HFF secures CMBS refinancing for Houston, TX power center

Northline Commons, 4400 North Freeway (Interstate 45), Houston, TX

 

Tyler Ford

CHARLOTTE, NC –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured a senior loan for the refinance of Northline Commons, a 472,443-square-foot power center in northern Houston, Texas.

HFF worked on behalf of the borrower, an affiliate of North American Development Group, to place the 10-year, fixed-rate loan with Wells Fargo Bank.

Constructed between 2007 and 2009, the 91-percent-leased Northline Commons consists of one main building, five smaller buildings and four outparcel pads situated on 47.66 acres.

 The center is home to major tenants, Burlington Coat Factory, Ross Dress for Less, Five Below, Palais Royal, Conn’s, Marshalls and national and regional shop tenants, including GNC, Foot Locker, Image Shots, Baskin Robbins, The Children’s Place and Nails Club. 

Additionally, the center’s outparcel pads are leased to Pappas Bar-B-Q, IHOP, Ojos Locos Sports and Chick-fil-A. 

 Located at 4400 North Freeway (Interstate 45) in northern Houston, Northline Commons is on one of the most travelled Houston thoroughfares with approximately 300,000 vehicles per day.  The center is also on Houston’s North Line Light Rail, which is an extension of the Red Line that connects downtown Houston and the Medical Center area.

The HFF debt placement team representing the borrower was led by senior managing director Travis Anderson and associate directors Cory Fowler and Tyler Ford. 

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.nadg.com

HFF closes sale of and arranges $27.182 million financing for grocery-anchored shopping center in Temple, TX

Market Place Shopping Center, 2902--3710 South 31st Street, Temple, TX

Jim Batjer

DALLAS, TX –Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and arranged $27.182 million in acquisition financing for Market Place Shopping Center, a 291,844-square-foot, HEB-anchored shopping center in Temple, Texas.

HFF marketed the property on behalf of the seller, LPC Realty Advisors, an advisory affiliate of Lincoln Property Company, on behalf of a public pension fund client.  

Epic Real Estate Partners purchased the asset free and clear of existing debt.  Additionally, working on behalf of the new owner, HFF placed the five-year, floating-rate acquisition loan with Prime Finance.        

Market Place Shopping Center is 86 percent leased to Kohl’s, Bealls, Dollar Tree, Pier 1 Imports, Rent-A-Center and Starbucks.  Situated on 24.75 acres at 2902-3710 South 31st Street at the southwest corner of Loop 363 and South 31st Street, the center is at one of the area’s busiest intersections with more than 80,000 vehicles per day. 

Market Place Shopping Center is located in southern Temple, a central Texas community less than 70 miles north of Austin, with more than 112,000 residents living within a 10-mile radius of the center.  The center is across the street from Temple Mall and Baylor Scott & White Memorial Hospital, the largest employer in Temple.

The HFF team representing the seller was led by senior managing directors Jim Batjer and Barry Brown and associate director Kelsey Roop.

The HFF debt placement team representing the borrower was led by director Adam Herrin.

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 $20.5 million sale of southwest Florida power center

Merchants Crossing, 15201 North Cleveland Avenue (US 41), North Fort Myers, FL

 

Brad Peterson

ORLANDO, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $20.5 million sale of Merchants Crossing, a 323,061-square-foot power center with multiple national anchors in North Fort Myers, Florida.

HFF arranged the sale on behalf of the seller, Noble Properties.  RD Management LLC purchased the asset free and clear of existing debt.

Built in 1993 and renovated in 2006, Merchants Crossing is anchored by Sears, AMC Theatres, Bealls Outlet, Jo-Ann Fabric and Craft and Dollar General, and shadow-anchored by The Home Depot and Bealls.

 Situated on 73.2 acres at 15201 North Cleveland Avenue (US 41), Merchants Crossing is located at the 15-lane signalized intersection of North Cleveland and Pine Island Road (SR 78).  This “main and main” location is the epicenter of the largest retail node in North Fort Myers, the fastest growing metro area in Florida, and serves the residents of neighboring Cape Coral.

The HFF investment sales team representing the seller was led senior managing director Brad Peterson and associate director Whitaker Leonhardt.

“HFF continues to have success marketing well-located properties with a strong value-add story,” Leonhardt said.  “With competition heating up for the relatively few value-add properties in the market today, investors continue to seek opportunities to reposition assets and generate strong yields through redevelopment or re-tenanting.”

