HFF arranges joint venture equity for 2nd & Pike in downtown Seattle, WA

Rendering of planned 2nd & Pike Apartments,
 1430 Second Avenue, Pike Pine Corridor,
Downtown Seattle, WA

Gerry Rohm

SAN FRANCISCO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged joint venture equity for the development of 2nd & Pike, a 39-story, Class A+ luxury residential apartment tower in downtown Seattle’s Pike/Pine corridor.

HFF worked on behalf the developer, Urban Visions, one of Seattle’s leading real estate companies, to arrange the joint venture equity partnership with Mitsui Fudosan America, Inc. (MFA), the U.S. subsidiary of Japan’s largest public real estate company. 

2nd & Pike is prominently situated on a 0.44-acre site at 1430 Second Avenue approximately one block from Pike Place Market and three blocks from Seattle’s most traveled transit hub, Westlake Station. 

Having broken ground in late 2015, this iconic tower is due for completion in December 2017.  The property will have 340 luxury apartment units averaging 985 square feet each; 11,910 square feet of prime retail space; and five levels of below-grade parking. 

The tower, designed by Tom Kundig of renowned Seattle-based Olson Kundig Architects, will offer unobstructed views of Seattle’s bay, luxury finishes and amenities including concierge service, a fitness center, private dining/conference facilities, rooftop lounge space, resident lounge with full kitchen and an eighth-floor, 6,000-square-foot destination sky bar.

Bruce Ganong

The HFF team representing Urban Visions was led by senior managing directors Gerry Rohm, Bruce Ganong and Nick Kucha and managing director Mark Erland.

“The development of 2nd & Pike represents our desire to build the premier luxury residential tower in Seattle based on the most cutting edge principles in environmental design and sustainability,” said Greg Smith, CEO of Urban Visions.  “This property embodies our company’s philosophy of building and managing generational assets for both our own and our partners’ portfolios.”

“Our longtime strategy has been to form relationships with proven, local partners who share similar long-term views and passion for developing best-in-class assets,” said John Westerfield, CEO of MFA.

 "HFF played an integral role in bringing together two firms with shared values, and we are pleased to be in partnership with Urban Visions in developing this superior, luxury residential tower located in one of the most sought-after locations in Seattle.”

“2nd & Pike has always been regarded as one of Seattle’s premier CBD intersections and the development of this iconic tower is leading the transformation of the 2nd Avenue corridor to become one of the most desirable neighborhoods in Seattle.  We are very pleased to have been retained by Urban Visions to source the equity capital for the development of this landmark tower,” said Rohm.

  

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.urbanvisions.com.

Lincoln Property Co. Arranges 27,551-Square-Foot Lease in Lawrenceville, GA

 

Hunter Henritze

ATLANTA, GA – Lincoln Property Company (Lincoln) has arranged a new 27,551-square-foot lease for Lendmark Financial at Huntcrest III, an office building located at 1735 North Brown Road in Lawrenceville, Georgia.

Matt Davis, Hunter Henritze and Michael Howell of Lincoln represented the landlord in the transaction.

                                                                   “The deep amenity pool, which includes Sugarloaf County Club, contributes to Sugarloaf office market’s ability to attract quality companies like Lendmark,” Davis said. “The Sugarloaf micro-market has historically been one of the tightest in Atlanta and is currently 95 percent leased.” 

Huntcrest III is highly visible from I-85 with access from Sugarloaf Parkway and Old Peachtree.The building offers immediate proximity to Gwinnett Civic Center, multiple hotels, Sugarloaf Mills, Lifetime Fitness and the Mall of Georgia.

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

Savannah Durban,

The Wilbert Group

404.343.0870           

sdurban@thewilbertgroup.com

                                                                                                                             

Legacy Ventures, a Leader in Downtown Atlanta’s Westside Redevelopment, Poised For Growth and Innovation in 2016

  

 

David Marvin

 ATLANTA, GA  -- Legacy Ventures is the new name for David Marvin’s triad of companies influential in the re-development of the Westside of downtown Atlanta.

The formation of Legacy Ventures was recently announced by Marvin and includes Legacy Property Group, Legacy Restaurant Partners and Legacy Hotel Partners. 

Collectively the three companies have grown to include more than 1,000 employees and supports two dozen hotels and restaurants throughout the southeast.

“The name change to Legacy Ventures and the creation of one parent entity for our three companies is a reflection of how our integrated business model is a game changer for the hospitality and food service industries,” said Marvin, president and founder of Legacy Ventures.

“We started 20 years ago as developers with a real belief in the resurgence of downtown Atlanta when few others could envision successful growth. What we have learned over the past two decades is the close connection between development and operations. Just because you build it, doesn’t mean they will come.

“Success requires innovation, and for us that meant rethinking the traditional model for development and extending it to operating hotels, as well as the creation and management of our own restaurants,” added Marvin.

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

Savannah Durban,

The Wilbert Group

404.343.0870

                                                                                                                                       sdurban@thewilbertgroup.com

CBRE Hotels’ Americas Research Estimates Airbnb Users Spent $2.4 Billion on Lodging in the U.S. Over Past Year

R. Mark Woodworth

Los Angeles, CA – Airbnb’s presence in key markets throughout the U.S. is growing at a rapid pace, with users spending $2.4 billion on lodging in the U.S. over the past year, according to analysis from CBRE Hotels’ Americas Research.

