Historic Downtown Cleveland, OH High Rise Changes Hands

National Terminal Warehouse Apartments, 1215 West 10th Street, Downtown Cleveland, OH

CLEVELAND, OH – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of National Terminal Warehouse Apartments, a 250-unit high rise located across the street from the Flats East Bank riverfront development in downtown Cleveland’s Warehouse District neighborhood. The terms of the sale were not disclosed.

Daniel  Burkons

             Daniel Burkons, Michael Barron and Josh Wintermute, all senior directors of Marcus & Millichap’s National Multi Housing Group in the firm’s Cleveland office, represented the seller, Housing Horizons, a division of Kimberly Clarke Corp. Barron, 

Burkons and Wintermute also represented the buyer, Morgan Warehouse Apartments LLC, an affiliate of Morgan Management of Rochester, N.Y.

            “The opportunity to acquire a first-generation downtown apartment building and bring it up to the level of the highest-end competition was enticing for investors,” says Burkons. “We solicited well-qualified offers from buyers in six states and Canada.”

            National Terminal Warehouse Apartments was built in 1909 as a cold storage warehouse and converted from a vacant cold storage warehouse to 250 multifamily units in 1997. It was the first large-scale warehouse conversion in downtown Cleveland and it started a wave of downtown redevelopment that is ongoing.

Michael Barron

“During the past 17 years, while other downtown apartments were being revitalized, this building fell behind,” says Barron. “The new owners did a fantastic job turning around the apartment building next door, The Bingham, and they are committed to returning National Terminal to prominence.”

The property is located at 1215 West 10th St. in Cleveland with views of Lake Erie and the Cuyahoga River. 

The $500 million Flats East Bank development project is across the street. Phase I of Flats East Bank features a 23-story office tower that opened in 2013, a fitness club, a 150-room Aloft hotel and some of Ohio’s most renowned restaurants. 

Phase II, which broke ground in January 2014, includes apartments, dining venues, retail space, green areas and a waterfront boardwalk. 

U.S. Route 2, the Cleveland Memorial Shoreway, provides the property with unparalleled freeway visibility to travelers coming into downtown Cleveland from

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

Gina Relva

Public Relations Manager

Marcus & Millichap

(925) 953-1716

Marcus & Millichap Sells Orange County, CA Multifamily Property for $10.8 Million

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Stewart I. Weston

NEWPORT BEACH, CA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Fairway Villas, a 32-unit multifamily apartment property in Newport Beach, Calif. 

The $10,800,000 sales price equates to $337,500 per unit.

            Stewart I. Weston, senior director, Tyler C. Leeson, vice president investments and W. Michael Cavner, associate director, all in Marcus & Millichap’s Newport Beach office, represented the seller, Silverado Canyon Partners.

Joseph Berkson, first vice president investments, also in the firm’s Newport Beach office, represented the buyer, a private Orange County-based real estate investor.

“The property has an irreplaceable location between the Newport Beach Golf Course and the Santa Ana Country Club and is near some of the largest employment areas in Orange County, including the South Coast Metro and John Wayne Airport,” says Weston.          

Tyler C. Leeson

“The previous owner spent more than $1 million in capital improvements on the asset,” adds Berkson.

Fairway Villas is located at 20122 Santa Ana Ave. in Newport Beach, directly across the street from the Santa Ana Country Club and close to California state routes 73 and 55.

Constructed in 1963 and extensively renovated in 2006, the apartment community is composed of nine residential buildings situated on more than two acres.

The unit mix is 12 two-bedroom/two-bath apartments and 20 three-bedroom/two-bath townhomes. Every unit has washer and dryer connections, gas stove, gas fireplace, large private patio or balcony and a garage space.

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

Gina Relva

Public Relations Manager

Marcus & Millichap

(925) 953-1716

Single-Tenant Net-Leased Urban High Retail Property Trades Hands in Houston, TX

Jerry Goldstein

HOUSTON, Oct. 14, 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 the 15,273-square-foot Urban Outfitters store in the Rice Village shopping center in Houston. The terms of the sale were not released.

            Jerry Goldstein, first vice president investments in Marcus & Millichap’s Houston office, represented the seller, a local partnership that had owned the property for nearly 60 years, and the buyer, Rice University.

