CBRE's Philip D. Voorhees, Preston Fetrow, Kirk Brummer and NRP-West Team Complete Sale of Grocery-Anchored Shopping Center Riverlakes Village in Bakersfield, CA

                

 

Riverlakes Village Shopping Center, Bakersfield, CA

 

Philip D. Voorhees

BAKERSFIELD, CA  – CBRE Executive Vice President Philip D. Voorhees and Senior Vice Presidents, Preston Fetrow and Kirk Brummer announced that they, in conjunction with the National Retail Partners – West (NRP-West) team, completed the sale of Riverlakes Village, a 92,212-square-foot grocery-anchored shopping center in the city of Bakersfield, Calif.

The neighborhood shopping center, which was 97 percent leased at the time of sale, is anchored by Vons with a synergistic mix of high performing tenants such as CVS/pharmacy (NAP), US Bank, Starbucks, Chipotle, Supercuts, Verizon Wireless, Carl’s Jr. (NAP), and Bank of America (NAP).

Preston Fetrow

CBRE’s retail investment experts Voorhees, Fetrow and Brummer, along with Jimmy Slusher, Megan Wood, Matt Burson, Sean Heitzler, James Tyrrell and John Read, represented the seller, Crow Holdings Capital Real Estate (CHC-RE), a Dallas-based manager of private real estate funds. The buyer was Phillips Edison Grocery Center REIT II, Inc.

According to Voorhees, "The yield premium in the secondary markets such as the Central Valley, is compelling for investors in today's low cap rate environment and Riverlakes Village’s excellent grocery and restaurant sales, i.e. Chipotle, Steak and Grape’s and Me-N-Ed’s Pizza, demonstrate the quality of this location.”

Built in 1997, Riverlakes Village consists of six parcels totaling 9.48 acres at the southeast corner of Coffee Road and Hageman Road. This intersection provides immediate access to the area’s most established and affluent neighborhoods, which have an annual household income averaging nearly $100,000. 

Kirk Brummer

“Benefitting from grocery/pharmacy anchors, generating strong sales volumes from a convenient location in an affluent submarket, Riverlakes Village appealed to investor demand seeking strong real estate fundamentals,” said Brummer.

According to Voorhees, the CBRE team’s marketing system distributed more than 594 offering memoranda to investors and brokers, and through the team’s "managed bid" offer process, generated multiple offers to purchase the property.

The NRP-West team focuses exclusively on retail investment properties in the western states (including CA, OR, WA, ID, NV, MT, WY, UT, AZ, NM and HI).

The team's ability to collaborate across CBRE's multi-discipline platform enhances the team's role as strategic advisors to western U.S. clients in the disposition and acquisition of retail properties and ensures the delivery of superior results in today's investment market.

Megan Wood

Long recognized as industry-leading investment experts, the NRP-West team continues to specialize in portfolio sales, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets and parcelized disposition strategy opportunities.

Based in Orange County, Calif., the team consists of specialists with institutional and private client relationships, and leverages institutional quality knowledge and service across unparalleled access to private capital investors and the brokers who represent them, domestically and around the world.

 View listings: www.listings.nrpwest.com

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

Nadja Brandt | Media and Communications Manager

CBRE | Southern California

400 S. Hope Street, 25th Floor | Los Angeles, CA 90071

T +1 213 613 3627 

nadja.brandt@cbre.com

 LinkedIn | Twitter

www.cbre.com.

HFF arranges $80 million refinancing for mixed-use hotel and residences in downtown Seattle, WA

Thompson Seattle Hotel and Sequel Apartments, Seattle, WA

SAN FRANCISCO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged an $80 million refinancing for the Thompson Seattle Hotel and Sequel Apartments, a recently completed, two-building, 183,486-square-foot, mixed-use property comprising 158 hotel rooms and 93 residential units in downtown Seattle, Washington.

HFF worked on behalf of the borrower, a joint venture between Geolo Capital and their local development partners, Douglas Howe and Shawn Parry, to place the floating-rate bridge loan with PCCP, LLC.  Loan proceeds are being used to refinance the existing construction loan.

Designed by Olson Kundig Architects and completed in June 2016, Thompson Seattle Hotel was named the 2016 NAIOP Hospitality Development of the Year. 

Bruce Ganong

The 100,906-square-foot luxury boutique hotel’s guestrooms have floor-to-ceiling windows that either overlook Pike Place Market or across Puget Sound. 

The hotel features 3,000 square feet of meeting space; a state-of-the-art fitness center open 24 hours and overlooking 1st Avenue; and two restaurant and beverage options, Scout and The Nest rooftop bar, lounge and terrace, which was named “Best Rooftop Bar in Seattle” by The Seattle Times.

 Additionally, two retail tenants, Seleuss Chocolate and Tokyo Smoke, occupy ground-floor retail space. 

The Sequel offers one- and two-bedroom units in addition to penthouse suites.  Community amenities include a concierge, housekeeping, fitness center, rooftop deck, 24-hour valet and a variety of a la carte services, including personal shopping, catering, airport pick-up, secretarial services, in-residence spa treatment, personal trainers, laundry, equipment rental and room service.  Residents also receive VIP access to the Thompson Seattle’s restaurant and rooftop bar.

