Berkadia Brokers $24.6 Million Cash Sale of 310-Unit Multi-Family Portfolio in Southeast Orlando, FL

Cole Whitaker

ORLANDO, FL --- Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, recently completed the sale of a multi-family portfolio consisting of two apartment communities across the street from each other on Curry Ford Rd. in Southeast Orlando for $24,600,000.

Miami-based Lloyd Jones Capital, LLC is the Buyer of the properties with 310 units ranging from studio to three-bedroom apartment homes.  

Pendelton Park Villas built in 1973 with 210 units is located at 5953 Curry Ford Rd. and Carlyle Court Apartments with 100 units was built in 1970 at 5924 Curry Ford Rd.

Cole Whitaker, Managing Director, and Senior Director Hal Warren at Berkadia negotiated the transaction representing the Seller, Florida Pendelton Limited Partnership based in West Springfield, Mass. 

Both communities underwent capital improvements totaling over $1.2 million since 2012 that included curb appeal, interior upgrades, and resident experience.   Pendelton Park Villas was 97 percent occupied and Carlyle Court was 94 percent occupied at time of sale.

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.

Winston James Development Reports Two New Tenants Joined the Roster at Beville Road Business Center in South Daytona, FL

Winston Schwartz

South Daytona, FL – Winston-James Development, Inc. recently completed two new lease agreements totaling more than 2,350 rentable square feet at Beville Road Business Center on Beville Road just east of Nova Rd. in South Daytona.

Winston Schwartz, president of Winston-James Development, developers of Beville Road Business Center, said Wicked Cutz, a custom barber for men leased 1,200 square feet and Sappo Chocolate, a manufacturer and distributor of custom chocolates and candy leased 1,050 square feet.    

 

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.

Hold-Thyssen Negotiates Six Year Lease to Cosmetic and Reconstructive Surgical Firm at Phillips Place in Southwest Orlando, FL

   

Darby Hold

ORLANDO, FL  --- Hold-Thyssen, a real estate services firm headquartered in Winter Park, recently negotiated a six-year lease agreement for 2,148 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. 

The new tenant is HZ Plastic Surgery, LLC, a team that provides cosmetic and reconstructive surgery and a commitment to its clients’ satisfaction. 

Hold also negotiated a lease extension agreement with Everest Equity Group for its 1,077 square feet at Phillips Place.

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.

HFF arranges $6.3 million refinancing for Clear Lake, Houston-area office complex

Susan Hill

 HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $6.3 million refinancing for Baybrook Office Park, a two-building office complex totaling 87,433 square feet in the Clear Lake, Houston-area suburb of Friendswood, Texas.

HFF worked on behalf of the borrower, Twenty Twenty Properties to secure the fixed-rate loan through LegacyTexas Bank.

Baybrook Office Park consists of a three-story main office building and an attached, one-story bank building with a drive-up ATM motor bank.  

The 90-percent-leased property features a diversified tenant roster including The University of Texas Medical Branch (UTMB), UTSI International Corporation, Bank of America and Golden Specialty, Inc. 

 Situated on a 4.8-acre site at 1550-1560 W Bay Area Boulevard, Baybrook Office Park is located just east of Interstate 45 between downtown Houston and Galveston in the Clear Lake area of southeast Houston.  

Baybrook Office Park, Clear Lakae Area,
Southeast Houston, TX

This location is adjacent to the Baybrook Mall and close to local employers such as the Port of Houston, NASA, Ellington Field and Hobby Airport.

The HFF debt placement team representing the borrower was led by senior managing director Susan Hill.

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

Kristen M. Murphy

Director, Marketing

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 grocery-anchored retail center in Santa Barbara County, CA

Broadway Pavilion, Santa Maria, CA       (Photo by Patrick Tang of Take Flyt Imaging)

Gleb Lvovich

NEWPORT BEACH, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Broadway Pavilion, a 142,944-square-foot, grocery-anchored retail center in the Santa Barbara County community of Santa Maria, California. 

HFF marketed the property on behalf of the seller, Tourmaline Capital.  Phillips Edison Grocery Center REIT II, Inc. purchased the asset free and clear of existing debt. 

Anchored by FoodMaxx, the 94-percent-leased Broadway Pavilion is home to national and regional tenants, including Starbucks, Party City, Fitness Evolution, Subway, Round Table Pizza and Rent-A-Center. 

The center is situated on 13.1 acres at 2410-2530 South Broadway in Santa Maria, a Southern California city 64 miles north of Santa Barbara.  Located directly off State Route 135 and East McCoy Lane, one of the main thoroughfares in Santa Maria, Broadway Pavilion is visible to more than 46,000 vehicles per day.

