Liberty Property Trust Announces $155 Million Investment In Industrial Acquisitions In Fourth Quarter

  

Michael Hagan

 MALVERN, PA /PRNewswire/ -- Liberty Property Trust has announced that it has closed on the acquisition of 19 industrial buildings totaling three million square feet for $155 million thus far during the fourth quarter.

The properties consist of 12 properties in Tampa, FL, totaling 1.2 million square feet; two buildings in suburban Chicago, IL totaling 1.2 million square feet; three properties in Charlotte, NC totaling 376,000 square feet; and two buildings in Shakopee, MN totaling 282,000 square feet. The properties are 96% leased.

Liberty's chief investment officer, Mike Hagan, commented, "Liberty continues to increase our industrial footprint with selective acquisitions in our targeted industrial markets. We anticipate an additional $18 million investment in industrial acquisitions by year-end, increasing Liberty's industrial holdings to 48 million square feet."

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

Jeanne A. Leonard,

Liberty Property Trust,

+1-610/648-1704

Web Site: http://www.libertyproperty.com

Essex Realty Group Brokers Sale of Walk-up Apartment Building in Chicago, IL

1234 North Cleaver St., Chicago, IL

 CHICAGO, IL – Dec. 20, 2012 - Essex Realty Group, Inc. is pleased to announce the sale of 1234 N. Cleaver Street, a gut-rehabbed walk-up apartment building located in Chicago’s Wicker Park neighborhood. 

The property is situated on the west side of Cleaver Street, one block north of Division Street and in close proximity to the Division/Milwaukee/Ashland six-way intersection.

Jason Fishleder

 The Subject Property consists of 11 two-bedroom apartments with a unit mix of  three front 2 bedroom/1 bath, three middle 2 bedroom/1 bath, three rear 2 bedroom/1 bath and two garden 2 bedroom/1 bath Units.

 Jason Fishleder, Doug Fisher and Matt Welke of Essex  represented the sellers and Doug Imber and Kate Varde represented the buyers in the transaction.  The price was approximately $1,750,000.

 Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

 Contact:

Douglas S. Imber

Essex Realty Group, Inc.

773.305.4902

dougimber@essexrealtygroup.com

www.essexrealtygroup.com

HFF secures $51.8 million in financing on behalf of Kennedy Wilson

Harrington Square Apartments,
Renton, WA

IRVINE, CA – HFF announced today that it has secured $51.8 million in financing on behalf of Kennedy Wilson for the Atrium Apartments and Harrington Square Apartments, multi-housing communities in Kent and Renton, Washington,. 

                HFF worked on behalf of the borrower to secure the two 10-year fixed-rate loans with M&T Realty Capital Corporation (FNMA).  

A $25.8 million loan with a 3.44 percent rate was arranged for The Atrium Apartments and a $26 million loan with a 3.35 percent rate was secured for Harrington Square. 

Charles Halladay

The Atrium Apartments is located on more than 20 acres at 6248 South 242nd Place in the south end submarket of Kent, a city halfway between Seattle and Tacoma.  Renovated in 2009, the property has 300 units within 21 buildings.  

Units range from one- to three-bedroom layouts and average 835 square feet each.  Community amenities include an indoor basketball court, fitness center, spa, heated outdoor swimming pool, clubhouse and two children’s play areas.  The 95 percent leased property also includes 52 detached garages.

Mark Wintner

Completed in 2011, Harrington Square Apartments has 217 units plus 2,980 square feet of retail space. The property is 95 percent leased and features studio, one- and two-bedroom layouts.  Community amenities include a clubhouse, fitness center, bbq area and garage parking.  Harrington Square Apartments is located at 950 Harrington Avenue NE close to Interstate 405 in Renton, southeast of Seattle. 

                The HFF team representing Kennedy Wilson was led by director Charles Halladay and managing director Mark Wintner.

  

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

Kristen M. Murphy

Associate Director

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

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com

Ackerman Medical breaks ground on 60,000 SF Medical Office Building in Stockbridge, GA

From left to right:

-          John Willig, Principal, Ackerman Medical

-          Jeff Cooper, COO, Piedmont Henry Hospital

-          Charles Scott, CEO, Piedmont Henry Hospital

-          Dr. Todd Schmidt, OrthoAtlanta

-          Michael Ochal, OrthoAtlanta

-          Mike Tallant, Principal, Commercial Assets Group

-          Steve Watson, Principal, Commercial Assets Group

   

 Atlanta, GA – John Willig, principal of Ackerman Medical at Ackerman & Co., gave the order to start the construction of the company’s newest medical office building, Henry Physician Center, last Friday.

