$7.26 Million Sale of CVS Pharmacy Site in Jupiter, FL Handled by Marcus & Millichap

Lori Schneider

JUPITER, 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 CVS, a 12,290-square foot net-leased property located in Jupiter, Fla, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $7,264,000 equating to $591 per square foot.

Lori Schneider, a senior vice president investments in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Boca Raton, Fla.  The buyer was a private investor from Chile.

“The ease of capital migration and the low-risk nature of drugstore leases continue to foster investor interest,” says Schneider. “This is an outstanding drugstore location with high household income and 28 percent growth projected through 2019. We received offers from local, national and international investors and closed at $591 per square foot.”

Built in 2003, the 12,290-square foot CVS is located on a 1.91 acre parcel in a high-growth location in the massive mixed-use development of Abacoa, a suburb of West Palm Beach.  CVS has recently committed to a renovation of the entire interior and partial exterior renovation of this location.

CVS is located at 4100 Military Trail, on the main roadway directly at the entrance to the Abacoa Jupiter development.

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

Ryan Nee

Regional Manager

Fort Lauderdale, FL

(954) 245-3400

Marcus & Millichap Brokers $5.95 Million Sale of $100,000-SF Boulevard Corners Retail Property in Jacksonville, FL

Lori Schneider

JACKSONVILLE, 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 Boulevard Corners, a 100,589-square foot retail property located in Jacksonville, Fla, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $5,950,000.

Lori Schneider, senior vice president investments, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Brewster, NY and the buyer, a limited liability company from Miami Beach, Fla.

“The buyer was a Miami exchange buyer who was attracted to being able to purchase an anchored center in a dense Florida location at a low cost per square foot,” says Schneider.

Boulevard Corners is a 99 percent occupied retail center anchored by Staples and Habitat for Humanity ReStore, on an 8.6 acre lot.

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

Ryan Nee

Regional Manager

Fort Lauderdale, FL

(954) 245-3400

Marcus & Millichap Arranges $4 Million Sale of Sandalfoot Plaza Drive Retail Property in Boca Raton, FL

Richard Moravek

BOCA RATON, 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 23133 Sandalfoot Plaza Drive, a 7,860-square foot retail property located in Boca Raton, Fla, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $4,000,000 equating to $509 per square foot.

Richard Moravek, a senior associate in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Merrick, NY.  The buyer was a private investor from Brazil.

“Capital from Latin American investors seeking yield and safety in commercial real estate income producing properties continues to flow into the South Florida tri-county area,” says Moravek.

Built in 1990, the plaza is located in the Sandalfoot retail corridor of Boca Raton.  The plaza is well-maintained with 100 percent occupancy by long-term tenants, including Jiffy Lube, Subway and Express Car Wash.  The plaza has excellent visibility from US-441/State Road-7.

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

Ryan Nee

Regional Manager

Fort Lauderdale, FL

(954) 245-3400

Jeffery Burrell Named General Manager Of Westin Portland Harborview

  

Jeffery A. Burrell

PORTLAND, ME, Jan. 25, 2016—Gerry Chase, president and COO of New Castle Hotels & Resorts, a leading hotel owner, operator and developer, today announced that veteran hotelier Jeffery A. Burrell has been named General Manager of the 289-room and suite Westin Portland Harborview in Portland Maine, a Rockbridge portfolio property.

An award-winning hotel executive, Burrell most recently was the General Manager of the AAA four-diamond, Westin Riverfront Resort & Spa in Avon, Colo., which he opened in 2008.

        “Jeffery is a proven leader with significant experience in all aspects of full service hotel and resort operations,” said Chase.  “He’s earned a reputation as a dynamic team leader, passionate guest advocate and dedicated community partner.  I believe he will be exactly the right person to help write the next chapter for this storied hotel.”

        Earlier in his career, Burrell was the Director of Front Office for the Brown Palace Hotel & Spa in Denver, Colo.  Prior to moving to Colorado, he was the Manager of Front Office, Spa and Recreation Operations for the Hard Rock Hotel and Casino in Tampa, Fla., and held several positions of increasing responsibility within the Disney Resorts.  He holds an MBA in International Hospitality & Service Industries Management from the Glion Institute of Higher Education in Switzerland.

