Renovated Affordable Housing Community in Baton Rouge, LA Reopens to Residents

Michael Gaber

BATON ROUGE, LA – WNC, a national investor in real estate and community development initiatives, announced the full renovation of Renaissance Gateway, a 208-unit affordable housing community previously known as Ardenwood Park Apartments, in Baton Rouge, La., is complete.

WNC provided $10.3 million in low-income housing tax credit (LIHTC) equity to fund the project.

 With a total development cost of $28.1 million, the property was co-rehabilitated by Renaissance Gateway Associates LLC, an entity of Community Development Inc., and 4321 Associates LLC.

 “We are pleased to have played a key role in the transformation of Renaissance Gateway and in providing  quality affordable housing to the members of the Baton Rouge community that are most in need,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber.

“With the growing demand for affordable housing greatly outpacing the supply throughout the country, WNC and its development partners are committed to the preservation of existing affordable housing through the renovation of apartments such as this.”

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

Julie Leber

Spotlight Marketing Communications

949.427.5172, ext. 703

julie@spotlightmarcom.com

www.wncinc.com

.

Morningside Group and Crossroads Development Partners Break Ground on Northbrook, IL-Based Mixed-Use Development NorthShore 770

  

David Strosberg

CHICAGO,IL, Aug. 14, 2014 -- Co-developers Morningside Group and Crossroads Development Partners have broken ground on NorthShore 770, a 347-unit luxury apartment project and 101,435-square-foot retail center at 770 Skokie Blvd. in Northbrook, Ill.

 “This combination of ultra-luxury apartments and major retail will be the first-of-its-kind in the area, ushering in a unique development that will create an impressive gateway to the Village of Northbrook and set a new standard for north suburban lifestyle centers,” said David Strosberg, president and managing principal of Chicago-based Morningside Group.

“With its convenient location and best-in-class amenities, NorthShore 770 is sure to be the most in-demand luxury apartment development in the area.”

 Located at the highly-visible corner of Skokie Boulevard and Dundee Road, with immediate access to Interstate 94 and close to popular attractions like Ravinia and the Chicago Botanic Garden, the public/private partnership mixed-use development is scheduled to open its retail component in summer 2015 and the luxury apartments in winter 2016.

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

Mark Thomton, mthomton@taylorjohnson.com, 312-267-4523

Kim Manning, kmanning@taylorjohnson.com, 312-267-4527                                

Charles Dunn Co. Completes $4 Million Sale of Industrial/Office Property in Thousand Oaks, CA

John Anthony

 LOS ANGELES, CA, Aug. 14, 2014 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $4 million sale of a vacant 36,000-square-foot flex property in Thousand Oaks, Calif.

John Anthony and Chris Steck with Charles Dunn Company represented the receiver in the sale of the property, while David Parker of Chase Partners, LTD represented his investment group in the acquisition of the property.  Jerry Wang was the receiver on the property which was in foreclosure by Bank of America.

Built in 2003, the asset is located near the 101 and 23 freeways at 2610 Conejo Spectrum and is situated within a master-planned, 100-acre business park. The flex property has approximately 8,500 square feet of office space with the balance being open warehouse.

“The new ownership is already in negotiations with several tenants,” said Anthony. “With the strong demand for this type of space in a quality building within this submarket, the expectation is to have the property leased very soon.”

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

HFF arranges $290 million construction loan for The Surf Club Four Seasons Private Residences and Hotel in Surfside, FL

Surf Club Four Seasons Private Residences and
 Four Seasons Hotel, 9011 Collins Avenue North
Surfside, FL

MIAMI, FL - HFF announced it has arranged a $290 million construction loan for the development of The Surf Club Four Seasons Private Residences and Four Seasons Hotel in Surfside, Florida, which will include 151 residential units, 77 hotel rooms, and luxury retail and restaurant space. 

HFF worked on behalf of the borrower, SC Property Acquisitions, LLC, an entity controlled by Fort Capital Management, to secure the construction loan through The Blackstone Group’s Debt Strategies Fund.

The Surf Club is located at 9011 Collins Avenue with more than 900 linear feet of Atlantic Ocean frontage and is within walking distance of the world famous Bal Harbour Shops.

