HFF closes $48.25 million sale of 7-building light industrial park in Memphis, TN

Century Center Business Park, Century Center Parkway, Memphis, TN

Marty Busekrus

MIAMI, FL, Jan. 6, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed on the sale of Century Center Business Park, a seven-building, light industrial business park totaling 520,052 square feet in northeast Memphis, Tennessee.  

HFF marketed the property on behalf of the seller, GID Investment Advisers (GID), led by GID Vice President Rich Sullivan, who oversaw the asset throughout GID’s successful 10-year investment period.  

Taurus Investment Holdings, LLC purchased the park.  Cushman and Wakefield/Commercial Advisors will retain leasing and management for Century Center Business Park.

Situated on 50 continuous acres, Century Center Business Park is located off of Interstate 40, one of the most travelled interstates in the U.S., at 1590, 1600, 1610, 1620, 1640, 1670 and 1680 Century Center Parkway.  

Memphis is regarded as the “North American Distribution Center” since the city is the world headquarters for FedEx, which uses Memphis International Airport as its distribution hub, in addition to its centralized location; rail access and its proximity to the Mississippi River. 

Century Center Business Park has a mix of four industrial buildings with 22’ to 24’ clear heights and three office buildings.  Major tenant uses include pharmaceutical, hospital, advertising and distribution. 

Pat Sullivan

The HFF team representing the seller was led by director Marty Busekrus and managing director Pat Sullivan.

“The Memphis industrial sector came alive in 2015, absorbing more than eight million square feet, which is more than the three previous years combined,” Busekrus said. 

“The absorption was 3.4 percent of existing stock, which is the highest in the Southeast.  Century Center Business Park is an incredible park with a unique story and one of the strongest tenant bases in the Memphis area.”

“We are pleased to have made our third investment in the Memphis market with the acquisition of Century Center Business Park,” Peter A. Merrigan, CEO of Taurus Investment Holdings LLC, said. 

“The strong tenancy and continued growth within the park and in the Memphis market as a whole provided a compelling investment opportunity for Taurus and its investors.  We look forward to continued growth in this market sector in the years to come.”

For a complete copy of the company’s news release, please contact:

 Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

www.tiholdings.com

www.gid.com.

HFF secures $11.6 million refinancing for The Q in San Diego’s Little Italy neighborhood

The Q Development, Little Italy Neighborhood, San Diego, CA

 

Aldon Cole

SAN DIEGO, CA, Jan. 6, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured an $11.6 million refinancing for The Q, a seven-story, 36,794-square-foot, mixed-use residential and retail development in downtown San Diego’s Little Italy neighborhood.

HFF worked on behalf of the borrower and developer, Jonathan Segal FAIA & Development Company, in arranging the 20-year, fixed rate, non-recourse, 4.61 percent refinancing with five years of interest only payments, followed by a 35-year amortization through one of HFF’s correspondent life company lenders, 

AEGON Realty Advisors, LLC, a commercial real estate investment and management arm of Aegon Asset Management.  HFF will service the loan.

  

The Q, designed and developed by the borrower, renowned San Diego architect and developer Jonathan Segal, was delivered in 2010 and features 28 luxury apartment units and five ground floor retail/office units leased to local eateries Underbelly, Monello, Bencotto and Influx. 

The residential units range from studio to two-bedroom/two-bath units averaging 991 square feet each.  Units feature floor-to-ceiling glass providing views of downtown San Diego and the bay.  

Jonathan Segal

The Q’s location in the heart of Little Italy provides residents with plentiful area amenities including restaurants, pubs, cafes, art galleries, shops and hotels all surrounding Amici Park.  

The property has easy access to both the Pacific Coast Highway and Interstate 5 providing access to the greater San Diego and Southern California area.

HFF’s debt placement team representing the borrower was led by senior managing director Aldon Cole..

