Saturday, September 27, 2014

Premier Midtown West development site in Manhattan listed for sale by HFF


Rendering of planned development site at
609 West 56th Street and 823 11th Avenue
Midtown West, Manhattan, New York City
NEW YORK, NY – HFF announced it has been named to market for sale 823 11th Avenue and 609 West 56th Street, a 10,700-square-foot, double lot development site in Midtown West in Manhattan.

               The site is located at the northwest corner of 11th Avenue and West 56th Street within walking distance of Riverside Park, De Witt Clinton Park, Columbus Circle, Central Park and Lincoln Center. 

It is currently improved with a six-story and three-story structure housing a Lexus car dealership and garage on the ground floor and various office tenants on the upper floors. 

The key corner parcel is zoned for 128,400 square feet of residential and/or commercial development.

Andrew Scandalios
               The HFF investment sales team representing the seller is led by senior managing directors Eric Anton and Andrew Scandalios. 

According to Mr. Anton, “this site will receive a tremendous amount of interest given its corner location and the substantial amount of exciting development activity in the surrounding area.” 

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 sale of four Class A office properties in suburban North Dallas, TX


Champion Partners co-owners Steve Modory (left) and Jeff Swope
 DALLAS, TX – HFF announced it has closed the sale of four Class A office properties totaling more than 800,000 square feet in Galatyn Park in Richardson, Texas, a North Dallas suburb.

               HFF represented the seller, Champion Partners and Long Wharf Real Estate Partners, in the transaction.  Spear Street Capital purchased the assets for an undisclosed amount. 

Founded in 1991, Champion Partners is a privately-owned entrepreneurial commercial real estate investment and development firm with a focused opportunistic and value-creation strategy, primarily within the office, industrial and land sectors. Owned and managed by Jeff Swope and Steve Modory, Champion pairs its thorough knowledge of the real estate industry with a unique understanding of the overall capital markets.
  
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


Premier Washington Heights development site in Upper Manhattan, NYC, listed for sale by HFF


Eric Anton
NEW YORK, NY – HFF announced it has been named to market for sale 1040 St. Nicholas Avenue, a 10,560-square-foot, vacant development site in the Washington Heights neighborhood of Upper Manhattan.

               The site is located at the crossroads of Saint Nicholas Avenue, West 163rd Street and Amsterdam Avenue on a triangular parcel within short distance of New York Presbyterian Hospital, Yeshiva University, The City College of New York, and countless shops, restaurants, and neighborhood amenities.

 The parcel is zoned R7-1, with a C1-4 commercial overlay, which allows for residential, commercial, and community facility uses.  

1040 St. Nicholas Avenue is optimally zoned and located for a residential development with a community facility component due to the proximity to various universities and medical centers.

Andrew Scandalios
               The HFF investment sales team representing the seller is led by senior managing directors Eric Anton and Andrew Scandalios. 

According to Mr. Anton, “The development of this triangular site will help to further enhance this dynamic uptown neighborhood.” 


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 equity for 80 Broad in Manhattan’s financial district


Mike Tepedino
NEW YORK, NY – HFF announced it has secured equity for the acquisition of 80 Broad, a 423,403-square-foot retail and office building in Manhattan’s Financial District. 

               HFF worked exclusively on behalf of the buyer, Broad Street Development LLC (“BSD”), in sourcing the capital from RXR Realty (“RXR”).  Equity proceeds were used to purchase the property, which closed on September 12.

               The 36-story building was completed in 1930 and most recently renovated in 2013, retaining 1930’s art deco design elements while implementing significant recent upgrades.

 The property is currently 89 percent leased to a variety of mostly smaller sized tenants. 

 Located on the west side of Broad between Stone and Marketfield Streets, the property is walking distance from the New York Stock Exchange, City Hall, World Trade Center, Fulton Street Transportation Center, Battery Park, the R, J, 1, 2, 3, 4 and 5 trains and the Staten Island Ferry.

Michael Gigliotti
               The HFF equity placement team representing Broad Street Development on this transaction was led by senior managing director Mike Tepedino and managing director Michael Gigliotti.

               “With the acquisition of 80 Broad Street, BSD is returning to its roots of operating downtown office buildings,” Gigliotti said.  “There is not a group more equipped to successfully operate this property than BSD, and RXR recognized that by aggressively providing equity to round out the capital stack.” 

This transaction represents another milestone for the New York office of HFF as it continues its aggressive expansion into the New York City office sales and equity markets under leadership from Andrew Scandalios, Eric Anton and David Fowler. 

