New Owners Unveil Revitalization Plan for East Hills Mall in Bakersfield, CA

Duane Keathley

BAKERSFIELD, CA. – Local developers C & C Properties, Inc. and MarkChris Investments announced their plans for the revitalization of East Hills Mall in Bakersfield, Calif.

The vision is to transform the enclosed mall into an exciting, destination open-air lifestyle center offering a collection of restaurants, shopping and entertainment in 350,000 square feet.

A new, state-of-the-art, movie theater complex will serve as the centerpiece of the new development. The redevelopment project is expected to break ground late in the second quarter or early third quarter of this year, and be completed in the third quarter of 2018.

The redesign features a large outdoor plaza, water fountain, seating and landscaping in front of the theater complex and the adjacent buildings. On either side of the theater are a variety of major retailers, boutique shops, quick-serve restaurants, a coffee house and sit-down restaurants.

In addition to the main building area, the new owners plan to add several buildings along Mall View Road for shops, restaurants and services. The proposed design includes an activated and welcoming streetscape and approachable storefronts that connect with pedestrians and provide plenty of opportunities to sit and socialize.

 

“We are looking forward to providing Bakersfield and especially northeast Bakersfield, an exciting, first-class shopping and entertainment experience,” said Craig Carver. “Our design inspiration is a blend of mid-century modern and contemporary-style architecture so it will uniquely stand out in the market.”

Vincent Roche

Carver said that they have received a lot of interest in the location and are currently in lease negotiations with several national and regional retailers and restaurants as well as a national theater chain.

The new owners completed their purchase of the 414,000-square-foot regional shopping center on December 23, 2016.

 Duane Keathley, Vince Roche and Josh Sherley of Cushman & Wakefield | Pacific Commercial Realty Advisors represented the buyer and seller in the sale. The seller was Retail Equities, LLC of Modesto, Calif. and El Corte Ingles of Spain, Madrid. Keathley, Roche and Sherley have been retained to lease the new shopping center.

“We are excited that local developers recognize the potential of the retail demand in northeast Bakersfield and will execute on a vision to bring a vibrant retail and entertainment center to an underserved retail submarket of Bakersfield,” said Vincent Roche, Senior Director/Principal, Cushman & Wakefield/Pacific Commercial Realty Advisors.

“National retailers look for the strong demographics and high traffic counts that this location offers,” added Roche.

Josh Sherley

Built in 1988 on 36.4 acres, East Hills Mall is located on Mall View Road, between Mt. Vernon Avenue and Oswell Street with excellent visibility and access to Highway 178. According to Roche and Keathley, there are 250,000 people in the project’s primary trade area and approximately 500,000 people in a 10-mile radius. 

There are more than 93,000 cars per day along highway 187 at Mt. Vernon Avenue and 70,500 cars along the highway at Oswell Street.

“This redevelopment has been a long time coming,” said Duane Keathley, Senior Director/Principal Cushman & Wakefield/Pacific Commercial Realty Advisors. “It’s great news for the people of east Bakersfield and for the City of Bakersfield in general. It will be an impressive retail and entertainment center.” 

C & C Properties and MarkChris Investments have completed numerous residential, industrial, commercial and retail development projects in the City of Bakersfield over the last 25 years.

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

Anne Monaghan                                      

Monaghan Communications               

830.997.0963

                                              

Meridian Capital Group Arranges $21.5 Million for the Refinance of the Hampton Inn by Hilton in Coconut Grove, FL

Noam Kaminetzky

Boca Raton, FL – Meridian Capital Group, America’s most active debt broker, arranged $21.5 million in financing for the refinance of the Hampton Inn by Hilton located in Coconut Grove, FL on behalf of Hospitality Operations, Inc.

The seven-year balance sheet loan, provided by the U.S. arm of an international bank, features a fixed rate of 3.90%. This transaction was negotiated by Meridian Managing Director, Noam Kaminetzky and Vice President, Joseph Landsberg, who are both based in the company’s Boca Raton, FL office.