The Thompson Seattle is located at 110 Stewart Street, with the Sequel located at 1900 1st Avenue in downtown Seattle, one block from Pike Place Market in the heart of the Pike and Pine retail core. 

The property has a Walk Score® of 99, making it a “Walker’s Paradise,” and is within walking distance to Westlake Center, Pacific Place and flagship stores for both Nordstrom’s and REI.

  

The HFF debt placement team representing the borrower was led by senior managing director Bruce Ganong.

“The competition among lenders for this financing opportunity was very strong, and the outcome was a testament to the quality of sponsorship and the truly unique property they developed,” Ganong 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 | www.hfflp.com

krmurphy@hfflp.com

http://www.geolo.com

http://www.touchstonenw.com

 www.pccpllc.com

Aurora St. Charles Senior Living Wins 2017 Richard H. Driehaus Foundation Preservation Award for Rehabilitation in Aurora, IL

David Block

CHICAGO, IL -– Evergreen Real Estate Group announced Aurora St. Charles Senior Living, the developer’s recently completed senior housing community in Aurora, Ill., has been named the recipient of the prestigious Richard H. Dreihaus Foundation Preservation Award for Rehabilitation by Landmarks Illinois.

Completed in December 2016, the adaptive reuse project is one of nine winners that will be honored at a September award ceremony celebrating efforts to elevate historic preservation practice and advocacy in Illinois.

The $24 million redevelopment transformed the former St. Charles Hospital, a historic Art Deco building designed by Wybe J. Van der Meer, into a 60-unit affordable senior housing complex.

 Located at 400 E. New York St., the structure was named to the National Register of Historic Places in 2010 but sat vacant for more than five years until Evergreen Real Estate Group kicked off the renovation in February 2016.

Aurora St. Charles Senior Living Facility,  Aurora, IL

“The successful redevelopment of the former St. Charles Hospital shows how communities like Aurora can come up with creative solutions for buildings that are historically significant yet underutilized in their current state – often due to cost-prohibitive repairs,” said David Block, director of development for Evergreen Real Estate Group.

 “This project was an incredible example of what can be achieved when public and private entities work together for the benefit of the greater community. We are proud that Aurora St. Charles Senior Living can serve as a model for future preservation projects throughout Aurora and surrounding communities.”

                                    

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

Kelly Shumaker, kshumaker@taylorjohnson.com, (312) 267-4519

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

Cushman & Wakefield Brings ±41-Acre Development Site to Market In Orlando Tourist Corridor; Margery Johnson and Andy Slowik Selected by Highlands REIT, Inc. to Market the Waterfront Development Site

Margery Johnson

ORLANDO, FL — Cushman & Wakefield announced it has been named exclusive advisor in the disposition of Palazzo del Lago, a ±41-acre mixed-use development site in the heart of Orlando’s tourist corridor.

The land brokerage team of Senior Director Margery Johnson and Senior Associate Andy Slowik were selected by Chicago-based Highlands REIT, Inc. to market the site for sale.

Andy Slowik

Palazzo del Lago is a 40.89-acre parcel located on International Drive South, just north of State Road 417 (The Central Florida GreeneWay). The site is ideally situated less than three minutes from Interstate 4, six minutes from Walt Disney World, ten minutes from Sea World and 15 minutes from Universal Orlando.

“Orlando’s impressive visitor numbers and employment figures continue to flourish and International Drive South has witnessed similar growth and development, including the recently completed 314-unit Alexan Crossroads luxury apartment complex to the south,” said Johnson.

Palazzo de Lago Site by Aerial Photo

“Palazzo del Lago represents a rare opportunity for developers to gain control of a site with an unparalleled location and waterfront access to Lake Bryan. We anticipate significant investor interest in the parcel as a result.”

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

Owner

Meyer Media 

+ 1 407 489 7488

david@meyer.media

Peachtree Hotel Group (PHG) and Celebration Pointe Holdings (CPH) Break Ground on 140-Room Hotel Indigo in Gainesville, FL

  

 

Lee Shuman

GAINESVILLE, FL — Officials of a joint venture comprised of Peachtree Hotel Group (PHG), one of the nation’s fastest-growing hotel investment and management platforms, and Celebration Pointe Holdings (CPH) broke ground on the 140-room Hotel Indigo® property in Gainesville, Fla.  The hotel, which will be operated by PHG, is expected to open in August 2018. 

“The Hotel Indigo Gainesville is one of the anchor tenants of the brand-new Celebration Pointe, north central Florida’s premier mixed-use development, complete with the area’s finest dining, entertainment, business and living options,” said Lee Shuman, PHG director of project management. 

 “Gainesville has long since grown beyond being just a ‘college town,’ and Celebration Pointe was designed to capture the growing number of business and leisure travelers to the community.”

Strategically located within the mixed development project between SW 49th Terrace and SW 50th Terrace, facing a park setting, the six-story hotel will feature plush bedding, hard-surface flooring with area rugs and spa-inspired bathrooms. The Hotel Indigo Gainesville will provide a neighborhood bar with seasonal and locally sourced food in a stylish environment.”  

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

PATRICK DALY

OFFICE MANAGER

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-300-8289

patrick@dalygray.com

 www.dalygray.com