METROGROUP REALTY FINANCE SECURES $15 MILLION IN REFINANCING WITH CASH-OUT COMPONENT FOR 168,000 SQUARE-FOOT MULTI-TENANT INDUSTRIAL BUILDING IN COMMERCE, CA

168,000-SF multi-tenant industrial asset, 6013-6021 Randolph Street,  Commerce, CA

COMMERCE, CA – MetroGroup Realty Finance, a private commercial mortgage banking firm based in Newport Beach, California, recently provided a total of $15 million in refinancing with a cash-out component for a 168,000 square-foot multi-tenant industrial asset in Commerce, California.

MetroGroup’s Vice President, Ivan Kustic, arranged the financing on behalf of the sponsor.

 Ivan Kustic

“The sponsor, who initially acquired the asset in 2003, wanted to take advantage of the low interest rate environment by replacing the existing loan on the property with one that was more competitively priced,” says Kustic. 

“They were also seeking a portion of cash out to invest in other commercial properties.”

MetroGroup was able to secure financing that met the sponsor’s business objectives and cash-out requirements with a 10-year fixed-rate loan.

“Pricing was top priority for the sponsor, who had several very competitive options from existing capital relationships that had been developed over many years,” says Kustic. “MetroGroup was eventually awarded the assignment based on the extremely low rate we were able to secure.”

The industrial property is a multi-tenant warehouse and distribution facility that includes two buildings, a 93,000 square-foot building and a 75,000 square-foot building. The 75,000 square-foot building was added to the property in 2009 by the Sponsor.

Contacts:

Alex Caswell/Lexi Astfalk

Brower Group

(949) 438-6262

acaswell@brower-group.com

www.metrogroupfinance.com.

Hospitality Ventures Management Group (HVMG) Awarded Management of 312-Suite Embassy Suites by Hilton Scottsdale Resort

312-Suite Embassy Suites by Hilton Scottsdale Resort, Phoenix, AZ

Robert Cole

SCOTTSDALE, AZ —Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel investment, ownership and management company, announced it has been selected to operate the 312-suite
Embassy Suites by Hilton Scottsdale Resort in Phoenix. 

            “We continue our westward expansion with the addition of our second hotel in Arizona, the recently renovated Embassy Suites by Hilton Scottsdale Resort,” said Robert Cole, president & CEO, HVMG.  

“Having grown our portfolio by more than 50 percent last year, 2019 has seen sustained growth as we firm up our nationwide presence. HVMG is well acquainted with both the Embassy brand and the market, knowledge we will utilize to improve both guest satisfaction scores and bottom line revenues.”

Mark Snyder

 “Of the five companies we considered to operate this resort, HVMG was the clear and obvious choice for us,” said Mark Snyder, hotel owner.  “We are confident they are the correct choice to maximize the property’s revenue through their revenue management systems while simultaneously increasing income with their control measures.”

            Located at 5001 N. Scottsdale Road, overlooking Camelback Mountain, the Embassy Suites by Hilton Scottsdale Resort is nestled among world-class golf courses, wellness facilities, fine dining, art galleries and MLB Spring Training stadiums.  

 CONTACT:

CHRIS DALY

PRESIDENT

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-864-5553

chris@dalygray.com | www.dalygray.com

www.hvmg.com

George Oliver Announces $53 Million Downtown Chandler, AZ Redevelopment Project

 Curt Kremer

PHOENIX, AZ – Phoenix-based developer George Oliver has completed a $38.8 million, two-building acquisition and will invest almost $14 million in additional capital to bring a new creative office portfolio to the heart of downtown Chandler, Arizona.

Chandler, AZ Mayor Kevin Hartke

 Rebranded to The Alexander and The Johnathan, the buildings will be named after Chandler namesake Alexander Johnathan (A.J.) Chandler.

“There is a tremendous energy in downtown Chandler right now – from new tech growth and new multifamily development to its collection of experiential, highly walkable amenities,” said Curt Kremer, George Oliver Founder and Managing Partner. 

“We are hopeful that our new concepts, The Alexander and The Johnathan, will thrive in this kind of environment, continuing our mission of delivering highly functional office spaces with a best-in-class amenity package.”

Planned Alexander Office Development,
                    Chandler, AZ

“Downtown Chandler continues to expand and diversify and the news of this investment to modernize the largest office portfolio in our downtown couldn’t come at a better time,” said Chandler Mayor Kevin Hartke. “We’re grateful for George Oliver’s commitment to downtown Chandler’s future and their tribute to our city’s history.”

The Alexander will commence a $5 million shell building transformation in the first quarter of 2020, creating a 112,000-square-foot, five story modernized office building at 25 S. Arizona Pl. 

Brian Ackerman

These renovations will improve the building from Class B to premier Class A modernized office space, enclosing a current ground floor plaza and adding shared spaces and a health-and-wellness-inspired amenity package.

Features within The Alexander will include a training center with seating for 60 people, a coffee and juice bar, hospitality-inspired lobby and lounge area, outdoor activity and game area, quiet library-themed common workspace and a billiards room.

 The wellness center will offer a cardio room furnished with Peloton equipment, a yoga room, private showers and an attached zen-inspired outdoor space. The improvement plan will also update major building systems such as elevators, restrooms and mechanical systems.

John Pierson

George Oliver purchased the 1987-built Plaza 25, once a prestigious financial center, from long-time owner and tenant First Credit Union for $16.3 million.

 A sale-leaseback agreement will keep First Credit Union in the building under a 10-year lease, leaving the building 79 percent occupied between First Credit Union and other tenants. 