The Hampton Inn by Hilton, located at 2800 South West 28th Terrace in Coconut Grove, is a six-story, 135-key hotel. The property is situated directly across the street from the Metrorail at Coconut Grove and is a 10-minute drive from Miami International Airport and the Port of Miami.

The hotel is also in close proximity to Coral Gables, Key Biscayne, Brickell and Downtown Miami, where guests enjoy a variety of dining, shopping and entertainment, including the American Airlines Arena, Bayside Marketplace, Perez Art Museum and Adrienne Arsht Center for Performing Arts.

 In addition, The Hampton Inn by Hilton’s central location offers direct access to shopping centers and malls, including Cocowalk, Shops at Sunset Place, Village at Merrick Park, Dolphin Outlet Mall, Dadeland Mall and Miami International Mall.

Joseph Landsberg

“This deal presented a unique challenge for the borrower as the prior loan could not be prepaid without a significant penalty,” explained Mr. Kaminetzky.

 “There were concerns about the rising interest rate environment and Meridian negotiated a loan that allowed for a six-month rate lock,” he added. “Ultimately, the borrower was able to close the loan 55 basis points below prevailing market rates as result of this arrangement.”

“The borrower had a long-standing relationship with an existing advisory firm,” said Mr. Landsberg. “Meridian leveraged its strong relationships and experience to obtain a better loan structure, tailored to meet the unique requirements of this asset,” he added.

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

Jonathan Stern

Meridian Capital Group

212/972-3600

jstern@meridiancapital.com

www.meridiancapital.com

HFF secures $46.6 million financing for 7-property office portfolio in Washington, D.C.-area

  

Capital Office Park,  6301-6421 Ivy Lane, Greenbelt, MD

Cary Abod

WASHINGTON, D.C. –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $46.6 million in financing for Capital Office Park, a seven-property office portfolio totaling 806,531 square feet in the Greenbelt, Maryland suburb of Washington, D.C.

HFF worked on behalf of the borrower, Morning Calm Management, to arrange the floating-rate acquisition financing through ACORE Capital, a leading commercial real estate finance company.   

  

The office park is situated at 6301-6421 Ivy Lane, about 11 miles northeast of Washington, D.C. near The Capital Beltway (Interstate 495) in Greenbelt.  The portfolio is currently 60 percent leased to a diverse mix of tenants, including Bozzuto & Associates, Whiting Turner, and the U.S. District Attorney’s Office.

 Morning Calm Management, who will be moving its primary office to Capital Office Park, has a successful track record of office repositionings throughout the United States. Morning Calm intends to inject substantial capital into the assets via the upgrading and modernization of lobbies, elevators, windows and amenity spaces.

These improvements will help the assets retain current tenants and attract additional tenants, and cement Capital Office Park’s position as the premier suburban D.C. corporate location. 

Michael Gigliotti

The HFF debt placement team representing the borrower was led by managing director Cary Abod and senior managing director Michael Gigliotti. 

“Morning Calm has made an impressive foray into the D.C. marketplace with their acquisition of Capital Office Park,” said Abod. 

“They have a clear, coherent plan for the portfolio that resonated with the lender community and generated an impressive amount of interest.  In addition, ACORE was remarkably effective in executing the financing on a condensed timeline.”

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

Kristen M. Murphy

Director, Public Relations

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.morning-calm.com.

HFF arranges $23 million financing for the historic Tribune Tower in Oakland, CA

  

Tribune Tower, Downtown Oakland, CA

 

Bruce Ganong

SAN FRANCISCO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $23 million in acquisition and capital improvement financing for Tribune Tower, an iconic 20-story office building in downtown Oakland, California.

HFF worked on behalf of the borrower, Harvest Properties and True North Management Group, to place the floating-rate loan with a debt fund based on the East Coast.

Tribune Tower features 88,334 square feet including ground floor retail.  The property was originally built in 1906 for The John Breuner Furniture Company as a showroom and store.

