HFF closes $10.825 million sale of land site in Apex, NC

92-Acre Land Development Site, Apex, NC

Justin Good

CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $10.825 million sale of an approximately 92-acre land site in the rapidly-growing Apex, North Carolina, area.

HFF represented the seller/developer, Raleigh, North Carolina-based Blue Heron Asset Management, LLC (Blue Heron), in the transaction.  The Halle Companies (Halle) purchased the site free and clear of existing debt.

 Concurrent with the transaction, Halle also purchased an adjacent eight-acre parcel, which was separately brokered by an outside firm, to control the entire 100-acre Westford planned unit development (PUD).

The Westford PUD (Westford) was entitled by Blue Heron for up to 900 residential units and 550,000 square feet of commercial development.  The site is ideally positioned at Jenks and Wimberly Roads near the U.S. 64 and Highway 540 interchange. 

Additionally, Westford is situated approximately 10 miles south of the Research Triangle Park and 19 miles west of downtown Raleigh.  Other nearby amenities include the 23-mile American Tobacco walking and biking trail, Apex’s historic downtown district and Jordan Lake State Recreation Area.

Allan Lynch

The HFF investment sales team representing the seller was led by Justin Good and Allan Lynch.

“Since the opening of interstate-grade Highway 540 in 2012, the surrounding Apex area has been transformed into one of the region’s most sought-after suburbs claiming the top spot on Money Magazine’s Best Places to Live 2015 list,” said Good.  “The area’s explosive growth made it especially attractive to developers.”

“We saw great potential in Apex when we made our initial investment five years ago,” added Maurice Malfatti, managing partner of Blue Heron.  “Working collaboratively with the town, we were able to execute our business plan and add significant value through the entitlement and approval process.”

 For more information, visit www.hallecompanies.com, or contact assistant vice president Eric Rifkin at erifkin@hallecompanies.com or (919) 387-1885.

  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.blueheronassetmanagement.com.

HFF closes sale and arranges acquisition financing for The Berkley in Brooklyn, NY

  

The Berkley Apartments, Williamsburg Neighborhood, Brooklyn NY

Jeffrey Julien

 NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $68.875 million sale of The Berkley, a newly constructed, 95-unit, luxury apartment building in Williamsburg, Brooklyn, and also secured $42.5 million in financing for the buyer.

HFF exclusively represented the seller, a joint venture between Westbrook Partners and Largo.  A joint venture between Trinity Place Holdings, Inc. (NYSE: TPHS) and Pacolet Milliken Enterprises, Inc. acquired the property. 

Additionally, HFF procured a 10-year, floating-rate acquisition loan on behalf of the new owners through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.  The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.

The Berkley is located in the heart of Williamsburg at 223 North 8th Street one block from the L Train’s Bedford Avenue Station and within walking distance to the J, M, Z and G trains, providing seamless access throughout New York City. 

Completed in 2016, The Berkley consists of 95 apartments with a mix of studio, one-, one and a half- and two-bedroom floor plans.

The units feature condominium-quality finishes, including nine- to ten-foot ceilings; Daikin central HVAC systems; large triple-paned, tilt-and-turn Internorm European windows; Miton kitchens with Bertazzoni and Bosch appliances; Bosch washers and dryers; wide plank hardwood flooring; Miton and Toto bathrooms; walk-in closets; and balconies or terraces in most units.

Rob Hinckley

 The property’s amenity package includes a rooftop sundeck lounge with barbecue stations and an outdoor kitchen; two-story fitness center and yoga lawn; 3,600-square-foot central landscaped courtyard with fire pit; storage for tenant use; bike storage; parking garage and views of the Manhattan skyline.  The property also benefits from a 25-year, 421a real estate tax abatement.

The HFF investment sales team representing the seller was led by managing director Jeff Julien along with managing directors Rob Hinckley and Rob Rizzi, senior managing director Andrew Scandalios and associate director Steven Rutman.

HFF’s debt placement team was led by managing director Steven Klein and director Geoff Goldstein.

Largo Construction managed construction of the building and New York-based leasing company Bold New York handled leasing on behalf of the seller, achieving 80 percent occupancy within the first four months following completion.

  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.largoNYC.com

www.trinityplaceholdings.com.

www.pacoletmilliken.com

HFF arranges $250 million financing for four-tower residential community in Chicago’s West Loop

 

Stephen Skok

CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $250 million in financing for Presidential Towers, a four-tower residential community totaling 2,346 units in Chicago’s West Loop.

