HFF secures financing totaling $77.5 million for two Denver, CO area multi-housing communities

  

Rendering of planned Block 32 at RiNo, North Denver, CO

Josh Simon

DENVER, CO, July 7, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured financing totaling $77.5 million for two multi-housing communities in the Greater Denver area – Terra Vida and Block 32 at RiNo. 

HFF worked on behalf of Jeffrey Sanders of Boulder, Colorado-based MountainView Capital, LLC to secure Fannie Mae financing through M&T Realty Capital Corporation in two separate transactions.

 A $36.94 million, 20-year, 3.95 percent fixed-rate loan was secured for Terra Vida and a $37.86 million, 20-year, 3.98 percent fixed-rate loan was secured for Block 32 at RiNo.  

Both loans will be used to refinance existing HUD debt on the properties that was assumed at acquisition and opened to prepayment in conjunction with the closing of these refinances.

Terra Vida is located at 3707 Precision Drive in the Fort Collins submarket near the Interstate 25 and Harmony Road interchange and less than eight miles from Colorado State University’s main campus. 

Completed in 2012, the three-story, Class A property has 240 units averaging 953 square feet each and is 96.3 percent leased.  Community amenities include a Junior Olympic swimming pool and a 5,400-square-foot clubhouse featuring a 24-hour fitness club, pet washing station, pool table and complimentary wireless internet. 

Kristian Lichtenfels

Block 32 at RiNo is situated on 4.14 acres at 3200 Brighton Boulevard in Denver’s River North (RiNo) neighborhood.  

The property is near Interstates 70 and 25 and is less than two miles from downtown Denver’s Union Station.  

Completed in 2014, the four-story building has a mix of studio, one- and two-bedroom apartments averaging 916 square feet each. 

The 96-percent-leased community includes amenities such as a resort-style swimming pool with hot tub, poolside bar, 15,000-square-foot landscaped courtyard with fire pits and ping pong, barbecue area, dog spa with enclosed dog park, state-of-the-art clubhouse, fitness center, community kitchen, pool tables, lounge and business center.

The HFF debt placement team representing the borrower was led by managing director Josh Simon and real estate analyst Kristian Lichtenfels.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

Record-Breaking Sale in Beverley Hills, CA Closed by Marcus & Millichap

444 North Oakhurst Drive and 446 North Oakhurst Drive, Beverley Hills, CA

BEVERLY HILLS, CA,  July 7, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of 444 North Oakhurst Drive and 446 North Oakhurst Drive, a two-building multifamily investment property in Beverley Hills, Calif.

Tony Azzi

The $10.1 million sales price represents $459,091 per unit and $803.69 per square foot, which is the highest price per square foot recorded in the 90210 zip code so far this year.

            Tony Azzi, senior vice president investments, and Rabbie Banafsheha, both in Marcus & Millichap’s West Los Angeles office, represented the seller, 6401 Wilshire Blvd. LLC. The buyer is Oakhurst Development LLC.

            “The two buildings have beautiful, traditional architecture and an irreplaceable location,” says Azzi.

“These qualities, plus the large double lot and the upside potential in rents fueled intense interest from investors from throughout the multifamily property investment community. Investors are willing to stretch their budgets right now to acquire multifamily assets in ‘A’ locations,” Azzi continues.

“Uncertainty in the global economy, the low value of the dollar, rising rents, limited multifamily inventory and the security of apartment property investments are combing to create a red-hot market for multifamily properties in top locations.”

            “We designed a unique marketing plan to promote and highlight the asset’s true value,” adds Banafsheha. “Our efforts generated nine competing offers and drove the price $875,000 over list.”

            The two apartment buildings are situated on 15,000 square feet on a quiet residential street just southwest of the intersection of Doheny Drive and Santa Monica Boulevard in one of the country’s wealthiest zip codes, 90210.

Rabbie Banafsheha

Cultural, entertainment and shopping destinations on Melrose Avenue, Santa Monica Boulevard and Sunset Boulevard are nearby.