Henry Physician Center rendering, Atlanta, GA

The new gateway to Piedmont Henry Hospital, a 60,000-square-foot medical office building, will be located at the entrance of the hospital’s campus, at the corner of Eagle’s Landing Parkway and Rock Quarry Road.

 It will serve the expanding medical needs of Henry County residents and accommodate the demand of growing physician practices seeking to locate on the new Piedmont Henry Hospital campus.

John A. Willig

The $11 million, three-story, Class “A” building, set to open October 2013, is already 60% leased:  anchor tenants, Piedmont  Healthcare, has taken 15,000 square feet of space on the second floor and OrthoAtlanta, has secured the entire third floor (20,000 square feet).

The well-attended official ground-breaking ceremony included: Charles Scott, CEO, Piedmont Henry Hospital; Jeff Cooper, COO, Piedmont Henry Hospital; Dr. Todd Schmidt, OrthoAtlanta; and Michael Ochal, OrthoAtlanta, among others.

Henry Physician Center is being privately developed and is owned by a venture of Ackerman Medical, Commercial Assets Group and local physicians on long-term ground lease. Henry Physician Center is now leasing. Mike Tallant, from Commercial Assets Group, and John Willig represent the property.

Mike Tallent

 Headquartered in Atlanta, Ackerman & Co. is a privately held, full-service commercial real estate firm focused on providing quality investment, brokerage, management and development services in the Southeast.

 The company, founded in 1967, retains an expert team of more than 100 real estate professionals. To date, Ackerman & Co.  has developed and acquired more than 30 million square feet of office, medical, retail and mixed-use space, has nearly 4 million square feet under management, and maintains an investment portfolio valued at $750 million.

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

Fara Wilson,

VP of Marketing

770. 913.3904 

  fwilson@ackermanco.net

www.ackermanco.com

www.commercialassetsgroup.com

 

HFF arranges $42.5 million financing for Public Market in San Francisco Bay area

Public Market, San Francisco Bay Area

SAN FRANCISCO, CA – HFF announced today that it has arranged $42.5 million in financing for Public Market, a 272,000-square-foot mixed-use development in the San Francisco Bay area.

                 Representing a joint-venture between Angelo, Gordon & Co. and City Center Realty Partners, LLC, HFF secured non-recourse, floating-rate acquisition financing through Bank of America, with a six-year term at a very competitive risk-based spread over the 30 Day LIBOR rate.  

Peter Smyslowski

The loan also included a one-year extension option and a future funding component for property renovations, leasing commissions and tenant improvements.

                Located in the East Bay submarket of Emeryville, Public Market consists of 153,000 square feet of retail space including a 10-screen Regal theater, and a 119,000 -square-foot, eight-story Class A office tower.

  Key retail tenants include Urban Outfitters, Guitar Center, Peet’s Coffee & Tea, Regal Cinemas and In-Shape Health Club.  Office tenants include Random House, Inc., Silicon Valley College and Rocket Software, Inc. 

  The property is situated on 14 acres adjacent to Interstate 80 at the foot of the San Francisco Bay Bridge. 

Kevin Redford

                The HFF team representing the borrower was led by managing director Peter Smyslowski and director Kevin Redford.

                “Public Market is one of the most well-known retail, mixed-use assets in the East Bay,” said Redford.  “It enjoys an incredibly strong brand name while providing our client with tremendous upside.”

                Angelo, Gordon & Co. is an investment advisor specializing in alternative investments such as real estate, distressed assets, public-private partnerships, risk and convertible arbitrage, and private equity.

City Center Realty Partners, LLC specializes in the development, redevelopment and acquisition of urban real estate; including retail, office and mixed-use properties.

Contact:

Kristen M. Murphy

Associate Director

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

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com

ZipRealty Launches Second Generation of Zap to Improve Real Estate Agent Efficiency and Service

Lenny Baker

EMERYVILLE, CA, Dec. 19, 2012 – ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ: ZIPR), the leading online technology-enabled residential real estate brokerage company, today launched the second generation of Zap, a cutting-edge real estate technology solution for agents, brokers and home buyers.

Zap combines ZipRealty’s industry-leading CRM with its website and mobile application, the most powerful suite of real estate marketing tools in the United States.

