HFF closes sale of Doubletree Westborough in Westborough, MA

Doubletree Westborough, 5400 Computer Drive, Westborough, MA

 

Daniel Peek

BOSTON, MA, July 8, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of the Doubletree Westborough, a 223-room, full-service hotel in Westborough, Massachusetts.

HFF marketed the asset on behalf of the seller, Investcorp International Inc.  Ultima Hospitality purchased the property.  

The Doubletree Westborough is located at 5400 Computer Drive within the Westborough Technology Park 25 miles west of Boston.

 The property is proximate to more than 12 million square feet of office space within a 10 mile radius and has immediate access to Interstate 495.  

Recently renovated, the 167,346-square-foot hotel features a fitness room, indoor pool, business center, 13,000 square feet of meeting and event space and the Regatta Grill & Bar. 

Denny Meikleham

The HFF investment sales team representing the seller was led by senior managing director Dan Peek and managing directors Denny Meikleham and Michael Gigliotti and director Alan Suzuki.

“The Doubletree Westborough is the only full-service hotel in Westborough and as a result captures the majority of the demand for social events and corporate meetings in the immediate area,” said Meikleham. 

“This was a great opportunity for the buyer to acquire a well-maintained, well-located hotel with solid in-place cash flow well below replacement value.”

 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 secures financing totaling $49.801 million for North Carolina 3-property apartment portfolio

Steeplechase at Adam’s Farm,  1338 Adams Farm Parkway,  Greensboro, NC

Thomas Didio

FLORHAM PARK, NJ, July 8, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured financing totaling $49.801 million for a three-property apartment portfolio totaling 811 units in Greensboro and High Pointe, North Carolina. 

HFF worked on behalf of the borrower, Hudson Capital Properties, to place three separate 10-year, fixed-rate loans with Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. 

The securitized loans will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.

The properties included in the portfolio are Steeplechase at Adam’s Farm located at 1338 Adams Farm Parkway in Greensboro; Park Forest located at 3214 Brassfield Road in Greensboro; and Deep River Pointe located at 3971 River Pointe Place in High Pointe. 

The garden-style communities have a variety of floor plans ranging from one- to three-bedroom units.  Community amenities vary for each property but include features such as swimming pools with sundecks, 24-hour fitness centers, business centers, tennis courts and walking trails.  The portfolio is 96 percent leased.

Frank Tuttle III

The HFF debt placement team was led by senior managing director Thomas Didio and director Luke Vanderpoel.

“Hudson Capital Properties is excited about bringing these three properties into its growing portfolio,” Hudson Capital Properties president Frank Huttle III said.  

“We have been an owner of multifamily properties in North Carolina and are delighted to expand our footprint to Greensboro.  Many thanks to HFF for their help in making this transaction a reality.”

“We are pleased to have secured favorable debt for the Hudson Capital Properties’ acquisition of three quality apartment assets in the Greensboro and High Pointe, North Carolina markets,” continued Didio.  “Our Freddie Mac team did a great job securing the interest rate prior to closing the purchase.”

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

HFF arranges $50 million acquisition financing for 474-unit apartment community in Jacksonville, FL

Thornton Park, 8450 Gate Parkway West,  Southside Jacksonville, FL

Elliott Throne

MIAMI, FL, July 8, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $50 million in acquisition financing for Thornton Park, a 474-unit, Class A garden-style apartment community in Jacksonville’s Southside submarket.

HFF worked on behalf of Epoch Residential to secure the three-year, floating-rate loan through Colony Mortgage Capital.  

Epoch Residential originally developed the property and proceeds from this transaction were used to purchase it outright.  The acquisition represents Epoch’s first in their 45-year history.

Completed in 2008, Thornton Park features 16 one-, two- and three-bedroom flat- and townhome-style floor plans ranging between 785 and 1,604 square feet. 

 Community amenities include two resort-style swimming pools and spas, picnic area with barbecue grills, playground, indoor basketball/sport court, fitness center, clubhouse, library, billiards room, sports bar and detached garages. 

Brett Moss

Thornton Park is located at 8450 Gate Parkway West in the core of Jacksonville’s largest suburban employment hub, Deerwood Park.  

The property is approximately nine miles southeast of downtown Jacksonville and is near St. John’s Town Center, an upscale outdoor lifestyle mall.

The HFF debt placement team representing the borrower was led by Elliott Throne and Brett Moss.

“Epoch Residential was able to obtain a favorable loan that allowed them the ability to acquire a property they knew intimately and the flexibility to make further enhancements to the asset,” stated Throne.

