HFF arranges acquisition/bridge financing for Nashville, TN office tower

Nashville City Center, 511 Union Street,
Downtown Nashville, TN

DALLAS, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced that it has arranged financing for Nashville City Center, a 27-story, 477,261-square-foot, Class A office tower in Nashville, Tennessee.

HFF worked on behalf of the borrower, CapRidge Partners, LLC, to secure the four-year, floating-rate acquisition/bridge loan through CIT Group Inc.

Nashville City Center is located at 511 Union Street in the heart of Nashville’s central business district.  The office tower is situated across the street from the Hermitage Hotel and is within walking distance to numerous dining and entertainment options, including the Country Music Hall of Fame, Tennessee State Museum and the Musicians Hall of Fame and Museum.  

Country Music Hall of Fame, Nashville, TN

The recently renovated-property offers a top-of-the-line amenity package, including a new 24/7 fitness center with yoga, barre, pilates and interval training classes; a new tenant lounge and café; an outdoor plaza with a coffee shop and food stand; 

and JamNasium, a music studio with instruments and recording equipment.  Additionally, Nashville City Center offers its tenants monthly sip and learn lectures, pop-up errands, happy hours and more.  Tenants at Nashville City Center include Warner Music Group, Waller Landsden Dortch & Davis, LLP and First Tennessee Bank.

The HFF debt placement team representing the borrower was led by senior managing director Andy Scott and managing director Jim Curtin.

Andy Scott

About CapRidge Partners

CapRidge Partners is a fully integrated investment management and operating company focused on value-add office properties in nine select U.S. markets, including Nashville. 

Jim Curtin

 Their strategy is to acquire well-located assets, below replacement cost, that offer opportunities to add value by providing proactive management, delivering enhanced customer service and wellness amenities, leasing to stabilized occupancies, marking-to-market expiring leases, and completing capital projects.  Since 2012, CapRidge has purchased 32 office buildings.

CONTACTS:

ANDY SCOTT

HFF Senior Managing Director

(214) 265-0880

ascott@hfflp.com

JIM CURTIN

HFF Managing Director

(214) 265-0880

jcurtin@hfflp.com

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

Marcus & Millichap Arranges $3.75 Million Sale of Tommy's Colorado Boat Dealership Building in Golden, CO

Chris Travis

GOLDEN, CO – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of the property leased by Tommy's Colorado, a 14,479-square foot net-leased building situated on 3.63 acres located in Golden, CO, according to Justin W. West, regional manager of the firm’s Orlando office. 

The asset sold for $3,750,000.  Tommy’s is the largest Malibu boat dealership in the country.

Ray Turchi

Chris Travis and Ray Turchi, investment specialists in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was secured and represented by a local brokerage firm in Denver, CO.

Tommy's Colorado is located at 12900 W 43rd Dr in Golden, CO on the outskirts of Denver at the edge of the Rockies with great exposure from I-70 West.

 CONTACT:

Ocea Huggins

Operations Manager – Orlando and Jacksonville

Marcus & Millichap 300 South Orange Avenue Suite 700 Orlando, FL 32801 (407) 557-3840 direct (407) 557-3800 main (407) 927-0313 mobile (407) 557-3810 ocea.huggins@marcusmillichap.com

 www.MarcusMillichap.com.

RKW RESIDENTIAL Expands Portfolio by More Than 1,700 Units; Makes Key New Hires to Support Rapid Growth

Marcie Williams

Charlotte, NC and Miami, FL — RKW RESIDENTIAL, a leading multifamily property management company, has continued the momentum from a historic 2018 with the addition of more than 1,700 units to its portfolio. The company was awarded seven new assignments in North Carolina and South Florida.

The new assignments include expanded relationships with existing clients such as Bluerock Real Estate and Greystone Development and a first-time partnership with Crescent Communities.