HFF, on behalf of Waterton and its institutional client, placed the 10-year, fixed-rate loan with Barings Real Estate Advisers, one of the world’s largest real-estate-focused investment managers, acting on behalf of an institutional investor.

Internationally renowned architecture firm Solomon Cordwell Buenz designed Presidential Towers’ four identical, 50-story towers in a staggered, diagonal pattern that spans two city blocks.

 Located at 555 West Madison Street, the property benefits from its proximity to all of the central business district’s retail, dining and entertainment amenities, as well as employers in the West Loop office market, which is experiencing a resurgence with companies such as Google, Grainger and Uber moving into the area.

 In addition to the 2,346 residential units totaling more than 1.6 million square feet, the property also encompasses 135,193 square feet of retail space situated on the Clinton Street retail corridor and a four-story, 1,162-stall parking garage. 

Presidential Towers offers community amenities, including a 24-hour door attendant, full-time concierge, sundeck, picnic and grilling area, children’s play area, bicycle and personal storage, cyber center and lounge.  Additionally, residents have direct access to on-site retailers such as Walmart Neighborhood Market, the two-level Fitness Formula health club, Enterprise Rent-a-Car and several dining options.

HFF’s debt placement team representing the borrower was led by managing director Stephen Skok.

 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.barings.com.

www.waterton.com.

HFF closes sale of and arranges $17.397 million in acquisition financing for northwest suburban Denver Class A office asset

370 Interlocken, Broomfield, CO

 

Malcolm Davies

DENVER, CO –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and arranged $17.397 million in financing for 370 Interlocken, a 150,656-square-foot, Class A office asset in the northwest Denver suburb of Broomfield, Colorado. 

HFF marketed the property on behalf of the seller, SteelWave.  Additionally, HFF worked on behalf of the buyer, Rialto Capital Management, to secure the 42-month, floating-rate acquisition loan with a local Denver bank. 

The financing is structured with an initial funding as well as future fundings to cover a portion of future capital expenditures and leasing costs.  

370 Interlocken Boulevard is situated within Interlocken Business Park along U.S. 36, the only highway between Boulder and Denver.  

Positioned equidistant between downtown Denver and Boulder, the property is also proximate to Denver International Airport, Flatiron Crossing Mall and Flatiron Marketplace.

 Completed in 1998 and renovated in 2013, the six-story building features a two-story lobby with a fireplace, touchscreen directory, WiFi access, showers and lockers on the first floor, along with flexible floorplates that allow for panoramic mountain views.  The 92.2-percent-leased office property is home to eleven tenants with the largest tenant being MWH, a global engineering firm that specializes in infrastructure associated with water and natural resources.

The HFF investment sales team led the transaction for SteelWave, while managing director Malcolm Davies and associate director Leon McBroom spearheaded the financing efforts for Rialto Capital Management.

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

HFF hires Patrick Walker as a director in its Chicago office

Patrick Walker

CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has hired Patrick Walker as a director in its Chicago office. 

Mr. Walker will focus on commercial real estate finance with an emphasis on structured finance transactions such as joint venture equity raises, mezzanine loans and recapitalization strategies.

Mr. Walker joins HFF from Jefferies LoanCore where he was a vice president responsible for real estate debt originations for office, retail, multi-housing, hotel, self-storage and industrial properties in the central United States. 

Prior thereto, he spent more than eight years with Royal Bank of Scotland in Chicago, where he held positions in the CMBS originations group and the global restructuring group.  

He began his commercial real estate career as an audit associate for the real estate group at RSM McGladrey, which was formerly American Express Tax & Business Services. 

Mr. Walker holds a Master of Business Administration degree from University of Chicago’s Booth School of Business and a Bachelor of Science degree in Finance and Accounting from Indiana University. 

“Patrick is a wonderful addition to our Chicago debt and equity placement team,” said Michael Kavanau, senior managing director and co-head of HFF’s Chicago office.  “He has strong relationships with commercial real estate investors and borrowers throughout the Midwest, which will be of great value to our current and future clients.”

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

. HFF arranges $13 million refinancing for historic Denver Dry Goods Building in downtown Denver, CO

 

Denver Dry Goods Building, 700  16th Street, Downtown Denver, CO

Leon McBroom

DENVER, CO –– Holliday Fenoglio Fowler, L.P. (HFF) announced it  has arranged a $13 million refinancing for the Denver Dry Goods Building, an 84,495-square-foot, fully-leased retail and office building designated as a Historic Landmark in downtown Denver, Colorado.

HFF worked on behalf of the borrower, Jonathan Rose Companies, to secure the 10-year, fixed-rate loan with Unum Life Insurance Company of America.  HFF will service the loan, proceeds of which will be used to refinance an existing loan.

