HFF represents seller in sale of and arranges financing for buyer of Arsenal Mall and Harvard Vanguard Medical Associates Building in Watertown, MA

Rendering of The Arsenal Mall, Watertown, MA

Jonathan Bush Jr.

BOSTON, MA – HFF announced today that it has represented SPG Arsenal, L.P. and Arsenal HCHP, LLC in the sale of The Arsenal Mall, an adjoining retail building occupied by Golfsmith, and the Harvard Vanguard Medical Associates Building in Watertown, Massachusetts to BP Watertown Retail, LLC, a joint venture between Boylston Properties,

The Wilder Companies and Jonathan Bush, Jr. the CEO and co-founder of corporate neighbor athenahealth.

John H. Pelusi Jr.

               HFF also worked exclusively on behalf of the BP Watertown Retail, LLC to secure the acquisition financing, which was provided by RBS Citizens.  Loan proceeds were used to acquire the assets and provide capital for some near term lease-up.           

               The properties are located along the banks of the Charles River on Arsenal Street close to the Massachusetts Turnpike, North Beacon Street and Harvard Business School. 

John Fowler

The Arsenal Mall is 93 percent leased to specialty and outlet stores including Old Navy, Ann Taylor Factory Store, Forever 21, Sports Authority and Marshall’s, and the office building is fully leased to Harvard Vanguard Medical Associates on a long-term basis.

               The HFF team representing the seller was led by executive managing director and managing member John H. Pelusi, Jr., executive managing director John Fowler and senior managing director Coleman Benedict. 

Coleman Benedict

               The HFF team advising the borrower was led by senior managing director Fred Wittmann and director Lauren O’Neil. 

               “This presented a unique opportunity for the buyer to acquire an infill asset with great potential upside,” said Benedict.  “The competitive nature of the financing request given the high profile deal and strong sponsorship led to a great outcome for the borrower.”

               “RBS Citizens offered attractive terms and executed in a compressed timetable in a flawless manner,” added Wittmann.

               Boylston Properties Company, Inc. is an urban mixed-use developer based in Boston with experience in a wide range of successful projects including corporate headquarters, retail, office, residential, research facilities and mixed-use properties.  

Lauren O'Neil

Boylston Properties draws upon 30 years of development experience in Boston, the last 10 years of which have been concentrated in the Longwood Medical Area/Fenway Neighborhood of Boston.

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

Kristen M. Murphy

Associate Director

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

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

krmurphy@hfflp.com

 www.twitter.com/hff

HFF secures $11 million financing for Old Palm Golf Club in Palm Beach Gardens, Florida

Old Palm Golf Club, 651 acres, Palm Beach Gardens, FL

MIAMI, FL – HFF announced today that it has secured $11 million in financing for the unsold single-family home lots and club memberships at Old Palm Golf Club in Palm Beach Gardens, Florida.

Jim Dockerty

                Working on behalf of Clarion Partners, HFF placed the short-term, fixed-rate financing with American Real Estate Capital.

                The Old Palm Golf Club is a 651-acre private golf club community with approximately 300 single-family home lots located in Palm Beach Gardens, Florida. 

To date, 190 homes have been developed from 2004 to the present. In 2013, lot sales in the community have been exceptionally strong, with more than 30 lots sold year-to-date.

Completed homes start at approximately $1.3 million and larger estates range between $5 million and $15 million. A maximum of 330 club memberships are available to the exclusive golf club community.

                The HFF team representing the borrower was led by managing director Jim Dockerty and senior real estate analyst Scott Wadler.

HFF’s debt placement team arranged more than $3.4 billion in multi-housing loans nationally in the first half of 2013.  HFF arranged more than $216 million in multi-housing transactions across all capital markets platforms in the state of Florida during the first half of 2013.

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

Olivia Hennessey

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.amrecap.com.

David Nigro

Kohler Nordlund

305-447-6835.  

Greystone Continues West Coast Expansion with Opening of Newport Beach, CA Office

450 Newport Center Drive, Newport Beach, CA

Andrea Nolan

New York, NY – Aug. 27, 2013 – Greystone, a leading national provider of multifamily and healthcare mortgage loans, opened the firm’s new West Coast Headquarters in Newport Beach, California. Greystone’s West Coast expansion is advancing at a tremendous pace under the direction of Rick Wolf, Senior Managing Director.

