George Smith Partners Secures Financing for William Penn Apartments in Central Los Angeles’ Westlake Neighborhood

Shahin Yazdi

             LOS ANGELES, CA (June 20, 2016) – Commercial real estate investment banking firm George Smith Partners has successfully arranged financing for the acquisition of the William Penn Apartments, a 200-unit multifamily property situated in the Central Los Angeles neighborhood of Westlake on behalf of its client, Massie Capital, which plans to complete an overhaul of the space, according to George Smith Partners’ Principal Shahin Yazdi.

            “Westlake has been largely ignored by the influx of capital that has entered surrounding Los Angeles neighborhoods, making this transaction and the buyer’s plans for the property unique,” explains Yazdi.  

“Though typically viewed by investors and lenders as a low-income pocket of the city, Westlake is in close proximity to many of Los Angeles’ most popular destinations, making it extremely well-positioned to become the next up-and-coming urban location for young renters who want to live close to all that the city has to offer.”

            Originally a hotel, the property is a historic five-story 1920’s brick building and is comprised primarily of “bachelor” style units that offer kitchenettes as opposed to kitchens and are smaller than typical studios, providing the opportunity to leverage current trends in “micro” multifamily units.

Brian Massie

            Brian Massie, Founder of Massie Capital, notes that the planned renovation will leverage these small unit sizes to keep rents affordable for a young demographic, while also focusing heavily on creating a modern environment while restoring the character of the building.

            “Our planned renovation will highlight the property’s historic Los Angeles features by exposing brick interlays and rejuvenating the asset’s unique courtyard, while implementing in-unit upgrades that will improve the quality of life for residents,” Massie says, noting that the asset is located in close proximity to Downtown Los Angeles, walking distance from the recently revitalized McArthur Park, three miles from the University of Southern California, and only one mile from Loyola Law School.

          

“We are one of the first investors to recognize Westlake’s potential for renovated product that will serve a younger, more hip demographic comprised of students and young professionals,” Massie says.  “We believe others will follow suit as the potential in the Westlake neighborhood is realized.”

           

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

Miki Conant / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

mconant@browermillercole.com

www.GSPartners.com.

HFF closes sale of Flats 8300 in Bethesda, MD

  

Flats 8300, 8300 Wisconsin Avenue, Downtown Bethesda, MD

 

Walter Coker

WASHINGTON, D.C, June 20, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Flats 8300, a 359-unit, luxury high-rise residential property with ground-floor retail in Bethesda, Maryland.

HFF marketed the property exclusively on behalf of the seller, a joint venture between StonebridgeCarras and an affiliate of Walton Street Capital, L.L.C.  Invesco Real Estate purchased the asset.

Recently completed in May 2016, Flats 8300 is located at 8300 Wisconsin Avenue along the Metrorail Red Line on a 1.6-acre site at the intersection of Battery Lane, just south of the National Institutes of Health and Walter Reed campuses.

 The nine-story property is walkable to numerous retail, dining and entertainment amenities in the Bethesda Row and Woodmont Triangle areas of downtown Bethesda and is less than two miles south of the Capital Beltway (Interstate 495).  Flats 8300 encompasses a mix of studio to three-bedroom floor plans along with townhouse and penthouse options. 

Anchored by a ground-floor Harris Teeter with Starbucks, the amenity-rich property also features breezeway and façade ornamentation by sculptor Kent Bloomer; a half-acre courtyard with water feature and sculptures by artist Barton Rubenstein; ninth-floor clubroom with billiards and bar; green rooftop with fireplace and demonstration kitchen; two rooftop swimming pools; fitness center; business center; pet spa; underground parking with electric car charging stations; and concierge service.

Brian Crivella

The HFF investment sales team representing seller was led by Walter Coker, Brian Crivella and Stephen Conley.

 “HFF is pleased to have been able to represent the seller on such a transformative asset to the Bethesda submarket,” Coker said.  “We were very excited to see that the market responded so well to the outstanding execution and core attributes of the asset.”

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

Hold-Thyssen Negotiates Five Long-Term Leases for more than 38,767 square feet at Silver Star Shopping Center in Orlando, FL

  

 WINTER PARK, FL --- Hold-Thyssen, Inc., a commercial property firm based in Winter Park, recently negotiated five lease agreements--four with five-year terms and one for three years–for a total of 38,767 rentable square feet representing the landlord at Silver Star Shopping Center located on Silver Star Rd. 

Hold-Thyssen leasing associate Alex Rowlinson negotiated a five-year lease renewal for 28,417 square feet with Blue Nile Hotel Furniture.  

Rowlinson and Associate Troy Stevens negotiated a new five-year lease with Eglise Baptiste D’Expression Francaise D’Orlando Inc. for 1,725 square feet; a new five-year lease with Mi Time Hair Salon for 1,331 square feet, a five-year renewal/relocation lease to Tabernacle of Praise Ministries for 1,760 square feet; and a three-year renewal lease to Kingdom Purposes Ministries, Inc. for 5,534 square feet. 