Moss continued, “The improvements Epoch plans to make as owner will allow the property to be even more competitive with the area’s newest product that has been able to achieve some of the highest rents in the Jacksonville metro area.”

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

  

Rosemont Apartments, Concord, CA

Concord, CA – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Rosemont Apartments in Concord, Cal.

The new owner plans $450 thousand worth of renovations for the 48-unit multifamily community, which has 47 large self-storage units.

Casey Davis

“This is the eighth acquisition we have made in the East Bay of San Francisco, with many more exciting projects planned in the near term,” said Casey Davis, 29SC’s Vice President of Acquisitions for California.

 “Rosemont is the only apartment community in the immediate area with self-storage, a highly-desirable feature for individuals and families. 

"Nearby, Bay Area Rapid Transit (BART) stops provide easy access to numerous work, recreation and education centers in one of the most competitive housing markets in the U.S.”

Spillover from San Francisco and Oakland has created a tight rental market throughout the East Bay, as limited housing supply can’t keep up with significant demand. 

Concord, the largest city in fast-growing Contra Costa County, is the most affordable city in the affluent I-680 corridor. Concord rents are considerably less expensive than neighboring Pleasant Hill and Walnut Creek.

For investment inquiries, contact:

Stan Beraznik, Founder and Managing Principal at 29th Street Capital

415.643.6875 | sberaznik@29thstreetcapital.com

www.29thstreetcapital.com.

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

Thornton Communications

p:404-932-4347 | e:Terri@TerriThornton.com | w:www.TerriThornton.com

http://www.facebook.com/pages/Thornton-Communications/112101288827299 http://twitter.com/Ttho http://www.linkedin.com/in/TerriThornton

Berger Commercial Realty Brokers Close Four Transactions at Lyons Tech IV in Coconut Creek, FL

Judy Dolan

FORT LAUDERDALE, FL (July 8, 2015) - Berger Commercial Realty brokers Judy Dolan and Greg Milopoulos recently closed four lease transactions for warehouse spaces at Lyons Tech IV in Coconut Creek.

On behalf of landlord 4811 Lyons Tech Parkway, LLC Dolan and Milopoulos closed:

the renewal/expansion lease of 3,124 square-feet of space to Natural Stone Elements, LLC in suites 20 and 21;

the new lease of 1,562 square-feet of space to Alternative Credit Solutions, LLC in suite 10;

the lease renewal of 1,562 square-feet of space to Kerr Fire Investigations, Inc. in suite 11;

and the lease renewal of 1,562 square-feet of space to OMG Miami Swimwear, LLC in suite 23.

Greg Milopoulos

Located at 4911 Lyons Tech Parkway, Lyons Tech IV consists of two buildings with drive-in bays, 18-foot ceilings, ample parking, and hurricane impact glass.

Most bays include a small office, restroom and grade level door. Move-in ready suites are available and can be combined with other units to create a larger layout.

The property is within minutes of the Sawgrass Expressway, Florida's Turnpike, and I-95. 

For more information on leasing at Lyons Tech IV, call Berger Commercial Realty at (954)-358-0900.

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

954-776-1999

Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Marielle Sologuren, ext. 226, msologuren@piersongrant.com

NAI Realvest Completes Office Lease Agreements with USTA and Sub-Zero boosting occupancy to 100% at Citadel III in the Orlando, FL Airport Submarket

Mary Frances West

ORLANDO, FL — NAI Realvest recently completed two new lease agreements totaling 9,410 rentable square feet on the sixth floor of the Citadel III at 5950 Hazeltine National Drive in Southeast Orlando.

Senior Broker Associate Mary Frances West CCIM and Matt Cichocki, Principal negotiated both transactions representing Citadel Partners, Ltd. of Oakland, Fla., landlord of the 139,000 square foot office building which is now 100 percent leased.  

West negotiated a long-term lease with Sub-Zero Group Southeast, Inc. for Suite 670 with 4,450 square feet.  The new tenant, a leading manufacturer of luxury appliances, was represented by Craig Castor of Cresa Orlando and Tim Rikkers of Cresa Wisconsin. 

 United States Tennis Association Incorporated signed a short-term lease for Suite 660 with 4,960 square feet to serve as a temporary location while their $60 million USTA Training Center is being constructed at Lake Nona.    Jeff Patterson of Equity, Inc. represented the White Plains, NY based-tenant. 

 “The building owner’s commitment to maintaining a first class operation has enabled us to achieve a consistent high-occupancy level at Citadel III,” said West. 