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

CJ Osbrink

“Grocery-anchored retail continues to be in high demand due to the daily needs and recession resistant nature of the tenancy,” Lvovich said.  “The HFF West Coast retail team capitalized on this demand with Broadway Pavilion commanding strong pricing for a secondary market.”

“We are pleased with this acquisition and remain focused on executing our plan of growing value by acquiring and managing grocery-anchored shopping centers,” said Hal Scudder, chief investment officer for Phillips Edison & Company.

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

Kristen M. Murphy

Director, Marketing

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.grocerycenterREIT2.com.

HFF closes sale of six-building business center in northwest Houston, TX

Pine Forest business Center, Northwest Houston, TX

 

Rusty Tamlyn

HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Pine Forest Business Center, a 259,705-square-foot property consisting of six, fully-leased, light industrial buildings in northwest Houston.

HFF marketed the property on behalf of the seller, Cabot Properties.  Stonelake Capital Partners, LLC purchased the property for an undisclosed price. 

Pine Forest Business Center is part of Pine Forest Business Park, which was redeveloped from the former Pine Forest Country Club and is a master-planned, deed-restricted business park comprising 32 buildings.

  Pine Forest Business Center is home to a variety of tenants in the construction, distribution, manufacturing, healthcare and wholesale industries, including DXP Enterprises, Superior Plus, CTC Contractors, Power Supply Components, Highland Distributing, Recovercare and CCLD Technologies.

  Located at 3404-3414, 3420-3432, 3434-3448, 3454-3468, 3474 and 3502-3556 Yale Street in Houston’s Heights neighborhood, Pine Forest Business Center is part of the Northwest Industrial submarket, the largest submarket in Houston. 

HFF’s investment sales team was led by senior managing director Rusty Tamlyn and director Trent Agnew.

”The property’s infill location just north of the 610 Loop near the Heights attracted a number of prospective buyers during the marketing process,” Agnew said.  “The property has had a track record of stable occupancy and increasing rents while also offering an opportunity for redevelopment in the future as a result of the development activity ongoing in the immediate vicinity.”

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

Kristen M. Murphy

Director, Marketing

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://www.stonelake.com

http://www.cabotprop.com.

HFF secures $26.1 million in financing for San Gabriel Valley, CA office complex

The Lakes at West Covina Office Campus, San Gabriel Valley, West Covina, CA

 

Greg Brown

NEWPORT BEACH, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $26.1 million in acquisition financing for The Lakes at West Covina, a two-building, 176,843-square-foot, Class A office campus in the City of West Covina in the San Gabriel Valley, east of Los Angeles.

HFF worked on behalf of the borrower, a partnership between Stillwater Investment Group, Greenlaw Partners and CrossHarbor Capital Partners to secure the acquisition financing through Suntrust Bank.  The floating-rate loan has a three-year initial term and is non-recourse. 

The Lakes at West Covina is located at 1000 and 1050 Lakes Drive in the central/eastern portion of Los Angeles County about five miles east of downtown Los Angeles.

 Situated on a 6.16-acre site the property has prominent freeway visibility located just south of the San Bernardino Freeway (10) and is adjacent to the Plaza West Covina Mall, the Lakes Entertainment Center, the Edwards West Covina Stadium 18 movie theatre as well as the Lennar Multifamily Communities mixed-use project currently underway. 

Renovated in 2004, The Lakes at West Covina is 78 percent leased to national and regional tenants including Wells Fargo Bank, the U.S. General Services Administration, Siemens Corporation, the State of California, Trilogy and Fresnius.  

The HFF debt placement team representing the borrower was led by director Greg Brown and managing director James Fowler.

“HFF did an excellent job on representing our partnership in finding a number of quality debt options.  They sourced a number of strong lenders for us and closing with Suntrust Bank will allow us to continue the positive leasing momentum at the project.  This was the second transaction that HFF has represented my firm on and both times they delivered excellent results,” said John Drachman, President of Stillwater Investment Group.

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

Kristen M. Murphy

Director, Marketing

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 $7.65 million sale of open-air entertainment center in Daytona Beach, FL

Ocean Walk Shoppes, 250 North Atlantic Avenue, Daytona Beach, FL

Brad Peterson

ORLANDO, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $7.65 million sale of the iconic Ocean Walk Shoppes, a 110,646-square-foot, open-air movie theater-anchored entertainment and retail center in Daytona Beach, Florida. 

HFF arranged the sale on behalf of the seller, an entity related to LNR Property.  Dundas Real Estate Investment purchased the asset free and clear of existing debt.

