Sale and financing of The Meridian and The Belvedere in Dallas-Fort Worth area closed by HFF

The Meridian office building 1425 Greenway Drive, Irving, TX

DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and arranged acquisition financing for The Meridian and The Belvedere, two Class A office buildings totaling 241,539 square feet in Addison and Irving, Texas.

HFF marketed the properties on behalf of the seller, Klabzuba Realty.  CREA Investments purchased the two buildings for an undisclosed amount free and clear of debt.  

Additionally, HFF secured floating-rate acquisition financing on behalf of the new owner through a regional bank. 

The Meridian is located at 1425 Greenway Drive in the Las Colinas master-planned business and residential community immediately adjacent to DFW International Airport in Irving. 

The Belvedere office building, 14881 Quorum Drive,
Addison, TX

The six-story property is 90 percent leased and features 100,359 square feet of space.

Situated at 14881 Quorum Drive in Addison, The Belvedere is located in the Far North Dallas market along the Dallas North Tollway, offering access to all of the city’s commercial centers including DFW International Airport, Love Field, Legacy Business Park and Preston Center.  

The 141,180-square-foot, nine-story building is 79.8 percent leased.  

“These transactions represent successful round trips 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.”

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.creainvestments.com

HFF expands New York capital markets team with addition of Scott Aiese

        

Scott Aiese

NEW YORK, NY –  Holliday Fenoglio Fowler, L.P. (HFF) announced Scott Aiese has joined the firm as a managing director in its New York office.  Mr. Aiese will focus on debt and equity placement transactions in the greater New York City area. 

Mr. Aiese has more than nine years of experience in commercial real estate finance and was most recently with Cushman and Wakefield, formerly Massey Knakal Realty Services, where he was a managing director in their Capital Services Division and closed more than $550 million of transactions for his clients.  

He joined Massey Knakal to help establish its Capital Services business in 2011.

 Prior to this role, he was a vice president in Bank of America Merrill Lynch’s Commercial Real Estate Banking Division, which focused on syndicated balance sheet transactions ranging from $15 million to $1.2 billion.

  He began his career as an analyst in the same group at Bank of America, N.A.  Mr. Aiese holds a Bachelor of Science from Boston University School of Management. 

Additionally, Alex Staikos will be joining HFF as a real estate analyst supporting the debt team.  Mr. Staikos worked with Mr. Aiese at Cushman and Wakefield as a senior associate.  He graduated in 2014 from Boston University School of Management. 

“The additions of Scott and Alex are consistent with HFF’s growth plans and will help us continue to grow market share in New York for many years to come,” said Michael Tepedino, senior managing director and co-head of HFF’s New York office.

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

Wyndham Hotel Group Arrives in Vietnam

Barry Robinson

HALONG BAY, VIETNAM (28 October 2015) – Building on strategic efforts to grow its brands throughout key leisure markets in South East Asia, Wyndham Hotel Group today announced an agreement for its first property in Vietnam, the new construction, 217-room Wyndham Legend Halong.

Owned by Ha Long Star Service & Tourist Joint Stock Company, the property will be located in Halong City, the gateway to World Heritage-listed Halong Bay. 

The USD$40 million development is currently under construction and is scheduled to open under the upscale Wyndham Hotels and Resorts® brand flag in early 2016. It will include all-day dining, meeting rooms, a pool bar and an onsite gym.     

 “Vietnam is a key tourism destination in South East Asia, drawing just shy of eight million visitors in 2014, and Halong Bay is one of the country’s premier attractions,” said Barry Robinson, president and managing director, South East Asia and Pacific Rim for Wyndham Hotel Group.

 “With its unique beauty, its growing popularity among travellers, and its key positioning along Vietnam’s main route to southern China, Halong Bay is exactly the kind of destination we’re expanding in right now.  Wyndham Legend Halong will provide visitors to this beautiful part of the world with all the comforts and amenities you would expect from a world-class, upscale hotel.”

