Wednesday, September 23, 2015

HFF arranges $23.6 million financing for 3-building industrial park in Alexandria, VA

Pickett Industrial Park, Alexandria, VA

Sue Carras
WASHINGTON, D.C. – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $23.6 million in acquisition financing for a 100-percent-leased, three-building warehouse complex totaling 246,145 square feet within Pickett Industrial Park in Alexandria, Virginia.

Working on behalf of the borrower, an affiliate of JBG Core Venture I, L.P., HFF placed the 10-year, floating-rate loan with SunTrust Bank.  In June, HFF closed the sale of this asset to JBG Core Venture I, L.P., a programmatic joint venture between CBRE Global Investment Partners and The JBG Companies.

Situated on 10.84 acres at 841-929 South Pickett Street inside the Capital Beltway in Alexandria, Virginia, Pickett Industrial Park is less than a mile and a half from Interstate 395.

 The Pentagon, Fort Belvoir and Reagan Washington National Airport are all less than 10 miles away from the property.  The one-story buildings have 24’ clear heights and a total of 34 dock-high loading doors with seven drive-ins. 

The complex is 100 percent leased to six tenants, including General Services Administration, Commercial Carpets of America, Michael Baker Corporation and Habitat for Humanity of Northern Virginia.

The HFF debt placement team representing the borrower was led by Sue Carras, Walter Coker and Brian Crivella.

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 |

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HFF secures $69.5 million in financing for mixed-use medical office and retail building in Seattle, WA

Medical Dental Building 509 Olive Way,
 Downtown Seattle, WA
PORTLAND, OR –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $69.5 million in financing for the Medical Dental Building, a 294,286-square-foot, historic, medical office building with ground floor retail in Seattle, Washington.

HFF worked on behalf of the borrower, Goodman Real Estate, Inc., to secure the 20-year, fixed-rate loan with AXA Equitable Life Insurance Company through its advisor Quadrant Real Estate Advisors. 

Constructed in two phases in 1925 and 1950, the Medical Dental Building was renovated in 2008 and received $25 million in upgrades, including new lobby finishes. 

The 18-story building is 97 percent leased to more than 150 tenants, primarily private medical and dental practices.

  A 12,606-square-foot Bartell Drug Co. pharmacy leases ground floor retail space, and there is a Seattle Executive Fitness located in the building.  

Situated at 509 Olive Way between 5th and 6th Avenues in downtown Seattle, the property is adjacent to Nordstrom, just five blocks west of Interstate 5 and one block from Amazon’s new 4.2 million-square-foot campus expansion.  

The HFF debt placement team representing the borrower was led by managing director Casey Davidson.

“The Medical Dental Building is such a unique asset due to its location and tenant base,” Davidson said.  “Most of the tenants are family-owned medical practices that pass down through generations due to loyal customers who love the building’s location, valet parking and proximity to transportation, including bus and rail lines. Some tenants have been in the building more than 40 years.”

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 |

HFF arranges $36.19 million financing for 2 select-service hotels in Washington, D.C.

Holiday Inn Express & Suites, Washinton, DC

WASHINGTON, D.C. –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged two loans totaling $36.19 million for the Holiday Inn Express & Suites and Fairfield Inn & Suites, two adjacent, 126-room, select-service hotels in Washington, D.C.

HFF worked on behalf of the borrower, Rocks Engineering Co., to secure the $19.3 million loan for Holiday Inn Express & Suites and the $16.89 million loan for Fairfield inn & Suites with Burke & Herbert Bank.  

The fixed-rate loans each have a term of 10 years.

The Holiday Inn Express & Suites and the Fairfield Inn & Suites are both five-story hotels with a combination of standard rooms and suites.  

Each hotel features a breakfast area, lobby, fitness center, swimming pool, business center and between 600 and 800 square feet of meeting space. 

Mark Remington
The Holiday Inn Express & Suites, 1917 Bladensburg Road, and the Fairfield Inn & Suites, 2305 New York Avenue NE, share 251 parking spaces on approximately 3.6 acres at the intersection of Bladensburg Road NE and New York Avenue NE (U.S. Route 50), which is a direct artery to downtown Washington.

 The New York Avenue-NoMa station on Metro’s red line is two miles from the hotel and accessible via a complimentary hotel shuttle, which also takes guests to the Washington Convention Center and other points of interest in Washington, D.C.

The HFF debt placement team representing the borrower was led by managing director Mark Remington. 

“This was a win-win between borrower and lender,” Remington said.  “The lender was able to keep and increase an existing loan to a long-time and valued client, and the borrower was able to right-size and improve its loan terms to reflect the competitive state of the lending 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 |

HFF places $23.7 million refinancing with CIBC World Markets for New Jersey office complex

1800 Route 34, Wall Township, NJ

FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $23.7 million refinancing for 1800 Route 34, a 189,836-square-foot, four-building office/flex complex in Wall Township, New Jersey.

HFF worked on behalf of the borrower, The Donato Group, to secure the 10-year, fixed-rate loan through CIBC World Markets. 

