Oak Coast Properties Announces the $129 Million Acquisition of Pembrooke on the Green Apartments in Denver, CO

 

Phillip Nahas

 Los Angeles, CA – Oak Coast Properties announced the $129 million acquisition of the Pembrooke on the Green Apartments in Denver, Colorado.

Pembrooke on the Green is located at 10700 E. Dartmouth Avenue in Southeast Denver. Just north of the I-225/I-25 junction, the community sits within close range of Denver Tech Center, Downtown Denver, Fitzsimons Life Science District and Denver International Airport.

 Four projects totaling more than 1 million square feet of offices are currently under construction in Southeast Denver metro and are expected to drive up demand for apartments even further.

“This acquisition marks our firm’s largest to date and brings our Denver portfolio to more than 2,300 units,” said Phillip Nahas, Oak Coast Properties’ Co-Founder and Managing Partner.

 “Having acquired and amassed a portfolio with a valuation of nearly a billion dollars and with the continued strategic alliances we have with our capital partners, we are committed to achieving above market risk adjusted returns through our investment strategy in Denver and other strategic markets across the country.”

 Managing Director Charles Halladay and Associate Directors Lee Redmond and Brock Yaffe of HFF’s debt placement team assisted in securing the $103 million Freddie Mac loan for the acquisition of the property.

Miami-based Pensam Residential provided a portion of the equity financing.

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 | hfflp.com

ohennessey@hfflp.com

America’s Best New Homes Media Names Susie Proffitt New President of Atlanta Division

  

Susie Proffitt

 ATLANTA, GA – America’s Best New Homes Media, which provides homebuyers with the most comprehensive collection of new home communities, floor plans, new home inventory and related real estate information via a weekly television show and website, promoted Susie Proffitt to president of Atlanta’s Best New Homes TV (ABNHTV).

 She will oversee all sales efforts and facilitate strategic planning and growth opportunities for the brand in Atlanta.

 

Sean Mudd

“We are thrilled to announce Susie’s promotion,” said Sean Mudd, president and CEO of America’s Best New Homes Media. “Susie’s vast experience in both media and marketing coupled with her long-time role with our show, will help the company grow in Atlanta and beyond.”

As a former Miss North Carolina and beauty industry executive, Proffitt brings 20 years of media experience to ABNHTV, including hosting regional TV shows airing on FOX affiliates such as “Beauty Mark” and “The Coastal Living Show.”

She is a member of the Greater Atlanta Homebuilders Association, the Atlanta Sales and Marketing Council, the Atlanta Realtor Association and the National Association of Realtors.

Atlanta’s Best New Homes TV airs on Fox 5 Atlanta on Saturday morning’s at 9:30 a.m. 

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

Emma Cathey

Publicist

Liz Lapidus PR

O | 404-688-1466

C | 678-588-1661

FOLLOW US @lizlapiduspr

FOLLOW ME @emmacarolinec

772 Edgewood Ave, NE

Atlanta, Georgia 30307

Liz Lapidus PR

404-688-1466

emma@lizlapiduspr.com

Olive Hill Group Brings Culver City, CA Property to 92 Percent Occupancy with Paris-Based Research Firm

Corporate Pointe, 200--300 Corporate Pointe, Culver City, CA

LOS ANGELES, CA  – Los Angeles-based commercial real estate firm Olive Hill Group has leased half of the 5th floor at its recently acquired creative office campus in Culver City, California to Ipsos Insight, a subsidiary of the Paris-based market research and consulting firm Ipsos.

Tim Lee, left, and Michael Cho

The office complex is located at 200-300 Corporate Pointe in Culver City, California. Ipsos Insight will lease 11,000 square feet on the 5th floor of the building for the next 7.5 years. Brian Niehaus at JLL represented Ipsos Insight in the $3.1 million lease.

Brian Niehaus

The new lease brings occupancy up to 92 percent, and further establishes the Class A creative campus as a prominent business address within the Silicon Beach submarket, according to Michael Cho, President of Olive Hill Group.

“Culver City is quickly emerging as one of the fastest-growing, most dynamic tech and creative markets in southern California, attracting a number of businesses in the digital media, entertainment and technology industries,” says Cho.

 “Fueled by explosive growth in these industries, the Lower Westside office market continues to attract demand from major players in the digital sphere, including research firms such as Ipsos, which is a creative leader in the market research industry.”

  

            Cho explains that this new lease reflects the types of high-caliber creative and tech tenants that comprise the Culver City market.

“Ipsos is the third largest market research firm in the world, with a presence in 87 different countries and more than 5,000 clients globally,” says Cho. “Our ability to secure a lease of this caliber speaks to the strength of the asset and bolsters long-term property value.  The addition of Ipsos Insight also contributes to the creative and collaborative environment we are cultivating in this property.”

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

Katie Kea

Jr. Account Executive

Brower, Miller & Cole

895 Dove Street, Third Floor

Newport Beach, CA 92660

p: (949) 955-7940

KKea@browermillercole.com

Meridian Sells Dialysis Clinic in Palmdale, CA for $6.97 Million, 5.0% Cap Rate

Dialysis Clinic, Palmdale, CA          (Photo by  Michael Polk, Majesticcaptures.com)

SAN RAMON, CA - Meridian, a full-service real estate developer and owner of medical real estate, is pleased to announce that it has closed escrow on the sale of its 13,750-square-foot dialysis clinic in Palmdale, Calif.