For a complete copy of the company’s news release, please contact:

 Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

Crossman & Co. Negotiates 10 New Leases at Shopping Centers in Manatee and Sarasota Counties, FL

Tracy Worell

BRADENTON, FL and SARASOTA, FL --- Crossman & Company, one of the largest retail leasing, management and investment sales firms in the Southeast, recently negotiated leases for more than 25,500 square feet with 10 new tenants at seven shopping centers in Manatee and Sarasota counties.  

Senior Associate Tracy Worell negotiated the largest new lease at West Gate shopping center 4001 Manatee Avenue West in Bradenton.  Anytime Fitness leased 10,075 square feet and brought the 114,094 square foot center to 100 percent leased.   

In Parrish at 1255 US 301 North at The Shops at Silverleaf anchored by Publix, Worrell negotiated two new leases--one for 1,400 square feet with Dr. Nina’s Vet Hospital and another for 2,450 square feet with Calavera Taqueria, a new restaurant concept opening in the new year, and their lease brought this center to 100 percent leased.  

                  

Crossman & Company Senior Associate Sandra Woodworth leased 1,750 square feet to Paladar Tastes of Cuba at Bradenton’s Lakewood Ranch Publix-anchored center at 11205 E. SR 70, and in the Lakewood Ranch Publix-anchored center at 8330 Market St.,Woodworth leased 2,400 square feet to Brain Balance Center of Lakewood Ranch a franchise offering programs that address academic and behavioral issues.

Sandra Woodworth

 In Sarasota in the Publix at Bee Ridge shopping center, 8300 Bee Ridge Rd., Woodworth leased two 1,400 square foot retail suites–one to Elizabeth Viktoria Salon and another to UPS.

Worrell negotiated two leases with two healthcare tenants at University Walk in Sarasota–one space with 1,750 square feet is for a new Florida Medical Hearing Center at 2807 University Parkway, and at 2827 University Parkway 1,734 square feet was leased to Optical Outlets. 

At Paradise Plaza, Worrell negotiated a lease with Chicken Kitchen for 1,225 square feet. The restaurant will open in 2016 at the Publix-anchored center located at Bee Ridge and US 41–one of the busiest intersections in Sarasota. 

The second Sarasota location for Chicken Kitchen joins Pier One and Salon Lofts as junior anchors at the center which is currently 96.31 percent leased.

For a complete copy of the company’s news release, please contact:

Beth Payan, Larry Vershel Communications, 407-644 4142 or 407-461 3781 lvershelco@aol.com

Crossman & Co. negotiates Eight long term leases, maintaining 98-100 percent Occupancy at Four Orlando, FL Commercial Centers

 

Tyler Wilkins

ORLANDO, FL – Tyler Wilkins of Crossman & Company, one of the largest retail leasing, management and investment sales firms in the Southeast, recently negotiated eight long-term leases at Orlando commercial centers where 98 to 100 percent occupancy has been maintained through 2015. 

  Wilkins represented the Orlando-based landlords at the centers which include:

• Belle Isle Commons at 5126 S. Conway Rd. where Tennessee-based Dollar General renewed the lease of 11,050 square feet;  
• Seattle-based Starbucks renewed the lease of 1,750 square feet; 
• Urban Bella Salon  renewed the lease of 1,073 square feet and California-based Boost Mobile signed a new lease for 900 square feet;   

 ·     Orange Avenue Commons, where Quality Nails renewed their 1,226 square feet; 

·     Goldenrod Plaza where Perkins Karate expanded into a 2,000 square foot space; and 

·     532 Virginia Drive, a freestanding medical office building in the heart of the up-and-coming Ivanhoe Village Arts District, where Loch Haven Veterinary Hospital leased 3,200 square feet.

  

For a complete copy of the company’s news release, please contact:

Beth Payan, Larry Vershel Communications, 407-644 4142 or 407-461 3781 lvershelco@aol.com

NAI Realvest Negotiates Acquisition of 6.43 acre development parcel on US 1 in Ormond Beach, FL for $812,500

Chris Butera

ORMOND BEACH, FL – NAI Realvest recently negotiated the acquisition of a 6.43-acre parcel of retail development land at 1670 N. US 1 in Ormond Beach.