The Hold-Thyssen leasing team has now completed 12 leases at the 152,167 square foot Silver Star Shopping Center since its purchase late last year by a south Florida investor.

Hold-Thyssen, Inc. 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 closes $59 million sale of Comcast Office Center in San Francisco Bay Area’s Tri-Valley region

Comcast Office Complex, 3011, 3055 and 3077 Comcast Place, Livermore, CA

Michael Leggett

SAN FRANCISCO, CA, June 20, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $59 million sale of the Comcast Office Center, a three-building, 219,631-square-foot office campus and regional headquarters for Comcast in Livermore, California.

HFF marketed the asset on behalf of the seller, Gramercy Property Trust, Inc. and procured the buyer, Align Real Estate. 

Comcast Office Center is 100 percent triple net leased to Comcast and serves as the company’s regional headquarters.  The nearly 27-acre campus, comprised of 3011, 3055 and 3077 Comcast Place, offers tenants abundant parking (1,320 stalls), outdoor seating, and volleyball and basketball courts.

 Comcast Office Center is positioned in the Tri-Valley region of the greater San Francisco Bay Area and is just off of Interstate 580 with immediate access to Interstate 680 and CA Highway 84. 

This location is within 10 minutes of the Pleasanton BART station servicing San Francisco and the greater Bay Area and close to the future Livermore BART station and planned surrounding developments.

The HFF investment sales team representing the seller was led by Michael Leggett, senior managing director and co-head of HFF’s West Coast team; managing director Scott Pertel and senior managing director Gerry Rohm.

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

Renaissance Place mixed-use property in Chicago’s North Shore listed for sale by HFF

Renaissance Place, North Shore Neighborhood, Highland Park,  IL

Amy Sands

CHICAGO, IL, June 20, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has been engaged to market and sell Renaissance Place, a mixed-use retail, office and multi-housing property in Chicago’s North Shore community of Highland Park, Illinois.

Renaissance Place was completed in 2000 and consists of 82,604 square feet of in-line retail and 54,534 square feet of office space that is collectively 90 percent leased. 

The property also includes 30 luxury one- and two-bedroom multi-housing units in 36,660 square feet that are 96 percent leased.  In addition, there is a 48,000-square-foot repositioning opportunity for the two-level space previously occupied by Saks Fifth Avenue, bringing the total square footage of the property to 221,789 square feet.  

Located at 1849 Green Bay Road, Renaissance Place encompasses an entire city block of downtown Highland Park, one of the most affluent communities in the U.S with annual household income in a three-mile radius of the property averaging $153,481.  The mixed-use property is .3 miles from the Highland Park Metra station and is walking distance from more than 18,000 households.

The HFF investment sales team representing the seller is being led by directors Amy Sands and Clinton Mitchell as well as senior managing directors Jaime Fink and Jeffrey Bramson.

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

Regency Centers Welcomes New Tenants to The Market at Springwoods Village in Houston, TX

Abe Pacetti

HOUSTON, TX --(BUSINESS WIRE)-- Regency Centers Corporation (“Regency”), a national owner, operator, and developer of grocery-anchored shopping centers, is welcoming several new tenants to The Market at Springwoods Village.

 The project, which is expected to complete in the first half of 2017, will be anchored by a Kroger Marketplace and will include the perfect mix of national, regional, and popular local tenants, such as:

Chick-fil-A

Torchy’s Tacos

Zoe’s Kitchen

MOD Pizza

Tarka’s Indian Kitchen

Cold Stone Creamery

Lovett Dental

Supercuts

Nails of America

“Things couldn’t be progressing better,” said Abe Pacetti, Vice President of Investments at Regency. “We will continue to pursue tenants that embody the live, work, play environment that is being built in Springwoods Village. Given its location and current tenant line up, this property is poised to be a powerful addition to an already vibrant area.”

Momentum for the project has increased since the initial announcement, with the center already being more than 80% leased and committed. This warm reception by the market is a strong indicator of the success to come for the project.

For leasing inquiries, please contact Vanessa Barfuss at vanessabarfuss@regencycenters.com.

Vanessa Barfuss

The Market at Springwoods Village, located at the intersection of Holzwarth Road and Grand Parkway, is a 170,000 square foot project that will be seeking LEED Silver certification. 

Springwoods Village is a 1,800-acre, mixed-use community situated along the west side of Interstate 45, between Springwoods Village Parkway and the Grand Parkway. 

Designed for sustainability, when completed the nature-inspired residential and commercial community will provide diverse housing options, civic facilities, outdoor recreation and a 60-acre CityPlace with office space, shopping, dining and lodging in an urban, walkable environment.

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

Regency Centers Corporation

Eric Davidson, 904-598-7829

Communication Manager

ericdavidson@regencycenters.com

or

Abe Pacetti, 713-599-3502

Vice President, Investments

abepacetti@regencycenters.com

www.springwoodsvillage.com

vanessabarfuss@regencycenters.com