The six-story Ocean Walk Shoppes features a 10-screen Paragon Theaters, Bubba Gump Shrimp Co., Sloppy Joe’s, Wyndham Worldwide, Ker’s Winghouse, and Johnny Rockets in addition to numerous successful shop tenants including Sunglass Hut and Cold Stone Creamery.

 Ocean Walk Shoppes is located at 250 North Atlantic Avenue in the heart of Daytona Beach’s entertainment zone, or “E-Zone”, the commerce, entertainment and leisure center of the region’s 9.5 million annual tourists.

 The property is directly in front of the 5,000-person Daytona Beach Bandshell amphitheater and is situated between both the 744-room Hilton Daytona Beach and the 710-room Wyndham Ocean Walk, two of the region’s largest hotels.

Whitaker Leonhardt

The HFF investment sales team representing the seller was led senior managing director Brad Peterson and associate director Whitaker Leonhardt.

“Ocean Walk Shoppes garnered tremendous investor interest due to its prominent location in a well-known tourist area in the heart of the ‘World’s Most Famous Beach’,” Leonhardt said. 

“It was amazing how many investors knew the asset from personal family vacations they had made to the area.  With a successful theater, high-volume restaurants and proven shop tenants, Ocean Walk Shoppes will continue to gain both tenant and customer interest.”

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

Kristen M. Murphy

Director, Marketing

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.lnrproperty.com.

HFF closes sale of and arranges financing for six-property retail portfolio in Georgia, Alabama, and South Carolina

ATLANTA, GA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and secured acquisition financing for a six-property, grocery-anchored retail portfolio totaling 535,252 square feet in Georgia, Alabama and South Carolina.

Jim Hamilton

HFF marketed the properties on behalf of the seller, InvenTrust Properties Corp.  Preferred Apartment Communities, Inc. (NYSE: APTS), through its retail subsidiary New Market Properties, LLC, purchased the assets.  

Working on behalf of the new owner, HFF also placed four separate fixed-rate acquisition loans. Two properties were purchased in all-cash transactions.

The 96-percent-occupied portfolio comprises Anderson Central and Fairview Market in Greenville-Spartanburg, South Carolina; Rosewood Shopping Center in Columbia, South Carolina; East Gate Shopping Center and Fury’s Ferry in Augusta, Georgia; and Southgate Village in Birmingham, Alabama.  

Five of the properties are anchored by Publix and one property is anchored by Walmart Supercenter.

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

The HFF debt placement team representing the borrower was led by senior managing director Ed Coco.

“The portfolio allowed the buyer to acquire a critical mass of six well-positioned, high-volume, grocery-anchored centers with an established tenancy located throughout the southeast,” Hamilton said.

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

Kristen M. Murphy

Director, Marketing

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 $26.05 million sale of and secures $18 million financing for 4-building San Diego, CA business park

Sorrento Pines Business Park,  4106, 4110, 4116 and 4122 Sorrento Valley Boulevard,
San Diego, CA

Nick Psyllos

 SAN DIEGO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $26.05 million sale of and secured $18 million in acquisition financing for Sorrento Pines Business Park, a fully-leased, four-building, multi-tenant business park totaling 114,656 square feet in the Sorrento Valley submarket of San Diego, California.

HFF marketed the property on behalf of the seller, Parallel Capital Partners, Inc.  Webb Management & Investments, LLC purchased the asset free and clear of existing debt.  Additionally, HFF worked on behalf of the buyer to place the 10-year, fixed-rate acquisition loan with CCRE.  HFF will service the securitized loan.

Sorrento Pines Business Park, which was built in 1979 and extensively renovated in 2012, is 100 percent leased to a diverse tenant roster that includes Bastyr University and Pall Corporation, a wholly owned subsidiary of Danaher Corporation (NYSE: DHR, S&P: A).

The property, located at 4106, 4110, 4116 and 4122 Sorrento Valley Boulevard, features a mix of office, flex and industrial space and has immediate access to two of San Diego’s main arteries, Interstates 5 and 805.  The facility is also within walking distance to the Sorrento Valley COASTER station.

Nick Frasco

The Sorrento Valley submarket, which is surrounded by the prestigious UTC, Del Mar Heights, Torrey Pines and Sorrento Valley areas, is a mature, infill submarket that has evolved into an innovative hub for creative office, life science and other high-end users.

HFF’s investment sales team represented the seller and was led by senior managing director Nick Psyllos and director Nick Frasco.

The HFF debt placement team representing the borrower was led by director Greg Brown.

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

Kristen M. Murphy

Director, Marketing

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