            “The property is a trophy retail asset with a national tenant in one of Houston’s most coveted retail corridors,” says Goldstein.

 “Rice Village’s irreplaceable urban infill location and the high barriers to entry in the surrounding area make it the most secure submarket in the region for retail real estate investments.

“The Urban Outfitters’ lease is absolute triple net, corporate guaranteed and they have been a tenant here since 1995,” adds Goldstein.

Rice Village Shopping Center, 2501 University Boulevard
Houston, TX

“The listing of this high-profile building attracted a substantial amount of interest from both institutional investors and sophisticated private clients,” Goldstein continues. “Competitive bidding evolved and Rice University produced the highest offer.”

            The building is located at 2501 University Blvd. in Houston, adjacent to West University Place and Rice University.

Urban Outfitters’ neighbors include national retailers Kate Spade Saturday, J. Hampton, Elaine Turner and Jos. A. Bank. Directly across University Boulevard from the Urban Outfitters store is the 164,211-square-foot multi-level Village Arcade shopping center.

Rice University, Houston, TX

            Home to more than 300 shops in a 16-block area, Rice Village is one of Houston’s foremost shopping destinations. The exterior of the Urban Outfitters building is clad with red brick masonry and features glass storefronts, plantation shutters and awnings. The light-filled interior has hardwood flooring, high ceilings and a mezzanine space.

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

Gina Relva

Public Relations Manager

Marcus & Millichap

(925) 953-1716

HFF closes sale and arranges financing of Summit Office Park in Fort Worth, TX

Travis Anderson

DALLAS, TX – HFF announced today that it has closed the sale of and arranged financing for Summit Office Park, a two-building, 242,482-square-foot, Class A office complex in Fort Worth, Texas.

               HFF marketed the property on behalf of the seller, Prescott Group.  Pennybacker Capital purchased the asset and HFF assisted in securing acquisition financing on behalf of the buyer.  The seven-year loan was provided by ViewPoint Bank. 

Summit Office Park is strategically located near Interstate 30 just west of downtown Fort Worth.  The eight-story buildings, located at 1200 and 1300 Summit Avenue, are 95 percent leased and have 120,396 square feet and 122,086 square feet, respectively.

The HFF debt placement team was led by senior managing director Travis Anderson and managing director Steve Heldenfels.

Steve Heldenfels

Prescott Group is an investment company headquartered in Dallas that focuses on real estate assets and debt.

Pennybacker Capital is a real estate private equity firm headquartered in Austin, TX.

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

Lincoln Property Co. and Lincoln Harris Arrange $31.5 Million Purchase of Northlake Commons Shopping Center in Charlotte, NC

Chris Vasbinder

CHARLOTTE, NC (Oct. 15, 2014) — Lincoln Property Company and its affiliate Lincoln Harris have arranged the $31.5 million purchase of the 78,839-square-foot Northlake Commons Shopping Center, located at 9335 Center Lake Drive in Charlotte.

Chris Cotten of Lincoln Property Company, advised locally by Chris Vasbinder and Johno Harris of Lincoln Harris’ Charlotte office, represented the buyer, American Realty Capital – Retail Centers of America.

Rob Carter of Berkeley Capital Advisors LLC represented the seller, Northlake Commons LLC, which is made up of Ferncroft Capital and Crow Holdings.

Lincoln Harris will lease and manage the center, which is 92 percent leased. Tenants include Party City, Panera Bread and Chick-fil-A.

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  

Lincoln Property Company and Lincoln Harris Arranges $35.25 Million Purchase of The Centrum Shopping Center in Pineville, NC

Chris Cotten

CHARLOTTE, N.C. (Oct. 15, 2014) — Lincoln Property Company and its affiliate Lincoln Harris have arranged the $35.25 million purchase of The Centrum Shopping Center, a 270,747-square-foot property located at 10500 Centrum Parkway in Pineville, North Carolina.

Chris Cotten of Lincoln Property Company, advised locally by Chris Vasbinder and Johno Harris of Lincoln Harris’ Charlotte, North Carolina, office, represented the buyer, American Realty Capital – Retail Centers of America.

