Thursday, December 24, 2015

HFF closes $26 million sale and arranges $14.3 million financing for 475 17th Street in Denver’s central business district

                475 17th Street, business district, Denver, CO              (Photo by Steve Zavodny)                                                                       
 DENVER, CO –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and arranged $14.3 million acquisition financing for 475 17th Street, a 16-story, 151,425-square-foot office building in Denver’s central business district.

Mary Sullivan
HFF marketed the asset on behalf of the seller, 475 Investment Partners, a local investment partnership.  Phoenix Property Company purchased the building for $26 million.

 Lincoln Property Company will provide property management and leasing services.  Additionally, HFF assisted the new owner in securing a $14.3 million, five-year, fixed-rate loan through Principal Real Estate Investors. 

475 17th Street is located at 17th and Glenarm in the heart of Denver’s central business district, close to an array of amenities including Denver Pavilions, which offers more than 40 shops, restaurants and entertainment venues, the 16th Street Mall, and many of the premier hospitality and entertainment options Denver has to offer. 

This location along 17th Street, commonly known as “The Wall Street of the West”, offers immediate access to the Free MallRide and the Free MetroRide that connect the property to the Union Station transit hub serving the entire Rocky Mountain West region.

John Jugl
 Vehicular access is provided via Lincoln and Broadway, major north and southbound arteries, and 20th Street, which connects the property to Interstate 25. 

Originally completed in 1975, 475 17th Street has undergone more than $1 million in capital upgrades since 2012, including an updated lobby and two-story atrium.  The property is 93 percent leased to 32 tenants in the higher education, energy and professional services industries.

The HFF investment sales team was led by senior managing directors John Jugl and Mary Sullivan.

HFF’s debt placement team was led by associate director Leon McBroom and senior managing director John Rose.

 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 |

Six/Ten Redevelops Historic Arcade Building in Downtown Winter Haven, FL

Jessica Guavara
Winter Haven, FL — Just in time for the holidays, new retail shops are popping up in Downtown Winter Haven’s historic arcade building. 

Six/Ten, LLC, a developer of commercial and residential properties, has renovated and preserved the Arcade Building, located at 254 W Central Avenue, which was originally built in 1928.

The Arcade building is now fully occupied and home to a variety of retail tenants.

 Six/Ten recently completed a lease deal with Paint Along Studios, a professional art gallery by day and an open studio for anyone to paint at night. 

The studio relocated from Downtown Lakeland and chose this location because of its unique walkway plaza and excellent location.

"Downtown Winter Haven is a great retail destination for a business like ours. The quiet ‘hometown’ feel, mixed with an expressive ‘modern’ environment, is perfect for people looking to enjoy the arts," said Jessica Guevara, Paint Along Studios’ resident artist.

Keira Lennox
Another business that recently relocated to the Arcade building is Lasater Flowers, a full-service flower shop specializing in contemporary floral design for everyday occasions and special events.

Established in 1958, it is the longest-running flower shop in town. Owner Keira Lennox believes the new space combines the history of the Central Avenue Arcade with modern updates and contemporary design. 

The new space also presented an opportunity to add beer and wine to the shop’s offerings, as well as a fresh flower market, customized gift crates and unique retail.

“We love being right in the mix of what's happening downtown,” said Lennox. “We have a variety of friendly merchants and restaurants that offer something for everyone.”

The Arcade building’s established tenants include a custom makeup studio, Perry Oakley Makeup Artistry,  and an artisanal cheese market, The Cheese Room. Sherry Summers, owner of The Cheese Room, chose the Arcade building because of its proximity to the historic Ritz Theatre. Summers has been in the building since February 2014 and recently renewed her lease.

Sherry Summers
“We are proud to be a part of downtown,” said Summers. “The businesses are so good about supporting each other, and our monthly Main Street Winter Haven events bring us all together to promote downtown as an exciting retail and restaurant destination.”

The Arcade building features architecturally interesting elements such as an interior breezeway and wrought-iron entryways. The building was acquired by Six/Ten in 2012.

For leasing information about the retail and office space opportunities downtown, please contact Chad Lennox at (863) 595-0237.

