Gov. Rick Scott Announces Crossman & Company’s Expansion Will Create 30 New Jobs

Florida Gov. Rick Scott Announces New Job Creations at Crossman & Co., Orlando, FL

ORLANDO, FL – Gov. Rick Scott announced that Crossman & Company’s expansion of offices at 3333 S. Orange Ave. will create up to 30 new jobs in the Orlando area.

 In addition to the expansion, Crossman & Company will retain 55 jobs. Crossman & Company is a real estate firm focused on serving retail landlords throughout the Southeast.

 “We are excited to announce the expansion of Crossman & Company and the creation of up to 30 new jobs in Orlando,”  said Gov. Scott, adding 

“Our $1 billion tax cut proposal will not only help Florida families but will also help businesses, big and small, throughout our state, he added.

“Included in this proposal is cutting the tax on commercial leases which will enable small businesses to create more jobs and economic opportunities for Floridians. We look forward to seeing more businesses like Crossman & Company expand in Florida,” he said.

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

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407 644 4142 Lvershelco@aol.com

or larry@larryvershel.com

John Crossman makes history with the creation of the first real estate scholarship at Florida Agricultural and Mechanical University (FAMU)

TALLAHASSEE, FL – Hoping to inspire the next generation of real estate executives, Orlando businessman John Crossman has established the Crossman & Company Endowed Real Estate Scholarship at FAMU. 

A member of the FAMU Foundation Board of Directors, Crossman personally donated $25,000 to establish the scholarship and solicited other supporters to raise over $150,000 in additional donations. 

The scholarship will benefit FAMU law and business students with interest in commercial real estate.

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

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407 644 4142 Lvershelco@aol.com or larry@larryvershel.com

Sale of Houston-area retail center closed by HFF

Palmer Plaza, Emmett F. Lowry Expressway (FM 1764) and SH 146, Texas City, TX

 

Ryan West

HOUSTON, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Palmer Plaza, a 98,816-square-foot retail center in the southern Houston suburb of Texas City, Texas. 

HFF arranged the sale of the property on behalf of the seller, Weingarten Realty Investors.  EDIFIS purchased the asset for an undisclosed amount.

Palmer Plaza is positioned on 8.42 acres at Emmett F. Lowry Expressway (FM 1764) and SH 146 in the heart of the main retail corridor of Texas City, a coastal suburb southeast of Houston on Galveston Bay. 

The center, including two outparcel buildings, is 94.1 percent leased to a mix of national and local tenants, including Goodwill, Dollar Tree, Anytime Fitness, T-Mobile and Ace Cash Express and is adjacent to a newly-constructed H.E.B. 

The HFF investment sales team representing the seller was led by senior managing director Ryan West and associate director Matt Berry.

“This was one of those value-add deals disguised as an otherwise fairly stable asset,” West said.  “Some of the key tenants were about to run out of options, which should allow the new owner to recognize market rents through the existing tenants or new retailers expressing interest in the center.  The new H.E.B. next door certainly is playing a part in retailer’s interest at the intersection.”

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.weingarten.com.

HFF closes $168.25 million sale of and secures $133.96 million in financing for 200 West Adams in Chicago’s West Loop

 

Jeff Bramson

CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and arranged acquisition financing for 200 West Adams, a 32-story, LEED Gold certified, 683,730-square-foot office tower in Chicago’s West Loop.

HFF was retained by the property’s owners, NY-based Sterling Equities and Lincoln Property Company, and facilitated the sale to Gerding Edlen for $168.25 million free and clear of debt.  

Additionally, HFF assisted the new owner in securing a $133.96 million, three-year, floating-rate acquisition loan through AEW Capital Management, LP.

 

200 West Adams is located at the northwest corner of Adams and Wells Street one block from the LaSalle Street corridor, which is the epicenter of Chicago’s financial institutions. 

The property has easy access to Ogilvie Transportation Center and Union Station providing commuter rail service, as well as proximity to Interstates 90, 94, 290 and 55 that link the greater Chicago metropolitan area to downtown. 

Jaime Fink

Originally built in 1985, 200 West Adams is 91 percent leased to tenants including the GSA, BMO Harris and Lowis & Gellen.  The lobby retail space is leased to Starbucks, Walgreens and Au Bon Pain.

The HFF investment sales team representing the seller was led by senior managing directors Jeff Bramson and Jaime Fink. 

 HFF’s debt placement team was led by managing director Tim Joyce.

“AEW views Gerding Edlen as a well-heeled, best-in-class owner/operator with the ability to execute on the business plan, unlocking potential value at 200 West Adams,” said Dan Jacobson of AEW. “We were able to tailor the financing to meet the borrower’s specific needs in a fairly compressed time frame.” 

“200 West Adams was offered at a substantial discount to replacement cost with rents that are well below market rates.  The wide gap between current in-place rents and current market rents combined with the near-term rollover of more than 50 percent provides an investor with a substantial return throughout the holding period,” added Bramson.

