Berger Commercial Realty Facilitates $2.5 Million Purchase of Land on 17th Street Near Broward County, FL Convention Center and Port Everglades, FL

  

Steve Hyatt

  FORT LAUDERDALE, FL – Berger Commercial Realty/CORFAC International Senior Vice President Steve Hyatt represented 1717 Partners, LLC, an affiliate of local developer JM Properties, Inc., in the purchase of a .43 acre (18,721 square-feet) outparcel located at the high-profile corner of 17th Street and Eisenhower Boulevard, directly across the street from the Greater Fort Lauderdale/ Broward County Convention Center and Port Everglades.

Current plans for the prime outparcel include a 5,000-square-foot retail/restaurant building with potential for a drive-through.

The outparcel was part of a larger 4.3-acre site for which Hyatt brokered the $22.1 million sale to Alliance/Invesco in 2015 for development of the 394-room Broadstone at Harbor Beach luxury apartment complex, which recently has been completed.

“The 17th Street corridor offers unbeatable demographics for restaurants and retail businesses, and with plans on the drawing board for a Convention Center expansion and a new 800-room Convention Center hotel, it will continue to thrive,” said Hyatt.

Seller in the outparcel transaction was Harbor Beach TRS, LLC, an affiliate of Alliance Residential Company and Invesco Real Estate, represented by Colliers International.   

For more information about Berger Commercial Realty’s brokerage services, please call 954-358-0900 or

954-776-1999

Pierson Grant Public Relations

Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Marielle Sologuren, ext. 226, msologuren@piersongrant.com

HFF arranges $150 million financing for MILA in Chicago

MILA Apartments, Michigan Avenue and Lake Street, Chicago, IL

CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $150 million in financing for MILA, a 41-story, 402-unit luxury apartment tower located along Chicago’s Michigan Avenue.

Daniel Kaufman

HFF worked on behalf of a joint venture between The John Buck Company, Becker Ventures, LLC and funds managed and/or advised by Partners Group to secure the floating-rate loan through Quadrant Real Estate Advisors.  Loan proceeds will refinance the original construction financing.

MILA is situated at the northwest corner of Michigan Avenue and Lake Street in the heart of Chicago’s CBD, steps from the Chicago River and highly amenitized Chicago Riverwalk. 

With a WalkScore® of 98 and Transit Score® of 100, the property’s East Loop location is at the confluence of some of Chicago’s most notable entertainment, retail and employment districts, including the Loop, Lake Shore East, River North, Streeterville and the Magnificent Mile.

 Designed by renowned bKL Architecture, the LEED Gold-certified property comprises 402 luxury residences and 21,129 square feet of retail space, which is leased to Starbucks, Roti Mediterranean Grill and Liberty Travel.

Dan

 Completed in May 2016, the stabilized property offers state-of-the-art amenities, including a rooftop relaxation pool and sundeck; urban garden with grilling stations, fire pits, outdoor TVs; and game room with tech bar.

  The property also includes a fitness center, pet salon with outdoor dog run, concierge service and an enclosed parking garage.  Homes feature gourmet kitchens with stainless steel appliances, high-gloss cabinetry and quartz countertops; floor-to-ceiling windows; spacious closets; full technology package; and in-unit washers and dryers.

James Conley

The HFF debt placement team representing the developer was led by managing director Danny Kaufman and director Jimmy Conley.

“It has been a pleasure to work with the development team at The John Buck Company on this successful refinancing,” Kaufman said.  “MILA is one of the best examples seen today of luxury living in Chicago’s high-density urban core.  

"The property’s excellent lease-up and strong operations are a testament to the quality of the project and the sponsorship group’s ability to execute on their plan.”

 For more information on this 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.tjbc.com.

HFF announces $21.45 million sale of grocery-anchored retail center in Tucson, AZ

Ventana Village Shopping Center, Tucson, AZ

 PHOENIX, AZ –– Holliday Fenoglio Fowler, L.P. (HFF) announces the closing of the $21.45 million sale of Ventana Village, a 110,116-square-foot, grocery-anchored shopping center in Tucson, Arizona.

