ATTOM Data Solutions Reports 4 Percent of U.S. County Housing Markets Less Affordable Than Their Historic Affordability Norms in Q3 2016

Greg Smith

IRVINE, CA –— ATTOM Data Solutions, the nation’s leading source for comprehensive housing data and the new parent company of RealtyTrac, released its Q3 2016 Home Affordability Index, which shows that 24 percent of U.S. county housing markets were less affordable than their historic affordability averages in the third quarter, up from 22 percent of markets in the previous quarter and up from 19 percent of markets a year ago to the highest share of since Q3 2009 — when 47 percent of markets were less affordable than their historic affordability averages.

The report analyzed median home prices derived from publicly recorded sales deed data collected by ATTOM Data Solutions and average wage data from the U.S. Bureau of Labor Statistics in 414 U.S. counties with a combined population of more than 203 million.

“Affordability is always a challenge for buyers and with the recent appreciation we have been experiencing we are seeing a gap in the entry-level market that in past markets was met by attached dwellings (condos),” said Greg Smith, owner/broker at RE/MAX Alliance, covering the Denver market, where all five counties included in the report were less affordable than their historic norms.

 Smith noted that the state’s condo-defect law has hobbled new construction of condos during the housing recovery.

“As a result of builder's risk and some predatory practices of attorneys, builders do not feel comfortable providing this product and as a result many first time buyers are finding it hard to enter the market, which can cause some ripples across the market as a whole.”

The report also breaks out county-level closing costs, using settlement service rates, transfer taxes and recording fees by ClosingCorp (see full methodology below).

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

Jennifer von Pohlmann

949.502.8300, ext. 139

jennifer.vonpohlmann@attomdata.com

HFF closes sale of TownePlace Suites in North Kingstown, RI

TownePlace Suites Providence North Kingstown, 55 Gate Road, North Kingstown, RI

Denny Meikleham

BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of the 104-suite TownePlace Suites Providence North Kingstown in North Kingstown, Rhode Island. 

HFF marketed the property on behalf of the seller, Waterford Development Corp and XSS Hotels, and procured the buyer.  The hotel was sold unencumbered by management.

The TownePlace Suites Providence North Kingstown is located at 55 Gate Road, approximately 19 miles south of downtown Providence and 12 miles south of T.F. Green Airport within Quonset Business Park, which is home to nearly 200 companies, The Port of Davisville and Quonset State Airport. 

Completed in 2011, the Marriott-branded hotel features fully-equipped kitchens in each suite, complimentary high-speed internet access, complimentary breakfast, a sundry/convenience store, fitness center, heated indoor salt water pool, business center, BBQ/picnic area, guest laundry and complimentary shuttle service.

The HFF investment sales team representing the seller was led by managing director Denny Meikleham and director Alan Suzuki.

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

Kristen Murphy

Director, Marketing

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

tel 617.848.1572 | fax 617.338.2150 | www.hfflp.com

krmurphy@hfflp.com

www.groupRMCusa.com

www.xsshotels.com

www.waterforddevelopment.com

HFF closes $94 million sale of 3-property office portfolio in Overland Park, KS

Jaime Fink

CHICAGO, IL – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $94 million sale of a three-property, seven-building office portfolio located in Overland Park, Kansas, a submarket of the Kansas City metropolitan area.    

HFF marketed the property on behalf of the seller, and procured the buyer, Group RMC.   

Totaling 806,864 square feet, the portfolio comprises three properties: 7101 College, Commerce Plaza I and II, and Financial Plaza I-IV. 

The Class A assets are 92.6 percent leased to 128 tenants, including General Electric, Cardinal Health, Cigna, Arrowhead General Insurance, Brungardt Honomichl & Company, Principal and EMC, among others.

 The portfolio offers tenants access and visibility to Interstate 435, proximity to executive housing and retail amenities, and corporate neighbors such as JP Morgan, AMC, Teva and Coventry Health Care.

The HFF investment sales team representing the seller was led by senior managing directors Mark Katz, Jaime Fink and Jeff Bramson.