 Four professionals will join the Newport Beach office including Leah Purvis, a 10 year veteran at Greystone, who is relocating from Tampa, Florida to oversee West Coast Operations and Credit. 

In addition to Leah, Greystone has hired three new team members to the firm:  Bradley Olson, previously with Berkley Point, Andrea Nolan, formerly of Walker Dunlop and John Lin, who joined from Alliant Capital.

Rick Wolf

 “Leah’s contributions over the years have enriched Greystone’s services and we are thrilled that she will be overseeing the talented and dynamic individuals in Newport Beach,” said Wolf.

 “The Newport team includes top professionals with local expertise and over 33 years of combined experience.

“Opening this additional office and building this team will strengthen our services in the region as we continue to enhance our suite of products to meet the needs of our customers.”

 The opening of the Newport Beach office marks the addition of Greystone’s fourth California location, and greatly expands lending and operational services provided to the region.

               The Greystone Newport Beach office is located at 450 Newport Center Drive, Suite 400.

 “The Newport Beach office puts Greystone at the center of one of the most exciting housing markets in the United States, allowing us to better serve the area while offering the comprehensive lending platform that borrowers demand,” said Purvis.

  

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

Cognito

Josh Gerth/Jessica Kleinman

646 395 6300

Greystone@cognitomedia.com

Morrison Commercial Real Estate Negotiates Sale of Tavares, FL Industrial Facility for $1.297 Million

271 Southridge Industrial Drive, Tavares, FL

TAVARES, FL --  Morrison Commercial Real Estate, a full-service brokerage firm specializing in office and industrial in Central Florida, recently negotiated the sale of 271 Southridge Industrial Drive located in Tavares, FL for $1,297,000.

Lawson Dann

awson Dann, Vice President of Morrison Commercial Real Estate, negotiated the sale representing the Seller, PNC Bank National Association, headquartered in Pittsburgh, PA.

 271 Southridge Industrial Drive, a two building industrial manufacturing facility built in 1999 and 2002, has a total of 72,160 square feet of office and warehouse space on 6.7 acres.

 The buyer was CG 7600 LP based in Houston, TX.

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

Jennifer Eubanks

Phone: 407.440.6650

jeubanks@morrisoncre.com

WNC Closes $150.5 Million Institutional Tax Credit Fund

  

IRVINE, CA – WNC, a national investor in real estate and community development initiatives, announced today it has closed WNC Institutional Tax Credit Fund 38, L.P., a $150.5 million institutional low-income housing tax credit (LIHTC) fund.

Michael Gaber

The fund will acquire 24 properties nationally –a mix of family and senior properties, including 15 new construction projects and nine slated for rehabilitation. 

The properties expected to comprise WNC Institutional Tax Credit Fund 38 will deliver more than 2,100 units of affordable housing in 18 states, increasing the company’s acquisition portfolio to nearly 70,000 units nationwide.

“This is the second largest fund in WNC’s 42-year history, as well as the second national multi-investor fund this fiscal year, representing more than  $275 million,” said Michael Gaber, Executive Vice President and Chief Operating Officer of WNC.

“WNC Institutional Tax Credit Fund 38 welcomes four new banks to our LIHTC funds, along with six existing insurance company and bank investors to our latest fund.”

Gaber adds, “There is a significant shortage of affordable housing options available to those individuals and families who cannot afford traditional housing.”

According to the National Low Income Housing Coalition’s Out of Reach 2013, in some states, minimum wage workers need to work between 81 and 97 hours per week to afford an apartment, while in others, 98 hours per week or more are required.

Additionally, the report states that there are only 30 affordable rental units available for every 100 extremely low-income renters.

“We hope to increase the inventory of available affordable housing units with the projects included in this fund, and are pleased to continue to work with both new and existing development partners and investors to make this happen,” said Gaber.

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

Jill Swartz

Spotlight Marketing Communications

949.427.5172, ext. 701 – direct

949.485.1552 – mobile

jill@spotlightmarcom.com

 www.wncinc.com.

