George Smith Partners Secures $39.7 Million in Joint Venture Equity Financing for The Park, a San Diego Luxury Condo Development

 

Rendering of Planned The Park condominiums, Bankers Hill Neighborhood,
 San Diego, CA

Malcolm Davies

LOS ANGELES, CA – Commercial real estate investment banking firm George Smith Partners has successfully secured $39.7 million in new joint venture equity financing for the development of The Park, a planned 13-story, 60-unit,  luxury for-sale condominium project in San Diego’s affluent Bankers Hill neighborhood.

George Smith Partners Principal Malcolm Davies arranged the equity financing, and was assisted by Assistant Vice President Teddy Stutz and Assistant Vice President Bo Everett.

According to Davies, “The Park will be the first project of its kind in over a decade in the San Diego market.”

Davies notes that George Smith Partners was exclusively engaged by the project’s developers, Zephyr Partners and LLJ Ventures, to secure new joint venture equity financing that would enable construction to begin on the ground-up development project, which is estimated to be completed in May of 2017.

“There is significant pent up demand for new high rise condo developments in the marketplace,” he explained.  “Zephyr is one of the premier Southern California multifamily and residential development companies, and this project in Bankers Hill will be the latest in a line of successful developments for the company.” 

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

Corynne Randel/ Jenn Quader

Brower, Miller & Cole

(949) 955-7940

Crandel@browermillercole.com

RealtyTrac Reports Vacant Zombie Foreclosures Down 43 Percent in Third Quarter Compared to a Year Ago

Daren Blomquist

IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, released its Q3 2015 U.S. Zombie Foreclosure and Vacant Property Report, which shows 20,050 U.S. residential properties in the foreclosure process — but not yet repossessed by the foreclosing lender — were vacant “zombie” homes as of the end of the third quarter of 2015, down 27 percent from the previous quarter and down 43 percent from a year ago.

Vacant residential properties in the foreclosure process accounted for 1.3 percent of all vacant U.S. residential properties, with bank-owned homes (REO) accounting for another 1.9 percent of all vacant 1 properties as of the end of the third quarter.

The report shows a total of 1.5 million (1,500,456) vacant U.S. residential properties, 1.8 percent of all 84.7 million U.S. residential properties. Among the 1.5 million vacant residential properties, 36.5 percent have at least one open loan and 6.2 percent are seriously underwater, meaning the combined value of loans secured by the property is at least 25 percent more than the estimated market value of the property.

“The overall inventory of homes in the foreclosure process has dropped 36 percent over the past year so it’s not too surprising to see a similarly dramatic drop in vacant zombie foreclosures,” said Daren Blomquist, vice president at RealtyTrac.

“What is surprising is there are so many vacant homes where the homeowners do not appear to be in financial distress — with only 3 percent in foreclosure or bank owned, and only 6 percent that are underwater.

“More than 63 percent of these vacant homes are not even encumbered by a loan, owned free and clear by the owner. The fact that the homeowners are not selling given the recovering real estate market in most areas indicates that many of these properties are in poor condition and in neighborhoods that have been left behind by the housing recovery.”

Markets with most vacant ‘zombie foreclosures’

States with the most vacant “zombie” foreclosures were New Jersey (3,997), Florida (3,512), New York (3,365), Illinois (1,187) and Ohio (1,028).

States with the highest share of vacant “zombie” foreclosures as a percentage of total vacant properties were New Jersey (9.4 percent), New York (8.2 percent), Nevada (2.7 percent), Massachusetts (2.5 percent), and Illinois (2.1 percent). 

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

Ginny Walker

949.502.8300, ext. 268

ginny.walker@realtytrac.com

Taylor Johnson Announces New Client FitzGerald Associates Architects

Emily Johnson

CHICAGO, IL -- Taylor Johnson President Emily Johnson has announced Taylor Johnson now represents FitzGerald Associates Architects, an award-winning architecture and design firm specializing in new and rehabilitated residential, commercial and office space.

Founded in 1919 as Rissman & Hirshfield, FitzGerald Associates Architects has a rich and notable history, having worked on some of Chicago’s most architecturally significant and successful community projects, including Outer Drive East, The Lawndale Theatre, University Village and Wilson Yard.

 Widely known for its historic renovation and adaptive-reuse work in the residential and commercial sectors, along with its new construction advisory and design services, FitzGerald continues to be one of the most active architecture and design firms in the area almost 100 years after its doors opened.