“HFF was honored to be involved in the sale of three of the most recognizable assets in Kansas City,” said Katz.  “The intersection of College and Metcalf has historically been Main & Main for the Kansas City office market and we’re excited to watch the continued success of the assets.”

Mark Katz

Block Real Estate Services, which teamed with HFF in the marketing of the properties, assisted the seller in the original purchase of the seven-building portfolio and has managed and leased the properties on behalf of the seller for the past 10 years.

 BRES will continue in that capacity for the buyer and, to enhance its leasing services at these buildings, BRES has secured Brent Roberts, formerly with CBRE and one of the leading commercial office brokers in the Kansas City market, to take on this assignment.  The Block investment team was led by Ken Block and Harry Drake. 

“We have had the pleasure of representing the seller in a leasing and management capacity for the past 10 years and look forward to working closely with Group RMC as we implement new leasing and management strategies for the portfolio,” added Ken Block, Managing Principal, Block Real Estate Services. 

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

Kristen Murphy

Director, Marketing

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

tel 617.848.1572 | fax 617.338.2150 | www.hfflp.com

krmurphy@hfflp.com

National Provider of Health Insurance Services and Technology Extends Lease for 52,000 sq. ft. at Miramar Park of Commerce in Miramar, FL

Jonathan Starr

MIRAMAR, FL - Sunbeam Properties & Development recently announced that Convey Health Solutions, a leading provider of healthcare technology and health insurance solutions to Medicare, Medicaid and commercial health insurance companies across the United States, extended its lease for 51,863 sq. ft. of office space at 2900 N. Commerce Parkway in the Miramar Park of Commerce, the largest locally owned and managed business park in South Florida.

Convey's office in the Miramar Park of Commerce, one of five locations in Florida, handles health insurance enrollment processing, billing, payment processing, reconciliation and other health insurance-related services. 

Convey, which is headquartered in Fort Lauderdale, maintains solution and distribution centers in Arizona, Florida, Illinois and the Philippines.

"We employ more than 500 individuals at our Miramar solution center and we plan to operate at full capacity for the foreseeable future. Having a high-quality site and convenient access to a skilled workforce solidified our decision to extend our lease at the Miramar Park of Commerce," said Convey Health Solutions Executive Vice President Jonathan Starr.

Lauren Pace

From the Park, Convey currently completes more than two million interactions each year, providing health plan members with access to the healthcare services they require and managing large-scale health insurance processes for clients regionally and nationally.

"Multifaceted companies like Convey require commercial space that provides the diversity, functionality and connectivity necessary for efficiently serving their clients (health insurers) and their clients' clients (health insurance subscribers) across geographic barriers," said Sunbeam Properties & Development Vice President Maridee Bell. "The Miramar Park of Commerce is one of the few places in South Florida that meet and exceed these criteria."

Convey Health Solutions was represented by Ryan Nunes of CBRE in the transaction. The Park was represented by Bell and Lauren Pace of Sunbeam Properties & Development.

For more information, contact Lauren Pace (lpace@wsvn.com) or Maridee Bell (mbell@wsvn.com) at 10212 USA Today Way, Miramar, FL 33025 or call 954-450-7900.

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

Lexi Robinson

954-776-1999, ext. 255

lrobinson@piersongrant.com

Hollywood Feed Expands into Kentucky with The Summit at Fritz Farm

Lindsay Bayer-Shipp

LEXINGTON, KY — Hollywood Feed, a natural and holistic pet food and product retail store, has announced plans for its first Kentucky store at The Summit at Fritz Farm, opening in spring 2017.

In addition to Hollywood Feed, more than 70 shops and restaurants, 20 of which are new-to-market, are slated for the $156 million mixed-use development, located in the heart of Lexington, Kentucky.

Hollywood Feed offers a wide selection of natural, healthy pet food and treats, as well as its very own “Mississippi Made” line of pet products including dog beds, collars, leashes and accessories.

With a strong focus on customer service, the sales associates go through more than 40 hours of training every year on various product lines and pet-related topics to help customers make informed decisions.

