HFF closes sale of industrial flex facility in Lakewood, NJ

Michael Nachamkin

FLORHAM PARK, NJ – HFF announced it has closed the sale of a 74,400-square-foot industrial flex facility in Lakewood, a township in eastern New Jersey.

HFF marketed the property on behalf of the seller, LNR Property LLC.  Cedar Group of NJ LLC purchased the center free and clear of existing debt for an undisclosed amount.

The asset is situated on 6.28 acres at 150 Oberlin Avenue just off Route 623, approximately one mile from the Garden State Parkway and two and a half miles from Route 9.

 The multi-tenant facility is in the Ocean County industrial submarket, which is one of the closest distribution hubs to service the Jersey Shore in addition to being less than one hour from Newark Liberty International Airport and Port Elizabeth/Newark. 

Renovated in 2000, the building has 24,000 square feet of industrial space and 50,400 square feet of office space and features 20’-28’ clear ceiling heights, nine dock-high doors, nine drive-in doors and 116 parking spaces.  Tenants include Ateres Tzipora, NJPD Plumbing & Heating, Dealmed Medical Supplies and Arc of Ocean County.

Kevin O'Hearn

The HFF investment sales team was led by managing director Michael Nachamkin along with senior managing director Jose Cruz, managing director Kevin O’Hearn and real estate analyst Jordan Avanzato.

“We were pleased with the results of running the process for the seller and attracting a lot of bidders for the property,” Michael Nachamkin said.  “The end result was a smooth transaction with a quick closing.”

LNR Property LLC is a market leader in commercial real estate finance, management and development, with established expertise and demonstrated capability in the investment, management and servicing of commercial real estate assets, secured real estate loans and loan pools. 

LNR is headquartered in Miami Beach, Florida.  LNR's Commercial Property Group is focused on creating value by acquiring, developing, repositioning, managing and selling interests in commercial and multi-family real estate, including land. 

150 Oberlin Avenue, Lakewood, NJ

LNR's Real Estate Financing and Servicing Group focuses on LNR's loan and loan securities businesses and is one of the nation's leading buyers of non-investment grade and unrated commercial mortgage backed securities (CMBS), and is the leading special servicer in the U.S.

Cedar Group of NJ is a local investor based in Lakewood, New Jersey.

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 $39.5 million sale of Class A Westchester County, NY office property

International Corporate Center, 555 Theodore Fremd Avenue, Rye, NY

Jeffrey Julien

NEW YORK, NY – HFF announced it has closed the sale of International Corporate Center at Rye, a Class A office property in Rye, Westchester County, New York, totaling approximately 180,000 square feet.

 HFF exclusively represented the seller, Faros Properties, LLC, in the transaction. 

International Corporate Center at Rye is located at 555 Theodore Fremd Avenue close to Interstates 95 and 287 in Rye.

 It is the only Class A office building in Westchester County within walking distance of the Metro-North Railroad, which provides access to Manhattan in 35 minutes. 

Renovated in 2012, the property features three interconnected office buildings connected by a five-story glass rotunda lobby with amenities including a fitness center, cafeteria, conference center with boardroom and an outdoor tenant courtyard.

Jose Cruz

 International Corporate Center at Rye is 98 percent leased to tenants in the financial service, private equity, law and consumer product sectors. 

               The HFF investment sales team representing the seller included managing director Jeff Julien, senior managing directors Jose Cruz and Andrew Scandalios. Richard Goldstein with Goldstein & Associates Realty, Inc represented the buyer.

  

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 $57.5 million refinancing for 8-property Louisville, KY office portfolio

John Ahmed

DALLAS, TX – HFF announced it has secured a $57.5 million refinancing for an eight-property office portfolio in suburban Louisville, Kentucky.

               Working on behalf of Ascent Properties, HFF placed the floating-rate loan with Prime Finance Partners.  Ascent Properties is controlled by Dale Boden, who runs BF Capital, a local Louisville real estate and private equity investment firm. 