Chris Butera, investment associate at NAI Realvest covering Volusia and Flagler counties, negotiated the transaction representing the buyer, Destination Interchange LLC who paid $812,500.00 for the land.

The local seller GTMDPP, LLC, was represented by Tim Carroll of Watson Commercial Realty, Inc.

For a complete copy of the company’s news release, please contact:

Beth Payan, Larry Vershel Communications, 407-644 4142 or 407-461 3781 lvershelco@aol.com

Crossman & Co. negotiates $4.4 Million Sale of Publix Anchored Shopping Center in Ocala, FL

Pearl Britain Plaza, Ocala, FL

Mark Thompson

ORLANDO, FL --- Mark Thompson, managing director at Crossman & Company one of the largest retail leasing, management and investment sales firms in the Southeast, recently negotiated the sale of Pearl Britain Plaza in northeast Ocala.

Thompson, who represented the Seller Pearl Britain Development of Troy, MI, said the 82,216 square foot Publix-anchored center and its 18.5-acre site, was sold to a private investor out of Coral Gables for $4,436,300.

“This was a unique value-added Publix with 70 percent vacancy in the shop space.  Our campaign process generated over 100 authorized confidentiality agreements and several offers for the property,” said Thompson.  “A private investor from South Florida delivered a non-refundable day-one offer to close the deal.”

Pearl Britain Plaza is one of three shopping centers Thompson sold over the past 60 days in Central Florida totaling more than $11.88 million and 150,000 square feet.  The 21,600 square foot Publix Shadow, Shoppes at Andover in Orlando was sold for $4,900,000 and the 46,177 square foot Plaza Del Sol on SR 434 in Longwood sold for $2,550,000. 

For a complete copy of the company’s news release, please contact:

Beth Payan, Larry Vershel Communications, 407-644 4142 or 407-461 3781 lvershelco@aol.com

Newly Formed Core5 Industrial Partners Announces Company Growth; Plans Core5 Logistics Center at Shugart Farms as First Development to Hit Market in Atlanta, GA

Linda Booker

ATLANTA, GA, Jan.  5, 2016 – Three veteran industrial real estate professionals, in conjunction with Kaiima USA Group, announced the formation of Core5 Industrial Partners, a real estate property company focused on development and acquisition of Class A industrial properties.

 The company has commenced development in Atlanta with plans to expand to all of the key logistics markets throughout the US over the next three years.

Kajima USA stepped forward in 2015 to capitalize the company with a leadership team from previous employees of its successful industrial company, IDI, which developed over 175 million-square-feet of Class A properties over a 25 year period prior to selling the company in October 2013.

 Leading Core5’s efforts are Tim Gunter as President and CEO, Linda Booker as CFO and Lisa Ward as Senior Vice President and Managing Director.

The 175 year-old Japanese powerhouse, Kajima Corporation, owns Kajima USA which offers real estate development services, along with architectural, engineering and construction services through a national network of specialized companies in the US. Representing Kajima’s industrial real estate investment, Core5 focuses on development and acquisition of Class A industrial properties throughout the United States.

Lisa Ward

To take advantage of the financial strength of its parent, Core5 plans to finance most deals on its balance sheet and to have a substantial equity commitment in the products it develops. Core5 also plans to co-invest with other financial partners as well to grow its platform nationally.

”The US market continues to offer significant opportunities for accretive development  and we have considerable capital resources to finance deals that take advantage of attractive market conditions, said Gunter, President and CEO for Core5. 

“We’ve been evaluating several markets and specific opportunities and our pipeline is robust going into 2016. We feel good about where we are going.”