 Broad Street Development, led by principals Raymond Chalmé and Daniel Blanco, is the culmination of more than 15 years of experience in developing, managing and leasing commercial properties and residential condo conversion projects throughout North America.  

Eric Anton
A relationship driven real estate company, BSD success has been acquiring and repositioning real estate assets in order to provide the highest levels of service and quality to its tenants. This ultimately results in enhanced value.

RXR Realty is a vertically-integrated private real estate company with expertise in investment management, property management, development, design, construction, leasing and financing. 

 RXR’s core growth strategy is focused on New York City and the surrounding tri-state area markets.  

The Company is one of the largest owners, managers and developers in the New York Tri-State area with interests in approximately $6.5 billion of assets, comprised of 87 operating properties containing approximately 17.7 million square feet. 

 For more information about RXR, visit www.rxrrealty.com.


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


John Crossman Speaking at 44th Annual Legislative Conference in Washington, DC


John Crossman
WASHINGTON, D.C. – John Crossman, President of Crossman & Company, has the honor of speaking at the 44th Annual Legislative Conference hosted by the Congressional Black Caucus Foundation. 

ALC provides an outlet to highlight the mission of CBCF – to develop leaders, to inform policy and to educate the public. It also provides dozens of forums to address the critical challenges facing the African-American community. 

The topic for this year’s conference is “What Does the Future Hold?”

Crossman wants to emphasize the importance of real estate being taught in all historically black colleges and universities across the country, which could potentially lead to real estate becoming a minor or degree program option for HBCU students. 

Crossman says, “The issue is a big gap in the civil rights movement.”  He mentions that “we need more HBCUs graduates to become very wealthy who then can give back and make a strong, significant impact in the community.”


Since 1976, the Congressional Black Caucus Foundation (CBCF) has been the premier research and educational institution dedicated to advancing the global black community. For more information, visit their website: www.cbcfinc.org

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

Sydnie Cobb
Crossman & Company
407.423.5400


China’s Sheraton Zhuhai Hotel Plans November Opening


Sheraton Zhuhai Hotel bedroom, Zhuhai, China
Zhuhai, China – Sheraton Zhuhai Hotel is set to open in November, 2014 and is pleased to offer a special grand opening package for travelers.

Ideally situated on the Chinese Riviera and next to the new Zhuhai International Convention & Exhibition Center, the 548-room Sheraton Zhuhai Hotel is the perfect gathering place for business and leisure travelers alike.

Zhuhai, known as “The Chinese Riviera,” and “The Garden City,” is a beautiful coastal city in southern Guangdong Province with easy access to a network of existing and planned bridges linking mainland China to Macao and Hong Kong.

 Sheraton Zhuhai Hotel is located on the waterfront in the new Shizimen District, adjoining the new Zhuhai International Convention & Exhibition Center, which offers over 30,000 square meters of waterfront exhibition space along with a theater and concert hall.

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

Hwee Peng Yeo
Vice President, Asia Markets
Glodow Nead Communications
San Francisco • New York • Singapore • Shanghai
Level 21, Centennial Tower, 3 Temasek Avenue • Singapore 039190
1700 Montgomery Street, Suite 203 • San Francisco, CA • 94111
Asia: 65.9768.6087  US:415.394.6500 • E: hweepeng@glodownead.com

HFF secures $14.5 million financing for Class A office property in Matawan, NJ


Jon Mikula
FLORHAM PARK, NJ – HFF announced it has secured $14.5 million in financing for Metro Park South, a 132,721-square-foot, Class A office building in Matawan, New Jersey.

                HFF worked on behalf of the borrower, Denholtz Associates, to secure the three-year, floating-rate bridge loan with The Bancorp Bank. 

Loan proceeds will be used to pay off existing debt, execute a capital expenditure program that includes upgrades to the building’s lobby and common areas, and cover upcoming tenant improvements and leasing commissions needed to stabilize the property.

                Metro Park South is part of a three-building cluster of high-quality office assets located at 100 Matawan Road at Exit 120 of the Garden State Parkway and within minutes of the New Jersey Turnpike, Routes 1 and 9 and Interstate 287.

  Amenities at the four-story building include an atrium lobby, 100 covered executive parking spaces, on-site café and abundant parking. 

Michael Klein
                The HFF debt placement team representing the borrower was led by director Michael Klein along with senior managing director Jon Mikula and associate director Michael Lachs.

                “The borrower was seeking a loan that would provide them with the capital needed to refresh the building’s image in the market,” said Klein. 