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.rdmanagement.com.

www.nobleproperties.com.

$52.5 million sale and acquisition financing closed by HFF for Waltham, MA Class A office property

1025 and 1075 Main Street, Waltham, MA

Coleman Benedict

 BOSTON, MA –Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and arranged acquisition financing for 1025 and 1075 Main Street, two Class A office properties totaling 303,460 square feet in Waltham, Massachusetts, a suburb of Boston.

HFF exclusively represented the seller, an affiliate of KBS Real Estate Investment Trust, Inc., in the transaction and procured the buyer, an affiliate of The Davis Companies.  Additionally, HFF worked on behalf of the new owner to secure the seven-year acquisition loan through Brookline Savings Bank and First Niagara Bank.   Gramercy Property Trust, as asset manager, advised KBS on the transaction.

 1025 and 1075 Main Street are situated along Route 20 in Waltham, less than a mile from Route 128/Interstate 95 and less than 15 minutes from downtown Boston.  The property has mass transit access via two MBTA commuter rail stops as well as several MBTA bus lines nearby.  Originally built by BayBank in 1980 as the bank’s major operations center, the property has served similar functions for BankBoston, Fleet and Bank of America, who was the anchor tenant at the property.

 Additional tenants include Citizens Disability and The Cambridge Institute of International Education.  1025 and 1075 Main Street offer tenants a cafeteria, fitness center and parking in a four-level parking garage below 1075 Main.  

Ben Sayles

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 senior managing director Riaz Cassum and director Brett Paulsrud.

“Waltham has emerged as one of Boston’s strongest suburban office markets and it is also experiencing one of the most significant building booms of the last 30 years, welcoming 14 new restaurants, more than 1,600 hotel rooms and several major mixed-use developments including City Point and 1265 Main Street,” said Sayles.  

“With this latest generation of office product and the associated retail components, Waltham will be able to offer the most demanding tenants an amenity-rich environment that is unparalleled in the marketplace.”

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.gptreit.com

http://www.thedaviscompanies.com

www.kbs.com.

HFF closes $13.525 million sale of retail and self storage properties in suburban Philadelphia, PA

Treasure Island Retail, 101 Church Road, Cherry Hill, PA

Barbara Guffey

PHILADELPHIA, PA –Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $6.275 million sale of Treasure Island Retail and the $7.25 million sale of Treasure Island Storage, two assets located on adjoining sites in the Philadelphia suburb of Cherry Hill, New Jersey.

HFF marketed both properties on behalf of the seller, Cayre Equities, who sold the properties in two separate transactions.  

An affiliate of Paragon Realty Group LLC purchased Treasure Island Retail, and Extra Space Storage® purchased Treasure Island Storage.

Treasure Island Retail and Treasure Island Storage share an adjoining 9.38-acre site located at 101 Church Road in Cherry Hill, a suburb five miles from Philadelphia. 

The property is across the street from Cherry Hill Mall, and there are 280,941 residents living within a five-mile radius of the assets with an annual average household income in excess of $81,000.

Richard Schontz

 The 107,390-square-foot Treasure Island Retail is 100 percent leased to two tenants, Ashley Furniture HomeStore and Ollie’s Bargain Outlet. 

Treasure Island Storage’s three-story facility spans 98,214 net rentable square feet and houses 762 climate-controlled units in addition to 13 surface parking spaces.  The facility features a ground-floor loading area, commercial loading docks and retail supplies on site.

The HFF team representing the seller in the Treasure Island Retail transaction was led by managing director Chris Munley.

The HFF team representing the seller for the Treasure Island Storage transaction was led by managing director Richard Schontz and director Barbara Guffey.

“The Treasure Island Storage and retail property is a unique asset developed by the seller, who owns several types of commercial real estate investments,” Schontz said. 

“Prior to going to market, we advised the seller to create a condominium structure to allow for flexibility in the marketing process. 

"We were able to offer the property to the market as one asset or individual assets and uses, which allowed us to access the appropriate buyer pool for each use.  Ultimately, were able to create more activity, yielding 15 offers and a significant premium in the sale price by selling each condominium to separate buyers.”

Chris Munley

“This is a great example of how HFF approaches each deal by putting the best team on the field,” Munley added.  “We were able to work as a team across our product specialties to think creatively and execute on a complicated deal.”

 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.paragonct.com.

www.extraspace.com.

www.ceqy.com.