Gerry Chase

     

   “The Westin brand really speaks to me and to have the opportunity to operate a Westin-branded hotel that is such an icon in its city is a dream come true,” said Burrell.  “There’s something different about working in a hotel that the city cherishes, and I can’t wait to tap into that history and share it with Portland’s visitors.” 

Located in the heart of Portland's arts district at 157 High Street, the 289-room and suite Westin Portland Harborview is the result of an 18-month, $50 million renovation that transformed a beloved, 1920s era grand dame into the city's most elegant hotel.  A member of Historic Hotels of America,

The Westin Portland Harborview is within easy walking distance of the city's best dining, shopping and art galleries, as well as the Old Port District. Recently ranked the “fifth hippest city in the U.S.” by Travel & Leisure magazine readers and the “#1 Foodiest Small Town” by Bon Appetit, Portland is celebrated for its live music scene, fine dining, independent boutiques and eco-friendly lifestyle.

        For additional information, please go to www.westinportlandharborview.com.

  Reservations at C2 are available through OpenTable.

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

Lauralee Dobbins

Write Touch Public Relations

Lauralee@WriteTouchPR.com

609-451-5102

www.newcastlehotels.com.

American Realty Advisors Acquires Core Industrial Asset in Metro Chicago, IL

1-88 Gateway Logistics Center, Metro Chicago, IL

Ray Kivett

Chicago, IL, Jan. 25, 2016 – American Realty Advisors announced the acquisition of the I-88 Gateway Logistics Center, a 604,565 square-foot industrial property in the metro Chicago area. The building is currently fully leased to a large distribution tenant through 2022.

According to Ray Kivett, American’s Managing Director, Investments, this acquisition will make a great addition to American’s industrial portfolio, as the purchase secures an asset with a high quality, long-term tenant in a strong market.

“Overall, this is the type of core industrial property that fits very well in our portfolio. The center’s great location, strong tenant profile, and high quality construction are three of the factors that we believe will provide our investors with an attractive cash flow stream and overall return profile,” says Kivett.

Built in 2014, the property is located in the I-88 West Industrial submarket of the Chicago MSA and is approximately 40 miles due west of the Chicago Central Business District. 

Jeffrey Devine

The property sits on a 32.59 acre site and has 32-foot clear heights, 60 cross-dock truck doors, four drive-in doors, ESFR fire protection, a fully air conditioned food grade facility, secured trailer parking with 63 trailer stalls, 46 trailer staging bays with an additional 63 future trailer stalls, and 300 parking spaces.

  “The newly constructed I-88 Gateway Logistics Center features many of the optimal attributes for an industrial property, and the center is situated within one of the strongest submarkets in the region.  

In addition, the layout of the asset provides flexibility in serving both large and medium size tenants as the space could eventually be demised down the middle to provide two cross-docked spaces,” adds Kivett.

“The property represents a high quality addition to our Chicagoland industrial portfolio that we are very excited to continue to grow,” noted Kivett.

The seller, a joint venture between Opus and USAA Real Estate Company, was represented by Jeffery Devine and Steven Disse of Colliers.

  

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

Lexi Astfalk / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

LAstfalk@browermillercole.com

 www.americanreal.com

BankUnited Announces $5.5 Million LoanTo Refinance Jacksonville Mixed-Use Property at 220 Riverside

 MIAMI LAKES, FL (Jan. 25, 2016) – BankUnited announced it provided a $5.5 million loan to HP Retail 220, LLC, an affiliate of NAI Hallmark Partners, to refinance a loan on its retail property at 220 Riverside, a mixed-use development located at the intersection of Riverside Avenue and Forest Street within downtown Jacksonville’s historic Brooklyn neighborhood.

