Marcus & Millichap Arranges Sale of Parkway Plaza in Fort Myers, FL for $2.9 Million

FORT MYERS, 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 Parkway Plaza, a 57,891 square foot industrial property located in Fort Myers, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $2,900,000.

C. Todd Everett

“Parkway Plaza is an excellent flex industrial investment opportunity with its ample acreage, functional design, and superior distribution access in a desirable light industrial corridor,” says Everett. “We received multiple offers and closed just under list price at $50 per square foot.”

C. Todd Everett, a senior associate, and Douglas K. Mandel, a senior vice president investments, both in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a limited liability company from Tampa, Fla., and the buyer, a private investor from Palm Beach, Fla.

Parkway Plaza is a 57,891 square foot, three-building office/flex plaza occupied by a variety of tenants including LifeTouch, Burch Corporation and Omnicare. The property also includes a land parcel approved for an 18,835-square foot flex building. 

The three buildings were constructed between 1986 and 1990 and recently underwent substantial renovation including roof replacement/resealing, exterior painting, and unit interior and air-conditioning upgrades.

Parkway Plaza is located at 10231 Metro Parkway, just south of Colonial Boulevard between U.S. 41 and Interstate 75

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

Ryan Nee

Regional Manager

Fort Lauderdale, FL

(954) 245-3400

$16 million sale of 235,308-square-foot North 540 Distribution Center in Raleigh, NC closed by HFF team

  

North 540 Distribution Center, 3401 Gresham Lake Road, North Raleigh, NC

 

Chris Norvell

 

CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced today that its Carolinas investment sales team has closed the $16 million sale of North 540 Distribution Center, a 235,308-square-foot, Class A, fully-occupied distribution center in Raleigh, North Carolina.

HFF senior managing director Chris Norvell, formerly of Cushman & Wakefield Thalhimer, represented the seller, a partnership between Meridian Development Group and Singerman Real Estate, LLC, in the sale of the facility to Chicago-based Hamilton Partners.

North 540 Distribution Center is located at 3401 Gresham Lake Road in the North Raleigh submarket.  

The facility is situated on 13.3 acres near the interchange of U.S. Highway 1/Capital Boulevard and Interstate 540, which provides direct access to Interstates 95, 40 and 85, all major distribution corridors in the Southeast.

 The facility features 30’ clear heights, 40’ by 40’ column spacing, 23 dock-high doors, 170’-180’ truck court depths and approximately 23,000 square feet of office space.  Substantially renovated in 2014, North 540 Distribution Center is 100 percent leased to DHL, Express Foods, Ranpak Corp. and Tiger Direct.  

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

Kristen M. Murphy

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.hamiltonpartners.com

www.singermanre.com

www.meridiandg.com

HFF closes sale of and arranges financing for One Oxford Centre in downtown Pittsburgh, PA

 

One Oxford Centre, Downtown Pittsburgh, PA

John H. Pelusi Jr.

PITTSBURGH, PA  –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and arranged acquisition financing for One Oxford Centre, a one million-square-foot, Class A, trophy office tower in downtown Pittsburgh, Pennsylvania. 

HFF marketed the property on behalf of the seller, Oxford Development Company.  Shorenstein Properties LLC (Shorenstein) purchased the asset.  Additionally, HFF worked on behalf of the new owner to place the acquisition loan with Helaba and CIBC.

Located at 301 Grant Street, the 45-story One Oxford Centre was developed by the seller and consists of 884,403 square feet of office space; a five-level atrium with 58,278 square feet of restaurants, shops and commercial office space; the Rivers Club, a fitness, dining and social club and a separate, eight-story parking garage with 840 parking spaces. 

Sixty-six percent of tenants have headquarters in One Oxford Centre, including Buchanan Ingersoll & Rooney; TriState Capital Holdings, Inc., BPU Investment Management and HFF. 

The HFF investment sales team was led by executive managing director John H. Pelusi, Jr. and senior managing director Mark Popovich.  The HFF debt placement team also was led by Pelusi and Popovich along with executive managing director Mike Tepedino.

