Red Seal Homes Starts Sales at Provenance in Northbrook Area of Chicago, IL

Provenance entrance, Techny Road and Western Avenue, Northbrook, IL

CHICAGO, IL – Northbrook-based Red Seal Homes has announced the start of sales at Provenance, a luxury master-planned community of 137 residences at Techny Road and Western Avenue in the north-suburban Northbrook area.

The community will include 21 single-family homes, 34 duplexes and 82 townhomes set on 44 acres. It is already more than 10 percent sold.

“As a local builder with an 81-year history in this area, we know from experience what an amazing place this is for residents to call home, so we are very excited to launch sales at Provenance,” said Todd Fishbein, president and CEO of Red Seal Homes.

“Our vision is that of an upscale, dynamic community that is a wonderful place for people ranging from young families through downsizers to live. It’s going to be very exciting to witness the positive impact this high-quality, upscale community will have on the area.”

For more information on Red Seal Homes, visit www.redsealhomes.com,

 and to learn more about Provenance, visit www.homesatprovenance.com

 or call (847) 417-3056.

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

Vanessa Irving, virving@taylorjohnson.com

, (312) 267-4525

Kim Manning, kmanning@taylorjohns.com,

 (312) 267-4527

HFF secures $17.7 million financing for dual-anchored retail center in southeastern Pennsylvania

Spring Towne Shopping Center, 2641--2679 Shillington Road, Reading, PA

 PHILADELPHIA, PA – HFF announced it has secured $17.7 million in financing for Spring Towne Shopping Center, a 277,860-square-foot, Lowe’s- and Giant-anchored retail center in Reading, Pennsylvania. 

Ryan Ade

HFF worked on behalf of the borrower, Brandolini Companies, to secure a long-term, fixed-rate loan with an institutional quality insurance company.  The loan will be used to refinance an existing mortgage on the property.

                Located at 2641-2679 Shillington Road, Spring Towne Shopping Center has frontage along Route 724 with direct access to an exit ramp off the highly-trafficked Route 222. 

Together, 56,000 vehicles travel on these roads each day providing significant traffic to the property. 

More than 150,000 residents live within a five-mile radius of the property, and residents within a three-mile radius earn an average annual household income greater than $75,000.

 Built by Brandolini Companies in 1990, the property is composed of four buildings and one gas station. 

In addition to the anchor tenants, the center is more than 97 percent occupied by H&R Block, UPS Store, Great Clips, Pet Valu, Subway, Fulton Bank, Monro Muffler & Brake, Hallmark and other local retailers.  

       

Christopher Bigos

                The HFF team representing the seller was led by managing director Ryan Ade and senior real estate analyst Christopher Bigos. 

“We were able to secure a loan for Brandolini that allows them to enjoy a low, fixed rate of interest for a long duration on a high-quality asset,” Ade said. 

 “The availability of an early rate lock was critical to the deal given the historically low-rate environment we are in today.”

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.brandolinicompanies.com.

HFF secures $260 million refinancing for Santa Monica, CA Class A office complex

The Water Garden Phase I, Santa Monica, CA

Jennifer L. Keller

NEW YORK, NY – HFF announced it has arranged $260 million in refinancing for The Water Garden Phase I, two six-story, Class A, office buildings totaling 673,660 square feet located in the heart of Santa Monica, California.

                HFF placed the 12-year, fixed-rate loan on behalf of the borrower, institutional investors advised by J.P. Morgan Asset Management, with New York Life Real Estate Investors. 

                The Water Garden Phase I is part of a larger 1.27 million-square-foot office complex called The Water Garden.

 Designed by McLarand, Vasquez & Partners, Inc., tenants of Phase I include Amazon, Edmonds.com, Group M Worldwide, Sony Computer Entertainment and AMC Networking Entertainment. 

Situated on 9.10 acres at 2425 Olympic Boulevard and 1620 26th Street in Santa Monica, the asset is 14 miles west of downtown Los Angeles in the Westside office market.  In 2016, a light rail station will open catty-corner from the property.

Mike Tepedino

The HFF debt placement team representing the borrower was led by senior managing directors Mike Tepedino and Paul Brindley and director Jennifer Keller.

“The Water Garden has always been one of the top office assets in Los Angeles,” Brindley said.  “Its position as the leading office asset in Santa Monica will be enhanced further by the sponsor’s careful consideration of strategic capital improvements to meet the evolving demands of the creative tenants that call Santa Monica home.

