HFF secures $13.4 million acquisition financing for downtown Los Angeles, CA office building

1200 Wilshire Boulevard, Downtown Los Angeles, CA

Jeff Sause

LOS ANGELES, CA – HFF announced it has secured $13.4 million in acquisition financing for a 90,568-square-foot office building located at 1200 Wilshire Boulevard in downtown Los Angeles, California. 

HFF worked on behalf of the borrower, Sharp Capital, to secure the floating-rate loan with Israel Discount Bank of New York. 

1200 Wilshire Boulevard is situated on 1.02 acres in the heart of downtown Los Angeles at the intersection of Wilshire and Lucas Street, three blocks from the Harbor Freeway. 

The six-story building was renovated in 2006 and is 95 percent leased to a variety of tenants in the banking, healthcare, legal, counseling and marketing sectors. 

                The HFF debt placement team representing the borrower was led by associate director Jeff Sause, managing director Todd Sugimoto and real estate analysts Ryan Ash and Benjamin Gallant. 

Todd Sugimoto

Senior vice president Barak Volner and vice president Rachel Magner represented Israel Discount Bank in the transaction. 

Sharp Capital is based in Beverly Hills and for more than 30 years they have specialized in maximizing the profit potential of undervalued land and properties in Los Angeles. 

  The family-owned nature of Sharp's business and investments has allowed the company to dramatically increase the swiftness of transactions. 

  Since Sharp invests personal capital, the company is able to close deals in as little as seven business days, thus reassuring sellers and brokers of the soundness of their investments with this unique firm.

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 sale of DoubleTree by Hilton hotel in downtown Little Rock, AR

DoubleTree by Hilton Downtown Little Rock Hotel, 424 West Markham Street,
 Downtown Little Rock, AR

John Bourret

BOSTON, MA – HFF announced it has closed the sale of the 288-key DoubleTree by Hilton Downtown Little Rock hotel in Little Rock, Arkansas. 

HFF marketed the property on behalf of the seller, a joint venture between Trinity Hotel Investors L.L.C. and BayNorth Capital LLC.  An affiliate of New York-based Fifth Avenue Capital, LLC and the Waterford Hotel Group of Connecticut purchased the offering free and clear of debt. 

                The full-service DoubleTree by Hilton Downtown Little Rock is located at 424 West Markham Street in the northern part of downtown Little Rock and is attached to the Robinson Center Music Hall, Little Rock’s premier performing arts venue, which is undergoing a $68.6 million reconstruction. 

The hotel is within walking distance to the River Market Entertainment District, approximately one mile to both the William J. Clinton Presidential Center and Library and Highway 167, and less than a mile and a half from the Arkansas State Capitol. 

Alan Suzuki

The 14-story hotel has completed more than $10 million in capital expenditures in recent years and features the Plaza Grille and Lounge, a business center, swimming pool, fitness center and 12,000 square feet of meeting space.

                The HFF investment sales team representing the seller was led by managing directors Denny Meikleham and John Bourret and director Alan Suzuki.

“The DoubleTree Little Rock transaction represented a fantastic opportunity for potential buyers to acquire a well-located, DoubleTree-branded hotel, with strong in-place cash flow and tremendous upside potential following the reconstruction of the Robinson Center Music Hall,” Meikleham said.

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.trinityhotels.com.

www.baynorthcapital.com.

HFF arranges $8.6 million financing for Class A specialty retail center in Tucson, AZ

Paloma Village Center, 6330--6370 North Campbell Avenue, Tucson, AZ

Josh Simon

DENVER, CO – HFF announced it has arranged $8.6 million in acquisition financing for Paloma Village Center, a 37,739-square-foot, Class A specialty retail center in Tucson, Arizona.

                HFF worked on behalf of the borrower, Hannay Realty Advisors, LP, a subsidy of MCD Realty Advisors, Inc., to secure a 3.52 percent, seven-year fixed-rate loan through Nationwide Life Insurance Company.  HFF will service the loan.   

Paloma Village Center is situated on 4.49 acres at 6330-6370 North Campbell Avenue in the upscale Catalina Foothills region of northern Tucson.

 The center is at the intersection of North Campbell and Skyline Drive and part of a 12.9-acre mixed-use development that also includes a two-story office building and a 120-room flagship Embassy Suites Hotel, which were not included in the financing. 

Completed in 2004, the center is 94 percent leased to CVS, Starbucks and Flemings Steakhouse. 

The HFF team representing the borrower was led by managing director Josh Simon and real estate analyst Matt Gangaware. 

“Paloma Village Center is located at arguably the best retail corner in Tucson,” Simon said.  “The ability to showcase the amazing location and diversification of tenancy helped drive significant interest from our life insurance company lenders.”

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.hannayrealtyadvisors.com.

HFF closes $17 million sale of Los Angeles-area industrial facility

Ryan Martin

IRVINE, CA – HFF announced it has closed the $17 million sale of a 260,000-square-foot industrial building in the Inland Empire submarket of Moreno Valley, California, east of Los Angeles. 

HFF represented the seller, a joint venture between Marhub, LLC and Global Port Ramp Services, and the buyer, Westcore Properties, who purchased the facility free and clear of existing debt.

The property is located at 17101 Heacock Street in Moreno Valley on the March Air Reserve Base.

 Built in 2006, the building is master-leased to DHL Express, Inc., but the current sublease tenants include Amro Fabricating Corp. and Ross Dress for Less. 

Adjacent to an Amazon Fulfillment Center, the property provides immediate access to Interstate 215 and includes heavy electrical power, extensive trailer parking and future expansion capabilities.  

The Ports of Los Angeles and Long Beach are both less than 75 miles west of the property.