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.sterlingequities.com

www.aew.com.

www.gerdingedlen.com

HFF secures acquisition financing for 7700 Parmer in Austin, TX

  

Susan Hill

HOUSTON, TX  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured acquisition financing for 7700 Parmer, a 913,000-square-foot, Class A office campus in northwest Austin, Texas.

Working on behalf of the borrower, Hallandale Beach, Florida-based Accesso Partners, LLC, HFF placed the loan with JPMorgan Chase Bank, National Association.  Loan proceeds were used to acquire the property.

7700 Parmer is located in northwest Austin’s technology corridor about five miles north of the MoPac Expressway/Research Boulevard interchange.  

This location is near Apple’s $300 million campus that is under construction and the corporate campuses for Dell, National Semiconductor, IBM and a planned campus for Charles Schwab. 

7700 Parmer is 94 percent leased to tenants including Google, Oracle, eBay/Pay Pal, Electronic Arts, Polycom and Dun & Bradstreet.  The property features a state-of-the-art auditorium, full-service cafeteria with multiple culinary options, baseball field, basketball courts, soccer field, volleyball court and a daycare facility. 

HFF’s debt placement team representing the borrower was led by senior managing director Susan Hill.

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 $5.4 million sale of suburban Philadelphia, PA self storage property

  

Riverline Self Storage, 1714 Bannard Street, Cinnaminson, NJ

Barbara Guffey

 PHILADELPHIA, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $5.4 million sale of Riverline Self Storage, a 381-unit self storage facility located in the Philadelphia suburb of Cinnaminson, New Jersey.   

HFF marketed the property on behalf of the seller, a local private investor.  Prime Group purchased the asset free and clear of existing debt.

Riverline Self Storage’s two buildings total 63,539 rentable square feet.  The property’s 381 climate-controlled units total 36,586 rentable square feet and occupy portions of both two-story buildings. 

The remaining 26,953 rentable square feet is occupied by a combination of office, retail and warehouse tenants.  

Situated on 4.5 acres at 1714 Bannard Street, the facility is in the northern part of Cinnaminson, a New Jersey community on the Delaware River approximately 12 miles from downtown Philadelphia. 

Richard Schontz

The property is located near the Tacony-Palmyra and Betsy Ross bridges and serves the communities of Cinnaminson, Delran, Riverton and Palmyra.

The HFF investment sales team representing the seller was led by managing director Richard Schontz and director Barbara Guffey.

“The property is well-located and has strong in-place occupancy,” Schontz said.  “The purchaser will also have the ability to expand Riverline Self Storage’s net rentable square footage immediately, creating additional value.  

"The property fits well into Prime Group’s growing Philadelphia-area portfolio and we were pleased to be able to facilitate the transaction.”

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

Sale of Triwest Plaza along LBJ Freeway in northwest Dallas, TX closed by HFF

Triwest Plaza,  3030 LBJ Freeway/Interstate 635, Dallas, TX

DALLAS, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Triwest Plaza, a 369,025-square-foot office development in Dallas, Texas.

HFF represented the seller, an affiliate of HighBrook Investors, in the transaction.  A private investment group purchased the asset for an undisclosed amount. 

DFW International Airport, Dallas-Fort Worth TX

Triwest Plaza is located at 3030 LBJ Freeway/Interstate 635 with excellent frontage and visibility, and easy access to DFW International Airport, Dallas Love Field and Galleria Dallas, as well as the city’s premier residential areas. 

Originally built in 1986, the property is poised to benefit from the recent completion of the LBJ Express highway project and the recent renovations completed at the building.  The 17-story building is 75 percent leased and anchored by the headquarters of ClubCorp. 

The building features a 6,000-square-foot health club, a conference center that is inclusive of a 40-seat training room and a 16-seat board room, an outdoor plaza with water fountain and a dining area. 

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 represents Menlo Equities in 650,000-square-foot office acquisition in Austin, TX

Amber Oaks Corporate Center, Austin, TX

DALLAS, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and secured financing for Amber Oaks Corporate Center, a 10-building, 650,000-square-foot corporate office campus in Austin, Texas.

HFF marketed the campus on behalf of the seller, and represented Menlo Equities as the purchaser of Amber Oaks for an undisclosed amount.  Additionally, Menlo Equities was assisted by HFF in securing financing through a national bank.

Amber Oaks Corporate Center is situated on a 70-acre site adjacent to Interstate 45 in the northwest submarket of Austin.  

This location has easy access to major thoroughfares including US Highway 183, Parmer Lane, MoPac Expressway (Loop 1), Interstate 35 and State Highway 130.

 These roadways connect the property to the rapidly growing residential areas of Cedar Park and Round Rock as well as downtown Austin, approximately 13 miles to the south.  

Additionally, the property is within close proximity to many of Austin’s largest corporate employers such as IBM, Ebay, PayPal, Oracle, Charles Schwab and Polycom.