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

Hayley Sultanie

PR and Communications

Wyndham Hotel Group South East Asia and Pacific Rim

T: +61 (0) 7 5512 8491

hayley.sultanie@wyn.com

www.wyndhamAP.com

Crossman & Co. Negotiates Lease Agreement with World of Beer for 5,200 square feet at University Towne Center in Gainesville, FL

Rochelle DuBrule

GAINESVILLE, FL -- Rochelle DuBrule of Crossman & Company, one of the largest retail leasing, investment sales and management firms in the Southeast, recently negotiated a long-term lease at University Towne Center, which is located at 3265 SW 34th St. in Gainesville.

DuBrule represented the landlord during the lease negotiation. University Towne Center, which is situated at the intersection of 34th Street and Archer in the busiest retail corridor in Gainesville, includes tenants such as YouFit, EarthFare, Peach Valley, Carrabba's and Tropical Smoothie.

World of Beer, a craft beer tavern offering beers from around the world, is the new tenant who leased the 5,200 square foot unit at the center.  “World of Beer has an outside patio and live musical performances on weekends,” DuBrule said. 

Jason Hurst of Front Street represented the tenant in the transaction.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com.

Berkadia Closes on 172 Units in Alexander City, AL and Rainbow City, AL for $3.8 Million

 

Josh Jacobs

BIRMINGHAM, AL --- Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the sale of the Azalea Court I & II, Sherwood Forest, Wildhaven Portfolio encompassing a total of 172 units for $3,800,000. 

The properties are located in Alexander City and Rainbow City, Ala. 

David Oakley, Partner and Josh Jacobs, Associate in Berkadia’s Alabama office negotiated the portfolio sale representing the Birmingham-based seller.

The buyer was Suit Properties, LLC, based out of Gadsden, Ala.  

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com.

JLL – City of Phoenix Effort Keeps Daikin in Phoenix, AZ

Daikin Applied Building, 4940 West Lower Buckeye Road, Phoenix, AZ

Phoenix Mayor Greg Stanton

PHOENIX, AZ  – After an eight-month site selection effort led by the Phoenix office of JLL and the City of Phoenix, Daikin Applied will continue to design and manufacture advanced HVAC solutions in the Valley.

 In a lease signed this week, Daikin confirmed it will relocate its Phoenix operations and approximately 50 manufacturing and management employees from its current location near I-10 and 35th Avenue to a 57,000-square-foot, new-build project on West Lower Buckeye Road, within the Riverside Tax District.

The new building is situated at 4940 W. Lower Buckeye Rd., between 49th and 50th Avenues in Phoenix.

JLL Managing Directors Jim Sadler and Bill Honsaker led the strategic plan, plant operations and planning, and multi-market site selection process for Daikin Applied.   ,

“We are working to make Phoenix the best city for doing business,” said Phoenix Mayor Greg Stanton. “It’s great to know our efforts are paying off and that Daikin will continue to call our community home.”

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

HFF closes sale of 518-unit, Class A multi-housing community in Littleton, CO

The Retreat at Park Meadows Apartments 10200 Park Meadows Drive, Littleton, CO

 

Jordan Robbins

DENVER, CO – Nov. 4, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of The Retreat at Park Meadows, a 518-unit, Class A multi-housing community in Littleton, Colorado.

HFF marketed the asset on behalf of PNC Realty Investors, Inc., acting as investment advisor to the AFL-CIO Building Investment Trust.  Invesco Real Estate purchased the property for an undisclosed amount free and clear of existing debt.

The Retreat at Park Meadows has 32 garden-style buildings set on 33.37 acres at 10200 Park Meadows Drive.  The transit-oriented asset is across the street from the Lincoln Station light rail stop, providing access to the southeast business corridor and downtown Denver, and is immediately southwest of the Interstate 25 and Colorado 470 interchange.

 Additionally, the property is located near Park Meadows Mall, Sky Ridge Medical Center and less than one quarter of a mile north of the recently opened Charles Schwab office campus. 

The property has one-, two- and three-bedroom units averaging 1,029 square feet each and amenities such as a resort-style swimming pool, tennis and sand volleyball courts, fitness center with indoor basketball court, putting green and detached garages.

Jeffrey Haag

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

“With its low-density design and large unit sizes, Retreat at Park Meadows is a very unique asset within the Denver market and was highly sought after by investors. 