Zap fully integrates these dynamic platforms to give prospective home buyers superior customer service, while providing agents with sophisticated insight into their clients’ online home search activity.

Van Davis

The Zap platform is available to both ZipRealty agents and Powered by Zip (PBZ) agents, ZipRealty’s nationwide broker partners.

 “Together, Zap and ZipRealty.com are designed to empower a movement of agents and brokers who seek to serve their customers differently,” says Lanny Baker, President and Chief Executive Officer of ZipRealty.

“Our integrated technology system provides home buyers with accurate and timely real estate information, while enabling agents to deliver the outstanding personalized service that converts leads into actual business.”

“Zap is an end-to-end real estate solution,” says Van Davis, President of Brokerage Operations for ZipRealty. “It helps agents identify ‘high-probability’ customers – those more likely to execute transactions – monitor their online search parameters, such as their preferred neighborhoods and pricing preferences, and respond when and how the customer prefers.”

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

Stacey Corso

Public Relations Manager

ZipRealty, Inc.

(510) 735-2667

scorso@ziprealty.com

http://www.ziprealty.com

Western National Announces $42,2 Million Acquisition of 312-Unit Apartment Community in Corona, CA

  

Parcwood Apartments, Corona, CA

 IRVINE, CA – Western National Realty Advisors, an affiliate of Western National Group has announced the $42.2 million acquisition Parcwood Apartments, a 312-unit apartment community in Corona, Calif.

“The acquisition of Parcwood fits well with our business plan to expand our ownership presence in Southern California," notes Jerry LaPointe, Vice President of Western National Realty Advisors. 

"We have been aggressively seeking acquisition opportunities in strong submarkets that have the best outlook for recovery,” 

Jerry LaPointe

“Parcwood’s close proximity to Orange County and other employment hubs, which reduces commuting time for residents, will allow it to  compete very well as the area’s economic fundamentals continue to improve.”

“Parcwood is a best-in-class asset based on its low density, manicured landscaping and resort style amenities.  The property is currently 96 percent leased and is located in close proximity to three major freeways,” LaPointe adds.

Joe Leon

Parcwood will be managed by Western National Property Management.  The seller was represented by Joe Leon and Javier Rivera of Jones Lang LaSalle.  Western National represented itself in the acquisition.

Parcwood offers one- and two-bedroom floor plans, with units up to 1,250 square feet.  Amenities include dishwashers, air conditioning, community pool, theater, tennis courts, playground, and washers and dryers in selected units,” he added.

Javier Rivera

Western National will be are upgrading the common area facilities, including the clubhouse, theater, pool area, and gym to refresh the property and keep it current.

Western National Group is a 45-year-old, fully integrated multifamily acquisition, development, construction and property management firm headquartered in Irvine, Calif. 

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

Corynne Randel or Jenn Quader

(949) 955-7940

crandel@browermillercole.com

  www.wng.com.

Attorneys Laura Kurlander and Leslie Brooking Join Hartman Simons Commercial Real Estate Firm in Atlanta, GA

Laura B. Kurlander

 ATLANTA, GA– The Hartman Simons & Wood LLP commercial real estate law firm has added two attorneys.

Laura B. Kurlander has joined the firm as a senior counsel and will specialize in commercial real estate and telecommunications transactions. With an emphasis on commercial leasing, Kurlander represents developers of regional shopping malls, mixed-use facilities, power centers and office towers along with national retailers. Prior to joining Hartman & Simons, Kurlander was a senior counsel at the Atlantaoffice of Dow Lohnes.

Leslie Brooking joins Hartman Simons as an associate and will concentrate on commercial real estate litigation and general commercial litigation. An honors graduate of Emory University School of Law, she previously was an associate at Schulten Ward & Turner in Atlanta.

A. Summey Orr III

“We are extremely excited about the additions of Laura and Leslie to Hartman Simons,” said Summey Orr, managing partner of the firm. “Their experience and know-how will allow us to strengthen the already considerable legal expertise we can offer to commercial real estate clients. I am confident they will be great fits and extremely valuable additions to our firm.”

 Contact

Stephen Ursery

The Wilbert Group

E-mail: sursery@thewilbertgroup.com

Office: (404) 965-5026

Cell: (404) 405-2354

www.wnspr.com

http://www.hartmansimons.com

Medical-Office Sector Is Poised for Strong Performance in Years Ahead

Walter Page

ATLANTA, GA– With an aging U.S. population and the fate of President Obama’s healthcare reform law settled, the medical-office sector faces a promising future, according to experts on the most recent episode of the “Commercial Real Estate Show” radio program hosted by Michael Bull.

