HFF arranges $8.5 million construction financing for medical office building in Riverside, CA

 

Rendering of Planned Medical Plaza, Riverside, CA

 

Zach Koucos

SAN DIEGO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged an $8.5 million construction-to-permanent financing for a to-be-built, 27,000-square-foot medical office building in Riverside, California.

HFF worked on behalf of the borrower, Pacific Medical Buildings (PMB), to secure the 12-year, fixed-rate loan through a correspondent life insurance company. 

Due for completion in January 2019, the entire facility will be leased to RadNet Management, Inc. (NASDAQ: RDNT), and will operate as a cancer center with linear accelerator vault, imaging center and clinical programs.

The property is situated at 4536 Olivewood Avenue, adjacent to the Riverside Freeway and just south of its intersection with the Pomona Freeway in the Inland Empire.

HFF’s debt placement team representing the borrower was led by director Zach Koucos and associate Olga Walsh.  Jake Rohe, Ben Ryan, and Ben Rosenfeld led the transaction for PMB.

“We’re seeing an increasing number of capital providers taking an interest in the healthcare asset class, particularly with great sponsors such as PMB,” Koucos said.

“Radnet is a leader in value-based healthcare delivery and we are proud to be their healthcare real estate development partner helping them deliver low-cost, high-quality healthcare services to the greater Riverside community,” said Ben Rosenfeld of PMB.

Olga Walsh

Pacific Medical Buildings (PMB) is an integrated medical office building developer and a healthcare real estate partner for health systems, hospitals, medical groups, and universities.

 PMB specializes in developing, leasing, and managing medical office buildings, ambulatory care centers, clinics, academic medical facilities, and parking structures. 

For more than 40 years, PMB’s executives have led the industry in the development and management of medical care buildings, with 90 healthcare projects constructed to date throughout the Western United States.

The firm currently owns and manages 56 facilities totaling approximately more than 3.6 million square feet with more than 8,000 structured parking stalls, and has 8 projects under development totaling over 650,000 square feet.

 The San Diego-based firm also has offices in Austin, Chicago, Las Vegas, Los Angeles, Nashville, Phoenix, Portland, and Vancouver.

 For more information, please visit PMB’s website at www.pacificmedicalbuildings.com

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

U.S. Hotel Profits Grow in 2016 Despite Slowdown in Revenue

  

 

R. Mark Woodworth

  Atlanta, GA –– U.S. hoteliers enjoyed a seventh consecutive year of increasing profits in 2016 despite a slowdown in the rate of revenue growth.  

According to the recently released 2017 edition of Trends® in the Hotel Industry by CBRE Hotels’ Americas Research, total operating revenue, driven by a 0.2 percent rise in occupancy and a 2.5 percent growth in average daily rate (ADR), increased by 2.4 percent in 2016 for the average hotel in its survey sample. 

However, by limiting the growth in operating expenses to just 1.6 percent, managers at the Trends® properties were able to extract a 3.7 percent increase in gross operating profits (GOP) for the year.

“The competitive market conditions faced by U.S. hotels in 2016 have been well documented.  With the results of the 2017 Trends® report, we now have an understanding of the impact that the modest revenue gains had on the bottom-line,” said R. Mark Woodworth, senior managing director of CBRE Hotels’ Americas Research. 

“Clearly, U.S. hotel operators saw the threat of stagnant or declining occupancy and slow ADR growth and reacted by controlling expenses.  The 3.7 percent increase in profits is the lowest we have observed since the Great Recession, but was a commendable accomplishment given the upward pressures on labor and distribution costs.”

  

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

Chris Daly

Daly Gray Public Relations

703 435 6293

chris@dalygray.com

NAI Realvest Transaction Broker Completes Strategic Lot Split Sale in St. Cloud, FL for CenterState Bank

  

Veronica Malolos

KISSIMMEE, Fla. -- Veronica Malolos, a broker with NAI Realvest, recently completed a $590,000 sale of the former CenterState Bank building at 2801 13th St. in St. Cloud that enabled the bank to build a new facility for its operations before closing.

Malolos said when Buyer JSA Properties of St. Cloud, LLC (for St. Cloud  Compounding Pharmacy)  made the offer on the 2,542 square foot building, Seller CenterState then proceeded to do a lot split and began construction of its new branch bank building on the piece of the parcel at the corner of U.S. 192 and Budinger Ave. 

As soon as construction was complete in early April, the bank moved to its new building and the pharmacy closed on the former bank building. 

St. Cloud Compounding Pharmacy is now in the process of moving their current operations to the new U.S. 192 location.

