HFF closes $48.25 million sale of 7-building light industrial park in Memphis, TN

Century Center Business Park, Century Center Parkway, Memphis, TN

Marty Busekrus

MIAMI, FL, Jan. 6, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed on the sale of Century Center Business Park, a seven-building, light industrial business park totaling 520,052 square feet in northeast Memphis, Tennessee.  

HFF marketed the property on behalf of the seller, GID Investment Advisers (GID), led by GID Vice President Rich Sullivan, who oversaw the asset throughout GID’s successful 10-year investment period.  

Taurus Investment Holdings, LLC purchased the park.  Cushman and Wakefield/Commercial Advisors will retain leasing and management for Century Center Business Park.

Situated on 50 continuous acres, Century Center Business Park is located off of Interstate 40, one of the most travelled interstates in the U.S., at 1590, 1600, 1610, 1620, 1640, 1670 and 1680 Century Center Parkway.  

Memphis is regarded as the “North American Distribution Center” since the city is the world headquarters for FedEx, which uses Memphis International Airport as its distribution hub, in addition to its centralized location; rail access and its proximity to the Mississippi River. 

Century Center Business Park has a mix of four industrial buildings with 22’ to 24’ clear heights and three office buildings.  Major tenant uses include pharmaceutical, hospital, advertising and distribution. 

Pat Sullivan

The HFF team representing the seller was led by director Marty Busekrus and managing director Pat Sullivan.

“The Memphis industrial sector came alive in 2015, absorbing more than eight million square feet, which is more than the three previous years combined,” Busekrus said. 

“The absorption was 3.4 percent of existing stock, which is the highest in the Southeast.  Century Center Business Park is an incredible park with a unique story and one of the strongest tenant bases in the Memphis area.”

“We are pleased to have made our third investment in the Memphis market with the acquisition of Century Center Business Park,” Peter A. Merrigan, CEO of Taurus Investment Holdings LLC, said. 

“The strong tenancy and continued growth within the park and in the Memphis market as a whole provided a compelling investment opportunity for Taurus and its investors.  We look forward to continued growth in this market sector in the years to come.”

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.tiholdings.com

www.gid.com.

HFF secures $11.6 million refinancing for The Q in San Diego’s Little Italy neighborhood

The Q Development, Little Italy Neighborhood, San Diego, CA

 

Aldon Cole

SAN DIEGO, CA, Jan. 6, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured an $11.6 million refinancing for The Q, a seven-story, 36,794-square-foot, mixed-use residential and retail development in downtown San Diego’s Little Italy neighborhood.

HFF worked on behalf of the borrower and developer, Jonathan Segal FAIA & Development Company, in arranging the 20-year, fixed rate, non-recourse, 4.61 percent refinancing with five years of interest only payments, followed by a 35-year amortization through one of HFF’s correspondent life company lenders, 

AEGON Realty Advisors, LLC, a commercial real estate investment and management arm of Aegon Asset Management.  HFF will service the loan.

  

The Q, designed and developed by the borrower, renowned San Diego architect and developer Jonathan Segal, was delivered in 2010 and features 28 luxury apartment units and five ground floor retail/office units leased to local eateries Underbelly, Monello, Bencotto and Influx. 

The residential units range from studio to two-bedroom/two-bath units averaging 991 square feet each.  Units feature floor-to-ceiling glass providing views of downtown San Diego and the bay.  

Jonathan Segal

The Q’s location in the heart of Little Italy provides residents with plentiful area amenities including restaurants, pubs, cafes, art galleries, shops and hotels all surrounding Amici Park.  

The property has easy access to both the Pacific Coast Highway and Interstate 5 providing access to the greater San Diego and Southern California area.

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

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

Crossman & Co. Negotiates 10 New Leases at Shopping Centers in Manatee and Sarasota Counties, FL

Tracy Worell

BRADENTON, FL and SARASOTA, FL --- Crossman & Company, one of the largest retail leasing, management and investment sales firms in the Southeast, recently negotiated leases for more than 25,500 square feet with 10 new tenants at seven shopping centers in Manatee and Sarasota counties.  

Senior Associate Tracy Worell negotiated the largest new lease at West Gate shopping center 4001 Manatee Avenue West in Bradenton.  Anytime Fitness leased 10,075 square feet and brought the 114,094 square foot center to 100 percent leased.   

In Parrish at 1255 US 301 North at The Shops at Silverleaf anchored by Publix, Worrell negotiated two new leases--one for 1,400 square feet with Dr. Nina’s Vet Hospital and another for 2,450 square feet with Calavera Taqueria, a new restaurant concept opening in the new year, and their lease brought this center to 100 percent leased.  

