HFF arranges construction and land financing for industrial project in Raleigh, NC

Rendering of Planned Patriot Park Industrial Complex,  3921 IBM Access Road,
Raleigh, NC

Ken Martin

INDIANAPOLIS, IN  – Holliday Fenoglio Fowler, L.P. (HFF) it has arranged construction and land financing for the to-be developed Patriot Park in Raleigh, North Carolina. 

The initial construction at Patriot Park will include two Class A spec industrial buildings totaling 322,800 square feet, and, once fully built out, Patriot Park will total up to one million square feet. 

HFF worked on behalf of the developer, Strategic Capital Partners, Inc., to place the three-year loan with First Tennessee Bank.  Funding consists of two loans, the first loan funds the development of the two buildings, and the second loan funds the cost of acquiring the 96 acres of land for the facility and pad sites.

Located at 3921 IBM Access Road, the facility will be south of TW Alexander Drive and east of Miami Boulevard in Raleigh’s Research Triangle Park (RTP) submarket.

 The property is proximate to Interstate 40 and less than seven miles from Raleigh-Durham International Airport.  The 96 acres on which the facility will be constructed are some of the last large acreage tracts remaining in the RTP area. 

Cory Fowler

The construction will be completed in two phases beginning with the construction of two identical 161,400-square-foot, rear-load buildings on 15 acres and providing infrastructure for future phase II projects.  Expected completion for phase I is the first quarter of 2018. 

HFF’s debt placement team was led by senior director Ken Martin along with senior director Cory Fowler.

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

www.hfflp.com

 or follow HFF on Twitter @HFF

http://strategiccapitalpartners.com

HFF arranges $17.5 million acquisition financing for three-building distribution facility in Fredericksburg, VA

CVS Caremark Corp. Distribution Facility, Fredericksburg, VA

FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $17.5 million in acquisition financing for a three-building distribution facility totaling 487,897 square feet that is fully leased to CVS Caremark Corporation (CVS) in Fredericksburg, Virginia.

HFF, on behalf of the borrower, ARCTRUST, placed the 10-year, fixed-rate loan with Kansas City Life Insurance Company. 

Greg Nalbandian

The CVS distribution facility is a mission-critical facility, serving as one of the company’s 17 U.S. distribution centers and distributing to 377 CVS stores across Maryland, North Carolina, Virginia and the District of Columbia.

 The facility, which was completed in 1985 and expanded in 1995, consists of a main building housing a warehouse and offices, an aerosol storage facility and a truck repair facility. 

The buildings have 39-foot clear heights and a total of 65 dock-high doors with one drive-in loading dock.  Situated on 39.4 acres at 500 Lansdowne Road, the facility is located in northeast Virginia in the Great Fredericksburg industrial market.

The HFF debt placement team representing the seller was led by senior managing director Greg Nalbandian.

“We were able to identify an insurance company that understood the asset and met the client’s objectives by providing a 75-percent max LTV with a 10-year term and 30-year amortization,” Nalbandian said.  “Kansas City Life Insurance Company also offered prepayment flexibility, which was a critical requirement of the sponsor.”

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

www.hfflp.com

 or follow HFF on Twitter @HFF

http://arctrust.com.

HFF secures $14.9 million financing for warehouse distribution building and land site in South Brunswick, NJ

83 Stults Road, South Brunswick, NJ

 FLORHAM PARK, NJ,  Aug. 9, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $14.9 million in financing for a 368,537-square-foot, rail-served warehouse distribution building and adjacent 16-acre development site located at 83 Stults Road in South Brunswick, New Jersey. 

Michael Klein

HFF worked on behalf of the borrower, a partnership between EverWest Real Estate Partners, LLC and Accordia Realty Ventures, to place the three-year, floating-rate loan through Malvern Federal Savings Bank (Malvern).

 Loan proceeds will be used to cover acquisition and closing costs associated with the purchase, pay for planned capital improvements to the property and used for soft costs associated with securing approvals for the development site.  The property is subject to a short-term sale-leaseback with Hermann Services Inc.

83 Stults Road is located two turns off Exit 8A of the New Jersey Turnpike (Interstate 95) in the Exit 8A industrial submarket, recognized as one of the nation’s leading industrial markets.

The property is in the epicenter of the Boston-Washington, D.C. corridor and is less than 40 miles from the Port of Newark/Elizabeth and Newark Liberty International Airport.

 Additionally, the property is 46 miles from New York City and 53 miles from Philadelphia.  83 Stults Road features a 24-foot clear ceiling height, 23 loading docks, one drive in dock and 14,745 square feet of office space. The borrower plans on subdividing the property and erecting a 200,000-square-foot warehouse on the adjacent land parcel.

Eric Tupler

The HFF debt placement team representing the borrower was led by managing director Michael Klein and senior managing director Eric Tupler.

“HFF is pleased to have secured financing on behalf of Everwest and Accordia for this acquisition,” Klein said.  “8A is one of the strongest industrial submarkets in the state and we’re confident that they will do extremely well with this property. 

“The property’s location and borrower’s experience with similar types of transactions allowed Malvern to provide a very competitive rate and a creative loan structure that will enable the borrower to easily execute its business plan during the loan term.”

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

www.hfflp.com

 or follow HFF on Twitter @HFF

http://everwest.com.

http://www.accordiarealty.com

Varsity Tutors Plans Opening Of National Contact Center With Help of JLL

.

Ryan Bartos

Phoenix, AZ (PRWEB) -- Varsity Tutors, the live learning company that provides access to more than 30,000 experts on its platform, announced it is significantly expanding its sales and customer support team and footprint in the Phoenix area.

Working on behalf of Varsity Tutors, the Phoenix office of JLL has completed a new lease that will relocate the rapidly growing company from its current Scottsdale location to 40,000 square feet within Rio2100 in Tempe. The new location will serve as a national sales and customer support center.

Varsity Tutors connects students to experts for online, mobile, and instant instruction via its award-winning digital platform, as well as to in-person experts nationally. Named the 15th most innovative company in America by Entrepreneur, Varsity Tutors expanded into Arizona in September 2016.

After opening a sales office in Scottsdale with 25 employees, the company has since hired 50 additional team members. Varsity Tutors expects to reach 100+ employees in the Phoenix area by the close of 2017, with even more significant employee growth planned in 2018. Its new team members will fill open roles in sales, customer care, and operations.

A list of positions that are currently available can be found at https://www.varsitytutors.com/careers.

JLL Executive Vice President Ryan Bartos and Associate Kyle Seeger represented Varsity Tutors in the lease transaction. JLL’s Project and Development Services team will direct all tenant improvements.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

Marcus & Millichap Arranges $925,000 Sale of Dunedin, FL Apartment Property

Michael Donaldson

DUNEDIN, FL, Aug. 9, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 885 Beltrees Street, a 16-unit apartment property located in Dunedin, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $925,000.

Jason Hague, Michael Donaldson and Nicholas Meoli, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a limited liability company, was also secured and represented by the three brokers.

“Beltrees Apartments was an off market transaction that we closed with a cash buyer,” stated Hague.  “The buyer owned assets in the immediate area and found this property to be particularly interesting due to the location.  The property did have some deferred maintenance issues which we were able to overcome and got the buyer to close in just over 30 days from the executed contract,” added Hague.

The Property is located at 885 Beltrees Street in Dunedin, Florida.

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

Ari Ravi

Regional Manager, Tampa

(813) 387-4700