Lincoln Property Company and Carefree Partners Engage JLL on 267-Acre Goodyear Industrial Site in Goodyear, AZ

  

Aerial of site for planned 267-acre Goodyear Air Park, Goodyear, AZ

PHOENIX, AZ – Lincoln Property Company (LPC) and industrial specialists in the Phoenix office of Jones Lang LaSalle (JLL) have collaborated to attract corporate design/build projects to a major new, multi-employer business park named Goodyear AirPark in Goodyear, Ariz.

Anthony J. Lydon

The announcement comes on the heels of a joint venture formed between LPC and property owner Carefree Partners Investments.

LPC will be the project’s design-build developer, based on the firm’s national scope, local office accessibility and ability to deliver an array of high-end design-build products. Jones Lang LaSalle Managing Directors Anthony J. Lydon, SIOR, and Marc Hertzberg, SIOR, serve as the project’s exclusive marketing coordinators.

The project, at build-out, has the potential to add approximately 4,000 new jobs to the market.

Marc Hertzberg

“We’re on the front end of the next wave of industrial building,” said Lincoln Property Company Executive Vice President David Krumwiede. “It is the opportune time to capture employer interest and make very big, very positive, very lasting contributions to the Valley’s job growth.”

“Goodyear is the Valley’s gateway from Southern California. Employers seeking new space solutions in Arizona can take advantage of our 30 to 40 percent operational cost savings, and the 267 acres of shovel-ready land that Goodyear AirPark provides to respond to their demand,” said Lydon.

David Krumwiede

 “LPC also has the financial and construction expertise to build exactly what corporate employers need, whether it is office, industrial, flex or research space. That gives us tremendous leverage toward our mission: to attract businesses that will provide long-term value to the greater West Valley market.”

According to JLL, only 10 percent of Goodyear’s 189 square miles is currently developed, offering significant opportunity for site selection and design-build activity. Current nearby industrial employers include Amazon, Macys, SubZero, Cancer Treatment Centers of America and Dick’s Sporting Goods.

 Goodyear AirPark is located just south of the southwest corner of Litchfield Road and the newly widened Highway 85, directly south of the Goodyear Airport. Its 267 acres include flexible/divisible lot sizes with Highway 85 frontage and direct access to I-10 (via the I-10 reliever highway), a bicoastal, federal corridor that serves as the metro area’s main transportation artery. 

The site is also in close proximity to I-8 and the proposed Loop 202 and under construction Loop 303 freeways.

Goodyear AirPark offers variable zoning and is Foreign Trade Zone capable, which translates into a potential 75 percent reduction in real property tax and personal property (equipment) tax and duty deferral or elimination.

  

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

www.jll.com

www.carefreepartners.com.

www.lpc.com

www.lpcphx.com.

San Fernando Valley Multifamily Trades at $88 Million; Marcus & Millichap Capital Corp. arranged $61.6 million in financing.

The Mercer at Warner Center, Woodland Hills District, Los Angeles, CA

Greg Harris

WOODLAND HILLS, 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 Mercer at Warner Center, a 477-unit multifamily complex in Woodland Hills, a district within the city of Los Angeles.

The sale completes a 1031 exchange for the purchaser, a private investor, who acquired The Mercer for $88 million, or $184,000 per unit, in an up-leg exchange for Crenshaw Village, a $60 million, 669-unit apartment portfolio located in the Los Angeles suburb of Baldwin Hills that closed in September.

Ron Harris

            IPA executive vice presidents investments Greg Harris and Ron Harris, and IPA directors Kevin Green and Joseph Grabiec advised the institutional seller on the purchase of The Mercer at Warner Center.

Danny Abergel, a vice president capital markets in the Encino, Calif. office of Marcus & Millichap Capital Corp. (MMCC), arranged the financing.

            “There is high demand for luxury apartment homes in this active market and The Mercer at Warner Center has received more than over $9 million in upgrades,” says Greg Harris.  “The property is poised to take advantage of continued revenue-generating renovations while maintaining insulation from new construction rents.”