 Situated on three parcels of land totaling approximately 8.7 acres, the resort will be centered around the meticulously renovated Mediterranean building, which has housed The Surf Club since its inception in 1930, playing as home to luminaries from Elizabeth Taylor to Winston Churchill for more than eight decades. 

Jim Dockerty

Complementing the clubhouse will be three modern 12-story glass towers designed by Pritzker Prize-winning architect Richard Meier consisting of condominium and hotel space and two four-story buildings dedicated to condominiums, retail and parking.

 The project will be completed in 2016.  Four Seasons Hotel amenities will include a fine dining restaurant, 15,000-square-foot Four Seasons spa, resort-style swimming pools, fitness centers and beach cabana lounge areas. 

The HFF team representing the borrower was led by managing director Jim Dockerty and senior real estate analyst Scott Wadler. 

Blackstone was represented in the transaction by Michael J. Barker, Esq. of Fried, Frank, Harris, Shriver & Jacobson LLP, and Luis Flores, Esq. of Arnstein & Lehr LLP. 

Fort Capital was represented by William G. McCullough, Esq. and John F. Halula, Esq. of Holland & Knight LLP.

According to Dockerty, “With USD $1.2 billion of inventory and more than 60 percent of the residences already sold, the project is on track to have the largest sellout in the history of luxury residential real estate for a project 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 secures financing for 401 North Michigan Avenue in Chicago, IL

401 North Michigan Avenue
Chicago, IL

CHICAGO, IL – HFF announced it has arranged financing for 401 North Michigan Avenue, a 35-story, 758,131-square-foot Class A office tower along Chicago’s “Magnificent Mile”.

                HFF worked exclusively on behalf of Zeller Realty Group (“ZRG”) to secure the five-year, floating-rate loan through Blackstone Mortgage Trust.  Loan proceeds are being used to enhance the property over the next three years. 

                401 North Michigan Avenue is located along The Chicago River adjacent to the Chicago Tribune Tower, the downtown campus of the University of Chicago’s Booth School of Business/Gleacher Center and the Wrigley Building. 

Express buses from both Union and Ogilvie train stations serve the property; and given its location at Michigan Avenue and the Chicago River, the property boasts some of the most breathtaking views in downtown Chicago. 

The property was originally built in 1965 and is 81 percent leased to tenants including Kraft, University of Chicago, MTV, and several significant family offices and fund managers.

Mike Kavanau

 Building enhancements include a new lobby; a 19th floor amenity package featuring a tenant lounge with Wi-Fi, fireplace, coffee station, and training and boardrooms; a new river and street level restaurant concept, and a fitness center.

                The HFF debt placement team representing the borrower was led by senior managing directors Mike Kavanau and Dave Keller and managing director Christopher Carroll.

                “401 North Michigan Avenue is one of the most iconic towers in Chicago, consistently featured as the center of the city in print and television,” said Kavanau. 

“With the renovation of Wrigley, expansion of Northbridge, new addition of luxury hotels, and filling in of the ‘missing link’ of Michigan Avenue south of the River, 401 North Michigan Avenue is effectively the new nexus of the city,” added Carroll.

“It is exciting and rewarding to be once again entrusted with the assignment to recapitalize 401 North Michigan, an asset that HFF financed with Zeller Realty Group’s acquisition in 2001,” said Keller.

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

www.zellerrealty.com.

www.bxmt.com.

Tampa Bay-Area Multifamily Complex Sells for $18 Million

Bay Pointe Apartments, Largo, FL

LARGO, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Bay Pointe Apartments, a 417-unit apartment complex in Largo, Fla. The $18 million sales price equates to $43,165 per unit.

            Francesco Carriera and Michael Regan, vice presidents investments in Marcus & Millichap’s Tampa office, represented the seller and the buyer.

“Bay Pointe Apartments is located within a 10-minute drive of two of Clearwater’s key business districts, Gateway and Carillon,” says Carriera.

Francesco Carriera

“Average apartment occupancy in the area is 96 percent. Largo received a 5.1 percent increase in occupancy between the second quarter of 2013 and the second quarter of 2014,” adds Carriera.

 “This was the highest increase in all of the Tampa Bay Area’s submarkets.”

“The complex is well positioned to display strong performance in the immediate future and will grow in the long term by taking advantage of the area’s improving market and quarterbacking off the development of new Class A multifamily product in the immediate area,” notes Regan.