Access to the surrounding areas of Los Angeles are provided by Santa Monica Boulevard and La Cienega Boulevard, which connect the property to Interstate 10, Interstate 405 and U.S. Highway 101.

            The building at 446 North Oakhurst Drive features eight bachelor units and eight studios. 

The 444 North Oakhurst Drive building has four one-bedroom apartments and two two-bedroom units. Both buildings feature courtyards, on-site laundry and parking

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

Gina Relva

Public Relations Manager

(925) 953-1716

SG Contracting Begins Multi-Million Dollar Renovation and Expansion of Carl E. Sanders Family YMCA in Atlanta

Sachin Shailendra

ATLANTA, GA (July 7, 2015) — SG Contracting, an Atlanta-based general contracting and construction management company, has started the multi-million dollar renovation and expansion of the Carl E. Sanders Family YMCA, located at 1160 Moores Mill Road in Atlanta.

The project will be completed in two phases. Phase I includes the addition of 80 new parking spaces, and is slated for completion in mid-September.

 Phase II comprises a 12,000-square-foot expansion for the new Wellness Center and classroom space; renovation of the existing classroom and playcenter spaces; a new playground; and the upgrade of the tennis courts, pavilion and construction of a terraced seating area. It is scheduled for an April 2016 completion.

“The upgraded and expanded facility will be unlike anything else in the city,” said Sachin Shailendra, president of SG Contracting. “We are excited to work with an organization that has such a rich and distinguished history.”

The 15-year-old Carl E. Sanders Family YMCA boasts the largest membership branch in Metro Atlanta.

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

Savannah Duncan

The Wilbert Group

404-343-0780 (O) 404-901-4433 (C)

sduncan@thewilbertgroup.com

Avison Young completes 109,594-sf industrial freezer distribution building lease with HelloFresh, Inc. in San Francisco Bay Area

Kevin Ahaesy

Oakland, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has completed an eight-year lease with HelloFresh, Inc., a growing meal-delivery service, for a 109,594-square-foot (sf) industrial freezer distribution facility in Richmond, CA. The lease is valued at approximately $13 million.

Avison Young Principal Kevin Ahaesy and Associate JW Krumpholz, who specialize in the sale and leasing of industrial property and corporate food services, represented the building ownership, Highridge Provender LLC, a Southern California-based real estate investment firm. HelloFresh was represented by Colliers International.

Built in 2000 and expanded in 2005, the class A freezer facility is situated on 7.62 acres and is located directly off Interstate 580 at 2041 Factory Street in Richmond.

The building features a 47-foot clear height freezer; abundant trailer storage; a 100-foot deep refrigerated dock staging area; and the capacity to store upwards of 10 million pounds of frozen product or 9,012 pallet positions.

JW Krumpholz

Additionally, the property includes an on-site U.S. Department of Agriculture (USDA) room and offers the ability to expand the current facility by up to an additional 50,000 sf.

“This property offered HelloFresh a prime opportunity to take its successful company to the next level as the combination of the building’s strategic, central Bay Area location and state-of-the-art features met all of the requirements to effectively serve the tenant’s present and future needs,” comments Ahaesy.

Krumpholz adds: “There are only about five food-grade buildings comparable to 2041 Factory Street in all of Northern California. This niche property market is very tight and it is very rare for facilities like this to become available as tenants tend to stay put for the long term.” 

Ahaesy and Krumpholz represented Highridge Provender on its purchase of the asset in December 2014, which was delivered vacant and formerly occupied by Richmond Wholesale Meats. The acquisition marked the newly formed Highridge Provender’s first acquisition.

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

Darcie Giacchetto

949.278.6224

Sale of two waterfront development sites in Jersey City, NJ closed by HFF

Residential Development Sites at 75 Park Lane and 2 Shore Drive North
Along Hudson River waterfront in Jersey City, NJ

Jose Cruz

FLORHAM PARK, NJ, July 7, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of 75 Park Lane and 2 Shore Drive North, two residential development sites totaling 1.85 acres along the Hudson River waterfront in Jersey City, New Jersey.