The property had not been upgraded since it was built 15 years ago and is prime for a new owner to complete a value-add strategy for additional growth in this extremely high demographic area,” commented Robbins.

 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.invescorealestate.com.

Acquisition financing for Sheldon Palms in Tampa, FL arranged by HFF

Sheldon Palms Apartments, 8802 Brennan Circle, Tampa, FL

Cortney Cole

HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged acquisition financing for Sheldon Palms, a 312-unit, garden-style multi-housing community in Tampa, Florida.

Working on behalf of the borrower, Venterra Realty, HFF placed the three-year, partial interest only floating-rate acquisition loan with a national bank.

Approximately 12 miles northwest of downtown and three miles from the waterfront, Sheldon Palms is located at 8802 Brennan Circle just off Sheldon Road between Waters and Hillsborough Avenues in Tampa’s West Bay neighborhood. 

The 93-percent-leased property has 13 residential buildings featuring one-, two- and three-bedroom floor plans.  Community amenities include a swimming pool, spa, outdoor grilling areas, lighted tennis courts, fitness center and clubhouse.  Upon acquisition, Venterra will enhance community amenities as well as implement upgrades to unit interiors.

The HFF debt placement team representing the borrower was led by director Cortney Cole and associate director Preston 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

HFF closes sale of 85-unit apartment building in Burlingame, CA

(Photo by Todd Quam)

Burlingame Towers, 1469 Bellevue Avenue, Burlingame, CA

Scott Bales

SAN FRANCISCO, CA  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Burlingame Towers, an 85-unit, eight-story apartment building in Burlingame, California.

HFF marketed the asset on behalf of the seller, Mayfield Companies.  Romel Enterprises, LLC purchased the property after defeasing the existing loan.

Burlingame Towers is situated in downtown Burlingame at 1469 Bellevue Avenue approximately one half of a mile from the Burlingame Caltrain Station, which provides direct access to San Francisco and downtown Palo Alto. 

The mid-rise building is Burlingame’s tallest residential structure offering views of the San Francisco Bay/Peninsula and is within walking distance of the downtown area’s retail and dining attractions. 

Burlingame Towers has 85 one-, two- and three-bedroom units with floor-to-ceiling windows and private balconies.  Property amenities include a heated swimming pool with outdoor seating area, lobby with resident social areas and a two-level parking garage with elevator access.

The HFF investment sales team representing Mayfield Companies was led by managing director Scott Bales and associate director Adam 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 secures $30.6 million financing for 282-unit multi-housing community in San Antonio, TX

 

John Brownlee

DALLAS, TX  – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $30.6 million in financing for Brackenridge at Midtown, a 282-unit, Class A garden-style multi-housing community in San Antonio, Texas.

HFF worked on behalf of the borrower, Pure Multi-Family REIT LP, to place the long-term, fixed-rate loan with TIAA-CREF.  Loan proceeds were used to acquire the property.

Brackenridge at Midtown has one-, two- and three-bedroom units ranging between 594 square feet to 1,458 square feet.  

Completed in 2014, property amenities include a resort-style swimming pool with tanning deck, grilling areas, fire pit, horseshoe pit, pet park, clubhouse, state-of-the-art fitness center, dedicated yoga/Pilates fitness room, entertainment kitchen, gaming lounge and private garages.  

Situated on 9.9 acres, the property is located at 223 Brackenridge Avenue about a block from Brackenridge Park and approximately two miles from downtown San Antonio’s River Walk in San Antonio’s Brackenridge/Midtown neighborhood.  The property is 91 percent leased.

The HFF debt placement team representing the borrower was led by senior managing director John Brownlee and associate director Michael Cosby.

 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.sedar.com.

HFF secures $72 million financing for Whole Foods-anchored lifestyle center near Las Vegas

The District at Green Valley Ranch, Henderson, NV

 

Aldon Cole

LOS ANGELES, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $72 million in acquisition financing for The District at Green Valley Ranch, a 383,724-square-foot, mixed-use, retail and office center in the Las Vegas suburb of Henderson, Nevada.

HFF worked on behalf of the borrower, Vestar, to secure the 10-year, fixed-rate loan with AIG Investments.  Loan proceeds were used to purchase the property.

