HFF closes sale of grocery-anchored retail center in Los Angeles’ South Bay Communiity of Gardena, CA

Redondo Plaza, Gardena, CA           (Photo by Marc Weisberg of Luxury Real Estate Images)

Gleb Lvovich

 NEWPORT BEACH, CA, June 28, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Redondo Plaza, a fully-leased, grocery-anchored retail center in the South Bay-area community of Gardena, California. 

HFF marketed the property on behalf of the seller, Gerrity Group.  Storm Properties, Inc purchased the asset free and clear of existing debt. 

Anchored by Smart & Final grocery store, the 100-percent-leased Redondo Plaza is home to national and regional tenants, including Super Laundry, Crazy Rock’n Sushi, T-Mobile, Domino’s Pizza and Jackson Hewitt Tax Services. 

The center is located at 1550 W. Redondo Beach Boulevard in Gardena, a Southern California city approximately 16 miles south of Los Angeles.  

Located on one of the main thoroughfares in Gardena, the property is exposed to more than 33,000 vehicles per day, and more than 230,000 residents live within a three-mile radius of Redondo Plaza.

CJ Osbrink

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

“HFF generated top-tier pricing, while navigating the rollover of Smart & Final with less than 18 months of lease term remaining and making up more than 65 percent of the gross rent,” Lvovich said.  “It is a testament to the strong demand for well-located retail.”

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.storm-properties.com

www.gerritygroup.com

HFF arranges $42.565 million in financing for Los Angeles area creative office building

  

465 North Halstead Office Building, Pasadena, CA

 

Eric Tupler

DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $42.565 million in financing for 465 North Halstead, a 238,205-square-foot creative office building in Pasadena, California.

Working on behalf of the borrower, a partnership between EverWest Real Estate Partners and The Rhône Group, HFF placed the five-year, floating-rate loan with Bank of America.  Loan proceeds were used to acquire the property.  The loan has two, one-year extension options.

465 North Halstead is situated on a 9.6-acre site in the Tri-Cities area of Los Angeles, home to JPL, Caltech, the Art Center College of Design and multiple Fortune 500 companies. 

With a Walk Score© of 77, the property is within walking distance of numerous retailers, more than 50 restaurants and the Sierra Madre Metro Gold Line station providing access to downtown Pasadena, downtown Los Angeles and the entire San Gabriel Valley.

 Recently renovated in 2015, 465 North Halstead features 12’ plus ceiling heights, polished concrete floors, private entrances, high-speed fiber optic connections and collaborative outdoor space.  Eight tenants occupy the 89-percent-leased property including Giant Magellan Telescope, Community Bank, Sierra Lobo and OeWaves.

The HFF debt placement team representing the borrower was led by senior managing director Eric Tupler and director Marc Schillinger. 

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

Stepp Commercial Completes $3.11 Million Sale of 15-Unit Apartment Property in Long Beach, CA

15-Unit Apartment Community, 1065 East Ocean Boulevard, Alamitos Beach Submarket, Long Beach, CA

LONG BEACH, CA, June 28, 2016 – Stepp Commercial, a leading multifamily brokerage firm in the Long Beach market, has completed the $3.11 million sale of a 15-unit multifamily property in the prime Alamitos Beach submarket of Long Beach.

Robert Stepp, principal of Stepp Commercial, represented the seller, Long Beach-based Seward Road Enterprises, as well as the buyer, Calabasas-based 17 CNE, LLC, in the transaction. The property closed at a 3.95 percent cap rate and a price per unit of $207,000.

Robert Stepp

Built in 1922 and located at 1065 E. Ocean Boulevard, the unit mix includes 11 studios, three one-bedroom units, and two two-bedroom units. It features a central courtyard, controlled-access entry, and an on-site laundry facility. 

The unit interiors offer hardwood and ceramic tile flooring, ceiling fans, and granite countertops. Several of the units feature balconies and ocean views.

“This asset is situated across the street from the beach and has been impeccably maintained and yet retains a lot of its 1920s charm, making it very desirable to renters,” said Stepp. “The buyer plans on making some additional updates to the units and holding the property long-term.”

Stepp added that this property is located at the edge of Alamitos Beach and is adjacent to the East Village Arts District in Downtown Long Beach, a neighborhood that is rapidly gentrifying and seeing new shops, restaurants and entertainment venues opening at a swift pace.

Year-to-date, Stepp Commercial has completed 31 transactions totaling 575 units with a cumulative value in excess of $116 million.