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

Michelle Griffith or Don Silver

29th Street Capital Acquires 10th Property in East Bay, CA; Deal Makes 12 U.S. Multifamily Acquisitions for 2015

Eden Apartments, 1201 B Street, Hayward, CA

Hayward, CA – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired a two-property, 69-unit apartment portfolio in Hayward, California.

The new owner plans $855,000 worth of renovations for Plaza Verde Apartments (44 units) and Eden Apartments (25 units) to significantly upgrade the interiors and to enhance the exteriors of each property.

Casey Davis
“This is the 10th acquisition we have made in the East Bay of San Francisco in under two and a half years, with an 11th property in Hayward under contract for purchase, closing in January,” said Casey Davis, 29SC’s Vice President of Acquisitions for California.

The address of Plaza Verde Apartments is 550 Berry Avenue; the address of Eden Apartments is 1201 B Street, both in Hayward, Cal., 94541. The transaction closed December 17. The price was not disclosed.
Eden Apartments is located in increasingly popular downtown Hayward, while Plaza Verde is approximately one mile away in a more residential area. 

“Hayward is a short 25 mile commute to San Francisco by nearby San Mateo Bridge and I-880 or the nearby BART station, both providing convenient options for quickly getting around the Bay Area,” Davis added.

 29th Street Capital has acquired 12 multifamily assets during 2015 in markets including Houston, Tex., Denver, Colo., Durham, N.C. and Phoenix, Ariz. It is also actively pursuing additional opportunities throughout the U.S. The firm will continue to target smaller value-add deals, which are below the institutional radar, with the intention of offering its investors above market returns.

For investment inquiries, contact:

Stan Beraznik, Founder and Managing Principal at 29th Street Capital

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

Terri Thornton
Partner, Thornton Communications
p:404-932-4347 | |

Feldman Equities signs 100,000 Square Feet of new leases in one year, including Four Full Floor Leases at First Central Tower in Downtown St Petersburg, FL

Larry Feldman
ST. PETERSBURG, FL – In the year since acquiring First Central Tower, Feldman Equities has leased over four full floors at the office building signing seven firms to leases totaling over 100,000 square feet. 

In the latest deal Regus, the global workplace provider, has leased a full floor, 15,296 square feet, at the building. The long term lease was brokered by Brent Miller and Bryan Rodriguez of JLL.

 First Central Tower is located in the heart of downtown St. Petersburg on Central Avenue. 

In the last year Twinlab Consolidation Corporation (“TCC”) leased two floors while Banker Lopez Gassler PA leased a full floor.

A multi-million dollar renovation is underway at the building with completion expected to occur in the first quarter of 2016.  

“We are investing $10 million dollars in capital and tenant improvements.  Our goal is to transform First Central Tower into a first class office destination,” stated Larry Feldman, CEO of Feldman Equities a co-owner of the building in partnership with Tower Realty Partners.

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

Tammy Youngman, Asset Marketing, Inc. (813) 968-1388

The St. Regis Dubai hosts scent dinner curated by Chandler Burr to showcase ‘Caroline’s Four Hundred’

Chandler Burr
DUBAI –– St. Regis Hotels & Resorts unveiled Caroline’s Four Hundred, the brand’s first-ever bespoke scent, in the Middle East with an exclusive scent dinner at the newly opened St. Regis Dubai in Al Habtoor City.

Hosted by St. Regis together with Carlos Huber, the creator of Caroline’s Four Hundred, the gastronomic experience was curated by acclaimed scent critic, Chandler Burr.

“Scent has the rare ability to transport us to another time and place in the most intimate way,” said Carlos Huber, who is a world-renowned scent designer and founder of ARQUISTE. “It has been an honour working with St. Regis to capture the brand’s rich history and its modern sophistication in one olfactory experience.”

Chef Stephane Buchholzer, Culinary Director of Al Habtoor City worked with Burr to combine the crème de la crème of fine dining with the olfactory arts in a seven-course feast. 

During the interactive dinner with 40 VIP guests, Burr introduced the respective perfumes that inspired each of the gastronomic creations. 

