learning Experience, Integrated Device Technology and Mt. Airy Associates.

Mack Pogue

               The HFF debt placement team representing the borrower was led by director Michael Klein and associate director Andrew Roland.

“The borrower was seeking short-term financing with maximum prepayment flexibility in the event of a sale of the property in the future,” Klein said.

 “Ocean First understood the unique tenant mix at the property and was attracted by the strength of the subject’s submarket.  As a result, the bank was able to provide an aggressive floating-rate loan that best met the joint venture’s current and future needs.”

               Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately held real estate firm involved in real estate investment, development, property management and leasing worldwide.

 Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln's cumulative development efforts have produced more than 100 million square feet of commercial space and more than 185,000 multifamily residential units.

Lincoln Property Company is one of the largest commercial real estate companies in the world.  Lincoln’s transaction team was led by, vice president
Mike Taylor. 

He can be reached at 973-599-0050 with any questions, or for more information on Lincoln in the New Jersey or Tri-State NYC Area.

OceanFirst Bank is a full-service community bank headquartered in Ocean County, New Jersey and provides commercial and residential financing as well as checking, savings and online services to retail and business clients throughout the region.

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

Paul Shailendra Appointed to Board of Alexander-Tharpe Fund and College of Engineering Advisory Board at Georgia Tech

Paul Shailendra

ATLANTA, GA (July 29, 2014) — Paul Shailendra, president of SG Property Services, was recently appointed to two boards at Georgia Tech — the board of the Alexander-Tharpe Fund Inc. and the College of Engineering Advisory Board.

 The primary purpose of the Alexander-Tharpe Fund Inc. is to raise the money for scholarships for Georgia Tech's student athletes. The annual goal is to raise enough money to cover the cost of the number of scholarships currently allowed by the NCAA.

 The College of Engineering Advisory Board provides advice to the dean regarding priorities and directions for engineering education and research.

 “I am honored serve my alma mater, Georgia Tech, by sitting on these boards, which have such a positive impact on students’ lives,” Shailendra said.

 Shailendra graduated from Georgia Tech with a bachelor’s degree in civil engineering. He is also an alumnus of Woodward Academy and sits on the school’s advisory council.

Georgia Gov. Nathan Deal

Last year, Gov. Nathan Deal appointed Shailendra to the Georgia Department of Natural Resources’ Board of Directors, which is responsible for setting rules and regulations on matters ranging from air and water quality to hunting seasons in Georgia and provides input on the state agency’s budget recommendations and legislative initiatives.

 He currently serves on the Board of Directors of the Metro Atlanta YMCA and the Board of Directors of Midtown Alliance. Shailendra also co-chairs the YCEO golf tournament and is a chair of the Buckhead chapter of Ducks Unlimited.

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

Stephen Ursery

The Wilbert Group

404-549-7150 (O) 404-405-2354 (C)

sursery@thewilbertgroup.com

Cocke, Finkelstein To Develop New Apartment Community in DeKalb County, GA

Chamblee Gateway Apartments Rendering,
Peachtree Boulevard and Chamblee-Tucker Road,
DeKalb County, GA

ATLANTA, GA (July 29, 2014) — Cocke, Finkelstein Inc. (CFI), a full-service multifamily investment firm, has acquired six acres in metro Atlanta at the intersection of Peachtree Boulevard and Chamblee-Tucker Road in DeKalb County.

The firm plans to develop a 283-unit, urban-infill apartment community called Chamblee Gateway, and construction of the Class A property is slated for completion in early 2016.

The Chamblee Gateway land acquisition capped a busy early summer for CFI, as the firm also recently acquired 658 apartment units in metro Atlanta and Michigan, and broke ground on a new apartment community in Atlanta’s prestigious Buckhead sub-market.

Byron Cocke

More specifically, CFI acquired the 296-unit Reserve at Twin Oaks in Clarkston, Georgia, for $12.25 million and three communities in Michigan — the 102-unit Garden Court Apartments in Monroe, the 110-unit Newberry Apartments in Lansing and the 150-unit Olivewood Apartments in Sterling Heights — for $11 million. CFLane, the property management subsidiary of CFI, will manage the four newly acquired communities.

On the development side, The Ardmore, CFI’s 165-unit apartment community in Buckhead, is slated for a third-quarter 2015 completion. 

In addition, leasing has begun at Collier Lofts, a Class A, 184-unit apartment  community in Atlanta’s thriving Buckhead West neighborhood, and construction is slated to be completed this summer.  CFI is co-developing both communities with Enfold Properties.

“The apartment market continues to thrive, both in our hometown of Atlanta and across most of the nation,” said Byron Cocke, Co-CEO of CFI and CFLane. “With the favorable macro economic conditions and our disciplined acquisition and development strategies, we are confident these additions to our portfolio will perform outstandingly and deliver strong returns for our investors.”

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

Stephen Ursery

The Wilbert Group

404-549-7150 (O) 404-405-2354 (C)

sursery@thewilbertgroup.com

Marshall Hotels & Resorts to Manage Under Construction Hotel Indigo Manhattan Financial District

  

 NEW YORK CITY, NY and SALISBURY, MD, July 29, 2014—Marshall Hotels & Resorts, a leading hotel management and services company that operates properties nationwide, announced today that it has been selected by owner 10-12 MLane LLC to manage the under-construction Hotel Indigo Manhattan Financial District.  

Marshall will handle all pre-opening activities, as well as operate the hotel upon opening in 2016.

“This will be our third current hotel in Manhattan and eighth new build project in the city,” said Mike Marshall, president and CEO.  “While the hotel will not open its doors for another 18 months or so, the hotel’s future success begins now. 

Michael Marshall

“We will provide input throughout the construction process to help maintain schedules and optimize efficiency, initiate a comprehensive marketing outreach program and bring on experienced staff to ramp the hotel quickly in order to open the property smoothly with a solid book of business. 

“Manhattan is a one-of-a-kind market with numerous idiosyncrasies and demand generators,” he noted. 

“The city has seen a significant amount of new construction in this segment in the past few years which requires creative marketing and operating strategies to succeed.

“ Implementation of our proprietary systems, calling on our in-depth experience in the market and taking advantage of our economies of scale will give this hotel a competitive advantage in all phases of the hotel cycle.”

The Hotel Indigo Manhattan Financial District is centrally located on Maiden Lane between Nassau Street and Broadway, one block from the new One World Trade Center. 

One World Trade Center, New York City, NY

The 25-story, 190-room property’s design will incorporate the theme of time to honor the area’s legendary history of being a craftsman center for fine jewelry and watch-making. 

The hotel will offer 1,450 square feet of meeting space, a fitness center and a rooftop lounge.  

Guests and locals will enjoy a great neighborhood bar with seasonally and local sourced food. 

“Our plan is to operate the hotel so that it becomes an immediate classic in one of the most dynamic neighborhoods in Manhattan,” Marshall said.  

“We expect the Indigo brand and its amenities to be a significant factor in achieving that plan.”

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

Chris Daly, media

Daly Gray Public Relations

(703) 435-6293

chris@dalygray.com