NAI Realvest Negotiates $3 Million Sale of 60 Acres in Fast-Growing Disney Four Corners Area of Central Florida

Jason G. Toll

Osceola County, FL -- NAI Realvest recently completed an assemblage of 60 acres of development land in the high-growth U.S. Hwy 27 / 192 Disney Four Corners Area and negotiated sales of both parcels at $3,000,000 total or $50,000 per acre. 

Jason G. Toll, director of industrial services at NAI Realvest, said he negotiated both transactions representing separate sellers of two parcels with future land use designations of “tourist community.”

   Located just east of U.S. 27 within a mecca for vacation homes, villas and golf courses, the property will front the new Westside Blvd. Extension immediately north of ChampionsGate.  

The buyer, Eli Steinhardt, principal in a Skokie, Ill.-based construction firm, plans to develop a community of short-term rental vacation homes. 

The transaction included 40 acres near the northeast corner of Bella Citta and Barry Roads sold by Hojosaki, LLC of Newton, MA. for $2,000,000,  and 20 acres sold by Mel-Mic, Inc. of Clermont, Fla. for $1,000,000.

Toll said he listed the 40 acres then he approached the owner of the adjacent 20 acres to have a larger combined offering.  The parcels were under contract with a developer who withdrew several months into due diligence before Steinhardt was approached.

For more information on this news release, please contact:

Beth Payan, Larry Vershel Communications, 407-644-4142  Lvershelco@aol.com

HFF announces $32.6M financing for 625 Mount Auburn Street in Cambridge, MA

 

625 Mount Auburn Street Office Building, Cambridge, MA

Brett Paulsrud

BOSTON, MA – September 6, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the acquisition financing for 625 Mount Auburn Street, a 137,421-square-foot, three-story, Class A office building in Cambridge, Massachusetts.

The HFF team worked on behalf of the borrower, The Davis Companies, to secure the $32.6 million, fixed-rate loan through BBVA Compass Bank.  Loan proceeds were used to acquire the property, in a sale arranged by HFF.

 625 Mount Auburn Street is situated in the West Cambridge submarket of Cambridge, conveniently located next to an MBTA bus line providing direct service to and from Harvard Square and the MBTA Red Line station.  

The 3.03-acre site is also proximate to Route 2 and the Massachusetts Turnpike (Interstate 90), providing vehicular access to the suburban executive communities of Wellesley, Weston and Newton, among others.  The 98.5-percent-leased property is anchored by Charles River Analytics, Mount Auburn Hospital and several other technology tenants.  Renovated in 2001, 625 Mount Auburn Street features a two-story atrium, fitness center, café area and free on-site parking. 

Connor Allen

The HFF debt placement team representing the borrower included senior director Brett Paulsrud and analyst Connor Allen.

“HFF was able to work closely with The Davis Companies’ team to secure a loan that met all their objectives for the asset,” said Paulsrud.  “The property is a great addition to The Davis Companies’ portfolio and I look forward to watching them execute the business plan they have in place.  It is always a pleasure to work with such a best-in-class organization.” 

For more information on this 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.thedaviscompanies.com/

HFF announces $44M mezzanine financing for best-in-class mixed-use development in downtown Baltimore, MD

 

Rendering of planned 1 Light Street Mixed-Use Tower
Downtown Baltimore, MD 

 

Mark Remington

 

WASHINGTON, DC – Holliday Fenoglio Fowler, L.P. (HFF) announces $44 million in mezzanine financing for the development of 1 Light Street, a 28-story, luxury mixed-use tower in downtown Baltimore, Maryland.

The HFF team worked on behalf of the borrower, Madison Marquette, to secure the mezzanine loan through Bridge Investment Group Holdings.

Currently under construction, 1 Light Street will feature 280 luxury residential units, 252,243 square feet of modern office space, over 5,000 square feet of ground floor retail and a 646-space, nine-level parking garage. 