The episode took an enlightening look at the sector and explored a variety of topics related to medical-office buildings, including vacancy rates, cap rates, property-management challenges, overall strengths and possible challenges for the sector.

“To me, it’s a recession-resistant investment,” said Walter Page, director of research for CoStar Group. “It has had good occupancy over long periods of time, and consistent occupancy is the number-one driver of returns. The demand is great in that you have demographics in your favor with the Baby Boomers aging. Also, you now have the expansion of medical services to a broader part of the population.”

Mark Engstrom

The national vacancy rate for medical office buildings is currently 10.9 percent, which is significantly lower than the 12.5 national rate for the office sector as a whole, Page said.

Occupancy should continue to be a positive for the healthcare sector in part “because the job numbers that drive medical office are exceptionally strong,” Page added.

Short-term challenges to the sector’s performance include the so-called “fiscal cliff” and potential cuts in Medicare spending, according to Page. An oversupply of buildings may become an issue in certain markets as well, he added.

Paul Zeman

The U.S. Supreme Court’s recent decision to uphold the federal Affordable Care Act has strengthened the medical-office sector, said Mark Engstrom, executive vice president of acquisitions for Healthcare Trust of America. “Health-care systems are starting to make decisions, to take on additional space for their growth,” Engstrom said. “We see the same thing with physicians: they’re now more willing to sign longer-term leases because the [law] is here to stay.”

Paul Zeman, a partner with Bull Realty who oversees the firm’s Healthcare Real Estate Services Group, said investment sales of medical office properties are increasing. Approximately $5 billion of healthcare property sales will take place in 2012, and that figure should rise by 10 percent next year.

Michael Bull

A surge in sales could take place in the fourth quarter of this year, as investors seek to complete transactions before potentially less favorable tax laws are implemented in 2013, Zeman added.

“I still love the sector,” Zeman said. “I’m a firm believer that it’s one of the strongest sectors in commercial real estate.”

The entire episode on the healthcare industry and medical real estate is available for download at www.CREshow.com.

The next “Commercial Real Estate Show” will be available on Dec. 20th and will explore how to increase business relationships using LinkedIn.

For More Information, Contact

Stephen Ursery

The Wilbert Group

404.965.5026

sursery@thewilbertgroup.com

Aragon Deploys Private Equity Funds To Purchase $100 Million Apartment Portfolio

  

Holland Park Apartments,
Lawrenceville, GA

BEVERLY HILLS, CA /PRNewswire/ -- Aragon Holdings (www.AragonUSA.com) announced that it has expanded into two new markets with the acquisition of three properties in Atlanta and Denver, deploying approximately half of the $52 million it raised in its recently-closed private equity fund, Aragon Multi-Family Cash Flow Fund II.

 The balance of the $100 million acquisition was provided by Freddie Mac.

In the Atlanta market, the company purchased Holland Park, a 496-unit property in Lawrenceville, and Azalea Springs, a 232-unit property in Marietta. The Denver purchase was Hampden Heights, a 376-unit property located just north of the Denver Tech Center. All three properties  are located in areas with strong employment.

Azalea Springs Apartments, Marietta, GA

These acquisitions increase Aragon's multi-family portfolio to over 5,000 apartment units, all acquired in the past four years. During 2012, the company purchased over $200 million of multi-family assets in six states.

Equity for the three transactions was provided by Aragon Multi-Family Cash Flow Fund II, a private equity fund formed to facilitate the company's acquisition activity and to produce monthly cash flow distributions to investors. 

Like its predecessor Aragon Multi-Family Cash Flow Fund I, the latest fund targets 10% annual, tax deferred, cash-on-cash returns, paid monthly to investors.

Hampden Heights Apartments,
 Denver, CO

Larry Clark, president of Aragon Holdings, noted that Atlanta and Denver are new markets for the company, but they fit well with Aragon's model of acquiring properties in areas with strong job markets and robust demand for multi-family housing.

In Denver, Hampden Heights Apartments is located in the southeast submarket, less than 10 miles from the city's center. The local area's average income is 20% above that of metropolitan Denver, and its population is forecasted to grow by over 10% in the next five years.