Core5 Logistics Center at Shugart Farms, the company’s initial development, is already under construction with a 873,800 square foot state-of-the-art industrial facility, located in the I-85 South/Airport market in Fairburn, Georgia, just south of Atlanta’s city center less than 10 miles from Hartsfield Jackson International Airport.

 The Airport Submarket has been the most active submarket in Metro Atlanta, landing several Fortune 500 companies for largescale distribution and e-commerce fulfillment center over the last year. 

The new facility, with anticipated delivery in 3Q 2016, will offer all the key elements desired by end-users including:  36’ clear height, significant trailer and auto parking, immediate access to key supply chain infrastructure, an outstanding labor pool from which to draw employees along with close proximity to rooftops of Metro Atlanta. Core5 Industrial Partners selected SunTrust as its financing partner for the project.

Tim Gunter

“We’re in a position to have a very active year in 2016, said Core5’s Ward, Senior Vice President and Managing Director overseeing development and acquisition activities in the southeastern United States.

“We’re excited about the new product coming out of the ground in Atlanta while at the same time, equally motivated to break into other key logistic markets in the US.

" For 2016, Core5 has identified approximately 5 million square feet of anticipated development starts in Metro Atlanta and three additional key logistics markets. The future for Core5 looks very bright.”

Core5 Industrial Partners is an industrial real estate property company with expertise in development and acquisition of inventory and build-to-suit facilities of Class A industrial properties.

Headquartered in Atlanta, Georgia, Core5, named for its five core business principles, was capitalized in 2015 by Kajima USA Group, whose $2 billion industrial holdings were sold in 2013. With current activity in Atlanta, Georgia, Core5 expansion plans include the key logistic hubs throughout the US.

 For more information on Core5 Industrial Partners, visit www.c5ip.com.

For a complete copy of the company’s news release, please contact:

Lisa Ward

Core5 Industrial Partners

404-262-5430

lward@c5ip.com

NAI Realvest Completes Central Florida Seven Office Lease Agreements within 60 days for nearly 15,000 rentable square feet in Lake Mary, Winter Springs and the UCF area

Mary Frances West

ORLANDO, FL --- Mary Frances West, CCIM Vice President at NAI Realvest negotiated seven leases within the past 60 days for a total of 14,982 rentable square feet of office space in Lake Mary and Winter Springs in Seminole County, and in the UCF area of East Orange County.

West represented Landlord RREF Interchange-FL Primera II, LLC of Daytona Beach in a new lease agreement with Ajax Building Corporation of Altamonte Springs.  The tenant, a construction management firm, leased 1,408 square feet at 735 Primera Blvd. in Primera Court II. 

  At the same class A office building, West negotiated two lease renewals with existing tenants each occupying 1,380 square feet – Carrington Mortgage Services, LLC headquartered in Santa Ana, Calif. and Lake Mary-based Target Engineering.

In Winter Springs, West represented the tenant, Kenosha, Wis.-based Snap-On Tools Company in a lease renewal and expansion for a total of 3,140 square feet in the Vistawilla Office Center located at 1511 E. SR 434.

West negotiated two leases at University Court located at 3361 Rouse Rd. in East Orlando’s UCF area representing the landlord Interchange-FL Rouse, LLC of Daytona Beach.  

Monica Wonus

Melbourne-based Florida Today, a division of the Courier Journal, Inc. leased 1,122 square feet at the office building, and was represented in the negotiations by Monica Wonus and Allison Wong of CBRE.

  In addition, Regional Acceptance Corporation renewed the lease of their space containing 2,670 square feet.  

Finally, West negotiated a renewal lease with ESP Management of Florida, Inc. who occupies 3,882 square feet at University Court.

   For a complete copy of the company’s news release, please contact:

Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

MBA Releases Q3 2015 Commercial/Multifamily Databook; MBA—CREF Expo Jan. 31-Feb. 3 in Orlando, FL

Kareem Abdul-Jabar

WASHINGTON, DC -- The Mortgage Bankers Association (MBA) today released its Third Quarter 2015 Commercial/Multifamily Databook. You can download the entire Databook here.

