HFF arranges $18.5 million refinancing for grocery-anchored suburban Philadelphia retail center

West Goshen Town Centre, Route 3 and Five Points Road, West Chester, PA

PHILADELPHIA, PA, Nov. 16, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged an $18.5 million refinancing for West Goshen Town Centre, a 135,650-square-foot retail center anchored by ShopRite in the affluent suburban Philadelphia community of West Chester, Pennsylvania.

HFF worked on behalf of the borrower, Brandolini Companies, to secure the permanent, fixed-rate loan through an institutional lender. 

Ryan Ade

Situated on 17.6 acres at Route 3 and Five Points Road, West Goshen Town Centre is five miles from downtown West Chester, which was named No. 10 on CNN’s Money.com Top 50 Best Places to Live in 2013. 

The property is adjacent to four multi-housing complexes with a total of 968 units, and the center is proximate to some of the county’s major employers, including QVC’s global headquarters, Chester County Hospital and the 15,000-student West Chester University. 

One hundred percent leased, the four-building West Goshen Towne Centre is home to anchors ShopRite and A.C. Moore in addition to Applebee’s Neighborhood Grill, Panera Bread, AT&T, Massage Envy, GameStop, Great Clips, Sun East Federal Credit Union and H&R Block.

The HFF team representing the borrower was led by managing director Ryan Ade.

“Having the market-leading grocer, ShopRite, as an anchor draw, West Goshen Town Centre occupies one of the best locations for retail in the western suburbs,” Ade said.  “Lenders competed aggressively via the HFF process, and the end result was a best in market execution for our client, Brandolini.”

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.brandolinicompanies.com

HFF secures $33.65 million financing for 1.7 million-square-foot industrial portfolio in Minnesota and Wisconsin

  

Biynah Industrial Portfolio

CHICAGO, IL, Nov. 16, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $33.65 million in acquisition financing for a three-property industrial portfolio totaling 1.7 million square feet near Minneapolis, Minnesota, and Green Bay, Wisconsin. 

HFF worked on behalf of the borrower, a joint venture between Biynah Industrial Partners and Alex. Brown Realty, Inc., to place the three-year, floating-rate loan with three one-year extensions with Realty Finance Trust. 

Matthew Schoenfeldt

The 100-percent-occupied portfolio contains one property in Minnesota and two in Wisconsin, all highly-functional, modern warehouse facilities with proximity to interstates.

 The Minnesota property is located at 435 Park Court in Lino Lakes and is proximate to Interstate 35W.  The Wisconsin properties are 5929 Packer Drive in Menomonie and 1731 Industrial Parkway in Marinette. 

The HFF debt placement team was led by managing director Matthew Schoenfeldt.

“Biynah Industrial Partners and Alex. Brown Realty manufactured a fantastic warehouse portfolio here, coordinating between multiple property sellers and the demanding corporate tenants that are in place,” Schoenfeldt said.

 “With a basis more than 25 percent below replacement cost and an unlevered yield in excess of 8.5 percent, this portfolio represents value-investing at its finest.  Realty Finance Trust immediately embraced the borrowers’ strategy and delivered a fantastic execution, from application to close.”

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.biynahpartners.com

www.abrealty.com

Stepp Commercial Completes 10-Unit Apartment Property Sale in Santa Monica, CA

Kimberly Roberts Stepp

Santa Monica, CA,  Nov. 16, 2015 – Stepp Commercial, a leading multifamily brokerage firm in the Santa Monica market, has completed the $2 million sale of fully occupied, 10-unit apartment property located at 2250 30th Street on the corner of Pico Blvd. and 30th in Santa Monica.

Kimberly Roberts Stepp, principal with Stepp Commercial, represented the seller, a Los Angeles-based private investor, as well as the Los Angeles-based private buyer. The closing cap rate on the transaction was 3.6 percent.

“This property presented the buyer a commercially zoned asset with a low per-unit cost for the neighborhood and a potential upside in rents of approximately 98 percent,” said Roberts Stepp. “The buyer is planning a complete renovation and repositioning of the asset to capitalize on long-term appreciation.”

Stepp added that the property garnered strong interest with multiple offers and sold at $50,000 over the asking price.

Built in 1956, the two-story property consists of two studio units, seven one-bedroom units, and one two-bedroom unit. The asset features balconies and patios, a laundry room, extra storage space, and ample parking. It is also well located near Santa Monica Community College and the new Expo Station.

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

Darcie Giacchetto

949.278.6224

Lincoln Harris Brokers $7.5 Million Sale of Cypress and Cedar East in Raleigh, NC

  

Kaler Walker

 RALEIGH, NC (Nov. 16, 2015) — Kaler Walker of Lincoln Harris has arranged the $7.5 million sale of Cypress and Cedar East, two office buildings totaling 79,186 square feet located in Raleigh. 

