HFF announces $104M financing for Greensboro Park in Tysons, VA

Greensboro Office Park, Tysons, VA

WASHINGTON, D.C. –– Holliday Fenoglio Fowler, L.P. (HFF) announces $104 million in financing for Greensboro Park, a two-building office portfolio totaling 505,085 square feet in Tysons, Virginia.

Cary Abod

The HFF team worked on behalf of the borrower, Velocis and Altus Realty, to secure the five-year, floating-rate loan through JP Morgan Chase & Company.  Loan proceeds were used to acquire the property.

Greensboro Park is located at 8180 and 8200 Greensboro Drive in the Northern Virginia submarket of Tysons.  The property has superior connectivity to the entire Washington, D.C. metropolitan area via the Greensboro Metro and Tysons Corner stations as well as Leesburg Pike and the Dulles Access Toll Road. 

Additionally, Greensboro Park is proximate to many of the area’s sought-after retail locations such as The Boro, Tysons Central, Tysons Galleria and Tysons Corner Center. 

Robert Carey

Renovated in 2015, the 11- and 14-story towers feature a premier amenity package, including a fitness center, conference facilities, tenant lounges, on site café and concierge service.  Greensboro Park is anchored by BB&T and is collectively 83 percent leased to 59 tenants.

The HFF debt placement team representing the borrower consisted of managing director Cary Abod and director Robert Carey.

For more information, please contact:

KRISTEN MURPHY

HFF Director, Public Relations

(617) 848-1572

krmurphy@hfflp.com

www.altusre.com.

wwwvelocis.com.

HFF announces $10.6 million refinancing of office property in Orlando, FL

100 East Pine Street Office Building,
Downtown Orlando, FL

FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $10.6 million refinancing of 100 East Pine Street, an 80,036-square-foot office property in Orlando, Florida.

Michael Klein

The HFF team worked on behalf of the borrower, Denholtz Associates, to secure the five-year, fixed-rate loan through JCR Capital. 

100 East Pine Street is located at the cross streets of East Pine Street and Magnolia Avenue in downtown Orlando.  This location has easy access to Interstate 4 and State Route 408 and offers an abundance of retail, dining and entertainment options within walking distance. 

The six-story office building was most recently renovated in 2017 and features typical floor plates of 13,500 square feet and 9,776 square feet of ground floor retail.  Currently 94 percent leased, tenants at the property include Protean Design Group, Venture X, DLR Group, Inc. and Cite Partners, among others.

The HFF debt placement team representing the borrower included managing director Michael Klein, senior managing director Michael Weinberg and managing director Rebecca Van Reken. 

Rebecca Van Reken

“HFF is pleased to have helped Denholtz Associates with 100 E, Pine Street for the second time, having secured acquisition financing for the property in 2015,” said Klein.  “The borrower did a great job executing its business plan for the property through an extensive renovation to the building’s lobby and common areas, gut renovating vacant suites and taking occupancy from 48% at acquisition to a 94% leased building today.”

Michael Weinberg

“Denholtz’ successful lease-up of this asset is a prime example of the attractive fundamentals within the downtown Orlando office market – nation-leading job growth has generated increased corporate demand, driving office vacancy rates to below 9 percent for the first time in over a decade,” added Van Reken.

Currently celebrating their 65th anniversary, Denholtz Associates is a privately held, fully integrated real estate development, investment and management company.  

Denholtz Associates actively targets multi-tenant office and industrial properties in select markets to diversify risk and provide maximum returns for its capital partners.  Utilizing its substantial in-house operational capabilities and extensive knowledge of targeted locations, Denholtz capitalizes on unique opportunities in the marketplace. 

For more information, please contact:

KRISTEN MURPHY

HFF Director, Public Relations

(617) 848-1572

krmurphy@hfflp.com

www.jcrcapital.com.

http://www.denholtzassociates.com/.

New Boutique Fitness Locations at Long Beach Exchange Exprience Record-Breaking Enrollment and Pre-Sales

Robert Kittleman

LONG BEACH, CA — Long Beach Exchange (LBX), a new retail and lifestyle destination in East Long Beach comprised of top national, regional and local retailers, eateries and boutique fitness offerings, has announced its boutique fitness locations are experiencing record membership enrollments at their new locations.

Set to open in late June and early July at Long Beach Exchange, GritCycle, Ra Yoga, and Orange Theory Fitness have reported impressive membership and package sales — powerful evidence that boutique fitness is of high interest and relevance to area residents and consumers.

Marc Thomas

Long Beach Exchange is proud to welcome Orangetheory Fitness, a national boutique fitness studio with locations throughout Southern California, to its roster. The new, state-of-the-art studio recently opened on June 6 and has already become a hit with the local community.

