HFF arranges $30 million sale of and secures $21 million acquisition financing for industrial manufacturing facility in Chesapeake, VA

The Oceaneering Building, 2155 Steppingstone Square, Chesapeake, VA

Dek Potts

WASHINGTON, D.C. –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged the $30 million sale of and secured $21 million in acquisition financing for The Oceaneering Building, a 154,000-square-foot, industrial flex manufacturing facility with Class A office space located at 2155 Steppingstone Square in Chesapeake, Virginia.

HFF marketed the property on behalf of the seller, Armada Hoffler Properties.  LCN Capital Partners purchased the asset.  Additionally, HFF worked on behalf of the new owner to place the long-term acquisition loan with Goldman Sachs Mortgage Company.  

The Oceaneering Building was completed in 2015 as a build-to-suit office and manufacturing facility that is 100 percent leased on a triple net basis to Oceaneering International, Inc., a leading deep-water engineering and applied technology company. 

The building has two adjacent pad sites – one on either side of the current structure – that can accommodate 58,000 square feet of future expansion.  Developed by the seller, the two-story building features 86,000 square feet of office space, and 68,000 square feet of warehouse/manufacturing space.

Timothy Hall

 The Oceaneering Building is less than nine miles from both Norfolk International Airport and downtown Norfolk and 14 miles from Norfolk Naval Base.  

Route 64, the 300-mile long primary connector in the region that spans from Chesapeake into West Virginia, runs directly adjacent to the property and along with Route 264, offers direct access to the greater Hampton Roads region, which stretches from James City County and Williamsburg to the Outer Banks of North Carolina.

The HFF investment sales team representing the seller was led by executive managing director Stephen Conley and senior managing directors Dek Potts, Timothy Hall, Jim Meisel and Andrew Weir.

The HFF debt placement team representing the new owner was led by managing director Cary Abod.

“The Oceaneering Building attracted significant investor interest due to the credit of the tenant and the long-term lease commitment that Armada Hoffler secured as part of the build-to-suit for this state-of-the-art facility,” Potts said.

   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.lcnpartners.com

www.armadahoffler.com.

HFF closes $32.65 million sale of Avalon Apartments in Gresham, OR

Avalon Apartments, 20300 SE Morrison Terrace, Gresham, OR

IRA Virden

PORTLAND, OR – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Avalon Apartments, a 225-unit, garden-style multi-housing community in Gresham, Oregon, an eastern suburb of Portland.

HFF marketed the property on behalf of the seller, American Capital Group.  Jackson Square Properties purchased the asset for $32.65 million free and clear of debt.   

Avalon Apartments is situated on 10.17 acres at 20300 SE Morrison Terrace within walking distance of the Ruby Junction/E 197th Avenue MAX station providing access to downtown Portland. 

The property also has easy access to vehicular arterials including NW Burnside Road and SE Stark Street, two of Portland’s primary east-west thoroughfares, as well as Interstate 84 that connects travelers to the Portland International Airport and downtown Portland. 

Completed in 2003, Avalon Apartments has 14 residential buildings housing one- and two-bedroom units averaging 913 square feet each.  Community amenities include a swimming pool and spa, billiard room, clubroom, fitness center, tot lot, sport court, assigned covered parking with each home, and a select number of detached garages.

The HFF investment sales team was led by managing director Ira Virden and associate director Kerry Hughes.

 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 $22.85 million construction financing for Country Inn & Suites at the Disney Resort in Anaheim, CA

Country Inn & Suites at the Disney Resort, Disney Way and Clementine Street, Anaheim, CA

SAN DIEGO, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $22.85 million in construction financing to build Country Inn & Suites at the Disney Resort, a 174-room, select-service hotel located near Disneyland® parks in Anaheim, California.

HFF worked on behalf of a development group led by SunCoast Properties, Inc. to secure the construction loan through a commercial bank.  The hotel will be managed by Hospitality Management Corporation.

Aldon Cole

The new Country Inn & Suites hotel will be situated on a 2.6-acre site adjacent to the intersection of Disney Way and Clementine Street, just off Interstate 5 (San Diego Freeway) and within walking distance to Disneyland®, Disneyland California Adventure® and the Anaheim Convention Center.

 Additionally, the hotel will be approximately two miles from both the Honda Center, home of NHL team the Anaheim Ducks, and Angels Stadium, where the Los Angeles Angels of Anaheim MLB team plays. 

The five-story hotel will feature a resort-style pool and spa amenities, which will be heated by a state-of-the-art solar heating system.  The hotel also will feature a fitness center, lobby bar, library retreat, media center and a solar power generating installation on its roof.  The 110,000-square-foot hotel is scheduled to open in late 2016.

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

According to HFF, the success of the financing speaks to the quality location and capital’s willingness to provide construction financing to qualified sponsors in strong 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.suncoast-properties.com.

HFF closes $35 million office-warehouse building sale in Long Island City, NY

  

47-37 Austell Place, Long Island City, NY

Jeff Julien

NEW YORK, NY --  Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of 47-37 Austell Place, a four-story office/warehouse building in Long Island City, New York.

HFF marketed the property on behalf of the seller, Time Equities.  A partnership consisting of Drake Street Partners, Normandy Real Estate Partners and GEM Realty Capital purchased the property for $35 million. 

Originally developed in 1916, 47-37 Austell Place features high ceiling heights, industrial over-sized windows, open floor plans, and a fourth floor penthouse with a rooftop terrace providing views of the Manhattan skyline. 

The redeveloped space can be adapted for multiple uses including creative office, ground floor retail or event space.  47-37 Austell Place is situated in Long Island City, bounded by Skillman Avenue to the north and 27th Street to the south.  The property’s location is a short walk from the Hunters Point 7 train subway and LIRR station just across the East River from Midtown Manhattan. 

The HFF investment sales team representing the seller was led by managing director Jeff Julien along with senior managing director Eric Anton and associate director David Fowler.

“There was substantial demand for the property as a value-add office redevelopment,” said Julien.  “Due to LIC’s attractive loft warehouse building stock, transit infrastructure and access to Midtown, it is an attractive investment profile.”

 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.

http://www.timeequities.com/.

Blackton Inc. celebrates Grand Opening of Roofing Division’s New Location in Orlando, FL

Blackton Inc. Roofing Division, 2200 North Orange Blossom Trail, Orlando, FL

ORLANDO, FL – Blackton Inc. a major provider of roofing and flooring materials to the homebuilding industry, recently had the grand opening of their roofing division that relocated to the former Hood Tractor building at 2200 N. Orange Blossom Trail.

Micky Blackton, chief executive officer at Blackton, said the firm’s growing roofing division moved from the Alden Road location near Loch Haven Park after 62 years, to the 40,000 square foot industrial building situated on a one-and-a-half-acre site.

“We relocated our roofing operations to this central location to better serve our customers in this building boom we’re experiencing, and to limit exposure to Interstate 4 construction planned over the next seven years,” Blackton said.   

The main corporate offices and flooring supply division remains on Alden Rd. next to the train tracks where it has been since opening in 1954.

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