HFF arranges financing and joint venture equity for suburban Philadelphia office park

Jim Cadranell

FLORHAM PARK, NJ  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged acquisition financing and joint venture equity for Evolve IP Corporate Center, a 12-building office park totaling 376,303 square feet in Wayne, Pennsylvania.

HFF arranged the joint venture partnership between PDC-Old Eagle LLC and Long Wharf Real Estate Partners LLC and secured the $29.6 million, five-year, fixed-rate acquisition loan through John Hancock's Real Estate Finance Group. 

Evolve IP Corporate Center comprises 40.94 acres at 983-999 Old Eagle School Road in the Philadelphia suburb of Wayne, Pennsylvania.  

The office park is one half of a mile from U.S. Routes 202 and 422, one mile from Interstate 76 (The Schuylkill Expressway) and one and a half miles from Interstate 276 (The Pennsylvania Turnpike) approximately 20 miles from Philadelphia’s central business district. 

The 12 single-story buildings are 80.2 percent occupied by 95 tenants, including Evolve IP LLC, McBee Associates, Administrative Concepts Inc., YSC Academy, Prosoft Software and North American Specialty Products LLC.  The park was originally built between 1974 and 1980 and was most recently renovated between 2007 and 2010.

The HFF joint venture equity and debt placement team representing the borrower was led by senior managing director Jim Cadranell. 

Long Wharf Real Estate Partners’ team was led by director John Schonborn.  PDC-Old Eagle’s team was led by Pat McNulty.

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.lwrep.com.

HFF closes $23.6 million sale of grocery-anchored retail center in San Diego County, CA

                                                                                                      

  Fallbrook Mercantile Center, Fallbrook, CA                                           Photo by Marc Weisberg                       

Gleb Lvovich

NEWPORT BEACH, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $23.6 million sale of Fallbrook Mercantile Center, a 70,410-square-foot, grocery-anchored neighborhood shopping center in the San Diego-area community of Fallbrook, California.

HFF marketed the property on behalf of the seller, Tourmaline Capital.  Gerrity Group purchased the asset free and clear of existing debt. 

Anchored by Major Market Grocery Store, the 97-percent-leased Fallbrook Mercantile Center is home to national and regional tenants, including Anytime Fitness, Sherwin Williams, Burger King, Jersey Mike’s Subs, Fantastic Sam’s and Denny’s. 

The center is situated on 6.6 acres at 813-855 South Main Avenue in Fallbrook, an unincorporated community 56 miles north of downtown San Diego and near Marine Corps Base Camp Pendleton.  

Located between three major arteries in the area, Mission Road, Main Avenue and Fallbrook Street, more than 45,400 vehicles pass Fallbrook Mercantile Center daily.

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

“Fallbrook Mercantile Center’s combination of strong sales and a dominant location within the submarket generated strong interest from both private and institutional investors,” Lvovich 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

http://gerritygroup.com

HFF closes sale of Houston Galleria area office building

 

5433 Westheimer, Galleria Area, Houston, TX

Dan Miller

 HOUSTON, TX -- Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of 5433 Westheimer, an 11-story, 123,477-square-foot office building in Houston, Texas’ Galleria area.

HFF marketed the asset on behalf of the seller, a joint venture partnership of funds managed by Songy Highroads, LLC and EDENS.  Quasar Galleria, Ltd., a local investment group, purchased 5433 Westheimer for an undisclosed amount free and clear of debt. 

  

5433 Westheimer is situated at the intersection of Westheimer Road and West Alabama Street in the western portion of Houston’s Galleria area less than a half mile west of the Galleria Mall. 

The property is immediately adjacent and directly connected to Houston’s first aloft hotel by Starwood, which was also developed by the JV partnership of Songy and EDENS.

 Additionally, the office building is less than a 15 minute drive to Houston’s premier residential neighborhoods including Tanglewood, Memorial Villages, River Oaks and West University Place.

 Originally built in 1967, the property has been recently updated and is 81.2 percent leased to a diverse roster of tenants.  On-site amenities include Ruth’s Chris Steak House, an 11,000-square-foot common area with meeting space, and an attached two-level, structured parking garage.  The property also offers potential for additional development on the western edge of the site.

The HFF investment sales team representing the seller was led by senior managing directors Dan Miller and Robert Williamson and director Martin Hogan.

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.edens.com.

Marcus & Millichap Brokers $2.57 Million Sale of Baylor Portfolio of Manufactured Homes in Tampa, FL

Dan Mulkey

TAMPA, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Baylor Portfolio, a 13.79-acre manufactured homes community in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $2,575,000.

Dan Mulkey, vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor owning several local mobile home communities, was also secured and represented by Mulkey.

This portfolio consists of two, all age communities on the east side of Tampa, Florida. The parks abut each other forming an “L” shaped property providing 87 total sites. 

Countyaire Mobile Home Park consists of 60 home sites, and Kentwood Mobile Home Park consists of 27 home sites. Both parks are well maintained and are a good blend of newer and older single and double wide homes.

“These two parks have been exceptionally well maintained and provide an excellent addition to the buyer’s existing portfolio of communities,” says Mulkey.

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

Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

Marcus & Millichap Arranges $9.8 Million sale of 154-Unit Avalon Square Apartments in Bradenton, FL

Francesco P. Carriera

BRADENTON, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Avalon Square, a 154-unit multifamily community located in Bradenton, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $9,800,000.

Francesco P. Carriera, vice president investments, and Michael P. Regan, first vice president investments, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was secured and represented by the two brokers.

Avalon Square is a 154-unit multifamily community located at 3506 14th Street West in Bradenton, Florida. The property consists of 15 two-story residential buildings and one, one-story clubhouse.

 The residential buildings are comprised of 19 efficiency units with 545 rentable square feet, 40 one-bedroom/one-bathroom units with 800 rentable square feet, 28 two-bedroom/one-bathroom units with 1,014 rentable square feet, 28 two-bedroom/two-bathroom units with 1,014 rentable square feet and 39 three-bedroom/two-bathroom units with 1,187 rentable square feet. All units have central heating and air-conditioning, and the buildings sit on an approximately 9.81 acre parcel of land.

Amenities include an on-site laundry facility, tennis court, clubhouse and a pool.

“Bradenton continues to post strong rental growth numbers with rental increases at approximately 6.5 percent from this time last year,” says Regan. “This ranks the Bradenton/Sarasota market in the top 10 nationally among secondary markets. With the lack of supply in the immediate market, it should remain that way in the near future.”

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

Richard D. Matricaria

Vice President/Regional Manager, Tampa

(813) 387-4700

Stephanie Bernota Joins Berger Commercial Realty as Sales Associate

 

Stephanie Bernota

 

Lloyd C. Berger

FORT LAUDERDALE, FL – Berger Commercial Realty, a full service commercial real estate firm based in South Florida, announced that Stephanie Bernota has joined the firm as a sales associate. She is a licensed real estate agent in the state of Florida who focuses on investment real estate.

Bernota is experienced in handling short sales, foreclosures and auctions and has closed more than 100 property transactions since 2013. She joins the firm from Stateland Brown Real Estate.

“Stephanie brings a unique perspective to the firm with her experience in brokering investment properties,” said Berger Commercial Realty President Lloyd Berger. “Additionally, she brings a proven track record of marketing properties to potential buyers and tenants.”

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