Marcus & Millichap Brokers $4.1 MillionSale of Pensacola Self Storage in Pensacola, FL

Michael A. Mele

PENSACOLA, FL, Sept. 8, 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 Pensacola Self Storage, a 47,896-square foot self-storage facility located in Pensacola, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset sold for $4,112,000.

Michael A. Mele, senior vice president investment in Marcus & Millichap’s Tampa office and senior director of the firm’s National Self Storage Group, had the exclusive listing to market the property on behalf of the seller, a REIT.  The buyer was secured and represented by Mele.

Pensacola Self Storage is a stabilized, institutional quality asset that is conveniently located just north of Interstate 10 at 9311 Pine Forest Road in Pensacola, Florida. The facility consists of two climate controlled buildings with a total of 47,896 net rentable square feet.

The site is fully secured with electronic key pad access and is monitored by surveillance cameras to ensure safe storage. Constructed in 2004, the facility consists of 434 units which range in size from 15 to 900 square feet and boat and R.V. parking. At the time of the sale, Pensacola Self Storage’s occupancy was at 89 percent.

“The amount of quality offers we received for this property shows how strong the demand is for self-storage in not only the first tier markets, but in secondary markets as well,” says Mele.

  

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

Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

HFF closes $48.25 million sale of and arranges $37.7 million financing for Class A apartments in Denver’s Lakewood submarket

Carmel Bear Creek Apartments, 10117 West Dartmouth Place, Lakewood, CO

Jordan Robbins

DENVER, CO, Sept. 8, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $48.25 million sale of and arranged $37.7 million in financing for Carmel Bear Creek, a 224-unit, Class A apartment community in Lakewood, Colorado.

HFF marketed the property on behalf of the seller, Carmel Partners.  The asset was purchased by Jackson Square Properties. 

Additionally, HFF arranged the seven-year, floating-rate acquisition loan on the buyer’s behalf through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. 

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

Carmel Bear Creek is located at 10117 West Dartmouth Place just north of Highway 285 with frontage along South Kipling Parkway, approximately 12 miles southwest of downtown Denver.  Renovated in 2014, the property has a mix of one-, two- and three-bedroom units averaging 922 square feet each.

Charles Halladay

 The 11.38-acre property is adjacent to the 9.1-mile Bear Creek Trail that connects downtown Denver with the foothills of the Rockies, as well as other area amenities such as the Daniel L. Schaefer Athletic Complex, a top-ranked public school system, and more than 3.4 million square feet of retail.

The HFF investment sales team representing the seller was led by managing director Jordan Robbins and associate director Jeff Haag.

HFF’s debt placement team representing the borrower was led by managing directors Charles Halladay and Josh Simon.

  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 closes $59.5 million sale of Class A multi-housing property in Wilsonville, OR

 

Terrene at the Grove Apartments, 8890 SW Ash Meadows Circle, Wilsonville, OR

Ira Virden

PORTLAND, OR, Sept. 8, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $59.5 million sale of Terrene at the Grove, a 288-unit, Class A garden-style apartment community in Wilsonville, Oregon.

HFF marketed the property on behalf of the seller, Holland Partner Group and its finance partner. 

Jackson Square Properties purchased the asset free and clear of existing debt.  The buyer also recently acquired The Addison, a 147-unit apartment community in Vancouver, Washington, through a sale brokered by HFF. 

Completed in 2013, Terrene at the Grove has 13 residential buildings encompassing 288 expansive units averaging 1,012 square feet each.  Community amenities include a saltwater swimming pool, fitness center and resort-style clubhouse. 

Ideally situated at 8890 SW Ash Meadows Circle just off Interstate 5 in the rapidly growing Portland suburb of Wilsonville, Oregon, Terrene at the Grove is Wilsonville’s newest apartment community and one of only three properties built in the city since 2007.

The HFF investment sales team representing the seller was led by managing director Ira Virden and associate director Kerry Hughes

  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 secures $33.5 million financing for 2N data center and office complex in suburban Houston, TX

 

Westland Bunker, 550 Club Drive, Montgomery, Northwest Houston, TX

HOUSTON, TX, Sept. 8, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $33.5 million in senior financing in conjunction with the recapitalization of Westland Bunker, a 2N data center and office complex in Montgomery, a northwestern suburb of Houston, Texas.