The property is located on approximately 21 acres at 2770 Roosevelt Blvd. in Largo, Fla., four-tenths of a mile east of U.S. Highway 19 and within two miles of the St. Petersburg-Clearwater International Airport.

Bay Pointe Apartments features 52 two-story residential buildings, a one-story laundry facility and a one-story leasing office and laundry facility. The unit mix is 240 one-bedroom/one-bath apartments and 177 two-bedroom/one-bath units.

Michael P. Regan

In 2013, the property received exterior capital improvements that included new roofs on two buildings, the replacement of nine staircases, the repainting and resealing of the parking lot and new paint on 12 of the residential buildings.

Select first floor unit interiors received new vinyl flooring. Shared amenities include a tennis court, a business center and two swimming pools.

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

Gina Relva

Public Relations Manager

Marcus & Millichap Capital Corporation

(925) 953-1716

$25.6 Million Acquisition Loan Arranged by Marcus & Millichap Capital Corp. in Doylestown, PA

John Banas

DOYLESTOWN, PA – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged a $25,687,000 loan for the purchase of a 350-unit high-rise in Doylestown, Pa.

John Banas and Kristopher Wood, senior directors in MMCC’s Philadelphia office, arranged the loan.

            “MMCC provided the borrower with a range of options for obtaining the capital necessary for this purchase. An agency lender proved to be the best fit,” says Banas.

“The new owner will continue to convert the building from primarily seniors housing to market-rate multifamily and plans to streamline operations and enhance the asset with additional apartments or more community amenities,” adds Wood.

            The 10-year loan amortizes over 30 years. The interest is fixed at 4.41 percent and the loan to-value is 80 percent.

Kristopher Wood

            “Kris and John are among our most experienced finance professionals,” comments John Wilcox, MMCC’s vice president, East Coast capital markets.

 “Their work on this transaction exemplifies their consultative approach: identifying the client’s needs and matching them with the capital source that offers the most compelling terms.”

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

Gina Relva

Public Relations Manager

Marcus & Millichap Capital Corporation

(925) 953-1716

Franklin Street Capital Advisors Launches Mezzanine Lending Program

Danny York

ATLANTA, GA — Franklin Street Capital Advisors (FSCA) has launched a proprietary small-balance mezzanine loan program. In addition to offering direct mezzanine loans, FSCA also specializes in the placement of first mortgage debt and equity solutions.

 “With the amount of CMBS debt maturing during the next couple of years, we saw an opportunity to provide sophisticated investors a solution in the event of a refinance shortfall,” said Danny York, president of FSCA.

 “There are very few institutions providing small balance mezzanine loans. Our platform and infrastructure allows us to provide this type of product, where others may be unable to.”

 FSCA is interested in providing mezzanine loans for all property types, with an emphasis on multifamily and retails, in the Southeast.

The small balance mezzanine loan program features loans of $500,000 to $5 million; terms of three to five years; and carries interest rates of 12 to 15 percent, depending on the quality of asset, the sponsor, the loan-to-value ratio and the debt-service coverage ratio.

 FSCA works with clients to develop, optimize and implement plans that enable them to achieve more, retain more and profit more by taking a proactive and knowledgeable approach to arranging debt and equity for income-producing real estate investments.

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

Savannah Duncan • The Wilbert Group

1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309

O: 404-343-0870  • M: 404-901-4433

thewilbertgroup.com

www.FranklinSt.com.

JLL Secures Benchmark Tenant Lease at Airport I-10 Business Park in Phoenix, AZ

PHOENIX, AZ – Wentworth Property Company/Clarion Partners and the Phoenix office of JLL have secured a benchmark 63,000-square-foot tenant lease commitment this week at Airport I-10 Business Park—one of the largest Sky Harbor Airport-area speculative industrial developments in Phoenix history.

The lease, made by Illinois-based Anixter International, Inc., fills almost half of Airport I-10’s “Building E” months before anticipated shell construction completion.

Pat Harlan

JLL Executive Vice Presidents Pat Harlan and Steve Sayre, and JLL Associate Kyle Westfall represented the building owner. John Werstler, Jerry McCormick and Cooper Fratt of CBRE represented Anixter.

