HFF closes $11.4 million sale of suburban Philadelphia retail center

Paoli Center, 152 East Lancaster Avenue, Peoli, PA

Chris Munley

 PHILADELPHIA, PA – October 21, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $11.4 million sale of Paoli Center, a two-building property totaling 15,400 square feet that is 100 percent occupied by Walgreens and PNC Bank in the Philadelphia suburb of Paoli, Pennsylvania.

HFF arranged the sale of the property on behalf of the seller, Pineville Properties.  Private investor Theodore Griffinger purchased the asset free and clear of existing debt.

Paoli Center is situated on 1.73 acres at 152 East Lancaster Avenue at the intersection of Routes 252 and 30, known as the “Main Line” or Lancaster Avenue, which connects the suburban market to the city of Philadelphia. 

 The area is home to several corporate headquarters and adjacent to some of the most affluent residential properties in the metropolitan Philadelphia area.  

Completed in 2002, Paoli Center has more than four access points, frontage along Lancaster Avenue and parking for its tenants. 

The HFF investment sales team representing the seller was led by managing director Chris Munley.  John Andreini of Capital Pacific represented the buyer.

“Paoli Center is irreplaceable real estate on the very affluent ‘Main Line’ with two premium tenants, and it is a great long-term investment and opportunity,” Munley said.  “The property garnered significant national interest and reflects the continued appetite for retail properties in core markets within the Philadelphia MSA.”

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 arranges $30.5 million construction financing for Parsippany, NJ office property

Rendering of 10 Sylvan Way, Parsippany, NJ

Jon Mikula

FLORHAM PARK, NJ –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $30.5 million construction loan for 10 Sylvan Way, a 125,829-square-foot office property in Parsippany, New Jersey.

Working on behalf of the borrowers, Normandy Real Estate Partners and Partners Group, HFF placed the loan with First Niagara Bank.  Loan proceeds are being used for a gut rehab and build-to-suit of the building. 

10 Sylvan Way is located within the Mack-Cali Business Campus close to Interstate 287 and Route 10 in the northern New Jersey township of Parsippany.  Upon completion the property will be fully leased to Zoetis, Inc.

The HFF debt placement team representing the borrower was led by senior managing director Jon Mikula.

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.normandyrealty.com.

www.firstniagara.com,

Twitter @FirstNiagara

on Facebook at FirstNiagaraBank.

www.partnersgroup.com

Sale of Hilton Daytona Beach closed by HFF

  

Hilton Daytona Beach on Atlantic Ocean, Daytona Beach, FL

 

Michael Weinberg

MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Hilton Daytona Beach, a 744-room, beachfront resort hotel on the Atlantic Ocean in Daytona Beach, Florida. 

HFF marketed the property on behalf of the seller, an affiliate of LNR Property.

The Hilton Daytona Beach is an expansive, twin-tower hotel located directly on the sand across the street from Daytona’s Ocean Center convention facility. 

The property features 16- and 11-story towers joined by a centralized lobby and amenity deck, retail outlets, spa and more than 60,000 square feet of function and meeting space. 

Additionally, the hotel has multiple dining options including the Hyde Park Prime Steakhouse; Doc Bales’ Grill; Clocktower Lounge; Legends Sports bar, which houses Jeff Gordon’s famous No. 24 DuPont car; and numerous indoor and outdoor bars.

 The hotel is connected to the 110,000-square-foot Ocean Walk Shoppes, not included in the offering, which is a mixed-use entertainment facility with additional restaurants and a movie theater.  The property is less than five miles from the Daytona International Speedway and Daytona International Airport.

Max Comess

The HFF investment sales team representing the seller was led by senior managing director and head of HFF’s hotel group Daniel C. Peek, managing director Max Comess and director Michael Weinberg.

“This transaction is a strong testament to the recovery of Daytona Beach and Florida’s secondary resort markets, which are growing at a faster pace in 2015 than the state’s primary resort destinations like Miami,” Comess said.  

“The international interest among investors for the Hilton further confirms that Daytona has all the necessary ingredients and infrastructure to be the next Fort Lauderdale or Clearwater Beach.”