“The opening of our LBX location marks a milestone for Orangetheory Fitness, as we already have achieved an opening membership level unsurpassed by any other location in the region,” said Marc Thomas, LBX Studio Owner and Area Developer of Orangetheory Fitness. “Typically, a location opens with approximately 400 members, and we have far exceeded that - the LBX location is one of our strongest openings yet.” 

Stephen Thorp

“Ra Yoga is so excited to be joining the Long Beach community. The interest in our special promotions, class packs and unlimited membership programs has been far better than anticipated,” said Robert Kittleman, co-owner of Ra Yoga. 

“The volume of inquiries has been astonishing, and many of the people who have shared excitement about our Long Beach location have never visited our studios in Orange County. We didn’t expect to be so well received even prior to opening.”

“As we continue welcoming new tenants to the LBX roster, we are increasingly pleased with the positive feedback they are receiving by the local community,” says Steve Thorp, Director of Acquisitions and Partner at Burnham-Ward Properties – the developers, owners and operators of Long Beach Exchange. 

“The influx of inquiries and pre-sale memberships occurring at our fitness studios is a strong indication of the future success of Long Beach Exchange as a whole.”

  

For more information, please contact:

 
Jordan Kruk

Kitchen Table Marketing + PR

714.928.5085

Jordan@kitchentablepr.com

www.kitchentablepr.com

Carrie Williams 

Kitchen Table PR

949.433.6735

Carrie@kitchentablepr.com

longbeachexchange-lbx.com. 

Sale of Old Fourth Ward Apartment Community Sets New Record for Metro Atlanta

Anthem on Ashley Apartments, Old Fourth Ward, Atlanta, GA

ATLANTA, GA – North American Properties (NAP) has announced the sale of Anthem on Ashley, a 244-unit multifamily community with park side restaurant space, to Invesco Advisers, Inc.

At $370 per square foot, the sale sets a new benchmark for wood-framed multifamily development in Metro Atlanta. JLL Multifamily Investment Sales represented the seller.

Located at the corner of Ashley Avenue and Ralph McGill Boulevard, the Class AA community is within walking distance of the Atlanta BeltLine’s Eastside Trail and is the only apartment community with direct access to Historic Fourth Ward Park. 

Anthem on Ashley aerial view, Old Fourth Ward, Atlanta, GA

Ranked as one of the 10 hottest neighborhoods in the country, Old Fourth Ward has quickly emerged as one of the Southeast’s coolest urban destinations, known for its walkability, lifestyle options, transit and culture.

Old Fourth Ward’s booming growth has been spurred largely by the Atlanta BeltLine. The partially built trail is responsible for 30,000 permanent jobs and nearly $10 billion in economic development, with more than $4 billion in new development. 

Richard Munger

“Urban trail-oriented development is the new beachfront property, as people of all ages increasingly seek to live in active, walkable environments that offer a diversity of experiences,” said Richard Munger, partner and senior vice president of residential development at NAP.

 “At Anthem, we created an urban, creative experience that resonates with the market. Every project is unique because every market is different, and we work very closely with the neighborhoods we serve to deliver a quality development that enhances the community.”

In addition to its access to the Atlanta BeltLine and Historic Fourth Ward Park, Anthem offers residents the following amenities: 

a saltwater pool with a sun deck and private cabanas; 24-hour fitness center with group classes; poolside club room and sky deck overlooking Historic Fourth Ward Park; outdoor grilling stations and fire pit; clubhouse with bar lounge; bike storage; 

Wi-Fi enabled micro-offices; and an event stylist who curates resident experiences such as build-your-own craft cocktail bars and garage painting parties with local artists that resulted in a number of artful wall murals.

  

For more information, please contact:

Britni Johnson · Account Executive

1718 Peachtree St., Suite 1048 · Atlanta, GA. 30309

M: 912-580-7241

www.thewilbertgroup.com

naproperties.com.  

      

EverWest Continues Bay Area Push with Significant Burlingame Buy

Burlingame Bay Office Park, 555 Airport Boulevard,
 Burlingame, CA

  

EMERYVILLE, CA – EverWest Real Estate Investors, in partnership with global private markets investor Partners Group (on behalf of its clients), has completed the purchase of Burlingame Bay Office Park, adding yet another landmark office asset to its Northern California portfolio.

The two-building, Class A Burlingame Bay Office Park totals almost 13 acres and 261,959 square feet at 555 and 557 Airport Blvd. in Burlingame, California.

Burlingame Bay Office Park, 557 Airport Boulevard, 
Burlingame, CA

Building sizes range from 120,681 to 139,413 square feet – and five to eight stories – respectively. Both buildings are visible from Highway 101/Bayshore Freeway and sit along the west side of the San Francisco Bay, offering immediate views of the East Bay and San Francisco.

Ryan Madson

Managing Director Ryan Madson directed the property acquisition on behalf of EverWest.