 In 1923, the adjoining 20-story, steel-frame iconic Renaissance Revival-style clock tower was completed, and the Oakland Tribune took occupancy for the next 65 years.  Harvest Properties along with True North will embark upon a capital improvement plan to transition the tower into a best-in-class creative office environment.

 The Tribune Tower is located at 409 13th Street in downtown Oakland, ideally located a half a block from the 12th Street/City Center BART station.

The HFF debt placement team representing the borrower was led by senior managing director Bruce Ganong, associate director Brandon Roth and associate Zachary Kersten

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

Kristen M. Murphy

Director, Public Relations

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

.

Luxury Real Estate Veteran Candace McIntosh Rejoins The Keyes Company’s Platinum Properties

  

Candace McIntosh

 PALM BEACH, FL – Platinum Properties, a Keyes Family Company, announces that luxury real estate veteran Candace McIntosh has rejoined the company. Platinum Properties operates as one of Keyes’ luxury residential real estate divisions.

With nearly 15 years of experience as a licensed real estate agent, McIntosh continues to have success representing buyers and sellers in northern Palm Beach County. As a top producer, McIntosh has generated $12 million in sales since the beginning of 2015. She serves an affluent client base in Jupiter, Tequesta and Hobe Sound.

McIntosh has spent most of her career with Platinum Properties. She returns to the firm after a stint at the Jupiter office of Keller Williams.

James Kirvin

In Jupiter’s Mallory Creek, McIntosh listed a property and secured a buyer in just six hours. The transaction was one of the highest sale prices per square foot in that community. She will be bringing another Mallory Creek listing to market in late February.

Before earning her real estate license, McIntosh developed a passion for real estate by investing in property in Utah, Washington and New Mexico, where she grew up.

Independently-owned and operated since its founding in 1926, Keyes is extremely active in luxury residential real estate. In addition to Platinum Properties, Keyes has Valore Group, which is also a division of Keyes Luxury. The combined companies are a premier luxury leader.

Keyes annually sells $650 million in luxury homes priced at $1 million or more. The company expects to grow its annual sales velocity in that category to more than $1 billion.

“We are so excited to have Candace on our team,” said James Kirvin, Chief Executive Officer of Platinum Properties. “She is an extremely knowledgeable real estate professional who has exceptional marketing skills. Candace is constantly a top producer in the northern Palm Beach County market, and she is the type of agent we are trying to attract to our company.”

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

Eric Kalis or Ashley Fierman, BoardroomPR

ekalis@boardroompr.com/afierman@boardroompr.com

954-370-8999

HFF arranges financing for Hanover Rice Village in Houston, TX

Hanover Rice Village Apartments, Near Rice University, Houston, TX

HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged fixed-rate financing for Hanover Rice Village, a 379-unit, Class A, podium-style apartment community near Rice University in Houston, Texas.

HFF worked exclusively on behalf of the borrower, The Hanover Company (Hanover), to secure the 10-year, fixed-rate loan through an agency lender.

Cortney Cole

Completed in 2013, Hanover Rice Village comprises 379 residential units and nine retail spaces totaling 22,599 square feet.  The LEED Green-certified property is situated at the intersection of Kelvin Drive and Dunstan Road in the heart of Houston’s Rice Village live-work-play mixed-use development. 

Hanover Rice Village is a few blocks west of Rice University and proximate to the Texas Medical Center and Hermann Park.  The property’s retail component is leased to tenants, including Coppa Italian Food, Punk’s Simple Southern Food and Cyclone Anaya’s Mexican Kitchen. 

Scott Galloway

Apartment units feature a variety of one-, two- and three-bedroom floor plans with high-end finishes such as nine-foot ceilings, custom cabinetry, large kitchen islands, stainless steel appliances, granite countertops, walk-in closets, in-unit washers and dryers, hardwood in living and dining areas and oversized soaking tubs. 

