HFF closes $35.4 million sale of and arranges $23.1 million acquisition financing for St. Louis-area retail center

Lincoln Place Shopping Center, Fairview Heights, IL

CHICAGO, IL,  March 20, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $35.4 million sale of and arranged $23.1 million in acquisition financing for Lincoln Place, a 272,060-square-foot shopping center in the St. Louis-area community of Fairview Heights, Illinois.  

Amy Sands

HFF worked on behalf of the seller, Spirit Realty Capital.  Acadia Strategic Opportunity Fund IV purchased the asset.  Working on behalf of the new ownership, HFF also placed the five-year, fixed-rate acquisition loan with a national bank.

Lincoln Place is situated on 17 acres at 5905-6109 North Illinois Street at the “main and main” intersection of North Illinois and Lincoln Highway in Fairview Heights, which is 14 miles east of downtown St. Louis. 

Clinton Mitchell

The center is considered to be in the most dominant retail location in southern Illinois, with more than 125,600 vehicles a day passing the center and its position south of Interstate 64 and Illinois Street.

Lincoln Place is 99.6 percent leased to a mix of national tenants, including Kohl’s, Ross Dress for Less, Old Navy, Marshalls, Famous Footwear, Five Below, Pier 1 Imports, Saint Louis Bread Company and Mattress Firm, in addition to a separately owned Lowe’s, Chili’s and Chick-fil-A.  The center was developed in 1999 and renovated in 2005.

The HFF investment sales team representing the seller was led by directors Amy Sands and Clinton Mitchell.

The HFF debt placement team representing the new owners was led by managing director Timothy Joyce.

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.acadiarealty.com.

.

HFF closes $368 million sale of 6-property, Class A office portfolio in Northern New Jersey

Sale of One of Six Class A Office Properties Brokered by HFF in Northern New Jersey

 

Jose Cruz

FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $368 million sale of a portfolio of six, Class A office properties totaling 1.1 million square feet in Northern New Jersey.  This sale represents one of the largest office portfolios to ever trade in the state.

HFF marketed the property exclusively on behalf of the seller, RXR Realty, and procured the buyer, Mack-Cali Realty Corporation.

The 91-percent-leased portfolio comprises 51, 101 and 103 JFK Parkway in Short Hills and 1, 3 and 7 Giralda Farms in Madison.  Notable tenants include KPMG, Wells Fargo, Merrill Lynch, UBS, Dun & Bradstreet, Investors Bank, Citibank, Franklin Mutual Advisors, Pfizer and Prudential. 

All of the properties are located in the high growth Route 24 Corridor, which is close to the affluent residential communities of Millburn, Summit, Livingston, Chatham and Florham Park. 

Additionally, the properties benefit from a strong retail amenity base including The Mall at Short Hills, the downtown areas of Morristown, Madison and Summit and the retail offerings along Route 10. 

Kevin O'Hearn

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, executive managing director Michael Tepedino and supported by senior managing director Andrew Scandalios.

“These are the best suburban office assets in the New Jersey market and they had not traded in well over a decade,” stated Cruz.  “In particular, 51 JFK Parkway, is widely regarded as such, with significant upside in the rents.” 

“Short Hills, Madison, and Whippany lead the suburban New Jersey markets in investor demand,” added Cruz.  “The buyer performed extremely well and they will benefit from significant growth in that submarket.”

“This acquisition signifies Mack-Cali’s substantially expanded presence in the affluent Short Hills submarket—positioning us as the owner of nearly all of the Class A office space, as well as some of the most premier assets in the Madison submarket.

“This transaction exemplifies our strategy of owning only the best assets in strong markets that offer tenants state-of-the-art office spaces with a suite of first-class amenities,” said Michael J. DeMarco, Mack-Cali President.

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.mack-cali.com.

www.rxrrealty.com.

.

Stepp Commercial Expands Presence in West Hollywood and Prime Hollywood; Names Tia Jones as Associate

Tia Jones

 SANTA MONICA, CA,  March 20, 2017 – Stepp Commercial, a leading multifamily brokerage firm in the greater Los Angeles market, has named Tia Jones as associate. In her new role, Jones will focus on multifamily investment sales in West Hollywood and prime Hollywood locations.