4 New Condo Towers With 1,400 Units Proposed For Miami's Brickell Area

  

Brickell Heights condos rendering, Miami, FL

MIAMI, FL -- As the South Florida condo market rebounds from the devastating crash of 2007, a pair of developers in unrelated deals are proposing a combined four new condo towers with nearly 1,400 units across the street from each other in the Brickell Avenue Area of Greater Downtown Miami, according to a new report from CondoVultures.com. 

Nine at Mary Brickell Village rendering
 Miami, FL

The newly proposed condo projects - the three-tower Brickell Heights complex and the Nine At Mary Brickell Village with one tower - are slated to be the latest additions to a 12-block stretch of South Miami Avenue where at least 12 towers with more than 3,900 units are now proposed or under construction, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

Peter Zalewski

In the Greater Downtown Miami market, a combination of domestic and international developers - in unrelated projects - are proposing to construct 39 towers with nearly 11,500 new condo units in a market that stretches from the Julia Tuttle Causeway south to the Rickenbacker Causeway, and Biscayne Bay west to Interstate 95 as of August 23, 2013, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

Overall in the tricounty South Florida region, developers are now proposing nearly 21,250 units for coastal Miami-Dade, Broward, and Palm Beach counties as of August 23, 2013, according to the Preconstruction Condo Projects Database™.

Brickell CityCentre rendering
Downtown, Miami, FL

"A one-mile stretch of South Miami Avenue in the Brickell Avenue Area of Greater Downtown Miami is quickly emerging as the most active submarket for preconstruction condo projects in all of South Florida," said Peter Zalewski, a principal with the Greater Downtown Miami-based real estate consultancy Condo Vultures® LLC.

 "Developers are rushing to this submarket to acquire land and launch presales as soon as possible in hopes of being the first to deliver new condo units while the market is hot.

“The driving factor for the condo developers is the widespread belief that Swire Properties' $1 billion Brickell CityCentre mixed-use development at Seventh Street and South Miami Avenue will change the face of Greater Downtown Miami.

"The unanswered question is whether too much condo product is being proposed too soon for the Greater Downtown Miami market to absorb."   

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

 Condo Vultures® LLC

225 Midtown Building

 225 NE 34th St.,

Suite 209B,

Downtown Miami, Florida, 33137.

800-750-0517.

Hendricks-Berkadia Negotiates Sale of Madison at Shoal Run Apartments in Birmingham, AL for $18,325,000

Madison at Shoal Run apartments, Birmingham, AL

BIRMINGHAM, AL --- Hendricks-Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the sale of Madison at Shoal Run, a 276-unit apartment community located in Birmingham for $18.325 million or $66,394 / per unit.

David Oakley

 The purchase involved the assumption of an existing Freddie Mac loan with an approximate balance of $13 million and fixed rate of 6.12 percent.

David Oakley, senior vice president in Hendricks-Berkadia’s Alabama office, negotiated the sale representing the seller and the buyer.  The seller was Madison at Shoal Run, LLC, an Alabama limited liability company By: Madison at Shoal Run Manager, LLC an Alabama limited liability company, its manager, based in Birmingham. 

The buyer was TEG Madison at Shoal Run LLC, based in New York.

Madison at Shoal Run, a garden-style apartment community built in 1986, has a total of 249,300 square feet of rentable living space with one- and two-bedroom apartments.

Trinity Hospital, Birmingham, AL

The buyer intends to spend a material amount of capital repositioning the property through interior and exterior upgrades. 

“This was a successful transaction on many fronts,” Oakley said.  “Located just a few miles from the new Trinity Hospital campus, the buyer has a great strategy to capture the robust activity occurring in the surrounding 280 submarket.” 

  

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

David Oakley, Senior Vice President, Hendricks-Berkadia - Alabama, 205.918.0785, doakley@hpapts.com. 

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

SR Commercial Brings Portfolio to $60 Million with Two New Industrial Acquisitions in Southern California

 42259 Rio Nedo, Temecula, CA

Adam Robinson

SAN DIEGO, CA (Aug. 26, 2013) – SR Commercial, a privately held, full-service commercial real estate investment company, has acquired two industrial properties encompassing 82,470 square feet in Southern California, adding a total of $60 million to its portfolio in the last 24 months, according to CJ Stos, a Principal of SR Commercial.

