Marcus & Millichap Arranges $2.38 Million Sale of 33-Unit Lake Worth Apartment Portfolio in Lake Worth, FL

   

Daniel J. Cunningham

LAKE WORTH, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Lake Worth Portfolio, a 33-unit, three property apartment portfolio in Lake Worth, Fla. The portfolio sold for $2,385,000.

“Many buyers look to more affordable properties in Lake Worth because the submarket offers assets that can be repositioned to raise revenues. 

"Average cap rates here vary within the high-6 to mid-7 percent range. This was a great opportunity to acquire three well-maintained apartment buildings with historically high occupancy,” says Daniel J. Cunningham, a vice president investments in Marcus & Millichap’s Fort Lauderdale office. 

“We received interest from across the country and ultimately sold the property to a New York investor who was in a 1031 exchange.”

Cunningham as well as Evan Richardson, an associate, also in Marcus & Millichap’s Fort Lauderdale office, represented the seller and the buyer.

Evan Richardson

The properties are all located on 19th Avenue North between the main traffic arteries of Interstate 95 and North Dixie Highway with easy access to Florida’s beaches.

1242 19th Avenue North is a 16-unit apartment building with 14 one-bedroom/one-bathroom units and two two-bedroom/one-bathroom units.

1219 19th Avenue North is an 11-unit apartment building with eight one-bedroom/one-bathroom units and three two-bedroom/two-bathroom units. 1234 19th Avenue North is a six-unit apartment building with all one-bedroom/one-bathroom units.

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

   

Ryan Nee

Vice President / Regional Manager

 Fort Lauderdale, FL

(954) 245-3400

Lincoln Property Company Southeast Arranges $2.1 Million Acquisition of Office Building in Kennesaw, GA

 

Jeff Henson

ATLANTA, GA – Lincoln Property Company Southeast (Lincoln) has facilitated the $2.1 million purchase of 1945 Vaughn Road, a 27,300-square-foot office building located in Kennesaw, Georgia, just outside of metro Atlanta.

Jeff Henson of Lincoln represented the buyer, Cloud9Ortho, in the transaction, and Randy Hoye and  Enio Guerra Bull Realty represented the seller, AMLI Residential.

Built in 1994, the two-story office building  is located within a master-planned office park and is maintained with quality controls. 

The former corporate headquarters has been updated and outfitted with energy efficient features such as solar panels and motion lights.

Nearby amenities include the Noonday Creek Trail, Town Center Mall and easy access to interstates 75 and 575.

Randy Hoye

“There’s been a significant uptick in these small to mid-size owner/user sales during the last 12 months, largely due to a lack of inventory,” Henson said.

 “Demand for quality, well-constructed owner/user buildings is far outpacing supply right now, which is increasing the price per square foot. 

"Office sales in the first quarter totaled 46 transactions with a total volume of $677 million, compared with 25 transactions with a total volume of $560 million in the first quarter of 2015. 

"We believe office sales activity will continue to tick up for the remainder of the year.”

   

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

 Savannah Durban

The Wilbert Group

404-343-0870

sdurban@thewilbertgroup.com

Mortgage Bankers Association Reports Commercial/Multifamily Originations Remain Strong

Jamie Woodwell

WASHINGTON, DC -- According to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, second quarter 2016 commercial and multifamily mortgage loan originations were one percent higher than during the same period last year and 17 percent higher than the first quarter of 2016.

 “Borrowing and lending backed by commercial and multifamily properties remained strong during the second quarter,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research.  

“Low interest rates combined with strong commercial property market fundamentals to further support lending and to keep overall borrowing levels on pace with last year’s strong level.”

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

Ali Ahmad

aahmad@mba.org

(202) 557-2727

NAI Realvest Negotiates Lease Agreements with Orange County at Sunport Commerce Center, Shop Factory Direct at Crossroads Business Center in Winter Park, FL

 

George Livingston

ORLANDO, FL --- NAI Realvest recently negotiated two leases totaling 17,979 rentable square feet of flex space -- One at Sunport Commerce Center near Orlando International Airport and one at Crossroads Business Center in Winter Park. 

