Saturday, June 20, 2015

Lincoln Brokers Leases Totaling Nearly 20,500 Square Feet at 303 Research Drive in Norcross, GA


Matt Davis
ATLANTA, GA – Lincoln Property Company Southeast (Lincoln) has brokered three leases totaling 20,456 square feet at 303 Research Drive, a 70,732-square-foot office building in Norcross, Georgia, in metro Atlanta.

 Matt Davis, a vice president of office leasing for Lincoln, and Jeff Henson, a senior associate in the firm’s Office Leasing Group, represented the landlord, Continental Property Group, in the transactions.

The details of the leases are as follows:

• Intravis, which provides vision inspection systems to the plastic packaging industry, signed a new lease for 10,345 square feet. Rob Coastworth and Jeff Richardson of CTR Partners represented the tenant.

• Valens Software signed a new lease for 7,219 square feet. Valens was not represented by an outside broker.

• Fenestrae, a provider of software programs aimed at helping businesses improve efficiencies and reduce paper use, renewed its lease of 2,893 square feet. The tenant was not represented by a broker.

Jeff Henson
Located in the Technology Park office park, 303 Research Drive features easy access to I-85 and a wooded and landscaped environment.

“As a whole, Atlanta’s office market is firmly in recovery mode, and we’ve seen a significant spike in tenant demand in the Northeast submarket in recent months,” Davis said. 

“303 Research Drive is well positioned to take advantage of this improving market, and we are confident that this property will thrive in the coming months.”

For a complete copy of the company’s news release, please contact: 
   
Savannah Duncan
The Wilbert Group
404-343-0870

HFF secures $26.128 million post-acquisition financing for beachfront hotel near St. Petersburg, FL

  
Postcard Inn, St. Petersburg, FL

MIAMI, FL  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $26.128 million in post-acquisition financing for the Postcard Inn, a 196-room, boutique resort located on the sand in St. Petersburg Beach near St. Petersburg, Florida.

Dan Peek
HFF worked on behalf of the borrower, CRP 6300 Gulf, LLC, to secure the five-year, floating-rate loan through BankUnited.  

Loan proceeds will be used to finance the property following the borrower’s recent purchase and renovation of the hotel, which the borrower plans to reposition as a premier beachfront destination.

The Postcard Inn is situated on an 8.5-acre oceanfront site at 6300 Gulf Boulevard in St. Petersburg Beach, a barrier island community 10.9 miles from downtown St. Petersburg and 30 miles from downtown Tampa.

 Originally constructed in 1935, the hotel underwent significant renovations in 2009 to convert it from a Travelodge to the current boutique hotel with a surfer-inspired motif and individualized guest rooms.

 The Postcard Inn features a junior Olympic-sized swimming pool with towel service, more than 16,000 square feet of indoor and outdoor function space, outdoor pool and ping pong tables, two fitness centers and three dining options, including the PCI Beach Bar & Snack Shack, the oldest bar on the beach. 

Scott Wadler
Other amenities include a communal fire pit, board games in the lobby, arcade, beach and watersport activities, live music on weekends and on-site parking.  

The property has 300 feet of direct Gulf of Mexico frontage and in addition to the hotel the site includes 1.17 acres of a retail strip center, which will be converted into additional meeting space.

The HFF debt placement team representing the borrower was led by members of the firm’s Miami and Tampa offices, including senior managing director and head of HFF’s hotel group Dan Peek, associate director Scott Wadler, director Max Comess and real estate analyst Preston Reid.

“The debt markets responded aggressively and with great enthusiasm for the project, the extremely-strong sponsorship and the dynamic St. Petersburg Beach market,” Wadler said.  “We were pleased to close with BankUnited, who demonstrated creativity and flexibility in their loan facility to differentiate themselves in a highly competitive marketplace.”


Max Comess
“The Postcard Inn transaction demonstrates the continued evolution and relevance of St. Petersburg Beach as a nationally-renowned, institutional-grade resort market,” Comess added.  

“Growth of Pinellas County’s RevPAR [revenue per available hotel room] continues to outpace both Florida and national averages.”

HFF is particularly active in Tampa Bay’s coastal region, where it has recently closed transactions on hotels such as the Sandpearl Resort, Hyatt Clearwater Beach, Sheraton Sand Key, Hilton Tampa Downtown and the Residence Inn Clearwater.