Anthony J. Brent

The HFF investment sales team was led by senior managing director Anthony Brent and managing director Ryan Martin.  Director Jeremy Womack also assisted in the sale.

“With the ground lease, subtenants and the air cargo nature of the facility, the transaction had many moving parts, which required a skilled buyer to understand all of the related complexities,” Brent said. 

“This investment presented a unique value-add opportunity in the marketplace and will be a great addition to Westcore’s Southern California portfolio.”

“Offering ramp access for inbound and outbound air cargo as well as the longest and deepest runway in California, this property also benefits from being located within a foreign trade zone destination,” Martin added. 

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 sale of creative office building in Santa Monica, CA

Ocean Park Plaza, 2701 Ocean Park Boulevard, Santa Monica, CA

Andrew Harper

 LOS ANGELES, CA – HFF announced it has closed the sale of Ocean Park Plaza, a 100,983-square-foot, low-rise office building in Santa Monica, California. 

HFF marketed the property on behalf of the seller, Broadreach Capital Partners. 

Ocean Park Plaza is a two-story office building at 2701 Ocean Park Boulevard approximately two miles east of the Pacific Ocean and across the street from Clover Park in the Ocean Park area of Santa Monica. 

With $3 million of capital improvements made since 2007, the property features an open atrium and is perfectly suited to fit the creative niche of the market. 

The building is 90 percent leased to Conde Nast-owned MatchCraft, UCLA Health System, Keller Williams and Ocean Park Casting. 

The HFF investment sales team representing the seller included director Andrew Harper, senior managing director and co-head of HFF’s national office investment sales platform Michael Leggett and senior managing director Ryan Gallagher.       

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.broadreachcp.com

HFF closes sale of Twin Cities-area Crowne Plaza Hotel near the Mall of America in Bloomington, MN

Crowne Plaza Minneapolis-St. Paul International Airport--Mall of America, Bloomington, MN

Denny Meikleham

BOSTON, MA  – HFF announced it has closed the sale of the Crowne Plaza Minneapolis-St. Paul International Airport – Mall of America, a 430-key full-service hotel in Bloomington, Minnesota, near the Mall of America.

HFF marketed the property on behalf of the seller, a joint venture between Trinity Hotel Investors L.L.C. and BayNorth Capital LLC.  Kaeding Management Group purchased the offering free and clear of debt.

                The Crowne Plaza is located at 3 Appletree Square in Bloomington approximately two miles from the Minneapolis-St. Paul International Airport and approximately one mile from the Mall of America, which gets more than 40 million visitors annually. 

The hotel is approximately 11 miles southeast of downtown Minneapolis and 12 miles southwest of downtown St. Paul, and the property borders Fort Snelling State Park and Long Meadow Lake. 

The American Boulevard Station along the METRO blue line, which provides access from the Mall of America through downtown Minneapolis, is within walking distance from the property. 

Alan Suzuki

The 13-story hotel features Martel’s Restaurant and Lounge, a Caribou Coffee kiosk, the area’s largest junior Olympic-sized indoor pool, whirlpool, 3,000-square-foot fitness center, business center and 13,400 square feet of meeting and event space.

The HFF investment sales team was led by managing directors Denny Meikleham and Daniel Kaufman and director Alan Suzuki.

“The Crowne Plaza Bloomington transaction represented an excellent value-add opportunity, while allowing for the buyer to immediately step into an asset with strong in-place cash flow,” Meikleham said. 

“A modest hotel refresh and a re-engineering of the hotel’s market mix will undoubtedly lead to increased average rates and profitability.”

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.baynorthcapital.com.

www.kaedingmanagement.com.

  www.trinityhotels.com.

HFF closes sale of and arranges financing for The Seneca on Chestnut in Chicago’s Gold Coast

The Seneca on Chestnut Apartments, 200 East Chestnut Avenue
Gold Coast Neighborhood, Chicago, IL

Sean Fogarty

CHICAGO, IL – HFF announced it has closed the sale of and arranged acquisition financing for The Seneca on Chestnut, a 254-unit, Class A apartment building in Chicago’s Gold Coast neighborhood.

                HFF marketed the property on behalf of Waterton Associates, LLC.  Emmes Asset Management Company purchased the asset for an undisclosed amount.  

Working on behalf of the buyer, HFF placed a five-year, fixed- rate loan with a life insurance company lender.

                The Seneca on Chestnut is located at 200 East Chestnut in Chicago’s Gold Coast neighborhood within walking distance to the John Hancock building, Chicago Water Tower, Museum of Contemporary Art Chicago and numerous high-end shopping and dining options along the Magnificent Mile/North Michigan Avenue. 

Originally built in 1926, the building was converted to residential units over the past two years as well as receiving a major renovation throughout, including common areas and apartment homes.

Marty O'Connell

 The property includes studio, one- and two-bedroom units ranging between 287 and 1,333 square feet each.  Community amenities include a fitness center, sundeck and on-site dry cleaner.  The property was 95 percent occupied at the time of the sale.

                The HFF investment sales team representing the seller was led by managing directors Sean Fogarty and Marty O’Connell, associate director Wick Kirby and executive managing director Matthew Lawton.

                HFF’s debt placement team was led by managing director Stephen Skok and associate director Jason Bond.

                Waterton Associates, LLC is a Chicago-based investment firm specializing in the ownership and management of multifamily properties.  Waterton has participated in the acquisition, disposition and financing of apartment properties located throughout the United States.

                Established in 1992, Emmes Asset Management Company is a registered investment advisory firm offering separate accounts tailored to the needs of its institutional clients.

Wick Kirby

 With approximately $1.3 billion in assets under management, the Emmes portfolio consists primarily of office, retail, industrial and multifamily holdings within the major United States markets.

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