In addition to pedestrian access to some of the city’s best retail and dining attractions, resident amenities also include a courtyard with resort-style swimming pool, poolside cabanas, fire pit, grilling areas, open-air loggia with fireplace and TV, outdoor banquette seating and dining space, The Resident Club with TV lounge and billiards, gourmet catering kitchen, pet washing station and controlled-entry parking garage.

The HFF debt placement team representing Hanover was led by managing director Cortney Cole, executive managing director Scott Galloway and real estate analyst Dustin Selzer.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | hfflp.com

ohennessey@hfflp.com

CBRE's Philip D. Voorhees and NRP-West Team Complete $13.30 Million Silver Lake Collection Sale

                 

Megan Wood

LOS ANGELES, CA, Jan. 26, 2017 –  CBRE Executive Vice President Philip D. Voorhees announced today that he and his National Retail Partners – West (NRP-West) team completed the sale of Silver Lake Collection, 10,497 square-feet of urban street-front in the Silver Lake enclave in the city of Los Angeles, Calif.

Situated in “Sunset Junction,” the property is 100% leased to three contemporary restaurant and beverage tenants. The sale price was $13.30 million.

Phillip D. Voorhees

CBRE’s retail investment experts Voorhees, Todd Goodman, Preston Fetrow, Kirk Brummer, Megan Wood, Matt Burson, Jimmy Slusher and John Read, represented the seller, 9 Mile Investments, a Los Angeles-based real estate development company.

The buyer, also represented by CBRE’s NRP-West, was a subsidiary of Strategic Realty Trust, Inc., a San Mateo-based real estate investment trust who acquired the Silver Lake Collection as an addition to its portfolio of urban, street retail properties.

Silver Lake Collection, Silver Lake District, Los Angeles, CA

According to Voorhees, the CBRE team’s marketing system distributed more than 464 offering memoranda to investors and brokers, and through the team’s "managed bid" offer process, generated nine offers to purchase the property."Conventional, street-front retail projects like The Silver Lake Collection have long been a favorite for our team.

 The property’s high-performing restaurants not only anchor the project but the neighborhood, making the property an integral part of the community," said Voorhees.

Todd Goodman

"Silver Lake emerged as among the hottest neighborhoods in LA over the past two to three years, and rental rates have followed,” Voorhees noted. “By all indications, popular restaurants Sawyer, Kettle Black and El Condor thrive at this property.

”CBRE expects The Silver Lake Collections’ high-water $1,300 per-square-foot sale price will feel like a value for this sort of one-of-a-kind asset and location in Silver Lake over the next several years."

Originally built in 1934 and 1940, the building was remodeled in 2016 with a total tenant and landlord cost exceeding $2.55 million and consists of two parcels on a 0.36-acre site along Sunset Blvd., which is one of the trade area’s primary arterials. The property was 100% occupied at the time of the sale.

In 2015, the NRP-West team, formerly known as National Retail Investment Group - West (NRIG-West), was CBRE’s #1 retail investment team nationally with a total transaction volume exceeding $940 million in 63 transactions, encompassing 88 properties, totaling more than four million square feet in size.

With this closing, CBRE's NRP-West team has closed 205 transactions since the start of 2012 for a total consideration of $3.7 billion. In total, the NRP-West team has listed and sold more than $9.7 billion in retail transactions.

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

Anne Monaghan                                  

Monaghan Communications                                                                                    

830.997.0963                                      

NAIOP SoCal Appoints 2017 Executive Committee and Board of Directors

Lance Ryan

Costa Mesa, CA – NAIOP SoCal, the leading organization for developers, owners and investors of office, industrial, retail and mixed-use real estate, welcomes its 2017 Executive Committee and Board of Directors, encompassing a diverse collection of commercial real estate leadership.

