HFF closes sale of multiple-anchor community shopping center in northern New Jersey

  

Essex Green Shopping Center 295 Prospect Avenue, West Orange, NJ

Jose Cruz

FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Essex Green, a 350,000-square-foot community shopping center located in the northern New Jersey community of West Orange, New Jersey.

FF marketed the property on behalf of the seller, a global investment manager.  Clarion Partners purchased the asset free and clear of existing debt in a highly-competitive process on behalf of a commingled fund.   According to HFF, this is one of the largest retail sales in New Jersey in the last two years.

Essex Green Shopping Center is the largest community shopping center in Essex County.  Ninety-six percent leased at the time of closing, the center has a mix of national, regional and local tenants, including ShopRite, Macy’s Backstage, a nine-screen AMC Theatre with dine-in service, Total Wine & More, Sears Appliance/Outlet, Petco, TGI Fridays, Panera Bread, GameStop and GNC. 

Situated on 33.38 acres at 295 Prospect Avenue, the six-building Essex Green Shopping Center is positioned at the corner of Prospect and Rooney Circle directly off a four-way interchange with Interstate 280 (Essex Freeway).

Kevin O'Hearn

 One of the most affluent parts of the state, the area is commonly referred to as “Suburban Essex” and includes the communities of Livingston, Milburn/Short Hills, Essex Fells, Glen Ridge, Montclair, Verona and Maplewood.

The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn and associate director Stephen Simonelli and supported by senior managing director Andrew Scandalios and managing director Chris Munley.

“Essex Green was very highly sought after, given the record grocery sales at the property combined with the upside of the available space,” Cruz said.  

“Grocery-anchored retail remains very high on institutional investors’ lists of asset classes that they need for their funds.  I will also say that we had a significant amount of private buyers show up for this offering.”

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

Kristen M. Murphy

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.clarionpartners.com.

HFF arranges joint venture and financing for Laguna Hills, CA medical office building acquisition

Saddleback Valley Medical Center, Laguna Hills, CA

Todd Sugimoto

LOS ANGELES, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a joint venture and financing for the acquisition of Saddleback Valley Medical Center, a 135,904-square-foot medical office property on the campus of Saddleback Memorial Medical Center in Laguna Hills, California.

        

HFF arranged the joint venture between Greenlaw Partners and a fund advised by UBS Realty Investors LLC, who together acquired the asset for $34.5 million.  Additionally, HFF worked on behalf of the joint venture to secure the floating-rate acquisition loan through a regional bank.   

          

Saddleback Valley Medical Center is situated on a 2.6-acre site at 23961 Calle de la Magdalena, on the campus of the Saddleback Memorial Medical Center, which was voted the #1 Hospital in Orange County in 2014 in the Orange County Register’s “Best of Orange County”.

 The five-story property borders Laguna Woods Village, a 3,500-acre independent living, 55+ community and is less than a half of a mile from the San Diego Freeway.  Saddleback Valley Medical Center was most recently renovated in 2014 and is currently undergoing lease-up.

 Greenlaw and UBS plan to build upon their experience in the local market and invest capital into the building to solidify Saddleback Valley Medical Center as one of the premier medical office buildings in the greater Orange County market.

The HFF team representing Greenlaw Partners was led by managing director Todd Sugimoto and associate director Jeff Sause.

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

Kristen M. Murphy

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.ubs.com/realestateAbout.

HFF hires Brent Bowman as a director in its Carolinas office

 

Travis Anderson

CHARLOTTE, NC  -– Holliday Fenoglio Fowler, L.P. (HFF) announced Brent Bowman has joined its Carolinas office as a director focused on debt and equity placement transactions in the Southeast and Mid-Atlantic region. 

Mr. Bowman has more than 15 years of real estate finance experience and joins HFF from Bank of America Merrill Lynch in Charlotte where he was a director in its real estate corporate banking division.

 In this role, he managed a portfolio of more than 35 national real estate and lodging clients ranging from private equity fund sponsors to global hotel managers.

 Previously, Mr. Bowman was a vice president in the real estate syndicated finance division of Banc of America Securities where he originated and executed real estate debt financings across all levels of the capital structure.