The 10 floors of residential units will begin on the 18th floor and will have best-in-class finishes including 9’ ceilings and a glass curtain wall as well as access to a rooftop infinity edge pool, a resident lounge, game room, fitness center and a pet spa.  Units will be offered in studio through two-bedroom/den layouts.

Brian Crivella

The nine floors of office space beginning on the 9th floor is 66 percent pre-leased to M&T Bank, who will also lease a portion of the retail space.  Situated two blocks from Baltimore’s Inner Harbor, 1 Light Street is conveniently located within walking distance to Harborplace,

The Gallery, Power Plant, Power Plant Live!, Camden Yards and M&T Bank Stadium.  Additionally, the property is close to multiple metro stations and bus stops and has immediate access to the Jones Fall Expressway (Interstate 83) and Interstate 395/95 providing access to Baltimore-Washington International Airport and Washington, D.C.

The HFF debt placement team representing the borrower included managing director Mark Remington, director Brian Crivella and associate Drake Greer.

“This represents a significant win for our client and investment by Bridge, but more importantly, we congratulate Madison Marquette on securing the M&T Bank pre-lease and for having the conviction to begin construction with equity, prior to securing the full capital stack…that is what made this transaction possible,” said Remington.

For more information on this 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

Shopoff Realty Investments Acquires The Sacramento Bee’s 10.9-Acre Office and Flex Industrial Property

William Shopoff

SACRAMENTO, CA – Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced the company has acquired The Sacramento Bee’s 10.9-acre office and industrial property in Midtown Sacramento, currently housing the paper’s printing and distribution facility.

The location is also the national headquarters for The McClatchy Company, which owns The Sacramento Bee and 29 other daily newspapers throughout the United States. McClatchy intends to remain in the building; concurrent with closing Shopoff executed a 15-year triple net lease.

“This property represents another strategic asset acquisition for our firm, which has the potential to provide steady cash flow,” said Shopoff Realty Investments CEO William Shopoff. “With longstanding roots in the neighborhood, we are pleased that McClatchy and The Sacramento Bee have made a commitment to remain in the building and continue providing quality news to local residents.”

The property is located in the Midtown submarket of Sacramento, which has seen a flurry of interest from developers in recent years. Its transformation from a strictly industrial neighborhood has begun, with more than 650 new residential housing units currently in the planning stages or under development.

“The influx of new residents and companies moving to the Sacramento area has been tremendous, and we are confident that the changes taking place in midtown will only add to the allure and attraction for new residents, and the subsequent value of this 10+ acre property,” said David Placek, executive vice president of Shopoff Realty Investments.

For more information on this news release, please contact:

Jill Swartz

Spotlight Marketing Communications

949.427.5172, ext. 701

jill@spotlightmarcom.com

JLL arranges sale of Phoenix industrial portfolio

Mark Detmer

PHOENIX, AZ – JLL’s Capital Markets experts announced the company arranged the sale of a 266,607-square-foot industrial portfolio on behalf of The Hewson Company.

TA Realty purchased the portfolio, located in Scottsdale, Arizona and Tempe, Arizona, for $24.5 million.

Managing Directors Mark Detmer, Bo Mills and Bill Honsaker, Senior Vice President Steve Larsen and Vice President Ryan Sitov led the JLL team on the transaction.

"Both the Tempe and Scottsdale submarkets benefit from low vacancy rates and strong rental rate growth,” said Detmer. “The quality of the assets and tenant diversity made this portfolio an exceptional opportunity for investors.”

The portfolio is comprised of four industrial/flex assets, located at 9160 S. McKemy St., 9185 and 9245 S. Farmer Ave. in Tempe and 7400 E. Tierra Buena Lane in Scottsdale. The portfolio is over 96 percent

leased to 12 tenants across a variety of industries, including IT services, transportation, automotive and home improvement.

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For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.