Elizabeth Vaccaro

“In a competitive industry, there is not a bigger vote of confidence in our people than having developers and operators we presently work award us additional management and leasing assignments,” said Marcie Williams, president of RKW. “It is also incredibly gratifying to form new relationships. We look forward to those evolving into long-term partnerships.”

To support the aggressive growth in two core markets, RKW hired three new regional managers.

Nahleena Moore

Nahleena Moore has joined the company’s Charlotte-based team to oversee its vast portfolio in the Carolinas. Julie Chu Zhang is also guiding operations throughout North Carolina, with a specialty in the Triangle and Triad markets.

In Miami, Elizabeth Vaccaro is on board to help guide the South Florida and Jacksonville portfolio of properties.

Moore, Chu Zhang and Vaccaro bring a combined 45 years of experience to RKW.

Julie Chu Zhang

Inspire SouthPark is one of RKW’s new apartment community assignments.
 The 369-unit luxury building at 345 Sharon Township Lane in Charlotte’s SouthPark neighborhood was completed in 2018 by development partnership Morgan Bond.

Inspire SouthPark is generating significant attention in the market for its array of amenities, including an on-site pet spa, dedicated yoga room, two dog parks and a coworking spaced called “Work Haus.”

The 90-unit Cade Boca Raton apartments is the seventh Bluerock-owned community managed by RKW. Cade is a Class A, townhome-style community located at Broken Sound Parkway and Yamato Road in Boca Raton, Fla.

Inspire Southpark, 345 Sharon Township Lane, SouthPark neighborhood, Charlotte, NC

In Miami, Fla., RKW oversees management and leasing at Greystone’s 14-story, 100-unit Aura Coral Gables. The company has launched pre-leasing at the 1501 SW 37th Ave. community.

Crescent hired RKW to manage Novel Research Park, a 280-unit luxury apartment community at the intersection of West Mallard Creek Church Road and Senator Royall Drive in Charlotte.

Additional new assignments include:

·         The Pointe at Crabtree, a 336-unit community located at 4800 Waterford Pointe Drive in Raleigh

·         Stone Ridge Apartments, a 318-unit community at 8940 Camden Creek Lane in Charlotte

·         Whitehall Estates, a 252-unit community at 2400 Whitehall Estates Drive in Charlotte

CONTACT:

Eric Kalis

Vice President, BoardroomPR

ekalis@boardroompr.com

O 954-370-8999

C 305-794-5123

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

www.rkwresidential.com.

Tangram Studio To Become Independent Entity Named 'Studio Other' as Nationwide Growth Continues

Charlotte Wiederholt

SANTA FE SPRINGS, CA,  Mar. 19, 2019 – Tangram, a curator of highly creative commercial interior environments and workspaces, has announced that its Tangram Studio custom furniture unit is evolving to  become an independent entity and will operate under the name Studio Other.

Charlotte Wiederholt will continue to lead Studio Other as president and creative director.

“This step is very exciting for all of us at what will now become Studio Other,” noted Wiederholt. “We have been honored to create solutions for some of the most prestigious brands in the world and look forward to continued growth and opportunities.”

Joe Lozowski

“At Tangram, we are always excited to support and promote the entrepreneurial vision that continually emerges from our teams,” said Tangram President and CEO Joe Lozowski.

“We are very proud that the time has come to further empower Studio Other, Charlotte and her group as a preeminent creative resource in our industry and a preferred partner to the top architects and facilities directors in the country.”

Since its inception in 1996, Studio has built a reputation as a premier creator of innovative custom furnishings for a wide range of commercial interiors from corporate workplaces to educational institutions and healthcare facilities.

Its new status will enable Studio Other to operate independently under its own brand identity as it pursues ongoing expansion across the U.S.

For information on Studio Other, please visit www.studioother.com.  

To learn more about Tangram and its full capabilities, go towww.tangraminteriors.com.

Contact:

Rachel Reenders

VP Public Relations

949-443-9300

rachel@kcomm.com

https://www.linkedin.com/in/rachel-reenders/

www.tangraminteriors.com.