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

Darcie Giacchetto

949.278.6224

www.SteppCommercial.com

HFF arranges $2.8 million sale of mixed-use office and retail center near Jacksonville, FL

                                                                                                                         

 Doctors Inlet Center, Middleburg, FL                              (Photo by Troy Morgan)                 

 

Whitaker Leonhardt

 

ORLANDO, FL,  June 28, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged the $2.8 million sale of Doctors Inlet Center, a 95,096-square-foot mixed-use retail and office center in the Jacksonville-area community of Middleburg, Florida.

HFF marketed the asset on behalf of Maple Blue Way, LLC, an entity related to Garrison Investment Group.  Big Score Investors, LLC, a private company based in the Dallas suburb of The Colony, Texas, was the buyer.

Situated on 5.6 acres at 400-420 College Drive, Doctors Inlet Center is located at the epicenter of Clay County’s largest healthcare providers: the 297-bed Orange Park Medical Center, 124-bed St. Vincent’s Medical Clay County and outpatient facilities Nemours Children’s Specialty Care Fleming Island and Baptist Clay Medical Center.  

Constructed in 2006, the center consists of two 47,548-square-foot, two-story buildings and is home to a variety of retail and office tenants, including Anytime Fitness.

The HFF investment sales team representing the seller was led by associate directors Whitaker Leonhardt and Sean Ryan.

”True value-add acquisition opportunities are fewer and further between and continue to command the attention of active investors,” Leonhardt said.  “The center has a good base of existing tenants to build from the quality of construction.”

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

HFF closes $10.25 million sale of St. Augustine, FL luxury boutique hotel

Michael Weinberg

ORLANDO, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $10.25 million sale of Castillo Real, a 60-room, full-service, upscale boutique resort hotel in St. Augustine, Florida.

HFF marketed the property on behalf of the seller, a joint venture partnership between Impact Properties and DeBartolo Development.  MSB Hotels III purchased the asset and assumed an existing CMBS loan.  Elite Hospitality LLC will manage the hotel.

Completed in 2005, Castillo Real underwent extensive renovations during the past three years, including full guestroom renovation.  The hotel is part of Choice Hotels’ Ascend Collection® and features beach access, zero-entry outdoor pool and whirlpool, sauna, steam room, fitness center and the award-winning La Cocina Restaurant. 

Located at 530 A1A Boulevard, Castillo Real is on the ocean side of A1A Beach Boulevard in St. Augustine, a beachfront community known as the “Ancient City” for its place as the oldest continuously occupied European settlement in the continental U.S. 

The hotel is less than five miles from historic downtown and other St. Augustine destinations, including the Fountain of Youth Museum, Castillo de San Marcos, Fort Matanzas, San Sebastian Winery and the St. Augustine Lighthouse.

Preston Reid

The HFF investment sales team representing the seller was led by managing director Michael Weinberg and associate director Preston Reid.

“It was logical for MSB Hotels III to buy the asset considering some of the family members (owners) also own the newly-developed Courtyard by Marriott across the street as well as Hilton Garden Inn and Hampton Inn a few blocks north of the Castillo Real, which are all managed by Elite Hospitality LLC,” said Manoj Bhoola, president and COO of Elite Hospitality LLC.

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.debartolodevelopment.com.

www.impact-properties.com.

Marcus & Millichap Arranges $3.84 Million Sale of 68-Room Quality Inn at Carowinds in Fort Mill, SC

Quality Inn at Carowinds, Fort Mill, SC

Robert S. Hunter

 FORT MILL, S.C., June 28, 2016 – 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 Quality Inn at Carowinds, a 68-room hotel located in Fort Mill, S.C. The asset sold for $3,840,000.

            “This was an opportunity to acquire a recently renovated asset in the Charlotte metropolitan area across the street from the Carowinds Amusement Park which recently underwent a major expansion,” says Robert S. Hunter, a senior associate in Marcus & Millichap’s Fort Lauderdale office. “The buyer will be able to capitalize on localized growth within a rapidly expanding top-25 market.”

Hunter along with David M. Greenberg, a first vice president investments also in the firm’s Fort Lauderdale office, represented the seller and buyer in the transaction. Raj M. Ravi is the firm’s South Carolina broker of record.