The loan will recapitalize the current portfolio and provide leasing costs for the ongoing stabilization of the properties.  The financing also facilitated the acquisition of one of the buildings.

               The portfolio is comprised of: Bluegrass Business Center I and II; Plainview Point I, II and II; Thornton Park Plaza; Atrium Center; Plainview Center; and NTS Center. 

The approximately 780,000-square-foot portfolio is 86 percent leased overall to a mix of high-quality, institutional tenants.  The properties are all located within suburban office submarkets along the Interstate 64 corridor east of Louisville’s central business district.  Leasing and property management is provided by NTS. 

               The HFF debt placement team representing the borrower was led by director John Ahmed and senior analyst Rex Cruz.

  

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

Marcus & Millichap arranges sale of Colonial Resort apartments in Pompano Beach, FL for $1.4 million

Tal I. Frydman

POMPANO 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 Colonial Resort Apartments, an 11-unit apartment property located in Pompano Beach, Fla. The asset sold for $1,450,000.

Derek R. Gibbs and Daniel J. Cunningham, senior associates, and Tal I. Frydman, a first vice president investments, in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private investor from Fort Lauderdale, Fla, and the buyer, a private investor from Fort Lauderdale.

Built in 1966, the two-story building consists of two studios, eight one-bedroom/one bathroom units and one two-bedroom/two-bathroom townhouse style unit.

Colonial Resort Apartments is located at 3226 NE 12th Street in Pompano Beach.

  

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

Ryan Nee

Regional Manager

Fort Lauderdale

(954) 245-3400

HSA Commercial Launches 50,000 SF Build-To-Suit for Carrier in Nashville, TN

Craig Phillips

CHICAGO, IL and NASHVILLE, TN— HSA Commercial, Inc., announced the firm has started construction on a new 50,000-square-foot regional distribution center for Carrier at 60 Airways Boulevard in Nashville, Tenn.

 Carrier, a leading manufacturer and distributor of heating, air-conditioning and refrigeration products, is scheduled to take occupancy of the new facility in spring 2015.

Carrier’s distribution center, to be located at the northwest corner of Airways Boulevard and Jetway Drive, will be built to satisfy the tenant’s unique specifications including a 4,000-square-foot area utilized as a showroom and training center.

The Carrier facility will be constructed on land next to a 200,000-square-foot industrial building acquired by an HSA partnership in 2010 that was recently fully leased. 

Both buildings are located adjacent to the Nashville International Airport and tarmac areas in a free trade zone.

Lee Black

In 2010, HSA Commercial completed a separate 71,250-square-foot lease transaction with Carrier at the firm’s 495,000-square-foot Baton Rouge West industrial development in Port Allen, La.

“Carrier has been a great tenant of ours in Baton Rouge, and we are pleased to have the opportunity to work with them again on this build-to-suit project,” said Craig Phillips, executive vice president of development with HSA Commercial, Inc.

The Carrier distribution center will be designed and built by Nashville-based T.W. Frierson Contractor, Inc. Lee Black at CBRE represented Carrier in the lease transaction.

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

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

HSA Commercial Lands HomeGoods for Phase 2 of The Mayfair Collection in Wisconsin

CHICAGO, IL and MILWAUKEE, WI — Timothy Blum, executive vice president of retail development for HSA Commercial Real Estate, announced that the firm has executed a 22,454-square-foot lease with HomeGoods for the second phase of The Mayfair Collection which is now under construction.

HomeGoods will occupy the northern end cap of the building at 11100 West Burleigh Street which will be anchored by a 45,150-square-foot Whole Foods Market. The home furnishings and accessories retailer is scheduled to open the new location in fall 2015, and it will be the company’s second store in the Milwaukee area.

 The Mayfair Collection is a 400,000-square-foot retail development at Highway 45 and Burleigh Street in Wauwatosa, Wis.

Evanston, Ill.-based TOA Architects is the project architect for The Mayfair Collection. Premier Design + Build will serve as the general contractor for the first two phases.

  

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

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