“It is rare in today’s Phoenix industrial market to secure lease commitments on a spec property that’s still under construction—before tenants can physically see and touch the space,” said Harlan.

“The fact that Anixter has signed on at Airport I-10 at this early stage speaks volumes. It is a welcome post-recession event and a strong statement about the caliber of the project and our industrial market as a whole.”

“We are extremely pleased to welcome Anixter,” said Wentworth Property Company Principal James R. Wentworth.

“A commitment by such a large, well respected company confirms Airport I-10 Business Park as the preferred airport location for corporate users. It also underscores the ongoing need for new, high quality industrial product in the Airport submarket.

Steve Sayre

“This area continues to rank among Phoenix’s top industrial locations but has an extremely limited supply of land.”

Located at the northwest corner of 24th Street and Rio Salado, Airport I-10 Business Park represents the last large, developable parcel left in the Sky Harbor International Airport submarket.

Phase I includes three Class A industrial buildings totalling more than 600,000 square feet (277,954 square feet, 169,109 square feet and 156,000 square feet). This portion of the project is slated for completion in fall 2014.

For more insight from Harlan, visit http://bit.ly/1ps2sgj.

According to JLL research, while there is limited inventory of modern industrial space within the Sky Harbor Airport submarket, demand continues to climb. 

Of the 40 million square feet of industrial space in the submarket, only 218,052 square feet was built in 2009 or later. Yet in 2013, the Airport submarket still represented almost 30 percent of the more than 3.5 million total square feet of industrial space absorbed Valley-wide.

Kyle Westphall

At build out, the 58-acre Airport I-10 property will include five Class A industrial buildings totalling 920,584 square feet, with a modern environment for corporate users and fully equipped with state-of-the-art features such as ESFR sprinkler systems, 30- to 32-foot clear heights, cross-dock loading and 140- to 200-foot truck courts.

Anixter International, Inc. is a leading global distributor of enterprise cabling and security solutions, electrical and electronic wire and cable, and OEM supply fasteners and other small parts. It operates approximately 210 warehouses in more than 250 cities and more than 50 countries.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

Marcus & Millichap Brokers $4.8 Million Sale of Bay Point Villas Apartments in St. Petersburg, FL

Bay Point Villas Apartments, St. Petersburg, FL

ST, PETERSBURG, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Bay Point Villas Apartments, a 136-unit multifamily community located in St. Petersburg, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

 The $4,800,000 sales price equates to $35,294 per unit.

Michael P. Regan and Francesco P. Carriera, vice presidents investments in Marcus & Millichap’s Tampa office, and Evan P. Kristol and Still Hunter III, senior vice president investments in the firm’s Ft. Lauderdale office, represented both parties in the transaction.

Michael P. Regan

Bay Point Villas Apartments were built in 1972 and are located at 2150 62nd Terrace South in St. Petersburg, Florida. 

The property consists of seven, two-story residential buildings and a one-story building that serves as the leasing office, clubhouse and laundry facility.

 The residential buildings are comprised of 76 one-bedroom/one-bathroom units, 30 two-bedroom/one-bathroom units and 30, two-bedroom/two-bathroom units.  All units have central heating and air-conditioning and the buildings are situated on approximately an 8.64-acre parcel of land.

In 2014, the property received capital improvements which included a remodeled clubhouse and new brick pavers around the pool area.  Amenities include an on-site laundry facility and management office, a clubhouse and a sparkling swimming pool. 

“Bay Pointe Villas was a stabilized asset with room to raise rents through the continued improvement of unit interiors,” says Regan. 

“The Pinellas Pointe submarket seems to be on the rise with the renovation of Mariners Pointe and new, single-family homes being built in the market,” concludes Regan.

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

 Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

East Tampa, FL Industrial Building Sale of $1 Million Arranged by Marcus & Millichap

Luke Elliott

TAMPA, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of the East Tampa Industrial building, a 135,432 rentable square foot industrial property located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,000,000.

Michael A. Mele, a senior vice president investments and Luke Elliott, associate in Marcus & Millichap’s Tampa office, represented the Florida seller. 

East Tampa Industrial is located at 2515 East Hanna Avenue in Tampa, Fla.  This facility has a total of 135,432 square feet and currently includes approximately 36,000 total square feet of office space. 

 “With current businesses expanding and new companies coming to the Sunshine State, demand for industrial real estate has been increasing at a healthy rate,” says Elliott.

