HFF closes $101 million sale of seven-building office portfolio in Tampa, FL and also arranges $67.82 million financing

Tampa Oaks One at 12802 Tampa Oaks Boulevard, Tampa, FL

Hermen Rodriguez

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $101 million sale of and arranged $67.82 million in acquisition financing for a seven-building, Class A suburban office portfolio totaling 698,100 square feet located in the Tampa area.

HFF marketed the portfolio on behalf of the sellers, Osprey East, LLC and Osprey s.a., Ltd.  The Dilweg Companies (“Dilweg”), based in Durham, North Carolina, purchased the properties.  Additionally, HFF worked on behalf of Dilweg to place floating-rate financing with Benefit Street Partners Realty Trust.

The portfolio is 74 percent leased to a variety of quality tenants, with no single tenant occupying more than 11 percent of the rentable space. 

The properties in the portfolio are Tampa Oaks One at 12802 Tampa Oaks Boulevard; Lakeview at Hidden River at 8875 Hidden River Parkway; 9000 Town Center Parkway in the Lakewood Ranch submarket; WestLake Corporate Center I and II at 9119 and 9009 Corporate Lake Drive; Orion Center at 3001 North Rocky Pointe Drive East; and Palm Court at Hidden River at 8600 Hidden River Parkway.

The HFF investment sales team representing the seller was led by senior managing directors Hermen Rodriguez and Ryan Clutter, director Ike Ojala and associate directors Chris Lingerfelt and Tracey Goo.

Ike Ojala

HFF’s debt placement team was led by senior managing director Travis Anderson and director Brent Bowman.

“With this purchase, Dilweg is acquiring a high-quality office portfolio in the dynamic greater Tampa market,” Rodriguez said.

“Given the strong rent growth and solid fundamentals in the broader southeast, the region continues to be very favorable to investors,” added Clutter.

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

Olivia Hennessey

Public Relations Specialist

HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.dilweg.com.

29th Street Capital Acquires Rand Park Apartments in Mount Prospect, IL; Community is FirmÕs 5th Chicago-Area Property

Dan Howard

Des Plaines, IL (June 6, 2017) Ð 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired its fifth Chicagoland multifamily property and fourth in the northwest suburbs. 

The 42-unit community is located in Mount Prospect and consists of 18 one- and 24 two-bedroom units.

29SC plans to strategically invest $500,000 in capital improvements. Interior upgrades will focus on kitchens and bathrooms. Exterior improvements include structural repairs to the roof, installing energy-efficient lighting and refinishing the common areas.

ÒWe are excited about this opportunity and believe this property is a perfect fit for our value-add capabilities,Ó said Dan Howard, Vice President of Acquisitions for Chicagoland. ÒWe believe in the fundamentals of this submarket and have experienced a great deal of success with our northwest suburban portfolio.Ó

Rand Park Apartments is located near several employment and retail opportunities, including the adjacent Costco-anchored Randhurst Shopping Center. The property further benefits from access to the METRA commuter rail, OÕHare International Airport, and two major highways Ð Interstate 90 and The Tri-State Tollway (I-294).

Rand Park Apartments, Prospect, IL

ÒThe propertyÕs location is a huge positive,Ó Howard added. ÒThe community has convenient access to an array of transportation options and employment opportunities, while also providing its residents an affordable living option within a highly-ranked strong school district.Ó 

The acquisition closed May 31. The sale price was not disclosed.

Formed in 2009, 29SC is a privately-held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that fall below the radar of institutional peers. 29SC’s multifamily portfolio consists of more than 7,600 units and it has acquired over 9,600 units across its 12 offices in the U.S. Investments typically require approximately $10 to $50 million of total capital and involve the acquisition or recapitalization of real estate assets, portfolios or platforms.

Learn more about 29SC at https://29thstreetcapital.com.

For investment inquiries, contact:              

Stan Beraznik, Founder and Managing Principal at 29th Street Capital

415.643.6875 | sberaznik@29thstreetcapital.com

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

Terri Thornton

Partner, Thornton Communications

Phone: 404-932-4347

Email: Terri@TerriThornton.com

 Website: www.TerriThornton.com

http://www.facebook.com/pages/Thornton-Communications/112101288827299 http://twitter.com/Ttho http://www.linkedin.com/in/TerriThornton

29th Street Capital Acquires The Reserve at West Avenue; Student Housing Community is Firm’s 2nd at Texas State University

The Reserve Student Housing Community, San Marcos, TX

John Price

SAN MARCOS, TX – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired The Reserve at West Avenue, a 152-unit, 488-bed luxury student housing community near Texas State University (TSU) in San Marcos, Texas.

29SC’s strategy is to invest $1 million to significantly improve the unit interiors as well as the property’s exterior and amenity package. 

Interior renovations will include granite countertops, new flooring and improved plumbing fixtures. Exterior improvements will focus on modernizing the clubhouse and pool area.

“The Reserve is the second student housing community acquired by 29SC in the last 12 months in San Marcos, which will bring the total number of beds to approximately 1,000,” said John Price, Ph.D., Senior Vice President with 29th Street.

 “We are very excited to expand our footprint at TSU and believe The Reserve represents a tremendous opportunity. The property is well-positioned relative to the main campus and downtown San Marcos and we plan to substantially increase the property’s appeal and provide the best value proposition to the ever-growing student body at TSU.”

The transaction closed May 26. The sale price was not disclosed.

Learn more about 29SC at https://29thstreetcapital.com.

