HFF and Lowe Enterprises complete $118 million refinancing for Century Center I and II in Crystal City, VA

                                                           

WASHINGTON, D.C. – HFF announced that it has arranged a $118 million refinancing for Century Center I and II (top left photo), a two-building office complex with ground floor retail totaling 626,004 square feet in Crystal City, Virginia.

HFF worked exclusively on behalf of Lowe Enterprises (“Lowe”) to secure the five-year, adjustable-rate loan through Wells Fargo Bank. 

Loan proceeds are refinancing an existing loan and funding future leasing and capital expenditures.  Lowe acquired the property on behalf of a pension fund client in 2004 and serves as property and development manager.

Lowe recently completed a $30 million renovation of Century Center I and II that improved building systems and curb appeal as well as repositioning the retail space to increase visibility along the heavily trafficked Crystal Drive.

Century Center I and II has 560,207 square feet of office space, 65,797 square feet of retail space and a three-level, 1,494-space underground parking garage. 

The property boasts major credit-grade tenants including Raytheon, GSA, and Northrop Grumman with new ground floor retail tenants such as Buffalo Wild Wings, Seattle’s Best and Pizza Autentica. 

Located at 2450 Crystal Drive and 2461 South Clark Street, Century Center I and II is situated two blocks from the Crystal City Metro Station, providing easy access to the shops and restaurants of Crystal City, as well as downtown Washington, D.C., the Pentagon and Reagan National Airport.

The HFF team representing Lowe included managing director Cary Abod (middle right photo) and senior managing directors Bill Asbill (middle left photo) and Bob Donhauser (lower right photo).

“Century Center’s renovation and repositioning, which included creating a retail promenade extending down Crystal Drive, demonstrates Lowe’s commitment to the property and the Crystal City submarket, and has been well received by the market as evidenced by new retail tenants continuing to sign leases; positioning the property for long-term success,” said Abod.

Los Angeles-based Lowe Enterprises is a leading national real estate investment, development and management firm.  Over the past 39 years, it has developed, acquired or managed more than $16 billion of real estate assets nationwide.  

Lowe is currently responsible for more than $5 billion of commercial, hospitality and residential assets.   In addition to its Los Angeles headquarters, Lowe Enterprises maintains regional offices in Washington, D.C., Denver, Southern California and Northern California.

For further information on Lowe’s activities, please visit: http://www.loweenterprises.com/

Contacts:  

Cary P. Abod, HFF Managing Director, (202) 533-2500, cabod@hfflp.com                                                                                   

Kristen M. Murhy, HFF Associate Director, Marketing, (713) 852-3500                                       

krmurphy@hfflp.com

             

HFF secures $30 million financing for Sheraton Salt Lake City

WASHINGTON, D.C. – HFF announced  that it has secured $30 million in financing for the Sheraton Salt Lake City (top left photo), a 362-room, full-service hotel in downtown Salt Lake City, Utah.  

Working exclusively on behalf of Driftwood Hospitality Management and a global real estate private equity fund, HFF placed the three-year, 4.4 percent fixed-rate loan with C-III Capital Partners, LLC.  Proceeds were used to refinance the property.

The Sheraton Salt Lake City is located at 150 West 500 South close to the Salt Palace Convention Center, the Utah State Capital and Gallivan Center in downtown Salt Lake.  Renovated in 2009, the hotel features an outdoor pool, indoor whirlpool, sauna, massage and body salon, fitness center and complimentary shuttle service to the surrounding area.

The HFF team representing the borrower was led by managing director Mark Remington, director John Bourret (middle right photo) and senior managing director Mona Carlton (lower left photo). 

 “Hotels are difficult to finance, but this property ramped up quickly after its renovations and outperforms its competition thanks to dedicated ownership and strong management, all of which created a desirable lending opportunity,” said Remington.

Driftwood Hospitality Management is a hotel management company that operates and develops hotels in the U.S., the Caribbean, and Latin America.

Contacts:

Mark T. Remington, HFF Managing Director, (202) 533-2500 mremington@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

krmurphy@hfflp.com  

$160M acquisition financing for Washington Harbour in Washington, DC arranged by HFF

WASHINGTON, DC. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged $160 million in financing for Washington Harbour, (top left photo)  a Class A, two-building, mixed-use development on the Potomac River in Washington, D.C.

Working exclusively on behalf of Rockpoint Group and MRP Realty, HFF senior managing directors Bill Asbill (middle left photo) and Bob Donhauser (lower right photo)  and managing director Cary Abod (lower left photo) secured the five-year, fixed-rate loan with MetLife Real Estate Investments.

Washington Harbour is located at 3000 and 3050 K Street NW directly on the Potomac River in the Georgetown submarket of Washington, D.C.

 The property has two towers totaling 532,601 square feet; 456,376 of office space and 76,225 square feet of retail space. Washington Harbour is 86% leased to more than 20 tenants, the largest of which are law firms Foley & Lardner and Kelley Drye & Warren.

On-site amenities include a two-story, 489-space underground parking garage and a fitness center.