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

 Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

Marcus & Millichap Arranges Sale of Doral, FL Self Storage for $4.6 Million

Michael A. Mele

MIAMI, Fla., August 13, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Doral Self Storage, a 58,177-square foot self-storage facility located in Miami, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $4,600,000.

Michael A. Mele, a senior vice president investments in Marcus & Millichap’s Tampa office, represented both parties in the transaction.

Doral Self Storage is located in the highly desirable primary market of Miami, Fla., at 5055 NW 77th Avenue. 

This facility was built in 1986 and consists of 611 units for a total of 57,240 net rentable square feet.  Units range in size from 15 to 300 square feet and there are thirteen rentable parking spaces.  

All units are located on the ground level for easy drive-up access and hassle-free uploading from the driveways.  The perimeter is entirely fenced and surveillance cameras are prevalent throughout the property. 

Doral Self Storage, 5055 NW 77th Avenue
 Doral, FL

  Access is granted through electronic keypad entry, guaranteeing secure storage.  Doral Self Storage features an on-site rental office and a second-story apartment that allows for easy and efficient on-site management. 

“This was a very smooth deal and beneficial for both the buyer and the seller,” says Mele.  “It also demonstrates the continued consolidation of self-storage in the Dade County market.”

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

 Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

RealtyTrac Reports U.S. Foreclosure Activity Increases 2 Percent in July

Daren Blomquist

IRVINE, CA, Aug. 14, 2014 — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its U.S. Foreclosure Market Report™ for July 2014, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 109,434 U.S. properties in July, an increase of 2 percent from the previous month but still down 16 percent from a year ago.

The report also shows one in every 1,203 U.S. housing units with a foreclosure filing during the month.

“July was the 46th consecutive month where U.S. foreclosure activity was down on a year-over-year basis,” said Daren Blomquist, vice president at RealtyTrac.

“After nearly four years of falling foreclosures, we are starting to see evidence that foreclosure numbers are normalizing at the national level. 

"The 16 percent decrease in July was exactly half the annual decrease we saw a year ago in July 2013, when U.S. foreclosure activity was down 32 percent on a year-over-year basis.

“The number of state and local markets with persistent foreclosure problems is becoming fewer and farther between, although there were some surprise spikes in foreclosure activity in July in markets that had previously been experiencing long-term downward trends in foreclosure activity,” Blomquist noted.

 “For example, Houston foreclosure activity jumped 66 percent in July compared to a year ago following 23 consecutive months of decreases, and Los Angeles foreclosure activity was up 10 percent from a year ago following 31 consecutive months of decreases.”

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

  

Jennifer Von Pohlmann

 949.502.8300949.502.8300, ext. 139

 jennifer.vonpohlmann@realtytrac.com

Melrose Lifestyle Services launches offering lifestyle programs to home developers, HOAs and CDDs throughout Florida

  

Jack Hanson

 ORLANDO, FL -- Jack Hanson, President of Melrose Management Partnership announces the launch of Melrose Lifestyle Services.

 Mr. Hanson has been involved in the Florida housing market for 20+ years, and saw the demand for a lifestyle management company to work with new home community developers, HOA boards, and CDD boards to offer professional services at a competitive price.

Melrose Lifestyle Services’ goal is to create a sense of community in housing developments through events, festivals, resident clubs, and other programs; while also being a marketing tool to developers looking to bring in new home buying prospects to their community. 

Bill Fife, director of Melrose Lifestyle Services, will lead the launch of this new venture. He brings over 10 years of experiences creating small, private events to large scale festivals for communities in Florida.

 “I’m happy to be part of the Melrose team and be able to come in and guide the launch of Melrose Lifestyle Services,” said Fife. “There is great potential in the Florida for Lifestyle Services.”

 Melrose Lifestyle Services, is a sister company of Melrose Management Partnership, a property management firm that ranks the highest over the past 18 years managing over 1200 associations statewide, from small to large high-rise buildings, master associations, condominiums, and multi-family and active adult communities.

 Visit http://www.melroselifestyle.com or call 407-581-3333 for more information.