The Memphis, Tennessee-based retailer is rapidly expanding throughout the Southeast, with more than 47 stores in Tennessee, Alabama, Arkansas, Mississippi, Texas and now Kentucky. Hollywood Feed also recently opened a pet bakery in Memphis run by a classically trained pastry chef and will soon have treats from the bakery for sale at their stores.

“We are aiming to bring best-in-class retailers to The Summit at Fritz Farm, and Hollywood Feed is leading the industry in the holistic pet market,” said Lindsay Bayer-Shipp, retail brand strategist for Bayer Properties.

“The Summit at Fritz Farm will be a pet-friendly property filled with events like Fido Fest, a celebration for dog-lovers and their furry friends, and Yappy Hours, so Hollywood Feed is a perfect fit for this location.

“ Furthermore, we are excited for the addition of tenants like Hollywood Feed, which will bring customers on-site many times throughout the year.”

Shawn McGhee

“Hollywood Feed creates products for pet owners who care not only about what’s in their pet’s food, treats and products, but also where it is made and how it is sourced,” said company president Shawn McGhee. 

“We are excited about being at The Summit at Fritz Farm because it is a pet-friendly environment with lots of open spaces for visitors to mingle, in addition to being filled by other quality, like-minded retailers.”

In addition to Hollywood Feed, The Summit at Fritz Farm will offer a collection of more than 75 restaurants and shops, including first-to-market brands such as Bonobos, Scout & Molly’s, CosBar, Shake Shack and Kendra Scott. The property will also include the first food hall concept in the region, luxury apartments, modern, build-to-suit office space, as well as green space for mingling and gathering.

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

Britni Johnson • The Wilbert Group

1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309

O: 404-343-0870 • M: 912-580-7241

@beejie330

www.bayerproperties.com

www.summitatfritzfarm.com.

www.hollywoodfeed.com

29th Street Capital Acquires Des Plaines, IL Apartments

Dan Howard

Chicago, IL – 29th Street Capital (29SC) a privately-held real estate investment and advisory firm, has acquired its second multifamily property in Des Plaines, Illinois.

The property, located one-half mile north of downtown Des Plaines at 175 S. River Road, is comprised completely of one bedroom, one bathroom dwelling units.

 29SC plans to invest over $15,000 per unit to renovate unit interiors and remodel the property exterior.

“The acquisition of this property on South River Road provides an exciting opportunity to expand our footprint in the Des Plaines market and complement our other holding at 1443 Ashland Avenue, which offers primarily larger two bedroom units,” said Dan Howard, Vice President of Acquisitions for Chicagoland.

“With METRA rail nearby and a strengthening downtown, these units, once updated, will prove attractive for residents looking to rent in a quality suburb of Chicago.”

Des Plaines offers residents access to METRA commuter rail, O’Hare International Airport, and two major highways – Interstate 90 and The Tri-State Tollway (I-294.) In addition to being home to several Fortune 500 companies and international employers, Des Plaines hosts a comfortable blend of commercial, financial, industrial, professional, service and retail sector jobs.

Stan Beraznik

The acquisition closed Friday, Sept. 9, 2016. The sale price was not disclosed.

Formed in 2009, 29SC is a privately-held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that fall below the radar of institutional peers.

29SC’s multifamily portfolio consists of nearly 7,000 units and it has acquired over 8,500 units across its 11 offices in the U.S. 

Investments typically require $8 to $35 million of total capital and involve the acquisition or recapitalization of real estate assets, portfolios or platforms.

For investment inquiries, contact:

Stan Beraznik, Founder and Managing Principal at 29th Street Capital

415.643.6875 | sberaznik@29thstreetcapital.com

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

http://www.facebook.com/pages/Thornton-Communications/112101288827299 http://twitter.com/Ttho http://www.linkedin.com/in/TerriThornton Terri Thornton

Partner, Thornton Communications

Phone: 404-932-4347

Email: Terri@TerriThornton.com

Website: www.TerriThornton.com