NAI Realvest Associates Drew Saphos CCIM and Chris Adams, and Chairman George Livingston represented the landlord, Miami-based Adler Realty Services, in a long-term lease renewal with Orange County, Florida at 8026 Sunport Drive, Suites 307–311.   The county was represented by Chris Sproles of CBRE.  

At the same time the Livingston team represented landlord Adler Realty in a new lease for 2,754 square feet in Suite 200 at Crossroads Business Center, 931 S. Semoran Blvd.  The new local tenant is Shop Factory Direct, Inc.

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

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

   

Sale of newly-built San Francisco Bay Area retail center closed by HFF

Alameda Landing Shopping Center, 2600-2700 Fifth Street, Alameda, CA

SAN FRANCISCO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of a Real Estate Investment Trust (REIT) that owns Alameda Landing, a newly-built, 165,777-square-foot, grocery-anchored shopping center in the San Francisco Bay Area community of Alameda, California.

HFF represented the seller, Catellus.  AFL-CIO Building Investment Trust, for which PNC Bank is trustee and PNC Realty Investors, Inc. is investment advisor, purchased the REIT free and clear of existing debt but subject to certain preferred stock holders.      

Nicholas Bicardo

Situated on almost 80 acres at 2600-2700 Fifth Street, Alameda Landing is located on Alameda Island, an affluent community in the heart of the San Francisco Bay Area. 

The center is accessible from Interstates 80, 580, 880 and 980 and adjacent to the Webster Street Tube, which is less than a quarter of a mile away from the subject property.

 Alameda Landing is 86 percent leased to national and regional tenants, including grocery-anchor Safeway, Michaels, Orange Theory Fitness, Chipotle, AAA Insurance and Bank of America.  Alameda Landing is also shadow-anchored by Target.

The HFF retail investment sales team representing the seller was led by managing director Nicholas Bicardo.

“Alameda Landing is one of the highest-quality, newly-built grocery-anchored retail centers in the Bay Area,” Bicardo said.  “Deals of this scale and quality rarely come available in the San Francisco Bay Area.  This will be a trophy in the buyer’s portfolio for generations to come.”

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

Kristen M. Murphy

Director, Marketing

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

http://www.catellus.com

HFF closes sale of first parcel within St. Albans at Midtown in Raleigh, NC

  

1100 St. Albans Drive, Raleigh, NC

 CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $3.8 million sale of a 3.39-acre parcel within the larger 51.32-acre St. Albans at Midtown development site near North Hills in Raleigh, North Carolina.

HFF marketed the site on behalf of the sellers:  Wells Fargo Bank, acting as Trustee for a local family; and Henry Sink and Richard Williams, acting as Co-Trustees for another local family. 

Coastal Federal Credit Union, which operates its headquarters on the adjacent parcel, purchased the site free and clear of debt.  Jake Jones at Avison Young represented Coastal Federal Credit Union.

Justin Good

The St. Albans at Midtown development site is situated less than one half of a mile from the terminus of North Hills, a growing area of Midtown Raleigh that has more than one million square feet of lifestyle amenities and nearly 1.1 million square feet of office space either completed or underway. 

With North Hills approaching build-out, the St. Albans at Midtown development site provides an opportunity to extend the North Hills area, often considered Raleigh’s second central business district. 

The site at 1100 St. Albans has immediate access to Interstate 440 and to Wake Forest Road, which links the property to Duke Raleigh Hospital, executive housing in North Raleigh, and the tech hub of Downtown Raleigh.

The HFF investment sales team representing the seller was led by managing director Justin Good and director Allan Lynch.

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

Kristen M. Murphy

Director, Marketing

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 $35 million sale of 2-building industrial portfolio in Durham, NC

Tech Distribution Center, 2012 T.W. Alexander Drive, Durham, NC

CHARLOTTE, NC – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $35 million sale of a two-building, 100-percent-leased, Class A industrial portfolio totaling 448,385 square feet in Durham, North Carolina. 

HFF marketed the property on behalf of the seller, Stoltz Real Estate Partners.  Principal Real Estate Investors purchased the portfolio.