The 2017 NAIOP SoCal Executive Committee is led by President Lance Ryan, Watson Land Company; President-Elect and Sponsorship Chair James V. Camp, Rockefeller Group; Vice President and Sponsorship Vice Chair Jeff Moore, CBRE; Treasurer and Real Estate Challenge Advisor Pamela L. Westhoff, Sheppard Mullin Richter & Hampton; Secretary and I.Con Chair Rob Antrobius, Prologis; Programs and Education Liaison Alison Vukovich, LBA Realty; and Past President Kevin Jennings, Bank of America Merrill Lynch.

Pamela Westhoff

“Our NAIOP chapter is one of the largest in the nation and represents an exciting, creative and vital market. It is an honor to lead such an important organization that operates at the heart of it and works, through our board and membership, to provide critical business development, forward-looking education and legislative policy advocacy that supports commercial real estate,” said Ryan.

Alison Vukovich

Some of the chapter’s focus areas for 2017 will include:

·       Continued support for the next generation of industry professionals through Young Professionals Group (YPG). Each year, a select group of 35 real estate professionals unite to take part in the twelve-month, seventy-hour course designed to educate, develop, connect and elevate the commercial real estate industry’s emerging leaders. In 2017, YPG will grow to more than 400 alumni.

James V. Camp

·       Plan and promote industry-leading events such as Night at the Fights and the USC vs UCLA Real Estate Challenge.

·       Play a key role at the local, state and federal levels of government to represent a unified voice to protect and enhance the commercial real estate industry

The balance of NAIOP SoCal’s 2017 Board of Directors includes: Angela Azizian, Wells Fargo Bank; Kevin Burkhalter, Walker & Dunlop; John Casasante, Deutsche Asset Management; Drew Emmel, Allen Matkins; Ryan Gallagher, HFF, LLP; Aaron Hill, Bixby Land Company; Eric Hinkelman, Voit Real Estate Services; Mike Hodges, Irvine Company Office Properties; Fran Inman, Majestic Realty Co.;

 

Jeff Moore

 Kevin Ivey, KPRS Construction Services, Inc.; Ryan Jones, Panattoni Development Company; Lillian Kuo, Shea Properties; Patrick Maloney, Circle Industrial; Mark Mattis, PMRG; Gregory May, Newmark Grubb Knight Frank; Tom McAndrews, Tiarna Real Estate Services; Justin McCusker, C.J. Segerstrom & Sons; Jim McFadden, Cushman & Wakefield; Scott McPherson, U.S. Bank; Parke Miller, Lincoln Property Company;

Zach Niles, JLL; Susan Orloff, Ryan; Steve Pearson, DAUM Commercial Real Estate Services; John Premac, Chicago Title Company; Rodney Richerson, KBS; Spencer Rose, Equity Office; David Rowley, Colliers International; Scott San Filippo, Praelium Commercial Real Estate; Brad Schmitt, Savills Studley; Todd Tydlaska, CBRE; Stephane M. Wandel, The Boeing Company; and Clark Welton, EY.

Lillian Kuo

NAIOP SoCal is a chapter of NAIOP, the Commercial Real Estate Development Association, and it comprises more than 1,000 members serving the counties of Los Angeles and Orange. 

NAIOP is the leading organization for developers, owners and related professionals in office, industrial and mixed use real estate, with over 18,500 members in North America.

 NAIOP advances responsible commercial real estate development and advocates for effective public policy.  For more information, visitwww.naiopsocal.org.

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

Megatel Capital Investment Announces Expansion of Sales Team with Hire of Jennifer Middaugh and Ron Rodriguez as regional vice presidents

   

Jennifer Middaugh

 DALLAS, TX – Megatel Capital Investment, the capital markets division of Megatel Homes, announced today that the company has hired industry veterans Jennifer Middaugh and Ron Rodriguez as regional vice presidents. 

“Jennifer and Ron each bring with them an impressive roster of accomplishments in the financial services industry,” said Richard Arnitz, president of Megatel Capital Investment.

