HFF closes $154.25 million sale of 271-unit multi-housing property in downtown Brooklyn, NY

Rob Hinckley

NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $154.25 million sale of The Addison, a 271-unit, high-rise multi-housing property in downtown Brooklyn.

HFF represented Waterton in the sale of the property.  Bentall Kennedy purchased the asset free and clear of existing financing.

Completed in 2011, The Addison comprises a 26-story and 15-story tower with 65 studio, 117 one-bedroom and 89 two-bedroom units – a small portion of which are designated affordable rate – that average 715 square feet.

 Additionally, the property has three fully-leased ground-floor retail storefronts totaling 6,610 square feet and a 109-space, below-grade parking garage managed by a third party. 

The Addison features contemporary unit finishes such as stainless steel appliances, granite countertops, washers and dryers in select units and an amenity package, including laundry facilities, 24-hour door attendant, lounge with fireplace, fitness center and unobstructed southward views of Boerum Hill. 

The property is located directly above the Hoyt-Schermerhorn subway station (A, C, G lines) at 225 Schermerhorn Street midway between Hoyt and Bond Streets.  The Addison is also within a few blocks of an additional 10 subway lines and the Atlantic Terminal lines. 

Jeff Julien

Other nearby amenities include Fort Green Park and multiple retail and dining destinations on Smith Street, Fulton Street and Atlantic Avenue retail corridors.  The property encompasses four tax lots; the largest two lots are the beneficiary of a 15-year 421-a tax abatement with approximately nine years remaining, and the smaller two are subject to a 25-year 421-a tax abatement with approximately 19 years remaining.

The HFF investment sales team representing the seller was led by senior managing director Andrew Scandalios and managing directors Rob Hinckley and Jeff Julien along with executive managing director Matthew Lawton.

“The Addison sale represents one of the first sizable sales transactions of an institutional-quality multi-housing asset in downtown Brooklyn,” said Hinckley.  “Waterton did an excellent job in acquiring, completing construction and operating the asset over the last six years.”

“Even though the property is already well maintained, we feel the asset has tremendous long-term upside for the buyer due to its location in an increasingly sizable and transforming market,” added Scandalios. “There are several ways the buyer may elect to add value, including adding in additional amenity space via unused lower-level areas, improving on existing common area configurations and the eventual renovation of units to appeal to the evolving aesthetic of the Brooklyn market.”

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.

HFF closes sale of Hampton Inn & Suites Austin Airport Hotel in Austin, TX

Hampton Inn & Suites Austin Airport Hotel, Austin, TX                         (Photo by  Red Wing)                 

Daniel Peek

                                                                    DALLAS, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of the Hampton Inn & Suites Austin Airport Hotel, a 102-room, select-service hotel adjacent to Austin-Bergstrom International Airport in Austin, Texas.

HFF marketed the property on behalf of the seller, Pendo Investments.  InLight Capital, LLC purchased the asset and will self-manage the hotel.

Hampton Inn & Suites Austin Airport Hotel is situated on 2.67 acres at 7712 East Riverside Drive in southeast Austin near both Austin-Bergstrom International Airport and the Circuit of The Americas, a domestic and international attraction for the annual Formula One U.S. Grand Prix and multiple music concerts throughout the year. 

The hotel’s proximity to State Highway 71, U.S 183 and Interstate 35 provides access to downtown Austin, which is less than six miles from the property, in addition to the greater Austin area.  Completed in 2001, the Hampton Inn & Suites Austin Airport Hotel underwent extensive renovations in 2015.

 The hotel’s 102 rooms include 18 suites, and the hotel features an outdoor pool, 440 square feet of meeting space, 24-hour fitness center, 24-hour business center and complimentary hot breakfast. 

The HFF investment sales team representing the seller was led by senior managing director and head of HFF’s hotel group Dan Peek, managing director John Bourret and associate director Austin Brooks.

 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.pendoinvestments.com.

HFF and Triad Commercial Properties close sale of 4-property office/bank portfolio in Greensboro, NC

Four Office/Bank Buildings, Greensboro-Winston-Salem-High Point Area of North Carolina

Kevin Kemp

CHARLOTTE, NC  – Holliday Fenoglio Fowler, L.P. (HFF) and Triad Commercial Properties (Triad) announced they have closed the sale of four office/bank buildings totaling 136,860 square feet in the Greensboro-Winston-Salem-High Point area of North Carolina. 

HFF and Triad marketed the properties on behalf of the sellers, a joint venture between CBL & Associates Properties, Inc. and a pension fund investor advised by Heitman, and procured the buyer, Deep River Partners.   

The four-building portfolio is situated on approximately eight acres along Green Valley Road just west of downtown Greensboro and directly adjacent to the Friendly Center, the Triad’s premier shopping destination.

 The two- and three-story properties located at 600, 620, 625 and 629 Green Valley Road, are 93 percent leased to tenants including Wells Fargo, Bank of America, First Citizens Bank and Stifel Nicolaus.  

All of the buildings feature office space with ground floor retail banking operations of major multi-national and regional banks.

Director Scot Humphrey and senior managing director Ryan Clutter with HFF, along with Kevin Kemp and Jason Ofsanko with Triad Commercial Properties, represented the seller in the transaction.

“The strength of this location along with the positive fundamentals in the Greensboro market attracted a significant amount of interest from institutional buyers,” said Humphrey. “Well-located properties in the Triad will continue to command strong interest in 2017 as the market continues to flourish.”