“Since opening the Carolinas office in July 2014, we are purposely building out each line of business and property specialty,"  commented Travis Anderson, co-head of the HFF Carolinas office.  

 “The addition of Brent allows us to expand upon our debt and equity capabilities for our current and future clients across the southeast and particularly in the REIT and private equity realm, where he has cultivated extensive relationships, We’re excited to have Brent join our team and look forward to his contributions to the firm.”

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

Kristen M. Murphy

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

Strand Hospitality Services Assumes Management of the Courtyard by Marriott Columbus West in Ohio

Andrew Pace

Columbus, OH,  March 9, 2016 – Strand Hospitality Services, a leading provider of hospitality operations, consulting and advisory services, today announced that it has assumed management of the Courtyard by Marriott Columbus West. 

Located at 2350 Westbelt Drive in Ohio, the hotel will undergo a complete $3 million guest-rooms renovation in 2016 and will remain open during the progress.

Ideally situated off Interstate 70 and 270, the Courtyard by Marriott Columbus West is located just minutes from downtown Columbus and Ohio State University, as well as other area attractions. 

The 150-room hotel boasts 8,790 sq. feet of meeting space between eight rooms.  The Grand Ballroom, the hotel’s largest venue, can accommodate up to 300 guests for weddings and other events. Personalized, onsite catering also is available. 

“Strand will work closely with owners, Conor Acquisitions of Fort Myers, Fla., to ensure that we build on the hotel’s current successes,” said Andrew Pace, senior vice president of Strand Hospitality.

 “Strand strategically has continued to expand our partnerships, management and franchising with Marriott International.  In addition to the Courtyard by Marriott Columbus West, Strand Hospitality will begin construction on four Marriott-branded hotels in 2016."

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

Chris Daly, media

(703) 435-6293

chris@dalygray.com

Passco Cos. Acquires Core 240-Unit Multifamily Asset in Prime Washington, DC Metro Area

The Shelby Apartments, Washington, DC

ALEXANDRIA, VA (March 9, 2016) – Passco Companies, LLC has acquired The Shelby, a core 240-unit multifamily community in the prime Washington D.C. metro area of Alexandria, Virginia for $69.5 million.

 The Class A property was completed in 2014 and is centrally located to provide unparalleled access to employment, retail and lifestyle amenities, according to Gary Goodman, Senior Vice President, Acquisitions at Passco Companies.

Gary Goodman

“The Washington D.C. metro is an investor’s dream,” says Goodman. “This area provides strong actual and anticipated job growth, high income levels, a dynamic infrastructure and a highly educated workforce, all of which will continue to drive demand for The Shelby over time.”

Goodman notes that the Washington D.C. metro leads the nation in jobs per capita, and is anticipated to add an additional 43,800 jobs per year through 2018.

 The average median household income for residents in the area is $107,000. In addition, the property is located within a half-mile radius of the Huntington metro station, Route 1 and Interstate 495.

“The tremendous ongoing growth throughout the region, coupled with the apartment community’s close proximity to major transit and employment hubs will continue to increase property value and drive up market rents over time,” says Goodman. “The result will be increased long-term cash flow and stronger returns.”

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

Lexi Astfalk / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

lastfalk@browermillercole.com

Jonathan Thiel Promoted to Senior Sales Associate at Berger Commercial Realty

  

Jonathan Thiel

FORT LAUDERDALE, FL (March 9, 2016) – Jonathan Thiel was recently promoted to senior sales associate at Berger Commercial Realty, a full service commercial real estate firm based in South Florida. Thiel joined the firm as a sales associate in 2012.

“Since joining the firm four years ago, Jonathan has certainly come into his own as a broker,” said Berger Commercial Realty President Lloyd Berger. “Always eager to learn from our more senior brokers, Jonathan’s dedication and enthusiasm have undoubtedly contributed to our firm’s success.”

Recognized as Berger Commercial Realty’s top broker under 30 in 2014, Thiel is a member of the South Florida Office Brokers Association, Young Professionals for Covenant House, Florida International University Alumni Association and St. Thomas Alumni Association. He holds a Bachelor of Science in hospitality management from Florida International University.