  “Upgrades to the lobby and common areas as well as the building’s exterior will help draw small and midsize tenants that want to be located south of the Driscoll Bridge to an already tight submarket.”

                “Bancorp quickly understood the borrower’s needs and was able to provide a non-recourse loan structure that will enable Denholtz Associates to execute its business plan,” added Mikula.  “Their process was seamless and they were able to close in approximately 30 days, which helped the borrower meet their upcoming loan maturity.”

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

HFF secures $14 million financing for the DoubleTree Suites in Atlanta, GA


Cullen Aderhold
DALLAS, TX – HFF announced it has secured $14 million in financing for DoubleTree Suites by Hilton Hotel Atlanta - Galleria, a 154-key, all-suite hotel in Atlanta’s Cobb Galleria business district.

Working exclusively on behalf of the borrower, Encore Hospitality, LLC, a division of Encore Enterprises, Inc., HFF secured the loan through Latitude Management Real Estate Investors.  Proceeds from the financing will be used to acquire the property and implement the borrower’s plans for hotel upgrades.

                The full-service hotel is located at 2780 Windy Ridge Parkway, approximately eight miles from downtown Atlanta.  The property is the closest hotel to the future site of the Atlanta Braves’ new stadium and mixed-use complex. 

The DoubleTree Suites amenities include a sun-lit atrium lobby, the Edge Bar and Cliff Restaurant, fitness center, outdoor swimming pool, 5,000 square feet of meeting space and a business center.

                The HFF debt placement team representing the borrower was led by associate director Cullen Aderhold

Doubletree Suits by Hilton Hotel Atlanta - Galleria
HFF’s Hotel Group has been active in the sale and financing of similar hotels across the country.  In the first half of 2014, the firm financed or sold 44 hotels and resorts with total transaction volume totaling nearly $1.2 billion.
  
For more information about Encore Enterprises, Inc., visit www.encore.bz or follow Encore Enterprises on Twitter @EncEnterprises.

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

HFF closes $60.5 million sale of newly constructed multi-housing community in Indianapolis, IN


Wick Kirby
CHICAGO, IL – HFF announced it has closed the sale of Solana Apartments at the Crossing, a 384-unit, Class A multi-housing community located to the north of downtown Indianapolis.

                HFF marketed the property on behalf of Milhaus.  Inland Real Estate Acquisitions, Inc. purchased the asset for a total of $60.5 million or $158,000 per unit.

Solana Apartments at the Crossing is located at 7745 Solana Drive just off North Keystone Avenue near The Fashion Mall at Keystone and Interstate 465.  The project was completed in April 2014 and is 95 percent leased. 

Community amenities include a resort-style swimming pool, private cabanas, clubhouse, state-of-the-art teaching kitchen, fitness center, yoga room, media lounge, business center, outdoor theater, fitness trails and a watercraft launch area.

The HFF investment sales team representing the seller was led by associate director Wick Kirby along with executive managing director Matthew Lawton and director Ken Martin.

Matthew Lawton
                “This residential community is ideally situated on 55 acres, approximately 10 miles north of downtown Indianapolis and two miles south of Carmel’s premier office corridor with close proximity to The Fashion Mall at Keystone and the Keystone entertainment area,” said Mark Cosenza, vice president of Inland Real Estate Acquisitions, Inc. 

  “The property also includes a 26-acre lake offering residents boat slips and direct access to the White River.”

“The Solana Apartments is a wonderful asset with unbeatable amenities.  Milhaus, known for providing best-in-class rental communities, delivered a great product and execution on this transaction,” said Lawton.

Milhaus is a team of inspired and industrious individuals, headquartered in Indianapolis, who are committed to the development of mixed-use and multifamily real estate.  

The company delivers solutions for its urban neighborhoods, cities and partners by providing expertise in real estate investment, development and management.  Milhaus is currently developing, constructing, and managing multifamily and mixed-use projects throughout the Midwest and Oklahoma.  www.milhaus.com.
               
Ken Martin
  Inland Real Estate Acquisitions, Inc. facilitates acquisitions for various entities that are a part of The Inland Real Estate Group of Companies, Inc. (“Inland”). 

  Headquartered in Oak Brook, Ill., Inland has been ranked one of the largest shopping center owners and managers in North America (Retail Traffic, May 2012) and the fastest-growing acquirer of retail property in the U.S. (Chain Store Age, May 2013).  

As of March 31, 2014, Inland-sponsored companies owned and managed in total more than 65.1 million square feet of diversified commercial real estate in 49 states, as well as managed assets in excess of $16.4 billion. 