According to Smith Travel Research, for the first half of 2015, the greater Daytona Beach market saw revenue per room growth of 13.3 percent compared to the same period in 2014.  

Similar secondary resort markets in Florida, such as Fort Myers and Melbourne, saw rates of 15.5 percent and 18.0 percent, respectively, during the same time period.  By comparison, Miami and Orlando realized growth rates of 7.4 percent and 8.7 percent, respectively.  The U.S. national revenue per room growth rate was 7.2 percent.

  

For legal counsel, the seller was represented by the Miami office of Bilzin Sumberg Baena Price & Axelrod LLP.  The Chicago office of Latham & Watkins LLP represented the buyer.

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.lnrproperty.com.

HFF closes $53.8 million sale of northern New Jersey Class A retail center

Chester Springs Shopping Center, 141--205 Route 206, Chester Borough, NJ

Kevin O'Hearn

FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Chester Springs Shopping Center, a 223,000-square-foot, Class A, grocery-anchored retail center in Chester Borough, New Jersey.

HFF marketed the property on behalf of the seller, Heitman and Ramco-Gershenson Properties Trust.  Dividend Capital Diversified Property Fund, Inc. purchased the asset for $53.8 million (approximately $241 per square foot).

Chester Springs Shopping Center is anchored by ShopRite, the market leader in the region, in addition to Marshalls and Staples.  The 95-percent-leased center is also home to other national retailers including Starbucks, CVS Pharmacy, Burger King, Great Clips, Bagel Café, Subway and Massage Envy.

 Chester Springs Shopping Center is situated in downtown Chester on 20.61 acres at 141-205 Route 206, a main thoroughfare through western Morris and Somerset Counties.

The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn and associate director Steve Simonelli and supported by senior managing director Andrew Scandalios and managing director Chris Munley.

  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

www.dividendcapitaldiversified.com.

www.rgpt.com.

www.heitman.com.

HFF closes sale of Atlanta-area Kroger-anchored retail center

Royal Lakes Marketplace, Oakwood, GA

 

Jim Hamilton

ATLANTA, GA – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Royal Lakes Marketplace, a 119,493-square-foot, Kroger-anchored neighborhood shopping center in the Atlanta suburb of Oakwood, Georgia.

HFF marketed the property on behalf of the seller, Madison Retail LLC.  Preferred Apartment Communities, Inc. (NYSE: APTS), through is retail subsidiary New Market Properties LLC, purchased the asset free and clear of existing debt.

Situated on approximately 20.7 acres in Oakwood, part of the Atlanta MSA, Royal Lakes Marketplace is located at the intersection of Winder Highway (SR 53) and Sloan Mill Road adjacent to the Royal Lakes Golf and Country Club. 

Completed in 2008, the property is anchored by Kroger, which has a strong remaining lease term and is ranked by the Shelby Report as Atlanta’s No. 1 neighborhood grocer.  

Additionally, Royal Lakes Marketplace is less than 50 miles from downtown Atlanta’s business and cultural offerings due to the center’s access to Interstates 85 and 985.

The HFF team representing the seller was led by senior managing directors Jim Hamilton and Richard Reid.

 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

Sale of waterfront multi-housing community in downtown Yonkers, NY closed by HFF

Hudson Park community, Hudson River, Downtown Yonkers, NY

Jose Cruz

FLORHAM PARK, NJ –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Hudson Park, a multi-housing community situated along the Hudson River in downtown Yonkers, New York.

HFF marketed the property on behalf of the seller, a joint venture partnership between Collins Enterprises LLC and Berkshire Group.  Strategic Capital was the purchaser.

Overlooking the Hudson River waterfront in downtown Yonkers, Hudson Park is situated at the Yonkers Metro North commuter rail station, which provides access into Manhattan’s Grand Central Station.

 The property consists of three components: Hudson Park South, Hudson Park North and the to-be-built Hudson Park River Club.  Completed in spring 2003, Hudson Park South has 266 one- and two-bedroom luxury apartments and approximately 15,500 square feet of well-leased office and retail space.

 Hudson Park North, the second phase of the development, was completed in spring 2008 and has 294 one- and two-bedroom luxury apartments, as well as a free-standing parking garage.