 HFF marketed the sites on behalf of the seller.  Strategic Capital purchased both properties.  Shearman & Sterling LLP provided legal counsel to Strategic Capital during the transaction. 

The development sites are located in the Newport section of Jersey City directly across the Hudson River from lower Manhattan.

 This location is steps from the Hudson River Waterfront Walkway providing access to Hoboken and is close to the Newport PATH station providing train service to Midtown, the World Trade Center and Newark Penn Station.

75 Park Lane is approved for a 37-story condominium building. Shore Lofts is approved for a seven-story condominium building. Combined, the two will bring a total of approximately 608,000 square feet of residential space and 24,000 square feet of retail space to Newport. 

Kevin O'Hearn

The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, and senior real estate analyst Marc Duval and supported by senior managing director Andrew Scandalios and associate director Stephen Simonelli.

 “Jersey City has become known as the ‘Sixth Borough’ or ‘Wall Street West’ and is widely regarded as one of the best condominium development sites in the region,” said Cruz.  

“Continued low interest rates, scarcity of for-sale product and attractive condominium prices compared to Manhattan will ensure that 75 Park Lane and Shore Lofts are well-received in the market.”

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

HFF closes sale of medical office building adjacent to Santa Rosa Memorial Hospital in Santa Rosa, CA

121 Sotoyome Medical Office Building, Santa Rosa, CA

SAN DIEGO, CA, July 7, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of 121 Sotoyome, a 34,047-square-foot, medical office building in Santa Rosa, California.

Evan Kovac

 HFF sold the property on behalf of the seller, Sotoyome Medical Building, LLC.  American Realty Capital Healthcare Trust II, Inc. purchased the asset for an undisclosed amount.  

The property was carved out as part of a larger healthcare portfolio located throughout Sonoma and Mendocino Counties.

121 Sotoyome is directly adjacent to Santa Rosa Memorial Hospital, a 278-bed, acute care facility and Level II Trauma Center in Santa Rosa, about 55 miles north of San Francisco.  Santa Rosa Memorial Hospital is a member of the prestigious St. Joseph Health System.

 The property is fully leased to St. Joseph Heritage Healthcare and functions as an outpatient multi-specialty and radiology service center with built out rooms for MRI, PET, CT and Linear Accelerators.  

Originally built in 1955, the property has been consistently updated throughout the years with more than $5 million in improvements made since 2005.

The HFF investment sales team was led by managing director Evan Kovac who is a part of HFF’s national healthcare practice.

 “The market for well-positioned medical office buildings is outstanding.  St. Joseph’s Outpatient Center is a highly specialized facility, providing critical radiology and imaging services to the Santa Rosa community.  The aging trends of baby boomers coupled with recession resistant performance of medical office properties creates stability well into the future,” said Kovac.

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

Avanath Capital Management Holds Final Closing on $200 Million ‘Avanath Affordable Housing II’ Fund

John R. Williams

IRVINE, CA, July 7, 2015 – Avanath Capital Management, LLC, a private real estate investment manager, has announced the final close for Avanath Affordable Housing II Fund, having completed its $200 million capital raise, according to John R. Williams, President and CIO of Avanath.

Avanath specializes in the acquisition and operation of affordable and workforce housing assets nationwide, with a focus on supply-constrained markets.

According to Williams, the fund is comprised of 10 investors, including three state pension funds, two banks, three insurance companies, one foundation and one family office.

“Six of our 10 investors are repeat investors, which speaks to the strength of our first fund,” explains Williams. “We are also gratified that our fund has appeal across such a broad spectrum of investor types. 

“With anticipated returns at 13 to 15 percent net to investors, we and all of our  investors are focused on bottom-line profitability. 

