HFF secures acquisition loan for 5-property Chicago-area industrial portfolio

  

Christopher Carroll

CHICAGO, IL –- Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured acquisition financing for a five-property, fully-occupied industrial portfolio totaling 1.41 million square feet in the Chicago area.

HFF worked on behalf of the borrower, Transwestern Investment Group, to place the five-year, fixed-rate loan with a life company. The portfolio was acquired by TSP Value and Income Fund, Transwestern Investment Group’s discretionary value-add vehicle.  

The portfolio properties are: 3800 Sunset Avenue in Waukegan; 301-363 North Third Avenue in Des Plaines; 5300 Proviso Drive in Melrose Park; 7400 Richards Road in Bridgeview and 5100 West 123rd Street in Alsip. 

The properties have clear heights ranging from 21’ to 30’ and all have some percentage of office finish.  The portfolio is home to eight tenants, including Dulin Metals Co; Permasteelisa North America; Midland Paper Company; Keystone Automotive Industries and Cornfields, Inc.

 The properties are located just off major thoroughfares, including Interstates 294 and 94, providing access to the greater Chicago area, the Midwest and beyond.

The HFF debt placement team representing the borrower was led by managing director Christopher Carroll and senior managing director Brian Carlton.

 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.transwesterninvest.com.

  

HFF secures $66 million refinancing for Los Angeles-area power center

  

Plaza 183, 11101-11263 183rd Street and 17970 Studebaker Road, Cerritos, CA

Paul Brindley

LOS ANGELES, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured a $66 million refinancing for Plaza 183, a 360,875-square-foot, open-air, destination retail center in the Los Angeles-area community of Cerritos, California.

HFF worked on behalf of the borrower, Cerritos Retail CenterCal LLC, to secure the 10-year, fixed-rate loan with Principal Life Insurance Company.  

Principal Real Estate Investors advised the lender in the transaction.  Loan proceeds are being used to refinance the original acquisition/renovation financing.

Plaza 183 began an extensive renovation in 2014, most of which was completed in 2015 with more renovation planned to commence this year.

  Currently more than 97 percent leased, the 11-building power center is home to national tenants, including Burlington Coat Factory, Nordstrom Rack, Saks Off Fifth, T.J. Maxx, Buffalo Wild Wings, Guitar Center, Olive Garden, Old Navy, Off Broadway, Jersey Mike’s, Lane Bryant, Burlington Coat Factory and 24-hour Fitness.

 Located at 11101-11263 183rd Street and 17970 Studebaker Road, the destination center is in an infill location in the heart of Cerritos, a community midway between downtown Los Angeles and the business centers of Irvine, Santa Ana and Anaheim, just off the 605 Freeway and two blocks south of Highway 90. Plaza 183 is exposed to more than 244,000 vehicles per day due to its frontage along the 605 Freeway.

The HFF debt placement team representing the borrower was led by Paul Brindley,  Eric Tupler and Steven Paskover.

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.centercal.com.

WNC provided about $6.1 million in LIHTC equity to fund construction of 144-Unit Cypress Springs Affordable Senior Housing Community in Baton Rouge, La

Michael Gaber

BATON ROUGE, LA – WNC, a national investor in real estate and community development initiatives, announced the completion of Cypress Springs, a new 144-unit affordable senior housing community in Baton Rouge, La. 

WNC provided approximately $6.1 million in low-income housing tax credit (LIHTC) equity to fund the development.

Located at 8200 Cypress Road, Cypress Springs includes three buildings comprised of 76 one-bedroom units and 68 two-bedroom units. 

The property’s amenities include a fitness center, central laundry facility, activity room/clubhouse, computer center, tenant storage area, sauna and picnic area.

The community also offers onsite management and support services. Each unit is equipped with intercom entry, central air conditioning, kitchen appliances and a ceiling fan. The property has 159 parking spaces.

Cypress Springs was developed by Community Development Inc. The project developer was C. Fred Cornforth.

“Cypress Springs is an excellent property offering new, well-constructed housing to the Baton Rouge senior community,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber.

