HFF closes $12 million sale of retail power center in Middletown, NY

Galleria at Crystal Run, 1100--1300 North Galleria Drive, MIddletown, NY

Jose Cruz

FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $12 million sale of Galleria at Crystal Run, an 80,000-square-foot retail power center that is 100 percent leased to Best Buy and Christmas Tree Shops in Middletown, New York.

HFF marketed the property on behalf of the seller, Kimco Realty Corp.  The buyer was private and purchased the asset free and clear of existing debt in an all-cash transaction that was part of a 1031 exchange.

The property is an outparcel to the adjacent 1.2 million-square-foot Galleria at Crystal Run Mall, which is anchored by Macy’s, Target, H&M, Dick’s Sporting Goods, Sears, AMC Theaters and JCPenney and has approximately 12 million annual visitors. 

Located at 1100-1300 North Galleria Drive, the building is just off of Route 17 and near Exit 4W of Interstate 84 in a large trade area that draws from a population of more than 270,000, with an average household income of $92,180.  Built in 2000, the building is situated on 10.1 acres. 

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

“The property provides a strong cash flow from two well-known tenants,” Cruz said.  “That stability was very attractive to the buyer pool.”

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 expands West Coast hotel investment sales team with the addition of James Escarzega

 

James Escarzega

SAN FRANCISCO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has expanded its West Coast hotel investment sales team with the addition of James Escarzega in its San Francisco office.

 Escarzega joins HFF as a managing director focused on hotel investment sales throughout the Bay Area and the West Coast.  He will also be a part of HFF’s national hotel group led by Daniel Peek.

Prior to joining HFF, Escarzega was a managing director in Cushman and Wakefield’s Global Hospitality Group.  During his three-plus year tenure with the firm, he was involved in more than $2 billion of hospitality investment sale and financing assignments throughout the United States. 

Prior to Cushman, Escarzega was a senior vice president and senior consultant with Pinnacle Advisory Group/Pinnacle Realty Investments. 

He began his career in hospitality through the management training program at The Waldorf Astoria in New York after graduating from Cornell University’s School of Hotel Administration in 1995.  Escarzega is a member of the Cornell Hotel Society and is an active member of The Guardsman, a San Francisco philanthropic organization. 

“James has extensive experience in the lodging transaction and capital markets sector, as well as a deep understanding of the lodging markets and products as a result of working on the operator side of the industry,” said Michael Leggett, senior managing director and co-head of HFF’s San Francisco office and West Coast team.  “His unique skill set and deep relationships will help to strengthen HFF’s hospitality capabilities in the Bay Area and beyond.”

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 2-building, 252,330-square-foot New Hope Commerce Center in Raleigh, NC closed by HFF team

 

Chris Norvell

 CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced its Carolinas investment sales team has closed the $21.2 million sale of New Hope Commerce Center, a two-building, Class A+, 100-percent-leased industrial portfolio totaling 252,330 square feet in Raleigh, North Carolina.

HFF senior managing director Chris Norvell, formerly of Cushman & Wakefield Thalhimer, represented Brookwood Capital Partners in the sale of the buildings to Stockbridge Real Estate.

New Hope Commerce Center’s two buildings are located at 4200 and 4205 Global Street in the East Wake submarket. 

The center is situated on 26.69 acres just south of the convergence of Interstates 495 and 440, providing access to the major distribution corridors in the Southeast.  The buildings feature 120’ to 132’ deep truck courts with 60’ concrete aprons, 60’ deep bays and 28’ to 30’ minimum clear heights.

 Owens & Minor, a medical and surgical supplies distributor and healthcare supply-chain management solutions provider, leases the 151,135-square-foot 4200 Global building as its primary distribution facility for the eastern part of the Carolinas, and TBC Corporation, the largest subsidiary of Sumitomo Corporation, leases the 101,195-square-foot 4205 Global Street property. 

“We continue to see growing interest from institutional level buyers in the Raleigh-Durham industrial market,” Norvell said.  “Strong fundamentals in the market, particularly exponential rent growth, will make the Raleigh region a hot commodity going into 2016.”

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.brookwoodcapitalpartners.com.

HFF appoints Adam Herrin to lead its Dallas, TX industrial investment sales team

 

Adam Herrin

DALLAS, TX  – HFF announced one of its veteran transaction professionals, Adam Herrin, has been promoted to managing director and will assume leadership responsibility for the Dallas industrial investment sales group.

Mr. Herrin has more than 10 years of experience in commercial real estate finance and sales and has primarily been responsible for originating individual and portfolio debt and equity transactions throughout the United States.