DONE DEAL OF THE YEAR

JLL to Accelerate Growth in Capital Markets Business Through Acquisition of HFF in Deal Valued at Estimated $2 Billion.

Mark Gibson
.

HFF capabilities will significantly bolster JLL’s full-service Capital Markets business -- Combination will create an industry-leading Capital Markets platform. 

CHICAGO, IL and DALLAS, TX, March 19, 2019 – Jones Lang LaSalle Incorporated (NYSE: JLL) and HFF, Inc. (NYSE: HF) today announced that they have entered into a definitive agreement under which JLL will acquire all the outstanding shares of HFF in a cash and stock transaction with an equity value of approximately $2 billion.

The transaction has been unanimously approved by the boards of directors of both companies.

 HFF is one of the largest and most successful commercial real estate capital markets intermediaries in the U.S., marked by decades-long relationships with clients, a talented leadership team and best-in-class capital markets advisors.

 Since 1998, HFF has closed more than $800 billion in over 27,000 transactions, achieving record revenue in 2018 of more than $650 million.

Mark Gibson, CEO of HFF, will join JLL as CEO, Capital Markets, Americas and Co-Chair of its Global Capital Markets Board.

Christian Ulbrich

“Increasing the scale of our Capital Markets business is one of the key priorities in our Beyond strategic vision to drive long-term sustainable and profitable growth," said Christian Ulbrich, Global CEO of JLL.

"The combination with HFF provides a unique opportunity to accelerate growth and establish JLL as a leading capital markets intermediary, with outstanding capabilities.

“We have long admired HFF for its expertise and leading reputation in the industry, as well as its client-first culture of teamwork, ethics and excellence, which aligns with our own. I believe that combining our organizations will deliver a range of compelling benefits for our clients, employees and shareholders.”

“This is a terrific transaction for our shareholders, providing them with an immediate cash payment and the opportunity to participate in the long-term value of the combined company,” said Gibson.

“In addition, we believe the combination with JLL will create a superior platform for our shareholders, clients and employees than either company would have independent of the other and will significantly accelerate our firm’s strategic plan.

"JLL’s team-oriented culture with the additional standards of high character and integrity are an excellent match with the HFF culture, which has been HFF’s fundamental differentiator since its inception.”

Transaction Details Under the terms of the agreement, HFF shareholders will receive $24.63 in cash and 0.1505 JLL shares for each HFF share.

Based on the closing price of JLL stock of $163.02 on March 18, 2019, the cash and stock consideration to be received by HFF shareholders at closing is valued at $49.16 per HFF share.

The share price represents a premium of approximately 22 percent and 25 percent compared to the volume weighted average price of HFF over 60 and 90 trading days, respectively, and a premium of approximately 6 percent over the closing stock price on March 18, 2019 (before the positive impact of the $1.75 per share special dividend declared on January 31, 2019 and paid on February 27, 2019).

Upon closing of the transaction, JLL shareholders are expected to own approximately 87 percent of the combined company, and HFF shareholders are expected to own approximately 13 percent.

 All seven Executive Committee members of HFF have agreed to vote their shares, representing 3 percent ownership of HFF, in favor of the transaction.

Key HFF senior leaders and capital markets advisors have entered into 3-4 year commitments related to employment, non-competition and/or retention.

Finally, JLL anticipates adding one of HFF’s existing directors to JLL’s Board of Directors effective as of the closing of the transaction.

CONTACT:

Stacey Hershauer
 stacey@focusaz.com

HFF arranges $39.6 million construction loan for speculative boutique office building at 76 8th Avenue in Manhattan, NY

Rendering of Planned 76 8th Avenue,
 Meatpacking District, Manhattan, NY

NEW YORK, NY – – Holliday Fenoglio Fowler, L.P. (HFF) announces that it has arranged a $39.6 million construction loan for 76 8^th Avenue, a 10-story, 34,364-square-foot, speculative boutique office building with ground floor retail on the prime corner of 8^th Avenue and 14^th Street at the edge of Manhattan’s Meatpacking District.