Kevin Green

            “The Mercer at Warner Center is located just blocks from one of the largest and most robust business districts in the San Fernando Valley,” adds Ron Harris. “The property is surrounded by 6 million square feet of office space, more than 4.5 million square feet of industrial/flex space and 2.2 million square feet of world-class retail.”

            “The borrower required financing with an interest-only component that will enable them to implement further capital improvements,” says Abergel.

Joseph Grabiec

“MMCC had seven days to source a lender and finalize terms for the $61.6 million nonrecourse acquisition loan. We procured the funding on time and locked in a low interest rate ahead of the market’s almost 50 bps jump in rates,” adds Abergel.

            Built from 1968 through 1971 and partially renovated between 2006 and 2012, the 294,887-square-foot property is located on eight acres at 22100 Erwin St. in the Woodland Hills district of Los Angeles.

Danny Abergel

The Mercer at Warner Center is a pet-friendly community that provides residents with two pools with poolside cabanas, four built-in gas barbecue grills, picnic areas, a state-of-the-art fitness center with free weights, cardio and circuit training equipment, a lounge and Internet Wi-Fi café, lighted tennis courts and elegant water features throughout the grounds.

The apartments offer spacious floor plans, energy-efficient kitchens, central heating and air conditioning and private patios and balconies.

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

Gina Relva

 Public Relations Manager

(925) 953-1716

Marcus & Millichap Promotes Adam Mancinone to Associate Vice President Investments

Adam Mancinone

NEW HAVEN, CT – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Adam Mancinone to associate vice president investments.

The achievement represents excellence in the development and servicing of long-term client relationships, according to J.D. Parker, first vice president and regional manager of the firm’s New Haven office.

J.D. Parker

Most recently a senior associate, Mancinone began his career with Marcus & Millichap in July 2003, was promoted to associate in January 2005 and advanced to senior associate in July 2006.

He graduated from Williams College with a degree in economics and English.

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

Gina Relva

 Public Relations Manager

(925) 953-1716

Marcus & Millichap Arranges $7.8 Million Sale of 68,142-SF Office Building in Miami, FL

Dadeland Executive Center, 9700 South Dixie Highway, south Miami, FL

MIAMI, FL, September 30, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Dadeland Executive Center, a 68,142-square foot office property located in Miami, FL. The asset sold for $7,800,000.

Alex D. Zylberglait

Alex D. Zylberglait, a Vice President Investments in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor from Miami, FL.  Zylberglait also secured and represented the buyer, an operator from Coral Gables.

“This deal represented a tremendous opportunity for an investor to modernize the asset and raise rental incomes significantly through higher occupancy as well as through lease renewals. 

"The building also offers potential corporate users an ability to secure space, including a 9,500-square foot penthouse with outstanding building signage visibility,” says Zylberglait.

Dadeland Executive Center is an 11-story, Class-B office building anchored by AT&T. The building, which at the point of sale was 71% occupied, also houses a variety of tenants who provide legal, accounting and other professional services.

The property is situated off the intersection of South Dixie Highway (US1) and the Palmetto Expressway (SR 826) in the downtown Kendall/Dadeland area. Dadeland Executive Center is located at 9700 South Dixie Highway in Miami, FL.

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

Kirk A. Felici

First Vice President

Regional Manager

Miami, FL

(786) 522-7000

RECI Reports Commercial Mortgage Spreads Remained Unchanged in September

Chicago, IL - September has been a quiet month as mortgage spreads remain unchanged and lenders continue seeking high-quality funding opportunities. All in all, overall longer-term mortgage rates moved about 20 basis points downward during the month.

Jeanne Peck

In general terms, the most common commercial properties are enjoying a

continued resurgence in demand by lenders and investors based upon the

following highlights:

Multifamily - over the past five years the sharp decline in homeownership

rate has propelled multifamily demand to record heights.  With homeownership

rates at about 65% for all households, nearly five million more renters are

in the market.  The US Census Bureau shows more job creations in costly

dense urban areas, helping spur more demand for rental housing.  Lastly,

rising interest rates keep renters in place for longer terms as recovering

housing prices prove too costly.

Office - downtown core office buildings are trading for record prices, even

higher than the recession, as foreign investors and domestic pension funds

compete for a scarcity of products. On the other hand, suburban office

buildings are starting to show life, although rental rate increases are far

out of reach, as expenses and real estate taxes escalate faster than rents.