 During his tenure he has been involved in more than $4.0 billion in commercial real estate transactions, specializing in institutional-grade assets and developments.   He is a member of Urban Land Institute, as well as the Real Estate Council and is an active Cotton Bowl Board Member, Community PID Board Member and Rice University Alumni Association member.

“Adam has a long-term track record with HFF, an embedded sense for our culture and values and has proven himself to be a great teammate through his nearly 10 years with the firm,” said Andrew Levy, co-head of HFF’s Dallas office.  “We are excited to promote from within for this role assuring a seamless transition for the team and for our clients.”

 . 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 arranges $41.6 million construction loan for Class A multi-housing development in Portland’s Pearl District

Rendering of planned Couch 9 apartment project,
Corner NW9th Avenue and Couch, Pearl District, Portland, OR

Erica Christensen

PORTLAND, OR –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $41.6 million construction loan for the development of Couch 9, a 136-unit, Class A multi-housing project with 5,258 square feet of ground floor retail in Portland, Oregon’s Pearl District.

HFF worked on behalf of the borrower, Urban Asset Advisors, to secure the construction loan through a non-local debt fund.

 

Due for completion in 2017, Couch 9 will feature studio through three-bedroom units averaging 737 square feet each. 

Units will offer stainless steel appliances, quartz countertops, in-unit washer and dryers, fireplaces, 10’ ceilings and balconies in select units.

 Residents will enjoy access to an exercise room, club room, rooftop deck, bike storage and wine storage room.  The property will also feature a two-level subterranean parking garage with 69 stalls. 

Casey Davidson

Couch 9’s location at the corner of NW 9th Avenue and Couch, places the asset within walking distance of the historic Alphabet Block District and the West End neighborhoods as well as proximity to two Portland streetcar lines. 

The HFF debt placement team representing the borrower was led by managing director Casey Davidson and associate director Erica Christensen.

“Couch 9 has a desirable in-fill location in one of Portland’s most acclaimed neighborhoods, ‘The Pearl’, an amenity rich area known for its high-rise condominiums, upscale boutiques, and beautiful modern parks,” said Davidson.

 . 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

Capital Square Completes Medical Office Building DST Offering near Raleigh, NC

 

Louis Rogers

RALEIGH, NC – Capital Square 1031 announced its Delaware statutory trust offering, CSRA NC MOB DST, comprised of a 16,024-square-foot medical office building near Raleigh, N.C., has been fully subscribed by investors. 

This is the 18th Capital Square 1031-sponsored DST offering fully subscribed since the company’s founding in 2012.

Located at 2503 E. Lyon Station Road in Creedmoor, the single-story building is 100 percent leased on a long-term basis to Duke University Health System. The 3.52-acre property includes 98 surface parking spaces.

“This is an institutional quality medical office building built in 2010 specifically for the Duke University Health System,” said Louis Rogers, founder and chief executive officer of Capital Square.

“Capital Square 1031 believes that medical office buildings such as this are attractive investment opportunities because healthcare costs are growing dramatically to approximately 20 percent of the US economy, and such costs are projected to grow for decades to come.”

Duke University Health System, Inc. is comprised of three hospitals with 1,512 licensed beds based in Durham, North Carolina. The hospitals include the 957-bed, internationally acclaimed flagship care facility, Duke University Medical Center, located on the Duke University campus; the 369-bed Duke Regional Hospital in Durham; and the 186-bed Duke Raleigh Hospital in Raleigh.

. 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

 

www.CapitalSquare1031.com.

                                      

Multi Housing Advisors Broker Sale of Apartment Community in Mount Pleasant, SC

The Legends at Mount Pleasant Apartments, Mount Pleasant SC

 

Watson Bryant

CHARLOTTE, NC — Multi Housing Advisors (MHA) has arranged the sale of The Legends at Mount Pleasant. Built in 2001, the apartment community is comprised of 142 units and is located near Charleston, South Carolina.

Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the seller, a private developer, in the transaction. Chaucer Creek Capital purchased the property.

“The Charleston and Mount Pleasant area’s high quality of life and successes across a broad economic base provide a bright outlook for the region’s entire multifamily sector,” McCarley said.

 “This transaction allows the buyer the opportunity to input fresh capital into a well-built, well-located asset in a submarket that can support considerable rent growth.”

The Legends at Mount Pleasant features nine-foot ceilings, upgraded finish levels and directly accessible garages in select units. 

The property is located along Mount Pleasant’s burgeoning Highway 17 corridor which features the newly built Roper Saint Francis Hospital, shopping centers anchored by Publix and Walmart, numerous restaurants, and the Charleston National Country Club.

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

Deborah Rogers

Multi Housing Advisors

404.645.7275

drogers@usmha.com