HFF closes $15 million sale of three office properties within the Mack-Cali Business Campus in northern New Jersey

Four, Five and Six Century Drive Within Mack-Cali Business Campus, Parsippany, NJ

Jose Cruz

FLORHAM PARK, NJ –- Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $15 million sale of 4, 5 and 6 Century Drive, three office buildings totaling approximately 280,000 square feet within the Mack-Cali Business Campus in Parsippany, New Jersey. 

HFF marketed the property on behalf of the seller, Mack-Cali Realty Corporation, and procured the buyer, a partnership between Bergman Real Estate Group and Time Equities, Inc.  The properties were sold free and clear of debt. 

4, 5 and 6 Century Drive are positioned within the Morris County community of Parsippany near the intersection of three of the state’s most highly traveled highways - Interstates 287, 80 and 280.

 This places the property within a 35-minute drive of New York City and within close proximity to corporate neighbors including Tiffany’s, Medicines Co., T-Mobile, Wyndham, GAF and Avis, among others.

 Built in 1981, features include a full-service cafeteria, excess parking, a picturesque courtyard with fountain and separate picnic areas. 

The Mack-Cali Business Campus that the properties reside in, offers additional amenities including a Bright Horizons child care center, a Hilton hotel, a Residence Inn by Marriott hotel, and restaurants including Ruth’s Chris Steak House.

Kevin O'Hearn

 Wegman’s grocery store and several adjacent restaurants are currently under construction in the park.

The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Michael Oliver and Stephen Simonelli and associate director Marc Duval. 

The Bergman/Time Equites team was represented by Michael Bergman, president, and Michael Difede, director of acquisitions of Bergman Real Estate Group, and Aaron Medeiros, director of acquisitions for Time Equities. 

“These assets have a significant amount of upside and we are seeing more interest from the investor community for well-located office properties that offer the opportunity to add value,” stated Cruz.

“We are pleased that Mack Cali and HFF selected us to purchase these quality buildings,” explains Michael Bergman.  “While Mack Cali has done a nice job in maintaining these assets, we will continue to make several improvements and add new amenities to provide tenants great value for the cost.

“The tenants will also benefit from the on-going enhancements Mack Cali is planning for their existing Parsippany Business Campus.” 

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.bergmanrealty.com.

www.mack-cali.com.

HFF closes sale of the leasehold interest of a vacant grocery store near Seattle, WA

Nick Foster

 NEWPORT BEACH, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of the leasehold interest of a vacant building formerly occupied by Haggen Food & Pharmacy in the Seattle suburb of Burien, Washington.

HFF marketed the property on behalf of the seller, HH Property North, LLC.  Five Corners Leasehold LLC, purchased the leasehold interest for an undisclosed price.

Completed in 1996, the 40,593-square-foot building is part of the Five Corners Shopping Center, which is also home to Trader Joe’s, Panda Express, Starbucks, Freedom Fitness, Verizon and Sunny Teriyaki.

 Located at 15840 1st Avenue South, the building is at the intersection of South 160th Street and 1st Avenue South just off Highway 509 near Seattle-Tacoma International Airport.

The HFF investment sales team representing the seller was led by Nick Foster, Nick Kassab and Mark West.  The buyer was represented by Brendan Powell of Marcus & Millichap.

“This was an excellent opportunity to own a quality retail building within a dynamic shopping center in the Seattle MSA,” Foster 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 expands its Pacific Northwest multi-housing investment sales team with hiring of director Christopher Ross

Christopher Ross

 PORTLAND, OR –– Holliday Fenoglio Fowler, L.P. (HFF) announced Christopher Ross has joined the firm as a director.  Mr. Ross will focus on multi-housing investment sales in the Seattle market and will work alongside managing director Ira Virden and director Carrie Kahn, who are based in HFF’s Portland office.

Mr. Ross, who has more than 11 years of commercial real estate experience, joins HFF from Moran & Company, where he was most recently a director.  During that time, he was involved in the closing of more than $2.2 billion in multi-housing sales in Washington and Oregon. 

Prior to that, he worked as a portfolio analyst within the asset management group at Deutsche Bank Mortgage Services.  

Mr. Ross holds a bachelor’s degree in Financial Economics from Western Washington University.  Additionally, he received a certificate in commercial real estate from the University of Washington.    

“We are excited to welcome Chris as a member of HFF’s growing Pacific Northwest multi-housing team led by Ira Virden.  Chris’ extensive experience in the Seattle market coupled with his deep relationships with the local owners and operators will translate into an elevated level of service for our current and future clients in this region,” said Nicholas Kucha, senior managing director and co-head of HFF’s Portland office.  

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

Meridian Capital Group Arranges $19.5 Million in Permanent Financing for the Refinance of a Multifamily Property in North Miami Beach, FL

Jonathan Zilber

New York, NY, July 27, 2016 – Meridian Capital Group, America’s most active debt broker, arranged $19.5 million in permanent financing for the refinance of a multifamily property located in North Miami Beach, FL.