Working on behalf of the borrower, Houston Bunker, LLC, HFF placed the loan with Sovereign Bank and Hillcrest Bank. 

Colby Mueck

Westland Bunker is situated on a 50-acre campus at 550 Club Drive about 45 miles north of Houston’s central business district. 

This location places the asset near approximately 26 Fortune 500 headquarters, second only to New York City, and within close proximity to more than 3,700 energy-related firms including the new ExxonMobil campus. 

The property consists of a 19,116-square-foot, two-story, underground data center and a four-story, 61,086-square-foot office building.  

Westland Bunker was originally built in 1982 however since 2007 nearly $30 million of capital improvements have been made, mostly to the data center space.  Overall the property is 90 percent leased to a diverse rent roll of users. 

The HFF debt placement team representing the borrower was led by managing director Colby Mueck.

  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 $21 million refinancing for boutique oceanfront hotel in Laguna Beach, CA

 

The Inn at Laguna Beach, 211 North Pacific Coast Highway,
 Laguna Beach, CA

Timothy Wright

SAN DIEGO, CA – Sept. 8, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured a $21 million refinancing for The Inn at Laguna Beach, a 70-room, luxury boutique hotel located along the Pacific Ocean in Laguna Beach, California. 

HFF worked on behalf of the borrower, Grossman Company Properties, to secure the 15-year, fixed-rate loan with AXA Equitable Life Insurance Company through its advisor, Quadrant Real Estate Advisors LLC. 

The Inn at Laguna Beach opened in 1990 and completed an extensive renovation in 2012.  The oceanfront hotel features a complimentary wine reception each evening, 2,100 square feet of meeting space, outdoor pool, spa tub, handmade breakfast pastries from a local baker and the Pacific Terrace rooftop bar that overlooks the Pacific Ocean.

 Located at 211 North Pacific Coast Highway, The Inn at Laguna Beach is situated on the northern end of Laguna’s “Main Beach” in the heart of this coastal community.  The hotel is within walking distance to the Laguna Art Museum, Main Beach Park, Heisler Park, Diver’s Cove, Laguna Playhouse, shops and restaurants.

The HFF debt placement team representing the borrower was led by senior managing director Timothy Wright and managing director Scott Hall.

  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.grossmancompany.com

HFF closes $79.08 million sale of 5-building medical office portfolio on behalf of Oak Street Real Estate Capital

Oak Street Portfolio 

Michael Bennett

CHICAGO, IL, Sept. 8, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of a five-building medical office portfolio totaling 294,108 square feet with properties located in Ohio, Kentucky and Maine.

      

HFF marketed the portfolio on behalf of the seller, Oak Street Real Estate Capital.  Carter Validus Mission Critical REIT purchased the entire portfolio for $79.08 million.

       

The portfolio is fully leased to investment-grade, credit-rated health systems offering a full range of medical services.  Individual property details are below:

Property    Square Feet       Yr Built/Renovated  Tenant

The Christ Hospital AOB, 139,428 SF, 1960/2013, The Christ Hospital, Cincinnati, OH

UC Health Florence MOB,  41,600 SF, 2014, UC Health, Florence, KY

UC Health Lucille MOB, 41,600 SF,  2014, UC Health, Cincinnati, OH

MaineGeneral – Augusta, MOB, 51,000 SF, 2010, MaineGeneral Health, Augusta, MEMaineGeneral – Oakland MOB, 20,480 SF, 2011, MaineGeneral Health, Oakland, ME

Evan Kovac

The HFF investment sales team representing the seller was led by managing directors Michael Bennett, Phil Mahler and Evan Kovac.

“All of the hospitals in the portfolio are market leading healthcare providers in their respective service areas,” said Bennett.  “This was a great opportunity for an investor to acquire a well performing, stable medical office portfolio with a strong hospital sponsorship.”

 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.cvmissioncriticalreit.com

www.oakstreetrec.com

HFF closes sale of and arranges financing for Quintana Office Campus in Orange County, CA

Quintana Office Campus, Irvine, CA

Ryan Gallagher

IRVINE, CA, Sept. 8, 2015 - Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and arranged financing for Quintana Office Campus, a four-building, 430,000-square-foot, Class A office complex in Irvine, California.