“WNC is proud to be a partner in Cypress Springs and to help deliver additional affordable senior housing to the people of Baton Rouge and to a nation in dire need of quality affordable housing.”

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

Julie Leber

Spotlight Marketing Communications

949.427.5172 ext. 703

julie@spotlightmarcom.com

Stos Partners Acquires High-End Mixed-Use Asset in San Diego County’s Carlsbad Village, CA

Carlsbad Village, San Diego County, CA

CJ Stos

SAN DIEGO, CA – Stos Partners, a privately held commercial real estate investment and management firm, has acquired a 22,000 square-foot mixed-use property comprised of retail, restaurant, creative office and residential space in the heart of San Diego County’s Carlsbad Village submarket.

The property, which is 90 percent leased, is occupied by award-winning local restaurant and wine bar PAON, as well as a variety of retail and office tenants.

“This project has the best of everything - coastal location, high-end, urban design and construction, strong tenants, and a small amount of space we can lease to immediately increase value,” says CJ Stos, Principal of Stos Partners.

 “Our focus is to acquire properties in coastal California markets and increase value through strategic management and leasing. This asset features cutting edge retail and office space that is attractive to local companies seeking a live/work/play beach lifestyle.”

The property, which was completed in 2008, features a host of desirable amenities, including office suites with concrete floors and exposed HVAC as well as a 2,000 square-foot community deck with panoramic views.

“This is a beach town, and this asset is at the heart of all that is happening here,” says Stos.  “We are confident in the San Diego market as a whole, and see submarkets such as Carlsbad and Oceanside becoming increasingly attractive to professionals, residents and tourists as a less expensive alternative to more premium submarkets such as Encinitas and Del Mar.”

Jason Richards

Stos expects this migration to less expensive coastal areas to continue, and anticipates increased tenant and consumer demand throughout the California coast over the long term.

The property’s creative office space tenants include HighJump, a national tech company, as well as an alternative health company which Stos Partners brought to the project during escrow.

The three-story mixed-use asset also includes two residential penthouses with coastal views, providing an added opportunity for value creation, according to Jason Richards, a Partner at Stos Partners who was integral in this acquisition.

“These are single-story living, urban, penthouse-style condos with ocean views and private two-car garages, which is simply unheard of in Carlsbad Village,” says Richards.  “Based on the tremendous demand for coastal homes, the asset provides flexibility to either sell the condos individually, or to rent them, adding to the value of the asset as a whole.”

Richards notes that Stos Partners plans to implement exterior improvements to the property, including new paint and maintenance upgrades.

The property fronts two streets in Carlsbad Village, and is located at 560 Carlsbad Village Drive and at 2975 Roosevelt Street.

Barry Hendler of Cushman & Wakefield represented Stos Partners as the buyer in the $6 million acquisition.  The seller, a private company, was also represented by Hendler.

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

Devin Ugland / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

dugland@browermillercole.com

        

www.stospartners.com.

Cohen Commercial Realty Signs Donohue Real Estate In New North Palm Beach, FL Lease Transaction

Bryan S. Cohen

North Palm Beach, FL  —Bryan S. Cohen, Will Soled and Travis Langhorst of Cohen Commercial Realty, Inc., announced the signing of Donohue Real Estate to lease a 1,300-square-foot space at Shoppes at City Centre located at 11241 U.S. Highway One in North Palm Beach.

  They join Doris Italian Market and Bakery, West Marine, Carrabba's, and more.  Cohen Commercial represents the landlord in this transaction.

Daycare Group Leases 10,000 SF in Palm Springs, FL

PALM SPRINGS, FL  —Bryan S. Cohen and Travis Langhorst of Cohen Commercial Realty, Inc., announced today the signing of A Place For You Adult Daycare to lease a 10,000-square-foot space at located at 3678 S Congress Ave in Palm Springs, Florida.  Cohen Commercial represents the landlord in this transaction.

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

Donna Cordes

Cohen Commercial Realty, Inc.

