Caribbean Hotel Profits Suffer In 2016

Scott Smtih

Atlanta, Ga. – CBRE Hotels Americas Research announced that the average Caribbean hotel in its survey sample suffered a 4.7 percent decrease in gross operating profit (GOP) during 2016, according to its newly released twelfth edition of Caribbean Trends® in the Hotel Industry.  

This decline in profitability follows four consecutive years of double-digit increases in GOP.

The decline in the bottom-line starts with the falloff in top line revenue.  During 2016, occupancy for the Trends® sample declined by 2.8 percent, along with a 0.2 percent decrease in average daily rate (ADR).  The net result was a 3.0 percent decline in RevPAR. 

All other revenue generating departments (food & beverage, other operated departments and miscellaneous income) also saw a loss in sales during the year, resulting in a 2.2 percent drop in total hotel operating revenue.

“A multitude of factors caused the decline in revenue for Caribbean hotels in 2016,” said Scott Smith, managing director, CBRE Hotels Consulting.  “These include new supply, currency exchange rates and the Zika virus.”

For more information on this press release, please contact:

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-864-5553

chris@dalygray.com

www.dalygray.com

Voit Real Estate Services Directs First Sale of Iconic 102-Year-Old San Diego, CA Landmark

Santa Fe Depot Building, 1050 Kettner Boulevard, San Diego, CA

San Diego, CA– Voit Real Estate Services successfully completed the first-ever sale of the historic Santa Fe Depot building in San Diego, California - a local landmark built in 1915 and home to Amtrak’s San Diego Union Station since 1920.

Kipp Gstettenbauer and Ryan King of Voit’s Private Client Group represented the seller, Prologis, Inc. and the buyer, Santa Fe Depot, LLC.

“This building is one of the most historically important assets in all of San Diego,” says Gstettenbauer, a Senior Vice President in Voit’s San Diego office.  “The sale is significant to the San Diego community, and represents the seller’s deep commitment to preserving this landmark asset.”

Ryan King (left) and Kipp  Gstettenbauer  

The seller, Prologis, owned the asset by way of a series of mergers of firms dating back to the original Santa Fe Railway company, Gstettenbauer explained, making this the first actual sale of the property to a new owner.

As a world leader in real estate with more than $72 billion in assets under management, Prologis recognized the need to entrust this sale to a local team with deep relationships in order to find the right buyer for the asset.

The Voit Private Client Group team marketed the Santa Fe Depot property widely and garnered multiple strong offers from around the globe. However, the process of choosing a buyer was extremely selective, according to Gstettenbauer.

More information on Voit’s Private Client Group is available at www.voitpcg.com.

For more information on this press release, please contact:

Katie Clendening/Jenn Quader

Brower, Miller & Cole

(949) 955-7940

kclendening@browermillercole.com

www.voitco.com.

 

Rhodes+Brito Architects Nearing Completion of Design Projects for Orange County, FL Public Schools

Ruffin Rhodes

ORLANDO, FL – Rhodes+Brito is nearing completion of the design of two Orange County Public Schools projects that totals more $16 million.

Ruffin Rhodes, co-founder and partner at Rhodes+Brito Architects, said his firm was assigned the design of the $14.8 million Comprehensive Project at Dover Shores Elementary School at 1200 Gaston Foster Rd. off of S. Conway and Curry Ford Rds.   

The Dover Shores project is in the early construction stage of a new building and renovation of one existing building.  Construction got underway in June and the elementary school will be ready to accommodate 644 students for the fall 2018 school year. 

Rhodes+Brito are in the process of designing the athletic fields’ replacement and expansion at Jackson Middle which is located at 6000 Stonewall Jackson Rd. off of LaCosta Drive and Semoran Blvd.  Jackson Middle and Engelwood Elementary are located on adjacent properties.

Construction of the middle school’s $2 million athletic fields is scheduled to begin in the summer of 2018 and involves the track/soccer field, volleyball courts and parking area relocated to another area of the school property. The new fields and courts will replace the earlier Engelwood campus currently serving as the “swing school” once Dover Shores is completed.