Anchored by a 51,300-square-foot Whole Foods Market, The District at Green Valley Ranch, or The District, is 91 percent leased to 70 retailers, including REI, Pottery Barn, Williams-Sonoma, West Elm, Anthropologie, The Cheesecake Factory and P.F. Chang’s. 

The open-air, pedestrian-friendly center has 77,284 square feet of boutique office space on the top two floors.  Developed in two phases in 2004 and 2005, the center hosts musical and movie performances on a weekly basis on its promenade and green spaces for shoppers, visitors and The District’s 88 condominium units, which are not included in the financing. 

Located at 2240 Village Walk Drive, The District at Green Valley Ranch is situated within Henderson’s first master planned community, Green Valley, home to more than 75,000 residents.  The center is 10 miles from the Las Vegas strip along Interstate 215 at South Green Valley Parkway, which bisects the center.

Todd Sugimoto

 It is adjacent to the AAA Four Diamond award-winning Green Valley Ranch Resort and Spa, a 10-screen Regal Cinemas and the 4,000-seat Henderson Pavilion performance venue.

The HFF debt placement team representing the borrower was led by senior managing director Aldon Cole and managing director Todd Sugimoto.

“Vegas has made a robust recovery in recent years, and has finally begun to garner more and more life company interest,” Cole said.

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.vestar.com.

$4.63 million sale of 40-unit apartment building in coral springs, fl brokered by Marcus & Millichap

Sherwood Square Apartments, Coral Springs, FL

Joseph P. Thomas

CORAL SPRINGS, 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 Sherwood Square, a 40-unit apartment property located in Coral Springs, Fla. The asset sold for $4,625,000 equating to more than $115,625 per unit.

Joseph P. Thomas, a vice president investments, Adam Duncan, a senior associate, and Derek Soven, an associate, in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private investor from Miami, and the buyer, a private investor from Coral Springs, Fla.

“The Seller owned the property for 19 years, rents were well below current market levels,” says Duncan.  “Given the low initial return on investment, we were challenged with showing buyers the value add potential of the property, along with ways they could build in additional income streams.”

“The Buyer has the opportunity to immediately add value by increasing existing rents to market levels, by renting the available storage lockers on each floor and through the implementation of a utility reimbursement program,” adds Thomas.

Adam Duncan

Sherwood Square is a five-story, 40-unit building located at 1225 Riverside Drive, Coral Springs, Fla. The property is a mix of 10 one-bedroom/one-and-a-half-bathroom units and 30 two-bedroom/two-bathroom units. Common area amenities within the association include an elevator, tennis court, laundry room, swimming pool with sundeck and ample parking.

The property is situated just south of Royal Palm Boulevard and north of West Atlantic Boulevard in a residential neighborhood diversely comprised of similar style condominiums, multifamily apartment communities, and single-family homes. Its location allows for easy access to the Sawgrass Expressway and Florida’s Turnpike and is nearby many education centers and the Coral Square Mall.

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 $4.55 Million Sale of 56-Unit Opabola Square Apartments in Lake Park, FL

Opabola Square Apartments, Lake Park, FL

Evan Kristol

LAKE PARK, 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 Opabola Square Apartments, a 56-unit apartment property located in Lake Park, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office.

The asset sold for $4,550,000 equating to $79,464 per unit.

Evan P. Kristol, a senior vice president investments, and Brandon J. Rex, a 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 private investor from Lake Worth, Fla. 

The buyer, a limited liability company from Miami, was secured and represented by Felipe J. Echarte, a vice president investments, in Marcus & Millichap’s Fort Lauderdale office. 

“It was a great opportunity for the buyer to acquire an apartment community with a desirable unit mix of two- and three-bedroom units in a growing submarket of Northern Palm Beach County,” says Rex.

Brandon J. Rex

“The Buyer, who purchased the property to complete a 1031 exchange, was attracted by the very unique unit mix and ability to add value by increasing the income through property upgrades and hands-on management,” says Echarte.