561.471.0212 Office

561.471.5905 Fax

donnacordes@cohencommercial.com

www.cohencommercial.com

Pordes Residential Releases Final 100 Units for Sale at Veer Towers in Las Vegas, NV

Veer Towers,Within City Center, Las Vegas, NV

LAS VEGAS, NV — Pordes Residential Sales and Marketing has just released the final 100 units for sale at Veer Towers, the two-tower luxury condominium project located in the heart of CityCenter.  More than 330 units have been sold in the last three years which means only 14 percent of the units remain.

Darwin Dizon

“Veer Towers is the only all-residential building on the Las Vegas Strip,” said Darwin Dizon, Director of Sales.  “No new residential projects have been announced which means our remaining inventory is the last chance for buyers to own at one of the most famous addresses in the world.”

Prices at Veer Towers range from $265,000 to $2,000,000. Buyers have the option to purchase fully-furnished turn-key model residences.

In addition to studios, executive one-bedrooms, one-bedrooms and two-bedrooms, Pordes Residential has just released a unique combo residence on the 12th floor of the west tower. 

The custom made three-bedroom, three-bathroom residence offers 270-degree views of the city and the Strip.

 The one of a kind unit offers over 1,800 square feet of living space, comes fully furnished and is listed for $1.4 million.  The company also has one remaining penthouse boasting 2,014 square feet, a double master bedroom layout and two and a half spa-like bathrooms.  In addition, the unit has 20 foot ceilings and floor to ceiling windows. The penthouse is priced at $1.9 million.

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

Ilana Tescher

Account Executive

 BoardroomPR

itescher@boardroompr.com

O 954-370-8999

C 954-249-1816

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

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Berger Commercial Realty Secures Nearly 22,000 Square-Feet in Lease Transactions for Landlords Across Broward County, FL

Stephanie Bernota

FORT LAUDERDALE, FL - Berger Commercial Realty brokers recently secured 21,965 square-feet in leases transactions for landlords across Broward County.

Keith Graves

Parkway Professional Building

At the Parkway Professional Building in Miramar, Sales Associate Stephanie Bernota represented Dew Seven, LLC in securing the lease renewal for 4,825 square-feet of office space to American Financial Life, Inc. in suite 325;

a new lease for 1,874 square-feet of office space to Legal Gopher Document Retrievers in suite 110;

and the lease renewal for 437 square-feet of office space to Riddims Marketing, Inc. in suites 108 and 109.

Located at 6151 Miramar Parkway, the 40,858-square-foot Parkway Professional Building offers ample parking, a modern courtyard, a keypad entry system, and office suites ranging in size from 204 square-feet to 3,300 square-feet. It is situated on a 2.37-acre lot just west of State Road 7 on Miramar Parkway.

Sample Executive Center

Senior Vice President Keith Graves and Senior Sales Associate Jonathan Thiel represented Sample Executive Center, LLC in leasing 4,221 square-feet of space to Mo Management, LLC at the Sample Executive Center, located at 2001 W. Sample Road in Deerfield Beach.

Cypress Creek Executive Court

Along with Senior Vice President Joe Byrnes, Thiel also represented Rising Tide Development, LLC in facilitating the lease expansion for 4,000 square-feet of office space to Chem USA, LLC at Cypress Creek Executive Court, located at 2700 W. Cypress Creek Road.

Jonathan Thiel

Cypress Creek Business Park

Byrnes and Thiel also represented Rising Tide Development in renewing a lease for 1,950 square-feet of flex space to Destination Hope, Inc. at Cypress Creek Business Park, located at 6555 N. Powerline Road.

Prospect Park I

On behalf AKF3 SF Light Industrial, LLC, Byrnes, Graves and Thiel extended a lease for 3,047 square-feet of office space to American Creative, Inc. in Prospect Park I, located at 5241 N.W. 33rd Avenue in Fort Lauderdale.

Prospect Park II

At Prospect Park II, Byrnes, Graves and Thiel represented AKF3 in leasing 1,611 square-feet of flex space to SBC Intercontinental, Inc. at 3439 N.W. 55th Street and 1,056 square-feet of office space to Advantage Networking, Inc. at 3339 N.W. 55th Street in Fort Lauderdale.

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

954-776-1999

Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Marielle Sologuren, ext. 226, msologuren@piersongrant.com