For more information on this press release, please contact:

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142 Lvershelco@aol.com

  

Meridian Buys Medical Office Building in Laguna Hills, CA

  

The Laguna Medical Office Building, Laguna Hills, Orange County, CA

                                                               

SAN RAMON, CA – Meridian, a full-service real estate developer and owner of medical real estate, is pleased to announce that the firm has closed escrow on the purchase of The Laguna, a 57,057-square-foot medical office building in Orange County, California.

John Pollock

This acquisition expands Meridian’s footprint in Southern California coming on the heels of last year’s purchase of Cotton Medical Center, a 115,000-square-foot, $49 million medical office complex in Pasadena, California, adjacent to the recently completed Shriners Hospitals for Children and near the Huntington Memorial Hospital.

Located at 24022 Calle de la Plata in Laguna Hills on a .75-acre parcel, The Laguna medical office building is on the campus of and adjacent to Saddleback Memorial Hospital – a 325-bed hospital recently designated by Healthgrades as one of the top 50 hospitals in America.

“This acquisition presented us with a rare opportunity to purchase a medical office asset located on-campus to one of the premier hospitals in Orange County,” said John Pollock, Meridian CEO.

“The South Orange County submarket has exceptional demographics. Approximately 50 percent of the population within a one-mile radius of the property is 65 or older, which accounts for the highest per capita healthcare spending. We’re looking forward to providing the community with a comfortable and inviting medical space that they can get to quickly and easily.”

For more information on this press release, please contact:

Anne Monaghan

MONAGHAN COMMUNICATIONS, INC.

anne@MonaghanPR.com

830.997.0963

The Astor Companies Tops Off Construction at Merrick Manor in Coral Gables, FL

Merrick Manor, 301 Altara Avenue, Coral Gables, FL

CORAL GABLES, FL  – Pioneering Miami developer The Astor Companies has topped off construction ahead of schedule at Merrick Manor, a luxury residential project rising in the heart of Coral Gables. Construction of the 10-story, 227-residence project at 301 Altara Avenue was originally scheduled to top off during the first quarter of 2018.

Henry Torres

Astor is set to host their “Top-Off” celebration at the project site on Friday, October 27 from 11 a.m. to 4 p.m. City of Coral Gables commissioners, city officials and other invited guests will be on hand to tour the project, as well as enjoy a catered lunch and live music. Valet parking will also be provided for guests.

The overall project completion date has been moved up from January 2019 to the fourth quarter of 2018.

“We are excited to celebrate this important milestone for our project,” said Henry Torres, President, CEO, and Founder of The Astor Companies. “It is a testament to the incredible team at general contractor Jaxi Builders that we were able to reach this stage so far ahead of schedule – even with the recent interruption from Hurricane Irma. Our buyers will now be able to enjoy the unparalleled lifestyle Merrick Manor offers sooner.”

More than 55 percent of the project is under contract, with prices for remaining units starting in the $500,000’s and ranging up to $2.5 million. Remaining units range from 747 square feet to more than 3,400 square feet.

For more information on this press release, please contact:

Eric Kalis

Account Director, BoardroomPR

ekalis@boardroompr.com

O 954-370-8999

C 305-794-5123

Ackerman & Co. Sells 334,675 SF Phoenix Office Park Portfolio

Frank Farrell

Atlanta, GA – Ackerman & Co. announced it has sold the remaining properties in its Phoenix Office Park portfolio to WePartner, an Atlanta-based real estate investment and management firm.  Ackerman sold nine buildings totaling 334,675 square feet for approximately $22 million.

  

Ackerman & Co. purchased the 100-acre, 11-building Phoenix Office Park in 2005 and invested in extensive renovations over the years. Ackerman’s leasing team led by Senior Vice President of Leasing Frank Farrell also boosted occupancy at the park to 86 percent with recent lease signings including 44,891 square feet with LogistiCare, 28,275 square feet with the State of Georgia and 10,799 square feet with the U.S. Department of Veterans Affairs.

The properties sold to WePartner include: Two Crown Center - 1745 Phoenix Boulevard (87,384 square feet); 1800 Phoenix Boulevard (4 buildings totaling 103,319  square feet); South Pointe – 1691 Phoenix Boulevard (66,120 square feet); 1640 Phoenix Boulevard (49,577 square feet); and 1680 Phoenix Boulevard (28,275 square feet).