For more information on this news release, please contact:

Maggie Nichols

Phone: +1 312-228-3837

Email: Maggie.Nichols@am.jll.com

OTL’s Expert Guidance Brings $90 Million Historic Pennsylvania Garden Fountain Restoration to Completion

Main Fountain Garden at Philadelphia’s Longwood Gardens

            KENNETT SQUARE, PA – Outside the Lines (OTL), a design-build construction company that specializes in creating one-of-a-kind water features, rockwork and themed environments, has completed a consulting project on the $90 million highly complex renovation of the historic 83-year-old spectacular Main Fountain Garden at Philadelphia’s Longwood Gardens.

            The renovation project, which began in 2014, encompassed the cleaning and repair of 4,000 pieces of carved Italian limestone, the construction of approximately 1,400 feet of underground tunnels, and the enhancement of Longwood’s Main Fountain Garden, including 1,340 new jets and streams, 30 new flame nozzles, and 1,389 new LED lights.

J. Wickham Zimmerman

“OTL served as a consultant as part of an extensive team that worked to modernize and reinvigorate this project while preserving its original character and intent,” says J. Wickham Zimmerman, Chief Executive Officer of OTL.

“OTL was chosen for this complex assignment based on our team’s expertise with design and construction of complicated show fountains, and our role on this project was primarily focused on constructability.

“In other words, we helped bridge the gap between a fantastic design, created by the dream team assembled by Longwood Gardens, and the construction, helping to ensure that the design team’s vision was delivered. 

“We helped the project team deliver a breathtaking outdoor spectacular that upholds Longwood Gardens’ long-standing position as a must-see destination in the world of elite water gardens,” he added.

            OTL worked with general contractor Bancroft Construction and world-renowned water feature designer Fluidity Design Consultants in order to help bring the renovation project to life.

For more information on this news release, please contact:

Katie Clendening · Account Coordinator

O 949 955 7940 

Brower, Miller & Cole

The Smart Agency™ for Smart Clients who want Smart Work

895 Dove Street, Third Floor · Newport Beach, CA 92660

American Realty Advisors Expands Sales and Investor Relations Team

James Mitchell

LOS ANGELES, CA – American Realty Advisors (“ARA”) has announced the expansion of its sales and investor relations team with the addition of James Mitchell as its new Senior Vice-President/Client Portfolio Manager. Mr. Mitchell will be based in ARA’s Chicago office.

In this role, Mr. Mitchell will be responsible for leading the firm’s sales and client service efforts nationwide for ARA’s Taft-Hartley relationships through the firm’s commingled funds and separate accounts.

Mr. Mitchell brings to ARA nearly 30 years of experience working with jointly-trusteed funds nationwide.  Most recently, he was National Director of Asset Management Relationship Development for BMO Asset Management, focusing on customized asset management, trust and custody, and banking needs of the labor community. 

Prior to joining BMO, Jim worked at Northern Trust as a National Director of the Taft-Hartley Investment Client Solutions Group.  Previously, he also served as Executive Director of the Inter-Local Pension Fund/Graphic Communication Conference of the International Brotherhood of Teamsters, the Automobile Mechanics Local 701 as the Controller, and at Thomas Harvey, LLP. 

Jay Butterfield

Jay Butterfield, ARA’s Executive Managing Director and Head of Business Development, commented, “We are thrilled to have Jimmy join our professional team and to add his considerable skills and experience to continue ARA’s long-standing commitment to serve the Taft-Hartley community. 

"We are dedicated to helping plan sponsors meet their obligations in securing the future for their plan participants and beneficiaries, and Jimmy will be a strong addition to accomplish these goals.”

Mr. Mitchell graduated from Dominican University with a degree in Business Administration and Accounting.  He is a member of the International Foundation of Employee Benefit Plans, Illinois CPA Society, American Institute of Certified Public Accountants, and Purple Hearts Foundation.

More information regarding ARA can be found at www.aracapital.com.

Miki Akil / Lexi Astfalk for American Realty Advisors

Brower, Miller & Cole

(949) 955-7940,

 makil@browermillercole.com