  Inland is comprised of a group of independent legal entities some of which may be affiliates, share some common ownership or have been sponsored and managed by Inland Real Estate Investment Corporation or its subsidiaries.  For additional information, please refer to Inland’s website at www.inlandgroup.com.


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



HFF closes sale of and arranges financing for Avalon Chrystie Place in lower Manhattan


Jennifer L. Keller
NEW YORK, NY – HFF announced it has closed the  sale of and arranged financing for Avalon Chrystie Place, a 14-story, 361-unit luxury apartment community in lower Manhattan. 

HFF marketed the property on behalf of the seller.  Ashkenazy Acquisition Corporation purchased the asset, and HFF also worked on behalf of the buyer to place a senior acquisition loan with the Bank of China and secured preferred equity through a commingled fund managed by American Realty Advisors. 

Avalon Chrystie Place is located at 229 Chrystie Street at the intersection of SoHo, the East Village and the Lower East Side.  In addition to the residential component, the property also includes 72,329 square feet of 100-percent-leased ground floor retail that is anchored by Whole Foods.

 Completed in 2005 and partially renovated in 2012, the property features studio, one- and two-bedroom units averaging 739 square feet. 

Andrew Scandalios
Amenities include 24-hour concierge service, a state-of-the-art fitness center, rooftop sundeck, resident storage and access to multiple subway lines within a five-minute radius. 

The HFF investment sales team representing the seller was led by senior managing directors Andrew Scandalios and Jose Cruz and managing director Jeffrey Julien.

HFF’s debt and equity placement team was led by executive managing director John Pelusi, senior managing director Mike Tepedino and director Jennifer Keller.

                Headquartered in New York City, Ashkenazy Acquisition Corporation is a private real estate investment firm focusing on retail and office assets.

 Ashkenazy Acquisition has acquired more than 13 million square feet of retail, office and residential properties, located throughout the United States, Canada and England. 

Jose Cruz
  With a portfolio containing more than 100 buildings valued at approximately $7 billion, Ashkenazy Acquisition has a superior performance history in purchasing and managing premier assets.

                American Realty Advisors (“American”) is an investment manager to institutional investors and, with more than $6.2 billion in assets under management, has provided real estate investment management services for more than 26 years utilizing core and value-added commingled funds and separate accounts.  

American acquires assets directly or provides equity, preferred equity, mezzanine debt, debt and hybrid debt to primary investors and developers operating throughout the United States for office, industrial, multifamily and retail properties.

  More information regarding American can be found at www.americanreal.com.


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

HFF closes sale of 166-unit Lofton Meadows in Bradenton, FL


Matt Mitchell
TAMPA, FL – HFF announced that it has closed the sale of Lofton Meadows, a 166-unit multi-housing community in Bradenton, Florida.

                HFF marketed the property on behalf of the seller, Landmark Apartment Trust.  JB Howell & Company purchased the asset and assumed the existing agency financing. 

Lofton Meadows was constructed in 1986 and is situated on approximately 11.3 acres at 6050 34th Street West proximate to IMG Sports Academy, State College of Florida and Sarasota Bay. 

The well-maintained property was 98 percent leased and features one- and two-bedroom units averaging 779 square feet each.  Community amenities include a resort-style swimming pool with poolside cabana, fitness center, car care center and coffee café.

Zach Nolan
The HFF investment sales team representing the seller was led by director Matt Mitchell and real estate analyst Zach Nolan.

“The sale of Lofton Meadows reflects a trend in the market of investors seeking out well-located assets that offer the possibility for upside though capital improvements,” Mitchell said.

 “Such opportunities are particularly popular among investors along the west coast of Florida where demand for apartments is outpacing supply and the improving economy in the Bradenton / Sarasota market means renters are able to pay higher rents for updated apartments.”

In Tampa, HFF was recently ranked as the top commercial real estate brokerage firm by The Tampa Bay Business Journal and has handled many of the market’s largest transactions during the past year such as the Element, West Park Village and Varela.
  
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

HFF closes two Publix-anchored retail centers in Naples, FL


Danny Finkle
MIAMI, FL – HFF announced it has closed the sale of Crossroads Market and Neapolitan Way, two Publix-anchored shopping centers in Naples, Florida.

                HFF marketed the properties on behalf of the seller, Madison Marquette Retail Services.  A private real estate fund advised by Crow Holdings Capital – Real Estate purchased the assets.         