Stewart Calhoun

“In addition to its strategic location at I-285 and Riverdale Road near Hartsfield-Jackson International Airport, Phoenix Office Park offers the benefits of its location within the Airport South Community Improvement District (CID) that Ackerman helped create in 2015,” said Ackerman’s Frank Farrell.

Recent improvements implemented by the Airport South CID include the addition of MARTA stops along Phoenix Boulevard, traffic mitigation at I-285 and Riverdale Road, beautification cleanup along business corridors and improved way-finding signage.

Stewart Calhoun, Samir Idris and David Meline of Cushman & Wakefield Atlanta represented Ackerman in the transaction.

For more information on this press release, please contact:

swebb@ACKERMANCO.NET

www.ackermanco.com

Altis Bonterra Celebrates Grand Opening Oct. 19: Upscale Hialeah rental community will offer one, two and three bedroom units starting at $1,530

Altis Bonterra Celebrates Grand Opening Oct. 19: Upscale Hialeah rental community will offer one, two and three bedroom units starting at $1,530

Rendering of Altis Bonterra luxury rental community, Hialeah, FL 

 

Joel Altman

MIAMI, FL,  Oct. 17, 2017 – Altman Companies and BBX Capital Corporation, industry leaders in developing upscale multi-family communities, are pleased to announce the grand opening of their latest luxury rental community, Altis Bonterra.

An oasis of modern apartment living in the beautiful and thriving Hialeah, Altis Bonterra is comprised of 16 3-story buildings offering one, two and three bedroom high-end apartment homes complete with fantastic amenities, trendy décor and designer finishes.

The Havana Nights-themed grand opening will include a private event at the resort-style pool area on Thursday, Oct. 19 from 4 p.m. to 7 p.m.

“Our team is excited to bring Altis Bonterra to life and to better able an exceptional living experience to our new residents,” said Mr. Joel Altman, President and CEO of The Altman Companies. “We are a company that takes great pride in creating and developing outstanding communities for our residents and add valuable assets to the communities in which we develop.”

For more information on this press release, please contact:

Todd Templin

BoardroomPR

954-290-0810

ttemplin@boardroompr.com

HFF announces Sale of Pacific Center in Los Angeles’ South Bay area

 

Pacific Center, Torrance, CA

Ryan Gallagher

NEWPORT BEACH, CA, Oct. 16, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Pacific Center, a 306,765-square-foot, state-of-the-art office building in the Los Angeles/South Bay-community of Torrance, California.

The HFF team represented the seller, Stream Realty Partners, L.P., and procured the buyer, Related Fund Management. 

Pacific Center is located at 21250 Hawthorne Boulevard at the heavily trafficked intersection of Hawthorne and Torrance Boulevards across from the Del Amo Fashion Center, which recently underwent a $500 million renovation.

 The property is strategically located within close proximity of many of the areas affluent neighborhoods, including Palos Verdes, Rancho Palos Verdes, Rolling Hills Estates, Hermosa Beach and Manhattan Beach.  Renovated in 2017, the eight-story Pacific Center is 91 percent leased to tenants, including Bank of America, Morgan Stanley, ANA, Wells Fargo and Barrister Executive Suites. 

The HFF investment sales team representing the seller included senior managing director Ryan Gallagher and managing director Andrew Harper. 

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 more information on this press release, please contact:

Kristen Murphy

 Director, Public Relations

 One Post Office Square Suite 3500

 Boston, Massachusetts 02109

 T: 617-848-1572

 |  M: 617-543-4873

 krmurphy@hfflp.com

www.related.com.

www.streamrealty.com.

HFF announces sale of 26-building office/flex portfolio in Southern New Jersey

Jose Cruz

FLORHAM PARK, NJ, Oct.16,  2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of a 2-6-building, 1.2 million-square-foot office/flex portfolio in Moorestown and Burlington Townships, New Jersey. 

The HFF team marketed the portfolio on behalf of the seller, Mack-Cali Realty Corporation.  Brennan Investment Group purchased the portfolio free and clear of any mortgage financing.

The portfolio comprises 24 buildings in Moorestown and two buildings in Burlington Township that are 91 percent leased overall.  Tenants include businesses in health care services, pharmaceutical/clinical packaging and medical supplies.