Rob Carter of Berkeley Capital Advisors LLC represented the seller, Pineville Centrum LP, which is comprised of DRA Advisors LLC and Kimco Realty Corp.

Lincoln Harris will lease and manage the center, which is 99 percent leased to 17 tenants, including Kmart, Stein Mart, TJ Maxx and other national chains.

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  

Greystone Provides $27.5 Million HUD Loan for 340-Unit Multifamily Community in Michigan

Betsy Vartarian

NEW YORK, NY,  Oct. 15, 2014 – Greystone, a leading national provider of multifamily and healthcare mortgage loans, today announced it provided a $27,534,300 HUD loan to refinance a 340-unit apartment community in Canton, Mich. The transaction was originated by Fred Levine.

The 35-year FHA financing was provided for Wyndchase Apartments, a luxury townhome and apartment complex offering one-, two-, and three-bedroom units and amenities such as a fitness center, pool, and community clubhouse.

One of Singh Development LLC’s signature properties, Wyndchase is part of a portfolio of multifamily and seniors housing holdings across Michigan, North Carolina and Virginia. 

Mony Malhotra

 “Greystone has been a long-time lending partner of ours for over a decade.  

"We were thrilled to replace three separate loans on three separate phases with one very long-term, low rate loan through HUD,” said Mony Malhotra, VP Finance for Singh Development LLC.

“Greystone’s ability to deliver on all levels with a strong emphasis on building deep relationships with its borrowers is a perfect match for our firm. 

"Singh Development prides itself on building and managing superior multifamily projects and on developing strong bonds with firms like Greystone.”

 “Even as more lending sources enter the Michigan market today, we’re seeing continual demand for long-term, low rate FHA financing, which enables property owners to maximize value, said Betsy Vartanian, an executive vice president of Greystone’s FHA lending group.

WyndChase Apartments, Canton, MI

“Borrowers like Singh Development understand the value that experienced lending partners can deliver, and we will continue to provide the absolute best execution possible,”

Greystone provides mortgage finance solutions across multiple platforms, including FHA, Fannie Mae, Freddie Mac, USDA, CMBS, bridge, mezzanine and other proprietary loan programs.

In 2013, Greystone ranked #1 in combined multifamily and healthcare FHA lending, #3 in Affordable Housing volume as a Fannie Mae DUS lender, and as a top-5 Freddie Mac lender for seniors housing.

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

Karen Marotta

PR Manager

Greystone

152 W. 57th Street

New York, NY 10019

212-896-9149 direct

917-902-7073 mobile

kmarotta@greyco.com

www.greyco.com

  

HFF arranges financing for Phoenix, AZ retail center

Camelback Center, Phoenix, AZ

LOS ANGELES, CA – HFF announced today that it has arranged acquisition financing for Camelback Center, a 32,963-square-foot, CVS-anchored retail center in Phoenix, Arizona.

               HFF worked on behalf of a private real estate fund advised by Crow Holdings Capital- Real Estate to secure the fixed-rate loan through Guggenheim Commercial Real Estate Finance, LLC.  Loan proceeds were used to acquire the property. 

Camelback Center is situated on 3.85 acres at the intersection of Camelback Road and 16th Street in Phoenix’s Camelback Corridor, an area that contains some of the city's most upscale neighborhoods.  

Paul Brindley

North of the property is access to the Piestewa Freeway, the main north-south route through the middle of the city.  

Built in 2003, the center is 100 percent leased to CVS, Chipotle Mexican Grill, Jimmy Johns, H&R Block, Tropical Smoothie Café, European Wax Center and Massage Envy.  The center is shadow-anchored by Total Wine & More.

The HFF team representing the borrower was led by senior managing director Paul Brindley and associate director Jeff Sause.

 Douglas Mueller of Mueller & Associates Realty Advisors in Phoenix served as co-broker on the transaction.

Crow Holdings Capital – Real Estate (CHC-RE) is the investment manager to a series of real estate private equity funds designed to generate current income and benefit from the capital appreciation of portfolio investments. 

  The six funds have had total equity commitments from partners of approximately $4.1 billion, approximately $675 million of which was committed by Crow Family Holdings.