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

954-776-1999

Pierson Grant Public Relations

Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Marielle Sologuren, ext. 226, msologuren@piersongrant.com

Hold-Thyssen Negotiates Three Leases at Phillips Place, one for new Orlando, FL location of Global Marketing Firm

Darby Hold

ORLANDO, FL --- Hold-Thyssen, a real estate services firm headquartered in Winter Park, recently negotiated three leases 3,371 rentable square feet of professional office space at Phillips Place, 7575 Dr. Phillips Blvd. in Southwest Orlando. 

Darby Hold, transaction specialist for Hold-Thyssen, Inc. brokered the transactions on behalf of the Cincinnati, Ohio-based landlord, Financial Way Realty, Inc. 

Universal Network Unlimited relocated its headquarters from San Diego and leased 1,819 square feet at Phillips Place.  The new tenant is a worldwide marketing consultant specializing in the telecommunications industry for more than 20 years. 

Hold completed a lease renewal agreement with Real Estate Closing Solutions LLC, who occupies 961 square feet at Phillips Place and specializes in title insurance and escrow closing services.

Phillips Place, Southwest Orlando, FL

First Mover Finance & Development, LLC which specializes in Real Estate Investment and Development has renewed its lease of 591 square feet in the office building.

Hold-Thyssen, Inc. is the leasing and management representative for the 56,000 square foot Phillips Place.

The real estate services firm provides commercial property and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

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

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142 Lvershelco@aol.com.

HFF arranges $10.7 million refinancing for grocery-anchored retail center in suburban Philadelphia, PA

Lionville Shopping Center, 168 Eagleview Boulevard, Exton, PA

PHILADELPHIA, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $10.7 million refinancing for Lionville Shopping Center, a 93,161-square-foot, grocery-anchored shopping center in the Philadelphia suburb of Exton, Pennsylvania.

HFF worked on behalf of the borrower, Brandolini Companies, to secure the long-term, fixed-rate financing through an institutional lender in order to retire existing indebtedness. 

Ryan Ade

The 97-percent-leased Lionville Shopping Center is home to 15 tenants, including Giant Food Store, Carol’s Hallmark, Verizon Wireless, Subway, Wells Fargo Bank, Pet Valu and Sal’s Pizza & Italian Restaurant.

 The center is shadow-anchored by Target, Rite Aid and Wawa.  Located at 168 Eagleview Boulevard, Lionville Shopping Center is at the signalized intersection of Eagleview Boulevard and West Uwchlan Avenue (Philadelphia Route 113) in the Chester County submarket. 

The center is on the “going home” side of West Uwchlan, an almost 50-mile northeast-southwest highway that serves Chester, Montgomery and Bucks Counties.

The HFF team representing the borrower was led by managing director Ryan Ade. 

“Brandolini Companies engaged HFF on an exclusive basis in order to find the best available rate and terms for a maturing loan on Lionville Shopping Center,” Ade said.  “Lender interest in this financing of a well-located and market-leading grocery store was very high.”

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

Kristen M. Murphy

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.brandolinicompanies.com.

HFF closes sale of two-story retail center in Houston, TX

                                                                                                 Photo by Mabry Campbell

Briar Lake Village Retail Center, 10455 Briar Forest Drive,
Westchase District, Houston, TX

Rusty Tamlyn

HOUSTON, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Briar Lake Village, a 36,607-square-foot, two-level retail center in Houston’s Westchase District.  

HFF marketed the property on behalf of the seller, Berkeley Land Company.  Briar Lake Village Inc. purchased the property for an undisclosed price.  In 2007, HFF brokered the sale of the property to the seller. 

Briar Lake Village is 85 percent leased to 12 tenants, including Palazzo’s Trattoria, Subway, Tiff’s Treats, Moderno, Newmark Homes, Advanced Orthodontics, Capital One Bank, Comerica Bank, Kolache Factory and Luchi & Joey’s.

 Situated on 4.146 acres at 10455 Briar Forest Drive at the southwest corner of Beltway 8 (Sam Houston Tollway) and Briar Forest Drive, the center is in the Westchase District, one of Houston’s employment centers. 

Additionally, there are more than 183,000 residents with an average annual income exceeding $88,000 within a three-mile radius of Briar Lake Village.