In addition to the 21,816 square feet of retail space, 220 Riverside features 294 apartment units and Unity Plaza, a 2-acre urban park, amphitheater and gathering space with daily events for the community.  The retail space is 100% occupied by four tenants: upscale dining establishments Sbraga & Company and Hobnob Restaurant, Unity Plaza Center and Brixx Wood Fired Pizza.

For more information about BankUnited please call (904) 516-5457 or (877) 779-2265, or visit www.BankUnited.com.

  

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

Mary Harris, (305) 817-8117                                     

MHarris@BankUnited.com

Savannah Whaley, (954) 776-1999, x225

swhaley@piersongrant.com

Amy Hoffman

Pierson Grant Public Relations

6301 Northwest 5th Way  Suite 2600

Fort Lauderdale, FL  33309

v. (954) 776-1999  ext. 228

f. (954) 776-0290

ahoffman@piersongrant.com

www.highimpactdigital.com

HFF closes the sale of a grocery-anchored community center in Chattanooga, TN

The Overlook at Hamilton Place Shopping Center, 2288 Gunbarrel Road,
Eastern Chattanooga, TN

 

Richard Reid

ATLANTA, GA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of The Overlook at Hamilton Place, a 213,095-square-foot community shopping center in Chattanooga, Tennessee. 

HFF marketed the property on behalf of the seller.  Preferred Apartment Communities, Inc. (NYSE: APTS), through is retail subsidiary New Market Properties LLC, purchased the asset free and clear of existing debt. 

The Overlook at Hamilton Place is anchored by The Fresh Market, Hobby Lobby, Petco, Best Buy, Shoe Carnival and Rugged Warehouse.

 Situated on 19.81 acres at 2288 Gunbarrel Road in eastern Chattanooga, the property is located at the “main and main” intersection of Gunbarrel Road and Shallowford Road.  

The center is located in a strong retail node consisting of four million square feet of retail that is 99 percent leased.  The Overlook at Hamilton Place attracts shoppers from three states – Alabama, Georgia and Tennessee – as the most comparable retail node is 80 miles away.

The HFF team representing the seller was led by senior managing directors Jim Hamilton and Richard Reid.

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 Tonnelle Plaza in North Bergen, NJ

                                                                                                                            Ace Aerials Photo 

                         Tonnelle Plaza, 8101 Tonnelle Avenue (Routes 1 and 9), North Bergen, NJ

Jose Cruz

FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Tonnelle Plaza, a 350,000-square-foot retail center with a warehouse component in the New York metropolitan area suburb of North Bergen, New Jersey.

HFF marketed the property on behalf of the seller, 8101 Tonnelle Avenue, LLC.   An affiliate of New York-based Northeast Capital Group and BHN Associates purchased the asset free and clear of existing debt.

Tonnelle Plaza was renovated in 2008 after being developed by the seller in 1990.  

Anchored by ALDI and Burlington Coat Factory, the 95.7-percent-leased center is also home to Planet Fitness, Chuck E. Cheese, JP Morgan Chase Bank, Sally Beauty Supply, Subway, McDonalds, All Pet Distributors and Good Chinese Kitchen.

 In addition to the 155,500 square feet of retail space, the two-level center has 196,000 square feet of warehouse space fully leased to three tenants. 

Situated on 12.6 acres at 8101 Tonnelle Avenue (Routes 1 and 9), Tonnelle Plaza is less than 10 miles from Midtown Manhattan and in the Hudson waterfront retail submarket.  North Bergen is a designated Urban Enterprise Zone with nearby national retailers, including Lowe’s Home Improvement, The Home Depot, Target, Walmart and BJ’s Wholesale Club.

Michael Oliver

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 and supported by senior managing director Andrew Scandalios.

“Tonnelle Plaza is located in one of Northern New Jersey’s most densely-populated neighborhoods,” Cruz said.  “The property benefits from a wide array of shoppers and is a great addition to the new partnership’s portfolio.”

“We appreciated the opportunity to close yet another deal with the New Jersey HFF team,” said Northeast Capital Group CEO Joel Kiss.  “This property was very appealing due to its stellar real estate along with the unique diversification benefit of having retail and industrial uses.  Similarly appealing was the strong value-add opportunities here, especially with the 10 percent retail vacancy and below market rents.”

