Tuesday, May 19, 2015

HFF closes $160.75 million sale of medical office building in Center City, PA

833 Chestnut, Center City, Philadelphia

 PHILADELPHIA, PA, May 19, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of 833 Chestnut, a 12-story, 705,061-square-foot medical office building across from Thomas Jefferson University Hospital (TJUH) in Center City, Philadelphia. 

Mark Thomson
HFF marketed the property on behalf of the seller, Digital Realty Trust.  A publicly-traded healthcare REIT purchased the asset for $160.75 million. 

Originally built in 1928 as an addition to the original Gimbel Brothers retail department store complex, 833 Chestnut was substantially renovated and is currently 92 percent leased. 

The property’s major tenants include Thomas Jefferson Hospital, JUP, Thomas Jefferson University, Nemours Children’s Clinic, the U.S. Government and Ballinger Company. 

  The total GLA includes approximately 60 percent clinical use, which continues to grow year-over-year. 

The HFF investment sales team representing the seller was comprised locally of senior managing directors Mark Thomson, Andrew Scandalios and Jose Cruz, and nationally by managing directors Michael Bennett and Philip Mahler who are team leaders of the medical office building group within HFF’s national healthcare practice.

“833 Chestnut is an excellent example of the synergies that exist between HFF offices.  Our local team realized it was more than just a general office deal; we enlisted the help of our healthcare group, put the best team on the field, collaborated keeping the client’s best interests in mind, and ultimately secured significant proceeds over and above for what a general office might have traded,” said Scandalios.

Andrew Scandalios
“We marketed this asset to all of the typical office buyers in the northeast but the demand for medical office simply priced those groups out of the market,” added Thomson.

“We had significant interest from all the ‘usual suspects’ in the medical office building space, as well as private equity, pension fund advisors, and even some foreign capital.  

"The size of the property can really move the needle for some of these groups.  Pricing was aggressive, and this transaction is a testament to how accretive the current MOB market is for sellers,” added Bennett.

“TJUH and its affiliates has significantly increased its presence in 833 Chestnut over the last seven years and now is the anchor tenant in the building, leasing over 50 percent of the net rentable area. 

  This significant hospital-related tenancy created an opportunity for a medical office investor to develop a strategic relationship with TJUH which tremendously increased competition for this asset,” said Mahler.

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

Marcus & Millichap Arranges Sale of Two Old Time Pottery Stores in Alabama and Tennessee

Old Time Pottery, Murfreesboro, TN

Barry M. Wolfe
FORT LAUDERDALE, FL, May 19, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today has arranged the sale of Old Time Pottery’s flagship store, corporate headquarters and main distribution center in Murfreesboro, Tenn., and the retailer’s Foley, Ala., store.

The terms of the sales were not released. The flagship store, corporate HQ and main distribution center transaction closed in February 2015 and the Foley, Ala., store changed hands this month.

Barry M. Wolfe and David M. Greenberg, vice president investments, along with Alan Lipsky and Robert S. Hunter, associates, all in Marcus & Millichap’s Fort Lauderdale office, exclusively represented the seller of the properties, a partnership from Nashville, Tenn.

Glen Kunofsky, in the firm’s Manhattan office, procured the buyer, a publicly traded real estate investment trust based in Scottsdale, Ariz. 

Eddie Greenhalgh, senior associate in Marcus & Millichap’s Birmingham office is the firm’s broker of record in Alabama. Anne Williams, senior associate in Marcus & Millichap’s Memphis office, is the company’s broker of record in Tennessee.

“Old Time Pottery is an outstanding retail brand and this was a unique opportunity for the buyer to acquire two solid retail locations along with the retailer’s mission-critical corporate facilities. There was significant interest in these assets, which speaks to the strength of the company and the locations,” says Wolfe.

David M. Greenberg
“This was a great opportunity for the purchaser to expand and strengthen its net-lease portfolio by acquiring the essential facilities of a strong tenant,” adds Kunofsky.