 Walker represented the seller, Cedar East & Cypress, LLC, in the transaction. Carter Worthy of Worthy Commercial represented the buyer, Debnam Properties, which owns an additional two buildings in the neighborhood. The buyer plans to occupy a portion of the buildings and continue leasing the rest.

The buildings are located at 3117 and 3101 Poplarwood Court, and were 73 percent leased in the third quarter. The buildings offer easy access to I-440, recently renovated common areas and move-in ready space.

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

Savannah Duncan

The Wilbert Group

404-343-0870 (O) 404-901-4433 (C)

sduncan@thewilbertgroup.com

NAIOP Honors Erik Lembcke of First Republic Bank in Palm Beach, FL

 

Eric Lembcke

WEST PALM BEACH, FL (Nov. 16, 2015) – West Palm Beach resident Erik Lembcke, CFP®, with First Republic Bank in Palm Beach, has been recognized nationally by NAIOP, the Commercial Real Estate Development Association, as a recipient of the 2015 Developing Leaders Award. He is a member of the NAIOP South Florida.

“We are proud to recognize Erik for his exceptional achievements and leadership in NAIOP, his community and the industry,” said Thomas J. Bisacquino, president and CEO of NAIOP. “His drive and innovative approach to emerging trends and economic opportunities will position the industry for success both now and in the future.”

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

Maria Pierson

Pierson Grant Public Relations

954-776-1999 ext. 222

mpierson@piersongrant.com

Berkadia negotiates $5.2 Million Sale of Apartment Community in Birmingham, AL area

Terrace31 Apartments, Little Mountain Circle, Pelham, AL

Josh Jacobs

Birmingham, AL – Berkadia Real Estate Advisors, one of the nation’s largest and most active multifamily investment sales companies, recently negotiated the $5.2 million sale price for Terrace31, a 79-unit apartment community on Little Mountain Circle in Pelham, Ala. 

Josh Jacobs, investment sales associate at Berkadia along with managing director David Oakley, negotiated the transaction representing the seller Birmingham-based Four Four Little Mountain, LLC.

Terrace31 was built in two phases in 1973 and 1998 and fully repositioned in 2014.

A Birmingham-based Purchaser paid $65,822 per unit for the property, and Jacobs said Highline Property Advisors will serve as managing partner for the property moving forward.

Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is a leading provider of capital solutions and investment sales advisory and research services for multifamily and commercial properties. 

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644 4142 or

407-461 3781 lvershelco@aol.com

Pulte Homes Opens Lake Pickett Reserve in East Orlando, FL and showcases new Gardenside model home

Orlando, FL --- Pulte Homes recently celebrated a community grand opening and showcased its new Gardenside model home at Lake Pickett Reserve, 18307 Lake Pickett Rd. off of County Road 420, east of the University of Central Florida campus in East Orlando.

Tiffani Ferri, vice president of sales for PulteGroup’s North Florida division, said Lake Pickett Reserve is exclusively the only new home community on Lake Pickett.

“Lake Pickett Reserve is one of the most beautiful residential areas remaining in this part of the state,” Ferri said.

Pulte Homes is building 52 Life Tested single-family homes in the gated community on half-acre to one-acre home sites.  Ferri said 10 lakefront home sites are available, and the community will feature a private community boat ramp.

“Lake Pickett Reserve is a perfect family community,” Ferri said.

New four, five and six-bedroom homes at Lake Pickett Reserve are priced from $359,990.

Floor plans range in size from 2,489 square feet of living space to more than 4,200 square feet, with three, four or five full baths, half-baths for guests and three-car garages, plus all of Pulte’s Life Tested® Features.

To learn more visit www.pulte.com/lakepickettreserve

 or call 877-838-5809.

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644 4142 or

407-461 3781 lvershelco@aol.com

Crossman & Co. negotiates sale of prime free-standing Tijuana Flats restaurant on S.R. 436 in Casselberry, FL

  

Tijuana Flats Restaurant, 991 Semoran Boulevard, Casselberry, FL

 

Brian Carolan

ORLANDO, FL --- Crossman & Company, one of the largest retail leasing, management and investment sales firms in the Southeast, recently negotiated the sale of a prime free-standing Tijuana Flats restaurant at 991Semoran Blvd. in Casselberry.

Brian Carolan, Director of Investment Sales and Bruce Lyons, Senior Managing Director at Crossman & Company, represented the seller, Greater Properties, Inc., during the negotiation of the transaction.

The 3,068 square foot building, situated on a 1.15 acre site, is one of the few free-standing Tijuana Flats locations in Florida. 

Gary Turner of Turner Net Lease Properties represented the buyer in the transaction.

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644 4142 or

407-461 3781 lvershelco@aol.com