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

Terri Thornton

Partner, Thornton Communications

Phone: 404-932-4347

Email: Terri@TerriThornton.com

 Website: www.TerriThornton.com

http://www.facebook.com/pages/Thornton-Communications/112101288827299 http://twitter.com/Ttho http://www.linkedin.com/in/TerriThornton

Cushman & Wakefield Negotiates $26.75M Sale of Riverwalk Pointe at Mangrove Bay in Jupiter, FL

Riverwalk Pointe at Mangrove Bay Apartments, Jupiter, FL

Robert Given

JUPITER, FL, June 7, 2017 — Cushman & Wakefield’s South Florida Multifamily team of Vice Chairman Robert Given, Executive Vice President Calum Weaver, Executive Managing Director Zachary Sackley and Senior Managing Director Troy Ballard has successfully arranged the sale of Riverwalk Pointe at Mangrove Bay, a 55+ community located at 1026 South U.S. Highway 1 in Jupiter, FL.

Mangrove Bay Housing, LLC, a joint venture of Eastwind Development and Index Apartments, LLC, sold the residential asset to Pleasant Valley Market Place, LLC for $26.75 million.

“The property received a significant amount of investor interest from a broad cross section of potential buyers due to its location, vintage and size,” said Weaver. “We ultimately went with an out-of-state buyer who was able to move quickly due to 1031 exchange requirements.”

“Since the beginning of this year, we have received more 1031 exchange requests than ever before,” added Weaver. "We currently have five deals contracted with exchange buyers, of which Riverwalk was one.”

Calum Weaver

The property, built in 2014 and located on U.S. Highway 1 just south of Indiantown Road, is currently stabilized with 95 percent occupancy and an average market rent of $1.76 per square foot.

Riverwalk Pointe at Mangrove Bay consists of 104 units within two buildings. Each building features underground parking and storage area. There is a 3,500-square-foot clubhouse between the buildings that includes a swimming pool as well as a fitness center.

 The unit mix includes one-, two- and three-bedroom units averaging 1,123 square feet. The units feature high-end finishes and appliances including washer/dryers, stainless steel kitchen appliances, granite countertops and vinyl plank flooring.

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions.

Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 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.

To learn more, visit www.cushmanwakefield.com

 or follow @CushWake on Twitter.

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

David A. Meyer

Owner

Meyer Media 

+ 1 407 489 7488

david@meyer.media

Graycor Construction Co. Hires Rusty Martin as Project Executive

 

Rusty Martin

PHOENIX, AZ,  June 6, 2017 – The Southwest division of Graycor Construction Company has hired Rusty Martin as Project Executive. 

Based in Graycor’s Phoenix office, Martin is charged with providing high-level operations and expanded business development support as Graycor broadens and diversifies its Southwest regional portfolio.

“The addition of Rusty’s 20 years of construction and operations experience continue to expand Graycor’s capacity and add to the momentum we’re experiencing at a very exciting time in the market cycle,” said Todd Ostransky, Graycor Construction Company General Manager – Southwest Division.

“We are in significant growth mode, and very bullish about putting the full weight of Graycor’s platform to work in our region. Rusty’s deep industry expertise will help lead our team toward that future.”

Martin previously worked at Kitchell and The Weitz Company, overseeing Native American, retail, mixed-use, office and tenant improvement projects throughout the Southwest.

His project experience includes the Ak-Chin Justice Center, The Shops at Chauncey Ranch, Scottsdale 101 shopping center, Barneys New York, Riverwalk at Talking Stick, CityScape Block 77 mixed-use development and a large tenant improvement assignment for Banner Health that was just named the “Tenant Improvement Project of the Year” by both the National Association of Industrial and Office Properties (NAIOP) and Engineering News Record magazine.

Todd Ostransky

“I was attracted to Graycor’s diverse portfolio and scalability,” said Martin. “Their legacy of historical, long-term measured growth – paired with their fresh approach to the Arizona market – makes them an excellent firm. I look forward to what we can achieve for our clients, both locally and nationally.”

Graycor’s concentration in the market continues to expand, recently kicking off new projects with Prologis, Liberty Logistics Center II and beginning construction as design-build partner for the Camelback Collective, a highly anticipated, mixed-use development by LaPour Partners that encompasses 120,000 square feet of modern Class A office space and a 160-room AC by Marriott hotel in the heart of Phoenix’s Camelback Corridor.

“Our team is focused on continuing to deliver value when addressing market demand, and the addition of new talent just adds to our efficiency,” said Ostransky. “It’s fun to visualize what the future brings for the entire Graycor team.”

Martin holds a bachelor’s degree in construction management from Brigham Young University and is a member of the Arizona Builders Alliance, Design-Build Institute of America, International Council of Shopping Centers and NAIOP. He can be reached at 480.894.3480 or Rusty_Martin@graycor.com.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

www.graycor.com

HFF closes $8.3 million sale of Class A office building in Raleigh-Durham, NC

3110 Edwards Mill Office Building, Raleigh-Durham, NC

Scot Humphrey

CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of 3110 Edwards Mill, a 45,692-square-foot, three-story, Class A office building in Raleigh-Durham, North Carolina.

 HFF marketed the property on behalf of the seller, Atlanta-based The Simpson Organization, and procured the buyer, a private investor represented by Michael Waldrop of Waldrop Properties.

The property is situated on a 3.0-acre site at 3110 Edwards Mill within minutes of the inner beltline of West Raleigh. 

 This highly-amenitized location has easy access to the Triangle area’s main thoroughfares, including Interstates 440 and 40, which provide connectivity to downtown Raleigh, RDU International Airport, downtown Durham and many of the area’s exclusive “inside the beltline” communities.

Ryan Clutter

 3110 Edwards Mill is 92.5 percent occupied by a variety of law firms and financial service providers, including Hutchinson, PLLC, and Underwood & Roberts, PLLC 

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

“3110 Edwards Mill represents an outstanding investment opportunity due to its premier location, attractive stability and future upside potential with in-place rents that are greatly under market,” said Humphrey.

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

michael@wp-cre.com