 The properties are situated within two of the area’s top business parks near the Pennsylvania/New Jersey border.  This location has easy access to the area’s primary thoroughfares, including Interstates 295, 195, 95 and 276 and Routes 130, 206, 70 and 38. 

Additionally, the portfolio is located within 20 miles of the Philadelphia International Airport and within 10 miles of the Philadelphia Regional Port.

Doug Rodio

The HFF investment sales team representing the seller included senior managing directors Jose Cruz and Doug Rodio and managing directors Brett Segal and Kevin O’Hearn.

 “This portfolio had a significant amount of interest give its size and the potential upside,” Cruz said.

   

HFF and Holliday GP Corp. are licensed New Jersey real estate brokers.

  For more information on Mack-Cali Realty Corporation and its properties, visit www.mack-cali.com.

www.brennanllc.com.

Passco Companies Acquires Class A Multifamily Asset in Louisiana’s Fastest Growing City

Watervue Apartments, Lake Charles, LA

Lake Charles, LA. (Oct. 16, 2017) – Passco Companies, a privately-held California based real estate company that specializes in the investment, acquisition, development and management of commercial properties throughout the U.S., has acquired Watervue, a 264-unit Class A multifamily community in Lake Charles, Louisiana, a city currently experiencing record-breaking growth.

The apartment community is located at 1225 Country Club Road, Lake Charles, Louisiana. Ryan Epstein, Senior Managing Director, and Gregg Cordarro, Managing Director with Berkadia represented the seller, a Texas-based real estate developer, and Passco Companies as the buyer in this transaction.

Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco Companies through Fannie Mae.

Lake Charles is the fastest growing city in Louisiana, and boasts some of the most ideal multifamily fundamentals in the nation, according to Colin Gillis, Vice President of Acquisitions for the Southeast at Passco Companies.

Colin Gillis

Gillis explains that by the year 2018, the growth rate of Lake Charles is expected to be nine times greater than the entire state of Louisiana.

“With $45 billion in industrial projects under construction in the region, The Lake Charles MSA is currently experiencing record setting growth,” says Gillis. 

The MSA’s current industrial boom serves as a significant indicator of the future economic growth of the region and is a key demand driver for multifamily product, he adds.

“For example, many of the area’s petrochemical plants are experiencing expansion, ultimately leading to thousands of new jobs in the area,” Gillis explains. “In fact, job growth over the next ten years is projected to be nearly 50%, which is keeping pace with the 25% job growth the region has experienced over the last five years.”

According to Site Selection, there are more than 15,000 construction workers currently working on industrial developments in the Southwest region of Louisiana and that number is anticipated to be 25,000 by the end of 2017.

For more information on this press release, please contact:

Lauren Burgos/ Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

Lburgos@browermillercole.com

ww.passco.com

www.berkadia.com

.

NAI Realvest Negotiates Office Lease for Last Remaining Space in Resource Square Three at Research Park

  

Andy McCaw

ORLANDO, FL --- NAI Realvest recently completed an expansion lease agreement for AIT Engineering in Resource Square Three, 12001 Research Parkway in Central Florida Research Park off Alafaya Trail near UCF.

 Andy McCaw, Vice President of Tenant Representation at NAI Realvest, negotiated the lease of 6,725 square feet for the software engineering tenant’s expansion and extension of lease.   

Resource Square Three is now 100 percent occupied.

 The Atlanta-based landlord, Banyan Street/GAP Resource Square Three Owner LLC, was represented by Jay Dixon of CBRE. 

For more information on this press release, please contact:

Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

Phoenix Industrial Market on Pace for Another All-Time High

Pat Harlan

PHOENIX, AZ – The Phoenix industrial market is on pace to hit an all-time high absorption record, according to the new Q3 Phoenix Industrial Insight report just released by the Phoenix office of JLL. The last peak came in 2005, when the market absorbed 7.9 million square feet of industrial space during a single calendar year.

As of Q3, the Phoenix industrial market has recorded more than 6.1 million square feet of positive net absorption, making 2017 the fourth consecutive year of at least 6.0 million square feet of space absorbed. According to JLL, another 1.1 million square feet of pre-leased space is expected to deliver by the end of the year.

Combined with any new deals that emerge during Q4 2017, this brings the year-end forecast for total absorption very close to the market’s all-time high of 7.9 million square feet.