Quality Inn at Carowinds is a 68-room, limited-service lodging facility located in the Charlotte, N.C. MSA. The hotel is situated across the street from Paramount's Carowinds Amusement Park at Exit 90 of Interstate 77 and it is adjacent to the Lakemont Business Park. Uptown Charlotte, Pineville and Rock Hill S.C., the Charlotte-Douglas International Airport and Interstate 77 are also nearby.

The hotel is located at 3560 Lakemont Boulevard in Fort Mill, S.C. 

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

Ryan Nee

Vice President / Regional Manager

 Fort Lauderdale, FL

(954) 245-3400

Lincoln Property Company Southeast Arranges More Than $1 Million Sale of Flex Industrial Building in Tucker, GA

Chip Sipple

ATLANTA, GA (June 28, 2016) – Lincoln Property Company Southeast (Lincoln) has arranged the $1.06 million sale of 5203 South Royal Atlanta Drive, a 16,002-square-foot flex industrial property located in Tucker, Georgia.

Chip Sipple and Jeff Henson of Lincoln represented the seller, Lucien Kimball, in the transaction, and David Barker with Keystone Commercial represented the buyer, South Royal 3453, LLC.

The property is 100 percent leased by New South Construction Supply (New South), a construction supply company headquartered in Greenville, South Carolina. 

New South recently executed a new long-term lease and will serve as their second location within the Atlanta market.  

Built in 1987, the industrial building is located on two acres within the Royal Atlanta Business Park. Features of the property include 18-foot ceilings, approximately 5,000square feet of office space, five dock high doors, one drive-in door and ample surface parking.

5203 South Royal was the second building that Lincoln has sold for Kimball in the past six months.

“Jeff and Chip have done a great done for us on both transactions,” Kimball said. “They were able to find buyers within a short period of time and close quickly at pricing levels that exceeded our expectations.”

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

Savannah Durban

The Wilbert Group

404-343-0870

sdurban@thewilbertgroup.com

Berger Commercial Realty Secures More Than 4,000 Square-Feet in Lease Transactions for Landlords in Palm Beach County, FL

Joe Byrnes

FORT LAUDERDALE, FL (June 28, 2016) – Berger Commercial Realty Senior Vice President Joe Byrnes and Sales Associate Robert Dabrowski recently secured 4,445 square-feet in lease transactions for landlords in Palm Beach County.

Woolbright Corporate Center I

The brokers represented Congress Properties & Investments, LLC in leasing 2,545 square-feet of office space to Family Preservation Services of Florida, Inc. at Woolbright Corporate Center I.

Located at 1901 South Congress Avenue in Boynton Beach, the 57,566-square-foot, four-story office building was part of a portfolio acquisition facilitated by Berger Commercial Realty in 2014. Since then, Byrnes and Dabrowski have grown the building’s occupancy by 22 percent.

BB&T Centre

The brokers also represented Millennium One in leasing 1,900 square-feet of office space to the Sickle Cell Foundation of Palm Beach County at the BB&T Centre, located at 2001 North Broadway in Riviera Beach.

Robert Dabrowski

The six-story, 58,460-square-foot professional building is the largest building in Rivera Beach and offers direct views of the Intracoastal Waterway and the Atlantic Ocean. 

Featuring direct access to Singer Island, the Port of Palm Beach and US-1, the BB&T Centre is located within minutes of I-95 and downtown West Palm Beach. The property is slated for renovations including an enlarged lobby, new air conditioning system and more.

For more information about Berger Commercial Realty’s leasing services, call 954-358-0900.

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

www.bergercommercial.com.

Berger Commercial Realty Brings 108,000-Square-Foot East Port Center in Fort Lauderdale, FL to Full Occupancy

  

Judy Dolan

                                                               FORT LAUDERDALE, FL  – Berger Commercial Realty Senior Vice Presidents Judy Dolan and St. George Guardabassi recently represented East Port Center Joint Venture in leasing 7,050 square-feet of space to Cayoga America, Inc. at East Port Center. With this transaction, East Port Center has reached 100 percent occupancy.

Located at 1881 to 1887 Marina Mile Boulevard in Fort Lauderdale, the 108,000-square-foot industrial park sits at the northeast quadrant of I-95 and Marina Mile Road and offers high ceilings, all glass storefront facades, and grade-level loading within two miles of Fort Lauderdale International Airport and Port Everglades.

For more information about Berger Commercial Realty’s leasing services, call 954-358-0900.

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

Shopoff Realty Investments Acquires 22-Acre Property in La Quinta, CA

  

 

William Shopoff

La Quinta, CA – Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced the company has acquired a 22-acre vacant site in La Quinta, Calif., for $7.25 million.