“Furthermore, with the future opening of the Bergamot/26th Street Expo Station across the street, the asset will offer the best combination of institutional ownership, improvements and mass transit options of any major asset in West Los Angeles.” 

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.newyorklife.com/realestateinvestors

Marcus & Millichap Arranges Sale of Pine Crest Square in Fort Lauderdale, FL for $5.7 Million

Douglas K. Mandel

 FORT LAUDERDALE, 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 Pine Crest Square, a 40,409-square foot retail property located in Fort Lauderdale, Fla, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. 

The asset sold for $5,783,000 equating to $143 per square foot.

Douglas K. Mandel, a first vice president investments, Barry M. Wolfe, a vice president investments, and Alan Lipsky, an associate, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a partnership from Delray Beach, Fla. 

“Pine Crest Square serves the predominantly residential neighborhoods along East Cypress Creek Road and benefits from its proximity to I-95 and the traffic generated by several hotels and office parks in the immediate area,” says Mandel.

Barry M. Wolfe

 “The property is well-positioned to serve not only the needs of the residents but also daily corporate and tourist traffic. The current tenant mix serves both markets.”

Located at 901-959 East Cypress Creek Road, the property is immediately east of I-95 and adjacent to the prestigious Pine Crest School campus.

Tenants include a mix of local and national retailers, including Subway, Jiffy Lube and 7-Eleven. The property is on the eastern boundary of the Cypress Creek Office submarket, which contains many large office properties, hotels and hospitals.

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

Ryan Nee

Regional Manager

 Fort Lauderdale, FL

(954) 245-3400

NAI Realvest Negotiates Four New Industrial Leases at Orlando CommerCenters totaling 17,224 Square Feet

 

Michael Heidrich

ORLANDO, FL – NAI Realvest recently negotiated four new lease agreements for industrial space at Goldenrod and Hanging Moss CommerCenters that total 17,224 rentable square feet. 

Michael Heidrich, principal and Kristen Kemp, associate at NAI Realvest negotiated three new leases representing Landlord, Goldenrod SPE, LLC at 1460 and 1468 N. Goldenrod Rd. in east Orlando. 

6,618 square feet was leased to American Ecosystems, Inc. which specializes in aquatic maintenance for HOAs and golf courses.  The tenant was represented by Josiah Biddle of McNulty Group.   

Kristen Kemp

Honda Pro Parts, specializing in parts and repair of Honda and Acura vehicles leased 4,000 square feet and was represented in the transaction by Eury Ortiz of Silver Key Investment Group

Alpha Environmental Management, a full service environmental consulting and remediation firm leased 2,206 square feet at Goldenrod CommerCenter.

Heidrich and Kemp also represented Orlando-based landlord Hanging Moss SPE, LLC in a lease agreement with Winter Park Cycles for 4,400 square feet at Hanging Moss CommerCenter, 6112 Hanging Moss Rd. in Orlando. The tenant was represented by Nelson Gonzalez of Enego Investments, Inc.

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

Beth Payan or Larry Vershel, Larry Vershel Communications 407-644-4142

Marcus & Millichap Brokers Sale of Wellington Self Storage in Lake Worth, FL

Wellington Self Storage, Lake Worth, FL

Michael A. Mele

LAKE WORTH, FL -- Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Wellington Self Storage, a 71,657 net rentable square foot, self-storage facility located in Lake Worth, Florida.

Michael A. Mele, senior vice president investments in Marcus & Millichap’s Tampa office, represented the buyer and the seller in this transaction.

Wellington Self Storage is situated on 4.56 acres and is located at 5359 South State Road 7 in Lake Worth, Florida. The facility was built in 2003 and consists of 643 units.

Mele said the  seller did “a great job operating the facility and through our platform we were able to procure multiple offers from qualified buyers, showing continued interest in Class A assets.”

The Mele Group of Marcus & Millichap Florida, Inc specializes in self storage sales and research.

We provide top of the line market knowledge, access to the largest pool of qualified investors and exchange buyers and a system of creating the broadest possible exposure for each and every facility.

The Mele Group of Marcus & Millichap is your choice for bigger deals, better marketing, higher offers and faster closings.

Click here to view our closed transactions, other listings and learn more about our team:  www.MeleStorageGroup.com/Closed-Listings.

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

Michael Mele

Michael.Mele@marcusmillichap.com
813.387.4790