Senior managing directors Rusty Tamlyn and Ryan West led the HFF investment sales team representing the seller.  First vice presidents Todd Casper and Michael Hassler with CBRE represented the buyer.

Ryan West

“Briar Lake Village is steps away from large, well-leased, Class A, high-rise office buildings in Westchase District, an area with a daytime population of more than 250,000 people,” West said.  

“The restaurant theme on the ground level of the center creates a synergistic environment for those nearby office building employees.”

“Westchase District creates an exciting opportunity for businesses to have access to an affluent residential population with close proximity to the Beltway, I-10 and the Westpark Tollway,” Casper added.  

“We are excited to see what’s in store for Briar Lake Village as future tenants choose this retail center to provide their goods and services.”

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

Kristen M. Murphy

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

Capital Square 1031 Announces Formation of Turnaround Management and Restructuring Team for Challenged Real Estate

Michael Waddell

RICHMOND, VA -- Capital Square 1031, LLC, a leading sponsor of replacement property for Section 1031 exchanges, announced the formation of a new team to assist with the restructuring, management, refinancing and sale of challenged real estate, including real estate owned by tenant-in-common (TIC) programs.

Capital Square’s new turnaround management and restructuring team is led by Mike Waddell, Capital Square’s head of asset and property management. Waddell has more than 30 years of acquisition, management, disposition, and finance experience.

Other team members include: Capital Square CEO Louis Rogers, a distinguished attorney with over 30 years of entity structuring and tax experience; Jeff Gregor, general counsel, who has structured hundreds of real estate transactions; and Doug Britton, independent manager and attorney, who specializes in satisfying lender requirements for special purpose entities.

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

Julie Leber

Spotlight Marketing Communications

949.427.5172 ext. 703

julie@spotlightmarcom.com

www.wncinc.com.

David Tarquin Joins WNC to Lead Company’s New Preservation Equity Funds Product Line

  

 

David Tarquin

IRVINE, CA – WNC, a national investor in real estate and community development initiatives, announced that David Tarquin has joined the firm as director of portfolio management for the company’s new Preservation Equity Funds product line.

WNC’s Preservation Equity Funds will exclusively focus on raising equity for investment in existing affordable housing properties that are at or near the end of their tax credit compliance period and are owned by limited and/or general partners seeking to exit their investment. 

Tarquin will be a key member of the team that launches this new WNC initiative and will oversee the new portfolio.

“WNC is committed to the preservation of affordable housing communities throughout the United States – a strategy we believe is paramount to the increasingly challenging effort to retain the nation’s supply in the face of demand that far outstrips current supply,” said Will Cooper Jr., president and chief executive officer of WNC.

“With Preservation Equity Funds, WNC deepens our commitment to preserving existing affordable housing, and I am confident that our efforts will prove successful with a professional the caliber of David Tarquin as part of our team.”

Prior to joining WNC, Tarquin served as vice president, capital markets, and co-portfolio manager with Pacific Urban Residential in Palo Alto, Calif. In this position, he was responsible for coauthoring the company’s investment strategy in the multifamily sector, co-managing the firm’s multifamily equity fund and serving as the lead liaison with the California Public Employees Retirement System (CalPERS). 

Tarquin earned a bachelor’s degree from the University of Southern California and is a level III chartered financial analyst candidate.

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

Julie Leber

Spotlight Marketing Communications

949.427.5172 ext. 703

julie@spotlightmarcom.com

www.wncinc.com.

Top 30 hipster zips for profitable home flips: a RealtyTrac real-world analysis

Daren Blomquist

 IRVINE, CA -- While the definition of hipster continues to evolve — with hipsters always one step ahead of those who try to define them — there remains at least one incontrovertible truth as it relates to the real estate needs of this particular tribe: they need a place to live.

RealtyTrac identified the top 30 hipster zip codes nationwide for profitable home flipping based on average flipping returns along with demographic data from the U.S. Census.

All 30 of these zip codes met five criteria that brand them not only as hipster hot spots but also as highly profitable for home flipping (see criteria list below). RealtyTrac ranked the zip codes based on the share of the population aged 20 to 34 in 2014.