Vacant spaces not pre-leased during renovation will be built as move-in ready suites with a George Oliver-styled office design.

George Oliver has also purchased the adjacent, 107,510-square-foot, fully occupied Chandler City Center building for $22.5 million from Tryperion Partners and Griffin Partners.

 Located at 55 N. Arizona Pl., this building will be rebranded by George Oliver as The Johnathan with an almost $3 million initial capital investment plan.

Ryan Timpani

The rebrand will include upgrades similar to The Alexander including an updated exterior paint scheme, a new main building entry sequence, new landscaping, lobby and bathroom improvements, and mechanical upgrades to bring the building to modern efficiencies and visually tie the two buildings together as one.

JLL Executive Vice President Brian Ackerman represented First Credit Union in the sale-leaseback and helped to facilitate the purchase of Chandler City Center. JLL Managing Director John Pierson served as the leasing expert for Plaza 25.

“This project received multiple offers in a very competitive process that was supported, in part, by the confidence that all parties have in George Oliver’s reputation and track record,” said Ackerman. 

Todd Noel 

 “Their renovations will be a game changer for how tenants use and enjoy these buildings, and will keep First Credit Union and its significant jobs in downtown Chandler.”

Surrounded by a density of office, multifamily, retail and hospitality amenities, The Alexander and The Johnathan sites have a very strong walkability score of 86 in a high-demand infill suburban office location. 

Each building is served by its own, adjacent parking garage with a parking ratio of approximately 6:1,000 square feet. Both buildings will also be institutionally managed by Arcadia Management, sharing a full-time building concierge and full-time building engineer.

Andrew Cheney 

The design and architecture for The Alexander and The Johnathan are being led by George Oliver Design. RSG Builders is the general contractor. Western Alliance Bank is the project lender. 

Ryan Timpani and Todd Noel of Colliers are the exclusive leasing brokers for The Alexander. 

Andrew Cheney and Colton Trauter at Lee & Associates are the exclusive leasing brokers for The Johnathan.

The Alexander and The Johnathan are part of a growing local portfolio of notable George Oliver projects including serving as developer of The Quad in Scottsdale and as owner and developer of CASA in Phoenix’s Uptown neighborhood and Lofts at The District in North Scottsdale.

MEDIA CONTACT:

Stacey Hershauer

480.600.0195

stacey@focusaz.com

www.georgeoliver.com

       

Rockstar Energy Founder Russ Weiner Selling His Two South Florida Mansions for $71.5 Million

One of two Rockstar Energy Founder Russ Weiner's South Florida Homes, Both Up for Sale

Photo credit: Douglas Elliman          Source: brettharris.elliman.com

MIAMI BEACH, FL -- As an exhausted international public seeks to satisfy its amazing need for an energy pick-me-up, the founder of Rockstar Energy Drink is expecting to cash in big again by selling both of his South Florida mansions for a hopeful total of $71.5 million, according to TopTenRealEstateDeals.com.

Russell (Russ) Weiner

Although the combined price tag is a mind-blowing amount to most, Russ Weiner founded Rockstar Energy Drink in 2001 and has grown it into a company spanning over 30 countries and a net worth of about $4 billion, all before reaching age 50.

Madonna’s former compound on Sunset Boulevard, Hollywood, CA

 Weiner began dabbling in real estate even before Rockstar and now owns four Los Angeles mansions, including Madonna’s former compound on Sunset Boulevard, in addition to the two currently up for sale in South Florida.

Weiner’s Miami Beach home on exclusive North Bay Road, a street that has been home to celebrities such as Matt Damon, Jennifer Lopez, Calvin Klein and Ricky Martin, is sited on a 1.1-acre lot, one of the largest in the neighborhood, on the edge of Biscayne Bay and was built in 2013.

Matt Damon

Designed in Balinese style and taking full advantage of the mild year-round climate and bay breezes, it was updated by Weiner in 21st-century style.

The gated, two-story, 9,159-square-foot home with a dramatic walkway to the front entrance includes six bedrooms, eight baths, formal rooms, wine cellar, media room and large eat-in chef’s kitchen with professional appliances and catering capacity for large parties.

Jennifer Lopez

Soaring 30-foot ceilings, wood floors and large windows are seen throughout the home, creating light-filled rooms. All but one of the bedrooms are located on the second floor including the large master with seating area that opens to a balcony overlooking the grounds and bay.

 The large master bath has a freestanding tub in the middle surrounded by marble matching the countertops. Guest rooms open to a long balcony also overlooking the pool and bay.

Outside is designed for Florida living with a resort-style pool, spa and cold plunge overlooking the water and skyline of Miami luxury condo high rises.

Calvin Klein

The dock can accommodate over a hundred-foot yacht and comes complete with a 25,000-pound boat lift and four-ski Jet Ski lift with swim platform.

Entertaining options also include multiple seating areas in a covered loggia and poolside with outdoor dining and outdoor kitchen.

Ricky Martin

About 50 miles north of his Miami Beach home, Weiner is also selling his Delray Beach home which is larger at 21,021 square feet and is beachfront, priced at $36.5 million.

Though both homes total 33,902 square feet, according to the South Florida Sun Sentinel in a recent interview with the Delray agent, he wants to build a larger home around 50,000 square feet.

The Miami Beach home, located in the celebrity preferred North Bay Road neighborhood is priced at $35 million. The listing agent is Brett Harris of Douglas Elliman.

CONTACT:

Genelle C. Brown

Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504
Twitter:  @toptenrealestat
facebook.com/toptenrealestat