Don't forget to register now to cover MBA's CREF/Multifamily Housing Convention and Expo 2016

MBA’s CREF/Multifamily Housing Convention and Expo is the signature event for commercial real estate finance and multifamily housing professionals.  For four days, professionals will network, provide economic and regulatory updates, and share tips for success in the marketplace.

 Attendees will enjoy a comprehensive industry outlook with several session topics and speakers.  It is truly designed for anyone involved or interested in commercial and multifamily real estate finance. 

Speakers Include:

·     Bill Emerson, 2016 MBA Chairman; CEO, Quicken Loans, Inc.

·     David H. Stevens, CMB, MBA’s President and CEO

·     Kareem Abdul-Jabar, NBA Hall of Famer, Time Magazine and Washington Post columnist

·     Robert M. Stout, CRI, Chair, COMBOG 2016; President and CEO, Q10 Capital LLC

·     Michael Fratantoni, MBA’s Chief Economist and Senior Vice President of Research and Industry Technology

·     Jamie Woodwell, MBA’s Vice President of Commercial and Multifamily Research

·     Christopher, LaBianca, Managing Director, Head of Origination, UBS Real Estate Finance

·     Angela Mago, Executive Vice President, KeyBank, Real Estate Capital

·     David M. Durning, President and CEO, Prudential Mortgage Capital Company

·     Howard W. Smith, III, President, Walker & Dunlop, LLC

·     Thomas D. Dennard, Chairman and CEO, Grandbridge Real Estate Capital LLC

·     Rocco Mandala, Executive Vice President, CBRE Capital Markets

·     Victor Calanog, Ph.D., Chief Economist and Senior Vice President, Reis, Inc.

·     Jim Costello, Senior Vice President, Real Capital Analytics

Angela Mago

Session Topics Include:

CRE Lending- Steady As it Goes or a Brace New World?

Property Market Conditions and Outlook

The Economic and Market Outlook for 2016

2016 Elections and CRE Finance

Navigating the Regulatory Landscape

FHA Multifamily New Policies and Programs

Small Balance Lending

WHEN: January 31 – February 3, 2016

WHERE: The Hyatt Regency Orlando, 9801 International Drive, Orlando, FL 32819

CONTACT: All conference events are open to the media, except for any event otherwise mentioned on the convention program.  Credentials must be obtained in advance.  Please contact Ali Ahmad at aahmad@mba.org or (202) 557-2727 for more information or to register.  To visit the Conference website, click here.

 For a complete copy of the company’s news release, please contact:

Ali Ahmad

aahmad@mba.org

(202) 557-2727

HC Real Estate Capital Arranges $13.6MM Bridge Financing for Retail Center in Huntsville, AL

  

University Place Shopping Center, Huntsville, AL

Chris Caveglia

Huntsville, AL, Jan. 5, 2016 -- Chris Caveglia and Kurt Hoffmann of HC Real Estate Capital have arranged $13,600,000 in bridge financings for University Place Shopping Center located in Huntsville, AL.

  Financing was arranged through an institutional bridge lender with a 3-year term at a competitive interest rate.  University Place is a 168,212 square foot community center built in 1989 and is situated on 21.74 acres.    

The tenant mix is made up of both national and local tenants including:  Panda Express, Cheddar’s, Zaxby’s, 24 E Health Club, Nothing But Noodles, T-Mobile and Subway.

Chris Caveglia, Principal at HC Real Estate Capital states, “University Place Shopping Center is located on the heavily traveled University Drive with over 68,000 cars per day and is in close proximity to Cummings Research Park, the second largest research park in the nation and the fourth largest in the world.” 

Kurt Hoffmann

Caveglia also went on to say, “This loan will provide the borrower the opportunity to carry out their plan to renovate the center and lease up the vacancy. “

HC Real Estate Capital, LLC is a privately owned mortgage-banking firm founded by Kurt Hoffmann and Chris Caveglia with a history of reliability, flexibility and quality customer service.