“Stepp Commercial is continuing to grow our team as well as our market share in the greater Los Angeles region,” said Kimberly R. Stepp, principal with Stepp Commercial. “Tia is an ideal fit with our firm’s culture as she offers the talent, energy, and drive to provide both buyers and sellers with buy- and sell-side strategies for apartment assets.”

Kimberly R. Stepp

Jones is a graduate of The University of Colorado – Boulder, where she began her real estate career working for The Ritz-Carlton Hotel & Residences, eventually transitioning into property management.

Jones has an impressive knowledge of financial analysis, transaction coordination, leasing, and management of large multifamily assets.

 Jones is an active member in the professional networking group (IREM) Institute of Real Estate Management and serves on the Board of the Events Committee.

 Stepp Commercial is a brokerage firm specializing in the multifamily sector for properties ranging in size from $1 million to $50 million. 

Stepp Commercial’s mission is to provide apartment owners with a fully integrated sales platform that includes comprehensive market knowledge and local real estate expertise to successfully complete any type of multifamily transaction.

For more information visit www.steppcommercial.com

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

Darcie Giacchetto

949.278.6224

MetroGroup Realty Finance Secures $34.3 Million in Acquisition Financing for Office/Flex Campus in San Diego, CA

Cobham Office Campus, Kearney Mesa Submarket, San Diego, CA

SAN DIEGO, CA – MetroGroup Realty Finance, a private commercial mortgage banking firm based in Newport Beach, California, has successfully secured $34.3 million in acquisition financing on behalf of its client, Klein Investment Family Limited Partnership, to acquire a 132,695 square-foot, four-building office/flex campus in the Kearney Mesa submarket of San Diego, California to perfect an IRS 1031 tax deferred reverse exchange.

The office campus is 100-percent leased to Cobham Advanced Electronic Solutions, a subsidiary of global UK-based Cobham PLC, a leading technology company for the aerospace and defense industries.

 “San Diego is one of the most dynamic markets in the country and is internationally recognized as a leader in aerospace and defense,” says Patrick Ward, Founder of MetroGroup Realty Finance. “The continued growth in these industries, coupled with the region’s record low vacancy is driving tremendous investor demand to the area.”

Patrick Ward

        

Ward explains that many investors are seeking high-quality stabilized investments in markets like San Diego, which are positioned for long-term growth and are more likely to sustain economic shifts than secondary and tertiary markets.

“We have been working with the Klein’s for over twenty years,” says Ward. “In that time, they have acquired and amassed a strong, balanced portfolio of well tenanted conservatively leveraged net leased industrial properties similar to the Cobham campus.”

MetroGroup Realty Finance provided a bridge loan in the amount of $7 million and a permanent loan in the amount of $27.3 million.

“We took a unique approach to securing financing for this acquisition, and recommended combining a bridge and permanent loan,” explains Ward. “The bridge loan will provide temporary liquidity in anticipation of their selling an existing property.  Proceeds from the sale of their existing property will retire the bridge loan and complete the reverse exchange.”

Ward adds, “Our deep history and innovative approach to sourcing capital allowed us to structure the financing in a way that provided our client the opportunity to acquire an attractive investment that was available now prior to selling one of their assets.”

            

Klein Investment Family Limited Partnership plans to integrate a series of significant tenant and property capital improvements including replacing roofing and HVAC units, upgrading electrical power, fire systems, and resealing and restriping the parking lots.

Cobham aerial over campus at 404 Chesapeake Drive,
and 5775, 5785 and  5788 Roscoe Court, San Diego, CA

The office/flex complex is located at 9404 Chesapeake Drive, and 5775, 5785 & 5788 Roscoe Court in San Diego, California. 

The permanent financing was for a term of seven years amortized over twenty five years. 

The bridge loan was interest only floating over LIBOR for a term of one year.

Founded in 1983, MetroGroup Realty Finance is a private, Newport Beach-based mortgage banking company that specializes in providing capital advisory and mortgage banking services for properties throughout the United States.  

With deep experience across a variety of property types including office, retail, industrial, multi-family, mixed-use, hotel/lodging, and land, MetroGroup has established long-term relationships with well-respected capital sources, through which the firm delivers lasting results to its clients.  Additional information is available at www.metrogroupfinance.com

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

Elisabeth Manville/Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

emanville@browermillercole.com

.