HFF arranges $45.65 million financing for Talavera Apartments in Denver, CO

240-Unit Talavera Apartments, 350 South Jackson Street, Denver, CO

DENVER, CO –– Holliday Fenoglio Fowler, L.P. (HFF) announces it has arranged $45.65 million in financing for Talavera Apartments, a 240-unit, mid-rise multi-housing community located in Denver, Colorado.

Jim DiRienzio

HFF worked on behalf of the borrower, Denver-based Griffis Residential, to secure the 10-year, Fannie Mae Green Rewards loan through HFF’s risk-transfer joint venture with M&T Realty Capital Corporation.

The loan, which was used to fund the acquisition of the property, carries a 3.53% fixed interest rate with full-term interest-only payments.

Talavera Apartments is located at 350 South Jackson Street near Cherry Creek’s numerous high-end retail, dining and entertainment amenities. 

Eric Tupler

 Built in 2008, the property features a mix of studio, one-bedroom and two-bedroom units averaging 838 square feet.

Community amenities include a swimming pool and spa, covered parking, in-unit washers and dryers, stainless steel appliances and Amazon lockers. The property was more than 97% leased at closing.

“HFF has again proven to be a strong partner, working with Griffis Residential to secure financing for a high-quality asset in our latest real estate investment fund,” said Jim DiRienzo, senior vice president of acquisitions at Griffis Residential.

 “The apartment homes at Talavera, which has been renamed Griffis Cherry Creek, are primed for interior improvements and additional elements of our investment strategy, including enhanced resident experience, ancillary income initiatives, and management and service upgrades.”

Josh Simon

The HFF team representing the borrower was led by senior managing director Eric Tupler and managing director Josh Simon.

About Griffis Residential

With approximately $2 billion in multifamily assets, Griffis Residential is a vertically integrated multifamily real estate investment firm that owns and manages over 7,400 multifamily homes in thriving markets around the western U.S., including Denver, Austin, Seattle, Los Angeles and Las Vegas. 

 For more information, please visit https://griffisresidential.com/.

About M&T Realty Capital Corporation

M&T Realty Capital Corporation (www.mtrcc.com) is a wholly-owned commercial mortgage-banking subsidiary of Manufacturers and Traders Bank, better known as M&T Bank Corporation. 

Founded in 1856 in Buffalo, New York, M&T Bank Corporation (www.mtb.com) is a regional financial services company with more than $115 billion in assets. 

M&T is a community-focused bank that serves customers in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and Washington, DC through more than 750 branches, 1800 ATMs, and a variety of online and mobile services.

CONTACTS:

ERIC TUPLER

HFF Senior Managing Director

(303) 515-8000

etupler@hfflp.com

JOSH SIMON

HFF Managing Director

(303) 515-8000

jsimon@hfflp.com

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3403

ohennessey@hfflp.com

Marcus & Millichap Arranges $445,000 Sale of 8,050-SF Dollar General Site in Eden, NY

Dollar General, an 8,050-square foot
 net-leased property,
 8229 North Main Street, Eden, NY, 

EDEN, NY – 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 Dollar General, an 8,050-square foot net-leased property in Eden, NY, according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $445,000.

Daniel Hurd

Daniel Hurd, senior investment advisor and Cole Skinner, investment advisor in Marcus & Millichap’s Tampa 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 Michael Lombardi, Patrick Gray and Steven Schiavello, investment specialists in Marcus & Millichap’s New Jersey office Broker, Brian Hosey, assisted in closing this transaction.

“We are seeing most investors place an emphasis on long term security right now and with only a few years remaining on the Eden lease term, we had to be very particular about targeting a buyer for this deal," said Hurd.

Cole Skinner

 "Furthermore, Marcus & Millichap’s national platform allowed us to procure a local buyer who was not only comfortable with the shorter lease but also the location.

"We were under contract after only 10 days on market, navigated through a short due diligence period, ultimately closing the deal in approximately 60 days.

"The Seller was pleased to cash out, after owning this asset for many years, and intends to move on to higher yielding investment opportunities in the region,”

Grant Fitzgerald

Dollar General is located at 8229 North Main Street in Eden, NY.  The building consists of 8,050 square feet and has only been occupied by Dollar General since the commencement of the building.

 Dollar General has shown commitment to the location by exercising the option period with the scheduled increase in rent. 

Landlord responsibilities are limited to roof, structure and parking lot and tenant reimburses for Real Estate taxes, insurance and common area maintenance. 

Michael
Lombardi

           The store is positioned on US Route 62 which sees heavy traffic counts and the surrounding area has ideal demographics for Dollar General as the three-mile population exceeds 6,000 people and the one-mile median household income exceeds $71,000.

This location is also surrounded by multiple notable tenants including Tim Horton's, USPS, NAPA Auto Parts, Rite Aid and Dairy Queen.

CONTACTS:

Whitney Davis
Marketing Coordinator
Marcus & Millichap 201 North Franklin St. Suite 1100 Tampa, FL 33602 (813) 387-4700 main (813) 387-4743 direct (813) 387-4710 fax whitney.davis@marcusmillichap.com

www.MarcusMillichap.com.

HFF announces sale of Houston, TX retail strip center

Normandy Shopping Center, a 44,297--SF, 98% leased retail strip center in northeast Houston, TX

                                                                          Photo by Mabry Campbell

HOUSTON, TX –– HFF announces that it has closed the sale of Normandy Shopping Center, a 44,297-square-foot retail strip center that is 98.1% leased and shadow anchored by a Kroger store in the northeast part of Houston, Texas.

Ryan West

HFF marketed the property for the seller, Williamsburg Enterprises Limited.  A private investor purchased the asset. 

Situated on 6.07 acres at 12620 Woodforest Boulevard, Normandy Shopping Center is at the intersection of Woodforest Boulevard and Normandy, which sees a combined traffic count of nearly 40,000 vehicles a day. 

The center is one mile north of Interstate 10, one of Houston’s busiest freeways, and more than 106,000 residents live within a three-mile radius of the center, which represents an 11% growth since 2010. 

Shadow anchored by Kroger, Normandy Shopping Center is one of only two nationally recognized grocery-anchored centers in the immediate trade area. 

 The center is 98.1% leased to a diverse mix of internet-resistant tenants, including Zachry Construction, Texas Children’s Urgent Care, GNC, Pink Nails, Wing Stop, Rodeo Dental, Dominos and Woodforest National Bank.

John Indelli

HFF’s investment advisory team representing the seller was led by senior managing director Ryan West, director John Indelli and analyst Johnny Kight. 

“Houston retail properties continue to be highly sought after, as investors are taking note of the market’s strong retail fundamentals and attractive financing options,” Indelli said.

Holliday GP Corp. ("HFF") is a Texas licensed real estate broker.

About Williamsburg Enterprises Limited

Since 2009, Williamsburg Enterprises has invested in more than 100 unique opportunities across the United States.  Williamsburg is a fully integrated real estate investment firm specializing in acquisition, development, management and leasing. 

Johnny Kight

The company frequently invests along with its existing partners and with proven leaders who have demonstrated an ability to excel in their respective fields. 

While the majority of the company’s holdings are located in Texas, Williamsburg continuously evaluates opportunities in other states.  

CONTACTS:

RYAN WEST

TX Lic. #478560

HFF Senior Managing Director

(713) 852-3500

rwest@hfflp.com

JOHN INDELLI

TX Lic. #696391

HFF Director

(713) 852-3500

jindelli@hfflp.com

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com

http://williamsburgent.com.