“HFF has been involved with the capitalization of One Oxford Centre since its construction in 1983,” Pelusi said.  “It is only fitting that Shorenstein, a nationally renowned and prolific office owner with 25 million square feet under ownership, is acquiring this landmark, Class A office building, which was the vision of Ed Lewis of Oxford Development Company.”

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

Kristen M. Murphy

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.shorenstein.com

www.oxforddevelopment.com.

HFF arranges $110 million acquisition financing for the largest refrigerated warehouse in North America

  

Preferred Freezer Services, 2800 Pola Way, Richland, WA

Brandon Chavoya

DALLAS, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $110 million in acquisition financing for a 456,412-square-foot, Class A, cold-storage warehouse and distribution facility in Richland, Washington, that is triple net leased to a wholly-owned subsidiary of Preferred Freezer Services.

HFF worked on behalf of the borrower, an affiliate of Lexington Realty Trust, to place the 10-year, fixed-rate loan with MetLife Agricultural Investments.  

Completed in 2015, the facility, located at 2800 Polar Way, is the largest refrigerated warehouse in North America and largest automated freezer in the world. 

The 116-foot-tall facility has a total of 36,340,650 cubic feet of temperature controlled area (excluding office and mechanical/utility area), which consists of 312,755 square feet of freezer capacity that stores product at -10° F and 94,930 square feet of medium temperature mezzanine dock space. 

Additional building features include an 11,900-square-foot, two-story office; 6,492-square-foot, two-story equipment/utility room; and 30,335 square feet of mezzanine dock space.  The facility is a state-of-the-art Automated Storage and Retrieval System (ASRS) building. 

Construction of this facility features a rack supported structure for the freezer and a steel frame; metal roof deck and load-bearing concrete walls for the medium temperature dock and the office; and perimeter steel and insulated wall panels around the freezer with a mechanically-attached TPO roof.

Coler Yoakum

The building consists of 117,288 pallet positions operated by a Dematic Automation System that controls cranes, conveyors, monorail and specialized software.  At the peak, the freezer has a wall height of 115 feet with an interior clear height of 108 feet allowing for approximately 11 stories of vertical product storage.

There are 31 manually-operated dock high doors, four automated truck loading dock high doors and one grade-level door.  The ASRS components are real property due to the integration and function of the systems in the facility. 

The property stores and distributes potatoes processed at ConAgra’s nearby Lamb Weston processing plant and is expected to move approximately two billion pounds of frozen products through the facility annually. 

The HFF investment sales team representing the seller was led by senior managing director Mark West and managing directors Brandon Chavoya and Coler Yoakam.

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

Kristen M. Murphy

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.metlife.com.

www.lxp.com.

.

Sale of 11-property necessity-anchored retail portfolio closed by HFF

The Cavalier Portfolio of 11 properties totaling one million square feet
 in Eastern U.S. markets

 

Amy Sands

ATLANTA, GA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of The Cavalier Portfolio, an 11-property necessity-anchored retail portfolio totaling more than one million square feet in the central and eastern portions of the United States. 

HFF marketed the portfolio on behalf of the seller, a partnership between DDR Corp. and TIAA-CREF.  Armada Hoffler Properties, Inc. purchased the portfolio.

The portfolio is comprised of dominant retail assets throughout the Carolinas, Virginia, Tennessee, Indiana and Texas, with the largest concentration of assets located in North Carolina.  

The portfolio boasts national retailers such as Harris Teeter, Kroger, Bed Bath & Beyond, Costco, Super Target, DSW, Ross Dress for Less, Total Wine & More, Five Below, GolfSmith, Petco, PetSmart, Office Depot and Staples. 

The HFF team representing the seller was led by senior managing directors Jim Hamilton and Richard Reid, managing director John Owendoff, and directors Amy Sands, Clinton Mitchell and Jordan Lex.