Chris Norvell

The portfolio comprises Tech Distribution Center and Tri-Center North V.  The 245,000-square-foot Tech Distribution Center is located at 2012 T.W. Alexander Drive and features a two-story glass entrance along with 30’ clear heights, 50’ by 50’ column spacing, 180’ deep truck courts and 24 dock-high doors. 

Completed in 2001, the facility has approximately 28,000 square feet of office area (11.4 percent of the building). 

Located at 3500 Tri-Center Boulevard, the 203,385-square-foot Tri-Center North V is situated on 20 acres within Research Tri-Center, a 130-acre master-planned industrial park. 

Originally constructed as a built-to-suit for IBM, the facility has both a 185’ deep truck court and a 120’-130’ truck court, providing a significant opportunity for on-site trailer storage in addition to almost 20,000 square feet of office space (9.7 percent of the building). 

The HFF investment sales team representing the seller was led by senior managing director Chris Norvell.

”We continue to see strong demand for industrial investment opportunities throughout the Carolinas,” Norvell said.  “The Raleigh-Durham market is particularly strong in that there are significant barriers to entry for development, particularly in the RTP/I-40 corridor submarket where total occupancy is hovering around 100 percent.  It’s an excellent long-term investment.”

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

Kristen M. Murphy

Director, Marketing

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.stoltzusa.com

HFF secures acquisition loan for 5-property Chicago-area industrial portfolio

  

Christopher Carroll

CHICAGO, IL –- Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured acquisition financing for a five-property, fully-occupied industrial portfolio totaling 1.41 million square feet in the Chicago area.

HFF worked on behalf of the borrower, Transwestern Investment Group, to place the five-year, fixed-rate loan with a life company. The portfolio was acquired by TSP Value and Income Fund, Transwestern Investment Group’s discretionary value-add vehicle.  

The portfolio properties are: 3800 Sunset Avenue in Waukegan; 301-363 North Third Avenue in Des Plaines; 5300 Proviso Drive in Melrose Park; 7400 Richards Road in Bridgeview and 5100 West 123rd Street in Alsip. 

The properties have clear heights ranging from 21’ to 30’ and all have some percentage of office finish.  The portfolio is home to eight tenants, including Dulin Metals Co; Permasteelisa North America; Midland Paper Company; Keystone Automotive Industries and Cornfields, Inc.

 The properties are located just off major thoroughfares, including Interstates 294 and 94, providing access to the greater Chicago area, the Midwest and beyond.

The HFF debt placement team representing the borrower was led by managing director Christopher Carroll and senior managing director Brian Carlton.

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

Kristen M. Murphy

Director, Marketing

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

http://www.transwesterninvest.com.

  

HFF secures $66 million refinancing for Los Angeles-area power center

  

Plaza 183, 11101-11263 183rd Street and 17970 Studebaker Road, Cerritos, CA

Paul Brindley

LOS ANGELES, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured a $66 million refinancing for Plaza 183, a 360,875-square-foot, open-air, destination retail center in the Los Angeles-area community of Cerritos, California.

HFF worked on behalf of the borrower, Cerritos Retail CenterCal LLC, to secure the 10-year, fixed-rate loan with Principal Life Insurance Company.  

Principal Real Estate Investors advised the lender in the transaction.  Loan proceeds are being used to refinance the original acquisition/renovation financing.

Plaza 183 began an extensive renovation in 2014, most of which was completed in 2015 with more renovation planned to commence this year.

  Currently more than 97 percent leased, the 11-building power center is home to national tenants, including Burlington Coat Factory, Nordstrom Rack, Saks Off Fifth, T.J. Maxx, Buffalo Wild Wings, Guitar Center, Olive Garden, Old Navy, Off Broadway, Jersey Mike’s, Lane Bryant, Burlington Coat Factory and 24-hour Fitness.

 Located at 11101-11263 183rd Street and 17970 Studebaker Road, the destination center is in an infill location in the heart of Cerritos, a community midway between downtown Los Angeles and the business centers of Irvine, Santa Ana and Anaheim, just off the 605 Freeway and two blocks south of Highway 90. Plaza 183 is exposed to more than 244,000 vehicles per day due to its frontage along the 605 Freeway.