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

HFF secures $98.8 million acquisition financing for 8-property, 5-state FedEx® building portfolio


Part of Piret Industrial Portfolio

Kenneth Martin
INDIANAPOLIS, IN  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $98.8 million in acquisition financing for an eight-property portfolio that is 100 percent leased to FedEx® and totals 1.49 million square feet in California,  Florida, Illinois, New Jersey and Texas.

HFF worked on behalf of the borrower, Pure Industrial Real Estate Trust, to arrange the seven-year, fixed-rate loan through Guggenheim Commercial Real Estate Finance’s Chicago office.









Federico Boscaini






The HFF debt placement team representing the borrower was led by director Kenneth Martin and real estate analyst Federico Boscaini.  

“HFF welcomed the opportunity to assist PIRET in securing financing for the portfolio acquisition, which represented PIRET’s first major investment in industrial real estate in the United States after years of success building a portfolio in Canada,” Martin said.  












Property Location          City                         SF 

              
200 Old Ranch Road, City of Industry, CA, 91789            218,611                                                         5731 Premier Mark Drive, West Palm Beach, FL, 33407   119,165
7800 Turkey Hollow Road, Rock Island, IL, 61264            189,926
1234 Peterson Drive, Wheeling, IL, 60090                        147,006
5 Commerce Drive,Barrington, NJ, 08007                          200,61
1 Commerce Center Drive, Dover, NJ, 07801                     171,907    
15904 Impact Way, Pflugerville, TX, 78660                        199,865
9929 and 9943 Doerr Lane, Schertz, TX, 78154                  202,763


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


HFF hires Jules Sherwood as a managing director in its Denver office


Jules Sherwood
 DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced Jules Sherwood has joined its Denver office as a managing director concentrating on commercial middle market investment sale transactions in  the Rocky Mountain region, as well as  providing nationwide online auction expertise to clients of the firm. 

Mr. Sherwood joins HFF from Rockwood Real Estate Advisors, where he was responsible for opening the Denver office of the firm, which is a wholly owned subsidiary of Auction.com. 

Additionally, he functioned as the lead broker for the office and was the broker of record for more than 20 states and more than 100 transactions over a two-year period. 

Prior to that, he was the regional director of real estate for the western United States for Trigild and prior thereto, held development positions at J.F. Shea Company and KB Home.

Eric Tupler



 Mr. Sherwood was also a Lieutenant in the United States Navy.  He holds a master of business administration degree from Arizona State University and a bachelor of science degree from Cornell University.

“HFF has been strategically building out its investment sales platform in Denver since we opened this office three years ago.  

"Jules is a perfect complement to our existing team and given his wealth of experience and industry knowledge will undoubtedly play a key role in continuing to provide superior investment sales solutions for our clients,” said Eric Tupler, senior managing director and head of HFF’s Denver office.

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

HFF arranges $165 million financing for Palm Beach Outlets in West Palm Beach, FL


Palm Beach Outlets, 1751 Palm Beach Lakes Boulevard, West Palm Beach, FL

BOSTON, MA – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $165 million in financing for Palm Beach Outlets, a 459,633-square-foot, open-air outlet center in West Palm Beach, Florida.  

Riaz A. Cassum
The loan collateral also includes land for the future development of 105,000 additional square feet of retail space.

HFF worked on behalf of the borrower, New England Development and a commingled fund managed by Clarion Partners, to secure the long-term, fixed-rate loan through Cornerstone Real Estate Advisers LLC, acting on behalf of an institutional client.  Loan proceeds were used to acquire the property.

Completed in February 2014, Palm Beach Outlets consists of eight small retail buildings surrounding two larger retail structures in a racetrack design layout plus 3,182 parking spaces and five out-parcels (one to-be-developed).

 The property is anchored by Saks Off 5th Avenue and is 95.8 percent leased to 120 additional tenants including Nike Factory Store, Forever 21, Gap, Banana Republic, JCrew, Ann Taylor Factory Store, Brooks Brothers, Under Armour, Vera Bradley and Kenneth Cole. 

Palm Beach Outlets is situated on 58.5 acres at 1751 Palm Beach Lakes Boulevard and shares access with the 300,000-square-foot Whole Foods-anchored Marketplace at the Outlets (not included in the loan).  The property has one-half mile of frontage along Interstate 95 and direct access from the highway at Exit 71.