" In addition, the breadth of financial organizations involved in our second fund also shows support for the value of the social benefits we provide.  In the communities surrounding our investments, we are raising the bar for the quality of affordable housing in areas where it is most needed.”

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

Lexi Astfalk/Jenn Quader

Brower, Miller & Cole

(949) 955-7940

lastfalk@BrowerMillerCole.com

Marcus & Millichap Brokers $2.99 Million Sale of 27,375-SF Tractor Supply Building in Billings, MT

Lori Schneider

 BILLINGS, MT, July 7, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Tractor Supply, a 27,375-square foot net-leased property located in Billings, MT. The asset sold for $2,993,000.

Lori Schneider, a senior vice president investments in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a partnership from Orlando, Fla. 

The buyer, a REIT from San Diego, was secured and represented by Mike James, an associate vice president investments in Marcus & Millichap’s Encino office.

“Tractor Supply has been in this location since 1995 and has recently confirmed its commitment by exercising its first option to extend the lease for an additional five-year term,” says Schneider. “Billings is a market well-suited for Tractor Supply.”

The sale included a 27,375-square foot Tractor Supply on a large 4.3-acre parcel. Tractor Supply is located at 496 Main Street on a primary six-lane thoroughfare which connects directly to Interstate 90.

  

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

Ryan Nee

Regional Manager, Fort Lauderdale

(954) 245-3400

Meridian Capital Group Arranges $32.7 Million in Acquisition Financing for the Hamilton Bay Multifamily Property in Brandon, FL

Sarah Kuebler

Carlsbad, CA, July 7, 2015 – Meridian Capital Group, America’s most active debt broker, negotiated a $32.7 million loan for the purchase of Hamilton Bay, a multifamily property located in Brandon, FL.

The seven-year loan, provided by a Northeast-based balance sheet lender, features a competitive fixed-rate of 3.63%, an initial interest-only period followed by a 30-year amortization schedule and a five-year extension option.

 This transaction was negotiated by Meridian Capital Group Managing Director, Seth Grossman, and Vice President, Sarah Kuebler, who are both based in the Company’s Carlsbad, CA office.

Hamilton Bay is a 444-unit multifamily property that is located at 1801 Princeton Lakes Drive in Brandon, FL.

"Meridian has negotiated financing on behalf of this sponsor with this lender numerous times,” said Mr. Grossman. “As a result, we've achieved a very smooth process with all parties working synchronously, which is of particular value when working on mission-critical acquisition financing such as this."

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

Jonathan Stern

Meridian Capital Group

212/972-3600

jstern@meridiancapital.com

Marcus & Millichap Arranges Sale of Just Brakes Building in Cape Coral, FL for $1.84 Million

Just Brakes Building, 1820 South Del Prado Boulevard, Cape Coral, FL

Barry M. Wolfe

 CAPE CORAL, FL, July 7, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Just Brakes, a 4,428-square foot net-leased property located in Cape Coral, Fla, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office.

 The asset sold for $1,840,000 equating to $416 per square foot.

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 limited liability company.  The buyer was a private investor from Huntington Station, NY.

“The building was completely renovated for Just Brakes who took occupancy in June 2015 under a 15-year NNN lease,” says Wolfe. “We are currently marketing two other Just Brakes properties located in strong retail corridors in Leesburg and Tampa, Fla.”

Just Brakes is located at 1820 South Del Prado Boulevard in a busy retail corridor with surrounding national retailers that include: Staples, Publix, Walgreens, Walmart Supercenter and many more.

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

Ryan Nee

Regional Manager, Fort Lauderdale

(954) 245-3400

NAI Realvest Retail Team Negotiates Lease of Sanford, FL Restaurant Facility for New Mexican Grill Opening in August

 

Matt Cichocki

 ORLANDO, FL – NAI Realvest recently completed a long-term lease agreement for a 6,313 square foot restaurant facility – the former Sun Valley Buffet -- located at 4520 W. SR 46 in Sanford.