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.deepriver.com

HFF arranges $35 million refinancing for ShopRite-anchored shopping center near Wilmington, DE

  

Governor's Square Shopping Center, Bear, DE

 HILADELPHIA, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $35 million refinancing for Governor’s Square Shopping Center, a 294,213-square-foot, fully-leased, retail property anchored by ShopRite in the Wilmington suburb of Bear, Delaware.

HFF worked on behalf of the borrower, Delle Donne & Associates, Inc., to secure a new, permanent, fixed-rate loan with an institutional lender.  Loan proceeds will be used to retire existing indebtedness.

Ryan Ade

Governor’s Square Shopping Center is a two-building center with three pad sites leased to Wells Fargo, Taco Bell and McDonald’s.  

In addition to grocery anchor ShopRite, the retail center is also home to Kmart, American Signature Furniture, Rite Aid, Sneaker Villa, H&R Block, Karate for Kids, Radio Shack, Bear Chiropractic, Subway, GameStop and more. 

Located at 401 Governor’s Place, Governor’s Square Shopping Center is near the convergence of Route 40, U.S. Route 1 and Highway 7 in Bear, a northwest suburb of Wilmington.  More than 44,000 vehicles pass by the property daily, and approximately 81,000 people live within a three-mile radius of the center.

The HFF debt placement team representing the borrower was led by managing director Ryan Ade.

“The quality of the location and the strength of sponsorship led us to a successful loan placement in a time of volatility with respect to interest rates,” Ade said. 

 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.dda1.com.

HFF closes sale of Riverway in northwest suburbs of Chicago

Riverway Office Complex and Daycare Facility, 9399 West Higgins Road, Riverway West, Rosemont, IL

Jaime Fink

 CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Riverway, a transit-oriented collection of three 11-story office buildings and a Bright Horizon’s daycare facility totaling 869,120 square feet in the northwest Chicago suburb of Rosemont, Illinois.  

HFF marketed the property on behalf of the seller, and procured the buyer, Adventus Realty Trust.

The Riverway campus comprises Riverway Center at 9377 West Higgins Road, Riverway West at 9399 West Higgins Road, Riverway East at 6133 North River Road and the Bright Horizons daycare facility at 6107 North River Road.

 Situated at the junction of two of Chicago’s most heavily traveled arteries, Interstates 90 and 294, the transit-oriented property is within walking distance of the CTA blue line and is a five minute drive from O’Hare International Airport and the Metra commuter rail system providing linkage to executive housing in Chicago’s northwest suburbs. 

Riverway possesses a diversified rent roll of 20 tenants including U.S. Foods, Central States Pension Fund, Culligan International, First Union Rail and The NPD Group.  The property features parking for more than 2,800 vehicles in a mixture of surface and garage spaces, a fitness center, and conference facilities. 

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

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

HFF closes sale of and arranges financing for Shops of Forest Hill in Germantown, TN

Shops of Forest Hill, Germantown, TN

Jim Hamilton

ATLANTA, GA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and arranged acquisition financing for Shops of Forest Hill, a 343,855-square-foot community center located in Germantown, Tennessee.      

HFF marketed the center on behalf of the seller, Boyle Investment Company and Milton Schaeffer.  Epic Real Estate Partners purchased the asset free and clear of existing debt.  Additionally, working on behalf of the new owners, HFF placed the five-year acquisition loan with Wells Fargo Bank.

Shops of Forest Hill is a community center located in Germantown, the most affluent suburb of Memphis, and is anchored by Sprouts Farmers Market, Marshalls, Malco Cinemas and Target (shadow).

 The property is located on the “going home” side of Poplar Avenue, Germantown’s main east-west corridor, and the average household income within a one-mile radius of the property exceeds $170,000. 

Other national and regional tenants at the property include Mattress Firm, Sally Beauty, Hallmark, GNC, Mellow Mushroom, Allstate Insurance and Sherwin Williams.

The HFF investment sales team representing the seller was led by senior managing directors Jim Hamilton and Richard Reid and associates Brad Buchanan and Mike Allison.

Richard Reid

The HFF debt placement team representing the borrower was led by managing director Gregg Shapiro and director Kyle Spencer. 

“Shops of Forest Hill offered investors the rare opportunity to acquire a dominant community center with a dynamic tenant line-up and significant upside potential located in the highly sought after Germantown suburb of Memphis, Tennessee,” Hamilton said.

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.boyle.com

Berger Commercial Realty Handles $543,833 Sale of Downtown Fort Lauderdale, FL Office Building

Keith Graves

FORT LAUDERDALE, FL (Dec.  26, 2016) - Berger Commercial Realty Senior Vice Presidents St. George Guardabassi and Keith Graves recently represented AMC Liquidators in the sale of the Professional Building, located at 1326 S.E. 3rd Ave. in Fort Lauderdale, to attorney Alan Geffin for $543,833.

"Located in the heart of downtown Fort Lauderdale, the building offers immediate access to U.S. 1 and the 17th Street Causeway, providing connectivity to some of Fort Lauderdale's most famous spots," Graves said. "With such close proximity to Broward County Courthouse, the location is ideally suited for a boutique law firm."

The Professional Building is a +1,888-square-foot, free-standing office building situated on +8,039 square-feet of land south of the New River between Davie Boulevard and S.E. 17th Street.

The office building features terrazzo floors, a reception area, five private offices and conference room. The property offers nine onsite parking spaces and pylon signage fronting S.E. 3rd Avenue.

For more information about Berger Commercial Realty's brokerage services, call 954-358-0900.

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

954-776-1999

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

Jane Grant, ext. 224, jgrant@piersongrant.com