The three-year loan, provided by a balance sheet lender, features a competitive fixed rate of 3.10% and one year of interest-only payments. This transaction was negotiated by Meridian Senior Vice Presidents, Jonathan Zilber, based in the Company’s Cleveland, OH office and Steven Halpert, based in Meridian’s Iselin, NJ office.

Aventura Oaks Apartments, a three-story, 204-unit multifamily building, located at 1572 NE 191st Street in North Miami Beach is conveniently situated in a prime area with easy access to world renowned shopping, an array of dining and entertainment options and famous South Florida beaches.

The property is also in close proximity to Interstate 95, the Florida Turnpike and the Palmetto Expressway. Aventura Oaks Apartments features a number of amenities, which include a fitness center, lounge and pool.

“The property, purchased in late 2014, wasn’t fully seasoned when we went to market and the client was seeking maximum proceeds,” said Mr. Zilber. “We highlighted to the lender the property’s prime location and stressed that 75% of the property units are being remodeled, which will lead to significant upside,” he added. “The lender agreed to one year of interest-only payments to improve cash flow during the renovation process.”

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

Jonathan Stern

Meridian Capital Group

212/972-3600

jstern@meridiancapital.com

www.meridiancapital.com

NAI Realvest Negotiates Central Florida Sales of Industrial Properties in Casselberry, Sanford, DeBary Totaling $824,600

Maria Van Warner

ORLANDO, Fla. — NAI Realvest recently negotiated industrial sales including three condo units in Casselberry, four in Sanford and industrial development land in Debary totaling over $824,600.00.

Paul P. Partyka, Partner at NAI Realvest and Associate Juan Jimenez represented Anchor Road Commerce Center in the sale of three industrial condos totaling 3,600 useable square feet for $225,000.  Units 1101, 1107 and 1113 at 301 Ryder Lane in Casselberry were purchased by Deforest Davis represented by Maria Van Warner of Fannie Hillman & Associates.

Michael Heidrich,  principal at NAI Realvest, represented Landlord Small Bay Partners LLC of Maitland in the following sales at 4260 Church St. in Sanford:  Units 1348 and 1450 totaling 2,700 useable square feet to DeBary-based Chairman Storage for $202,500;   Units 1426 and 1434, each with 1,350 square feet, to local tenants Tynic Somers Properties, LLC and Whalzz, LLC respectively.

Ana Somers

Both buyers paid $98,550.00 for the industrial condos and were both represented by Ana Somers of Watson Realty Corp

In DeBary, Heidrich and Associate Patty Nolff negotiated the $200,000 sale of Lot 9 in Springview Commerce Center -- a one-acre tract of industrial land at 231 Springview Commerce Drive representing the Sellers Saulo and Licia Bomfim of DeBary.  The Buyer, Michael Tumminello of DeLand was represented by Peter Petrilli of Custom Builder Realty, LLC.  

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 Negotiates Long Term Leases for Industrial space totaling 10,400 Square Feet at Monroe and Goldenrod CommerCenters in Central Florida

 

Patty Nolff

ORLANDO – NAI Realvest recently completed four long term lease agreements for industrial space totaling 10,400 square feet in Monroe CommerCenter in Sanford and Goldenrod CommerCenter in Orlando.

Michael Heidrich, a principal at NAI Realvest and Associate Patty Nolff represented local landlord Monroe South SPE, LLC, in a new lease for 2,000 square feet at Monroe South to Comic Central and in a lease renewal of 4,000 square feet at 655 Progress Way where Fastenal Company is a long time tenant.

Heidrich also negotiated two lease renewals at Goldenrod CommerCenter – one suite with 2,206 square feet occupied by Dynamic Medical Systems, LLC and one 2,191 square foot suite where Mobile Oval Auto Repair, LLC is the tenant.  

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

Munilla Construction Management (MCM) wins $66M Contract to Build School at Guantanamo Bay Naval Base

  

From left: Raul Munilla, Juan Munilla, Jorge Munilla, Lou Munilla,
Fernando Munilla and Pedro Munilla

Miami/Cuba — MCM, a Cuban-American, family-owned construction company specializing in general building and heavy civil construction, was awarded a $66 million project to build a multi-story pre-kindergarten through 12th grade elementary-middle-high school at the Naval Station Guantanamo Bay, Cuba (GTMO).

“In the past 27 years, MCM has built over 35 educational facilities, valued at over $320 million, in the United States and Panama,” MCM Vice President Alexis Leal said.

Alexis Leal

The 112,000-square-foot project will consolidate and replace the current W.T. Sampson School to create space for 275 students and 50 staff members. It is expected to be completed by November 2018.

The project scope is to construct a multi-story building composed of a shallow foundation, steel frame and reinforced masonry walls with decorative masonry and hard coat stucco veneer.