JLL Managing Director Pat Harlan credits the momentum to well-rounded market activity from sectors that include, but are not limited to, manufacturing, high-tech aerospace, e-commerce, food packaging, nutraceuticals and logistics and distribution.

“Never before have we seen activity from such a well-diversified tenant pool,” said Harlan. “The companies leasing space in Phoenix are extremely diverse and run the full spectrum – from smaller users of 30,000 square feet to large build-to-suit users of 150,000 square feet. We’re very excited about this time in the Phoenix industrial real estate market.”

Conair was the largest contributor to Q3 2017 absorption, taking down 1.0 million square feet in northwest Phoenix. Four other companies also ranked high on this list, all leasing space in the Southwest submarket:

·       Updike Distribution Logistics – 226,436 square feet

·       Staples – 150,000 square feet

·       Performance Designed Products – 116,769 square feet

·       Home Brands – 114,132 square feet

Rendering of Typical Phoenix Industrial Project

 “The Southeast valley is seeing the largest deals it ever has, primarily from manufacturing, high-tech and aerospace companies,” said Harlan. “We are tracking 136 active requirements valleywide, with no signs of activity slowing down.”

With absorption continuing to outpace construction, there remains a steady demand for new space – a need that will be filled, in part, by 4.4 million square feet of new industrial space currently under development across the Valley.

To access the complete JLL Q3 2017 Phoenix Industrial Insight and Q3 2017 Phoenix Industrial Statistics reports, visit the JLL Phoenix research page at www.jll.com/phoenix.

  

 For more news, videos and research resources on JLL, please visit www.jll.com

or www.jll.com/phoenix.

  

 For more information on this press release, please contact:

Stacey Hershauer

Phone:

 +1 480 600 0195

 Email:

 stacey@focusaz.com

 

Verzasca Group Begins Construction at Aurora Sunny Isles Beach, FL: Groundbreaking ceremony scheduled for Nov. 1

Tim Lobanov

SUNNY ISLES BEACH, FL –Verzasca Group has announced the start of construction at luxury condominium project Aurora Sunny Isles Beach. Work is underway at Aurora, which is the first project to be developed on the west side of Collins Avenue – or A1A – in more than a decade.

A groundbreaking ceremony has been scheduled for Wednesday, November 1 at 11 a.m. at the 17550 Collins Avenue project site. The Verzasca development and sales teams are set to join Sunny Isles Beach commissioners and officials in celebrating the official start of construction.

“This is an incredibly exciting moment for Verzasca and everyone involved in the conception and development of Aurora,” said Verzasca Managing Director Tim Lobanov. “The groundbreaking ceremony represents a significant milestone for our company and gives us an opportunity to express our gratitude to those who made this project possible.”

Work on Aurora began on Sept. 21 with demolition of the original sales center to clear the site for vertical construction. The 2,000-square-foot new sales center is located at 17600 Collins Avenue, strategically positioned next to the construction site.

Aurora is a new luxury condominium project with 61 residences at 17550 Collins Avenue in Sunny Isles, one of the world’s most sought-after destinations. The boutique building’s two and three-bedroom residences range from 1,385 to more than 2,150 square feet. Prices start in the $900,000s, making it the most attainable luxury project in Sunny Isles.

John Warsing

The project is 60 percent sold, with buyers coming from all over the world.

“Buyers are really responding to the combination of value, luxury and lifestyle that Aurora offers,” said Director of Sales John Warsing. “Having construction activity on the site is taking the strong demand to another level.”

Aurora is being developed as part of an intimate collection of boutique residences, along with Le Jardin Residences and Pearl House in Bay Harbor Islands.

In May, Aurora announced the sale of 5,382 square feet of ground-floor commercial real estate at the luxury residential project to an international investor for $5.5 million – or about $1,022 per square foot.

For more information about Aurora, visit www.aurorasunnyislesbeach.com.

For more information on this press release, please contact:

Eric Kalis

Account Director, BoardroomPR

ekalis@boardroompr.com

O 954-370-8999

C 305-794-5123

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

www.verzasca-group.com

HFF announces $16.08 Million joint venture equity for industrial development in northern California

 

Ryan Martin

SAN FRANCISCO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announces $16.08 million in joint venture equity for the development of Pacific Distribution Center, a 712,130-square-foot, Class A industrial development in the northern California community of Patterson.

