Meridian Capital Group Arranges $18.4 Million in Acquisition Financing for a Single-Tenant Office Building in Tampa, FL

Lakeview Center, 6700 Lakeview Center Drive, Tampa, FL

  

Boca Raton, FL , May 22, 2018 – Meridian Capital Group, America’s most active dealmaker, arranged $18.4 million in acquisition financing for a single-tenant office building in Tampa, FL, on behalf of TriOut Advisory Group.

Noam Kaminetzky

The four-year loan, provided by a bridge lender, features a rate of 520 basis points over 30-day LIBOR and full-term interest-only payments. This transaction was negotiated by Meridian Vice President, Aryeh Meiteles, and Managing Director, Noam Kaminetzky, who are both based in the company’s Boca Raton, FL office.

Located at 6700 Lakeview Center Drive in Tampa, FL, the three-story building is 186,309 square feet and is fully occupied by HealthPlan Services, Inc., owned by WiPro (NYSE: WIT), until 2022.

 The property was originally constructed in 1984 and recently underwent extensive renovations and modernizations, totaling $3.3 million.

The oversized lot also has existing entitlements in place to construct an additional 191,000 square foot office building, with the addition of a parking structure, which would ultimately provide a parking ratio of five spaces per 1,000 square feet for each of the buildings.

 The tenant has designated this property as their corporate headquarters and has moved operations from various areas to this location, which is ideally located within minutes of several retailers, restaurants, and entertainment venues including the MidFlorida Credit Union Amphitheatre, Florida State Fairgrounds, and the Hard Rock Hotel Casino.

“With a single tenant rolling in four years, the lender was concerned with the loan takeout if the tenant were not to renew,” said Mr. Kaminetzky.

“Meridian worked closely with the lender to create a mechanism whereby the lender was provided with downside protection at various checkpoints throughout the loan but at the same time provided the borrower with the flexibility to execute on his business plan,” said Mr. Meiteles.

Tampa was ranked in 2016 by Realtor.com as the number one city that Americans are moving to and was named the “Best City in the Southeast” by Money Magazine in 2015. The city boasts nearly 400,000 residents, with the county’s population projected to grow to 1.5 million in 2022.

For more information, please contact:

Jonathan M. Stern
Managing Director
Meridian Capital Group
1 Battery Park Plaza, 26th Floor
New York, NY 10004
jstern@meridiancapital.com
Direct: 212.612.0181
Fax: 212.201.5181
www.meridiancapital.com

Meridian Capital Group Arranges $18.4 Million in Acquisition Financing for a Single-Tenant Office Building in Tampa, FL

Boca Raton, FL , May 22, 2018 – Meridian Capital Group, America’s most active dealmaker, arranged $18.4 million in acquisition financing for a single-tenant office building in Tampa, FL, on behalf of TriOut Advisory Group.

The four-year loan, provided by a bridge lender, features a rate of 520 basis points over 30-day LIBOR and full-term interest-only payments. This transaction was negotiated by Meridian Vice President, Aryeh Meiteles, and Managing Director, Noam Kaminetzky, who are both based in the company’s Boca Raton, FL office.

Located at 6700 Lakeview Center Drive in Tampa, FL, the three-story building is 186,309 square feet and is fully occupied by HealthPlan Services, Inc., owned by WiPro (NYSE: WIT), until 2022.

 The property was originally constructed in 1984 and recently underwent extensive renovations and modernizations, totaling $3.3 million.

The oversized lot also has existing entitlements in place to construct an additional 191,000 square foot office building, with the addition of a parking structure, which would ultimately provide a parking ratio of five spaces per 1,000 square feet for each of the buildings.

 The tenant has designated this property as their corporate headquarters and has moved operations from various areas to this location, which is ideally located within minutes of several retailers, restaurants, and entertainment venues including the MidFlorida Credit Union Amphitheatre, Florida State Fairgrounds, and the Hard Rock Hotel Casino.

“With a single tenant rolling in four years, the lender was concerned with the loan takeout if the tenant were not to renew,” said Mr. Kaminetzky.