Located at 480 River Rock Blvd., the Murfreesboro, Tenn. site includes 312,096 square feet of rentable space and sits on approximately 20 acres adjacent to the interchange of Old Fort Parkway (Tennessee Highway 96) and Interstate 24, which connects Murfreesboro with Nashville.

Situated at the southeast corner of the intersection of Alabama Highway 59 and Keller Road, the Foley, Ala., location includes 10.1 acres of land with a single retail structure totaling 109,968 rentable square feet. The Foley store is located at 7976 State Highway 59.

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

Gina Relva
 Public Relations Manager

(925) 953-1716

Wyndham Hotel Group to Manage New Dolce Conference Hotel near Cincinnati, OH

Mark Kukulski
PARSIPPANY, N.J. (May 19, 2015) – Wyndham Hotel Group, the world’s largest hotel company, today announced it has entered into an agreement to brand and manage a new-construction hotel and conference center less than 10 miles from downtown Cincinnati, Ohio, under its Dolce Hotels and Resorts® flag.

 The 217-room hotel is being developed by RBM Development Company LLC in Madisonville, Ohio, and will be operated by Wyndham Hotel Group’s management arm. 

Scheduled to open in 2017, it will become the centerpiece of a $124 million mixed-use development project, known as Madison Center, which is home to the headquarters of Medpace, a global clinical research organization, and will also feature offices, retail space, restaurants and outdoor community spaces.

 “This is an exciting milestone in the growth and evolution of the Dolce Hotels and Resorts portfolio,” said Mark Kukulski, president of Wyndham Managed Hotels. 

“We’re committed to expanding the brand’s presence in strategic markets to provide innovative product, efficient operations and unparalleled service for groups and meetings customers. We believe that this property, with its sophistication and state-of-the-art facilities, will play an important role in the brand’s success and in the local community.”

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

Kathryn Zambito
Wyndham Hotel Group
22 Sylvan Way
Parsippany, NJ  07054
+1 (973) 753-6590

Hold-Thyssen Negotiates New Five Year Lease at Phillips Place in Southwest Orlando, FL for Third Central Florida location of pain management, wellness center

Darby Hold
ORLANDO, Fla. --- Hold-Thyssen, a real estate services firm headquartered in Winter Park, recently negotiated a five-year lease agreement for 1,022 rentable square feet of professional office space at Phillips Place, 7575 Dr. Phillips Blvd. in southwest Orlando. 

Darby Hold, transaction specialist for Hold-Thyssen, Inc. negotiated the agreement representing the Cincinnati, Ohio-based landlord, Financial Way Realty, Inc. 

The new tenant, Florida Center for Hormones & Wellness, leased the space due to its prime location for their service of administering anti-aging and pain management treatments for several decades.  They have two other Central Florida locations.  The tenant was represented by Bob Atkins with Atkins Commercial Real Estate.

Hold-Thyssen, Inc. is the leasing and management representative for the 56,000 square foot Phillips Place Office Building, which is currently 86 percent leased

Hold-Thyssen, Inc. provides commercial property and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

For a complete copy of the company’s news release, please contact:
Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com


NAI Realvest Negotiates Two Office Leases in the Airport and East Orlando submarkets Totaling Over 9,100 Square Feet

Mary Frances West
ORLANDO, FL – NAI Realvest recently negotiated office leases representing landlords in the Airport and East Orlando submarkets for a total of 9,144 rentable square feet.

Tom R. Kelley II, CCIM, a principal at NAI Realvest and Senior Broker Associate Mary Frances West, CCIM represented Semoran Commerce Center LLC of Timonium, Md. in a lease renewal agreement with Florida Fish and Wildlife Commission for 5,636 rentable square feet they occupy at 6870 Shadowridge Drive in southeast Orlando.

 Jerry Thornbury of Vertical Integration Inc. represented the tenant.

West negotiated renewal and expansion agreements with Zenetex based in Herndon, Va. for  their existing 2,128 rentable square feet and expansion into 1,380 rentable square feet at University Court, 3361 Rouse Rd. East Orlando.    

The landlord is RREF Interchange–FL Rouse LLC of Daytona Beach.

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com