Based in Delray Beach, Florida, HC Real Estate Capital arranges permanent commercial and multifamily real estate loans. 

The company has a broad capital provider base that includes insurance companies, CMBS lenders, pension fund advisors, and commercial banks as well as a proprietary lending platform.

For a complete copy of the company’s news release, please contact:

Chris Caveglia

HC Real Estate Capital, LLC

660 Linton Blvd. Ste 200 EX5

Delray Beach, FL 33444

Direct: 561-266-3273

Mobile: 561-376-3176

ccaveglia@hcrecapital.com

www.HCREcapital.com

REVA Development Partners Announces VIP List to Serve High Demand for Luxury Rental Community Residences of Orland Park Crossing in Orland Park, IL

 

Matt Nix

 CHICAGO, IL  (Jan. 4, 2016) — Renters interested in leasing at The Residences of Orland Park Crossing, a new luxury rental community currently under construction in Orland Park, can now join a VIP List set up by developer REVA Partners and management firm Kinzie Property Management.

By joining the VIP list at www.opcliving.com, renters will be the first to receive information about pricing, incentives and pre-leasing, which will begin in January. First move-ins for rowhomes are expected in late January while first apartment and townhome buildings will deliver in March.

“We are very excited to play such an important role in the ongoing evolution of the Orland Park community,” says Matt Nix, principal of REVA Development. “There is tremendous demand in this area for living space that mixes all-out convenience with high-quality livability and that’s exactly what we’re building in to every unit in the community.”

For a complete copy of the company’s news release, please contact:

Vanessa Irving virivng@taylorjohnson.com, 312.267.4525

Kim Manning, kmanning@taylorjohnson.com, 312.267.4527

Chatham Lodging Trust Announces Special Dividend on Sale of Joint Venture

Dennis Craven

PALM BEACH, FL, Jan. 4, 2016—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium branded, select-service hotels, today announced a joint venture comprised of affiliates of Cerberus Capital Management LP and Chatham sold its interests in the Residence Inn by Marriott Torrance, Calif.

Chatham realized a gain on the sale of approximately $3.6 million, subject to certain minor post-closing settlements. 

Following the transaction’s consummation, Chatham’s board of trustees declared a special, one-time common dividend of $0.08 per share that will be treated as received by shareholders for tax purposes in 2016, but will be applied by Chatham against its 2015 taxable income. Chatham owned a five percent interest in the joint venture.

“Since April 2013, we invested $1.6 million into the partnership that acquired the Residence Inn Torrance, Calif., re-developed the gatehouse into a state-of-the-art facility and significantly enhanced occupancy and room rate. The sale generated a sizable gain on our investment due to our promoted interest in the joint venture,” highlighted Dennis Craven, Chatham’s chief operating officer.

Residence Inn by Marriott Torrance CA

“This was a highly successful investment, realizing an internal rate of return of almost 100 percent and unlocking value for our shareholders through the monetization of our minority investment.

“Our intention is to pay-out 100 percent of our taxable income via dividends, and this special dividend rewards our shareholders after another great investment.”

The special dividend is payable January 29, 2016, to shareholders of record on January 15, 2016.

For a complete copy of the company’s news release, please contact:

Patrick Daly

Account Executive

 Daly Gray, Inc.

620 Herndon Parkway

Suite 115

Herndon, VA 20170

 (703) 435-6293 (office)

patrick@dalygray.com

HFF closes $22.425 million sale of and arranges $15.5 million financing for mixed-use creative tech building in Seattle’s Pioneer Square submarket

Olympic Block Building, Pioneer Square submarket, Seattle, WA

 

Nick Kucha

PORTLAND, OR. Jan.  4, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and arranged financing for Olympic Block Building, a 70,796-square-foot, mixed-use, creative tech building in Seattle’s Pioneer Square submarket. 