Crossroads Market is located at 6029 Pine Ridge Road near Interstate 75 and at the entrance of The Vineyards golf course residential community.  The property is 98.4 percent leased to tenants including Publix, Walgreens, Crunch, Physicians Regional Health Care and Chase Bank. 

                Neapolitan Way is situated on 14.5-acres at 4601 Tamiami Trail with direct frontage on US Route 41.  The 92.9-percent-leased center features tenants including Publix, Walgreens and Bill Smith Appliances. 

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

                “Crossroads Market and Neapolitan Way are two of Naples’ most productive and successful retail centers,” Finkle says.  “The infill locations and exceptional tenancy have been key ingredients to each property’s past performance and future success.”

HFF’s investment sales team secured more than $1.68 billion in sales of retail assets nationally through the end of the second quarter of 2014.  In Florida, HFF closed more than $530 million in retail transactions across all capital markets platforms during the same period.

Madison Marquette Retail Services (MMRS) is a premier real estate property management, leasing, marketing and development firm specializing in mixed-use, urban street and infill, community and specialty/entertainment retail properties in top tier markets across the United States.

Kimberly Flores
Since 1998, Crow Holdings Capital – Real Estate (CHC-RE) and Crow Holdings-affiliated entities have managed six private equity real estate funds that are designed to generate current income and benefit from the capital appreciation of portfolio investments.  Equity capital from these funds totals approximately $4.1 billion, of which approximately $675 million has been committed by Crow Family Holdings.  Over the past 15 years, the six funds have actively acquired existing properties and development parcels of all types, both independently and with operating partners.  

As of June 30, 2014, these real estate funds have acquired or developed more than $12.6 billion in assets comprised of more than 43 million square feet of industrial, more than 12 million square feet of retail, more than eight million square feet of office, approximately 54,000 multifamily units, 387 convenience & gas stores, more than 8,100 hotel rooms and almost 6,000 acres of lot development.  

For more information on Crow Holdings Capital- Real Estate, visit CrowHoldingsCapital.com/real-estate/about-us.



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

HFF closes $62 million sale of western Chicago Class A office building


Jaime Fink
CHICAGO, IL – HFF announced it has closed the $62 million sale of Highland Landmark II, a 284,278-square-foot Class A office building in Downers Grove, Illinois.

                HFF marketed the property on behalf of the seller, GLL Real Estate Partners.  The asset was purchased by James Campbell Company LLC, which was advised by Colony Realty Partners, for $62 million free and clear of existing debt.

Highland Landmark II is located in the western Chicago suburb of Downers Grove at 3025 Highland Parkway.  The eight-story building is situated on 11.03 acres at the northeast end of Highland approximately 21 miles west of downtown Chicago. 

The Energy Star-labeled property features an atrium, conference facility, cafe, surface and covered parking and fitness center.  Highland Landmark II is 94 percent leased to 14 tenants, including NSA Media, Microsoft Corporation, Principal Life Insurance Company, Ford Motor Company, Yang Ming, Property & Liability Research Bureau and Management Association of Illinois.

Jeff Bramson
The HFF investment sales team representing the seller was led by senior managing directors Jaime Fink and Jeff Bramson and managing director Mark Katz.  

“Highland Landmark II offers the opportunity for James Campbell Company, which is advised by Colony Realty Partners, to purchase one of the top office buildings in all of suburban Chicago,” Katz said.  “Highland Landmark II has consistently outperformed the overall suburban office market.  This is truly a best-in-class office asset, which is consistent with the purchaser’s long term ownership strategy.”

GLL Real Estate Partners GmbH (GLL) is a Munich-based real estate fund management group with $7 billion under management.  

Formed in 2000 as a joint venture between Lend Lease Corporation and Italian insurance giant Assicurazioni Generali, GLL is now majority owned by its management team.  

GLL currently manages 15 funds employing varying property strategies and investing throughout Western Europe, central Eastern Europe, South America and the United States.  From offices in Munich, Luxembourg, Budapest, Santiago de Chile, Mexico City, New York, Orlando and San Francisco, GLL serves an investor group that includes pension funds, insurance companies and sovereign entities.

Mark Katz
The James Campbell Company LLC is a private, Hawaii-based and nationally diversified real estate company with properties in Washington, D.C. and 16 states across the U.S. 

  In 2007, the James Campbell Company succeeded the Estate of James Campbell, a 107-year-old private trust that was the legacy of one of Hawaii's foremost business pioneers.  For more information, visit jamescampbell.com.