NAI Realvest Retail Team of Matt Cichocki, Kevin O’Connor, and Mitch Heidrich, negotiated the transaction on behalf of the local landlord Tin W. Wong.      

 The new tenant, El Paso Mexican Grill, Inc. plans to open a restaurant at the site by August. 

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

Larry Vershel or Beth Payan, Larry Vershel Communications Inc.

407- 644-4142   Lvershelco@aol.com

NAI Realvest brokers New Lease for Professional Office Space in Kissimmee, FL

 

Jeff Bloom

KISSIMMEE, FL  — NAI Realvest recently negotiated a lease agreement for 1,036 square feet of professional office space at the Cherry Street Medical Plaza, 512 W. Cherry Street in Kissimmee.

Jeff Bloom, CCIM, senior director at NAI Realvest, negotiated the transaction representing the landlord, Longwood-based Sareen, LLC and the new tenant Bigley & Associates, P.A. a physicians group.

The Cherry Street Medical Plaza located near Osceola Regional Medical Center is now 75 percent occupied, with only one 1,036 square foot suite remaining to lease.

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

Larry Vershel or Beth Payan, Larry Vershel Communications Inc.

407- 644-4142   Lvershelco@aol.com

$5 Million+ Renovation Underway at Oldest Incubator in the UCF Business Incubation Program in Central FLorida Research Park

Carol Ann Dykes

ORLANDO, FL – Construction is underway on a $5 Million plus renovation project of the 50,000 square feet UCF Business Incubator in the Central Florida Research Park. 

Carol Ann Dykes, site manager for the Research Park incubator, said the facility, established in 1999, is getting a major upgrade and has undergone six months of a 13-month large-scale renovation project slated for completion in February of next year. 

“These facilities are some of the older buildings in Research Park and most of the life safety, telecommunications, electrical, lighting and HVAC systems are outdated.  

"In addition, the internal configuration of the buildings has not been well suited for use as an incubator and we now have the opportunity to fix that.” Dykes said.

The work also includes the build-out of five much needed chemical wet labs and additional work spaces for companies that need to set up assembly and/or workstations.

 “We are fortunate to have an amazing team from UCF Facilities as well as the general contractor Wharton Smith.  Everyone has gone above and beyond to make this project as smooth as possible for our clients who are occupying the facilities during the renovations.”

 Currently the Research Park incubator houses over 45 early stage and Soft Landing technology client companies. 

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

Larry Vershel or Beth Payan, Larry Vershel Communications Inc.

407- 644-4142   Lvershelco@aol.com

Capital Square Realty Advisors Acquires Three Grocery Anchored Shopping Centers in North Carolina and South Carolina

  

Louis Rogers

RICHMOND, VA (July 7, 2015) – Capital Square Realty Advisors, LLC announced today it has acquired three shopping centers anchored by Food Lion, a leading Southeastern and Mid-Atlantic supermarket retailer, in North Carolina and South Carolina.

 “Each of these retail centers is located in a growing market with a population that has strong recognition of the Food Lion brand,” said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors.

“The supermarket retailer leases the anchor space of each property through long-term, triple net leases. We are thrilled to add strong retail properties like these to our growing real estate portfolio.”

The portfolio, approximately 98 percent leased at the time of acquisition, includes:

·         West Point Village, a 48,246-square-foot shopping center located at 433 North Carolina Highway 49 South in Asheboro, N.C.;

·         College Lakes, a 43,041-square-foot shopping center located at 929 McArthur Road in Fayetteville, N.C.; and

·         Kris Krossing, a 49,800-square-foot shopping center located at 3320 4th Ave. in Conway, S.C.

.

Capital Square was represented in the acquisition by Tim Marshall of TM1031 Exchange Inc.

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

   Julie Leber                                                                         

   Spotlight Marketing Communications                    

   949.427.5172, ext. 703                   

   julie@spotlightmarcom.com