HFF closes sale of multiple-anchor community shopping center in northern New Jersey

  

Essex Green Shopping Center 295 Prospect Avenue, West Orange, NJ

Jose Cruz

FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Essex Green, a 350,000-square-foot community shopping center located in the northern New Jersey community of West Orange, New Jersey.

FF marketed the property on behalf of the seller, a global investment manager.  Clarion Partners purchased the asset free and clear of existing debt in a highly-competitive process on behalf of a commingled fund.   According to HFF, this is one of the largest retail sales in New Jersey in the last two years.

Essex Green Shopping Center is the largest community shopping center in Essex County.  Ninety-six percent leased at the time of closing, the center has a mix of national, regional and local tenants, including ShopRite, Macy’s Backstage, a nine-screen AMC Theatre with dine-in service, Total Wine & More, Sears Appliance/Outlet, Petco, TGI Fridays, Panera Bread, GameStop and GNC. 

Situated on 33.38 acres at 295 Prospect Avenue, the six-building Essex Green Shopping Center is positioned at the corner of Prospect and Rooney Circle directly off a four-way interchange with Interstate 280 (Essex Freeway).

Kevin O'Hearn

 One of the most affluent parts of the state, the area is commonly referred to as “Suburban Essex” and includes the communities of Livingston, Milburn/Short Hills, Essex Fells, Glen Ridge, Montclair, Verona and Maplewood.

The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn and associate director Stephen Simonelli and supported by senior managing director Andrew Scandalios and managing director Chris Munley.

“Essex Green was very highly sought after, given the record grocery sales at the property combined with the upside of the available space,” Cruz said.  

“Grocery-anchored retail remains very high on institutional investors’ lists of asset classes that they need for their funds.  I will also say that we had a significant amount of private buyers show up for this offering.”

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.clarionpartners.com.

HFF arranges joint venture and financing for Laguna Hills, CA medical office building acquisition

Saddleback Valley Medical Center, Laguna Hills, CA

Todd Sugimoto

LOS ANGELES, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a joint venture and financing for the acquisition of Saddleback Valley Medical Center, a 135,904-square-foot medical office property on the campus of Saddleback Memorial Medical Center in Laguna Hills, California.

        

HFF arranged the joint venture between Greenlaw Partners and a fund advised by UBS Realty Investors LLC, who together acquired the asset for $34.5 million.  Additionally, HFF worked on behalf of the joint venture to secure the floating-rate acquisition loan through a regional bank.   

          

Saddleback Valley Medical Center is situated on a 2.6-acre site at 23961 Calle de la Magdalena, on the campus of the Saddleback Memorial Medical Center, which was voted the #1 Hospital in Orange County in 2014 in the Orange County Register’s “Best of Orange County”.

 The five-story property borders Laguna Woods Village, a 3,500-acre independent living, 55+ community and is less than a half of a mile from the San Diego Freeway.  Saddleback Valley Medical Center was most recently renovated in 2014 and is currently undergoing lease-up.

 Greenlaw and UBS plan to build upon their experience in the local market and invest capital into the building to solidify Saddleback Valley Medical Center as one of the premier medical office buildings in the greater Orange County market.

The HFF team representing Greenlaw Partners was led by managing director Todd Sugimoto and associate director Jeff Sause.

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.ubs.com/realestateAbout.

HFF hires Brent Bowman as a director in its Carolinas office

 

Travis Anderson

CHARLOTTE, NC  -– Holliday Fenoglio Fowler, L.P. (HFF) announced Brent Bowman has joined its Carolinas office as a director focused on debt and equity placement transactions in the Southeast and Mid-Atlantic region. 

Mr. Bowman has more than 15 years of real estate finance experience and joins HFF from Bank of America Merrill Lynch in Charlotte where he was a director in its real estate corporate banking division.

 In this role, he managed a portfolio of more than 35 national real estate and lodging clients ranging from private equity fund sponsors to global hotel managers.

 Previously, Mr. Bowman was a vice president in the real estate syndicated finance division of Banc of America Securities where he originated and executed real estate debt financings across all levels of the capital structure.

“Since opening the Carolinas office in July 2014, we are purposely building out each line of business and property specialty,"  commented Travis Anderson, co-head of the HFF Carolinas office.  

 “The addition of Brent allows us to expand upon our debt and equity capabilities for our current and future clients across the southeast and particularly in the REIT and private equity realm, where he has cultivated extensive relationships, We’re excited to have Brent join our team and look forward to his contributions to the firm.”

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

Strand Hospitality Services Assumes Management of the Courtyard by Marriott Columbus West in Ohio

Andrew Pace

Columbus, OH,  March 9, 2016 – Strand Hospitality Services, a leading provider of hospitality operations, consulting and advisory services, today announced that it has assumed management of the Courtyard by Marriott Columbus West. 