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

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

Michael Heidrich at NAI Realvest Negotiates Five Leases in 30 days for Industrial Space Totaling 38,235 Square Feet in Sanford, FL

Michael Heidrich

 SANFORD, FL --- Michael Heidrich, Principal at NAI Realvest negotiated five leases within 30 days (March 7 – April 7) totaling more than 38,235 rentable square feet including four new tenants at Monroe CommerCenter South and one long-term renewal at NorthStar Business Park.

Heidrich brokered all five transactions on behalf of the landlords. 

At Monroe CommerCenter South, located off Church St. and Monroe Rd. Heidrich represented Landlord Monroe South RE, LLC in new lease agreements totaling 26,235 rentable square feet for the following new tenants:

Northern Star Millwork, LLC with 13,125 square feet; IQ Power, LLC with 6,000 square feet; HK Trading USA, Inc., 3,750 square feet and TriStar Marketing & Distributing, LLC 3,360 square feet. 

At NorthStar Business Park located off Upsala Rd. and SR 46, Heidrich represented Landlord SBS Property Investments, LLC based in New Smyrna Beach, in a lease renewal for 12,000 square feet occupied by Jacksonville-based Guardian Fueling Technologies, Inc.

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

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

Cooper Carry Project Nabs Prestigious NAHB Award For Industrial Apartments With Historic Past in Old Town Alexandria, VA

Brandon Lenk

ALEXANDRIA, VA – From a cotton factory and civil war prison to bottling plant and office space, a historic building in Old Town Alexandria, Virginia has reinvented itself yet again after taking home top honors in one of the nation’s premier residential awards competitions.

Designed by internationally recognized design firm COOPER CARRY, “The Mill at 515” on Washington Street won a Platinum award in the 2016 “Best In American Living” competition.  

The project was honored in the “Best Adaptive Reuse, Multifamily” category, which recognizes buildings that revitalize existing buildings while still preserving their historic character and charm.

“From the onset it was imperative to us that the transformation of ‘The Mill’ did not degrade the rich legacy of the building and site,” said Brandon Lenk, AIA, Project Architect at COOPER CARRY.

 “CAS Riegler, our client, developed a project that met the approval of multiple historic and architectural review committees, and I think the end result is truly unique. The beauty of historic adaptive reuse projects like The Mill, is that they cannot be replicated.

“This is a one-of-a-kind structure that combines a historic past with the modern benefits and amenities one might expect in a newly constructed residential facility.”

Built in 1847 and originally known as The Mount Vernon Cotton Factory, “The Mill” was seized by Union soldiers during the Civil War and converted into a makeshift prison for enemy combatants.

Bedroom, The Mill at 515 Loft Apartment

 After lying dormant for a few decades, it later served as a bottling plant, spark plug factory, and most recently, office space. The 26,000 plus square foot structure was taken down to its brick and wood frame in 2013 to enable the restoration process.

The newly-transformed industrial lofts have 25 living units which feature contemporary touches such as exposed brick walls, interior steel stairs and railings, stainless steel appliances, high-end countertops and white cabinetry throughout.

Studio, one-bedroom and two-bedroom apartments range from 450 to nearly 2,000 square feet, while a club room on the top floor offers spectacular views of Washington D.C. and Old Town Alexandria.

CAS Riegler is the developer for the project, and Snead Construction served as general contractor. For more information on the 2016 “Best In American Living” awards, visit the NAHB website.

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

Liana Moran

The Wilbert Group

404.748.1367

lmoran@thewilbertgroup.com

La Jolla, CA Retail Condominium Achieves Record Price Per Square Foot

Retail Condominium, 1020 Prospect Street, San Diego, CA

                                                                                                             (Image Courtesy of CoStar)

 

David Maxwell

SAN DIEGO, CA –– Colliers International San Diego Region announces the sale of a 3,517-square foot, two-unit retail condominium located in La Jolla, CA for $4,650,000. At $1,322/square foot, this sale sets the record for shell retail space.

Bill Shrader, David Maxwell, Joe Brady and Luke Holler of Colliers International’s Urban Property Group represented the seller, Hammer Ventures on behalf of RREF II-HV PROSPECT PROPERTY OWNER, LLC. The Cove Equity Group, LLC purchased the property with no outside representation.

The condominium is located at 1020 Prospect Street on the ground floor of Muse, a new 16-unit, ultra-luxury residential building currently under redevelopment.

The current restoration and renovation of this classic icon preserves the integrity of the architects’ original modernist vision while elevating the property to a whole new level that meets the expectations of modern luxury.

“The buyer was attracted to the iconic Prospect & Girard location at Muse, which is one of the best-located retail spaces in the county,” said Bill Shrader, leader of the Urban Property Group and Senior Vice President at Colliers International San Diego Region.