  In addition, the property includes a 0.23-acre land site with approvals for a 23-story, 213-unit apartment building that will include an 8,200-square-foot amenity space on the ground floor.

Andrew Scandalios

 The ground breaking for this development occurred in mid-September with an expected completion date of mid-2017.  The completed residential component of Hudson Park is 98 percent leased.

The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing director Kevin O’Hearn and associate directors Steve Simonelli and Michael Oliver.  Shearman & Sterling LLP provided legal counsel to Strategic Capital during the transaction.

“The entrance of foreign capital into the Westchester market, and more specifically Yonkers, is an example of how the investment community perceives the submarket to have significant growth,” stated Cruz. 

“The level of interest in the property was very high given the quality of the buildings, additional development rights and location along the train line.”

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

www.collins-llc.com.

www.berkshire-group.com

HFF secures $51.175 million financing to develop Class A creative office space in Brooklyn, NY

Rendering of 1300 Flushing Avenue, Bushwick Neighborhood, Brooklyn, NY

 

Doug Bond

NEW YORK, NY  – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $51.175 in first mortgage financing for 1300 Flushing Avenue, a six-story warehouse and distribution building that will be converted into premiere, Class A creative office space in Brooklyn’s Bushwick neighborhood.

HFF worked on behalf of the borrower, a joint venture partnership between Lincoln Property Company and Alcion Ventures, to place the three-year, floating-rate loan with two one-year extension options with Mack Real Estate Credit Strategies.  Loan proceeds will be used to acquire and reposition the asset.

The light industrial building located at 1300 Flushing is situated at the intersection of Flushing and Cypress Avenues, the epicenter of Brooklyn’s Bushwick neighborhood. 

Bushwick is a burgeoning creative and energetic neighborhood with newly-constructed multi-housing, condo buildings, organic grocers and upscale restaurants in addition to a flourishing artist community. 

The surrounding neighborhoods include Williamsburg, Greenpoint, DUMBO and Ridgewood, some of the most desirable and live-work-play locations in Brooklyn and Queens.  The property is two blocks from the Jefferson Street L Subway Station, which provides direct access to Union Square and Manhattan within 15 minutes. 

Mark Wintner

Once redeveloped, the pre-war 1300 Flushing building will consist of 122,697 rentable square feet of Class A creative office space with high ceilings, natural light, exposed structural work and ducting, large operable windows, pet-friendly policies, functional roof space and other non-traditional design elements, including living rooms and kitchens.

The HFF debt placement team representing the borrower was led by senior managing director Doug Bond, managing director Mark Wintner and associate director Christopher Peck.

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

www.alcionventures.com

The Residences at W Atlanta-Downtown Officially Sold Out

  

David Tufts

ATLANTA, GA – The Marketing Directors announces the complete sellout of 73 condos at The Residences at W Atlanta – Downtown located at 45 Ivan Allen Jr. Boulevard in Atlanta. This achievement highlights a strong desire for this luxurious five-star lifestyle and growing interest in Downtown living.

“I am proud that we were able to take a building that I originally helped plan and design from a casualty of the downturn to a great sellout with new ownership and new positioning,” said David Tufts, president of The Marketing Directors. “This property sellout further exemplifies that the luxury condominium market is back and in high demand.”

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

Liz Lapidus/Andi Hill

Liz Lapidus PR

404.688.1466

  andi@lizlapiduspr.com

Fran Murphy Interiors Warehouse in Riviera Beach, FL Sold for $1.62 Million; Deal Arranged by Marcus & Millichap

C. Todd Everett

RIVIERA BEACH, 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 Fran Murphy Interiors Warehouse, an 18,808-square foot industrial property located in Riviera Beach, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $1,629,495.

C. Todd Everett and Brian L. Rosen, senior associates in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor in Juno Beach, Fla.  The buyer was a limited liability company from Riviera Beach, Fla.

“There is a limited amount of available single-tenant owner/user buildings in this high-demand size range,” says Everett. “This sale represented an opportunity to acquire a property in the largest industrial submarket in Palm Beach County with direct access to major roadways and convenient proximity to the Port of Palm Beach.”

“Fran Murphy Interiors has operated from this location for over 20 years and are leasing back approximately 7,930 square feet of the property,” adds Rosen.

