HFF arranges $55 million financing for multi-housing community in Oxnard, CA

Peter Smyslowski

SAN FRANCISCO, CA – HFF announced today that it has arranged $55 million in financing for Paz Mar Reserve, a 385-unit waterfront multi-housing community in Oxnard, California.

                Working on behalf of the borrower, Prime Residential, HFF placed the 10-year, fixed-rate loan with The Guardian Life Insurance Company of America.  Loan proceeds were used to retire an existing floating-rate loan through a national lender and conduct an extensive property renovation.

                Paz Mar Reserve is located at 3100 Peninsula Road in Channel Islands Harbor.  The community is 97 percent leased and consists of 385 studio, one- and two-bedroom units.  Community amenities include a swimming pool, spa, fitness center, lounge and business center. 

                The HFF debt placement team representing Prime Residential was led by managing director Peter Smyslowski.

                “Paz Mar represents a unique opportunity for Guardian to finance a stunning, oceanfront apartment community that enjoys significant barriers-to-entry and outstanding, market fundamentals,” commented Smyslowski.

Paz Mar Reserve, Oxnard, CA

                Prime Residential is one of the largest private owners of high-quality, multifamily rental communities in the Western United States.  The company’s current portfolio contains approximately 19,000 units.  Prime Residential maintains a strong internal management capacity to maximize investment success.

 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) 617-848-1572 | cel 617.543.4873 | www.hfflp.com

krmurphy@hfflp.com

HFF closes sale of Spring Cypress Village in northwest Houston, TX

Rusty Tamlyn

HOUSTON, TX – HFF announced today that it has closed the sale of Spring Cypress Village, a 101,371-square-foot, grocery-anchored retail center in northwest Houston.

                HFF marketed the property on behalf of the seller, Delaware Life Insurance Company, formerly known as Sun Life Assurance Company of Canada (U.S.), through its advisor, Guggenheim Partners.  Phillips Edison and Company purchased the asset for an undisclosed amount.

                Spring Cypress Village is situated on 15.69 acres at the intersection of State Highway 249 and Spring Cypress Road.  The grocery-anchored property was renovated in 2007 and is leased to national and regional tenants, including Sprouts Farmers Market, Spec’s Liquor, YES Kids Fitness, Wolfies Bar & Grill, State Farm Insurance, Earthwise Pets and a freestanding Burger King. 

Ryan West

                The HFF investment sales team representing the seller was led by senior managing director Rusty Tamlyn, managing director Ryan West and associate director Matt Berry.

“Spring Cypress Village is just one of a few assets where Sprouts was able to breathe new life into an older, yet well-located project in Houston,” West said.

 “We recently sold Kirkwood Marketplace, another asset where Sprouts backfilled the anchor position and we are currently marketing Copperfield Village where the same scenario played out in an old Randalls’ box.”

“The regeneration of these assets is the result of pent up tenant demand in a tempered retail development environment,” Berry added.  

 “For that same reason, buyers are able to underwrite significant rental growth across the small shop space as any new retail project will often require nearly double the rent most of these established small shop tenants are currently paying in these projects.”     

Spring Cypress Village shopping center
Houston, TX

Guggenheim Partners is a global investment and advisory firm with more than $210 billion in assets under management.  

The firm provides asset management, investment banking and capital markets services, insurance services, institutional finance and investment advisory solutions to institutions, governments and agencies, corporations, investment advisors, family offices and individuals.  

Guggenheim Partners is headquartered in New York and Chicago and serves clients around the world from more than 25 offices in eight countries. For more information about Guggenheim Partners, visit www.guggenheimpartners.com.

Phillips Edison & Company is a fully integrated retail real estate company with a portfolio of more than 31 million square feet of shopping centers across the country. Since 1991, the firm’s primary mission has been to purchase under-performing, grocery-anchored properties and maximize their value through hands-on leasing, management and redevelopment. Their portfolio now includes more than 260 properties that meet the everyday shopping needs of communities from coast to coast.

 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) 617-848-1572 | cel 617.543.4873 | www.hfflp.com

krmurphy@hfflp.com

Voit Continues Its Expansion in Las Vegas with Addition of Elizabeth Moore

Elizabeth Moore

Las Vegas, NV (Aug. 4, 2014) –Voit Real Estate Services is pleased to announce the addition of Elizabeth Moore to the Las Vegas office’s brokerage team as Senior Associate.

“We’re excited to have Elizabeth join the Voit family,” stated Tom Johnston, Managing Director for the Las Vegas office. “She is a seasoned professional that will further strengthen our industrial division and enhance our ability to continue providing our clients with best in class services.”

Prior to joining Voit, Elizabeth was with Newmark Grubb Knight Frank where her primary responsibilities included sales and leasing of office and industrial properties, as well as tenant and landlord representation. 

Before Newmark, she was a Senior Associate with IPG Commercial Real Estate Services in a similar role. Prior to getting into brokerage, she worked in the hospitality and gaming industry for 15 years where she sharpened her customer service skills which continue to serve her well today in her client relationships. 