Robyn King
 This location has a daily traffic count of more than 195,000 cars per day and pulls from a trade area with an average household income of more than $77,000 annually. 

Palm Beach Outlets is the first and only retail outlet center in Palm Beach County, with no other outlet centers within a 55-mile radius. 

The HFF debt placement team representing the borrower was led by senior managing director Riaz Cassum and director Chris Drew.  Additional support was provided by senior real estate analyst Robyn King.

“Palm Beach Outlet’s irreplaceable infill location coupled with an impressive tenant lineup and superior sponsorship made this an ideal senior loan,” said Drew. 

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

HFF arranges $31 million refinancing for Class A office in Miami’s Dadeland submarket



Dadeland Center I, 9155 South Dadeland Boulevard, Miami, FL

MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $31 million refinancing for Dadeland Centre I, a 130,000-square-foot, Class A office property in Miami, Florida.

Paul Stasaitis

HFF worked on behalf of the borrower, The Green Companies, to secure the 10-year, fixed-rate loan through New York Life Real Estate Investors. 

Dadeland Centre is located at 9155 South Dadeland Boulevard adjacent to the Dadeland South Miami Metrorail Station providing access to downtown Miami and as far north as Palmetto.

The property is highly visible from the Palmetto Expressway, and is close to US 1, the Dadeland Mall, Baptist Health Cancer Facility, Miami International Airport and Coral Gables.  

Completed in 2001, Dadeland Center I is 95 percent leased to tenants including Symantec, Ingham & Company and Eastman Chemical.

 The property features hurricane resistant glass, nine-foot ceilings, 400 covered parking spaces, and skyline and water views.  A $500,000 renovation to the property’s interior is currently underway.

Jose Carrazana

The HFF debt placement team representing the borrower was led by senior managing director Paul Stasaitis and associate director Jose Carrazana with additional support from real estate analysts Maxx Carney and Cecily Nazario.
 
“Capital providers held a very positive view of this loan request, essentially for many of the same reasons tenants enjoy a presence at the property, including a highly desirable transit-oriented location, dedicated hands-on ownership/management, and high-level building quality,” said Stasaitis. 

As one of Miami’s oldest real estate development and management firms, The Green Companies is a “best-in-class” sponsor with a long-term ownership philosophy and has built a reputation throughout the real estate community as one of the area’s most skilled operators and prolific developers of high quality real estate assets.

 With over 60 years of experience and more than two million square feet of highly successful office and mixed-use projects to their name, including Datran I and II, Dadeland Centre I and II, The Towers of Dadeland, and The Greenery Mall.

The Green Companies negotiating team was led by James Bernstein, Brian Bernstein and Elizabeth Green. 

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

JLL closes $42.2 million sale of White Star Portfolio in Phoenix, AZ


Mark Detmer
PHOENIX, AZ – Vacancy rates among Phoenix’s industrial product continue to fall, and with the ability to offer plenty of day trips to major distribution centers, investors are pursuing the market’s industrial portfolios.

On behalf of White Star, LLC, JLL’s Capital Markets experts announced the firm has closed the sale of the White Star Portfolio, which consists of nine industrial buildings near Phoenix Sky Harbor International Airport and the city’s interstate highway systems.

 The Realty Associates Fund X, L.P. purchased the portfolio for $42.2 million.

Managing Directors Mark Detmer and Bo Mills led the JLL team on the transaction.

“There is a limited supply of institutional-quality industrial product, so investors are aggressively chasing properties that provide barriers to entry, flexibility and are located along major transit routes,” said Detmer. 

“This portfolio features high quality buildings with credit tenants, further driving the properties’ value.”


Bo Mills

The White Star Portfolio totals 460,669 square feet of multi-tenant industrial space. The institutionally maintained and managed properties are located near Phoenix Sky Harbor International Airport and the city’s interstate highway systems, specifically at:

• White Star Corporate Center (2110 – 2140, S. 7th Ave., Phoenix)
• Baseline Foothills (4401 – 4409 E. Baseline Rd., Phoenix)
• 3710 E. University Dr., Phoenix
• 2501 W. Phelps Rd., Phoenix

For a complete copy of the company’s news release, please contact:   
 
Stacey Hershauer
focusAZ
Marketing & Public Relations
(480) 600-0195

National Architecture Firm C&K Architects | Interiors, Inc. Renews Downtown Winter Haven, FL Lease


Beymer Building, Winter Haven, FL

Winter Haven, FL — An architectural and interior design firm with projects around the U.S. has renewed a five-year lease in downtown Winter Haven.