Rockpoint Group, L.L.C. is a global real estate investment management firm with offices located in the U.S., Europe and Asia.

Rockpoint targets a broad range of real-estate related investments across all asset classes and geographic regions, with particular focus on value creation and distressed/restructuring opportunities.

The firm invests primarily on behalf of public and private pension funds, endowments and financial institutions.

Contacts:

Robert F. Donhauser, HFF Senior Managing Director, (202) 533-2500, bdonhauser@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
krmurphy@hfflp.com


HFF closes $8.275M sale of Publix-anchored retail shopping center in Atlanta, GA

ATLANTA, GA – The Atlanta office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of Duluth Station, a 94,966-square-foot, Publix-anchored retail shopping center in Atlanta, Georgia.

HFF director Jim Hamilton (middle right photo) led the investment sales team on behalf of the seller, L&B Realty Advisors, LLP. Forge Capital Partners purchased the property for $8.275 million free and clear of debt.

Duluth Station is situated on a 14-acre site at 2750 Buford Highway in Atlanta. The property is 79% leased to tenants including Publix, Great Clips, H&R Block, Kauffman Tire, Kumon Learning, State Farm and Subway.

“The property is situated in one of the most affluent suburban locations in the Atlanta MSA and offers the new owner significant upside opportunity in leasing the remaining vacant suites,” said Hamilton.

L&B Realty Advisors is an employee-owned, SEC-registered real estate investment advisor.

Since 1965, L&B has provided real estate investment management services to institutional investors and high-net-worth individuals. With $3.6 billion under management and over 40 years experience, L&B has a proven track record of successfully acquiring, managing, and disposing real estate on behalf of our clients.

Forge Capital Partners is a diversified, commercial real estate investment and investment management company. The company carries out its business strategy by sponsoring real estate-oriented private equity funds and through an affiliated group of companies, which include: Forge Capital Management, Forge Property Management, Forge Development Group, and Forge Real Estate Services.

Contacts:

Jim R. Hamilton, HFF Director(404) 942-2212    jhamilton@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing (713) 852-3500  krmurphy@hfflp.com

HFF arranges $9.85M financing for Syracuse, NY hotel

NEW YORK, NY – The New York and Dallas offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have arranged $9.85 million in financing for the 279-room Renaissance Hotel (bottom right photo)  in Syracuse, New York.

HFF senior managing director Jay Marshall (lower right photo)  and director Brian Carlton (lower left photo)  worked exclusively on behalf of the borrower, a joint venture between Richfield Hospitality, Inc. and Shelbourne Falcon Investors, to secure the five-year, fixed-rate loan through Lydian Private Bank.

Loan proceeds are being used to acquire the hotel and rebrand it to a Crowne Plaza.

Located at 701 East Genesee Street, the hotel is one half mile north of the Syracuse University Campus adjacent to Interstate 81 in downtown Syracuse.

 The 20-story property will undergo a $5 million renovation that will include updates to guest rooms, public spaces and the exterior of the hotel. Hotel amenities include 12,235 square feet of meeting space, a lounge, fitness center, business center and Redfield’s Restaurant.

Richfield Hospitality, Inc. is a leading hotel management company with a premier track record of maximizing profitability and improving asset values for hotel owners. Richfield and its affiliates offer proven solutions and expertise to approximately 500 hotels and resorts.

 Based in Denver, Richfield is part of City Developments Limited, one of the world's largest real estate, hotel investment and technology conglomerates with a market capitalization exceeding US$6 billion. www.richfield.com.

Shelbourne Falcon Investors is a joint venture partnership between Shelbourne Capital (www.shelbournecap.com) of Radnor, Pennsylvania, and Falcon Investors (www.falconinvestors.com) of Harrison, New York.

Shelbourne Falcon Investors specializes in hospitality-sector real estate investments across the United States.

Contact:

Jay B. Marshall, HFF Senior Managing Director, (212) 245-2425, jmarshall@hfflp.com
Brian G. Carlton, HFF Director, (214) 265-0880, bcarlton@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Sale of Washington Harbour in Washington, D.C. closed by HFF

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.)has closed the sale of Washington Harbour, (top centered photo)  a Class A, two-building mixed-use development on the Potomac River in Washington, D.C.

The HFF investment sales team was led by executive managing director Stephen Conley,(top right photo)  managing director Andrew Weir (top left photo)  and director Elizabeth Taylor Johnston. Rockpoint Group and MRP Realty purchased the property free and clear of debt.

Located at 3000 and 3050 K Street NW, Washington Harbour is situated directly on the Potomac River in the Georgetown submarket of Washington, D.C.

The property includes two towers totaling 532,601 square feet; 456,376 of office space and 76,225 square feet of retail space.

Washington Harbour is 86% leased to more than 20 tenants, the largest of which are law firms Foley & Lardner and Kelley Drye & Warren. On-site amenities include a two-story, 489-space underground parking garage and a fitness center.

“The sale of Washington Harbour is the largest investment sale transaction this year for HFF D.C. and clearly demonstrates that there are buyers out there for properties with the right combination of tenancy, location and amenities,” said Conley.