The interior of the school will include learning studios, computing center, science labs, gymnasium, performance spaces, dining areas, art room, music room, science lab, learning impaired space, career technical education, counseling areas, health offices, administrative offices, staff collaboration areas, and other required areas for a fully functioning elementary-middle-high school.

“We are extremely excited to go back to the only free part of our homeland to start building. It is also especially gratifying to be able to serve the troops of our great country,” said Pedro Munilla, MCM Board Member and one of the six brothers who owns the firm.

Pedro Munilla

Founded in 1983, MCM is a family-owned construction company headquartered in South Florida, with offices in Texas and Panama. The firm specializes in general building and heavy civil construction, focusing on aviation, education, government facilities, transportation, roads and bridges, and commercial buildings. 

MCM provides pre-construction, design-build, design-build-finance, construction management, general contracting, and public-private partnership services. 

The firm is an Engineering News-Record (ENR) Top-400 Contractor with more than 1,000 employees in the U.S. and Panama. MCM is an ISO 9001:2008 company and is certified as a minority-owned firm with the Southern Florida Minority Supplier Development Council.

For more information, visit www.mcm-us.com or call 305.541.0000.

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

Yarden Cohen

 Director of Social Media, BoardroomPR

ycohen@boardroompr.com

O 954-370-8999

C 954-559-0827

@Yardycohen

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

HFF named to market for sale 11-property multi-housing portfolio in core U.S. markets

 

Matthew Lawton

CHICAGO, IL  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has been named to market for sale an 11-property, 3,039-unit multi-housing portfolio located in several core markets across the United States.

HFF is marketing the offering on behalf of KBS Legacy Partners Apartment REIT, Inc., a public, non-traded real estate investment trust (REIT) sponsored by KBS Capital Advisors LLC (the REIT’s advisor) and affiliates of Legacy Partners Residential Realty LLC. 

The portfolio is being offered on a free and clear basis and may be purchased in its entirety, as a subset of pooled assets or individually.

The portfolio totals more than three million rentable square feet and encompasses garden-style and mid-rise communities with an overall occupancy rate in excess of 95 percent as of May 31, 2016.

 More than half of the assets were constructed between 2002 and 2010 and all have been institutionally maintained and operated since completion.  

The properties in the portfolio are: Watertower Apartments in Eden Prairie, Minnesota; Poplar Creek in Schaumburg, Illinois; Legacy at Martin’s Point in Lombard, Illinois; Lofts at the Highlands in St. Louis, Missouri; Legacy at Valley Ranch in Irving, Texas;

Watertower Apartments, Eden Prairie, MN

Crystal Park at Waterford in Frederick, Maryland; The Residence at Waterstone in Pikesville, Maryland; Legacy Grand at Concord in Concord, North Carolina; Wesley Village in Charlotte, North Carolina; Legacy Crescent Park in Greer, South Carolina; and Millennium Apartment Homes in Greenville, South Carolina.

The HFF investment sales team representing the seller is led by executive managing director Matthew Lawton along with local HFF teams in the respective markets.

“This well-balanced, geographically diverse portfolio presents investors with a unique opportunity to not only acquire institutional high-quality assets in key markets, but, if purchased in its entirety, also presents the opportunity to acquire the REIT vehicle itself in its entirety providing additional flexibility to the potential buyer’s investment platform,” said Lawton.

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.legacypartners.com.

www.kbs.com

HFF arranges $58.54 million construction financing for hotel development at The Battery in Atlanta, GA

                                                                                      

Rendering of Planned SunTrust Park, Atlanta, GA                  (photo courtesy of Atlanta Braves)

                           

Whitaker Johnson

DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $58.54 million in construction financing from U.S. Bank for the development of the Omni Hotel at The Battery Atlanta, a 264-room, full-service, luxury hotel that will serve as a cornerstone of the mixed-use community adjacent to SunTrust Park, the future home of the Atlanta Braves.

Working on behalf of the borrower, TRT Holdings, Inc. and Braves Development Company, LLC, HFF placed the 42-month construction financing with two one-year extensions with U.S. Bank.

Omni Hotel at The Battery Atlanta will be a 16-story premier property with 25 suites and three hospitality suites included in its 264 guest rooms.

 The hotel will feature approximately 12,000 square feet of meeting space, a restaurant with rooftop seating, outdoor pool with a deck and bar, state-of-the-art fitness center, wine and coffee bar, retail outlets on the third floor and concierge services. 

Anchoring the southern end of The Battery plaza, Omni Hotel at The Battery Atlanta will be situated just outside of the gates of SunTrust Park, the 41,500-seat stadium that will be the new home of the Atlanta Braves Major League Baseball team beginning with the 2017 season.

The Battery Atlanta, a mixed-use development is situated at the intersection of Interstates 75 and 285 in the northern part of Atlanta. 

The HFF team was led by senior managing director Whitaker Johnson and director Jim Curtin.

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.usbank.com.