HFF closes sale and arranges financing for two Class A office assets in Raleigh-Durham, NC

  

Keystone 200 and 300, Keystone Office Park, Durham, NC

Scot Humphrey

CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (“HFF”) announced it has closed the sale of and arranged acquisition financing for two Class A office properties within Keystone Office Park in Durham, North Carolina totaling 223,475 square feet.

HFF marketed Keystone 200 and 300 on behalf of the seller, American Real Estate Partners, and procured the buyer, Innovatus Capital Partners (“Innovatus”). Additionally, HFF worked on behalf of Innovatus to secure acquisition financing.

Keystone 200 and 300 are located at 530 and 430 Davis Drive, respectively, within Keystone Office Park. 

Located across the street from Research Triangle Park, the properties are conveniently situated close to Interstates 40 and 540 and the Triangle Expressway, providing easy access to downtown Raleigh, downtown Durham, Cary, Chapel Hill and the Raleigh-Durham International Airport.

Additionally, the properties benefit from numerous surrounding academic institutions, including Duke University, The University of North Carolina Chapel Hill and North Carolina State University. K

eystone 200 is fully leased to the National Institute for Environmental Health Sciences and Keystone 300 is leased to a diverse group of regional, national and international tenants including Verscend Technolgies, K&L Gates and SynteractHRC.

Ryan Clutter

The HFF investment sales team representing the seller was led by director Scot Humphrey, senior managing director Ryan Clutter and associate director Chris Lingerfelt.

HFF’s debt placement team representing the buyer was led by director Brent Bowman.

“The Raleigh-Durham market has been experiencing robust growth and investors are paying more and more attention as a result,” said Bowman.  “We continue to see lenders compete aggressively on high quality, well-leased suburban office properties and expect that trend to continue throughout 2017.”

“We are extremely excited to become a part of the growing and thriving Raleigh-Durham community with the close of our purchases in Keystone Office Park,” said Andrew Dym, co-founder and President of Innovatus Capital Partners. 

“These exceptional assets with predictable and durable cash flow represent exactly the types of high-quality investments we look to make at Innovatus and I expect they will drive significant value for our portfolio.”

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

Kristen Murphy

Director, Public Relations

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

tel 617.848.1572 | cell 617.543.4873 | www.hfflp.com

krmurphy@hfflp.com

www.innovatuscp.com.

JDishell@americanREpartners.com.

Noble Breaks Ground on Marriott’s First Dual-Brand AC Hotels By Marriott® and Moxy Hotel in Vibrant Midtown Atlanta, GA

Moxy Atlanta Midtown, 13th Street, Atlanta, GA

 

Tony Capuano

Atlanta, GA – Marriott International (NASDAQ: MAR) and Noble Investment Group (“Noble”) celebrated the groundbreaking of what will be Marriott’s first-ever combination of an AC and Moxy under one roof.

The $70 million, five-story hotel project will rise on a full city block in Midtown Atlanta, one of America’s most dynamic business districts and a regional epicenter for music and arts. The hotel is expected to open in the middle of 2018.

“Midtown Atlanta is the perfect place to debut this visionary, two-in-one lifestyle hotel, which will become a go-to destination for both business and leisure travelers,” said Tony Capuano, Marriott’s Executive Vice President and Global Chief Development Officer. “We’re thrilled to be working with our great partners at Noble to launch these exciting brands in dynamic markets throughout North America.”

With an entrance on 14th Street, the 133-room AC Hotel Atlanta Midtown will feature guestrooms and suites with modern and sophisticated design elements, plush seating and multifunctional workspaces.

Mit Shah

The 155-room Moxy Atlanta Midtown, which guests will enter on 13th Street, will feature stylish, tech-enabled bedrooms with optional mobile check-in and check-out; keyless entry; motion sensor lighting; internet TV in-room; USB outlets; and furiously fast and free Wi-Fi for ultimate connectivity.

Both hotels will have distinct hospitality experiences inside and will share a deck-top amenity level that will contain shared meeting space with outdoor break-out space, health and fitness and a rooftop pool and bar with outdoor fire pits.

As part of this project, Noble will also help establish the missing link in an extensive pedestrian connector. To be called the Arts Walk, the ground-level path will provide direct access for hotel guests and local residents to walk from 14th Street to the lively Crescent Avenue entertainment and dining district, to the more than 20 million square feet of corporate office and the world-renowned Woodruff Arts Center along 15th Street.

The connector will eventually stretch from the Woodruff Arts Center to high-speed public transportation at the 10th Street MARTA station.

“We are proud to continue to expand upon our more than 20-year partnership with Marriott with our development of the first, dual-branded AC Hotel and Moxy Hotel in the world,” said Mit Shah, Noble CEO. “Midtown Atlanta has become one of the best live, work, learn, stay, shop and play communities in the United States and we are excited to bring these iconic new lifestyle brands to our hometown."