“Washington Harbour is the only office building in downtown Washington, D.C. that has direct access to the Potomac River,” added Weir. “As a result, it has become a destination for residents and tourists seeking riverfront dining as well as office tenants seeking a location with unparalleled views of downtown in a vibrant, amenity-rich environment.”

Rockpoint Group, L.L.C. is a global real estate investment management firm with offices located in the U.S., Europe and Asia.

Rockpoint targets a broad range of real-estate related investments across all asset classes and geographic regions, with particular focus on value creation and distressed/restructuring opportunities. The firm invests primarily on behalf of public and private pension funds, endowments and financial institutions.

MRP Realty is a strategic real estate development and investment firm with projects active throughout the Washington, D.C. metropolitan area. The management team includes some of the region's most experienced real estate executives, with a track record of over 17 million square feet of development at a total capitalization in excess of $3 billion.

Contacts:

Stephen C. Conley, HFF Executive Managing Director, (202) 533-2500, sconley@hfflp.com
 Andrew M. Weir, HFF Managing Director, (202) 533-2500, aweir@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF closes $14.2M sale of biotech building in Maryland’s DNA Alley

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today the sale of 50 West Watkins Mill Road, (bottom right photo)  a 57,410-square-foot biotech building in Gaithersburg, Maryland.

HFF senior managing directors Jim Meisel (top right photo)  and Dek Potts (middle left photo)  and senior real estate analyst Jimmy Barter led the investment sales team on behalf of the seller, Moore & Associates, Inc.

BioMed Realty Trust purchased the property for $14.2 million all cash. HFF sold the adjacent property, 55 and 65 West Watkins Mill Road to BioMed in February 2010, and most recently represented BioMed in their purchase of the Venter Institute in Rockville, Maryland.

Located within the Bennington Corporate Center, 50 West Watkins Mill Road is located in the Interstate 270 corridor, more commonly known as “DNA Alley” in Gaithersburg. The property is fully leased to GeneLogic, a subsidiary of Ocimum Biosolutions.

“This sale made sense for Moore & Associates, Inc., given they sold the neighboring property, 30 West Watkins Mill Road, several years ago,” said Meisel. “BioMed has been active in acquiring biotech buildings in the I-270 corridor and this purchase of yet another outstanding Class A property fits well in their portfolio of Maryland assets.”

BioMed Realty Trust, Inc. is a real estate investment trust (REIT) focused on Providing Real Estate to the Life Science Industry®. BioMed acquires, develops, owns and operates laboratory and office space.

Contacts:

James A. Meisel, HFF Senior Managing Director(202) 533-2500, jmeisel@hfflp.com
 Stephen 'Dek" Potts, HFF Senior Managing Director, (202) 533-2500, dpotts@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

$118M sale of trophy residential tower in Arlington, VA completed by HFF

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of The Palatine, (top left photo) a 262-unit, Class A high-rise multi-housing community in Arlington, Virginia.

The HFF investment sales team was led by managing director Dave Nachison (middle right photo) and director Alan Davis (middle left photo) .

HFF was engaged by the lenders to market the property for sale during the pendency of the foreclosure process in the expectation that the price for the property would be maximized through a foreclosure auction.

Crescent Heights of America was the successful bidder at the foreclosure auction and purchased the property for $118 million.

Completed in 2008, The Palatine includes a mix of one-, two- and three-bedroom units that average 1,055 square feet each and feature condominium quality finishes and spectacular D.C. and monument views.

Building amenities include a rooftop pool with sundeck, fitness center, Zen garden, 24-hour business center, bicycle storage and controlled access garage parking.

The Palatine is located at 1301 North Troy Street in the Rosslyn-Ballston corridor of Arlington, Virginia two blocks from the Courthouse Metrorail station and minutes from downtown Washington, D.C.

“The Palatine was 95% occupied at closing in what is quickly becoming one of the tightest apartment submarkets in the entire metro D.C. area. All recently delivered apartment supply has been quickly absorbed and leasing concessions are rapidly being reduced by landlords in the area,” said Nachison.

"Despite being held in the middle of a blizzard among bidders that were required to bring $9 million in certified funds to be qualified to bid, the open auction-style offering of the Palatine garnered a very strong response from institutional, off-shore and private equity investors.

 The success of this offering illustrates the depth of capital aggressively seeking trophy quality multi-housing product locally and nationally," added Nachison.
"Washington, D.C. (Capitol building bottom right photo)  remains the #1 target for multi-housing investments with investors recognizing the nation leading fundamentals and the excellent prospects for near-term job growth," commented Davis.

Crescent Heights of America is one of the nation’s largest developers and marketers of high-rise, multifamily housing and hotels.

The company’s premier properties stretch from New York to Los Angeles, from Miami to Chicago, and points in between.

Crescent Heights prides itself at uncovering real estate trends, and knowing when and how to develop projects – from residential and hotel construction to redevelopment and adaptive re-use.

Contacts:

David R. Nachison, HFF Managing Director, (202) 533-2500, dnachison@hfflp.com
 Alan M. Davis, HFF Director, (202) 533-2500, adavis@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com