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

Kenny Moore  |  Associate

C 760 468 0394 

kenny@hutchenspr.com

 www.HutchensPR.com

Cushman & Wakefield Negotiates $158.5M Sale of Montage at City Center in Pembroke Pines, FL

Montage at City Center, 10170 SW 7th Street, Pinebroke Pines, FL

Robert Given

PEMBROKE PINES, FL, April 26, 2017 — Cushman & Wakefield announced today that it has negotiated the sale of the Montage at City Center, a 700-unit mid-rise and townhome residential asset located at 10170 SW 7th Street in Pembroke Pines, FL.

Vice Chairman Robert Given and Executive Managing Director Zachary Sackley of Cushman & Wakefield’s South Florida Multifamily Team, along with Senior Managing Director Troy Ballard, Financial Associate Neal Victor and Financial Analyst Aaron Mandel represented AVR Realty Company in the disposition. An affiliate of Harbor Group International, LLC acquired the asset for $158.5 million.

Montage at City Center consists of 700 units in 12 mid-rise and 28 townhome buildings. The community offers a mix of one-, two- and three-bedroom units. Montage at City Center was built in two phases. Phase One (422 units) was completed in 2014. Phase Two (278 units) was completed in 2015.

Units at Montage at City Center feature formica countertops, espresso cabinetry, stainless steel appliances and hard surface flooring. Property amenities include a LEED Gold-certified clubhouse, two resort-style pools, a fitness center, business center, game room and demonstration kitchen. Private garages and storage units are available for rent.

Troy Ballard

The property is currently stabilized with 95% occupancy and an average market rent of $1.55 per square foot.

“Montage’s walkability to the future development of the Pembroke Pines City Center and recently completed amphitheater makes this a compelling investment opportunity,” said Given. “The property is located in the heart of very strong retail dynamics and tremendous employment drivers.”

Pembroke Pines City Center is a 47-acre mixed-use project that will feature a mix of retail, office and residential. Terra Group is the developer of the phased project, with Phase One consisting of 200,000 square feet of retail anchored by a 45,600-square-foot Publix.

Phase Two will add 450 apartments and 100,000 square feet of office. Additionally, the city is in the process of completing a $60 million civic and cultural center, which includes a new city hall, 3,500-seat performance space, a standalone commission chamber and a 1,000-square-foot arts center. All of this is less than a mile from Montage at City Center.

“The location and asset quality of Montage position it as a core-plus opportunity, allowing for a light value-add program enhancing the interiors and creating additional rent premiums,” said Sackley.

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions.

Aaron Mandel

Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory.

2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action.

To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com

 or follow @CushWake on Twitter.

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

David A. Meyer 

Meyer Media 

407.489.7488 

david@meyer.media

www.meyer.media

Hanley Investment Group Completes Sale of New Single-Tenant Net-Lease LA Fitness in Chicago Metro Area

LA|Fitness, 620 North York Street, Elmhurst, IL

Austin Blodgett

ELMHURST, IL - Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, arranged the sale of a new single-tenant net-lease investment occupied by LA Fitness in an off-market transaction. The property is located in the Chicago metro area in Elmhurst, Illinois.

Hanley Investment Group Associate Austin Blodgett and Executive Vice President Eric Wohl represented the seller on this transaction. The seller was a development company based in the Chicago area and the buyer, which represented themselves, was a publicly-traded REIT. The purchase price could not be disclosed.

Completed in late 2016, the new 37,000-square-foot single-tenant building is situated on 4.8 acres at 620 North York Street in Elmhurst, Illinois, adjacent the I-290/Dwight D. Eisenhower Expressway on/off-ramp in DuPage County.  LA Fitness just executed a brand new 15-year primary lease term with a number of options.

“This is a highly visible/high traffic intersection located at the off-ramp of the I-290/York Road exit in west suburban Elmhurst, adjacent a new Starbucks-anchored multi-tenant building and near Mariano’s Fresh Market,” said Blodgett. “Numerous quick-serve restaurants and other national and regional retailers are in the area.”

Eric Wohl

According to Blodgett, “The sale of single-tenant health clubs has become a much more viable retail investment alternative in today’s market.

 Private and institutional investors are seeing the value and security of the income stream from a single-tenant health club, especially those leased to LA Fitness, one of the most successful private retailers in the United States and the #1 health club in the nation.

 Also, being that health clubs are a service retailer, investors are turning to this product type to avoid investments that may be impacted by Amazon in the very near future.” 

LA Fitness has more than 690 locations in 32 states and Canada and is continuing to open more clubs from coast to coast.

Wohl added that the number of health clubs opening has increased as more people want to live a healthier lifestyle. “Having a health club located close to where people live motivates more people to work out, and at the rate that LA Fitness is growing these health clubs will be accessible to nearly everyone in the country by just a short drive away,” Wohl said.

Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $5 billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved.

For more information, visit www.hanleyinvestment.com

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

Anne Monaghan

MONAGHAN COMMUNICATIONS, INC.

anne@MonaghanPR.com

830.997.0963