CJ Osbrink

The HFF team marketed the property on behalf of the seller, Westwood Financial.  Austin-Texas based Epic Real Estate Partners purchased the asset free and clear of existing debt.

Anchored by Bashas’ Supermarket, the 90.8-percent-leased Ventana Village is also home to Tuesday Morning, Risky Business, Wells Fargo, El Charro Café, Subway, The UPS Store and Ventana Animal Hospital. 

The center is situated on 11.88 acres at 6860-6920 East Sunrise Drive on the southwest corner of East Sunrise Drive and North Kolb road in the northern part of Tucson in the core resort corridor.

 Ventana Village is proximate to affluent neighborhoods Catalina Foothills and Sabino Canyon, and the average household income exceeds $110,000 within a one-mile radius of the center.

The HFF retail investment sales team included managing directors CJ Osbrink and Gleb Lvovich.

“Ventana Village saw a broad spectrum of buyers from private high-net-worth and exchange-driven investors to REITs and institutional advisors,” Osbrink said.  “The center’s long-term lease with a daily-needs anchor, stable rent roll and affluent surrounding demographics checked several boxes that investors are looking for in retail acquisitions today.”

For more information on this 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.epicrepartners.com.

HFF announces financing for Entrada Partners’ acquisition of a 7-property office and industrial portfolio in the Dallas, TX area

De'On Collins

DALLAS, TX  – Holliday Fenoglio Fowler, L.P. (HFF) announces the financing of a seven-property office and industrial portfolio totaling 508,840 square feet in the Dallas-Fort Worth MSA.

 The HFF team worked on behalf of the borrower, Entrada Partners, to place the three-year, floating-rate, non-recourse loan with two one-year extension options with Bank of America Merrill Lynch.  Proceeds of the loan were used to purchase the assets and fund future capital and tenant improvements for new leasing.

The portfolio comprises six office assets and one industrial asset completed between 1983 and 1987.

 The office properties consist of two Irving properties, Counterpoint at Las Colinas at 8101 and 8113 Ridgepoint Drive in the East DFW Airport/Las Colinas submarket and Sterling Tech Center at 7801, 7803 and 7805 Mesquite Bend Drive in the DFW Freeport/Coppell submarket;

Also, two Dallas properties in the West Hines North submarket, Dallas Tech Center at 10005, 10015, 10025 and 10105 West Technology Boulevard and Westwood Business Park III at 1805 Royal Lane; 

Also, one property in Richardson, International Corporate Park II at 401, 403, 405, 407 and 409 International Boulevard in the Richardson submarket; and one Farmers Branch property, Valwood XII at 13701 Hutton Drive in the North Stemmons/Valwood submarket. 

The industrial property, International Corporate Park III, is located at 900 Alpha Drive and 500 Industrial Drive in Richardson within the Richardson submarket.

Reuben Berman

The HFF debt placement team representing the borrower included director De’On Collins.

“We are excited to expand our office, flex and industrial presence in the market in order to be part of the booming corporate tenant demand,” said Entrada Partners founder, Reuben Berman.

According to CoStar, The Dallas-Fort Worth Metroplex has an unemployment rate of 3.8 percent and continues to add 317 jobs per day.  

DFW continues to be ranked in the top 10 largest office markets in the United States, and the occupancy rate has remained higher than 85 percent since 2014. 

 The Dallas flex market is the largest market in the U.S. by rentable building area at 133 million square feet and remains 93.7 percent occupied.

  

The Dallas-Fort Worth industrial market is the fourth largest in the United States, containing approximately 864 million square feet of buildings as of the end of the second quarter 2017.  The market-wide occupancy rate was 93.5 percent and continues to show strong signs of improvement with expansions, solid retention and new move-ins to the market.

For more information on this 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

https://www.entradapartners.com

HFF announces $16.07 million financing for creative office in Charlotte, NC

INQ2401 Office Building, Charlotte, NC

Cory Fowler

CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $16.07 million financing for the newly remarketed INQ2401, a 162,372-square-foot creative office building in Charlotte, North Carolina.