Over the study period of October 2014 – September 2015, more than 55 percent of the $2.4 billion generated was captured in only five U.S. cities (New York, Los Angeles, San Francisco, Miami and Boston), represents a significant portion of the lodging revenues in these markets.

“It seems reasonable that Airbnb will impact hotels in two ways,” said R. Mark Woodworth, senior managing director of CBRE Hotels.

“For existing hotels, the growth of average daily rates will most likely be curtailed. The fluid nature of Airbnb’s supply suggests that traditional hotel’s historic price premiums realized during peak demand periods will be mitigated.

“The other impact may be on new hotel construction.  Airbnb may be an impediment to traditional hotel construction and could reduce traditional hotel supply growth in many markets.”

CBRE Hotels compiled select information for hundreds of U.S. markets to assess the relevancy of this sharing platform to the traditional hotel industry. From this data, the firm has developed an Airbnb Competition Index. 

This measure incorporates a comparison of Airbnb’s  Average Daily Room rates (ADR) to traditional hotel ADR’s; the scale of the active Airbnb inventory in a market to the supply of traditional hotels, and the overall growth of active Airbnb supply in that market, into a measure of potential risk. 

New York was identified as the number one domestic market at risk from the growth of Airbnb, with an Airbnb Competition Index of 81.4, followed by San Francisco, Miami, Oakland and Oahu.

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

Robert McGrath                       

212 984 8267

robert.mcgrath@cbre.com

       

U.S. Home Sellers in 2015 Realized Biggest Price Gains Since 2007, According to RealtyTrac Year-End Sales Report

Daren Blomquist

IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, released its Year-End 2015 U.S. Home Sales Report, which shows that U.S. home sellers in 2015 realized an average price gain since purchase of 11 percent ($20,378), the biggest average price gain for U.S. home sellers since 2007 — an eight-year high.

The 11 percent average price gain in 2015 marked the second consecutive year where U.S. home sellers realized an average price gain following six consecutive years where U.S. home sellers realized average price losses.

“With some local market exceptions, the 2015 home sales data paints the picture of a properly functioning U.S. housing market where homeowners can once again count on real estate as an appreciating asset — a long-touted axiom soundly debunked as ironclad truth between 2008 and 2013,” said Daren Blomquist, vice president at RealtyTrac.

“This return to consistent home price gains for sellers should reinforce confidence in real estate in 2016 and produce another year of solid sales volume as homeowners cash out their equity gains.”

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

Jennifer von Pohlmann

Sr. Data PR Manager

Office: 949.502.8300 ext 139

jennifer.vonpohlmann@realtytrac.com

UK-Based Software Company Opens First U.S. Office in Downtown Winter Haven, FL

Bud Strang

Winter Haven, FL — Avius has expanded its UK operations to the United States with the opening of its Downtown Winter Haven, Florida office.  The U.S. operation will operate as Avius America LLC.

The company offers highly intuitive, scalable technology platforms for businesses to gather customer feedback. Avius signed a three-year lease at Suites on Central located at 331 W. Central Avenue. Six/Ten, LLC, completed the deal as landlord.

Avius America CEO, Ben Story, said the company decided to open the office in Winter Haven because of the city’s location to LEGOLAND and proximity to Tampa and Orlando. While the company is based in the UK, having an East Coast U.S. office was always the plan, in order to better serve its clients here.

  

“After looking at a number of locations, Downtown Winter Haven was the natural choice for many reasons,” said Story. “Having my legal representation, CPA and other business services within walking distance makes doing business simple. The city also has several resources to help businesses grow. For example, the Winter Haven Chamber of Commerce already introduced me to a client we’re in final negotiations with.”

Ben Story

“Our work-live-play vision of the downtown region is proving effective as we see more and more local, national and now international businesses relocating or expanding to the area,” said Bud Strang, Six/Ten’s CEO.

Central Park Square, which houses Suites on Central, was once a dilapidated furniture store that Six/Ten   transformed into retail and office space. 

Renovations include modernization of the exterior façade; a new design and color scheme; dramatic, new layouts of both floors; and complete updates to the plumbing, air conditioning, electrical and elevator systems. The building also offers advanced fiber optics for fast and secure Internet and telecom access.

For more information about retail and office space opportunities in Downtown Winter Haven, please contact Chad Lennox, Leasing Director at Six/Ten, at (863) 595-0237.

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

Michelle Griffith

BoardroomPR

407-973-8555

mgriffith@boardroompr.com

NAI Realvest Negotiates New Flex Lease for 6,166 Square Feet at Sunport Commerce Center in Orlando, FL

George Livingston

ORLANDO, FL -- NAI Realvest recently negotiated a new lease for 6,166 rentable square feet of flex space at 8018 Sunport Drive, Suite 201-202, in Sunport Commerce Center off Sand Lake Road near Orlando International Airport.  

      

NAI Realvest broker associate Drew Saphos, CCIM and chairman George Livingston negotiated the transaction representing the landlord, Miami-based Orlando Sunport FlexxSpace Ltd. 

The tenant, Abraham Financial Solutions, is a growing financial firm that was represented in negotiations by Alicia Hernandes of Sunny 365 Realty Group.

The Sunport Commerce Center is currently 89 percent leased.

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