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

Hold-Thyssen Negotiates Two Lease Renewals at Enterprise Plaza in Orange City, FL

      

Darby Hold

ORANGE CITY, FL and WINTER PARK, FL --- Hold-Thyssen, Inc., a commercial property firm based in Winter Park, recently negotiated two lease renewals totaling 4,080 rentable square feet at Enterprise Plaza, 2499 Enterprise Rd. in Orange City.

Darby Hold, transaction specialist at Hold-Thyssen, negotiated both transactions on behalf of the Landlord, Florida Premier-Enterprise LLC, based in Rochester Hills, Mich.

Salon Centric, a leading NYC-based distributor of salon professional products with over 565 stores nationwide, renewed its lease of 2,720 square feet.  Tenant was represented by Kevin Higgins of CBRE.

Tara Sheff

Tenant Southern Specialty Finance Inc., d/b/a Check ‘n Go, one of America’s leading payday loan companies headquartered in Cincinnati, renewed its lease of 1,360 square feet to remain in their well-established location serving the west Volusia area.  

The tenant was represented by Tara Sheff with Axcess Financial.  

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 New Long-term Lease for Compass Pointe Healthcare Systems Relocating to Class A Office at Colonial Town Park in Lake Mary, FL

Juan Jiminez

ORLANDO, FL  – The Partyka Group at NAI Realvest recently negotiated a long-term lease agreement for 3,961 rentable square feet of Class A office space at 400 Colonial Center Parkway in Lake Mary. 

NAI Realvest Partner Paul P. Partyka and Associate Juan Jimenez negotiated the transaction on behalf of Tenant Compass Pointe Healthcare Systems.  

The landlord, 400 Townpark LLC based in Johns Creek, Ga. was represented in the transaction by Greg Morrison of Morrison Commercial Real Estate. 

Compass Pointe Healthcare System, a retirement and assisted living community organization, is moving its headquarters from a location in Volusia County to this more centralized and efficient Seminole County location, Partyka said.

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

Rodney Langer Joins Crossman & Co. to Spearhead the Company’s Investment Sales Presence in Miami, FL

Rodney Langer

Orlando, FL – Crossman & Company welcomes Rodney Langer to their Investment Sales Team in Miami, where he will provide acquisition and disposition services to owners of shopping centers and net leased assets.

Mr. Langer joins Crossman & Company with 27 years of experience in commercial real estate brokerage & asset management. 

Prior to joining Crossman & Company, he served as president of Investors CRE, Inc., a commercial real estate investment advisory firm in Coral Gables, Florida.

“Rodney brings an exceptional skill set and breadth of experience to Crossman & Company,” said Dan Colachicco, Director of Investment Sales. “He has an extraordinary track record of providing advisory and marketing services to a wide range of discerning clients, both private and institutional”.

“We are excited to have Rodney join Crossman & Company’s Miami Investment Sales Team. He exemplifies the level of experience, integrity and commitment to service that our firm has built its reputation on for the past 25 years,” said Crossman & Company President, John Crossman.

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

Sydnie Cobb

Crossman & Company

scobb@crossmanco.com

407.581.6261

Voit Report: Inland Empire Industrial Market Has Positive Absorption for Eight Consecutive Quarters; Office Market Positive for Six Consecutive Quarters

Jerry Holdner

                Inland Empire, CA – Voit Real Estate Services reports Vacancy and Availability in Industrial Market Reach Pre-Recession Levels.

The Inland Empire industrial market took significant strides toward continued improvement in the second quarter of 2015 with eleven straight quarters of positive absorption, a 5 percent increase in asking lease rates, and significant drops in both vacancy and availability compared to this time last year.

“Overall in the Inland Empire industrial market over the last five years, vacancy and availability have decreased over 50 percent,” explains Jerry Holdner, Vice President of Market Research at Voit.  “The substantial decreases in vacancy and availability are contributing to the gains in asking lease rates and higher occupancy costs.”

  Industrial vacancy and availability continued trending downward throughout 2015. Vacancy ended the second quarter of 2015 at 4.74 percent, a decrease of 18.42 percent from 2014’s second quarter. 

 This is notable, since 25.2 million square feet of new product has been delivered to the market over the past six quarters.  Likewise, availability posted a rate of 5.52 percent at the close of the quarter, a decrease of almost 27 percent from a year ago.

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

Jessamyn J. Miller | Director of Marketing

Voit Real Estate Services

2020 Main Street, Suite 100 | Irvine, CA 92614

T (949) 566-6422 | C (949) 929-7147

jjmiller@voitco.com | www.voitco.com

Voit Real Estate Services, Broker License #01333376