Constructed in 1888, the historic Denver Dry Goods building (Denver Dry) served as the retail heart of downtown Denver as the city’s premier department store.  

After the store closed almost 100 years after opening, the borrower purchased the property and reimagined and redeveloped the 350,000-square-foot building into a vibrant mixed-use retail, office and multi-housing project. 

The result was space that was subdivided into smaller condominium units, while meticulously preserving the historic integrity of the red brick, sandstone and lime structure and maintaining the original 18’ ceilings along the window walls and other significant areas.

Kristian Lichtenfels

The Denver Dry Goods Building refinancing comprises four commercial condominium units on the lower, first and second levels of the larger, mixed-use, six-story residential commercial building. 

Completed in 1889, the building is connected via a third-floor pedestrian bridge to a 500-stall parking structure located adjacent to the building.  

Tenants include T.J. Maxx, Visit Denver Center, Jason’s Deli, Starbucks, Denver Urban Renewal Authority, the Aveda Institute and Yuthok Jewelry.

 The Denver Dry Goods Building is situated on 1.15 acres at 700 16th Street in the heart of Denver’s CBD.  The building has frontage along the 16th Street Mall, a 1.25 mile long pedestrian and transit mall in downtown Denver, and is exposed to more than 30,000 pedestrians daily.  Additionally, the property is situated at the inboard light rail stop and half a block away from the outbound stop.

“In 1992, Jonathan Rose’s redevelopment of the Denver Dry was a catalytic project for the revitalization of downtown Denver,” said Chuck Perry, managing member of Rose Companies Management, which provides in-house property and asset management services to Jonathan Rose Companies and its affiliates.

Chuck J. Perry

 “After the Denver Dry was completed, 20 other downtown historic buildings were redeveloped with the same financing model.  It was a pleasure to work with the HFF and UNUM teams to refinance the Denver Dry and to continue our commitment to this project. 

" HFF brought us a significant number of financing options, and UNUM was selected as the lender of choice with the most competitive refinancing offer.”

  

The HFF debt placement team representing the borrower was led by associate directors Leon McBroom and Kristian Lichtenfels.

“Kristian and I, as natives to Denver, feel particularly privileged to work on such a historic asset,” McBroom said.  “It’s a beautiful building and it benefits from a compassionate ownership group that will continue its storied history for at least another 10 years at the helm.”

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.rosecompanies.com.

HFF arranges $12.2 million construction financing for development of New Jersey self storage facility

Self-Storage Facility, Totowa, NJ

Jon Mikula

FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $12.2 million in construction financing to reposition a light industrial building into a 1,246-unit, Class A self storage facility in Totowa, New Jersey.

HFF worked on behalf of the developer, a joint venture partnership between Tulfra Real Estate and The Hampshire Companies, to place the construction loan with M&T Bank. 

Tulfra purchased the larger 225,336-square-foot light industrial building, which was 46 percent leased at the time of purchase in February 2015 at a substantial discount.  Tulfra has since created significant value by subdividing the facility into three condominium units.

The future two-story self storage facility will comprise 1,235 climate- and 11 non-climate controlled units situated in 105,536 square feet of the light industrial building at 930 North Riverview Drive.

 The facility will be situated at a signalized intersection along North Riverview Drive within a densely-populated residential and commercial area within the Passaic County Self Storage submarket.

 The property’s location provides immediate access to Route 46, one of the primary east-west arteries and retail corridors in the region.  There are more than 90,640 residents living within a three-mile radius of the property, with a 1.25 percent growth to 91,775 residents projected by 2020.

The HFF debt placement team representing the borrower was led by senior managing director Jon Mikula and managing director Michael Klein.

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

http://tulfra.com.

Facebook (www.facebook.com/hampshireco), Twitter (@hampshireco), and LinkedIn (www.linkedin.com/company/the-hampshire-companies).

Marcus & Millichap Brokers Sale of Powell Professional Center in Belleair, FL

Krone Weidler

 BELLEAIR, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Powell Professional Center, a four-story, 46,830-square foot office building located in Belleair, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $4,815,000.

            “We continue to see strong buyer demand for strategically located medical office buildings on or adjacent to major hospital campuses,” says L.J. Tsunis, associate in Marcus & Millichap’s Tampa office. “This asset, strategically positioned next to the second largest hospital in the Tampa Bay MSA, offers a stable investment with strong upside in increased occupancy and rent growth.”

