HFF closes $38.575 million sale of and secures $27 million in financing for Kendall Corners retail center in Miami

  

Kendall Corners, 12755 North Kendall Drive, Miami-Dade, FL   (photo by Troy Morgan)

 

Brad Peterson

ORLANDO, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $38.575 million sale of and secured $27 million in acquisition financing for Kendall Corners, a 97,189-square-foot community retail center anchored by Ashley Furniture HomeStore in Miami, Florida.

 HFF arranged the sale on behalf of the seller, Orion Real Estate Group.  MMG Equity Partners purchased the asset free and clear of existing debt.  Additionally, HFF, working on behalf of the new owner, placed a fixed-rate loan with a correspondent life insurance company.

Completed in 1974, Kendall Corners was most recently renovated in 2001 and comprises two multi-tenant buildings in addition to one outparcel pad occupied by BankUnited. 

Anchored by Ashley Furniture HomeStore, the 92.8-percent-occupied center is home to a variety of national and regional tenants, including Baptist Health, Phenix Salon, IHOP and Mattress Firm.

 Situated on 8.3 acres at 12755 North Kendall Drive, Kendall Corners is positioned on the block between SW 127th and SW 132nd Avenues, exposing the center to a combined 98,500 vehicles per day. 

Whitaker Leonhardt

The center is on the “going home” side of Kendall Drive for residents commuting west from the Florida Turnpike, which is less than one mile from the property.  

Located in the Kendall submarket of Miami-Dade, more than 209,458 residents earning an average annual income of $72,296 live within a three-mile radius of Kendall Corners.

The HFF investment sales team was led by senior managing director Brad Peterson and associate directors Whitaker Leonhardt and Eric Williams.

The HFF debt placement team was led by senior managing director Chris Drew and director Scott Wadler.

“The Kendall submarket in Miami continues to be one of the strongest retail markets in southeast Florida, driven by the tremendous population density, nearby employment drivers, favorable household incomes and high traffic counts,” Peterson said.  “Kendall Corners is uniquely positioned as an asset with a strong and stable tenant base with ideal future upside.”

For a complete copy of the company’s news 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

  

http://www.mmgequitypartners.com.

http://orionmiami.com

HFF secures $45.439 million financing for 540-unit apartment community in Tampa, FL Florida

Chip Sykes

ATLANTA, GA –– Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $45.439 million in acquisition financing for St. Croix, a 540-unit, garden-style apartment community in Tampa, Florida.

Working exclusively on behalf of The RADCO Companies, HFF placed the seven-year, floating-rate acquisition loan with Freddie Mac’s Green Advantage Program.  

The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.  This is RADCO’s 68th acquisition since 2011, its sixth community in Florida and its fifth community in Tampa.

The 540-unit, Class B property has been renamed Radius Tampa Palms.  Built in two phases, the property is situated on 27 acres at 14501 Caribbean Breeze Drive just one mile north of the University of South Florida’s main Tampa campus, which is home to prestigious medical institutions such as the H. Lee Moffitt Cancer Center & Research Institute, Florida Hospital and the James A. Haley Veterans’ Hospital. 

Additionally, the property is near numerous business parks along the Interstate 75 corridor and entertainment and retail destinations, including Busch Gardens and University Mall. 

Radius Tampa Palms consists of 25 two- and three-story buildings with one- and two-bedroom units averaging 754 square feet.  Community amenities include a fitness center, two pools, three lighted tennis courts, sand volleyball court, clubhouse, business center and dog park.

The HFF debt placement team representing the borrower was led by director Chip Sykes along with associate Ware Shipman, who provided analytical and transaction management support.   

“We are extremely pleased to have had the opportunity to work with RADCO and Freddie Mac on this acquisition,” Sykes said.  “The strong rent growth trends and supply/demand fundamentals in the submarket are highly conducive for another successful value-add execution by our friends at RADCO.”

For a complete copy of the company’s news 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 arranges acquisition financing for Georgetown, TX multi-housing community on behalf of GVA, LLC and Decisive Ventures, LLC

Robert Wooten

AUSTIN, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged acquisition financing for Apple Creek, a 176-unit multi-housing community in Georgetown, Texas, on behalf of a joint venture between GVA, LLC and Decisive Ventures, LLC.

HFF placed the seven-year, 3.31 percent, floating-rate loan with Freddie Mac’s CME Program on behalf of the joint venture. 

The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.  Loan proceeds will be used for the purchase of the property and planned capital improvements to the asset.

Apple Creek is situated on 10.538 acres at 302 Apple Creek Drive just off Interstate 35, which serves as Central Texas’ main transportation artery and provides access into Austin approximately 30 miles to the south. 

The 10-building, two-story community is 98 percent leased and comprises a mix of efficiency, one- and two-bedroom units averaging 673 square feet each.  Community amenities include a pool, dog park, playground, grilling area and basketball court.