Colony Realty Partners (CRP) is a privately held real estate investment company that acquires and manages commercial real estate properties on behalf of many of the world's leading institutional investors, including pension funds, public corporations, endowments, sovereign wealth funds and family trusts.


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

CBRE Arranges $17.9 Million Sale of 304-Unit Apartment Community in Daytona Beach, FL


Shelton Granada
Orlando, FL – September X, 2014 – CBRE arranged the sale of Indigo Plantation, located in world famous Daytona Beach at 100 Powell Boulevard, for $17.9 million. The 304-unit community was completed in 1989 and has a current occupancy of 97%.

CBRE exclusively represented the seller in the transaction.

“The Daytona and Volusia County rental markets are showing great promise as their local economy continues to expand,” said Shelton Granade, CBRE Executive Vice President.

 “Indigo Plantation is ideally located within minutes of $1.2 billion in new investment underway, including NASCAR’s Daytona Rising project and the One Daytona entertainment, dining and
retail complex.

“The buyers on this deal have a great opportunity to add value through modest upgrades at the property during this time of economic growth.”

Luke Wickham
Indigo Plantation is just minutes from the Daytona International Speedway, Florida Hospital Memorial Medical Center and the new Trader Joe’s distribution center, offering great exposure to the growth expected in those areas. 

Amenities at the property include a resort-style swimming pool, fitness center, dog park, tennis courts and BBQ areas over a beautiful well-landscaped site.

Shelton Granade, Luke Wickham, and Justin Basquill led the sales effort for CBRE. Their team has closed more than $1 billion worth of apartment sales locally over the last 20 months.


For a complete copy of the company’s news release, please contact:                             
Shelton D. Granade, Jr., Executive Vice President
CBRE | Investment Properties - Multifamily
200 S. Orange Avenue, Suite 2100 | Orlando, FL 32801
T 407 839 3103 F 407 404 5001

$3.3 Million IHOP Sale in Miami Beach, FL Arranged by Marcus & Millichap


Brian L. Rosen
MIAMI BEACH, 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 IHOP, a 2,470 square-foot net-leased restaurant located in Miami Beach, Fla, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $3,300,000 equating to $1,336 per square foot.

Brian L. Rosen, a senior associate in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Miami, Fla. 

The buyer, a private investor from Woodmere, NY, was secured and represented by Richard Nardi, an associate in Marcus & Millichap’s Manhattan office. 

“IHOP has been at this location since 1965. In 2008 the tenant renovated the restaurant and executed a 15-year absolute triple-net lease, demonstrating its commitment to the site,” says Rosen.

Richard Nardi
“The buyer was attracted to the property’s historic record of high sales and its location in a dense, maturing market of Miami Beach. This IHOP is also managed and guaranteed by one of the largest IHOP franchisees, which operates and licenses over 150 IHOP restaurants in Florida and Georgia,” adds Nardi.

Located at 6928 Collins Avenue in Miami Beach, Fla, IHOP spans Harding and Collins Avenues.  Surrounding retailers include: Publix, Chase Bank and Canyon Ranch Hotel & Spa.



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


                 
   

Ryan Nee
Regional Manager
Fort Lauderdale, FL
(954) 245-3400


Marcus & Millichap Arranges Sale of Sunbelt Rentals in Coral Springs, FL for $2.35 Million


Douglas K. Mandel

 CORAL SPRINGS, 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 Sunbelt Rentals of Coral Springs, a 26,405 square-foot net-leased property located in Coral Springs, Fla. The asset sold for $2,346,000.

Douglas K. Mandel, a first vice president investments, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller. 

The buyer, a limited liability company from Plymouth, MI, was secured and represented by Scott A. Ryan, a senior associate, and David Houston and Patrick Doherty, associate vice president investments, in Marcus & Millichap’s Austin office. 

 “This transaction attests to Marcus & Millichap’s ability to reach an expanded buyer pool from across the country. The Austin-based team, led by Scott Ryan had been working with the Michigan-based buyer to identify specific net-leased assets.  The Sunbelt Rentals was a perfect fit for the buyers acquisition criteria”, says Mandel. 

Scott A. Ryan
The 26,405 square-foot industrial property is located within the Commerce Center of Coral Springs. The property is 100 percent occupied by Sunbelt Rentals, one of the largest equipment rental companies in the U.S, with just under four years remaining on the lease term. Sunbelt Rentals is located at 3701 Northwest 120th Avenue in Coral Springs, FL.

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

Ryan Nee
Regional Manager
Fort Lauderdale, FL
(954) 245-3400