Tom Johnston

Elizabeth is an active member of NAIOP and was named a CoStar Power Broker in 2006 and 2007. She received her Bachelor of Arts in Art History & Management from Simmons College in Boston.

  

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

Jessamyn J. Miller | Marketing Manager

Voit Real Estate Services

101 Shipyard Way | Newport Beach, CA 92663

T (949) 566-6422 | C (949) 929-7147

jjmiller@voitco.com | www.voitco.com

License #01333376

The PRES Companies Acquires $42 Million Office Portfolio Totaling 290,657 Square Feet in Brea, CA

  

Dan Vittone

 Irvine, CA, Aug. 4, 2014 – In a strategic move to grow its rapidly expanding California commercial real estate presence, The PRES Companies (PRES), a full-service owner and operator of office, retail, industrial, and hotel properties, has purchased a portfolio of four, Class B office buildings totaling 290,657 square feet (SF) in Brea, Calif. for $42 million in an off-market transaction.

 The portfolio is 72 percent leased and consists of two projects that are well located near the 57 and 91 freeways in north Orange County.

 The first property in the portfolio is Brea Park Center, which includes three buildings totaling 171,411 SF located at 2601 Saturn Street, 500 S. Kraemer Blvd. and 2650 E. Imperial Highway.

 Brea Park Center includes tenants such as Citizens Business Bank, General Services Administration (GSA), FIT Electronics, and the California Department of Public Health. The property offers recent upgrades to common areas including the lobbies, elevator cabs and open-air courtyards.

Alan Pekarcik

 The second property is Brea Corporate Plaza, which totals 119,246 SF and is located at 3230 E. Imperial Highway. Brea Corporate Plaza’s tenants include Nestle Waters and Yellow Box Corp.

PRES is planning to make upgrades to the common areas including re-painting the buildings, updating the landscaping, adding new monument signs, and renovating the lobbies and corridors.

 Avison Young principals Dan Vittone and Alan Pekarcik, based in the company’s Irvine office represented PRES in the transaction.

 “This portfolio has performed well over recent months with significant leasing activity as the office market makes a robust recovery in key Southern California locations,” said David Bonaparte, managing principal with PRES.

 “The Brea office market vacancy dropped to 12 percent in the second quarter of this year and we see a great opportunity to add value to the portfolio with an aggressive leasing program as demand for office in this local area improves.”

 Bonaparte added that PRES will assume leasing and management responsibilities for the portfolio.

 Including this current buy, PRES has significantly added to its California property holdings over the past 12 months with more than $121 million in office and hotel acquisitions totaling more than 667,000 SF.

In late 2013 the firm acquired 420 Taylor Street, a 78,060-SF office building in San Francisco for $27.25 million. Early this year, the firm acquired 200 Center Street in Anaheim, a 191,647-SF office property, for $18.1 million.  

 All told, the firm currently owns and operates a portfolio of over one million square feet of properties and has several value-add acquisitions in its pipeline that will significantly add to that number over the next twelve months.

 “PRES plans to continue acquiring properties in key California markets ranging in value from $5 million to $50 million over the next year,” said Bonaparte. “Additionally, we continue to grow our asset and property management services platform on behalf of third-party ownership.”

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

Atlanta Apartment Association to Host 24th Annual Can Can Ball at the Sheraton Atlanta Hotel

Karen Nelson

            ATLANTA, GA (Aug. 4, 2014) – The Atlanta Apartment Association (AAA) members are throwing their 24th Annual Can Can Ball with a theme inspired by “The Great Gatsby.” 

Come dolled up in glitter and gold attire, and be prepared to time travel back to the roaring 20’s at this black-tie optional event.

The AAA, a multi-family housing trade association in metro Atlanta, invites association members, apartment community vendors, Atlanta residents and Food Bank supporters to participate and help raise funds to provide food assistance to the hungry.

Can Can Ball 2014 will take place Friday, August 22 from 8 p.m. to midnight at The Sheraton Atlanta Hotel located at 165 Courtland Street NE in Downtown Atlanta.

            Guests will enjoy an evening full of excitement, including live entertainment for dancing the night away, a selection of delicious light fare from Atlanta-area restaurants, a cash bar and fabulous silent auction items that are the bees’ knees! Event Co-Chairs are Karen Nelson of Pinnacle and Eric Coryer of Ready Fitness.

 Last year, the Can Can Ball raised $186K, which allowed the Food Bank to provide more than 4 million meals for families, seniors and individuals in the metro Atlanta and north Georgia region. 

The AAA hopes to exceed last year’s donations and raise $200K to support the Food Bank’s efforts this year.

 "The Atlanta Apartment Association is proud to partner with such an extraordinary organization as the ACFB,” said Co-Chair Nelson. “Our dedicated group strives to provide the most successful event possible each year.  We could not achieve success without the selfless effort from over 100 volunteers.

Eric Coryer

“Thank you in advance for your support by attending the Can Can Ball. It is our community that benefits from this special evening every year; we look forward to seeing you there."

 Tickets are $75 per person. For more information or to purchase tickets, visit www.cancanball.org or call 678.298.2254.

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

Angie Clawson

Angie.clawson@acfb.org

Office 678-553-6010 

Mobile 404-569-4945