HFF closes $9.9 million sale of boutique shopping center in Wilton, CT

Town Green at Wilton Center, Wilton, CT

BOSTON, MA -– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $9.9 million sale of Town Green at Wilton Center, a 34,956-square-foot boutique shopping center located in the town center of Wilton, Connecticut.

James Koury

HFF marketed the property on behalf of the seller, Wilton Center Development, LLC and its managing member, Boylston Properties, and procured the purchaser, an affiliate of Westport, Connecticut-based Paragon Realty Group LLC (Paragon).

Town Green at Wilton Center was completed in 1985 when two buildings were added to the Centre School, a former elementary school in Wilton, to create the current three-building retail and office center.  

With a dozen tenants, including the US Post Office, Webster Bank, Hunan Café and Marly’s Bar & Bistro, the center features a gazebo on the town green that is used for community events. 

Town Green at Wilton Center is situated on five acres at 101 Old Ridgefield Road in Wilton, an affluent Fairfield County town 55 miles northeast of New York City. 

The HFF investment sales team representing the seller was led by senior managing directors James Koury and Fred Wittmann, associate director David Fowler and real estate analyst Patrick McAneny.

Fred Wittmann

“I wish John Nelson and his team at Paragon the best of luck in the next decades of continuing Town Green as an integral part of the town of Wilton,” said Boylston Properties president Bill McQuillan. 

“I have so enjoyed my time in the town and in particular working with First Selectman Bill Brennan and, while we will miss our friends in Wilton, I know the property is in very good hands with Paragon.”

“We are excited about our acquisition of Town Green,” said John Nelson, Paragon’s managing principal.  “It is located only a few miles from our offices in Westport, and we look forward to building upon the strong relationship that Boylston has enjoyed with the Town of Wilton.”

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

www.boylstonproperties.com.

www.paragonct.com.

HFF arranges $31 million financing for Aventura Optima Plaza in Aventura, FL

Aventura Optima Plaza, Aventura, FL

MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $31 million in financing for Aventura Optima Plaza, a Class A, LEED Platinum-certified, 113,042-square-foot, dual tower office plaza (office and medical office) in Aventura, Florida. 

Jim Dockerty

HFF worked on behalf of the borrower, Inmobiliaria Brom, to secure the 10-year fixed-rate loan through Mercantil Commercebank, one of the largest banks headquartered in Florida with $8.1 billion in assets. Vice president of real estate lending for the bank, Brian Barroso, led the transaction.

Loan proceeds are returning a portion of the borrower’s equity from the all-cash construction of the building, and funding future tenant improvements and leasing commissions. 

Aventura Optima Plaza is located at 21500 Biscayne Boulevard near Interstate 95 in Aventura’s central business district.  Nearby demand drivers include the Aventura Mall, Aventura Hospital, The Village at Gulfstream Park and several new developments, including the highly anticipated mixed-use Park Square project.

Completed in 2013, the property features in-suite balconies, a fitness center with locker rooms, a 20,000-square-foot “Green Roof” facility with an outdoor jogging trail, and a fifth floor “social deck” where tenants can socialize or dine outside. 

 Tenants at the property include Benihana (U.S. Headquarters), Fossil, and Adler Kawa Real Estate Advisors. 

Scott Wadler

The HFF debt placement team representing the borrower was led by managing director Jim Dockerty, associate director Scott Wadler and analyst Marc Roth.

“Aventura Optima Plaza’s success is due to Ariel Bromberg’s masterful combination of the aesthetic and efficient design of the buildings along with their focused hands-on management,” stated Dockerty.  

“The property is one of the finest office addresses in South Florida and is one of only two LEED Platinum buildings in the state of Florida.”

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

www.inmobiliariabrom.com.mx.

Central Texas Multifamily Community Changes Hands in Deal Brokered by Marcus & Millichap

The Residence at Central Texas Marketplace, Waco, TX

WACO, TX – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of The Residence at Central Texas Marketplace, a 216-unit apartment community in Waco, Texas. The terms of the sale were not released.

