TerraCap Management Acquires Sugarloaf VI and VII in Duluth, Georgia, for $25.37 Million

W. Stephen Hagenbuckle

ATLANTA, GA (Aug. 12, 2016) – Real estate fund manager TerraCap Management, LLC, has acquired Sugarloaf VI and VII, two Class A office buildings totaling 161,183 square feet in Duluth, Georgia, for $25.37 million.

“This acquisition highlights again our commitment to the Southeast with our holdings of high quality assets in the Atlanta area alone now exceeding 1.2 million square feet,” said W. Stephen Hagenbuckle, founder and managing partner of TerraCap.

The buildings mark TerraCap’s fourth acquisition in Georgia this year. Most recently, TerraCap purchased Huntcrest, a four-building, 394,247-square-foot office park in Lawrenceville, Georgia. 

The company also owns several portfolios of office properties and commercial assets totaling nearly 2 million square feet in the state of Florida.

“The greater Atlanta area has qualities that attract top-notch companies and employees,” said Steve Good, a partner at TerraCap. “Sugarloaf VI and VII presented another fantastic opportunity to add to our rapidly growing investment portfolio.”

Steve Good

Hunter Henritze and Matt Davis of Lincoln Property Company Southeast (Lincoln) have been selected to lease and manage the property, which is currently more than 94 percent leased.

“TerraCap’s growth this year has been impressive and we’re excited to continue our relationship as they expand in the Southeast,” said Tony Bartlett of Lincoln. “Well-located Class A space remains in high demand, especially in the Sugarloaf submarket of  Gwinnett County. These buildings are ‘best in class’ and are an excellent long-term investment.”

Sugarloaf VI and VII are located within the Business Park at Sugarloaf , a master-planned office park featuring nearly 500,000 square feet of Class A office space in Gwinnett County.

The office park offers access from Sugarloaf Parkway and immediate proximity to Interstate 85, Gwinnett Civic Center, multiple hotels, restaurants, Sugarloaf Mills and Sugarloaf Country Club.

Ralph Smalley, Ryan Clutter and a Kelly Kuykendall with HFF represented the seller in the transaction.

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

Savannah Durban

The Wilbert Group

404-343-0870

sdurban@thewilbertgroup.com

http://terracapmgmt.com.

Continental Funding Group Arranges Financing for Three Class A Industrial Assets in Greater Los Angeles, CA Market

Eugene Rutenberg

LOS ANGELES, CA (Aug. 12, 2016) – Commercial real estate investment banking firm Continental Funding Group has successfully secured $8.23 million in financing for three Class-A industrial assets totaling 105,000 square feet in the greater Los Angeles area on behalf of two separate sponsors.

The financing for both of these transactions was arranged by Continental Funding Group Director Eugene Rutenberg.

“Industrial is one the hottest asset classes in the greater Los Angeles area,” explains Rutenberg, Director of Continental Funding Group.

“As demand for premium industrial space continues to surge throughout the Los Angeles region, vacancy rates have reached a record low of approximately 2.3 percent. The limited supply of industrial product, coupled with enormous demand from distribution and manufacturing tenants, is driving rental rates, resulting in increased lending activity for this property type.”

According to a 2016 Mid-Year CoStar report, the average rental rate for industrial space in the greater Los Angeles region was $9.45 per square-foot by the end of the second quarter, indicating a 3.1 percent increase from the first quarter of this year.

 

Valencia, CA Industrial Property

Rutenberg notes, “Based on these strong economic indicators, our strategy was to secure exceedingly aggressive terms on behalf of our sponsors to capitalize on the growth of this robust and dynamic industrial market.”

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

Katie Kea / Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

kkea@browermillercole.com

www.contifunding.com

Cohen Commercial Realty Brokers Two New South Florida Retail Lease Transactions

 Ocean Palm Plaza in Boynton Beach, FL Adds New Tenant

Bryan S. Cohen

 Boynton Beach, FL —Bryan S. Cohen and Travis Langhorst of Cohen Commercial Realty, Inc., announced the signing of a Wine and Liquor Store to lease a 1,924-square-foot space at Ocean Palm Plaza located at 1550 N. Federal Highway in Boynton Beach.  Cohen Commercial represents the landlord in this transaction.

  No Limit Kutz Barbershop Leases 1,200 SF at Paz Plaza in Boynton Beach, FL

 BOYNTON BEACH, FL  —Bryan S. Cohen and Travis Langhorst of Cohen Commercial Realty, Inc., announced today the signing of No Limit Kutz Barbershop to lease a 1,200-square-foot space at Paz Plaza located at 3301 W. Boynton Beach Boulevard in Boynton Beach.  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

HFF closes $31.7 million sale of 2 Class A office properties in Raleigh-Durham, NC

Nottingham Hall,  4505 Emperor Boulevard, Raleigh-Durham, NC

CHARLOTTE, NC – Aug. 12, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $31.7 million sale of Nottingham Hall and Palisades I, two Class A office properties totaling 184,302 square feet in Raleigh-Durham, North Carolina.

Palisades I, Raleigh-Durham, NC

HFF marketed the properties on behalf of the seller, an institutional fund manager, and procured the buyer, CapRidge Partners.  

This closing follows the previously announced sale of Trinity Place, which was also marketed on behalf of the seller to Origin Investments. 

Additionally, HFF’s debt placement team assisted CapRidge Partners in sourcing a loan for Nottingham Hall and Palisades I, as well as for Palisades II, which CapRidge is purchasing in a separate transaction. 