The HFF team worked on behalf of the borrower, a partnership between DRA Advisors and Mainstreet Capital Partners, to place the floating-rate loan with HSBC.

The borrower redeveloped INQ2401 into a high-density, Class A interior with an eight-per-1,000-square-foot parking ratio.  New HVAC, roof, facade, parking, signage, lighting and landscaping all serve to create a destination office option that lends itself to a unique tenant environment. 

Starting this fall, Verizon Wireless will occupy more than 55 percent of the property.  Situated on 21.54 acres at 2401 Sardis Road North, INQ2401 is in the south part of Charlotte at the intersection of Sardis Road and Independence Boulevard, a strategic highway corridor currently undergoing widening and other improvements.

 Nearby amenities include the future Silver Line Light Rail, which upon completion will increase connectivity for future tenants; Galleria Shopping Center and the 114-acre McAlpine Creek Park.  Uptown Charlotte is approximately 10 miles northwest of the property.

Travis Andeerson

The HFF debt placement team representing the borrower included senior managing director Travis Anderson and senior director Cory Fowler.

“The sponsorship has done a phenomenal job revitalizing the property into a Class A office,” Fowler said.  

“Located within a 30-minute drive to approximately one million residents, INQ2401 addresses an immediate need for high-quality, large single-floorplate office space in a premium location.  That investment plan has been proven by the sponsor with the recent signing of Verizon Wireless.”

For more information on this 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

Core5 Industrial Partners Announces 1.1 Million-Square-Foot Building in Southwest Atlanta

Rendering of Planned Southwest 85 Logistics Center, Metro Atlanta, GA

ATLANTA, GA  – Atlanta-based Core5 Industrial Partners has closed on a 109-acre, fully entitled industrial site at Exit 51 in the I-85/Southwest Atlanta submarket. Core5 will immediately break ground on the development of Southwest 85 Logistics Center, a 1.1 million-square-foot state-of-the-art facility, which is expandable to 1.3 million square feet and has all the attributes of an e-commerce fulfillment center. Delivery of the building is scheduled for the second quarter 2018.

Lisa Ward

The configuration of the Southwest 85 site offers outstanding flexibility and expansion opportunities up to 1.3 million square feet. The proposed building will feature 40-foot clear ceiling height and can accommodate trailer parking for over 520 trailers with well over 1,000 auto parking spaces. 

The site is in pro-business northern Coweta County and offers significant 5-year job tax credits equal to $3,500 per qualified job with a total value of $7 million for the creation of 400 qualified jobs.

“Located less than two minutes from Exit 51 on I-85, the property provides outstanding access and interstate frontage visibility coupled with easy proximity to Metro Atlanta’s population base. This will be an ideal facility for e-commerce fulfillment,” states Lisa Ward, Senior Vice President and Managing Director for Core5. “Core5 is very bullish on the Southwest Atlanta Market and on this site, in particular,” offers Ward.

 

Greg Wright

Southwest 85 is a replacement facility for Core5’s Shugart Farms facility where Duracell signed a 10-year lease before building completion earlier this year. 

The building was sold to TA Realty in June 2017. Core5 currently has another 3.7 million square feet in six projects under construction or in the immediate pipeline around the city in addition to Southwest 85 Logistics Center.

“We continue to see significant demand from large-scale users in the metro area with absorption outpacing supply,” continues Ward. Southwest 85 will be Core5’s first building in Atlanta over one million square feet in size.

“We are delighted that Core5 Industrial Partners has chosen to invest in Coweta County,” states Greg Wright, President of the Development Authority of Coweta County. 

“With our location, access to a qualified workforce and superior quality of life, we know that Southwest 85 Logistics Center will be a property in high demand. We look forward to working with the Core5 team to help recruit more great jobs in our community,” Wright added.

   

For additional information about Southeast 85 Logistics Properties, contact Lisa Ward at 404.262.5430 or lw@c5ip.com.

For details on Core5 Industrial Partners, visit www.c5ip.com.

For more information on this news release, please contact:

RITA SKAGGS

RED DART Real Estate Consulting

404.788.3231

rita@reddart.co