The HFF team worked on behalf of the developer, Keystone Corporation, to arrange the joint venture with WPT Capital Advisors.

The $44.7 million state-of-the-art cross-dock project will feature 36-foot clear heights, 112 dock-high loading doors, 257 truck/trailer stalls, 360 auto stalls, 185-foot truck courts and office finish to suit. 

Situated on a 34.56-acre land site at 400 Park Center Drive, Pacific Distribution Center is in the Central Valley industrial market, one of the strongest distribution and logistical hubs in California.  The property has immediate access to Interstate 5 and near Interstates 205 and 580 in addition to Highways 130 and 99. 

The Port of Oakland and the BNSF/Union Pacific Intermodal Facility are within 70 miles of the property, and four international airports – San Jose International Airport, San Francisco International Airport, Oakland International Airport and Sacramento International Airport – are within 90 miles.

Scott Pertel

The HFF investment sales team included managing directors Ryan Martin and Anthony J. Brent together with senior managing director Scott Pertel.

“The joint venture of the Pacific Distribution Center project comes at a time of strong leasing velocity and an extremely limited supply of large blocks of institutional-quality space,” Martin said. 

“This Class A industrial development will be in one of the preeminent master-planned parks, Keystone Pacific Business Park, which provides users faster access to the ports than virtually all the other central valley submarkets and is in part why Amazon, Restoration Hardware, Grainger, CVS and Kohl’s among others have chosen this location.”

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 more information on this press release, please contact:

Olivia Hennessey

 Public Relations Specialist

 9 Greenway Plaza Suite 700

 Houston, Texas  77046

 T: 713-852-3403

 OHennessey@hfflp.com

$24.05 Million Investment in 200-Unit Community Marks Federal Capital Partners’ Sixth Tampa, FL Investment in 18 Months

The Commons Apartments, North Tampa, FL

Chevy Chase, MD – Federal Capital Partners® (FCP) has acquired The Commons Apartments, a 200-unit, garden-style apartment community in Tampa, FL for $24.05 million. Conveniently located of Dale Mabry Highway in North Tampa, The Commons offers an unusually large selection of two, three and four-bedroom, family-friendly units minutes from schools, parks, transportation corridors and major employers.

Elliott Throne

“FCP is pleased to add The Commons to our growing portfolio of apartment communities in Florida,” said FCP Vice President, Jason Ward. He continued, “The location, the extraordinarily large units and access to excellent schools, the Westshore Business District and other major employers and nearby amenities makes this a very strategic addition to our Tampa communities.”

FCP has made six investments in Central Florida in the past 18 months with the company’s portfolio now consisting of 815 operating multifamily units in addition to 603 financed units under development. FCP maintains a Florida office in Miami under the leadership of Bruce Gago.

The Commons features amenities that include a barbeque and picnic area, playground, dog park, a clubhouse, swimming pool along with spacious, air-conditioned units with private balconies, kitchen pantries, oversize closets and other family-oriented features. FCP will be making capital improvements to the community including the conversion of the leasing office to a gym and the addition of washers and dryers to the individual units.

FCP extends its appreciation to Matt Mitchell and Zach Nolan of HFF who represented the seller as well as Elliott Throne and Preston Reid of HFF for representing FCP in securing financing.

 For more information on this press release, please contact:

 Olivia Hennessey

Public Relations Specialist

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 |

www.hfflp.com

ohennessey@hfflp.com

www.fcpdc.com.

HFF announces sale of 291-unit apartment community in Centennial, CO

 

Jordan Robbins

 DENVER, CO – October 12, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Greenwood Park, a 291-unit apartment community in Centennial, Colorado.

The HFF team marketed the asset exclusively on behalf of the seller, and procured the buyer, a joint venture between Holland Partner Group and Principal Real Estate Investors.

Greenwood Park comprises a mix of one- and two-bedroom units averaging 1,017 square feet.  Units feature built-in shelving, garden tubs, gas fireplaces, in-unit washers and dryers, walk-in closets and attached garages.

 The 13.4-acre community is located at 6565 S. Syracuse Way in Denver’s booming Tech Center submarket positioning it near many major employers, including seven Fortune 500 headquarters.