Shopoff Realty Investments intends to entitle the property for a mixed-use development with commercial and residential real estate.

The property is located at the southwest corner of La Quinta Drive and Auto Center Drive, one block from Highway 111, and is also accessible from Adams Street. Nearby developments include the La Quinta Resort & Club, the Rancho La Quinta Golf Club and Lake La Quinta, as well as numerous restaurants and shopping venues.

“This is an excellent asset in a prime location in Coachella Valley, approximately 25 miles from Palm Springs, and surrounded by high quality developments,” said Shopoff Realty Investments Chief Executive Officer William Shopoff.

“Our team will employ our specialized expertise to transform this vacant lot into a more valuable property that will greatly enhance the local community,” added Shopoff Realty Investments Executive Vice President Land Division John Santry.

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

Jill Swartz

Spotlight Marketing Communications

949.427.5172, ext. 701

jill@spotlightmarcom.com

Evergreen Invests $13.3 Million in Acquisition and Renovation of Two Affordable Housing Communities on Chicago’s North Side

  

Steve Rappin

CHICAGO, IL (June 28, 2016) — Evergreen Real Estate Group, a fully integrated real estate company that develops, acquires and manages affordable and market-rate multifamily apartments, today announced it has acquired a pair of affordable senior housing communities in Chicago’s Rogers Park neighborhood.

Over the next 12 months, Evergreen plans to renovate both properties – a 45-unit building at 1420 W. Farwell Ave. and 40-unit building at 1345 W. Jarvis Ave. 

In conjunction with its acquisition of the communities, Evergreen also secured a 20-year extension of the properties’ Section 8 Housing Assistance Payment contract, maintaining the affordability of the residences through 2036.

“Chicago, like many cities across the country, is in the middle of an affordable housing crisis, so the preservation of the city’s existing affordable housing stock – particularly communities dedicated to seniors – is more vital than ever,” said Steve Rappin, president of Chicago-based Evergreen, which will manage both properties.

“The extension of the Section 8 program at each community will allow current residents to remain in their homes and give Chicago seniors a viable housing option as rents in the city continue to climb.”

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

Kelly Shumaker, kshumaker@taylorjohnson.com, (312) 267-4519

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

Winston-James Development Reports Two New Lease Agreements, Occupancy at 100 Percent at Beville Road Business Center

Winston Schwartz

SOUTH   DAYTONA, FL --- Winston-James Development, in South Daytona, reports it recently completed two new commercial lease agreements at its Beville Road Business Center in South Daytona maintaining 100 percent occupancy. 

Winston Schwartz, president of Winston-James Development, said the firm leased 1,050 square feet to Elite Interior Designs, a model home and real estate staging company.  At the same time, Gudz Distribution Inc. leased 1,050 square feet. Gudz is a wholesale distributor of tobacco products. 

Schwartz said he has a waiting list for the mixed-use space at 933 Beville Rd. 

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

   

NAI Realvest Brokers Office Leases totaling 7,225 Square Feet for New, Expanding and Current Tenants in Seminole County, FL

  

Mary Frances West

 ORLANDO, FL  --- NAI Realvest recently brokered four lease agreements totaling 7,225 rentable square feet with two new tenants in Longwood and Casselberry and two expanding and renewing in Lake Mary.

Chris Adams, associate and Tom R. Kelley II, CCIM, principal at NAI Realvest, negotiated the lease of 1,604 square feet at 740 Florida Central Parkway in Longwood representing the landlord, Centre Point Prop. LLC.   The new tenant is Millwork Specialty Solutions of Longwood.   

Mary Frances West, CCIM, Vice President at NAI Realvest negotiated the lease of 1,918 square feet at 198 Wilshire Blvd. in Casselberry on behalf of the landlord Wilshire Plaza LLC of Winter Park.  Pharmaceutical firm Darmerica LLC is the new tenant. 

At Primera Court I, 725 Primera Blvd. in Lake Mary, West represented landlord RREF Interchange-FL, Primera I, LLC of Daytona Beach in an office expansion lease agreement with Antonio M. Cubano, M.D. for 1,380 square feet.  Dr Cubano will relocate from a 1,122 square foot suite.

West represented Maya Associates, landlord at The Crystal Center, 3300 W. Lake Mary Blvd., in a lease renewal downsize for 2,323 square feet with the tenant JD Insurance & Financial Group, Inc.

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