“The Cavalier Portfolio represented a unique opportunity to acquire 11 first-in-class, necessity-anchored retail assets that allowed the buyer to strategically acquire significant retail scale, specifically in the Southeast, and establish an immediate retail presence in dominant markets across the central and eastern United States,” Hamilton said.

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

Kristen M. Murphy

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.ddr.com.

$247.5 million refinancing secured by HFF for 20-property retail portfolio in Houston, Dallas and San Antonio, TX

Part of Texas retail portfolio in Houston, Dallas and San Antonio

Michael Tepedino

NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $247.5 million refinancing for a retail portfolio totaling 20 properties and 2.1 million square feet in Houston, Dallas and San Antonio, Texas.

HFF worked on behalf of the borrower, Global Fund Investments, LLC (GFI), to place the long term, fixed-rate loan with TIAA-CREF.  Loan proceeds were used to refinance existing debt and recapitalize the properties.

The 95-percent-leased portfolio consists of 20 properties with approximately 414 tenants, including H.E.B, Kroger, Kohl’s, LA Fitness, Petco, Golfsmith, 24-Hour Fitness, Starbucks and T.J. Maxx. 

Twelve of the retail centers are in Houston or Houston-area suburbs, including Katy, Missouri City, Spring and Sugar Land.  The Dallas-Fort Worth area houses seven of the portfolio properties in Arlington (two centers), DeSoto, Hurst, Plano, Richardson and Southlake.  One of the retail centers is located in San Antonio.

HFF’s debt placement team was led by senior managing director Mike Tepedino, managing director Michael Gigliotti and director Cameron Cureton.

“TIAA-CREF provided a comprehensive financing solution to facilitate the recapitalization of a complicated 20-property portfolio,” Gigliotti said.  “GFI brings an impressive depth of experience and high level of institutional quality to the table, which attracted the lender to the transaction.”

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

Kristen M. Murphy

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.gfinvestments.com

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HFF closes sale and arranges financing for Panorama Corporate Center in suburban Denver, CO

Panorama Corporate Center, Centennial, CO

Mary Sullivan

DENVER, CO –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and arranged financing for Panorama Corporate Center, a 780,649-square-foot, six-building, Class A office campus in suburban Denver, Colorado.

HFF represented the seller, Miller Global Properties, LLC, in the sale of the property to EverWest Real Estate Partners and Independencia Asset Management.  

Additionally, HFF assisted the new owner in securing a 70-percent-LTV, 10-year, full term interest only, fixed-rate acquisition loan at 4.78 percent through a national investment bank.  HFF was also involved in the prior sale of the property in 2013.

Panorama Corporate Center is situated on 42.1 acres at the southwest corner of the Interstate 25/Dry Creek Road interchange adjacent to the Dry Creek light rail station in Centennial, a southeast suburb of Denver.

 The Class A complex was developed between 1996 and 2008 and is 94.1 percent leased to tenants including United Launch Alliance and Comcast.  Tenants have access to an on-site deli with Wi-Fi enabled outdoor seating and a fitness center, which is under construction in Building II. 

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

HFF’s debt placement team was led by senior managing director Eric Tupler.

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

Kristen M. Murphy

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.unicoprop.com.

www.menasheproperties.com

www.millerglobal.com

HFF closes $26.5 million sale of three-building office campus near Seattle, WA

Creeksides at Centerpoint, Kent, WA

PORTLAND, OR –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $26.5 million sale of Creeksides at Centerpoint, a three-building suburban office campus totaling 218,650 square feet in the Seattle suburb of Kent, Washington.

HFF coordinated the transaction of Creeksides at Centerpoint. The seller was Unico Properties LLC, and Menashe Properties purchased the asset.  

Nick Kucha

Creeksides at Centerpoint is situated on 12.632 acres at 20415 72nd Avenue S in Kent, a Washington community approximately 21 miles southeast of Seattle and 19 miles northeast of Tacoma. 

There are Metro stops adjacent to the complex, which provide direct access to Kent Station, and the convergence of Interstates 405 and 5 is less than four miles north of the property.