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

Hwee Peng Yeo
Vice President, Asia Markets
Glodow Nead Communications
San Francisco • New York • Singapore • Shanghai
Level 21, Centennial Tower, 3 Temasek Avenue • Singapore 039190
Level 15, One Corporate Avenue, 222 Hubin Road, Shanghai China, 200021
1700 Montgomery Street, Suite 203 • San Francisco, CA • 94111
Asia: 65.9768.6087  US:415.394.6500 • E:

Centennial Tower 21层,Temasek Avenue 3号, 新加坡邮区039190

Marcus & Millichap Arranges $5.4 Million Sale of 60-Unit Sunrise Villas in Sunrise, FL

Brandon J. Rex
SUNRISE, 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 Sunrise Villas, a 60-unit apartment property located in Sunrise, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office.

 The asset sold for $5,400,000 equating to $90,000 per unit.

Brandon J Rex, a vice president investments, Robert S. Hunter, a senior associate, Evan P. Kristol, a senior vice president investments, Daniel J. Cunningham and Derek R. Gibbs, associate vice presidents, and Evan Richardson, an associate, all in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a limited liability company from Charlotte, N.C., and the buyer, a limited liability company from Davie, Fla.

"Sunrise Villas offers a rare opportunity consisting of all three bedroom units; in a market comprised of mostly one and two bedroom units," says Rex.

“We received multiple offers on the property and closed for just under list price,” says Gibbs.

Built in 1971 on a 4.51 acre lot, Sunrise Villas is comprised of 20 one-story buildings with all three-bedroom/two-bathroom units. Approximately two-thirds of the units have new wood kitchen cabinets, granite countertops and new ceramic flooring or vinyl plank throughout.

Sunrise Villas is located at 6354 NW 26th Street, just south of Oakland Park Boulevard, Sunrise’s major east/west thoroughfare.

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

Ryan Nee
Regional Manager,
Fort Lauderdale, FL

(954) 245-3400

Affiliates of Gencom and Private Equity Group (PEG) Complete Sale of the 295-Room Marriott Grand Cayman Beach Resort to Affiliates of London & Regional

Marriott Grand Cayman Beach Resort

            MIAMI, FL (Dec. 24, 2015) - -Representatives of Gencom, one of North America’s leading luxury hospitality and residential/mixed-use real estate investment and development firms, today announced that its affiliates in partnership with  Private Equity Group (PEG) have sold the 295-room (including 22 suites) Marriott Grand Cayman Beach Resort to affiliates of London & Regional for an undisclosed sum.

  The sale was brokered by CBRE’s Miami office, and the hotel will continue to be operated by Marriott International.

OJ Buigas
            "The Marriott Grand Cayman Beach Resort is a world-class destination that was struggling from the after-effects of Hurricane Ivan and needed a bold, new vision when we acquired it in 2006,” said Tom Bezold, Gencom CFO. 

 “We completely repositioned the property, partnered with  PEG in 2011 and refinanced the property’s debt with the first CMBS loan outside of the US since the Great Recession. 

“In 2013-2014, Ownership  invested more than $15 million to  redefine the property.  We believe the property still has excellent upside potential, but it no longer meets our core investment strategy.  Our plan is to continue to aggressively seek hotel real estate investment opportunities that match up with our turn-around expertise.”

            Located directly on Seven Mile Beach, the property is in one of the highest barrier to entry markets in the Caribbean. 

Following completion of its  most recent renovation, the resort received a number of prestigious awards for operations, design and renovation, including Marriott’s 2014 Hotel of the Year Award within the Caribbean/Latin American Region and Marriott’s Mustang Award for Innovation for its “Beach House” design inspiration.

            “This has been a classic case of taking a great resort with a number of difficult problems and making it into something few could foresee,” said OJ Buigas, CEO of Private Equity Group.

 “Through active asset management and a vision of what the property could become, the resort has performed magnificently to become one of the prize assets of the Marriott resort portfolio.  We wish the new ownership continued good fortune and prosperity with this hotel gem as they take it through its next phase.”

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

  Chris Daly, media
  (703) 435-6293