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

Bill Fife

Director – Melrose Lifestyle Services

407-581-3333

407-902-3681 (cell)

bfife@melroselifestyle.com

Griffin-American Healthcare REIT III Enters Agreement to Acquire Lee’s Summit Medical Office Building Near Kansas City, MO

Dan Prosky

Kansas City, MO – American Healthcare Investors and Griffin Capital Corporation, the co-sponsors of Griffin-American Healthcare REIT III, Inc., announced the REIT has entered into an agreement to acquire Lee’s Summit Medical Office Building, an approximately 39,000-square-foot, multi-tenant medical office building in the affluent Kansas City suburb of Lee’s Summit, Missouri. 

The acquisition is subject to customary closing conditions and the satisfaction of other requirements as detailed in the agreement. 

 Located at 301 Northeast Mulberry, Lee’s Summit Medical Office Building is 89 percent leased to multiple tenants, including Diagnostic Imaging Centers, Saint Luke’s East Hospital and Ostetrix Medical Group. Built in 2007, the Class A building is less than half-a-mile away from the 141-bed Saint Luke’s East Hospital and within 10 miles of three other area hospitals. 

 “Lee’s Summit Medical Office Building is a modern facility with desirable tenancy and a premier location in a growing and affluent metro region,” said Dan Prosky, a principal of American Healthcare Investors and president and chief operating officer of Griffin-American Healthcare REIT III.

 “With the local hospital as a significant tenant, this building will be an excellent addition to the quickly growing portfolio of Griffin-American Healthcare REIT III.”  

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

Damon Elder                                                                                              

 (949) 270-9207

delder@ahinvestors.com

HFF closes sale of Southwest Corporate Center in Houston, TX

Rhonda Toming

HOUSTON, TX – HFF announced it has closed the sale of Southwest Corporate Center (SWCC), a 525,580-square-foot office complex in Houston’s southwest/Beltway 8 submarket.

               HFF marketed the property on behalf of seller, TX 9700 Bissonnet LLC.  Omninet Capital purchased the property for an undisclosed amount on an all cash basis and closed in less than twenty days.

Southwest Corporate Center was transformed from the former Westwood Mall and renovated in 2000. The property is 61.9 percent leased to tenants including Stewart Lending Services, Texas Children’s Health Plan and Corinthian College. 

Rusty Tamlyn

The two-story property is situated on more than 40 acres at 9700 Bissonnet Street close to the U.S. Highway 59 and Beltway 8 interchange, and the Memorial Herman medical complex in southwest Houston. 

               The HFF investment sales team representing seller was led by senior managing director Rusty Tamlyn and Wesley Hightower along with Rhonda Toming, formerly with HFF and now at Fischer Companies.

“OmniNet focused on this asset due to its size and scale and the substantial value creation through lease up of the primarily secondary generation vacancy. 

“They moved at a very fast pace through their due diligence and closing, and intend to keep CBRE on the asset for leasing and management in the interim,” according to Tamlyn.

“Due to the current opportunities in the Texas markets, Omninet has decided to allocate an additional $250,000,000 in Texas in the next 12 months,” said Michael Daniel, a partner with Omninet.

               Omninet Capital is a private real estate investment firm based in Los Angeles, with commercial properties located in Austin, Dallas and San Antonio with SWCC being their first acquisition in Houston.

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 closes sale of Kissimmee, FL power center

The Loop shopping center, Kissimmee, FL

MIAMI, FL – HFF announced it has closed the sale of The LOOP, a 434,909-square-foot power center in Kissimmee, Florida.

               HFF marketed the property on behalf of AEW Capital Management, L.P. (AEW).  AEW managed the asset on behalf of one of its institutional clients.  Metropolitan Life Insurance Company purchased the asset.

               The LOOP is located on approximately 57 acres at the northwest corner of the intersection of Osceola Parkway and John Young Parkway.  Built in 2005, the 99-percent leased retail center has 43 tenants, including Regal Cinema, Kohl’s, Sports Authority, Michael’s, Petco and CVS. 

Daniel Finkle

               The HFF investment sales team representing the sellers was led by senior managing directors Danny Finkle and Brad Peterson, managing director Luis Castillo and director analyst Kim Flores.

“The LOOP is one of Florida’s most successful retail destinations,” Finkle said.  “The combination of location, design and tenant performance made The LOOP one of the highest quality retail investment opportunities in the Southeast.” 

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

metlife.com/realestate.

aew.com