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 $29.6 million acquisition financing for 22-property Del Taco portfolio in Southern California

Kevin Mackenzie

NEWPORT BEACH, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $29.6 million in acquisition financing for four portfolios containing 22 separate properties with established Del Taco restaurants in Southern California.

HFF worked on behalf of the borrower, a joint venture between Capital Real Estate Ventures, Inc. and Orion Investment and Management Ltd. Corp., to place the non-recourse, two-year, floating-rate loan with the Wells Fargo Restaurant Finance Group.  

The four portfolio properties all have new long-term leases with Del Taco, a fast food restaurant chain specializing in Mexican cuisine.

 The properties are all located in Southern California communities – Colton, Highland, Lake Elsinore, La Verne, Moreno Valley, Palmdale, Placentia, Perris, Rancho Cucamonga, Rialto, Riverside, Sacramento, Temecula, Thousand Palms, Torrance, Upland, Walnut, Victorville and Vista.

The HFF debt placement team representing the borrower consisted of senior managing director Kevin Mackenzie and director Greg Brown.

“We obtained a unique financing structure with an excellent lender in order to allow our client to execute their business plan with this portfolio,” Brown said.  

“We were extremely pleased with the professionalism, attention to detail and follow through with Greg Brown and his team at HFF,” said Capital RE Ventures President Randy Rivera.

 “This is the third loan we have closed with HFF within the past six months, and each loan comes with its own unique set of challenges that HFF was able to foresee and they were very proactive in solving those challenges.”

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.capital-rev.com.

HFF closes sale of trophy San Francisco Bay Area grocery-anchored retail center

Alamo Plaza, Stone Valley Road and Danville Boulevard, Alamo, CA

 

Nicholas Bicardo

SAN FRANCISCO, CA –- Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Alamo Plaza, a 195,147-square-foot, fortress, grocery-anchored shopping center in the San Francisco Bay Area community of Alamo, California.

HFF marketed the property on behalf of the seller, Invesco Real Estate.  Donahue Schriber purchased the asset.      

Alamo Plaza is the only grocery/drug-anchored shopping center in Alamo, an affluent East Bay community.  

Consisting of seven multi-tenant and single-tenant buildings, the 93-percent-leased center is home to a variety of national and regional tenants, including Safeway, Rite Aid, Richards Crafts, Bank of America, 24 Hour Fitness, Panera Bread, Wells Fargo, Peet’s Coffee & Tea, Xenia Restaurant, Alamo Pet Care and Bagel Street Café. 

Situated on 18.05 acres at the northwest corner of Stone Valley Road and Danville Boulevard in Alamo, Alamo Plaza is proximate to an on- and off-ramp to Interstate 680 and is midway between Walnut Creek and Danville.

The HFF investment sales team representing the seller was led by Nicholas Bicardo, Danny Reddin and Brandon Rogoff.

“Alamo Plaza is a top-tier grocery/drug-anchored center in the Bay Area and one of the most sought after retail assets that have come to market since the downturn,” Bicardo said.  “The combination of location, surrounding demographics, tenant roster and embedded value with below-market leases checked every box for all investor groups and resulted in an extremely competitive bidding process.” 

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.invescorealestate.com.

www.DonahueSchriber.com.

HFF closes $15.8 million sale of Southern California neighborhood retail center

 

Day Creek Village Shopping Center, 12223-12273 Highland Avenue
 Rancho Cucamonga, CA

CJ Osbrink

NEWPORT BEACH, CA – January 12, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $15.8 million sale of Day Creek Village, a 100-percent-occupied neighborhood retail center in Rancho Cucamonga, California.

HFF marketed the property on behalf of the seller, Day Creek Village, LLC.  Passco Companies, LLC purchased the asset. 

The 25,002-square-foot, fully-leased shopping center is shadow-anchored by Ralphs Fresh Fare grocery store and currently has 14 tenants, including Starbucks, Wells Fargo, Supercuts, Menchies and Orange Theory Fitness.