 The three-building campus surrounds a centralized circular driveway with green space and a water feature in its center, and amenities include a board room, child care center, bakery and restaurant, fitness center and a walking/running trail. 

The office complex is 90 percent leased to a diversified rent roll of local, regional, national and government tenants, including Iron Bow Technologies; Washington State DSHS; Washington State Department of Health; Naverus, Inc. and Wells Fargo.

HFF’s investment sales team was led by senior managing director Nick Kucha, who covers the Pacific Northwest markets.

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

Kristen M. Murphy

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.unicoprop.com.

www.menasheproperties.com

DiVosta Homes Has 3 Decorated Models Open for Exploring at the Port St. Lucie Community of Veranda Gardens – Showcase event Saturday Feb 6

Port St. Lucie, FL. --- DiVosta Homes is hosting a showcase of three furnished and decorated models at Veranda Gardens Saturday Feb. 6.    The gated community is located on Southeast Becker Rd. one-half mile east of the Florida Turnpike.

David Achee, general sales manager for DiVosta Homes in Southeast Florida, said the event is open to the public from 1 to 3 p.m. for visitors to tour the models and enjoy live music and refreshments.   

The Martin Ray model is one of DiVosta’s most popular designs. The 1,968 square foot home offers two bedrooms and two baths, a flex room and features an optional loft, plus a two-car garage with its own golf cart port.

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 New Leases for the Shoppes and Offices at PGA West in Palm Beach Gardens, FL

Kim Fitzgerald

Palm Beach Gardens, FL --- Kim and John Fitzgerald of Crossman & Company, one of the largest retail leasing, management and investment sales firms in the Southeast, negotiated five new lease agreements and one lease expansion at The Shoppes and Offices at PGA West located at 5520 PGA Blvd. in Palm Beach Gardens.  

The tenants who leased space that totals 10,481 square feet are --P

La Masseria Italian Restaurant, 4,017 square feet

Salon Mikimoto, 1,265 square feet

Salt Vault, 1134 square feet

Vintage Craft Barber, 1,032 square feet

Realty Net Media, 650 square feet, and

David Yates Dentistry nearly doubled its space expanding into a total of 2,383 square feet.

 Salt Vault was represented by Valore Group in the negotiations. 

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

RealtyTrac Reports 6.4 Million U.S. Properties Seriously Under Water at End of 2015, Down 616,000 from Year Ago and Half of Peak in Q2 2012

  

Daren Blomquist

 IRVINE, CA,  Jan. 28 , 2016 — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its Year-End 2015 U.S. Home Equity & Underwater Report, which shows that as of the end of 2015 there were 6.4 million (6,436,381) U.S. properties seriously underwater — where the combined loan amount secured by the property is at least 25 percent higher than the property’s estimated market value — representing 11.5 percent of all properties with a mortgage.

The report is based on publicly recorded mortgage and deed of trust data collected and licensed by RealtyTrac nationwide along with an industry standard automated valuation model (AVM) updated monthly on RealtyTrac’s entire database of more than 140 million U.S. properties.

The year-end 2015 seriously underwater properties were down 481,292 from 6.9 million (6,917,673) representing 12.7 percent of all properties with a mortgage at the end of the third quarter of 2015 and down 616,189 from 7.1 million (7,052,570) representing 12.7 percent of all properties with a mortgage at the end of 2014.

The number of seriously underwater properties at the end of 2015 was half the 12.8 million (12,824,279) representing 28.6 percent of all properties with a mortgage in Q2 2012, the peak for seriously underwater properties.

“Over the past three and a half years, the number of seriously underwater properties has been cut in half, but we continue to deal with a long tail of seriously underwater properties, and it will likely be another five years at least before most of those remaining underwater properties move into positive equity territory,” said Daren Blomquist, vice president at RealtyTrac.

 “At the other end of the spectrum, the growing number of equity rich properties reflects a moribund move-up market and restrained leveraging of home equity by U.S. homeowners.”

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

Jennifer von Pohlmann

949.502.8300, ext. 139

jennifer.vonpohlmann@realtytrac.com