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

Emma Cathey | Emma@lizlapiduspr.com | 678-588-1661

www.nobleinvestment.com.

www.MoxyHotels.com.

http://achotels.marriott.com

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Newcastle Partners Completes Construction of Knox Logistics Center; a 147,000-Square-Foot Industrial Building in Moreno Valley, CA

Knox Logistics Center, 17610 Harvill Avenue, Moreno Valley, CA

San Francisco, CA -- Newcastle Partners, Inc., a San Francisco-based real estate investment and development company, recently completed construction of Knox Logistics Center, a 147,000-square-foot industrial building in Moreno Valley. Valued at approximately $14 million, the property is located at 17610 Harvill Avenue.

Dennis Higgs

The Class A facility is situated on 8.21 acres and features 104 parking stalls, 26 loading docks, 32” clear height, and a 122’ truck court.

 Its corporate neighbors include Kraft Foods, Amazon, Lowes, Home Depot and a host of other Fortune 500 companies, and offers direct access to the freeway via the Harley Knox Blvd. on/off-ramp.

The property has identity and clear visibility from the 215 Freeway. William Heim of Lee & Associates is handling marketing of the building, which is for sale or lease.

“Newcastle currently has a total of four million square feet of industrial property currently under construction or recently completed in the Inland Empire region of Southern California,” said Dennis Higgs, managing partner and founder with Newcastle Partners.

“We are pleased to see Knox Logistics Center’s successful completion and have seen a substantial amount of interest from potential corporate users. With Fortune 500 corporate neighbors like Amazon, Kraft Foods and Home Depot, the location as it relates to logistics, sells itself.”

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

Crow Holdings’ Old Parkland Campus Crescendo in Dallas, TX with Final building to Complete Master Plan

Harlan Crow

DALLAS, TX – Crow Holdings announces plans for the final building of its Old Parkland development on Maple Avenue in Dallas scheduled to deliver in the first quarter of 2019. United Kingdom architect, Craig Hamilton, created the design for the building, along with The Beck Group.

The 90,000-square-foot office building will be six floors at its highest point and will include a three level underground garage.  

Positioned at the north end of the 9.5-acre campus, the building will be the final office building at Old Parkland.

 In keeping with the rest of the campus, the building will be classical in design and will include a thematic sculpture in the front plaza.

The Old Parkland campus incorporates the historic buildings and grounds of the former Parkland Hospital that was originally constructed in 1894. The redevelopment of the property began in 2006 and now features 334,000-square-feet of master-planned, Class-A office space and remarkable amenities.

The heart of the campus is the 103-year-old Parkland Hospital that Crow Holdings preserved and renovated as its corporate headquarters. Crow also restored the Nurses Quarters which originally served as the nurses’ dormitory. Woodlawn Hall and Reagan Place were added to complement the original and historic landmark structures.

Craig Hamilton

Four buildings, collectively called the West Campus, include the iconic copper-domed Parkland Hall, flanked by Oak Lawn Hall and Commonwealth Hall.

 Across the courtyard from these buildings is the Pavilion, whose design is inspired by Thomas Jefferson’s Monticello and houses a large, underground debate chamber that hosts high school and collegiate debates as well as renowned speakers.

“We wanted this last building to complement the classical architecture on campus while creating something new and exciting, and we believe Craig Hamilton has done just that,” said Harlan Crow, chairman and CEO of Crow Holdings. “We already have commitments for approximately 40% of our new office space and are delighted the market continues to support our development.” 

The Jeffersonian style office buildings of the West Campus, surrounded by lush landscapes, a rolling lawn and shade trees, gives this corporate community a collegial ambience. Although the buildings are grand in structure, they were platted in close proximity which fosters interaction among tenants and visitors in the outdoor areas and community spaces. A spectacular collection of sculptures enhances the exterior experience and invites reflection on our national heritage. 

Crow Holdings’ investments in the Oak Lawn neighborhood also include the adjacent Maple Avenue District, which includes new restaurant concepts as well as extensive street and landscape improvements.

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

Jessica Hall

Culver Public Relations

214.352.5980 office

210.287.4975

www.CrowHoldings.com.

Hospitality Ventures Management Group (HVMG) Announces Eight Renovation and Development Projects Totaling Approximately $110 Million

  

Robert Cole

 ATLANTA, GA – Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel investment, ownership and management company, announced  the company has eight new and on-going renovation and construction projects, three of which were completed recently, totaling approximately $110 million. 

            “HVMG offers a full suite of services for hotel owners that covers the entire spectrum of project management, from design and construction through third-party operations including revenue management and digital marketing,” said Robert Cole, HVMG president and CEO. 