Joe James

            Joe James and Kent Myers, both associate vice presidents investments in Marcus & Millichap’s Austin office, represented the seller and procured the buyer.

“Investor demand for apartments in Texas’ secondary markets like Waco remains high with more and more buyers aggressively seeking opportunities in such markets,” says James. 

“This asset received a great deal of interest due to its location adjacent to the large Central Texas Marketplace shopping center and proximity to Waco’s healthcare job centers,” adds Myers.

            Built in 2005 on 11 acres at 5210 Bagby Ave. in Waco, the community is located at Waco’s most prominent highway exchange, the intersection of Interstate 35 and Loop 340/Highway 6. 

The Central Texas Marketplace is an 800,000-square-foot open-air retail center is within walking distance, and employers such as Baylor University, L-3 Communications Integrated Systems and the Waco Independent School District are nearby.

Kent Myers

Apartments at The Residence at Central Texas Marketplace feature crown moldings, built-in computer desks and kitchens with faux-granite countertops and black Whirlpool appliances.

 Select units have nine-foot ceilings and vinyl wood-plank flooring. 

Community amenities include controlled access gates, a resort-style swimming pool, a fitness center, a business center, detached garages, covered parking, a car wash, social areas with grills and exterior storage units.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Award-Winning Multifamily Property Sold by IPA Texas in Bryan, TX

Park Hudson Place, 4050 Pendleton Drive, Bryan, TX

BRYAN, TX – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Park Hudson Place, a 232-unit multifamily asset in Bryan, Texas. The terms of the sale were not released.

           

Will Balthrope

IPA executive director Will Balthrope and IPA directors Drew Kile and Nester Clark represented the seller, an entity led by Klabzuba Realty, and procured the buyer.

          

  “Park Hudson Place is situated within the Bryan/College Station metropolitan statistical area, which is one of the fastest-growing secondary markets in Texas,” says Balthrope. “The acquisition provides the new owner with a first-generation value-add opportunity and excellent revenue growth potential.”

 “This transaction represents the completion of a successful business plan that generated attractive returns to our investors,” adds Klabzuba executive vice president Clint Corn. “The property execution team, led by Alamo Manhattan and Myan Management, was able to stabilize the asset and capitalize on the growth in the market.”

         

   Park Hudson Place is located at 4050 Pendleton Drive in Bryan approximately three miles from Texas A&M University and near the intersection of Texas State Highway 6 and University Drive. 

Science Park at Research Valley, a 53-acre master-planned development created to serve as a hub for scientific innovation and technology transfer is less than four miles from the property.

Drew Kile

Park Hudson Trail, which is approximately two miles long and expands over 59 acres and connects to 12-acre Tiffany Park, is across the street. 

Also across the street is the Brazos County Tax office which is under construction. The Physicians Centre Hospital is a half-mile away.

            “Buyer interest for this asset was very strong as investors recognized the strength of the Bryan/College Station market,” notes Kile.

            Apartments at Park Hudson Place feature full-size washers and dryers, laminate wood floors, carpet and tile, ceiling fans, crown molding, linen cabinets and walk-in closets. 

Community amenities include a limited-access gate, detached garages, carports, a resort-style swimming pool, a fitness center, a business center, a conference room, a clubroom and a barbecue and picnic area.

            “Our team’s activity in all of the major markets in Texas allowed us to introduce this top secondary market to new buyers,” concludes Clark.

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

Gina Relva

Public Relations Manager

(925) 953-1716

$45.8 Million North San Fernando Valley, CA Multifamily Sale Arranged by IPA

Rockwood at the Cascades, 16601 Foothill Boulevard, Sylmar, CA

SYLMAR, CA– Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Rockwood at the Cascades, a 223-unit apartment community located in the North San Fernando Valley city of Sylmar, Calif. The $45.8 million sales price equates to $205,000 per unit.