Kristen Knapp

Working on behalf of the borrower, Noviprop, LLC, and co-developer Plus Development, HFF placed the construction loan with G4 Capital Partners.  

Gene Kaufman

Designed by Gene Kaufman with interiors by Raad Studio, the project is scheduled for delivery in Summer 2020. 76 8^th Avenue will feature ground floor retail, nine floors of office space and a common roof deck for tenants.

The modern design, boutique nature and prime location is expected to drive leasing interest from tech and financial firms.

The remarkable Meatpacking micro-market has garnered the attention of top tenants including Diane von Furstenberg, Alibaba and Google, which is located one block north of 76 8^thAvenue.

 76 8^th Avenue has immediate access to public transportation with the 14^th Street Subway station located directly in front of the property, connecting it to Williamsburg, Financial District and Midtown within minutes.

Peter Lotchford

The property is located near New York’s top amenities such as The High Line, Hudson River Park, The Whitney Museum and Chelsea Market. 76 8^th Avenue is situated at a five-way intersection at the edge of the Meatpacking District, which is known for its chic and trendy roster of hotels, restaurants and retail tenants, including The Standard Hotel, Bubby’s, Catch, Tory Burch and Restoration Hardware.

The HFF debt placement team representing the borrower was led by senior director Peter Rotchford, managing directors Chris Peck and David Giancola and analyst Kristen Knapp.

Christopher
Peck

“HFF was thrilled to play a role in the capitalization of 76 8^th Avenue,” Rotchford said.  “Noviprop has owned the site since the early 1980’s and we are excited to watch them contribute to one of Manhattan’s most popular boutique office markets.” 

About G4

G4 Capital Partners (“G4”) is an established middle-market real estate finance company focused on lending in the tri-state area.  Since its launch in 2005, G4 has originated and funded loans with a combined value in excess of $1.5 billion.

David Giancola

About Plus Development

Headquartered in Los Angeles with offices in New York and Dubai, Plus Development LLC was formed as a multi-disciplinary real estate company, with a primary focus on design-oriented projects in the residential, commercial, multi-family, hospitality and retail sectors.

About HFF

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry.

Diane von Furstenberg

HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing.  HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). 

For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

CONTACTS:

PETER ROTCHFORD

HFF Senior Director

(212) 245-2425

protchford@hfflp.com

JOHN DUNNE

Plus Development Group

(917) 767-1971

John@plusdevelopmentgroup.com

ROBERT PALUMBO

G4 Managing Director

(516) 320-8732

Robert@g4dev.com

KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990
krmurphy@hfflp.com

Marcus & Millichap Handles $2 Million Sale of 42-Unit Eastwood Apartments in Haines City, FL

Kristin Boekhoff

Adam Bass

 HAINES CITY, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Eastwood Apartments, a 42-unit apartment property located in Haines City, FL, according to Justin W. West, regional manager of the firm’s Orlando office. The asset sold for $2,000,000.

Adam Bass, Chris Travis and Ray Turchi, investment specialists in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a private investor.  

Chris Travis

The buyer, a private investor, was secured by Kristin Boekhoff, a multifamily specialist on the Turchi-Travis Team. 

Eastwood Apartments is located at 25 S 22nd St in Haines City, FL.  The property, built in 1978, had rural area rent restrictions that burned off in August 2018 for a value-add component and sold at 6.03% cap rate on current net income.

Contacts:

 Justin W. West

Vice President / Regional Manager

Ray Turchi

Orlando, FL

(407) 557-3800

Ocea Huggins
Operations Manager – Orlando and Jacksonville
Marcus & Millichap 300 South Orange Avenue Suite 700 Orlando, FL 32801 (407) 557-3840 direct (407) 557-3800 main (407) 927-0313 mobile (407) 557-3810 ocea.huggins@marcusmillichap.com

www.MarcusMillichap.com.