“We have assembled and expanded an in-house team of seasoned design and construction professionals, led by industry veteran John Edwards, to provide guidance and services for third-party clients, as well as our own portfolio.”

 “Our design and construction team brings more than 110 combined years of professional project management and construction experience handling more than $5 billion in development/renovation projects, ranking us among the top in our space,” said John Edwards, vice president of design & construction.  

“As owners and third-party operators, we understand firsthand the necessity to deliver projects on time and in budget while minimizing guest and associate disruptions.”

  In addition to the ongoing and upcoming refurbishment construction projects, HVMG has completed 23 design and construction projects varying in scope from ground-up construction to complete renovations totaling approximately $85 million over the past two years.  Highlights include the 292-room Hilton Houston Southwest, the 118-room Fairfield Inn by Marriott Portland Maine Mall and the 299-room Greensboro-High Point Marriott Airport hotel.

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

Chris Daly, media

 (703) 435-6293

 chris@dalygray.com

 www.hvmg.com

Greg Matus

SUNRISE, FL – Franklin Street arranged the sale and secured financing for Sunset Apartments, a 54-unit rental community in Sunrise, Florida.  Franklin Street’s Tony Gannacone, Greg Matus and Dan Dratch represented both parties in the transaction.

The three-building complex, located in western Broward County, had been owned by two Canadian investors under the corporate entity RonJack Properties, LP.  Franklin Street was hired to sell it, but after arranging a potential deal, one of the two investors decided to buy out his partner for an undisclosed amount and own the property outright. 

Franklin Street’s Capital Advisors division obtained the 10­year non­recourse loan with a 3.5 percent fixed rate of interest on behalf of the buyer. Franklin Street’s Evan Seacat and Ryan Cassidy provided insurance services for the asset.

"Once we secured an offer, one of the partners decided to stay in the deal,” said Gannacone, an Investment Sales Associate in Franklin Street’s Fort Lauderdale office. “He remained convinced there was still a lot of room for rent growth and opportunity for the property to appreciate.  He took advantage of the low interest rate environment and lower insurance costs that we were able to provide to increase margins and cash flow.”

“Franklin Street not only helped me find less expensive insurance, but also its investment sales and capital markets teams sourced the financing that I used to buy the property,” said a spokesperson for RonJack Properties. “They have positioned themselves as a true real estate solution for investors.”

RonJack originally purchased the apartments three years ago.  They made significant capital improvements to bring the property up to date, including new roofs, new air conditioners, a resurfaced parking lot and kitchen remodels.

“The property has great upside potential based on the recent unit and amenity upgrades,” said Gannacone. “I think value-add multifamily assets, like Sunset, will benefit the most as the Broward County market continues to grow.”

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

Ashley Fierman

Senior Account Executive

 BoardroomPR

afierman@boardroompr.com

O 954-370-8999

C 954-330-1554

Bank of America Plaza | 1776 N. Pine Island Road

Suite 320 | Plantation, FL 33322

www.FranklinSt.com.

NAI Realvest Negotiates $520,000 Sale of Retail Building in Downtown Sanford, FL

 

Jason G. Toll

SANFORD, FL — NAI Realvest recently negotiated a $520,000 sale price for the freestanding historic train depot at 212 W. First St. in downtown Sanford. 

Jason G. Toll, director of industrial services at NAI Realvest, negotiated the transaction on behalf of the seller Mike Moreno of DeBary.

Orlando-based 212 First Street LLC is the buyer of the property with 6,000 useable square feet situated on 1.3 acres where the new owner plans to operate a micro brewery and marketplace .

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

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

Hold-Thyssen Negotiates New Long Term Lease Agreement in Palm Harbor, FL for Large Health Insurance Agency Relocation

Richard Fisher

Clearwater, FL and Palm Harbor, FL --- Hold-Thyssen Inc., a full-service real estate services firm, recently completed a long-term lease agreement for Senior Healthcare Direct, a health insurance agency expanding operations in Florida. 

Richard Fisher, who heads Hold-Thyssen’s Clearwater office, and Associate Chris Fisher negotiated the lease of 3,115 square feet in Park Avenue Shoppes, a mixed use center at 3298 to 34302 US Highway 19 North in Palm Harbor. 

The tenant, an independent insurance agency and a leader in the Medicare insurance marketplace that works with over 30 companies in more than 40 states, outgrew their former location in Clearwater.

Also in Palm Harbor the Hold-Thyssen Clearwater Leasing team represented Harbor Park, LLC, the landlord for the office center at 33920 US Hwy 19 North in a lease expansion agreement for 2,672 square feet.  Allegany Franciscan Ministries, who has been a tenant at Harbor Park for 10 years, will continue to operate their central office in the Palm Harbor location.   

Hold-Thyssen based in Winter Park with offices in Clearwater, provides commercial property brokerage and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more than 100 commercial properties throughout the United States.

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

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