HFF arranges $23.8 million financing for development of cold storage facility in Elizabeth, NJ

Rendering of Planned Freezer Warehouse, 900 Fairmont Avenue, Elizabeth, NJ

Michael Klein

FLORHAM PARK, NJ –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $23.8 million in construction financing for a 138,642-square-foot, state-of-the-art freezer warehouse in Elizabeth, New Jersey. 

HFF worked on behalf of the developer, a partnership between Elberon Development Group and The Avidan Group, LLC, to place the construction/perm loan with The Provident Bank.  

The build-to-suit facility will feature 60’ clear heights, 18 temperature-controlled loading doors and 4,800 square feet (3.5 percent) of office space.  Due for completion in June 2016, the building will be 100 percent occupied by Seafrigo NA Cold Storage, Inc., a global logistics company for the food business that operates on several continents. 

Located at 900 Fairmount Avenue in Elizabeth, the new facility is less than five miles from Newark Liberty International Airport and the port of Elizabeth/Newark and approximately one mile from the entrance to exit 13A of the New Jersey Turnpike (I-95). 

This location is optimal for Seafrigo, since much of the product Seafrigo handles travels through either the port or Newark Airport. 

The property is also in close proximity to an extensive highway network that allows ready access to Interstate 78, Interstate 278 to Staten Island and Brooklyn and State Highway Routes 1 and 22.  Additionally, an ample and qualified labor pool is available in the city of Elizabeth and surrounding municipalities.

Jon Mikula

The HFF team representing the borrower was led by director Michael Klein and senior managing director Jon Mikula.

“The borrower was looking to take interest rate risk out of the equation given the tenant’s 20 year lease and engaged HFF to secure a construction loan that would roll right into a long-term perm loan,” Klein said. 

“The Provident Bank clearly understood this specialty use product as well as the tenant’s business model and was able to provide a loan that best met the borrower’s short and long term 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 | www.hfflp.com

krmurphy@hfflp.com

www.providentnj.com

www.elberon.com

Red Seal Homes Opens New Decorated Model Home at Willow Lake in Lake Forest, IL

Brian Hoffman

CHICAGO, IL – Northbrook-based Red Seal Homes has opened a new decorated model home at Willow Lake, an upscale community of 52 semi-attached, maintenance-free homes in Lake Forest. 

The 2,500-square-foot, three-bedroom home showcases many standard features found in homes at Willow Lake while highlighting a number of customizations.

Located off Route 60, just east of Interstate 94 and across from Conway Farms Golf Club, Willow Lake offers seven floor plans ranging in size from 2,495 to 4,338 square feet with two to three bedrooms, 2½ to 3 baths, and attached, two-car garages. Homes are priced from $800,000.

“Being able to tour a completed home is an important part of the home-buying process for most people, so we are very proud to unveil our latest model at Willow Lake. Even if you previously toured our last model home – which a buyer ultimately purchased after touring – you’ll see many new features in this home, such as custom lighting and a screened-in back porch,” said Brian Hoffman of Red Seal Homes.

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

Vanessa Irving, virving@taylorjohnson.com, (312) 267-4525

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

Crescent Communities Breaks Ground on 11th Commercial Project in Nashville, TN Market

Brian Leary

FRANKLIN, TN — Crescent Communities has announced they will begin construction this month on the second building within the Greenway Centre development in Nashville’s Cool Springs submarket, located in the city of Franklin, Tennessee. 

The Crescent team will kick-off construction with a groundbreaking ceremony on Oct. 27.

The project, Two Greenway Centre, will be a five-story, 155,000-square-foot, Class A office building. Two Greenway Centre will be constructed on 16 acres adjacent to One Greenway Centre, which the company previously developed and leased to Jackson National Life.  Completion of construction is slated for the fourth quarter of 2016. 

 “Two Greenway’s ability to deliver new, highly efficient Class A inventory into one of the tightest office submarkets in the United States provides a needed opportunity, and rare value proposition, for anyone looking to grow in Franklin and Nashville,” said Brian Leary, president of Crescent’s commercial and mixed-use business unit.

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

Meredith Pierce • The Wilbert Group

1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309

O: 404-343-0108

www.thewilbertgroup.com

Marcus & Millichap Brokers $1.83 Million Sale of 16-Unit Apartment Building in Fort Lauderdale, FL

Brandon J. Rex

FORT LAUDERDALE, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Hemingway at Knoll Ridge, a 16-unit apartment property located in Fort Lauderdale, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $1,830,000 equating to $114,375 per unit.