Ronald Harris

            IPA executive vice presidents investments Ron Harris and Greg Harris, along with IPA directors Paul Darrow, Kevin Green and Joseph Grabiec and associate director Michael DiSimone, advised the seller, Fairfield Sylmar LP. The buyer is J&B Asset Management.

“Rockwood at the Cascades is a low-density, upscale living option located within a rapidly growing Los Angeles submarket,” says Ron Harris. 

“The property’s luxury finishes, premier amenities and rents priced below that of its major competitors place it in a position to provide the new owner with a long-term income stream with consistent rent growth.”

“This multifamily asset is a commuter’s haven,” adds Greg Harris. “The property is proximate to five major freeways and there is a Metrolink station about two miles away that gets residents into downtown Los Angeles in less than 40 minutes.”

Constructed in 2007 on 12.7 acres at 16601 Foothill Blvd. in Sylmar, the property is approximately 12 miles northwest of downtown Los Angeles and near Interstate 5, Interstate 210, Interstate 405, and California state routes 14 and 118. The San Fernando Valley is home to more than 86,000 businesses, 686,000 jobs and Fortune 500 companies such as The Walt Disney Company, Anheuser-Busch, Nestle, and Health Net.

Greg Harris

Rockwood at the Cascades is composed of 10 three-story buildings with 118 one-bedroom/one-bath apartments, 15 two-bedroom/one-bath units and 90 two bedroom/two-bath apartments.

Unit interiors feature nine-foot ceilings, cherry wood-finish cabinetry, tile laminate flooring, washer/dryers, cable TV and Internet, oversized double-paned windows and a black General Electric appliance package.

 Select units feature private detached garages, oversized walk-in closets, and French doors leading to private patios and balconies. 

Common area amenities include a resort-style swimming pool and spa with cabanas and poolside Wi-Fi, a high-tech fitness center, clubroom with demonstration kitchen, plasma TV, courtyard with fireplace, dog park and playing field, and picnic area with barbecue grill.

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

Gina Relva

Public Relations Manager

(925) 953-1716

$22.1 Million Multifamily Property Sale Arranged by IPA in Mesa, AZ

Cortona at Dana Park Apartments, Mesa, AZ

MESA, AZ – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Cortona at Dana Park, a 222-unit multifamily community in Mesa, Ariz. The $22.1 million sales price equates to $99,550 per unit.

            IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, Virtú Investments. The buyer is Green Leaf Capital Partners.

Steve Gebbing

            “Developed by Hrebec Properties in 1986, Cortona at Dana Park’s design and functionality are unparalleled in comparison with other assets of its vintage,” says Gebing. “The previous owner upgraded approximately 70 percent of the unit interiors and further opportunities for value enhancement remain.”

            The apartment community is located at 1440 South Alma School Road in Mesa near Village Square at Dana Park, an urban lifestyle center with a mix of upscale retailers. 

Banner Gateway Medical Center’s 60-acre campus is two miles away and the Falcon Field Employment Center, a 5,100-acre area with more than 10 office and industrial parks is approximately six miles away. 

Access to U.S. Route 60, (the Superstition Freeway), and Arizona State Loop 202, is nearby.

           

Cortona at Dana Park’s apartments feature kitchen-garden windows, oversized walk-in closets, built-in bookshelves, ceiling fans, covered patios or balconies and washers and dryers. Select two-bedroom units have walk-in pantries and wood-burning fireplaces. 

Community amenities include two swimming pools and spas located along a spacious pool deck with resort-style furniture; a playground, lighted courts for basketball and volleyball, barbecue grilling stations with picnic areas, a 24-hour fitness center, a clubhouse with kitchenette and resident lounge, reserved covered parking, and controlled gated access.

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

Gina Relva

Public Relations Manager

(925) 953-1716