The HFF debt placement team representing the borrower was led by Paul Brindley,  Eric Tupler and Steven Paskover.

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

Kristen M. Murphy

Director, Marketing

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.centercal.com.

WNC provided about $6.1 million in LIHTC equity to fund construction of 144-Unit Cypress Springs Affordable Senior Housing Community in Baton Rouge, La

Michael Gaber

BATON ROUGE, LA – WNC, a national investor in real estate and community development initiatives, announced the completion of Cypress Springs, a new 144-unit affordable senior housing community in Baton Rouge, La. 

WNC provided approximately $6.1 million in low-income housing tax credit (LIHTC) equity to fund the development.

Located at 8200 Cypress Road, Cypress Springs includes three buildings comprised of 76 one-bedroom units and 68 two-bedroom units. 

The property’s amenities include a fitness center, central laundry facility, activity room/clubhouse, computer center, tenant storage area, sauna and picnic area.

The community also offers onsite management and support services. Each unit is equipped with intercom entry, central air conditioning, kitchen appliances and a ceiling fan. The property has 159 parking spaces.

Cypress Springs was developed by Community Development Inc. The project developer was C. Fred Cornforth.

“Cypress Springs is an excellent property offering new, well-constructed housing to the Baton Rouge senior community,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber.

“WNC is proud to be a partner in Cypress Springs and to help deliver additional affordable senior housing to the people of Baton Rouge and to a nation in dire need of quality affordable housing.”

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

Julie Leber

Spotlight Marketing Communications

949.427.5172 ext. 703

julie@spotlightmarcom.com

Stos Partners Acquires High-End Mixed-Use Asset in San Diego County’s Carlsbad Village, CA

Carlsbad Village, San Diego County, CA

CJ Stos

SAN DIEGO, CA – Stos Partners, a privately held commercial real estate investment and management firm, has acquired a 22,000 square-foot mixed-use property comprised of retail, restaurant, creative office and residential space in the heart of San Diego County’s Carlsbad Village submarket.

The property, which is 90 percent leased, is occupied by award-winning local restaurant and wine bar PAON, as well as a variety of retail and office tenants.

“This project has the best of everything - coastal location, high-end, urban design and construction, strong tenants, and a small amount of space we can lease to immediately increase value,” says CJ Stos, Principal of Stos Partners.

 “Our focus is to acquire properties in coastal California markets and increase value through strategic management and leasing. This asset features cutting edge retail and office space that is attractive to local companies seeking a live/work/play beach lifestyle.”

The property, which was completed in 2008, features a host of desirable amenities, including office suites with concrete floors and exposed HVAC as well as a 2,000 square-foot community deck with panoramic views.

“This is a beach town, and this asset is at the heart of all that is happening here,” says Stos.  “We are confident in the San Diego market as a whole, and see submarkets such as Carlsbad and Oceanside becoming increasingly attractive to professionals, residents and tourists as a less expensive alternative to more premium submarkets such as Encinitas and Del Mar.”

Jason Richards

Stos expects this migration to less expensive coastal areas to continue, and anticipates increased tenant and consumer demand throughout the California coast over the long term.

The property’s creative office space tenants include HighJump, a national tech company, as well as an alternative health company which Stos Partners brought to the project during escrow.

The three-story mixed-use asset also includes two residential penthouses with coastal views, providing an added opportunity for value creation, according to Jason Richards, a Partner at Stos Partners who was integral in this acquisition.

“These are single-story living, urban, penthouse-style condos with ocean views and private two-car garages, which is simply unheard of in Carlsbad Village,” says Richards.  “Based on the tremendous demand for coastal homes, the asset provides flexibility to either sell the condos individually, or to rent them, adding to the value of the asset as a whole.”

Richards notes that Stos Partners plans to implement exterior improvements to the property, including new paint and maintenance upgrades.

The property fronts two streets in Carlsbad Village, and is located at 560 Carlsbad Village Drive and at 2975 Roosevelt Street.

Barry Hendler of Cushman & Wakefield represented Stos Partners as the buyer in the $6 million acquisition.  The seller, a private company, was also represented by Hendler.