The firm’s current portfolio includes approximately 50 recently completed and active projects, such as:

·         Stony Island Arts Bank, Chicago, Illinois – rehabilitation of a three-story, 26,700 square foot building rescued from demolition in 2012. Designed as a hub for creative and cultural activities with artist studios, exhibit spaces, and archival libraries housing various collections including that of Ebony and Jet magazines founder John H. Johnson. Featured in Chicago’s 2015 Architecture Biennial

Cara Mooses

·         Oak Park Station, Oak Park, Illinois – mixed-use development located in historic downtown Oak Park designed with 34,000 square feet of retail space as well as 268 luxury apartments; first ground-up apartment development in the Chicago area for Lennar

·         First Ascent, Avondale, Chicago, Illinois – Chicago’s largest dedicated indoor rock climbing facility featuring 60-foot ceilings and 25,000 square feet of climbing surface

·         Daniel Flood Tower, Kingston, Pennsylvania – complete renovation of existing 16-story, 210-unit senior housing development

For more information on FitzGerald, please subscribe to the firm’s newsletter, visit www.fitzgeraldassociates.net or contact Cara Mooses at Taylor Johnson at 312.267.4523 or cmooses@taylorjohnson.com.

 

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

Sarah Lyons, slyons@taylorjohnson.com, 312-267-4520

Kim Manning, kmanning@taylorjohnson.com, 312-267-4527

Englewood Construction Announces Three New Retail Projects

  

William Di Santo

CHICAGO, IL --  Englewood Construction, one of the country’s leading commercial construction firms, announces its retail group has started work on three new ground-up projects: a Hobby Lobby in Beavercreek, Ohio; a PetSmart in Taylor, Michigan; and a Goodwill in Monroe, Connecticut.

“We’re extremely proud of the ongoing national partnership we’ve developed with these retail clients, which allows us to ensure smooth, dependable project delivery for them in locations across the country,” said William Di Santo, president of Lemont, Illinois-based Englewood Construction.

“If a retailer wants more reliability and less stress when opening stores in multiple locations, working with a trusted contractor on a national basis is a great way to bring consistency to the construction process regardless of the location.”

 

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

Sarah Lyons, slyons@taylorjohnson.com, 312-267-4520

Kim Manning, kmanning@taylorjohnson.com, 312-267-4527

                            

CBRE Lists Lakefront I and II Office Campus Within Orlando Central Park, Orlando, FL

Lakefront I and II, 6101--6251 Chancellor Drive, Orlando Central Park, Orlando, FL

 

Ron Rogg

 ORLANDO, FL -- CBRE, as exclusive advisor, is pleased to present an opportunity to acquire Lakefront I and II, a four-building, ±192,767 square foot suburban office property located prominently at 6101—6251 Chancellor Drive within the South Orlando suburban submarket at Orlando Central Park—a 12 million square foot office park.

The property enjoys a predictable income stream. Credit tenants include three Fortune 500 companies all from different industries.  

Existing tenants include the State of Florida Agency for Workforce Innovation, Regions Bank (NYSE:RF), HCA Management Services (NYSE:HCA), and Advanced Care Scripts; a regional headquarters location for a national health care provider that was recently purchased by CVS (NYSE:CVS).

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

 Ronald J. Rogg, CCIM

Executive Vice President

+1 407 839 3194

ron.rogg@cbre.com

 

HFF closes $7.8 million sale of southern New Jersey retail center

Willingboro Town Center South, Willingboro, NJ

Jose Cruz

PHILADELPHIA, PA -- Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $7.8 million sale of Willingboro Town Center South, a 29,246-square-foot retail shopping center near the New Jersey-Pennsylvania border in southern New Jersey.   

HFF marketed the property on behalf of the seller, Delco Development, LLC.  Circle F Capital purchased the asset free and clear of existing debt.

Willingboro Town Center South consists of one main multi-tenant building and two single-tenant pads.  The 93.7-percent-leased center is home to Ruby Tuesday, Rita’s, Bagel Café, Credit Union of New Jersey, Verizon, GNC, Subway, Hardee’s, Panda Garden, Hair Cuttery, Nail Splash and The Laundry Experience.

 Situated on 4.01 acres at 4364 Route 130, Willingboro Town Center South is within a three-mile retail trade center in Willingboro, a community 19 miles northeast of Philadelphia, Pennsylvania, and 22 miles southwest of Trenton, New Jersey.

  The center is located on Burlington Pike (Route 130), a major north-south thoroughfare that runs 84 miles along New Jersey’s western boundary and serves approximately 40,822 vehicles per day.

Chris Munley

The HFF investment sales team was led by managing director Chris Munley and senior managing director Jose Cruz. 

“Willingboro Town Center South represented an opportunity to acquire a prominent retail center, securely leased to a majority of credit tenants in an infill market of southern New Jersey,” Munley said.  

“Greater Philadelphia has maintained strong fundamentals, and continues to garner investment interest from new, out of market capital.  This sale was no different, and we anticipate the trend to continue.”

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.circlefcapital.com.

www.delcodevelopment.com.