HFF marketed the property on behalf of the seller, LPC Realty Advisors I, LP, an affiliate of Lincoln Property Company, on behalf of a pension fund client.  Brickman purchased the asset for $22.425 million.  Additionally, HFF assisted the new owner in securing a $15.5 million, 36-month, fixed-rate acquisition loan by Natixis Real Estate Capital LLC.

The Olympic Block Building is situated on Pioneer Square’s 50-yard line at the intersection of Yesler Way and 1st Avenue South.  This location sees more than 20,000 vehicles and 3,000 pedestrians per day, and is two blocks from Sound Transit’s Pioneer Square station.

 The 70,796 square feet in the offering was spread amongst the first six floors of The Olympic Building and the connected Lippy Building (circa 1890’s) and includes ground floor retail and technology-oriented office space.  

The property also features 22 subterranean parking spaces and 18 residential units on floors seven through nine (residential units are not part of the offering).

HFF’s investment sales team representing the seller was led by managing director Nick Kucha and senior managing director Todd Tydlaska.

HFF’s debt placement team representing the borrower was led by managing director Casey Davidson and senior managing director Paul Brindley.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

HFF closes sale of Rincon Center in North San Jose, CA

Steve Golubchik

SAN FRANCISCO, CA. Jan. 4, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Rincon Center, a two-building, 156,094-square-foot, Class A office/R&D campus in North San Jose, California. 

HFF represented the seller, an entity owned by certain funds managed by Westport Capital Partners LLC, in the transaction. 

Rincon Center consists of 1010-1020 and 1060 Rincon Circle, which are situated on an 8.31-acre site, fronting Interstate 880 and Montague Expressway in the Silicon Valley area of North San Jose.

 This location places the asset within minutes of San Jose International Airport, Levi’s Stadium, downtown San Jose and Santa Clara City Center.  

The property is served by the VTA bus lines and Light Rail with connections to the ACE, Caltrain and Amtrak commuter rail lines and the future Milpitas BART station opening in 2017-2018. 1010-1020 Rincon Circle is a 90,871-square-foot building that is fully leased to Quanta Computer.

 The 65,223-square-foot 1060 Rincon Circle is fully leased to CSR (acquired by Qualcomm in 2014).  The two-story properties were both recently renovated and share 556 parking spaces on site.

HFF’s investment sales team representing the seller was led by senior managing director and co-head of HFF’s San Francisco office, Steven Golubchik and director Ben Bullock.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

www.westportcp.com.

HFF arranges $60.74 million acquisition financing for Galleria Place in Houston, TX

 

Galleria Place, Houston, TX

HOUSTON, TX, Jan. 4, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $60.74 million in post-closing acquisition financing for Galleria Place, two Class A office buildings totaling 401,000 square feet plus a stand-alone retail site across from the Galleria Mall in Houston, Texas.

Working on behalf of the borrower, LPC Realty Advisors I, LP, an affiliate of Lincoln Property Company, on behalf of a pension fund client,

Susan Hill

 HFF placed the three-year, floating-rate, interest-only loan with ACORE Capital.  HFF also arranged the sale of the property earlier in 2015.

Galleria Place consists of Galleria Place I (5251 Westheimer), an 11-story, 217,006-square-foot office building; Galleria Place II (5333 Westheimer), a 10-story, 178,468-square-foot office building; Sage Plaza, a 5,797-square-foot retail building fully leased to a local high-end salon and tailor; Regions Bank, a single-story bank branch and drive-thru connected to Galleria Place I and included in its square footage; and two parking garages with 1,361 spaces.

  Galleria Place is 53 percent leased to tenants including Just Energy and IHS.  The properties occupy six acres bounded by Sage and Westheimer Roads and West Alabama Street directly across from the Houston Galleria, Houston’s premier destination for shopping and dining. 

HFF’s debt placement team representing the borrower was led by senior managing director Susan Hill.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

www.acorecapital.com.