L.J. Tsunis

Tsunis, along with Krone Weidler, vice president investments in the firm’s Tampa office, had the exclusive listing to market the property on behalf of the seller. They procured and represented the buyer, a private investor.

Powell Professional Center, four-story, 46,830-square foot medical office building, is located at 401 Corbett Street in Belleair, Florida. Constructed in 1985, the building sits on a combined 2.22 acres strategically located adjacent to the 687-bed Morton Plant Hospital.

In 2011, Powell Professional Center was renovated with over one million dollars in improvements, including a new lobby space and common area improvements. The property offers both covered and lot parking with an additional 0.34 acre parcel with surface parking.

“Morton Plant Hospital is currently undergoing a $200 million renovation and expansion project which enhances this asset’s future value,” concludes Tsunis.

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

 Ari Ravi

Regional Manager

 Tampa, FL

(813) 387-4700

HFF closes $74 million sale and secures $48.555 million financing for seniors housing property in Tampa, FL

Horizon Bay at Hyde Park Seniors Housing Communiity, Hyde Park Neighborhood
 Tampa, FL

Ryan Maconachy

DALLAS, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $74 million sale and secured $48.555 million in financing for Horizon Bay at Hyde Park, a 136-unit seniors housing community in the historic Hyde Park neighborhood of Tampa, Florida.

HFF marketed the property on behalf of Bayshore Retirement Living.  Allegro Senior Living and an undisclosed joint venture partner purchased the asset free and clear of existing debt.  Additionally, HFF worked on behalf of the new owners to secure a seven-year, fixed-rate acquisition loan through Protective Life Insurance Company.

Horizon Bay at Hyde Park (Horizon Bay) has a blend of one- and two-bedroom independent and assisted living units averaging 714 square feet each.  Completed in 2011, the property is situated on 1.91 acres at 800 West Azeele Street in the high-barrier-to-entry submarket of Hyde Park, which is close to the Westshore Business District and downtown Tampa.

 Additionally, Horizon Bay benefits from its proximity to Tampa General Hospital, Memorial Hospital of Tampa, and multiple retail and cultural attractions and major thoroughfares, including Interstates 275 and 4, Selmon Expressway and Kennedy Boulevard. 

With condo-quality finishes, the property is 98 percent leased and features a full-service bar and lounge overlooking Hillsborough Bay, restaurant-style dining room, coffee bar, fitness center, beauty and barber shop, chapel/theater, café, billiards, wellness center, heated swimming pool, library, media room and concierge service.

Chad Lavender

The HFF seniors housing team representing the seller was led by senior managing directors Ryan Maconachy and Chad Lavender and director Dave Fasano of HFF’s Dallas office. 

Local market assistance was provided by associate director Zach Nolan of HFF’s Tampa office.  Associate director Sarah Anderson led the team’s debt placement efforts for the buyer-borrower.

 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.Protective.com

HFF closes recapitalization and arranges financing for 400-unit apartment tower in Chicago’s River North

River North Park Apartments, River North Neighborhood, Chicago, IL

Matthew Lawton

CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the recapitalization and arranged financing for River North Park, a 400-unit, 24-story apartment tower in Chicago’s River North neighborhood.

HFF represented Waterton in the recapitalization of the property.  Angelo, Gordon & Co., L.P. purchased a majority interest in the asset for an undisclosed amount.  HFF also arranged a short-term, floating-rate acquisition loan on behalf of the new owner with a national bank.

River North Park is located at 320 West Illinois Street, steps from the Chicago Transit Authority’s (CTA) Merchandise Mart Brown/Purple station.  With a WalkScore® of 98, the property is near the Hubbard Street and Rush and Division entertainment corridors as well as some of Chicago’s top retail attractions along and surrounding North Michigan Avenue. 

River North Park is also convenient to Lake Shore Drive and Interstates 90/94, 290 and 55 offering access around the metropolitan area.  The community features a 24-hour door attendant, enclosed garage parking, fitness center, indoor heated lap pool, internet café and a private, half-acre landscaped courtyard with sundeck and gas grills.

The HFF investment sales team representing Waterton was led by executive managing director Matthew Lawton along with managing director Sean Fogarty.

HFF’s debt placement team representing Angelo, Gordon & Co., L.P. was led by managing director Stephen Skok.

  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.waterton.com.

 www.angelogordon.com.

Luxury Amenities Drive Sale of Las Vegas Multifamily Asset; JLL completes $51.5 million sale of Loft 5

  

John Cunningham

LAS VEGAS, NV – Las Vegas’ housing market continues to draw investors as economic growth fuels demand, according to JLL Research. 