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

Devin Ugland / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

dugland@browermillercole.com

        

www.stospartners.com.

Cohen Commercial Realty Signs Donohue Real Estate In New North Palm Beach, FL Lease Transaction

Bryan S. Cohen

North Palm Beach, FL  —Bryan S. Cohen, Will Soled and Travis Langhorst of Cohen Commercial Realty, Inc., announced the signing of Donohue Real Estate to lease a 1,300-square-foot space at Shoppes at City Centre located at 11241 U.S. Highway One in North Palm Beach.

  They join Doris Italian Market and Bakery, West Marine, Carrabba's, and more.  Cohen Commercial represents the landlord in this transaction.

Daycare Group Leases 10,000 SF in Palm Springs, FL

PALM SPRINGS, FL  —Bryan S. Cohen and Travis Langhorst of Cohen Commercial Realty, Inc., announced today the signing of A Place For You Adult Daycare to lease a 10,000-square-foot space at located at 3678 S Congress Ave in Palm Springs, Florida.  Cohen Commercial represents the landlord in this transaction.

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

Donna Cordes

Cohen Commercial Realty, Inc.

561.471.0212 Office

561.471.5905 Fax

donnacordes@cohencommercial.com

www.cohencommercial.com

Pordes Residential Releases Final 100 Units for Sale at Veer Towers in Las Vegas, NV

Veer Towers,Within City Center, Las Vegas, NV

LAS VEGAS, NV — Pordes Residential Sales and Marketing has just released the final 100 units for sale at Veer Towers, the two-tower luxury condominium project located in the heart of CityCenter.  More than 330 units have been sold in the last three years which means only 14 percent of the units remain.

Darwin Dizon

“Veer Towers is the only all-residential building on the Las Vegas Strip,” said Darwin Dizon, Director of Sales.  “No new residential projects have been announced which means our remaining inventory is the last chance for buyers to own at one of the most famous addresses in the world.”

Prices at Veer Towers range from $265,000 to $2,000,000. Buyers have the option to purchase fully-furnished turn-key model residences.

In addition to studios, executive one-bedrooms, one-bedrooms and two-bedrooms, Pordes Residential has just released a unique combo residence on the 12th floor of the west tower. 

The custom made three-bedroom, three-bathroom residence offers 270-degree views of the city and the Strip.

 The one of a kind unit offers over 1,800 square feet of living space, comes fully furnished and is listed for $1.4 million.  The company also has one remaining penthouse boasting 2,014 square feet, a double master bedroom layout and two and a half spa-like bathrooms.  In addition, the unit has 20 foot ceilings and floor to ceiling windows. The penthouse is priced at $1.9 million.

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

Ilana Tescher

Account Executive

 BoardroomPR

itescher@boardroompr.com

O 954-370-8999

C 954-249-1816

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

Berger Commercial Realty Secures Nearly 22,000 Square-Feet in Lease Transactions for Landlords Across Broward County, FL

Stephanie Bernota

FORT LAUDERDALE, FL - Berger Commercial Realty brokers recently secured 21,965 square-feet in leases transactions for landlords across Broward County.

Keith Graves

Parkway Professional Building

At the Parkway Professional Building in Miramar, Sales Associate Stephanie Bernota represented Dew Seven, LLC in securing the lease renewal for 4,825 square-feet of office space to American Financial Life, Inc. in suite 325;

a new lease for 1,874 square-feet of office space to Legal Gopher Document Retrievers in suite 110;

and the lease renewal for 437 square-feet of office space to Riddims Marketing, Inc. in suites 108 and 109.

Located at 6151 Miramar Parkway, the 40,858-square-foot Parkway Professional Building offers ample parking, a modern courtyard, a keypad entry system, and office suites ranging in size from 204 square-feet to 3,300 square-feet. It is situated on a 2.37-acre lot just west of State Road 7 on Miramar Parkway.

Sample Executive Center

Senior Vice President Keith Graves and Senior Sales Associate Jonathan Thiel represented Sample Executive Center, LLC in leasing 4,221 square-feet of space to Mo Management, LLC at the Sample Executive Center, located at 2001 W. Sample Road in Deerfield Beach.