HFF’s capital markets team led marketing of the asset, and was assisted by Cushman & Wakefield, on behalf of Menlo Equities.  Hines purchased Quintana Office Campus for an undisclosed amount. 

Additionally, HFF arranged acquisition financing for the buyer with a total funding of approximately $100 million from New York Life Real Estate Investors, on behalf of institutional investors.

Quintana Office Campus consists of 17875 and 17877 Von Karman Avenue and 17838 and 17872 Gillette Avenue as well as a one-acre interior park/open space all located on approximately 15 acres in the Irvine Business District. 

The property has immediate access to the San Diego (I-405) and Newport Beach/Costa Mesa (SR-55) Freeways and is less than one half of a mile from John Wayne Airport. 

Michael Leggett

Built between 1989 and 2004, Quintana Office Campus is currently 13 percent occupied providing significant value creation potential as well as complete flexibility on a repositioning strategy.

Hines has planned an extensive $15 million capital improvement program, which will transform the asset into the most unique and differentiated campus environment in the Airport submarket. 

The strategic capital upgrades will focus on improving the expansive open spaces and common areas to include new conference and fitness center amenities, functional outdoor workspaces, new lobbies and restrooms, upgraded landscaping and potential retail offerings.

The HFF investment sales team representing the seller was led by senior managing directors Ryan Gallagher and Michael Leggett, managing director Mike McCann and associate director Derreck Barker. 

HFF’s debt placement team was led by senior managing director Kevin MacKenzie.

The Cushman and Wakefield team was represented by executive director Jeff Cole and Ed Hernandez.

 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.hines.com

www.menloequities.com.

Beltway Investment International, Smart Hotels and Hospitality Ventures Management Group (HVMG) To Develop Landmark First Hotel in Atlanta's Old Fourth Ward

  

 

Christopher Plockelman

ATLANTA, GA (Sept. 8, 2015) – Beltway Investment International, Smart Hotels and Hospitality Ventures Management Group (HVMG), today announced a joint venture to develop the first hotel on the phenomenally successful Atlanta BeltLine, a project that has changed Atlanta to a city that can be explored on foot and by bike.

            “The Old Fourth Ward and the Atlanta BeltLine project are successful national achievements in urban redevelopment," said Christopher Plockelman, managing director of Beltway Investment International. 

"The only thing missing from this multi-dimensional effort is a hotel that reflects the area's history and provides an original and unique vision for Atlanta’s future.  

"The boutique hotel will be a fully-integrated exclamation point on the BeltLine, the first choice hotel for travelers and a social centerpiece for residents and the community."

 The $30 - 35 million project will be in one of Atlanta’s most dynamic neighborhoods, the Old Fourth Ward (O4W), just minutes from downtown. 

The 140-room, high-end boutique hotel, located on the corner of Irwin Street and Auburn Avenue, will have direct access to the Atlanta BeltLine’s Eastside Trail and be within walking distance to the Martin Luther Jr King Historic Site, Krog Street Market and the Inman Quarter.

Coretta Scott King

The planned boutique hotel design will draw from O4W architecture and be locally inspired by the in-town neighborhood’s urban setting, culture, community, art and entertainment.

  Excellent guest service and exceptional design, coupled with locally inspired food and beverage, will be the hallmarks of the Atlanta BeltLine’s first hotel.

            The Old Fourth Ward, a historic Atlanta neighborhood, manufacturing district and birthplace of Martin Luther King Jr.  has become the highly desirable epicenter of Atlanta old and new. 

The hotel site is adjacent to Studioplex, one of the City’s earliest and most successful adaptive reuse renovation projects (housing 130 contemporary urban live and workspaces). 

Originally purchased and developed by the Historic District Development Corporation (founded in 1980 by Coretta Scott King to preserve, revitalize and maintain diversity in the Martin Luther King Jr. National Historic District) in 2000, Studioplex, an Atlanta landmark, is the inspiration for the hotel’s design - creating a luxurious property with an industrial aesthetic.

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

Chris Daly

Daly Gray, Inc.