“The momentum in the real estate market is finally back to full speed,” says Stos, who founded SR Commercial with Adam Robinson.  “We are actively acquiring assets, and have closed on 14 separate investment properties in the past 24 months.”

The company’s newest acquisitions, located in San Diego and the Inland Empire, reflect an overall tightening of the industrial market throughout Southern California, according to Stos.

 8662 Avenida De La Fuente
in South Otay Mesa Business ParkSan Diego, CA

“Demand for investment-grade industrial product continues to climb,” he says.  “Investors must be willing and able to close deals, and must be flexible enough to consider acquisitions in various markets in order to secure the best opportunities.” 

According to Stos, SR Commercial plans to invest in larger industrial properties throughout San Diego, Orange County, Los Angeles, and the Inland Empire.

Rob Gunness

SR Commercial’s two most recent acquisitions include:

Acquisition #1:  Inland Empire, Calif.

SR Commercial acquired a 63,126 square-foot industrial building located at 42259 Rio Nedo in Temecula, Calif. for a total consideration of $2.8 million.

The building was occupied by a month-to-month tenant at the time of purchase. SR Commercial plans to repair the deferred maintenance and reposition the property with significant upgrades, including a new roof, HVAC system, ADA upgrades, parking lot repairs, landscaping and new roll-up doors.

Scott Stewart

“We will begin improvements on the building immediately and, once completed, we plan to aggressively market the property for sale or lease,” explains Robinson.

SR Commercial was represented by Rob Gunness and Scott Stewart of CBRE in the transaction.  The seller, a private investor, was represented by Charley Black and Michael Strode of Lee & Associates.

Acquisition #2: San Diego, Calif.

Michael Strode

SR Commercial acquired a 19,344 square-foot, multi-tenant industrial property located in the South Otay Mesa Business Park in San Diego, Calif. for a total consideration of $1.6 million. The property is located at 8662 Avenida De La Fuente in San Diego, Calif.

“This was an all-cash deal, and we were successful in closing escrow within 30 days,” says Adam Robinson, co-founder and Principal at SR Commercial.

Regan Tully

Robinson notes that the San Diego market continues to attract manufacturing and distribution tenants in need of quality space, but supply is an ongoing concern.

“The supply of quality, for-sale multi-tenant industrial product is scarce in San Diego,” he says.  “We are fortunate to have strong relationships with local brokers who can help us to identify investment opportunities quickly.”

Mike Erwin of Colliers identified this opportunity for SR Commercial, and represented the firm as the buyer in the transaction.  The seller, a private investor, was represented by Regan Tully of Cassidy Turley.

Charley Black

The property, which was 87 percent occupied at the time of purchase, consists of 16 units ranging from 920 square feet to 1,224 square feet, and features office space, private restrooms, 15' to 18' warehouse clear height, a shared truck well, and grade-level loading.

“Our plan for this property is to lease the two vacant suites, while simultaneously completing a condo map.  This will give us the option to either sell to owner-users as market conditions improve, or hold the property long-term while achieving double digit cash-on-cash returns,” explains Robinson.

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

  Jenn Quader / Judith Brower

  Brower, Miller & Cole

  (949) 955-7940

  jquader@browermillercole.com

 www.sr-commercial.com.

Bull Realty Arranges $7.8 Million Land Sale in Midtown Atlanta

  

Daniel Latshaw

ATLANTA, GA (Aug. 26, 2013) – Daniel Latshaw and John DeYonker of Bull Realty represented the seller in the $7.8 million sale of a 1.44-acre parcel located at 930 Spring Street in the Midtown submarket of Atlanta. Centergy North, LLC, was the seller in the transaction, and UH Spring Street, LLC, was the buyer.

Inland American Communities Group, Inc., and Ambling University Development Group will partner to build the 706-bed University House, a mixed-use student housing development, on the site.

The 20-story building will feature 268 units, offering studio, one-, two-, three- and four-bedroom floor plans. Amenities will include a resort-style pool on an elevated terrace, secured parking garage, city-view sky lounge on the top floor, and business and fitness centers.

