HFF arranges $28.7 million acquisition financing for a Macy’s in west Los Angeles, CA

Macy's Westside Pavilion Mall, West Los Angeles, CA

Kevin MacKenzie

NEWPORT BEACH, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $28.7 million in financing for the acquisition of a six-acre parcel that includes a 244,000-square-foot retail structure that is occupied by Macy’s and a 1,550 space parking garage at the Westside Pavilion Mall in west Los Angeles, California.

HFF worked on behalf of the borrower, GPI Companies, to secure the two-year, fixed-rate loan through a life insurance company. 

The property is part of the Westside Pavilion Mall, and is anchored by a 244,000-square-foot Macy’s.  Located at the intersection of Pico Boulevard and Overland Avenue, the property is situated in prestigious west Los Angeles, close to the 405 and 10 Freeways. 

The HFF debt placement team representing the borrower was led by senior managing director Kevin MacKenzie, director Greg Brown, director Jeff Sause and associate Jamie Kline.

 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

HFF closes sale of two-property hotel portfolio in Charleston, SC and Bluffton/Hilton Head, SC

  

Candlewood Suite Bluffton/Hilton Head, SC

ORLANDO, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of a two-property Candlewood Suites portfolio totaling 249 rooms in Charleston and Bluffton/Hilton Head, South Carolina

HFF marketed the property on behalf of the seller, Liberty Group.  Affiliates of DC Hospitality Group, LLC purchased the assets unencumbered of debt and existing management.  Liberty Group acquired the hotels in 2013 and 2014 through its private-equity vehicle, Liberty Hospitality Fund I, LLC.

Candlewood Suites Charleston, SC

The portfolio comprises the 125-room Candlewood Suites Charleston and the 124-room Candlewood Suites Bluffton/Hilton Head.  Both four-story hotels are pet friendly and feature the Candlewood Cupboard, sundry shop, an outdoor gazebo grill and 24-hour fitness center.

The Candlewood Suites Charleston was developed in 2007 and renovated in 2014. 

Situated on 3.26 acres at 2177 Northwoods Boulevard in North Charleston, the hotel is adjacent to Interstate 26 and is proximate to Charleston International Airport.  The Candlewood Suites Bluffton/Hilton Head was developed in 2010 and renovated in 2014.

 In addition to the above-mentioned amenities, the hotel has an outdoor pool.  The Candlewood Suites Bluffton/Hilton Head is housed on 3.3 acres at 5 Young Clyde Court in the Bluffton/Hilton Head area, which is one of the most popular tourist destinations in the southern United States with 2.5 million annual visitors.

Michael Weinberg

 The hotel is in the epicenter of the 10,000-acre Sun City Hilton Head master-planned community situated along US 278, the primary thoroughfare to Hilton Head Island.

The HFF team was led by senior managing director Michael Weinberg, associate director Preston Reid and director Chris Lingerfelt.

“The sale of these hotels represented the successful full-cycle execution of our fund investment strategy,” stated Punit Shah, Chief Executive Officer of Liberty Group. “The sale of these assets validates the appeal of select-service and extended-stay hotels to both institutional and strategic purchasers.”

“The portfolio offers a tremendous opportunity to acquire two strong-performing assets in flourishing areas across the Southeast,” Lingerfelt said.  “Both the Charleston and Bluffton/Hilton Head lodging markets are supported by healthy demand generators and are poised for long-term growth.”

 “We continue to see robust interest for branded select-service and extended-stay assets in strong southeastern markets, especially when they have a strong going-in yield coupled with below replacement cost pricing,” Reid added.

 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.dcpartnersre.com

http://www.libertygrouphotels.com.

Draper and Kramer Acquires 3-Acre Commercial Development Parcel in Park Ridge, IL

Paul Buckingham

CHICAGO, IL – Draper and Kramer, Incorporated, a full-service national real estate firm, announces it has closed on the purchase of a 3-acre commercial development parcel located in Park Ridge, Ill., at the corner of Greenwood Avenue and Busse Highway.

The firm was self-represented in the transaction, while the seller, the American Society of Anesthesiologists, was represented by Paul Buckingham and Terry Alexa of Newmark Grubb Knight Frank.

Following the acquisition, Draper and Kramer sold a portion of the site to a developer for a luxury senior housing development. Jason Gustavson of Stone Real Estate is marketing the remaining commercial parcel on behalf of Draper and Kramer.

This is Draper and Kramer’s second transaction in Park Ridge during the last year. In December 2016, Draper and Kramer sold a medical office building located at 101 S. Washington Ave., directly adjacent to Whole Foods. Danny Spitz and Greg Dietz of Baum Realty Group represented Draper and Kramer in the sale.

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

Sarah Lyons, slyons@taylorjohnson.com, (312) 267-4520

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

Mary Jo Wenmouth Joins Capital Square 1031 as Managing Director

Mary Jo Wenmouth

 RICHMOND, VA – Capital Square 1031, a leading real estate investment and management firm specializing in Delaware statutory trust investments, announced Mary Jo Wenmouth, a veteran of Section 1031 exchange and direct real estate investments, has joined the company as managing director.

Wenmouth will be responsible for fostering relationships with broker-dealers and due diligence officers on behalf of Capital Square 1031. She will also oversee Section 1031 investment sales in the Midwest.

“Mary Jo brings 16 years of in-depth experience in Section 1031 exchange and other Reg D investments to her position at Capital Square,” said Louis Rogers, founder and chief executive officer of Capital Square 1031.

Louis Rogers

“A respected professional, she has a well-earned reputation for success and professionalism with established relationships throughout the industry that will benefit our firm and our investors alike. I couldn’t be more pleased to welcome her to our rapidly growing team.”

Wenmouth joins Capital Square 1031 from Silver Portal Capital, where she served as senior vice president. Previously, she spent 15 years with Inland Securities Corporation, where she was vice president and senior private capital consultant.

In this role, she coordinated with financial advisors to facilitate Section 1031 exchange and cash investments in Regulation D private placements. She also traveled throughout the nation, collaborating with broker-dealers to provide in-depth Section 1031 exchange education to financial advisors.

From 2013 to 2015, Wenmouth originated more than $100 million in personal sales volume in the northwest.  Prior to Inland Securities Corporation, Wenmouth served as vice president of Harris Bank/Bank of Montreal, and as vice president, operations manager for Clayton Brown & Associates.

As a regular presenter at the CPA Academy, Wenmouth has provided Certified Public Accountants with continuing education credits, sharing expertise on 1031 exchanges and DSTs.

Wenmouth attended DePaul University in Chicago, Illinois. She holds FINRA Series 7, 24 and 63 licenses, and is a member of the Federation of Exchange Accommodators.

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

Julie Leber                                                                         

Spotlight Marketing Communications                    

949.427.5172, ext. 703                   

julie@spotlightmarcom.com

                                      

www.CapitalSquare1031.com.