 Amber Oaks Corporate Center is 85 percent leased to tenants including AECOM/URS Corporation, Deloitte, Xerox, Endo Pharmaceuticals, Office Depot and Toshiba.  The property features basketball and tennis courts, outdoor seating areas and an adjacent 120,000-square-foot Life Time Fitness facility. 

 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.menloequities.com.

HFF arranges $73.5 million construction/permanent loan for Class AA Fort Worth, TX office project

Rendering of Planned Frost Tower Fort Worth, Taylor and Fifth Street,
Downtown, Fort Worth, TX

Trey Morsbach

DALLAS, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $73.5 million construction loan for the development of Frost Tower Fort Worth, a 278,000-square-foot, Class AA office tower in downtown Fort Worth, Texas.

HFF worked on behalf of the borrower, Anthracite Realty Partners, an affiliate of Jetta Operating Company, Inc., to secure the three-year, floating-rate loan through Bank of the Ozarks. 

Due for completion in December 2017, Frost Tower Fort Worth will be a 25-story tower with  ground floor retail and more than 900 above and below grade parking spaces. 

Frost Bank will be the anchor tenant and Jetta Operating Company will move its corporate headquarters to the new building making Frost Tower Fort Worth 56 percent preleased.

 Project amenities will include a sky lobby on the 12th floor that will feature views of downtown, high-tech C-level suites for senior executives, a fitness facility, café and outdoor terraces. 

Conference facilities will be available in a variety of sizes with multiple breakout and gathering areas.  The development site is situated on three quarters of a city block, at Taylor and 5th Streets, adjacent to Sundance Square in downtown Fort Worth.  Nearby cultural attractions include Bass Performance Hall, the Cultural Arts District, West 7th and the Fort Worth Stockyards. 

HFF’s debt placement team was led by senior managing director Trey Morsbach and director Cullen Aderhold.

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 sale of GSA-anchored office property in Herndon, VA

Herndon Square, 510 Spring Street and 535 Huntmar Park Drive, Herndon, VA

Bruce Strasburg

WASHINGTON, DC –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Herndon Square, a two-building, 120,696-square-foot office property in Herndon, Virginia. 

HFF represented the seller in the transaction.  Crilley Warehouse, a private investor, purchased the assets for an undisclosed amount. 

Herndon Square consists of 510 Spring Street and 535 Huntmar Park Drive, which together sit on 10.38 acres in the heart of the Dulles Technology Corridor, about 23 miles from Washington, D.C.

 This location provides easy access to the Dulles Toll Road (Route 267), the future Herndon Metro Station (eta 2020), Washington Dulles International Airport, Reston Town Center and Tysons Corner. 

Dek Potts

Completed in 1999, Herndon Square is 94 percent leased to six tenants, including the General Services Administration, Black Box Network Services and Inovalon, Inc.  510 Spring Street is a two-story, 60,275-square-foot facility. 

535 Huntmar Park Drive is a 60,421-square-foot, single-story facility with on-site data center infrastructure leased in its entirety to the GSA. 

The HFF investment sales team representing the seller was led by senior managing directors Bruce Strasburg and Dek Potts.

“This was an outstanding opportunity for an investor to acquire two high-quality D.C. metro office buildings that are well leased to an exceptional GSA and regional tenant roster,” said Strasburg.  “The attractive in-place cash flow is secured by a critical area amenity infrastructure with a central location in the rapidly redeveloping Metro Silver Line Corridor.”

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 sale of Coral Palm Plaza in Coral Springs, FL

  

Coral Palm Plaza, 2001-2153 University Drive, Coral Springs, FL

 

Daniel Finkle

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Coral Palm Plaza, a 135,723-square-foot, grocery-anchored retail center in Coral Springs, Florida. 

HFF marketed the property on behalf of the seller.  An entity controlled by RK Centers purchased the asset free and clear of existing debt.

Coral Palm Plaza is home to specialty grocer Doris Italian Market as well as anchors Michael’s, Buy Buy Baby, Dollar Tree and Planet Fitness.  

Additional shop tenants of the 96.7-percent-leased center include Panera Bread, Vision World, Great Clips, Coral Springs Physicians and El Mariachi Restaurant. 

The center is situated on 14.1 acres at 2001-2153 University Drive within the city of Coral Springs.  Coral Palm Plaza is located in the northwestern part of Broward County three miles east and south of the Sawgrass Expressway and five miles west of the Florida Turnpike.  More than 350,000 residents live within a five-mile radius of the center.

The HFF investment sales team representing the seller was led by managing director Luis Castillo, senior managing director Daniel Finkle, and associate director Nat Scarmazzi.

“Coral Palm Plaza’s combination of food, fitness and destination anchors coupled with the property’s excellent positioning within the desirable Coral Springs market appealed to buyers,” Castillo said. “This property is well positioned for the future and will continue to outperform the market under the new ownership.”

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.rkcenters.com.