703-435-6293

chris@dalygray.com

PKF Consulting Reports Caribbean Hotels Enjoy Fourth Consecutive Year of Double-Digit NOI Growth

 

Scott Smith

  Atlanta, GA, Sept. 8, 2015 – Caribbean hotels are enjoying their continued run of double-digit net operating income (NOI) growth according to the newly released 2015 edition of Trends® in the Caribbean Hotel Industry by PKF Consulting (PKFC), a CBRE Company.

 According to the report, the average Caribbean hotel experienced a 17.3 percent increase in NOI during 2014, marking the fourth consecutive year that Caribbean hotels have seen a double-digit increase in NOI.

 “During 2014, Caribbean hotels with an ADR greater than US$300 were able to raise their rates without hurting occupancy.  The types of travelers these properties attract are less price-sensitive and can afford the higher costs,” said Scott Smith, PKFC managing director. 

“On the other hand, the more modest-priced properties were not as successful raising their rates.  These properties are facing increased competition from the all-inclusive resorts that represent a strong price-value proposition to rate-sensitive travelers.”

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

Chris Daly

chris@dalygray.com

(703) 435-6293

Newmeyer & Dillion Again Ranked Best Mid-Sized Orange County, CA Law Firm By Employees

 NEWPORT BEACH, CA -- Newmeyer & Dillion is pleased to announce that for the fourth consecutive year, which is every year it has participated in the Best Places to Work annual survey, it has been recognized as the best Orange County law firm employer among medium sized companies.

 The survey is conducted by Best Companies Group (BCG) and published in the Orange County Business Journal.  Of the top companies listed, Newmeyer & Dillion is lauded for its wellness program, charity support, and flexible work-hours.

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

949-854-7000 or

visit www.ndlf.com.

Marcus & Millichap Arranges $8.4 Million sale of 120-Unit Kings Row Apartments in Lauderhill, FL

Kings Row Apartments, 1620 NW 46th Avenue
Lauderhill, FL

LAUDERHILL, FL,  Sept. 8, 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 Kings Row, a 120-unit apartment property located in Lauderhill, Fla.. The asset sold for $8,400,000.

Daniel J. Cunningham and Derek R. Gibbs, associate vice president investments, and Evan Richardson, 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 from Doral, Fla.

Daniel J. Cunningham

“Investors remain especially interested in properties that offer operational upsides in older primary areas,” says Cunningham. “Kings Row presented the opportunity to acquire a stabilized apartment community in a central location with upside through raising rents to market value.”

Built in 1970 on a 4.04 acre lot, Kings Row consists of two, two-story buildings with a unit mix of 40 studios, 32 one-bedroom/one-bathroom, and 48 two-bedroom/one-bathroom units.

Kings Row is located at 1620 NW 46th Avenue near local shopping destinations like the Lauderhill Mall, the 16th Street Shopping Center, South Lakes Shopping Plaza and the Lakes Mall.

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

Ryan Nee

Regional Manager

Fort Lauderdale, FL

(954) 245-3400

Cohen Commercial Realty Signs 3 Natives In New Lease Transaction in Boca Raton, FL

Christopher Haass

 Boca Raton, FL, Sept. 8, 2015  — Christopher Haass and Bryan Cohen of Cohen Commercial Realty, Inc., represented 3 Natives of Tequesta, Florida, in successfully procuring a new lease term with options for the 1,381-square-foot space located at the Shoppes of Blue Lake II in Boca Raton, Florida.

Alternative Home Health Care Leases 1,200 SF in Delray Beach, FL

  

Delray Beach, FL  — Bryan Cohen and Allan Carlisle of Cohen Commercial Realty, Inc., announced the signing of Alternative Home Health Care to lease a 1,200-square-foot space at the Bed Bath & Beyond Plaza.  

This plaza is located on the corner of Atlantic Avenue and Military Trail in Delray Beach and is anchored by CVS and Bed Bath & Beyond.

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

Kacy Martin

Cohen Commercial Realty, Inc.

5041 Okeechobee Boulevard

West Palm Beach, Florida 33417

P.O. Box 223244

West Palm Beach, Florida 33422

561.471.0212 Office

561.471.5905 Fax

kacymartin@cohencommercial.com

www.cohencommercial.com