“The North Peninsula office market is enjoying exceptional conditions, with overall vacancy at just 6 percent and strong and broad tenant demand that will continue to benefit well-located, high-profile projects like Burlingame Bay Office Park,” said Madson, who oversees EverWest’s Northern California and Pacific Northwest acquisition activity.

 “We are very pleased to add this asset to our portfolio, and believe we can add even more value through capital improvements and lease-up in the months and years ahead.”

The Burlingame acquisition marks the latest in EverWest’s consistent Northern California Bay Area portfolio growth. This push was punctuated last fall with the purchase of another high profile asset: the Offices at Public Market, which totals 109,242 square feet in eight stories facing I-80 in Emeryville, California. Last month, EverWest also completed the acquisition of a 16,000-square-foot creative office building at in downtown San Francisco.

Josh Rowell

Other notable EverWest assets in the area include the 405 Victory industrial project in south San Francisco and recently completed industrial project on Depot Road in Hayward, California.

Burlingame Bay Office Park sits adjacent to a Hilton DoubleTree hotel, the Hilton San Francisco Airport Bayfront hotel and numerous restaurants. It is also minutes from San Francisco International Airport and less than 30 minutes from downtown San Francisco, Palo Alto and Mountain View.

Josh Rowell, Craig Kalinowski and Dan Matteucci with Newmark Knight Frank serve as the project’s exclusive leasing brokers.

For more information, please contact:

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

JLL Completes Sale of Redeveloped Ocotillo Plaza in Chandler, AZ

Ocotillo Plaza, Chandler, AZ

Peter Bauman

PHOENIX, AZ – The Phoenix office of JLL has completed the $11.2 million sale of Ocotillo Plaza, a redeveloped retail building situated in the heart of Chandler’s Ocotillo area, a thriving residential, retail and employment hub adjacent to the popular Price Road commercial corridor.

JLL Senior Vice Presidents Peter Bauman and Tivon Moffitt, Senior Managing Director Dennis Desmond and Senior Vice President Tyson Switzenberg represented the building seller, Thompson Thrift Retail Group. Nina Patel represented the buyer, Southern California-based Slater Avenue II LP.

Ocotillo Plaza totals 121,829 square feet at 2880 S. Alma School Road, on the northwest corner of Queen Creek and Alma School roads in Chandler, Arizona.

Tivon Moffitt

 The building and 10-acre site was purchased in 2017 by Thompson Thrift and then renovated from a former Target store into a multi-tenant retail building that is now fully leased to Goodwill and the flagship location of Shoppers Supply, a ranch, home and outdoor supply retailer.

The repositioned building sits within the larger Ocotillo Plaza shopping center, which is also in the process of a redevelopment that includes the addition of an Aldi supermarket. 

It is part of a desirable retail corridor boasting anchor tenants such as Albertsons, HomeGoods, Office Max, Sprouts and Stein Mart.

“Investors continue to be attracted to high quality, stabilized greater Phoenix commercial real estate, and that created significant investor demand for this listing,” said Bauman.

Dennis Desmond

“The area’s demographics, combined with this building’s newly renovated space and its stable long-term tenancy, were a strong draw for the buyer. 

"We were very pleased to work with them on a property that we believe will provide a high-quality, income-producing asset for their portfolio.”

 “It has been a pleasure to work with the entire JLL team on this transaction,” said Chris Hake, Thompson Thrift Vice President, Director of the Southwest Region.

 “We feel this redevelopment exemplifies the need for creativity in today’s retail real estate environment. As the Prie Road corridor continues to grow its office presence and its number of daily employees, this intersection of Alma School and Queen Creek Road will continue to show strong results from the retailers that are located there.

Tyson Switzenberg

"Again, thank you to Tyson Switzenberg, Peter Bauman and Tivon Moffitt for their outstanding work on this project.”

Ocotillo Plaza is the second project sold by the JLL team in the Ocotillo/Price Road corridor area in the past few months. Their other recent transaction was the sale of a single-tenant, Class A office building located on the Price Road corridor. That office building, which is fully occupied by Walgreens, sold during the first quarter for $16.7 million.

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions.

 In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 83,500 as of March 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

Chris Hake

In Phoenix, JLL is a market leader employing more than 580 of the region’s most recognized industry experts offering office, industrial, retail, healthcare and data center brokerage, tenant representation, facility and investment management, capital markets, multifamily investments and development services, and related services within the real estate leasing, investment and management process.

 In 2017, the Phoenix team completed 35.7 million square feet in lease and sale transactions valued at $1.9 billion, directed $112 million in project management and currently manages a 24.2 million-square-foot portfolio.

For more news, videos and research resources on JLL, please visit ir.jll.com or www.jll.com/phoenix.

For more information, please contact:

Stacey Hershauer

Phone: +1 480 600 0195

Email: stacey@focusaz.com