John DeYonker

“This is a fantastic site that’s a short walk to the Georgia Tech campus as well as shops, restaurants and nightlife,” said Latshaw, a Bull Realty partner. “With growth in enrollment at Georgia Tech, the university will benefit from additional quality student housing.”

This transaction marks the fourth sale of an intown Atlanta land parcel that the Bull Realty duo has brokered in the last 12 months. University House is scheduled to open in the fall of 2015.

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

Savannah Duncan

The Wilbert Group

O:  404.343.0870

C: 404.901.4433

sduncan@thewilbertgroup.com

www.thewilbertgroup.com

Franklin Street Adds New Director to Atlanta Office

  

Justin Berryman

ATLANTA, GA  (Aug. 26, 2013) — In another move of expansion, Franklin Street Real Estate Services has recruited leasing expert, Justin Berryman specializing in leasing and landlord representation.

“Justin brings a wealth of industry knowledge from his experience in all facets of commercial real estate,” said Danny York, Chief Operating Officer for Franklin Street. “We are confident with Justin’s varied and deep understanding of Atlanta retail properties, he will be a great asset for clients throughout the Atlanta Metro.”

Berryman has worked in site selection, development, leasing, management, acquisition, and disposition of retail and multifamily assets.

Danny York

“The opportunity to work with Franklin Street’s highly-respected and knowledgeable real estate professional’s along with the challenge I’m personally taking on – increasing the value of our client’s assets and expanding our shopping center leasing portfolio in Georgia – is something I’m excited and honored to be a part of,” Berryman said.

 “The retail leasing market in Atlanta has picked up along with a decrease in vacancy which gives us an exciting window of opportunity.”

Prior to joining Franklin Street, Berryman was responsible for the managing and leasing of shopping centers for private investors throughout Atlanta. 

He also was involved in a partnership investing in distressed residential and multifamily real estate around the Metro achieving a double-digit return for investors with zero debt on their properties. Berryman attended Auburn University where he earned his Bachelor of Science in Entrepreneurship while also playing for the Auburn Tigers football team.

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

 Kelsy Pazur

813-839-7300, ext. 337

Kelsy.Pazur@FranklinSt.com

@FranklinST_llc

www.FranklinSt.com

NAI Realvest Negotiates New Retail Lease at Aloma Square Shopping Center in Winter Park, FL

  

Aloma Square Shopping Center, 6700---6864 Aloma Avenue, Winter Park, FL

  

Mitch Heidrich

ORLANDO, FL. – NAI Realvest recently negotiated a new lease agreement for 3,200 square feet of retail space in Aloma Square Shopping Center at 6700-6864 Aloma Avenue in Winter Park.

Cheri Hendricks-Kelly

 NAI Realvest Associate Mitch Heidrich negotiated the lease representing the local tenant Debarco Inc.  

  Cheri Hendricks-Kelly of Noble Management Company represented the landlord, Hart Properties II, Ltd of Palm Beach Gardens.

 CPAs  Lease 6,702 SF at CenterPointe II in Altamonte Springs, FL

Mary Frances West

MAITLAND, FL--- NAI Realvest recently negotiated a new lease agreement for 6,702 square feet of office space at Suite 1040 CenterPointe II, 220 E. Central Parkway in Altamonte Springs.

 Senior Broker Associate Mary Frances West, CCIM negotiated the transaction representing the tenant Glickstein Laval & Carris, P.A. certified public accountants.

 The landlord Emerson Investments International, Inc. was represented by Kenneth Koch. 

Matt Cichocki

Global Transport and Logistics Firm Renews Lease at The Citadel III in Southeast Orlando, FL 

ORLANDO, FL. – NAI Realvest recently completed a lease renewal agreement at The Citadel III, 5950 Hazeltine National Drive in southeast Orlando.

 The NAI Realvest leasing team of Senior Associate Mary Frances West, CCIM, Matt Cichocki and Kevin O’Connor principals at NAI Realvest, negotiated the transaction representing the landlord, Citadel Partners, LTD based in Groveland, Fla.  

Kevin O'Connor

The local tenant, DSV Air & Sea Inc. a global transport and logistics firm, signed the lease renewal for suite 690 with 4,102 square feet. 

 NAI Realvest is the leasing and management representative of The Citadel III.