Michael Klein
1800 Route 34 is situated less than two miles from both Interstate 195 and the Garden State Parkway at the intersection of Route 34 and W. Hurley Pond Road. 

The complex has above average parking at 950 spaces, which represents five spaces per 1,000 square feet, as well as a 3,400-square-foot restaurant that is open for breakfast, lunch and catering within the complex.

 Constructed between 2001 and 2007, the Class A property is currently 95 percent leased.  Significant tenants include French & Parrello, First Credit Union, The Earle Companies, KMB Design Group, Secova Securities and Eckman Recycling.

The HFF debt placement team representing the borrower was led by director Michael Klein.

“With a concern about interest rates rising in the near future and the desire for maximum proceeds, the borrower elected to prepay a number of loans and take interest rate risk out of the equation for the next 10 years,” stated Klein.

 “CIBC understood this unique Monmouth County submarket as demonstrated by the complex’s strong historical occupancy and recognized the quality of the buildings construction and the borrower’s strong hands on management style to provide aggressive terms that best met the borrower’s needs.”

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 |

HFF closes $7 million sale of and $4.7 million financing for 20 Carematrix Drive in Dedham, MA

20 Carematrix Drive, Dedham, MA

Lauren O'Neil
 BOSTON, MA –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and arranged acquisition financing for 20 Carematrix Drive, a 39,391-square-foot office building in Dedham, Massachusetts.

HFF marketed the property on behalf of the seller, an affiliate of The Bulfinch Companies, Inc.  HFF also procured the buyer, an affiliate of NorthBridge CRE Advisors, a Boston-based real estate investment and advisory firm founded in 2014 by managing partners Dean Atkins and Greg Lauze. 

Additionally, working on behalf of the new owner, HFF secured the acquisition financing through Country Bank, headquartered in Ware, Massachusetts. 

20 Carematrix Drive is located in Dedham, an in-fill suburban location approximately 12 miles southwest of Boston.  In recent years, Dedham has emerged as a thriving business center that draws on its proximity to Boston, affluent western suburbs, and its regional access made possible by Interstate 93, Route 128/Interstate 95, Interstate 90 (the MassPike), and Route 24.

Coleman Benedict
 Dedham was incorporated as a town in 1636 and has a current population of approximately 25,000 residents.  The estimated median household income for Dedham is $82,193. 

The town is bordered by Needham to the northwest, Westwood to the southwest, Canton to the southeast and Boston to the northeast.  The town comprises a land area of approximately 10 square miles.

The HFF investment sales team representing the seller was led by senior managing director Coleman Benedict and director Ben Sayles.

The HFF debt placement team was led by director Lauren O’Neil.

“Bulfinch takes extremely great care of their assets and 20 Carematrix is no exception,” said Atkins.

“We are delighted to acquire an asset, which stands the test of time and is able to appeal to those tenants seeking a true live/work/play environment," added Lauze.

“The MBTA’s Dedham Corporate Center Station is a two-minute walk from the front door of 20 Carematrix Drive, making downtown Boston accessible in less than 30 minutes,” said Sayles. 

“Just beyond the train station is Legacy Place, a best-in-class, 675,000-square-foot, lifestyle retail center anchored by Whole Foods and featuring a tenant lineup including Apple, Brooks Brothers, City Sports, Williams Sonoma and dining and entertainment options including Showcase Cinema de Lux, King’s, Legal Sea Foods, P.F. Chang’s, and Yard House.”

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 |

Crossman & Co. welcomes Phillip Shumny to the Atlanta office

Phillip Shummy
Atlanta, GA – Crossman & Company welcomes Phillip Shumny as a Senior Associate - Investment Sales.

Phillip joins Crossman & Company with 26 years commercial real estate experience throughout Georgia and the greater Atlanta area. He most recently worked at Marcus & Millichap, where he specialized in investment-grade retail and office properties. He was also a part the National Retail Group.

Phillip graduated from Georgia State University where he received his Masters of Science in Real Estate.

“Phillip is an outstanding addition to our Atlanta team. As we continue growing our Investment Sales team throughout the Southeast, experienced agents like Phillip will allow us to provide exceptional service to our valued clients” said Crossman & Company President John Crossman, CRX, CCIM.

“Phillip has an excellent track record in Atlanta and truly knows the dynamics of this market. He exemplifies the values of the Crossman & Company brand and we are excited to welcome him to the team.” said Crossman & Company Chief Operating Officer John Zielinski, CCIM.

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

Sydnie Cobb
Crossman & Company

Colombian Developer Announces First South Florida Project -- Bijou Bay Harbor, a Luxury Condominium in Bay Harbor Islands, FL

BAY HARBOR ISLANDS, FL -- Respected Colombian mega-developer Juan Carlos Gonzalez is making his first foray into the South Florida condominium market with Bijou Bay Harbor, a luxury condominium planned for Bay Harbor Islands.

Ability by Acierto, Gonzalez’s U.S. development company, plans to begin pre-sales this season and break ground in early 2016. The company has partnered with Conexo Inmobiliario founded by Andres Arias Gutierrez, who will serve as the president of new developments for Ability by Acierto.