Ron Rodriguez

“Jennifer will oversee our sales efforts in the Eastern region and Ron in the Central region, marketing to financial advisors and registered investment advisors primarily through the independent broker-dealer channel. Michael Roman will continue overseeing the Western region.”

“We are excited to add these two talented industry professionals to our growing team,” said Trey Hoppe, executive vice president and national sales director. “They will support Megatel’s strategic growth initiatives as we both expand regionally and develop new investment offerings.”

Richard Arnitz

Middaugh has more than 15 years of experience in alternative investing and financial strategies. She has been instrumental in launching several new investment products with independent broker-dealers and registered investment advisor channels.

 Prior to joining Megatel, Middaugh was with Provasi Capital Partners, Griffin Capital, United Development Funding and CNL Financial Group.

Rodriguez brings 29 years of industry experience to his role with Megatel, having worked for much of his career as a successful financial advisor. 

Prior to joining Megatel, he was with Stadion Money Management, Grubb & Ellis, Griffin Capital Securities, Resource Securities and Realty Capital Securities, where he successfully helped to raise equity for actively managed mutual funds, separately managed accounts, non-traded real estate investment trusts, non-traded business development companies and interval funds. 

Middaugh earned her bachelor of science degree in business and management from the University of Maryland College of Business and Management and a master’s of leadership degree from Georgetown University McDonough School of Business. She currently holds her FINRA Series 7 and 63 securities licenses.*

  

Michael Roman

Rodriguez attended San Antonio College and the University of Texas at San Antonio. He completed a 10-month CFP® Educational Certification Program and currently holds his FINRA Series 7, 63 and 65 licenses.*

 Megatel Capital Investment is the capital markets division of Megatel Homes Inc. Megatel Capital Investment funds help fuel the construction of homes built by Megatel as an additional source of construction financing.

Founded in 2006, Megatel Homes has emerged as one of the most successful homebuilders in the state of Texas. The company has had considerable growth, with more than 100 developments, consisting of 2,700 homes, since its founding. The Dallas Business Journal recently ranked the company third in North Texas homebuilders based on local housing starts in 2014.

*Middaugh and Rodriguez currently hold their licenses with Emerson Equity LLC, a FINRA-registered broker-dealer and member FINRA/SIPC. Emerson Equity is the managing broker-dealer for Megatel offerings, but is not affiliated.

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

Jill Swartz

Spotlight Marketing Communications

949.427.5172, ext. 701

jill@spotlightmarcom.com

Stepp Commercial Completes $3.5 Million Sale of 20-Unit Atlantic Avenue Apartments in Long Beach, CA

  

Atlantic Avenue Apartments, Long Beach, CA

 

Robert Stepp

LONG BEACH, CA – Stepp Commercial, a leading multifamily brokerage firm in the Long Beach market, has completed the $3.5 million sale of Atlantic Avenue Apartments, a 20-unit property in Long Beach.

Robert Stepp, principal of Stepp Commercial, represented the seller, Los Angeles-based June Quest One, LLC, as well as the buyer, Los Angeles-based Realty Holdings PSBJ. The property closed at a 4.7 percent cap rate and a price per unit of $175,000.

Built in 1979 and located at 5075 Atlantic Avenue just north of Del Amo, the two-story property consists of nine one-bedroom units, 10 two-bedroom units, and one three-bedroom unit. The asset includes 18 garage spaces and nine parking stalls, controlled access entry, and some units feature private balconies.

“The seller was interested in buying a larger property via a 1031 exchange,” said Stepp. “We are currently in the process of identifying an upleg property for him,” said Stepp. “Stepp Commercial has been working with a number of 1031 exchange clients in recent months as many owners are looking to increase their market share in key Los Angeles area neighborhoods.”

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

Darcie Giacchetto

949.278.6224

www.SteppCommercial.com

Passco Promotes Alan Clifton and Suzy Cottle to C-Suite as Part of 2017 $1 Billion-Plus Acquisition Goal

Suzy Cottle

                IRVINE, CA (Jan. 25, 2017) –  In conjunction with announcing its goal to acquire more than $1 billion in commercial real estate this year, Passco Companies, LLC has announced the promotions of Alan Clifton to Chief Operating Officer and Suzy Cottle to Chief Financial Officer, according to Larry Sullivan, President of Passco Companies.