 Additionally, Greenwood Park is convenient to the Arapahoe at Village Center Light Rail station and Interstates 25 and 225, providing access around the Denver metropolitan area.  Common area amenities include a heated swimming pool, hot tub, fitness center, media room and business center.

The HFF investment sales team representing the seller included managing director Jordan Robbins and directors Jeff Haag and Anna Stevens.

 For more information on this press release, please contact:

 Olivia Hennessey

Public Relations Specialist

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 |

www.hfflp.com

ohennessey@hfflp.com

HFF announces $20 Million sale of 81-unit apartment property in Kent, WA

  

Arterra Townhomes, Kent, WA                                       (Photo by Red Studio Inc.)   

                                                                                                         

            

Ira Virden

                                            PORTLAND, OR –– Holliday Fenoglio Fowler, L.P. (HFF) announces $20 million sale of Arterra Townhomes, an 81-unit, garden-style apartment property in Kent, Washington.

The HFF team marketed the property exclusively on behalf of the seller, a joint venture between PCCP, LLC and Westbridge Properties LLC.  Meter Properties purchased the asset free and clear of existing financing.

Arterra Townhomes features spacious townhome-style units averaging 1,376 square feet with community amenities, including a swimming pool, fitness center, playground, clubhouse and business center.

 The property is situated on nearly five acres at 10031 SE 258th Place in the heart of one of Kent’s major retail corridors placing it less than two miles from the Kent Station mixed-use development, which features office space, a movie theater and numerous retail and entertainment options. 

Christopher Ross

Additionally, Arterra Townhomes offers nearby access to multiple forms of public transportation and major roadways, including Interstate 5 and State Route 167, servicing the Puget Sound area.  The property is 97.53 percent leased.

The HFF team representing the seller included director Christopher Ross and managing director Ira Virden.

“With only a handful of renovated units, Arterra offers a tremendous value-add opportunity in one of the strongest submarkets in the region,” Ross said.  “The large townhome-style units offer residents a unique floorplan that provides an affordable alternative to purchasing a single-family residence.”

 For more information on this press release, please contact:

 Olivia Hennessey

Public Relations Specialist

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 |

www.hfflp.com

ohennessey@hfflp.com

HFF announces sale and financing of 21-building industrial portfolio in the Chicago MSA

Jaime Fink

CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of and acquisition financing for a 21-building industrial portfolio totaling 2.3 million square feet in eight different submarkets of Chicago, Illinois.

The HFF team represented the seller, CenterPoint Properties. A joint venture between Westmount Realty Capital, LLC and Partners Group, a global private markets investment manager acting on behalf of its clients, purchased 21 of the properties in the portfolio.

 Additionally, working on behalf of the new owner, the HFF team placed the three-year, floating-rate loan with two one-year extension options with a banking and financial services corporation.  A private investor purchased a 22nd property.

The portfolio is 95.6 percent occupied by 24 tenants, including those in the automotive, food packaging, landscaping, consumer goods, fitness and electronics industries. The buildings, which were constructed between 1954 and 1998, range from 15,000 to 530,000 square feet with clear heights ranging from 12 to 30 feet. 

HFF’s investment sales team included senior directors Kurt Sarbaugh and Robin Stolberg along with executive managing director Matthew Lawton and senior managing directors John Merrill, Jeff Bramson, Jaime Fink and Rusty Tamlyn.

Rusty Tamlyn

HFF’s debt placement team representing the borrowers consisted of managing director Stephen Skok and director Christopher Knight.

“The sale of these assets is a strategic step to enhancing our company’s overall portfolio, which we continue to strengthen by investing in diverse, transportation-advantaged properties in coastal and inland port markets,” said Jim Clewlow, Chief Investment Officer at CenterPoint. “We thank HFF for their representation and efforts in this disposition.”

CenterPoint will retain more than 31 million square feet of industrial space in the greater Chicago market, and the company will continue to develop more than two million square feet of new space in Chicago each year.

 For more information on this press release, please contact:

 Olivia Hennessey

Public Relations Specialist

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 |

www.hfflp.com

ohennessey@hfflp.com

www.centerpoint.com

 or follow @centerpointprop on Twitter.

www.partnersgroup.com.

www.westmountrc.com.