Bud Strang
The firm, C & K Architects|Interiors, Inc., (formerly Collman and Karsky Architects, Inc.) will retain its office at the ground floor of the Beymer Building. Six/Ten, LLC, serving as landlord, handled the lease renewal.

“C&K Architects has been responsible for many of the area’s most well-known projects, such as the new Heartland Community Church complex, award-winning downtown parking garage and the new Central Tavern , coming to downtown Winter Haven. We are happy to have them renew their commitment to being in Winter Haven,” said Six/Ten’s CEO, Bud Strang.

C&K worked with Six/Ten to refurbish several buildings in the downtown area to attract new businesses, including work on the 331 and 347 W. Central Avenue properties. Some of C&K’s current projects in the area include a 64-unit residential building in Haines City, and work on 273 W. Central and the Mann Building in downtown Winter Haven. The firm currently has projects in 12 states. 

Bryan Karsky
Formed in 1961 in Tampa, C&K has maintained a presence in Winter Haven since 2006. One of the firm’s first projects in Winter Haven was transforming the Verizon building into a multi-tenant project that today is part of the Inland Fiber & Data Technology Park.

C&K leader Bryan Karsky says his goal is to continue expansion of the firm’s Winter Haven business by of adding more commercial and mixed use multi-family  projects. “We chose Winter Haven because of its great growth potential,” said Karsky. 

“With the addition of CSX, Florida Polytechnic University, the growth of Legoland and Polk State College converting to a four-year school, this area is really beginning to blossom.”

For more information on C&K Architects | Interiors, Inc., please see the website at www.ck-arch.com.

For a complete copy of the company’s news release, please contact:   
 
Michelle Friedman
BoardroomPR
407-973-8555

Marcus & Millichap Brokers Sale of 7,000-SF Retail Property in Miami Beach, FL for $3.3 Million


Drew A. Kristol
MIAMI BEACH, 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  a vacant 7,000-square foot commercial space in Miami Beach. The asset sold for $3,276,000.

Drew A. Kristol and Kirk D. Olson, vice president investments in Marcus & Millichap’s Miami office, represented the seller, a limited liability company from Florida.  The purchasers are companies affiliated with Time Equities, Inc.  

“1019 5th Street is a rare retail property located on the busy 5th Street commercial corridor of South Beach that is ideal for retail, showroom or other tenants seeking visibility on busy 5th Street, the primary entry point into South Beach from Interstate 395 and Downtown Miami,” said Kristol.

On behalf of the purchaser, Max Pastor, Associate Director of Acquisitions and Senior Counsel at Time Equities, Inc. said, "We see this transaction as a value-add opportunity to acquire, re-tenant and reposition a quality asset in a premier market."

The property was recently renovated on the interior with new tile, drop ceilings and paint. It features a roll-up door on the northwest side of the property accessible to the alleyway which is very useful for moving equipment or merchandise in and out of the rear of the building.

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

Kirk A. Felici
First Vice President/District Manager
Miami, FL

(786) 522-7000

Marcus & Millichap Arranges $9 Million Sale of 42,123-SF Office Building in Downtown Miami, FL

  

Alex D. Zylberglait
 MIAMI, 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 219 East Flagler Street, a 42,123-square foot office property located in Miami. 

The asset sold for $9,000,000 representing $214 per square foot.

Alex D. Zylberglait, a first vice president investments, and Ryan T. Shaw, an associate vice president investments, in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Miami.  The buyer was a Miami private investor. 

“The building is currently stabilized with below market rents, which provides an opportunity for the buyer to lease the property at higher rents.  The majority of the spaces are small and would command executive suite rates,” says Zylberglait.

This six-story office building with ground floor retail is approximately 42,000 square feet and was built in 1984. The building recently underwent extensive renovations including: its lobby, new HVACs on each floor, a cooling tower and a new sprinkler system.

Located at 219 East Flagler Street, the asset is strategically situated in the heart of Downtown Miami on the city’s most travelled street.  The property will benefit from the city’s planned improvements which include more Flagler Street pedestrian space allowing for new restaurants and cafes.

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

Kirk A. Felici
First Vice President/District Manager
Miami, FL

(786) 522-7000