HFF closes the sale of office property in Houston’s Gulf Freeway/Pasadena submarket

 

12600 Featherwood, Houston, TX

HOUSTON, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of 12600 Featherwood, a four-story, 74,753-square-foot office property in Houston, Texas.

HFF represented the seller, Klabzuba Realty, in the transaction.  NAI Partners, through NAI Investment Fund I, LLC, purchased 12600 Featherwood for an undisclosed amount and obtained debt from Amegy Bank.

Martin Hogan

“This transaction represents the completion of a successful round trip that generated attractive returns to our investors,” said Klabzuba Executive Vice President Clint Corn.  “We remain committed to proactively recycling our capital into urban infill opportunities in major Texas markets.”

12600 Featherwood is situated directly east of Interstate 45 South/The Gulf Freeway about 14 miles south of Houston’s central business district in the Gulf Freeway/Pasadena submarket.  This places the property within close proximity to the Port of Houston, Hobby Airport, the Texas Medical Center and NASA’s Johnson Space Center.

 12600 Featherwood is 81.5 percent leased to tenants including TriStar Global, Bamberger, Carber Holdings and Leasing Associates Service.

The HFF investment sales team was led by director Martin Hogan.

“The building is well positioned to capture oil and gas and logistics tenants that need a location need the Port of Houston or Hobby Airport,” said Hogan.

NAI Investment Fund I, LLC, has been organized by NAI Investment Management, LLC and the partners of NAI Partners to invest in office and industrial multi-tenant properties in Houston, Dallas, Austin and San Antonio. According to Rob Evans, the objective is to acquire value-add properties in these markets over the next 18-24 months.

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.klabzuba.com

www.naipartners.com

HFF arranges $7.95 million refinancing for suburban Seattle, WA office/flex property

Snoqualmie Ridge, 8226 Bracken Place SE, Snoqualmie, WA

SAN DIEGO, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $7.95 million refinancing for Snoqualmie Ridge, a two-story, 76,661-square-foot office/flex property in Snoqualmie, a suburb of Seattle, Washington.  

Timothy Wright

Working on behalf of the borrower, Nexus Snoqualmie, LLC, HFF placed the 10-year, fixed-rate loan with a national lender.  Loan proceeds are replacing a maturing CMBS loan from a recapitalization in 2005. 

Snoqualmie Ridge is located at 8226 Bracken Place SE within the Snoqualmie Ridge Business Park in Seattle’s I-90 corridor.  The property occupies 4.11 acres in Seattle’s Eastside area and has a central downtown location in Snoqualmie. 

Completed in 2001, Snoqualmie Ridge is 94.8 percent leased to tenants such as Zetec, Inc., which has its headquarters at the property, as well as Sherwin-Williams and Eastside Psychological Associates.  

HFF’s debt placement team representing the borrower was led by senior managing director Tim Wright and director Zack Holderman

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 $110 million first mortgage financing for 180 Madison Avenue in Manhattan

  

180 Madison Avenue, Madison Avenue and East 34th Street,
Midtown South Office Market,  Manhattan, NY

 

Michael Tepedino

 NEW YORK, NY – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured a $110 million first mortgage financing for 180 Madison Avenue, an historic, 23-story, 280,953-square-foot office tower in Manhattan.

Working on behalf of an institutional investor, HFF placed the loan with J.P. Morgan Chase Bank, N.A. and Landesbank Hessen-Thuringen Girozentrale (Helaba). 

180 Madison Avenue is located at the southwest corner of Madison Avenue and East 34th Street in Manhattan’s Midtown South office market.

  The building, formerly known as the “The Lingerie Building” was historically the premier building for lingerie tenants in New York City.  Originally built in 1926, the property is in the final stages of a comprehensive renovation that has already transformed and re-positioned the asset as a best-in-class, market leading office building. 

Representative improvements include a spectacular lobby renovation, elevator modernization, window replacements, as well as various electrical upgrades.  Recent rollover at the building, which is currently 72 percent leased, has enabled ownership to continue to execute their business plan to demolish and pre-build space to a “plug and play” ready condition as tenants’ leases expire. 

Michael Gigliotti

The location of the property appeals to tenants across a wide array of industries, but there has been a growing demand from the technology, advertising, media and information (“TAMI”) sectors that are highly concentrated in the Midtown South office market. 

The property offers the infrastructure TAMI tenants frequently require, with the aesthetic style and geographic location they desire.  Two of the top five largest tenants located at the building, 

The Rubicon Project and Unified Social, are prime examples of the growing TAMI firms flocking to Midtown South.  Both tenants signed leases at the property in the last few years and both have already expanded within the building since their arrival.

The HFF debt placement team representing the borrower was led by senior managing director Michael Tepedino and managing director Michael Gigliotti.

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