                  

Crossman & Company Senior Associate Sandra Woodworth leased 1,750 square feet to Paladar Tastes of Cuba at Bradenton’s Lakewood Ranch Publix-anchored center at 11205 E. SR 70, and in the Lakewood Ranch Publix-anchored center at 8330 Market St.,Woodworth leased 2,400 square feet to Brain Balance Center of Lakewood Ranch a franchise offering programs that address academic and behavioral issues.

Sandra Woodworth

 In Sarasota in the Publix at Bee Ridge shopping center, 8300 Bee Ridge Rd., Woodworth leased two 1,400 square foot retail suites–one to Elizabeth Viktoria Salon and another to UPS.

Worrell negotiated two leases with two healthcare tenants at University Walk in Sarasota–one space with 1,750 square feet is for a new Florida Medical Hearing Center at 2807 University Parkway, and at 2827 University Parkway 1,734 square feet was leased to Optical Outlets. 

At Paradise Plaza, Worrell negotiated a lease with Chicken Kitchen for 1,225 square feet. The restaurant will open in 2016 at the Publix-anchored center located at Bee Ridge and US 41–one of the busiest intersections in Sarasota. 

The second Sarasota location for Chicken Kitchen joins Pier One and Salon Lofts as junior anchors at the center which is currently 96.31 percent leased.

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

Beth Payan, Larry Vershel Communications, 407-644 4142 or 407-461 3781 lvershelco@aol.com

Crossman & Co. negotiates Eight long term leases, maintaining 98-100 percent Occupancy at Four Orlando, FL Commercial Centers

 

Tyler Wilkins

ORLANDO, FL – Tyler Wilkins of Crossman & Company, one of the largest retail leasing, management and investment sales firms in the Southeast, recently negotiated eight long-term leases at Orlando commercial centers where 98 to 100 percent occupancy has been maintained through 2015. 

  Wilkins represented the Orlando-based landlords at the centers which include:

• Belle Isle Commons at 5126 S. Conway Rd. where Tennessee-based Dollar General renewed the lease of 11,050 square feet;  
• Seattle-based Starbucks renewed the lease of 1,750 square feet; 
• Urban Bella Salon  renewed the lease of 1,073 square feet and California-based Boost Mobile signed a new lease for 900 square feet;   

 ·     Orange Avenue Commons, where Quality Nails renewed their 1,226 square feet; 

·     Goldenrod Plaza where Perkins Karate expanded into a 2,000 square foot space; and 

·     532 Virginia Drive, a freestanding medical office building in the heart of the up-and-coming Ivanhoe Village Arts District, where Loch Haven Veterinary Hospital leased 3,200 square feet.

  

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

Beth Payan, Larry Vershel Communications, 407-644 4142 or 407-461 3781 lvershelco@aol.com

NAI Realvest Negotiates Acquisition of 6.43 acre development parcel on US 1 in Ormond Beach, FL for $812,500

Chris Butera

ORMOND BEACH, FL – NAI Realvest recently negotiated the acquisition of a 6.43-acre parcel of retail development land at 1670 N. US 1 in Ormond Beach.

Chris Butera, investment associate at NAI Realvest covering Volusia and Flagler counties, negotiated the transaction representing the buyer, Destination Interchange LLC who paid $812,500.00 for the land.

The local seller GTMDPP, LLC, was represented by Tim Carroll of Watson Commercial Realty, Inc.

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

Beth Payan, Larry Vershel Communications, 407-644 4142 or 407-461 3781 lvershelco@aol.com

Crossman & Co. negotiates $4.4 Million Sale of Publix Anchored Shopping Center in Ocala, FL

Pearl Britain Plaza, Ocala, FL

Mark Thompson

ORLANDO, FL --- Mark Thompson, managing director at Crossman & Company one of the largest retail leasing, management and investment sales firms in the Southeast, recently negotiated the sale of Pearl Britain Plaza in northeast Ocala.

Thompson, who represented the Seller Pearl Britain Development of Troy, MI, said the 82,216 square foot Publix-anchored center and its 18.5-acre site, was sold to a private investor out of Coral Gables for $4,436,300.

“This was a unique value-added Publix with 70 percent vacancy in the shop space.  Our campaign process generated over 100 authorized confidentiality agreements and several offers for the property,” said Thompson.  “A private investor from South Florida delivered a non-refundable day-one offer to close the deal.”

Pearl Britain Plaza is one of three shopping centers Thompson sold over the past 60 days in Central Florida totaling more than $11.88 million and 150,000 square feet.  The 21,600 square foot Publix Shadow, Shoppes at Andover in Orlando was sold for $4,900,000 and the 46,177 square foot Plaza Del Sol on SR 434 in Longwood sold for $2,550,000. 

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

Beth Payan, Larry Vershel Communications, 407-644 4142 or 407-461 3781 lvershelco@aol.com