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 $54 million financing for Pier 1’s main West Coast distribution center in Ontario, CA

Don Curtis

IRVINE, CA – HFF announced today that it has secured a $54 million refinancing for a distribution center and warehouse facility in Ontario, California, that is the main distribution center for Pier 1 Imports, Inc.’s West Coast operations. 

               HFF worked exclusively on behalf of the borrower, institutional investors advised by J.P. Morgan Asset Management, to secure the fixed-rate loan through Cornerstone Real Estate Advisers.  

Funds will be used to refinance an existing loan and construct a 243,665-square-foot expansion for Pier 1, bringing the total square feet of the center to 991,110 when completed in 2015.

               The Pier 1 distribution center is situated on 46.58 acres at 3000 East Philadelphia Street, directly off of the South Haven exit from the Pomona Freeway (SR-60).   

The asset is less than four miles south of the Los Angeles/Ontario International Airport and 55 miles from the ports of Los Angeles and Long Beach.  

Brian Torp

Built in 1999 as a build-to-suit for Pier 1, the single-story building has a 30-foot clear height and 54 dock-high loading doors.  The planned expansion will add 26 additional doors. 

The HFF team representing the borrower was led by senior managing director Don Curtis, associate director Brian Torp and real estate analyst John Jo.

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

Vienna Beef Exec Has No Beef with Wheaton 121 Luxury Rentals

  

Tim O'Brien and wife Jan at Wheaton 121, Wheaton, IL

  

CHICAGO, IL (Oct. 15, 2014) – When Vienna Beef’s top dog, president Tim O’Brien, was looking for a temporary residence while building a new home in the western suburbs, he went about his search the way his company makes their hot dogs and sausages – the old fashioned way. He and his wife, Jan, drove around to check out rental communities for themselves.

Wheaton 121, Wheaton, IL

“We had just sold our home in Glen Ellyn, and wanted to stay in the western suburbs, but we also wanted to be near the Metra for my commute into Chicago to the Vienna Beef headquarters.

" So we started with that in mind and began taking a look at what was available,” said O’Brien.

He noted he and his wife saw many nice rental communities, but were immediately drawn to Wheaton 121 because it was brand new and very well-kept. “It just felt good when you walked inside, and we were impressed by the office staff, too. Once we saw the apartment homes, we were sold.”

Developed by Chicago-based Morningside Group, Wheaton 121 is located at 121 N. Cross St. in downtown Wheaton. The six-story development offers 306 luxury apartments ranging in size from 558-square-foot studios to 1,509-square-foot three-bed, two-bath plans. 

All homes feature nine-foot ceilings, granite countertops in the kitchens and baths, stainless steel appliances, kitchen islands, wood floors, ceramic tile in the baths, high-end plumbing and light fixtures, individually controlled gas forced-air furnaces and central air-conditioning, in-unit washers and dryers, and private outdoor space. 

O’Brien and his wife selected a two-bedroom, two-bath loft-style unit that offers a private, street-level entrance. It measures 1,105 square feet and features an open layout for the main living area and loft-like features including exposed concrete and ductwork.

  

“It is definitely something different for the Wheaton area,” he said. “It feels very urban, almost like we’re downtown in the city.”

For more information, visit www.Wheaton121.com or visit the leasing center and decorated models located at 121 N. Cross St. in Wheaton. The building is open Monday through Friday from 11 a.m. until 7 p.m.; Saturday from 10 a.m. until 5 p.m.; and Sunday from noon until 5 p.m.

  

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  

 www.morningsideusa.com.           

Avison Young completes seven-year office lease for Radiology Partners in El Segundo, CA

  

Jacob Bobek

 Los Angeles, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has completed a seven-year lease on behalf of office tenant Radiology Partners, an integrated radiology practice-management company. Valued at $2.5 million, the lease totaled 12,443 square feet (sf).

 Avison Young Principal Jacob Bobek, based in the company’s Downtown Los Angeles office, represented Radiology Partners. The landlord, Bixby Land Company, was represented by CBRE.

 Located at 2101 El Segundo Boulevard in El Segundo, CA, the five-story, 114,176-sf building was previously fully occupied by Raytheon Space and Airborne Systems, which vacated the premises in 2013 as part of a company reorganization. 

