Friday, May 26, 2017

JLL Brings Streetside Classics to Arizona with New Industrial Lease

Streetside Classics Showroom, Mesa, AZ
PHOENIX, AZ – The Phoenix office of JLL has completed a 53,739-square-foot lease for Streetside Classics that brings the nation’s top consignment dealer of classic and collectible cars to the Arizona market. Streetside will open its sixth – and newest – showroom facility in Mesa, Arizona later this summer.

Based in Charlotte, Streetside specializes in the consignment, purchase and sale of classic and collectible cars to a network of qualified buyers and sellers. The company offers more than 1,200 cars online and in showrooms located in Atlanta, Charlotte, Dallas/Fort Worth, Nashville and Tampa.

Donna Robbins

JLL Senior Vice President Steve Larsen and Managing Director Marc Hertzberg represented Streetside in its site selection and lease negotiations. Ken McQueen and Chris McClurg of Lee and Associates represented the property owner.

“Events like Barrett-Jackson have put Phoenix on the map for classic car enthusiasts and the companies that serve them,” said Larsen. “The combination of Phoenix’s exceptional industrial inventory and its competitive pricing were major advantages that, ultimately, allowed Streetside to secure a high exposure, Class A building with state-of-the-art construction.”

Marc Hertzberg
“These market factors keep auto-related transactions in the Valley for showrooms, refurbishment operations and even parts distribution very robust,” added Hertzberg.

“With the new Phoenix-Scottsdale location, we are very excited to make our consignment services more accessible for our West Coast customers. 

"Phoenix is a well-established market for collector cars, and this expansion gives Streetside true nationwide reach as we continue to expand our brand into the best markets in the U.S.,” added Streetside President and CEO Donna Robbins.

The new Streetside showroom is located at 614 E. Auto Center Drive in Mesa, Arizona, within the Metro East Valley Commerce Center. 

The 53,739-square-foot building features a high-end environment with state-of-the-art construction, multiple loading doors and a location that is less than one-half mile from U.S. Highway 60/Superstition Freeway and surrounded by multiple major brand auto dealers.

Streetside will occupy its new space in late Summer.

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

Stacey Hershauer
Marketing & Public Relations
(480) 600-0195

Stepp Commercial Completes $10.55 Million Sale of 56-Unit Long Beach, CA Apartment Portfolio

Robert Stepp
Long Beach, CA - Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $10.55 million sale of a 56-unit apartment portfolio consisting of three properties in Long Beach, Calif.

Principal Robert Stepp of Stepp Commercial represented the seller, a private investor from Signal Hill, as well as the buyer, Mandek 10 Property Partners, LLC from Corona Del Mar. The portfolio closed at a 4.6 percent cap rate and a price per unit of nearly $189,000.

"This portfolio offered the buyer a solid mix of one- and two-units with rental upside and ample parking," said Stepp. 

"Additionally, this is the downleg for the seller in a 1031 exchange who wanted to sell its smaller assets and trade up into a larger, single, turn-key apartment community for easier property management functions.

“Overall, this increased the seller's cash flow and provided the buyer with a value-add opportunity in a non-rent controlled market."

The three properties include:

*       765 Cerritos Avenue, a 20-unit property built in 1963
*       731 Orange Avenue, a 24-unit property built in 1958
*       933 Alamitos Avenue, a 12-unit property built in 1945

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

Darcie Giacchetto
D.G. Communications, Inc.

HFF closes sale of 400,000-square-foot, 4-building office complex in West Orange, NJ

Executive Hill Office Park, West Orange, NJ

Jose Cruz
FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Executive Hill Office Park, a four-building office complex totaling over 400,000 square feet in the Essex County community of West Orange, New Jersey.

HFF marketed the property exclusively on behalf of the seller, an entity controlled by RNY Property Trust, and procured the buyer, PAG Investments.

The office complex consists of 31 acres and comprises 10 Rooney Circle and 100-300 Executive Drive.  Built between 1971 and 1984, the complex amenities include a full-service cafeteria, shared conference room and fitness center.

 The property is 48 percent leased to tenants, including Lincoln Educational, GEICO and a U.S. government agency.  Located off Prospect Avenue and Rooney Circle, Executive Hill Office Park is situated at a full interchange of Interstate 280.  The Essex Green Shopping Center is also located adjacent to the complex, providing additional convenience. 

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 supported by senior managing director Andrew Scandalios.

 “This is a unique transaction that appealed to the office buyers as well as redevelopers,” according to Cruz.  “The buyers saw significant near term upside in the office space and longer term potential in a repositioning play.”

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 |

HFF closes $77.75 million sale of and secures $42.76 million financing for retail power center in Mobile, AL

McGowin Park Shopping Center, Mobile, AL

Richard Reid

ATLANTA, GA – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $77.75 million sale of and secured $42.76 million in acquisition financing for McGowin Park, an approximately 375,000-square-foot, best-in-class, regional, open-air anchored shopping center in Mobile, Alabama.

HFF marketed the property for the seller, Hutton Company.  Cole Credit Property Trust IV, Inc. acquired the property free and clear of existing debt.  Additionally, working on behalf of the new owner, HFF placed the seven-year fixed-rate loan with a life company.

Completed between 2015 and 2016, McGowin Park is leased to a variety of national and regional tenants, including anchors Dick’s Sporting Goods, Field & Stream, HomeGoods, Ross Dress for Less, Hobby Lobby, Best Buy, Old Navy, Petco, Ashley Furniture HomeStore and Dollar Tree. 

The center, which is shadow anchored by Costco and Regal Cinemas, has additional development potential through three outparcel pads and two restaurant pads.  Situated at 3075 Government Boulevard, McGowin Park is located at the intersection of Interstate 65 and Government Boulevard (Highway 90) in the West Mobile submarket. 

Jim Hamilton
The HFF investment sales team representing the seller was led by senior managing directors Richard Reid and Jim Hamilton.

The HFF debt placement team representing the buyer was led by senior managing directors Kevin MacKenzie and Mark Sixour.

“McGowin Park is one of the top open-air retail assets in the Gulf Coast and has positioned itself for long-term success based on a dominant tenant lineup and regional location with access to Interstates 65 and 10,” Reid said.

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 |

Marshall Hotels & Resorts Opens 162-Room Grand River Hotel, An Ascend Hotel Collection Member, in Grand Rapids, MI

Mike Marshall
SALISBURY, MD and GRAND RAPIDS, MI—Marshall Hotels & Resorts, a leading hotel management and services company that operates properties nationwide, announced that the company has opened the 162-room Grand River Hotel, an Ascend Hotel Collection Member, in Grand Rapids, Mich. 

“Grand Rapids’ first Ascend Hotel Collection Member, the Grand River Hotel is designed to appeal to lifestyle explorers seeking a modern retreat in their pursuit of experiential travel,” said Mike Marshall, president and CEO.

“This also marks the first, new full-service hotel to enter the marketplace in seven years, providing Grand Rapids with a much-desired destination for both leisure and business travelers to the area who are design conscious and social, mindful of health and wellness, have a desire to push personal limits and approach travel with a Millennial mindset.”

Located at 270 Ann Street NW just one mile from downtown, the seven-story hotel is near such local attractions as 20 Monroe Live, Van Andel Arena, DeltaPlex, Fifth Third Ballpark, Art Van Sports Complex, Downtown Market and the Gerald R. Ford Museum. 
For a complete copy of the company’s news release, please contact:

620 Herndon Parkway, Suite 115 | Herndon, VA 20170
Main: 703-435-6293
Mobile: 703-300-8289