The HFF team representing the borrower was led by director Robert Wooten.

For more information on GVA, please contact Tony Garrant – 512-779-6744 or tonygarrant@gmail.com

For a complete copy of the company’s news 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.gvapro.com

NAI Realvest Leases More than 50 Percent of South Park’s Phases 2 and 3 in Less Than Six Months

Tom R. Kelley II

ORLANDO, FL – While construction was still underway on Phases 2 and 3 of South Park Business Center, Tom R. Kelley, II, CCIM, principal at NAI Realvest, began signing up 21 new tenants on behalf of Miami-based landlord South Park, LLC at the commercial flex/office/warehouse development at 8600 Commodity Circle. 

Between August and October of last year Kelley negotiated seven new leases, in November and December eight new leases and seven more tenants were signed up before mid February of this year bringing 94,569± square feet of mostly finished units at the property to more than 50 percent leased in less than six months.

Units from 1,825± to 4,106± rentable square feet were leased to local, national and global businesses, professionals and service providers ranging from construction, education, event planning, floral design, marketing and manufacturing to non-profits, photographers, staffing, technology and wireless communications companies.

Kelley attributes this success to the flexibility of the units, the quality of construction and excellent location – off of Sand Lake Rd. and John Young Parkway near attractions, malls, upscale communities and downtown Orlando with access to existing or potential clients for tenants – plus the expedience in ensuring tenants met all eligibility requirements for their occupancy.

Tenants recently signed since the first of this year include Atlantic Home Technologies with 1,987 square feet, The Maker Effect, 3,443 square feet, FZ Sports, 2,938 square feet, Inflatable Ventures Holdings, 2,499 square feet and 1,830 square foot units were leased by both One Stop Mobility and Runway Events.

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 

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HFF closes $21.5 million sale of 44 Whippany Road in Morristown, NJ

44 Whippany Road Office Building, Morristown, NJ

Jose Cruz

FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $21.5 million sale of 44 Whippany Road, a 230,000-square-foot, Class A office building in Morristown, New Jersey.

HFF marketed the property exclusively on behalf of the seller, RXR Realty, and procured the buyer, an affiliate of Marcus Partners. 

44 Whippany Road is located just off Interstate 287 and about one mile from downtown Morristown, which offers many high-end restaurants and boutique shops.  Additionally, the Morristown and Convent Train Stations are located less than two miles from the property.

 The three-story property was recently renovated and features a café, fitness center, conference room, three-story atrium lobby and terraces for third floor tenants.  Key tenants at the 47-percent-leased building include AON, Cigna and Locke Lord LLP. 

The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Michael Oliver and Stephen Simonelli, associate director Marc Duval and support by executive managing director Michael Tepedino and senior managing director Andrew Scandalios.

“44 Whippany is well located within the suburban Morris county market,” stated Cruz.  “The property is a great option for tenants that need flexible leasing options in the Western New Jersey submarkets.  The new owner will be substantially repositioning this building.”

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

Kristen M. Murphy

Director, Public Relations

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.rxrrealty.com

www.marcuspartners.com.

HFF closes sale of southeast Houston office building

Deerwood Glen II, 4400 State Highway 225, Deerwood Glen Business Park, Deer Park, TX

HOUSTON, TX, March 7, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Deerwood Glen II, a 74,695-square-foot, fully-leased office building in Deer Park, Texas. 

HFF marketed the property on behalf of the seller, Clay Partners – 4440 Hwy. 225, L.P., an affiliate of Clay Development, and procured the buyer, Fairway Real Estate Management, LLC.

    

Deerwood Glen II is located at 4440 State Highway 225 within the Deerwood Glen Business Park adjacent to the Sam Houston Tollway (Beltway 8) in southeast Houston.  Completed in 2015, the property features two floors of fully leased space occupied by a mix of industrial, engineering and construction firms that benefit from the property’s location close to the Houston Ship Channel and Port of Houston.

Trent Agnew

The HFF investment sales team representing the seller was led by director Trent Agnew. 

“The success of Deerwood Glen II is evident by the quick lease-up and credit quality of the rent roll that Clay was able to procure,” said Agnew.  “With the tremendous growth that continues to occur in the Port you continue to see significant tenant demand in both the office and industrial sectors. 

“There is a lack of quality office product to serve that demand and Fairway recognized the long-term growth prospects of the area and is poised to see consistent cash flow along with upside potential as rents continue to push up via this investment.” 

 Clay Development & Construction (Clay) is a developer and design/builder of industrial and office build-to-suit facilities for sale or lease since 1998.  The company is a turnkey developer of metal and tilt wall projects with a combined 175 years of experience in the real estate business.

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

Kristen M. Murphy

Director, Public Relations

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