Cypress Creek Executive Court

Along with Senior Vice President Joe Byrnes, Thiel also represented Rising Tide Development, LLC in facilitating the lease expansion for 4,000 square-feet of office space to Chem USA, LLC at Cypress Creek Executive Court, located at 2700 W. Cypress Creek Road.

Jonathan Thiel

Cypress Creek Business Park

Byrnes and Thiel also represented Rising Tide Development in renewing a lease for 1,950 square-feet of flex space to Destination Hope, Inc. at Cypress Creek Business Park, located at 6555 N. Powerline Road.

Prospect Park I

On behalf AKF3 SF Light Industrial, LLC, Byrnes, Graves and Thiel extended a lease for 3,047 square-feet of office space to American Creative, Inc. in Prospect Park I, located at 5241 N.W. 33rd Avenue in Fort Lauderdale.

Prospect Park II

At Prospect Park II, Byrnes, Graves and Thiel represented AKF3 in leasing 1,611 square-feet of flex space to SBC Intercontinental, Inc. at 3439 N.W. 55th Street and 1,056 square-feet of office space to Advantage Networking, Inc. at 3339 N.W. 55th Street in Fort Lauderdale.

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

954-776-1999

Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Marielle Sologuren, ext. 226, msologuren@piersongrant.com

HFF closes sale of Parsippany, NJ office building

600 Parsippany Road Office Building, Parsippany, NJ

Stephen Simonelli

FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of an approximately 100,000-square-foot office building located at 600 Parsippany Road in Parsippany, New Jersey.

HFF marketed the property on behalf of the seller, Mack-Cali Realty Corporation.  A joint venture between Bukiet Building Management and Mountain Development Corp. purchased the asset free and clear of existing debt.

600 Parsippany Road is situated just off exit 40 of Interstate 287 at the four-way interchange with Parsippany Road.  The property is less than two miles from Interstates 80 and 280 and Routes 24, 46, 10 and 202, and less than 30 miles from New York City.  

The three-story, black glass building is 92 percent leased to notable tenants, including Aerotek; Level 3 Communications; Sonneborn; Certified Financial Services; Inglesino, Webster, Wyciskala & Taylor, LLC; Property Title Group, LLC and Dewberry.  

The building features a newly-renovated lobby with stone and tile flooring and a full-service café on the top floor.

Michael Oliver

The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Michael Oliver and Stephen Simonelli and associate director Marc Duval.

“600 Parsippany road is a quality asset located within the prime Morris County office market,” Cruz said.  “The property provides the new owners with stable cash flow given its current occupancy and the potential upside given leasing the remaining space at higher rents.”

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

Kristen M. Murphy

Director, Marketing

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.mack-cali.com

www.mountaindevelopment.com

HFF closes $30.5 million sale of Gateway Center in Charlotte’s central business district

Gateway Center, 901 West Trade Street, Downtown Charlotte, NC

 

Ryan Clutter

CHARLOTTE, NC – July 22, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $30.5 million sale of Gateway Center, a 10-story, 310,745-square-foot, multi-tenant office building in Charlotte’s central business district.

HFF represented the seller, KBS Real Estate Investment Trust, Inc., in the sale of the property to an undisclosed purchaser. 

Gateway Center is located at 901 West Trade Street between West Fourth and Trade Streets in the heart of downtown Charlotte.  This location is close to Bank of America Stadium, home to the NFL Carolina Panthers; Time Warner Cable Arena; BB&T Ballpark; Levine Center for the Arts and numerous dining and retail options.

 The transit-oriented property is within walking distance of the Greyhound and Light Rail stations and has easy access to Interstates 277, 77 and 85.  Bank of America and Johnson & Wales University are two of the tenants at the 90-percent-leased property, which features a sundries shop and a 149-space, below-grade parking facility.

Scot Humphrey

  A 1.622-acre parcel, currently used as a 29-space surface lot, was also part of the sale.

The HFF investment sales team representing the seller was led by senior managing director Ryan Clutter, director Scot Humphrey, managing director Ralph Smalley, and associate director Christopher Lingerfelt.