On behalf of DK Loft 5 LLC, JLL’s Capital Markets experts announced the firm completed the sale of the Loft 5, a 241-unit luxury multifamily asset in Las Vegas. Steppe Bros. Loft 5 LLC purchased the building for $51.5 million.

Executive Vice President John Cunningham and Senior Vice President Charles Steele led the JLL team on the deal.

“Loft 5 presented an opportunity to capture two different segments of the improving Las Vegas housing market: the rental and the sales market,” said Cunningham. “This is a truly unique asset that includes luxury finishes and a sought-after lifestyle, positioning this asset to capture the continued growth of Las Vegas’ residential market.”

Located off Interstate 15 just ten minutes from the Las Vegas Strip, Loft 5 offers residents access to 15 of the world’s 25 largest hotels and other attractions that drew more than 42 million visitors to the city last year.

Loft 5 provides residents with luxury community amenities such as four resort-style pools and hot tubs, outdoor fireplaces and grills, a fitness center and steam room and a club lounge. In-unit amenities include 12 or 20-foot ceilings, natural stone countertops, designer cabinets, bamboo hardwood flooring, washer and dryer, kitchen islands with a gas range, and built-in Sub-Zero refrigerators. All units also include private balconies or terraces.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

HFF closes sale of best-in-class medical office facility near Medical City Dallas Hospital in Dallas, TX

Coit Medical Center, Dallas, TX             (Photo by Redwing Aerials)

 

Evan Kovac

SAN DIEGO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Coit Medical Center, a 32,201-square-foot medical office building in Dallas, Texas.

HFF marketed the property on behalf of the seller, Mohr Capital, LLC, and procured the buyer, Anchor Health Properties. 

   

Completed in 2009, Coit Medical Center is a two-story, fully-leased facility that is anchored by Baylor Scott & White Health.  Additional tenants include Greater Dallas Orthopaedics, Legacy Heart Care, Texas Orthopaedic Surgical Associates and Lester Plastic Surgery.

 The property is located at 12230 Coit Road at the convergence of Lyndon B. Johnson Freeway (I-635) and North Central Expressway (U.S. 75), just off the campus of the Medical City Dallas Hospital. 

This positions the asset within three miles of more than 1,800 hospital beds at Medical City Dallas Hospital, Medical City Children’s Hospital and Texas Health Presbyterian Hospital Dallas.

The HFF investment sales team representing the seller was led by managing directors Evan Kovac, Todd Savage and Philip Mahler and director Ben Appel.

 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.hfflp.com

 or follow HFF on Twitter @HFF.

www.mohrcap.com

www.anchorhealthproperties.com

HFF closes sale of value-add neighborhood shopping center in Orange, CA

  

Rendering of Rusty Leaf Plaza, Orange, CA

NEWPORT BEACH, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced Paragon Commercial Group LLC has acquired Rusty Leaf Plaza, a 60,294-square-foot neighborhood shopping center in the Orange County community of Orange, California. 

HFF sold the property on behalf of the seller, Rusty Leaf Plaza LLC. 

CJ Osbrink

Formerly anchored by Ralphs supermarket, Rusty Leaf Plaza will be repositioned in the coming months to include a new “flexible format” Target store as the new anchor as well as a mix of national and regional shop tenants. 

The new Target store is the 10th “flexible format” store in the greater Los Angeles area and features the same assortment of merchandise and groceries as a normal Target but in a much smaller format.

The 41,700-square-foot location in Orange is slated to open in October 2017.  Rusty Leaf Plaza is situated on 4.67 acres at 2512-2620 East Chapman Avenue one block from where East Chapman Avenue intersects with the 55 Freeway.

 The center has tremendous access and visibility by more than 240,000 vehicles per day from its position off the 55 Freeway and from its Chapman Avenue exposure to more than 53,000 vehicles per day. 

The HFF retail investment sales team representing the seller and buyer was led by CJ Osbrink.

“This is an excellent piece of real estate in an outstanding retail trade area that has been underutilized since Ralphs closed,” said Jim Dillavou, principal at Paragon.  “We are pleased to be repositioning this neighborhood amenity with a preeminent tenant such as Target so the community and the city can once again enjoy the daily conveniences that this this neighborhood center will provide.” 

“We are excited to have represented the seller and buyer in the sale of Rusty Leaf Plaza,” Osbrink said. “The immediate value-add repositioning opportunity of Rusty Leaf Plaza will greatly benefit the area and will, without a doubt, prove to be a tremendous success for new ownership and the tenants at the center.”

Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

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

Kristen Murphy

Director, Marketing