Nottingham Hall is located at 4505 Emperor Boulevard near the Interstate 40 and 540 interchange in the I-40/Research Triangle Park submarket. 

The property is situated on eight acres in the Imperial Center business park that is within five miles of RDU International Airport and approximately midway between Raleigh and Durham’s central business districts.

Scot Humphrey

  Palisades I is situated on 3.8 acres at 5400 Trinity Road approximately 11.5 miles southeast of Nottingham Hall via Interstate 40 in the West Raleigh submarket. 

The property is adjacent to Carter-Finley Stadium and the PNC Arena, home to the Carolina Hurricanes NHL hockey team and the North Carolina State University basketball team.  Both properties were completed in 2001.

The HFF investment sales team representing the seller was led by senior managing director Ryan Clutter, director Scot Humphrey and managing director Ralph Smalley.

HFF’s debt placement team, led by director Jim Curtin, senior managing directors Travis Anderson and Andy Scott and associate director Cory Fowler, advised CapRidge in the financing of these assets.

“Nottingham Hall and Palisades I are two exceptional assets in key locations in the Raleigh-Durham market,” said Clutter.  “These assets received significant interest from the marketplace as investors were attracted to the near- and long-term potential of these buildings.”

“We continue to see strong interest in our Raleigh-Durham offerings while new and emerging capital continues to target this thriving market,” added Clutter.

 “This sale represents CapRidge’s first entry into the Raleigh-Durham market serving as a prime example of how the area’s healthy fundamentals continue to attract new investors to the region,” continued Humphrey.

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 sale and secures financing for two Duluth, GA Class A office buildings

Sugarloaf VI and Sugarloaf VII Class A Office Buildings, Duluth, GA

Ryan Clutter

ATLANTA, GA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale and secured financing for Sugarloaf VI and VII, two Class A office buildings totaling 161,183 square feet in Duluth, Georgia.  

HFF marketed the property on behalf of the seller and procured the buyer, TerraCap Management, Corp.  Additionally, HFF arranged the 66-month, floating-rate acquisition loan on behalf of the new owner through Principal Global Investors.

Sugarloaf VI and VII are located within the Business Park at Sugarloaf, a master planned park of approximately 500,000 square feet of Class A office space in Gwinnett County. 

The park is across from the prestigious Sugarloaf Country Club, within one mile of Interstate 85 and 12 miles north of Interstate 285 in northeast Atlanta. 

Built in 2005, Sugarloaf VI and VII are 94.4 percent leased to a diverse tenant mix comprising Horizon Software, Asbury Automative Group, Gallagher Bassett Services and Wiss Janney Elstner Associates. 

The HFF investment sales team representing the seller was led by managing director Ralph Smalley, senior managing director Ryan Clutter and associate director Kelly Kuykendall. 

HFF’s debt placement team was led by managing director Gregg Shapiro.

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

Minto Communities Launches Sales for Artesia’s Final Phase on Saturday, Aug. 13

Steve Svopa

SUNRISE, FL – Minto Communities announces the launch of sales for the final phase of Artesia, a 76-acre, resort-style community ideally located at Flamingo Road and Panther Parkway in Sunrise.

 The award-winning builder will deliver 123 low-rise townhomes in this final phase, bringing the total number of residences in the community to 837. 

Minto is offering three collections including Courtyard Homes, Terrace Homes and Sky Villas ranging from the mid $300s to the $500s. Each residence is a contemporary blend of urban, suburban and resort lifestyles.

The Courtyard Home floorplans include two to three bedrooms, two to three baths and all have a two-car garage. The residences range from 1,466 square feet under air to 1,725 square feet under air and priced from the mid $300s.

  

“We’re very excited to move forward with the final phase of Artesia,” said Steve Svopa, vice president of Minto Communities. “Between the luxurious home designs, world-class amenities and ideal location, Artesia provides a lifestyle second to none.”

  

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

Ashley Fierman

Account Executive, BoardroomPR

afierman@boardroompr.com

O 954-370-8999

C 954-330-1554

Bank of America Plaza | 1776 N. Pine Island Road

Suite 320 | Plantation, FL 33322

MVP REIT Reports Second Quarter 2016 Results

 

Mike Shustek

 SAN DIEGO, CA – MVP REIT, Inc. announced it has filed its quarterly report on Form 10-Q for the quarter ended June 30, 2016. 

For the three months ended June 30, revenues were $2,056,000, as compared to $1,060,000 for the same three-month period in 2015, equal to a 94 percent increase in total revenue.

 For the first six months of 2016, total revenue increased by 126 percent to $3,949,000, compared to $1,748,000 for the first six months of 2015.

During the first six months of 2016, MVP REIT completed eight acquisitions valued at approximately $32 million, bringing its total investment in real estate to approximately $113.6 million in 25 properties.

Full results for the three- and six-month periods may be reviewed in MVP REIT’s quarterly report, available free of charge at www.sec.gov. 

“We are pleased with MVP REIT’s results over the last six months, and are excited to see the growth in our portfolio of properties,” said Mike Shustek, chairman and chief executive officer of MVP REIT.

“Aggregate rental revenues from properties we have held for more than one year also increased on a year-over-year basis. We believe we have deployed a successful strategy for growing revenues at our parking locations and look forward to capitalizing on this strategy in future quarters.”

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