Constructed in 1997, Fran Murphy Interiors Warehouse is a class “B”, single-tenant industrial-warehouse property. The Fran Murphy Building sits on 1.39 acres at 8420 Resource Drive between Blue Heron Blvd. & Northlake Blvd, with direct frontage on I-95.

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

Ryan Nee

Regional Manager,

Fort Lauderdale, FL

(954) 245-3400

Hooters in Daytona Beach, FL Sold for $3.6 Million in Deal Handled by Marcus & Millichap

DAYTONA BEACH, 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 Hooters, a 4,400-square foot net-leased restaurant property located in Daytona Beach, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. 

The asset sold for $3,600,000 equating to $818 per square foot.

  The buyer, a private investor from New York., was secured and represented by Marc E. Strauss, a first vice president investments in Marcus & Millichap’s Fort Lauderdale office.  The seller was a private investor from Atlanta, GA.

The 4,400-square foot building sits on a 1.25 acre lot and has prominent signage in the area’s main commercial corridor.  The property is currently undergoing renovations.

Marc E. Strauss

The buyer, who was in a 1031 exchange, purchased the property as a long-term investment.

 “The buyer was able to capture a perfect piece of real estate. According to the store manager, this Hooters location is one of the top 20 producing locations in the chain and it is consecutively ranked as having the ‘best week in sales,’” says Strauss.  

“The restaurant will also benefit from the new interchange of Interstate 95 and new to be built, nearby NASCAR Resort.”

Hooters sits directly across from the Daytona International Speedway at 2100 International Speedway Blvd.

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

Ryan Nee

Regional Manager,

Fort Lauderdale, FL

(954) 245-3400

$6.85 Million Sale of Summit Plaza in Palm Springs, FL Brokered by Marcus & Millichap

Howard Bregman

PALM SPRINGS, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, t announced the sale of Summit Plaza, a 44,300-square foot shopping center located in Palm Springs, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $6,850,000 equating to $158 per square foot.

Howard Bregman, a senior associate, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Boynton Beach, Fla.  The buyer, who was in a 1031 exchange, was from Fort Lauderdale, Fla.

Summit Plaza is a 100 percent occupied two-tenant retail center which includes a core built-to-suit location for the Florida Department of Revenue for Child Support Enforcement. The center was completely renovated in 2005-2007. Also included in the sale was a 20,000-square foot site-plan-approved outparcel with direct frontage on Congress Avenue.

“Summit Plaza offered an investor a rare opportunity to acquire a cash-flowing, modernized, easy to manage and fully-occupied retail center in the heart of Palm Springs,” says Bregman.  “The buyer purchased a high cap rate asset with a tremendous upside in developing the outparcel.”

Summit Plaza is located at 839 S. Congress Avenue just north of Forest Hill Boulevard.

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

Ryan Nee

Regional Manager,

Fort Lauderdale, FL

(954) 245-3400

Marcus & Millichap Arranges $2.15 Million Sale of 16-Unit Victoria Park Village Garden Apartments 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 Victoria Park Village Garden Apartments, 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 $2,150,000 equating to $134,375 per unit.

Brandon J. Rex, a vice president investments, Evan P. Kristol, a senior vice president investments, and Alejandro Gonzalez, an associate, all in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a partnership from Fort Lauderdale, Fla.  The buyer is a limited liability company from Fort Lauderdale, Fla.

“This was a rare opportunity to acquire a gated and meticulously maintained apartment community in Victoria Park.  The property had not been offered for sale for many years,” says Rex.

 “We generated multiple offers from both local and national investors and the property ultimately sold to a limited liability company from Fort Lauderdale. The property’s highly sought after location and unit mix of all two-bedrooms warranted the high price per unit”

Built in approximately 1954 on a 0.46 acre site, the property consists of three, two-story garden style multifamily buildings comprised of all two-bedroom/one-bath units.

Victoria Park Village Garden Apartments is located south of Sunrise Boulevard, on NE 15th Avenue at the entrance to Victoria Park, at 912-918 NE 15th Avenue.

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

Ryan Nee

Regional Manager,

Fort Lauderdale, FL

(954) 245-3400