Opabola Square Apartments consists of six, two-story residential buildings with a unit mix of 32 two-bedroom/one-bathroom units and 24 three-bedroom/two-bathroom units.  The property was constructed between 1962 and 1963 and sits on a total of 1.58 acres.

Opabola Square Apartments is located just north of Park Avenue, east of Old Dixie Highway and west of Federal Highway at 932 Magnolia Drive and 938 Northern Drive.

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

Ryan Nee

Regional Manager

 Fort Lauderdale, FL

(954) 245-3400

Multi Housing Advisors Brokers Sale of Apartment Community in Tuscaloosa, AL

Heights at Skyland apartments, Tuscaloosa, AL

 

 Craig Hey

BIRMINGHAM, AL  (Nov. 4, 2015) — Multi Housing Advisors (MHA) has arranged the sale of Heights at Skyland, a 304-unit apartment community located in Tuscaloosa, Alabama.

Jimmy Adams and Craig Hey of MHA’s Birmingham office represented the seller, Merion Realty Partners, in the transaction. Castle Lanterra Properties purchased the property.

“The Tuscaloosa multifamily market is experiencing strong growth with increasing job supply and is benefiting from zoning ordinance changes,” Adams said. “The buyer has planned significant upgrades which will pave the way for rental upside.”  

Heights at Skyland is located in close proximity to McFarland Boulevard and Skyland Boulevard, two of Tuscaloosa’s major corridors.

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

Deborah Rogers

Multi Housing Advisors

404.645.7275

drogers@usmha.com

MHA Brokers Sales of Four Metro Atlanta Apartment Communities for a Total of $71.7 Million

ATLANTA, GA (Nov. 4, 2015) — Multi Housing Advisors (MHA) has arranged, in separate transactions, the sales of four apartment communities located in Norcross, Georgia for a total of $71.7 million.

Josh Goldfarb

Josh Goldfarb and Tyler Averitt of MHA’s Atlanta office represented the Boston-based seller, Realty Financial Partners, in the transactions. MHA has now brokered the sale of 51 properties in the metro Atlanta area over the past twelve months.

“Employment and population gains continue to fuel economic growth. Rent increases, due to both heightened demand and the desire for better living, have been widespread” Goldfarb said. “All four of these Norcross-based properties should benefit from repositioning, as limited new apartment supply has been delivered in Gwinnett County.”

Details of the deals are below:

·        King Rook Capital, with corporate offices in New York, purchased Highland Reserve for $23.3 million. The 416-unit property was built in 1987.

·        Emma Capital Properties purchased Highland Valley for $18.75 million. The 300-unit property was built in 1985 and was subsequently renamed Princeton Heights Apartments.

·        Atlanta-based Audubon Communities purchased Highland Corners for $16.2 million. The 252-unit property was built in 1979.

·        Atlanta-based Marquis Investments purchased Highland Lakes for $13.4 million. The 240-unit property was built in 1985.

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

Deborah Rogers

Multi Housing Advisors

404.645.7275

drogers@usmha.com

Multi Housing Advisors Brokers $33.7 Million Sale of Apartment Community near Charlotte, NC

The Reserve at Kenton Place, Cornelius, NC

Jordan McCarley

CHARLOTTE, N.C. (Nov. 4, 2015) — Multi Housing Advisors (MHA) has arranged the $33.7 million sale of The Reserve at Kenton Place, located in Cornelius, North Carolina. The Class A property was built in 2014 and is comprised of 210 units.

Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the seller, Kenton Place Partners LLC managed by Jeffrey L. Byrd and Lance E. Youngquist, in the transaction. The property was purchased by Middle Street Partners.

“We feel that this high quality asset will provide the new owner with promising returns in what continues to be a very attractive, high growth market for investment capital,” McCarley said. “The property’s Lake Norman location provides a combination of convenience and efficiency that caters to its fast growing population.”

The Reserve at Kenton Place is a newly constructed low rise that features elevators, conditioned corridors, high ceilings, mahogany cabinetry, granite countertops and stainless steel appliances. The property is located in the explosive Lake Norman area, one of the most desired residential suburbs of Charlotte, N.C.

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

Deborah Rogers

Multi Housing Advisors

404.645.7275

drogers@usmha.com