Located at 2350 Westbelt Drive in Ohio, the hotel will undergo a complete $3 million guest-rooms renovation in 2016 and will remain open during the progress.

Ideally situated off Interstate 70 and 270, the Courtyard by Marriott Columbus West is located just minutes from downtown Columbus and Ohio State University, as well as other area attractions. 

The 150-room hotel boasts 8,790 sq. feet of meeting space between eight rooms.  The Grand Ballroom, the hotel’s largest venue, can accommodate up to 300 guests for weddings and other events. Personalized, onsite catering also is available. 

“Strand will work closely with owners, Conor Acquisitions of Fort Myers, Fla., to ensure that we build on the hotel’s current successes,” said Andrew Pace, senior vice president of Strand Hospitality.

 “Strand strategically has continued to expand our partnerships, management and franchising with Marriott International.  In addition to the Courtyard by Marriott Columbus West, Strand Hospitality will begin construction on four Marriott-branded hotels in 2016."

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

Chris Daly, media

(703) 435-6293

chris@dalygray.com

Passco Cos. Acquires Core 240-Unit Multifamily Asset in Prime Washington, DC Metro Area

The Shelby Apartments, Washington, DC

ALEXANDRIA, VA (March 9, 2016) – Passco Companies, LLC has acquired The Shelby, a core 240-unit multifamily community in the prime Washington D.C. metro area of Alexandria, Virginia for $69.5 million.

 The Class A property was completed in 2014 and is centrally located to provide unparalleled access to employment, retail and lifestyle amenities, according to Gary Goodman, Senior Vice President, Acquisitions at Passco Companies.

Gary Goodman

“The Washington D.C. metro is an investor’s dream,” says Goodman. “This area provides strong actual and anticipated job growth, high income levels, a dynamic infrastructure and a highly educated workforce, all of which will continue to drive demand for The Shelby over time.”

Goodman notes that the Washington D.C. metro leads the nation in jobs per capita, and is anticipated to add an additional 43,800 jobs per year through 2018.

 The average median household income for residents in the area is $107,000. In addition, the property is located within a half-mile radius of the Huntington metro station, Route 1 and Interstate 495.

“The tremendous ongoing growth throughout the region, coupled with the apartment community’s close proximity to major transit and employment hubs will continue to increase property value and drive up market rents over time,” says Goodman. “The result will be increased long-term cash flow and stronger returns.”

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

Jonathan Thiel Promoted to Senior Sales Associate at Berger Commercial Realty

  

Jonathan Thiel

FORT LAUDERDALE, FL (March 9, 2016) – Jonathan Thiel was recently promoted to senior sales associate at Berger Commercial Realty, a full service commercial real estate firm based in South Florida. Thiel joined the firm as a sales associate in 2012.

“Since joining the firm four years ago, Jonathan has certainly come into his own as a broker,” said Berger Commercial Realty President Lloyd Berger. “Always eager to learn from our more senior brokers, Jonathan’s dedication and enthusiasm have undoubtedly contributed to our firm’s success.”

Recognized as Berger Commercial Realty’s top broker under 30 in 2014, Thiel is a member of the South Florida Office Brokers Association, Young Professionals for Covenant House, Florida International University Alumni Association and St. Thomas Alumni Association. He holds a Bachelor of Science in hospitality management from Florida International University.

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

954-776-1999

Pierson Grant Public Relations

Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Marielle Sologuren, ext. 226, msologuren@piersongrant.com

Hold-Thyssen Negotiates Three Leases at Phillips Place, one for new Orlando, FL location of Global Marketing Firm

Darby Hold

ORLANDO, FL --- Hold-Thyssen, a real estate services firm headquartered in Winter Park, recently negotiated three leases 3,371 rentable square feet of professional office space at Phillips Place, 7575 Dr. Phillips Blvd. in Southwest Orlando. 

Darby Hold, transaction specialist for Hold-Thyssen, Inc. brokered the transactions on behalf of the Cincinnati, Ohio-based landlord, Financial Way Realty, Inc. 

Universal Network Unlimited relocated its headquarters from San Diego and leased 1,819 square feet at Phillips Place.  The new tenant is a worldwide marketing consultant specializing in the telecommunications industry for more than 20 years. 

Hold completed a lease renewal agreement with Real Estate Closing Solutions LLC, who occupies 961 square feet at Phillips Place and specializes in title insurance and escrow closing services.

Phillips Place, Southwest Orlando, FL

First Mover Finance & Development, LLC which specializes in Real Estate Investment and Development has renewed its lease of 591 square feet in the office building.

Hold-Thyssen, Inc. is the leasing and management representative for the 56,000 square foot Phillips Place.

The real estate services firm provides commercial property and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

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

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142 Lvershelco@aol.com.