We also created a sharable table of the Top 30 Hipster Zips for Profitable Home Flips (screenshot below) along with a slideshow of fixer-upper and fixed-up homes in some of the top zip codes.

“Hipsters typically aren’t looking for just any place to live; they are looking for a place that matches their particular vision of what a city, a neighborhood and a home should look, sound, feel, smell and taste like,” said Daren Blomquist, SVP at RealtyTrac.

“When they find that vision, they are willing to pay a premium to experience it, which represents a boon for home flippers operating in those areas appealing to the hipster aesthetic — especially given that many of the hipster hot spots are urban core neighborhoods with plenty of older homes in need of major renovation

Link to Tableau chart: https://public.tableau.com/views/Top30ZipsforHomeFlips/Dashboard1?:embed=y&:display_count=yes&:showTabs=y

Link to slideshow: https://cincopa.com/~AcLAtXNIgY-6

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

jennifer.vonpohlmann@realtytrac.com

CBRE Hotel Research Reports National Occupancy Reaches New High While local levels Begin to Decline

  

 

R. Mark Woodworth

Atlanta, GA, March 8, 2016 – The U.S. lodging industry is forecast to achieve another all-time record occupancy level in 2016, but an increasing number of local markets are starting to show the effects of growing competition.

 According to the March to May 2016 edition of Hotel Horizons®, CBRE Hotels’ Americas Research is projecting a year-end 2016 occupancy level of 65.7 percent, 20 basis points greater than the record level of occupancy achieved in 2015.

“We always caution our clients to pay closest attention to local market conditions, as opposed to broad national trends,” said R. Mark Woodworth, senior managing director of CBRE Hotels’ Americas Research.

 “While the outlook for the overall U.S. lodging industry is solid for the next few years, we acknowledge that a growing number of local markets will begin to experience a decline in occupancy levels.  This is the result of the emergence of new competition that heretofore has been kept under wraps.”

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

Robert McGrath

212 984 8267

robert.mcgrath@cbre.com

Mortgage Bankers Association Releases Research Datanote on Sources of Commercial and Multifamily Mortgage Financing

Jamie Woodwell

Washington, D.C. (March 8, 2016) - The Mortgage Bankers Association(MBA) today released a Research Datanote titled Sources of Commercial and Multifamily Mortgage Financing in 2016.  The paper provides an overview of the market and of some of the key issues that will shape lending in the near term.

“A number of market and regulatory factors are impacting the commercial and multifamily real estate finance markets,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research.

 “As just one example, in the past month, several Wall Street analysts have reduced their expectations for 2016 commercial mortgage-backed securities (CMBS) issuance by 25 to 30 percent.

“The paper looks at the major sources of commercial real estate lending and at some of the market and regulatory changes that could affect their appetites to lend over the coming year.”

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

Ali Ahmad

aahmad@mba.org

(202) 557-2727

Centex Homes plans April opening of Whaley’s Creek in St. Cloud, FL, its Newest Community of Single-Family Homes

 

Lyndsey Patterson

ST. CLOUD, FL --- Centex Homes will open Whaley’s Creek, its newest community of single-family homes priced from the low $200s in April, featuring two model homes, the Oasis and Citrus Grove.

Lyndsey Patterson, director of marketing for Centex, said Whaley’s Creek, located on Canoe Creek Rd. in St. Cloud will offer 169 home sites with 50 and 60-foot widths for new two to six bedroom homes with two and three-car garages.

Whaley's Creek Homes, Canoe Creek, St. Cloud, FL

Six distinct floor plans will be offered ranging from 1,972 square feet of living area to 3,172 square feet with top included features such as open gathering areas, flex spaces that can be adapted to any homeowner’s lifestyle, along with superior storage.  

Whaley’s Creek is less than three miles from the Florida Turnpike providing easy access to Orlando and is just minutes from popular shopping, dining and entertainment on U.S. 192.

Future residents will enjoy amenities that include a community pool, cabana and playground with no CDD Fees. Whaley’s Creek is also located in a district with desirable and highly rated schools.

To join the VIP list for community updates call 877-215-3323 or visit www.centex.com/whaleysCreek

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

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142 Lvershelco@aol.com.