Brandon J. Rex, a vice president investments, and Evan P. Kristol, a senior vice president investments, both 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 Oakland Park, Fla. 

“Hemingway at Knoll Ridge presented an investor with the opportunity to acquire a boutique apartment community in a strong rental submarket with historically low vacancy,” says Rex.

Built in 1971, Hemingway at Knoll Ridge is situated on a 0.34 acre lot and is comprised of two two-story buildings. The 16-unit boutique multifamily community consists of all one-bedroom/one-bath units.  The property offers residents a gated courtyard area, as well as two on-site laundry facilities and parking.

Hemingway at Knoll Ridge is located at 5410 and 5414 NE 22nd Terrace in Fort Lauderdale, Fla.

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

Ryan Nee

Regional Manager, Fort Lauderdale

(954) 245-3400

Opa-Locka, FL Warehouse Sale of $2.9 Million Handled by Marcus & Millichap

Opa-Locka Business Park, 2701 NW 141st Street, Opa-Locka, FL

OPA LOCKA, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Opa-Locka Business Park, a 95,080-square foot industrial property located in Opa Locka, Fla, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $2,900,000.

Richard Niewiadomski

Douglas K. Mandel, a senior vice president investments, Benjamin H. Silver, a vice president investments, and Richard Niewiadomski, an associate, all 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 Sunrise, Fla.  The buyer was a limited liability company from Miami.

Built in 1968, Opa-Locka Business Park is comprised of three buildings, situated on 2.94 acres and offers units ranging in size from 1,100 to 12,000 square feet. Each of the units contain 16 foot clear heights with at least one bay door.

Opa-Locka Business Park is ideally located within an industrial pocket on the northeast corner of NW 135th Street and NW 22nd Avenue with easy access to Interstate 95, Florida’s Turnpike, and the Palmetto Expressway.  The property is located at 2701 NW 141st Street in Opa Locka. 

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

Ryan Nee

Regional Manager, Fort Lauderdale

(954) 245-3400

$4.3 Million Sale of 68-Unit North Miami, FL Apartment Building Brokered by Marcus & Millichap

12401 NE 16th Avenue Apartments, North Miami, FL

NORTH MIAMI, FL – 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 12401 NE 16th Avenue, a 68-unit apartment property located in North Miami, Fla. The asset sold for $4,300,000 equating to $63,235 per unit.

Felipe J. Echarte

Felipe J. Echarte, a vice president investments, Evan P. Kristol, a senior vice president investments, and Harrison Rein, an associate, in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a partnership from Westmount, Quebec, Canada.  The buyer is a limited liability company from Miami.

The community was built in 1968 of concrete block and painted stucco exterior.  The property is located adjacent to the Johnson Wales University, North Miami Campus near the intersection of NE 123rd Street and Biscayne Boulevard. 

“This is an excellent opportunity for the Buyer to reposition this asset by renovating the units and common areas and bringing the rents to market levels,” says Kristol.

“Due to the unique location and the potential to increase value through renovation, we were able to create an auction like atmosphere with the Buyers to put the seller in a position to pick the most probable investor for this transaction,” adds Echarte.

The Property is located at 12401 NE 16th Avenue in North Miami, Fla.

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

Ryan Nee

Regional Manager, Fort Lauderdale

(954) 245-3400

Marcus & Millichap Arranges Sale of University Medical Arts building in Tamarac, FL for $4.7 million

University Medical Arts Building, 7431 North University Drive, Tamarac, FL

TAMARAC, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of University Medical Arts Building, a 44,857-square foot office property located in Tamarac, Fla. The asset sold for $4,700,000 equating to $111 per square foot.

Douglas K. Mandel

Douglas K. Mandel, 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 limited liability company from New York, NY.  The buyer, a limited liability company, was secured and represented by Tim Thomas, an associate in Marcus & Millichap’s Fort Lauderdale office. 

“This was an opportunity to acquire a well-positioned, value-add medical office building  on a pre-paid ground lease with approximately 80 years remaining,” Mandel. “The building's design, construction quality and amenities are superior to most of the medical office buildings in the University Hospital and Medical Center medical district.”

The University Medical Arts Building is a 44,857-rentable square foot, Class B+ medical office strategically located on the 30-acre campus of the University Hospital and Medical Center. The three-story building is currently 65 percent leased to a variety of medical use tenants.

University Medical Arts Building is located at 7431 North University Drive in Tamarac, Fla. 

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

Ryan Nee

Regional Manager, Fort Lauderdale

(954) 245-3400