“Meridian worked closely with the lender to create a mechanism whereby the lender was provided with downside protection at various checkpoints throughout the loan but at the same time provided the borrower with the flexibility to execute on his business plan,” said Mr. Meiteles.

Tampa was ranked in 2016 by Realtor.com as the number one city that Americans are moving to and was named the “Best City in the Southeast” by Money Magazine in 2015. The city boasts nearly 400,000 residents, with the county’s population projected to grow to 1.5 million in 2022.

For more information, please contact:

  

Jonathan M. Stern
Managing Director
Meridian Capital Group
1 Battery Park Plaza, 26th Floor
New York, NY 10004
jstern@meridiancapital.com
Direct: 212.612.0181
Fax: 212.201.5181
www.meridiancapital.com

CA Ventures Appoints Peter Isaac as Executive Vice President

  

Peter Isaac

CHICAGO, IL  (May 22, 2018) –  CA Ventures, a Chicago-based real estate investment company, today announced Peter Isaac has joined the firm as executive vice president of public-private partnerships.

In his new role based out of CA’s Chicago headquarters, Isaac will help source and execute P3s with leading academic institutions across the U.S., supporting them with CA’s extensive experience in the acquisition, development and management of on- and near-campus real estate developments, including student housing. 

“For years, Peter has been one of the go-to advisers in the P3 space, having consulted more than 70 universities throughout his career, so when we were looking to grow this portion of our business, we knew his longstanding relationships within the higher-education sector would supplement our own expertise,” said Tom Scott, CEO of CA Ventures.

Tom Scott

 “We are thrilled to welcome him to our growing leadership team as we enter new markets and expand in existing ones – increasingly through partnerships with academic decision-makers who share our vision of building community by supporting the people who live there.”

Isaac joins CA Ventures from Washington, D.C.-based program management firm Brailsford & Dunlavey Inc., where he most recently served as vice president of public-private partnerships.

 During his nearly 12 years at the company, he ascended from his role as a project analyst to various leadership positions, ultimately becoming the youngest vice president in the firm’s history. Isaac was instrumental in growing the firm’s national practice by establishing new lines of business and managing regional offices in Chicago and Austin, TX.

For more information, please contact:

Mimi Simon, msimon@taylorjohnson.com, (312) 267-4519

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

www.ca-ventures.com.

HFF announces the $8.64 Million sale of single-tenant retail property near St. Louis, MO

Kohl's, Manchester, MO

Marc Mandel

PHILADELPHIA, PA –– HFF announces the $8.64 million sale of an 89,305-square-foot, single-tenant retail building occupied by Kohl’s in the suburban St. Louis community of Manchester, Missouri.

The HFF team marketed the property on behalf of the seller, Kimco Realty Corp. 

The building is leased to Kohl’s, which has occupied the property since 1998 and recently executed a 10-year lease extension.  The property is situated on 9.546 acres at 14425 Andersohn Drive in Manchester, a strong regional trade area surrounded by national tenants. 

Located at a “main and main” location approximately 22 miles west of downtown St. Louis, the building is on the hard corner of two strong regional roadways with traffic counts of more than 46,725 vehicles per day and surrounded by dense, affluent residential neighborhoods. 

Stephen Schrenk

 It is estimated that more than 83,800 residents earning an average annual household income of $121,289 live within a three-mile radius of the Kohl’s.

The HFF team representing the seller included managing director Marc Mandel, director Steve Schrenk and managing director Danny Kaufman.

“We saw strong activity for this asset and received multiple offers,” Mandel said.  “Through this competitive process, we were able to deliver full asking price for our client in less than 90 days from hire to sale.”

Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that is one of North America’s largest publicly traded owners and operators of open-air shopping centers. 

Daniel Kaufman

As of March 31, 2018, the company owned interests in 475 U.S. shopping centers comprising 81 million square feet of leasable space primarily concentrated in the top major metropolitan markets.

Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for 60 years.

For further information, please visit www.kimcorealty.com, the company’s blog at blog.kimcorealty.com, or follow Kimco on

Twitter at www.twitter.com/kimcorealty.

For more information, please contact:

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com