Bixby acquired the property and conducted a major renovation to convert the building to creative office space. The building includes features such as exposed ceilings, a modern lobby with lounge and coffee bar, dog park, beach cruisers for tenant use, open spaces and meeting areas.

  

 Radiology Partners plans to move into its new space – approximately half of the fourth floor – in November 2014. 

The firm is expanding from its previous space, which totaled 5,000 sf, in El Segundo. With this expansion, the company plans to hire additional employees.

  

2101 El Segundo  Boulevard, El Segundo, CA

“El Segundo – which historically had a high concentration of aerospace, back office and financial services companies – was previously not a place where tech and growth companies wanted to locate,” comments Bobeck. 

“With rents spiking in other areas, the El Segundo market is now offering favorable office product for less rent than in other L.A. markets; the area is now attracting growth firms as landlords renovate vacated product to cater to a creative corporate culture”. 

  

Bobek adds: “It is no secret that some aerospace and related businesses are moving out of California. The good news is that the Los Angeles area is home to a growing number of tech firms and early-stage companies that are competing for space. Radiology Partners is a growing, early-stage company that was seeking creative office space near other early-stage tech firms. 2101 El Segundo was able to meet all of the company’s requirements.”

  

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

PCCP Provides $34 Million Senior Loan to Fountain Square owner to Acquire and Lease Up Office Complex in Boca Raton, FL

  

Fountain Square, Boca Raton, FL

New York, NY, Oct. 15, 2014 – PCCP, LLC announced today that it has provided a $34 million senior loan to finance the acquisition and lease‐up of Fountain Square, a three‐building, Class A office complex totaling 241,000 square feet in Boca Raton, Florida. 

The purchaser of the property Fountain Square Owner, LLC, has retained NAI Merin Hunter Codman, Inc., one of South Florida’s leading commercial real estate firms, to spearhead the management and leasing of the project.

 Located at 2600, 2650 and 2700 N Military Trail in the affluent community of Boca Raton, Palm Beach County’s second largest city and largest office market, Fountain Square was constructed in phases between 1987 and 1999. It consists of three, four‐story buildings with 21,000- to 25,000-square-foot rectangular floor plates that surround a landscaped central plaza with a fountain.

“This was a compelling opportunity to provide financing on a quality asset in a market with improving fundamentals and we are excited to team up with an experienced local operator that has an intimate knowledge of the asset and the submarket,” said Kevin Chin, vice president with PCCP, LLC.

The asset was 61 percent occupied at closing, predominantly by a mix of tenants in the financial services, law, and healthcare industries, which is consistent with the regional office market. 

Despite the economic setbacks of the recession, over the past 12 months the property has achieved strong leasing momentum, with over 42,000 square feet of new leases signed.

 The financing was arranged by CBRE and MHCapital Funding LLC.

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224  

Griffin Fund Acquires Edgewater on Lanier in Gainesville, GA; Plans Renovation

Edgewater on Lanier Apartments, Lake Lanier, Gainesville, GA

Gainesville, GA (Oct. 15, 2014) – Gainesville’s Edgewater on Lanier apartment community has a new owner, new manager and new plans for a luxurious renovation.

The Griffin Fund, a privately-held residential real estate investment firm, recently acquired the 180-unit community, located on the shores of Lake Lanier in Gainesville. The firm says that planned renovations and upgrades will make the lakefront community one of the most appealing in the area. Griffin has chosen Stonemark Management to manage the asset.  

Walt Lamperski

 “We are excited about partnering with The Griffin Fund and look forward to growing our relationship with them in the future,” says Stonemark President Walt Lamperski.

 “This asset enjoys a superior location, and the physical enhancements will add tremendous value to this investment.”

“After the renovation, Edgewater will be one of Gainesville’s finest apartment communities, offering superior views and access to the lake – together with a full and updated amenity package,” said Griffin Fund General Partner Elia Zinn. “We see great potential to add value to the community.”

Griffin Fund, which paid $8.4 million for Edgewater on Lanier, plans a $2 million renovation program. The deal closed Sept. 11.

Edgewater is located on Old Thompson Bridge Road in Gainesville. For more information, visit www.edgewateronlanier.com.

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

Terri Thornton, 404-932-4347, Terri@TerriThornton.com