Larry Clark

In Atlanta, the Holland Park and Azalea Springs apartments are both close to major employment centers. The metropolitan area's employment levels have returned to 95% of pre-recession levels. The job base expanded by 2.6% last year, and is forecasted to outperform most other cities in the coming years.

Mr. Clark said Aragon Holdings is actively seeking to purchase additional multi-family properties across the nation in cities that have positive job and population growth. "We continue to identify attractive acquisition opportunities that will enable us to commit the remaining portion of Fund II, and we have already been approached by investors and institutions asking us to form a Fund III."

Aragon Holdings is a Real Estate Investment and Fund Management Company based in Beverly Hills, California, that acquires and manages income-producing assets throughout the United States on behalf of high net worth investors.

    Contacts:

  Larry Clark        

  Aragon Holdings    

  310.550.5791       

   larry@aragonusa.com

Alexander Auerbach

Auerbach & Co. Public Relations

800.871.2583

auerbach@aapr.com

Web Site: http://www.aragonusa.com

Greenwich Apartment Portfolio Sells for $4.75 Million or $190,000 Per Unit

Edward Jordan

 BRIDGEPORT, CT– Investment sales broker Northeast Private Client Group has announced the sale of a 7-building, 25-unit apartment portfolio in Greenwich, CT.   Edward Jordan, JD, CCIM the firm’s managing director, represented both the seller and the buyer in the $4,750,000 transaction, which closed on December 10th.

 “Demand remains strong for mid-market apartment properties in lower Fairfield County” notes Jordan.  “And Greenwich in particular, given its historically high occupancy, strong rents and its generally robust economic base, boasts an intrinsic value which many investors find desirable.”

The seller, a local Greenwich family, had acquired the various portfolio properties over a number of years.  

Greenwich Riverview LLC, a New York-based buyer, purchased the seven-building multifamily portfolio for a price that equates to $190,000 per unit, which represents a capitalization rate of approximately six per cent on the current year’s net operating income.

 “We were able to identify and source this well-qualified buyer through our White Plains, NY office, which was instrumental in selling this prized asset at a highly competitive price,” explains Jordan.  “Going into 2013, investment sales activity continues to build.  Our ability to create multi-state competition for well-positioned assets will continue to benefit our clients in the New Year.”

Founded in 2010 by Edward Jordan, Northeast Private Client Group supports real estate investors with offices in New York, Connecticut and Massachusetts. 

The firm specializes in representing owners of income producing properties, and supporting those who invest and sell property in the commercial and multifamily sectors across a region that stretches from New York to Boston. 

Jordan holds the Certified Commercial Investment Member (CCIM) designation and is a past member of the board of directors of CCIM.

Contact:

Rick Leonard

rleonard81@gmail.com

203.434.7734

DoubleTree by Hilton Tulsa Downtown Selected as Beta Site for World's First Made-Market

Made Market, DoubleTree by Hilton, Tulsa, OK

McLean, VA  – DoubleTree by Hilton announced that its downtown Tulsa hotel has been selected as the beta site for a new dining concept scheduled to roll out in other markets across the nation in 2013.

Made Market, a $2 million project under construction now in Tulsa, is an all-day eatery that blends the convenience of a gourmet market with the allure of a brick oven gastro pub.

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

Maggie Giddens

DoubleTree by Hilton PR

+1.571.294.9726

Maggie.Giddens@hilton.com

www.mademarket.com

 David Trumble

Hilton Worldwide

Senior Director Communications

+1.602.870.2721

david.trumble@hilton.com

Arbor Closes New England Fannie Mae Deals Totaling $20M

The Pines of West Concord, NH

UNIONDALE, NY (Dec. 18, 2012) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and a national, direct commercial real estate lender, announced the recent funding of eight loans totaling $20,019,000 across New England under the Fannie Mae Delegated Underwriting & Servicing (DUS®) Loan, Fannie Mae DUS® Small Loan and Fannie Mae DUS® ARM 7-6™ Loan product lines. These loans include:

·         Concord Portfolio, Concord, NH – This seven-property, 337-unit multifamily portfolio received a combined total of $16,325,000 funded under the Fannie Mae DUS® Loan and Fannie Mae DUS® Small Loan product lines. The 10-year refinance loans amortize on 30-year schedules. The portfolio consists of the following properties:

o   Meadow Brook Apartments

66--72 Hamilton Street, Cambridge, MA

o   Pinewood Village

o   Pines of West Concord

o   Mill Place West Apartments

o   Ormond Street Apartments

o   Vineyard Terrace Apartments

o   Prescott Street Apartments

  

 66-72 Hamilton Street, Cambridge, MA – This 11-unit multifamily property received $3,694,000 funded under the Fannie Mae DUS® ARM 7-6™ Loan product line. The seven-year refinance loan amortizes on a 30-year schedule. Each apartment at 66-72 Hamilton Street includes stainless steel kitchen appliances, wood cabinets and granite countertops.