Bay Harbor Islands has undergone such a transformation during the last couple of years and is a goldmine for new development,” said Robert Morales, the vice president of operations for Ability by Acierto.

 “This location brings the best that Bay Harbor Islands has to offer – a prime location in the middle of one of South Florida’s most in-demand communities and just a walk from the famous Bal Harbour beaches."

Ability by Acierto acquired the prime parcel in February 2015 for $8.5 million. The planned seven-story building will offer laid back luxury to young professionals and buyers from Latin America, the Caribbean and Europe with 41 private residences including five penthouses.

 Private residences range from 900 to just over 2,000 square feet. Working with architects Luis Revuelta and Charles H. Benson and designer Adriana Hoyos, the 2,000-square-foot on-site sales center will open this fall. Prices will begin in the $500,000s and rise to $1.9 million for the spacious penthouses.

For a complete copy of the company’s news release, please contact:
 Ashley Fierman
Office: 954.370.8999
Cell: 954.330.1554

MCA Realty Acquires Two Prime Multi-Tenant Industrial Assets for $36.8 Million in the Inland Empire, CA

Tyler Mattox
Inland Empire, CA – MCA Realty, a full service real estate investment and management company, has acquired two multi-tenant industrial assets totaling more than half a million square feet in the Inland Empire for a combined total of $36.8 million.

“The industrial market in the Inland Empire is performing tremendously well, with extremely low vacancy rates driving up both demand and rental rates for properties throughout the area,” says Tyler Mattox, a Principal at MCA Realty.

“This makes the timing of these acquisitions extremely favorable.  We intend to exploit the potential in these assets, and expect them to deliver long-term, stabilized cash flow.”

The property is located at 1600-2060 Chicago Avenue and 1614-1616 Marlborough Avenue in Riverside, California.

Gary Stache, Anthony DeLorenzo, Michael Kendall, and Darla Longo of CBRE assisted MCA Realty in this transaction. Amos Smith of Walker & Dunlop arranged the acquisition financing for MCA Realty with MidCap Financial.

MCA Realty also acquired a 91,326 square-foot, two-tenant industrial building in Temecula, California for a total of $68.87 per square-foot. The building is located at 43350 Business Park Drive in Temecula, California.

Darla Longo
Scott Stewart of CBRE and Gordon Mize of Lee & Associates assisted MCA Realty in this transaction. Steve Hollister of NorthMarq arranged acquisition financing for MCA Realty with Copper Point Mutual Insurance Company.

MCA Realty's principals, Tyler Mattox, Jared Gordon, and Peter Cheng, have successfully navigated a full spectrum of market conditions, and pride themselves on building and maintaining strong relationships with industry partners. More information is available at

For a complete copy of the company’s news release, please contact:
Lexi Astfalk
Account Executive
Brower, Miller & Cole
895 Dove Street, Third Floor
Newport Beach, CA 92660
p: (949) 955-7940

Cress Capital acquires 310,000 square feet of industrial property and 10-acres of excess land in Perris, CA in an off-market transaction.

Wally Reid
PERRIS, CA -- Cress Capital, LLC , a Newport Beach-based investor, announced that, in conjunction with PacVentures, Inc., it has acquired a 30-acre property including two industrial buildings totaling 310,000 square feet, as well as a 10-acre excess land parcel for approximately $11.3 million.

 Located at 3411 N. Perris Boulevard in Perris, CA, each of the two buildings are occupied by a single tenant on a long term lease.  The transaction was negotiated directly between Cress Capital and the seller. 

“This investment underscores Cress Capital’s value-oriented approach and ability to source off-market transactions in an increasingly competitive market,” according to Ryan Parkin, Managing Partner with Cress Capital.

“We believe that strong risk-adjusted returns are achieved through special situations and assets with attributes that limit the buyer pool,” Parkin said.

“Earning a strong current yield at a favorable basis, while controlling a future development site in a rapidly maturing submarket, combined to make this investment attractive,” Parkin added.

Jeff Sause
The Inland Empire industrial market is exhibiting healthy fundamentals with vacancy currently under five percent.  During the last several years, the area surrounding the property has expanded rapidly with numerous Fortune 500 companies such as Home Depot, Procter & Gamble and Amazon driving absorption. 

Led by Senior Managing Director Wally Reid and Associate Director Jeff Sause, HFF arranged debt financing for the Cress Capital team. According to Reid, “The Cress team knew what they wanted and entrusted HFF to find the best life company execution in the marketplace.”

Cress Capital is expanding its portfolio in Southern California. 

According to Art Smith, Managing Partner with Cress Capital, “Being nimble, solution oriented and entrepreneurial with deep institutional experience and relationships differentiate Cress. 

"We expect that our long-standing relationships with owners and brokers alike will enable us to continue to acquire more assets at favorable pricing.” 

“Cress is particularly attracted to investments with attributes such as deferred maintenance, ground leases, environmental contamination and other repositioning opportunities,” Smith noted. 

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

Lexi Astfalk / Jenn Quader
Brower, Miller & Cole
(949) 955-7940