 The purchase price was $6.97 million, representing a cap rate of 5.0%. This is the second dialysis clinic that Meridian has sold this year. Earlier this year, Meridian sold a similar clinic in San Rafael, Calif.

John Pollock

The Palmdale clinic is located at 38454 5th Street West in Los Angeles County, near the new Palmdale Regional Medical Center. In 2010, Meridian acquired several buildings and excess land that were owned by the lender General Electric Credit Equities, Inc.

The availability and low-land basis provided a unique opportunity to work with a dialysis provider to build a new state-of-the-art clinic in close proximity to the hospital with an affordable rent.  

According to Meridian’s COO John Pollock, “Kidney failure, also known as end-stage renal disease (ESRD), is a fatal condition unless a kidney transplant is available or a patient undergoes dialysis, in which a machine filters toxins and fluids from the blood outside the body.

"In-center dialysis patients are treated approximately four hours a day, three times a week. There is a tremendous need to bring these types of services into the communities where patients live.”

This location, like many other that Meridian has developed, was located near patient need, says Pollock. “Having a visible outpatient facility provides easy access and convenience for patients and staff as they don’t have to navigate large and often confusing hospital entrances and parking garages,” Pollock explains.

Mike Conn

“It is all about the patient experience. Meridian expects this trend to continue in the coming years given the cost advantage and convenience factor of providing basic services in retail settings as opposed to higher acuity hospitals.”

Meridian’s Senior Vice President of Development, Mike Conn, was responsible for delivery of the clinic. “Through a coordinated team effort with our client, vendors and the city, we were able to construct a ground up OSHPD 3 clinic turn-key in less than seven months.” 

Conn added that “Speed to market, branding, and market share are becoming extremely important as providers compete for patients and physician groups. We provide synergistic solutions to healthcare systems that are faster and more cost-effective for them.”

Gary Stache and Bryan Lewitt of CBRE, based in the firm’s Newport Beach and downtown Los Angeles office respectively, represented Meridian, the seller. The buyer, a private investor based in the Central Valley of Calif., was represented by Five Star Land Company, Inc. in Wilton, Calif.

This transaction comes on the heels of Meridian’s sale of its 74,000-square-foot general office building located in Alameda County at 5776 Stoneridge Mall Road in Pleasanton, Calif. The purchase price was $15.5 million, representing a cap rate of 7.0%. The Pleasanton property was sold in September 2016.

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

Anne Monaghan

MONAGHAN COMMUNICATIONS, INC.

anne@MonaghanPR.com

830.997.0963

www.mpcca.com.

Lincoln Property Co.Wins 2016 TOBY Award for Luhrs City Center in Downtown Phoenix, AZ

  

Luhrs City Center, Downtown Phoenix, AZ

PHOENIX, AZ – Lincoln Property Company (LPC) continued its award-winning property management track record at this year’s “The Outstanding Building of the Year” (TOBY), earning a TOBY for its management of Luhrs City Center in downtown Phoenix.

Megan Watkins

Phoenix’s annual TOBY awards are presented by the Arizona chapter of the Building Owners and Managers Association (BOMA). They represent the industry’s most prestigious honor for excellence in building quality and management, with winners advancing to regional and international BOMA competitions.

LPC was awarded a 2016 TOBY for its management of Luhrs City Center, a National Historic Landmark mixed-use development located at Central and Jefferson – the geographic point of origin for downtown Phoenix.

“LPC and Invesco purchased Luhrs City Center in December and have worked diligently to build on the project’s vintage charm and potential, at a time when tenants are rediscovering downtown Phoenix,” said Lincoln Property Company Executive Vice President David Krumwiede. “It is an honor to be affiliated with the property and to be recognized for our efforts there.”

Built between 1924 and 1929, Luhrs City Center encompasses approximately 157,000 square feet of fully renovated office and retail space featuring red brick interiors and exposed beams. LPC and Invesco are nearing completion on a multi-million-dollar renovation that will further upgrade lobby, common areas and streetscapes at the project.

The Luhrs office project is part of Luhrs City Center, which is a full city block containing office, retail, a six-level parking structure and a new 19-story, 320-room Marriott hotel. Luhrs City Center is in the heart of downtown Phoenix, situated along the existing light rail line as well as the approved light rail extension down Central Avenue. It is home to the award-winning Bitter & Twisted cocktail parlour.

Jessica Allen

“Our management team has a deep background in office and retail space,” said Megan Watkins, Lincoln Property Company Associate Director of Management Services, who leads LPC’s property management portfolio in the region. “We’re thrilled to be able to apply that knowledge at such a landmark project, bringing a piece of the past into the present for today’s business market.”

David Krumwiede

The LPC management team at Luhrs City Center includes Assistant Property Manager Jessica Allen, Chief Engineer Tom Williams and Building Engineer Carlos Rodriguez.

In addition to managing projects in its ownership portfolio, LPC provides award-winning third party property management services to approximately 7 million square feet of office industrial and retail space across the region.

 For more information, call David Krumwiede or Megan Watkins at (602) 912-8888.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com