HFF closes sale of 488-room Los Angeles Marriott Burbank Airport Hotel

Los Angeles Marriott Burbank Airport Hotel, 2500 North Hollywood Way, Burbank, CA

Scott Hall

SAN DIEGO, CA – HFF announced that it has closed the sale of the Los Angeles Marriott Burbank Airport, a 488-key, full-service, Marriott-branded hotel and conference center in Burbank, California. 

HFF marketed the property on behalf of the seller, a privately-owned real estate investment company.  

The joint venture of AWH Partners, LLC and Starr Companies purchased the offering.  AWH Partners, LLC is a privately held real estate investment, development and management firm and Starr Companies is a global insurance and investment organization. 

                The hotel is located at 2500 North Hollywood Way adjacent to the Bob Hope Airport and Amtrak-Burbank Airport train terminal in the north Los Angeles suburb of Burbank.

 The Los Angeles Marriott Burbank Airport is located in the Tri-Cities office market, the fourth largest office submarket in the Los Angeles area. 

  The hotel, which recently underwent a $10 million renovation, is composed of a nine-story West Tower and eight-story East Tower with an adjacent conference center that features nearly 46,000 square feet of indoor/outdoor function space.

Bob Hope Airport, Burbank, CA

 Ninety-three suites, 219 king and 269 double rooms comprise the 488 guest rooms, and amenities include a fully-equipped fitness center, business center, two heated outdoor pools, spa and a concierge lounge and restaurant with dine-in and in-room dining options.

                The HFF investment sales team representing the seller was led by managing director Scott Hall.

                “The Marriott Burbank transaction represented a unique opportunity for the buyer to benefit from the asset’s strong and continuously improving performance following our client’s strategic capital improvements, while also presenting additional upside from future business plan flexibility,” Hall said.

 “The strength of the Burbank submarket, the robust underlying fundamentals for Southern California’s lodging market, and recent renovations which have significantly enhanced the hotel’s competitive positioning all point to significant RevPAR gains for the property moving forward.”

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.starrcompanies.com

www.awhpartners.com.

HFF closes $37.3 million sale of Orlando, FL retail power center

Colonial Landing, 3225 East Colonial Drive, Orlando, FL

Brad Peterson

ORLANDO, FL – HFF announced it has closed the $37.3 million sale of Colonial Landing, a leasehold interest in a 259,024-square-foot retail power center in Orlando, Florida.

                HFF marketed the property on behalf of the seller, a joint venture between Weingarten Realty Investors and other private investors.  Retail Centers of America advised by Lincoln Retail REIT Services, a division of Lincoln Property Company, purchased the asset free and clear of existing debt.

                Colonial Landing is located 2.2 miles from downtown Orlando at the 15-lane signalized intersection of East Colonial Drive (State Road 50) and Maguire Boulevard, directly across from the Orlando Fashion Square Mall. 

The East Colonial retail trade area is the closest retail trade area to downtown Orlando and has had significant recent leasing and redevelopment activity, including the current major overhaul of the Orlando Fashion Square Mall. 

Situated on 23.2 acres at 3225 East Colonial Drive, Colonial Landing is 100-percent-leased to high-quality national anchor tenants, including Bed Bath & Beyond, Buy Buy Baby, PetSmart, Sports Authority, Jo-Ann Fabrics & Crafts, hhgregg and Party City. 

Whitaker Leonhardt

The sale also included outparcel pads leased to Red Lobster, Smokey Bones, Fifth Third Bank and Pollo Tropical.

                The HFF investment sales team representing the seller was led by senior managing director Brad Peterson, associate director Whitaker Leonhardt and real estate analyst Anthony Frogameni.

                “Colonial Landing is one of the premier power center assets in Orlando and has the right balance of high-quality national anchor tenants, outparcels and shops,” Peterson said.  

“Its infill location within such close proximity to downtown Orlando, Winter Park and Baldwin Park, provides a rare opportunity to have both high density and high income demographics within its trade area, permitting tenants to outperform.”

                Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. 

  At June 30, 2014, the company owned or operated under long-term leases, either directly or through its interest in real estate joint ventures or partnerships, a total of 259 properties which are located in 21 states spanning the country from coast to coast. 

Anthony Frogameni

These properties represent approximately 48.5 million square feet of which our interests in these properties aggregated approximately 29.8 million square feet of leasable area.

To learn more about the company’s operations and growth strategies, please visit www.weingarten.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

ohennessey@hfflp.com

HFF closes $53 million sale of Harrison Tower in downtown Portland, OR

Harrison Tower, 222 SW Harrison Street, Downtown Portland, OR

Ira Virden

PORTLAND, OR – HFF announced it has closed the $53 million sale of Harrison Tower, a 24-story, 185-unit luxury residential tower in downtown Portland, Oregon.

                HFF marketed the property on behalf of the seller, an institutional investor.  Sequoia Equities, Inc., based out of Walnut Creek, California, purchased the asset.

                Harrison Tower is one of only five residential buildings more than 20 stories tall in downtown Portland, which gives residents views of the city, mountains and Willamette River.

 From 2005 to 2008, Harrison Tower units were renovated into luxury condominiums prior to the building being sold and leased as apartments.

  Part of the $5.5 million upgrades included granite countertops, new cabinets, floor-to-ceiling operable windows, new bathroom vanities, bamboo flooring, glass top stoves and stainless steel appliances. 

Community amenities include a courtyard with multiple private eating areas, covered outdoor kitchen, outdoor pool and spa, cyber café, clubhouse, conference room, 24-hour fitness center, outdoor sundeck, sauna, covered parking, secure bicycle storage areas and upgraded laundry area.

Kerry Hughes

 Located at 222 SW Harrison Street between SW 1st and SW 4th Streets in Portland’s central business district, Harrison Tower has a streetcar stop directly outside the property, and a new MAX Light Rail stop two blocks away. 

                The HFF investment sales team representing the seller was led by director Ira Virden and associate director Kerry Hughes.

                “Harrison Tower is truly an iconic property that has helped shaped Portland’s skyline since the 1960s,” Virden said.  

“Opportunities to acquire a transit-oriented high-rise well below replacement cost don’t come around often in Portland. 

 The buyer is well positioned to take advantage of the explosive growth at Oregon Health & Science University (OHSU), Portland State University and the burgeoning tech sector downtown.”

                Established in 1986, Sequoia Equities, Inc. has always remained committed to its mission of creating quality living experiences that positively affect their residents, team members and investors. 

 More than 25,000 residents come home to a Sequoia community at the end of the day. 

 Offering more than just great locations and comfortable residences, each community is managed by a team of professionals dedicated to creating customer experiences that are consistently memorable and truly referral-worthy. 

 Harrison Towers represents the fifth multifamily acquisition in the past couple of years, for Sequoia Equities representing a Portland base of approximately 1,600 units.

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