“We received tremendous interest in the Gateway Center offering further demonstrating the appeal and national attention Charlotte and the Carolinas are receiving from institutional investors,” commented Clutter.

 “Well-located, urban assets that offer notable upside potential for investors are currently in high demand and we believe this pattern is poised to continue for the foreseeable future.” 

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

Kristen M. Murphy

Director, Marketing

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 and arranges financing for Plaza at Solana mixed-use development in Westlake, TX

Plaza at Solana, Westlake, TX

 DALLAS, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and arranged acquisition financing for Plaza at Solana, a three-building office and retail mixed-use development in the suburban Dallas community of Westlake, northwest of Dallas/Fort Worth International Airport.

HFF marketed the property on behalf of the seller, Equity Office.  Harbert Management Corporation purchased the asset for an undisclosed amount.  Additionally, HFF worked on behalf of the new owner to secure the five-year, fixed-rate acquisition loan with one two-year extension through LegacyTexas Bank. 

Dallas-Fort Worth International Airport

Plaza at Solana is positioned at 1301 Solana Boulevard within Solana Business Park, a mixed-use business park featuring offices, a Marriott hotel, Larry North Fitness Club, retail, restaurants and jogging trails.

 The asset’s location at the intersection of Solana Boulevard and State Highway 114 allows for access to the entire north Texas region via State Highway 114, U.S. Route 377 and Interstate 35. 

The property is proximate to Dallas/Fort Worth International Airport, Southlake Town Square and three of Dallas-Fort Worth’s top-four suburbs.  The buildings total 359,873 square feet and are leased to a variety of tenants, including Wells Fargo, Verizon Wireless, Audatex, Echo Locum Tenens, Pfizer, Western & Southern Life Insurance Company and Midwest Hospitality.

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

Kristen M. Murphy

Director, Marketing

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.LegacyTexas.com

www.harbert.net.

www.equityoffice.com.

Passco Cos. Acquires 236-Unit Class AA Multifamily Asset in Louisville, KY MSA for $50.4 Million

The Veranda Apartments at Norton Commons, Prospect, KY

Colin Gillis

LOUISVILLE, KY – Passco Companies, LLC has acquired The Veranda, a 236-unit multifamily community in the highly sought-after Norton Commons master-planned community in Prospect, Kentucky, a growing submarket of the Louisville MSA, for $50.4 million.

 “The Veranda at Norton Commons is the only ultra-luxury rental option within one of the best-executed master planned communities in the Southeast,” explains Colin Gillis, Vice President, Acquisitions - Southeast at Passco Companies. 

“Norton Commons is the embodiment of a high-quality lifestyle destination, with unrivaled walkability to employment, boutique retail, dining, entertainment and recreation.” 

The Louisville MSA is experiencing rapid economic growth, resulting in strong demand for multifamily product throughout the region, according to Gillis.

“The demographic profile at The Veranda is one of the most impressive we have ever seen,” he says.  “The region continues to demonstrate strong employment growth, high average income levels, and a highly educated workforce.  Market fundamentals are extremely strong, and will drive continued demand for the asset over time.”

            Gillis notes that job gains in the Louisville MSA far exceed multifamily deliveries. Approximately 8,500 new jobs have been added year-over-year, while only approximately 1,000 new multifamily units are being constructed each year. Further, the unemployment rate in Louisville is 4.6 percent, which is well below the national average of 5.5 percent. 

Mike Kemether

  “The median household income within a one-mile radius of the area is $115,000, a number that is consistent with the income levels seen at the property,” says Gillis. 

“In addition, rising construction costs, expensive nuances that accompany developing within Norton Commons, and land prices exceeding $1 million per acre will make the addition of new rental units extremely difficult. 

“This provides Passco with a competitive advantage over any new future development in Louisville for many years to come.”

Mike Kemether in Cushman & Wakefield’s Atlanta office adds, “The Veranda at Norton Commons is a unique project, strategically positioned as the only apartment component within the Norton Commons master planned community.”

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

Devin Ugland / Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

Dugland@browermillercole.com

  

@CushWake on Twitter.

www.cushmanwakefield.com

www.passco.com.