“Last year we were able to reach an acquisition volume totaling over $540 million,” says Sullivan who notes that the firm’s strong in-place team will play a tremendous role in doubling that figure this year.

 “Alan and Suzy have continuously demonstrated their expertise in real estate and will both be key to our smooth operations, financing, and investor reporting as we rapidly grow this year. By design, we’re readying our own infrastructure to ensure a positive experience for our clients, investors, partners and colleagues.”

Alan Clifton

In his new position, Clifton will negotiate and secure financing for new acquisitions as well as maturing asset loans, and oversee Company Operations, Passco Property Management and Passco Management Services. Clifton will continue his role within Passco Companies Development.

Clifton, a Certified Property Manager and licensed California Real Estate Salesperson, currently serves as the Western Division Operations Chair for the International Council of Shopping Centers (ICSC) and is also an active member of the Commercial Real Estate Development Association (NAIOP) and the Mortgage Banker Association (MBA) and National Multifamily Housing Council (NMHC).

Larry Sullivan

In her new role, Cottle, who has been with Passco since 2004, will be responsible for overseeing all financial reporting, risk management and strategic banking relationships for Passco Companies and its affiliates. 

Cottle is currently a member of Commercial Real Estate for Women (CREW), Alternative Direct Investments Securities Association (ADISA) and National Multifamily Housing Council (NMHC).

Passco Companies, LLC is a nationally recognized market leader in the acquisition, development, and management of multi-family and commercial properties throughout the U.S.

For more than 18 years, Passco has delivered sound investment strategies to clients and partners, enabling them to create, maintain, and add value to their portfolios through a full set of real estate services, including investment advice, asset management, and brokerage, as well as property development, construction, and management services.

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

Lauren Burgos/Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

Lburgos@browermillercole.com

 www.passco.com

Trion Properties Repositions Value-Add Multifamily Asset in San Diego, CA

Willow Glen Apartments, San Diego, CA

SAN DIEGO, CA – Trion Properties, a private equity real estate firm that specializes in value-add multifamily investments, has successfully repositioned and rebranded Willow Glen, a 98-unit apartment community in San Diego, CA, nearly doubling the value of the property within 18 months, accordingly to Max Sharkansky, Managing Partner of Trion Properties.

Max Sharkansky

Located in the rapidly growing College Area submarket of San Diego, the property was purchased in June 2015 at an extremely low-cost basis with strong upside potential, presenting an opportunity to drive significant value for the asset through extensive renovations.

            “San Diego remains one of the most desirable markets for multifamily investments,” says Sharkansky. “The limited supply of multifamily product, coupled with the growing demand for quality housing near major schools and employers, is placing upward pressure on rents throughout the region.

“Our niche strategy of targeting and repositioning highly distressed assets in strong, central locations enabled us to recognize this opportunity and implement a comprehensive renovation plan that would maximize the property’s potential in record time.”

            Sharkansky notes that this property was acquired in the one of the lowest price per unit multifamily sales in San Diego that year, allowing Trion to invest more equity in its redevelopment, which included improving the overall design of the community and renovating the interior units.

            “Willow Glen’s close proximity to San Diego State University has particularly attracted strong resident demand from students in the area,” notes Sharkansky. “Our strategy was to leverage this demand and bring the asset up to market by converting it into a modern, high-quality community that would appeal to millennial renters in this submarket.”

Mitch Paskover

Trion Properties invested approximately $2.6 million in renovations, including the installation of quartz countertops, stainless steel appliances, and new cabinetry in each of the units. 

Exterior upgrades included a complete revamping of the façade with new paint, as well as the integration of drought-tolerant landscaping to minimize operating costs and improve the sustainability of the property.