Ronen Abergel

 All of the loans were originated by Ronen Abergel, Vice President in Arbor’s New York City office.

Contact:

Christopher Ostrowski,

costrowski@arbor.com

HFF arranges more than $56 million in refinancing for nine-property Southern California multi-housing portfolio

Charles Halladay

IRVINE, CA – HFF announced today that it has arranged refinancing totaling more than $56 million for nine multi-housing properties in the Los Angeles and San Diego metropolitan areas on behalf of Universe Holdings Development Company.

                HFF worked on behalf of the borrower to secure the 10-year, fixed-rate loans through Freddie Mac (Federal Home Loan Mortgage Corporation).  Rates range from 3.74 to 4.08 percent. All of the loans are securitized and will be serviced through HFF’s Freddie Mac Program Plus® Seller/Servicer Program.

                The portfolio totals 536 units and has an average occupancy of 98 percent.  Individual property details and loan amounts are listed below:

Property Name                                                         Location   Size   Loan Amount

Chateau Alto Nido Apartments                              Los Angeles, 44 Units, $4.725 million

Chateau Lakeside Apartments                               Van Nuys, 53 Units, $6.750 million

Chateau Regent Apartments                                  North Hollywood, 51 Units, $5.404 million

Chateau Woodley-Hart Apartments                     Van Nuys, 82 Units, $9.674 million

Isle of Charm Apartments                                       Los Angeles, 50 Units, $5.330 million

The Hills at Spring Street Apartments  La Mesa, 94 Units, $7.336 million

The Hollywood at El Cerrito Apartments             Hollywood, 50 Units, $4.132 million

The Terraces at Spring Street                                La Mesa, 56 Units, $5.428 million

Villa Del Sol Apartments                                         Long Beach, 56 Units, $7.450 million

                The HFF team representing Universe Holdings Development Company was led by director Charles Halladay. 

Henry Manoucheri

“We are very pleased with the excellent execution of these assignments in a timely manner by the HFF team.  This has created a new stream of cash flow for our company and investors and we have a war chest of new cash to deploy on opportunistic acquisitions,” said Henry Manoucheri, CEO and Chairman of Universe Holdings.

                Universe Holdings Development Company is an experienced operator of multifamily apartments, with more than 80 cumulative years of experience owning, managing, and renovating Class B multifamily properties in Southern California.  Universe Holdings Development Company has acquired 4,500 units of multifamily real estate in Southern California since its inception in 1994. 

Contact:

Kristen M. Murphy

Associate Director

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

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | 

www.hfflp.com

krmurphy@hfflp.com

 www.universeholdings.com

Cushman & Wakefield Brokers $27,825,000 Sale of Jacksonville Freedom Commerce Center

Jacksonville Freedom Commerce Center

JACKSONVILLE, FL -- The Capital Markets Group of Cushman & Wakefield of Florida, Inc. announced today that it has finalized the sale of the Jacksonville Freedom Commerce Center office park, a seven-building, 752,154-square foot suburban office park located at the southwest quadrant of Baymeadows Road and I-95 in Jacksonville, Florida.

Karl Johnston

 The property, previously owned by LNR Partners, Inc., was purchased by Crocker Partners, LLC, a private capital company based in Boca Raton, Florida. 

Karl Johnston, Senior Director, along with Mike Davis and Rick Brugge of Cushman & Wakefield’s Capital Markets Group handled the transaction for LNR Partners, Inc.

Mike Davis

"The Jacksonville Freedom Commerce Center is one of the premier suburban office parks in the Jacksonville area," said Johnston, Senior Director with Cushman & Wakefield's Jacksonville office.

Rick Brugge

"While the buildings were only 38% occupied, there was significant upside potential with the future lease-up of vacant space to create substantial value. This value-add upside potential was a key factor in driving investor interest in the deal."

Originally developed in by Koger Equities in 1988 to 1998, the Jacksonville Freedom Commerce Center is anchored by ING, J.P. Morgan, and the GSA.

Contact:  david.meyer@cushwake.com