  Situated at 12223-12273 Highland Avenue, in the Inland Empire-area community of Rancho Cucamonga, Day Creek Village is at the intersection of Highland Avenue and Day Creek Boulevard with immediate access to the Foothill Freeway (210). 

The Inland Empire boasts a population of 4.5 million residents, with more than 108,000 residents living within a three-mile radius of the property.  Further, Rancho Cucamonga’s median household income is 47 percent higher than the Inland Empire as a whole.  In the one-mile radius of the center, the average household income is $111,000.

The HFF investment sales team representing the seller was led by CJ Osbrink and Gleb Lvovich.

“This property is a strong addition to our portfolio based on its excellent tenant mix and local demographics,” said Bob Peterson, vice president of retail acquisitions for Passco Companies, LLC.  “We continue to seek stabilized retail assets in growing markets with the potential for strong performance over time.”

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.passco.com.

HFF closes $78 million sale of Richmond Tower in downtown Richmond, VA

  

 

Stephen Conley

WASHINGTON, D.C. –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale and arranged financing for the Richmond Tower, a 207,000-square-foot office tower in downtown Richmond, Virginia. 

HFF represented the seller, Armada Hoffler Properties, Inc., in the transaction.  Kireland South 10th Street, LLC purchased the tower for $78 million.  Additionally, HFF assisted the new owner in securing $52 million in fixed-rate acquisition financing.

Completed in 2010, the 15-story the Richmond Tower is 98 percent leased with law firm Williams Mullen occupying 82 percent of the space.  The property is situated in downtown Richmond at 200 South 10th Street, adjacent to Kanawha Plaza and just a few blocks from the Virginia State Capitol. 

The HFF investment sales team representing the seller was led by Stephen Conley, Dek Potts, Jim Meisel, Andrew Weir and Matt Nicholson.

HFF’s debt placement team was led by senior managing director Cary Abod.

Adam Vaisman, Director of Acquisitions for Butters Construction and Development, and Richard Ostrovsky of MEK Management Services, Inc., served as advisors to the buyer.

 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 $24 million sale of power center in Lafayette, LA

  

Acadiana Square, 5700 Johnston Street, Lafayette, LA

Richard Reid

ATLANTA, GA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $24 million sale of Acadiana Square, a 244,768-square-foot retail power center with multiple national anchors in Lafayette, Louisiana.

HFF marketed the property on behalf of the seller, Kimco Realty Corp.  A partnership between DRA Advisors and RCG Ventures LLC purchased the asset free and clear of existing debt. 

Situated on 20.53 acres at 5700 Johnston Street, Acadiana Square is positioned at the “main and main” signalized intersection of Johnston Street (U.S. Highway 167) and Ambassador Caffery Parkway, which has combined traffic counts of more than 89,000 vehicles per day. 

The center is located across the street from Acadiana Mall, the dominant regional mall in Lafayette, a southern Louisiana city.  

The 91-percent-leased Acadiana Square is home to T.J. Maxx, PetSmart, Office Depot, Stein Mart, Party City, Shoe Carnival and Home Furniture Company with shadow anchors Michaels, Toys “R” Us, Babies “R” Us, Hobby Lobby and Mardel Christian & Education.

Jim Hamilton

The HFF investment sales team representing the seller was led by senior managing directors Richard Reid, Jim Hamilton and Ryan West.  Scott Tarbet, vice president of acquisitions for RCG Ventures, and Brett Gottlieb, director of acquisitions for DRA Advisors, represented the partnership in the transaction. 

“Acadiana Square is the premier retail destination in Lafayette, Louisiana, which is located at one of the most heavily trafficked intersections in the MSA and is also located directly across the street from the super-regional Acadiana Mall,” Hamilton said. 

“DRA is excited to acquire this quality asset, as the immediate upside and long-term credit of the tenant roster were very appealing and allows us to continue to expand our platform with RCG across several markets,” Gottlieb said.

 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.rcgventures.com.

www.draadvisors.com

www.twitter.com/kimcorealty.