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

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

IPA Sells Orange County, CA Apartment Community for $28 Million

The Arbors, 1100-1200 East Fairhaven Avenue, Santa Ana, CA

Stewart I. Weston

SANTA ANA, CA – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of The Arbors, a 160-unit apartment complex in Santa Ana, Calif. The $28 million sales price equates to $175,000 per unit.

            IPA senior director Stewart I. Weston and IPA associate director W. Michael Cavner advised the seller, Marcus & Millichap senior associate Daniel Blackwell represented the buyer, CW Investment Group LLC.

W. Michael Cavner

“The Arbors is an ideal candidate for a moderate renovation program to drive rents, taking advantage of the escalating rental and occupancy trends which most of OC is currently experiencing,” says Weston.

““This Class B asset is within close proximity to a myriad of Class A apartment communities, which both demonstrate renter demand for high-end product and our projections for post renovation asking rents.” Cavner added.

            The property was built in 1969 on 5.7 acres at 1100-1200 East Fairhaven Ave. in Santa Ana. It is composed of 144 one-bedroom/one-bathroom units and 16 two-bedroom/two-bathroom units.

Daniel Blackwell

The Arbors is a gated and lushly landscaped garden-style community enhanced by a myriad of fountains and water features. The amenity package includes an on-site fitness center, two laundry facilities, a basketball and activity court, barbecue areas and two swimming pools and spas.

Interior amenities feature modern open kitchens and pantries, ample closet space, individual and central air conditioning, gas ranges, 14-foot vaulted ceilings in select upstairs units, stainless-steel appliances in most units, and balcony or patio areas.

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

Gina Relva

 Public Relations Manager

(925) 953-1716

Faris Lee Investments Completes Record-Breaking $14.6 Million Sale of High Profile Retail Center in Monroe, LA

  

Pecanland Commons, 4209--4299 Pecanland Mall Drive, Monroe, LA

Richard Chichester

IRVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the record-breaking sale of Pecanland Commons, a fully leased Target-anchored regional shopping center located at 4209-4299 Pecanland Mall Drive in Monroe, LA.

The center includes Ross Dress for Less, Bed, Bath & Beyond, Petco, and other notable tenants. Target was not a part of the sale.

 Built in 2003, Pecanland is situated on 8.6 acres and is located near the on/off ramp to Interstate 20, providing customers with easy access to the center. It is also near the Pecanland Mall, which is the largest mall in North Louisiana with more than 100 department and specialty stores.

Matthew Mousavi

 Richard Chichester, Matthew Mousavi and Thomas Chichester of Faris Lee Investments, along with co-broker, Beezie Landry of Stirling Property Group, represented the seller, a large TIC.  The buyer was TKG, a privately owned real estate company, based in Missouri, and was self-represented.

 At a sale cap rate of 7.6 percent, this transaction represented one of the lowest cap rates achieved  for a multi-tenant retail center in Louisiana for the last seven years per Costar records.

 “Faris Lee generated over 10 competing offers from private 1031 exchange buyers, as well as public and private institutional investors.

  

Tom Chichester

“ The sale price exceeded all expectations, and reflects a multi-stage bidding process whereby Faris Lee received offers throughout the marketing period, selected the highest bidders once receiving multiple offers from a range of buyer profiles, and went into multiple rounds of negotiations with the top bidders until the maximum price and best terms were achieved,” said Richard Chichester, president and CEO of Faris Lee Investments.

 The strong sale price was garnered despite some challenges including hesitancy from out-of-area buyers about the local market area, short-term rollover with the anchor tenants and uncertainty surrounding the tenants’ intent to renew their leases.

Beezie Landry

“Faris Lee’s marketing strategy was to overcome potential objections by highlighting the property’s position within the region which draws from a 30-mile radius,” commented Mousavi, managing director with Faris Lee.

 “We targeted a wide range of buyers, and generated offers from groups who have never owned retail assets in Louisiana.

“This diverse offer activity allowed us to maximize the price for the TIC ownership, shorten the time frame of the transaction and remove any financing contingency.

“Ultimately, we were able to successfully execute at a level of pricing that many thought was not possible, within a quick turn around. We are confident the new ownership will further enhance the center’s draw and appeal within this active retail corridor.“

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

www.farislee.com

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