Through aggressive lease-ups and hands-on management, Trion transformed Willow Glen into a strong, cash-flowing asset, achieving an internal rate of return of approximately 30 percent.

The principals of Trion Properties are Max Sharkansky and Mitch Paskover, two real estate professionals with over 30 years of combined experience in finance, acquisitions, management and redevelopment.

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

Lauren Burgos / Katie Kea

Brower, Miller & Cole

(949) 955-7940

lburgos@browermillercole.com

http://www.trion-properties.com/

HFF secures $63 million financing for two Seaport District office properties in Boston, MA

Summer Street Offices, Seaport District, Boston, MA

Frederic Wittmann

BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $63 million in financing for 320 and 333 Summer Street, two office properties totaling 217,000 square feet in Boston’s Seaport District.

Working on behalf of the borrower, ASB Real Estate Investments, HFF placed the 10-year, 3.65 percent, fixed-rate loan with The Hartford Financial Services Group, Inc.  The buildings are owned by ASB’s Allegiance Fund, a $6.8 billion, open-end core investment vehicle, in joint venture with Lincoln Property Company. 

320 and 330 Summer Street are positioned directly across from each other along Summer Street just across the Fort Point Channel from South Station and Boston’s Financial District.  The properties feature loft-style office space that is 97 percent leased to LogMeln, a PC data systems management firm, which is merging into a subsidiary of Citrix.

The HFF debt placement team representing the borrower was led by senior managing director Frederic Wittmann and director Brett Paulsrud.

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

Kristen M. Murphy

Director, Public Relations

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 and arranges $13.375 million acquisition financing for regional retail center in Bloomington-Normal, IL

Shoppes at College Hills, 314 South Towanda Avenue, Normal, IL

CHICAGO, IL, Jan. 25, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of The Shoppes at College Hills and The Plaza at College Hills, an open-air regional retail center totaling 441,995 square feet in the Bloomington-Normal area of central Illinois.  HFF also arranged $13.375 million in acquisition financing for The Shoppes at College Hills.

Amy Sands

HFF marketed the property on behalf of the seller, Miller Capital.  A partnership between M&J Wilkow and ALTO Real Estate Funds purchased the asset.  Additionally, working on behalf of the new ownership, HFF placed the 10-year, fixed-rate acquisition loan with Benefit Street Partners L.L.C. for The Shoppes at College Hills portion of the property.

The Shoppes and Plaza at College Hills is 95 percent leased to 30 tenants, including Gordman’s, Hobby Lobby, Chico’s, Francesca’s, J. Jill, LOFT, White House Black Market, Starbucks, Jos. A Banks, Motherhood Maternity and Panda Express.

 Target and Von Maur shadow-anchor the center along with a 128-room Hampton Inn and Suites.  Situated on 34.32 acres at 314 South Towanda Avenue in Normal, the center is bordered by and has frontage along Veterans Parkway, the major retail corridor of Bloomington-Normal, one of the fastest-growing communities in Illinois.

Claudia Steeb

 The Shoppes and Plaza at College Hills is exposed to approximately 184,800 vehicles per day, and more than 90,700 people earning an average annual household income of approximately $75,723 live within a three-mile radius of the center.

The HFF investment sales team representing the seller was led by directors Amy Sands and Clinton Mitchell and senior managing director Barry Brown.

Barry Brown

The HFF debt placement team representing the new owners was led by managing director Claudia Steeb.

Miller Capital is an investment advisor with headquarters in Skokie, Illinois, a suburb of Chicago.  The firm also operates a regional office in Austin, Texas.  

The firm manages property investments throughout the entire United States.  Real estate investments under management totaled approximately $9.4 billion as of December 31, 2016.  Miller Capital specializes in fashion-oriented retail and mixed use properties.

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

Kristen M. Murphy

Director, Public Relations

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

http://www.miller-capital.com.

http://www.alto-investments.com

www.wilkow.com.