Industrial - the improving economy is directly benefiting this sector, as more developers are starting to build "spec" projects that are successfully leased upon completion. This sector enjoys steady growth as newer space replaces obsolete industrial/warehouse facilities in many markets.

Retail - "Urban infill" are the two words to remember for retail. Tenants are learning to reconfigure space into tighter sites with limited parking, in exchange for greater density and access to mass transit. Grocery-anchored centers and Fortress malls are the most desirable properties, also trading

at record-high premiums.

  

Property-type mortgage loan spreads:  Mortgage spreads over 10-year treasury notes are within a reasonably tight range for most types of Class-A

commercial properties.  Such spreads start at 175 basis points for office properties, varying about 15 basis points lower for retail/industrial properties and as much as 20 basis points lower for multifamily assets.

Jeanne Peck, the Director of the Real Estate Capital Institute, advises "with tightening mortgage spreads between various property types, lenders

continue scrambling for high quality assets in all commercial property categories. The Great Recession created a pent-up demand for core assets

which remains the biggest challenge for the real estate capital markets to

solve."

Call the Real Estate Capital RateLine at 7RE-CAPITAL (773-227-4825) for hourly rate updates.

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

Jeanne Peck

Executive Director

Real Estate Capital Institute

3517 West Arthington Street

Chicago, Illinois USA 60624

director@reci.com

http://www.reci.com

Brown Harris Stevens Reports Number of Manhattan Apartment Closings up 16% with Average Sales Price Up 8% from 3rd Quarter of 2012

Manhattan skyline

Hall F. Willkie

New York, NY --  According to the 2013 third quarter Manhattan residential market report released by Brown Harris Stevens, the average Manhattan apartment sale price of $1,451,621 was up 8% from the third quarter of 2012. A 75% increase in transactions over $10 million when compared to the same period last year pushed statistics higher this quarter.

The median price, which measures the middle of the market and is less impacted by high-end sales, rose 3% from a year ago to $870,000, its highest level in over four years. While inventory is still at low levels, the number of closings was up 16% to 3,240 when compared to the third quarter of last year.

 At $1,175,163, the average price of cooperative apartments rose 11% when compared to the third quarter of 2012. The average price increased for all size categories of co-ops, with studio and 3+bedrooms experiencing the biggest increases. The average price for a condo sold in the third quarter was $1,864,711, 9% more than the same period last year.

“Although there has recently been a rise in inventory which brought the current Manhattan absorption rate up to 3.5 months, scarcity remains an important issue,” said Hall. F. Willkie, president of Brown Harris Stevens Residential Sales.

“When apartments are properly and justifiably priced they are selling quickly; the average time on the market this quarter was just 77 days, 29% less time than in the third quarter of last year,”

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

Katelyn Tumino

Rubenstein Public Relations

212.843.9318

ktumino@rubensteinpr.com           

Meridian Capital Group Arranges $4.7 Million in Acquisition Financing for the Shelby Crossing Apartments in Louisville, KY

Shelby Crossing Apartments, 500 La Fontenay Court, Louisville, KY

Boca Raton, FL, Oct. 3, 2013 – Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, negotiated a $4.7 million mortgage for the purchase of the Shelby Crossing Apartments multifamily property in Louisville, KY.

The 10-year loan features a competitive fixed-rate of 4.25% and was provided by a CMBS lender. This transaction was negotiated by Meridian Capital Group Director, Noam Kaminetzky, who is based in the Company’s Boca Raton, FL office. 

 The Shelby Crossing Apartments is located at 500 La Fontenay Court and is composed of seven two-story buildings totaling 90 units on 6.25 acres of land. Amenities include tennis courts, a swimming pool, fitness center, clubhouse and laundry facility.

 “Agency lenders, the natural choice for a property like this, had challenges structuring around the perpetual use agreement for the amenities,” said Mr. Kaminetzky. “As a result, Meridian creatively worked to overcome these obstacles with a CMBS lender,” he added.

Founded in 1991, Meridian Capital Group, LLC is one of the nation’s largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida, Arizona and California.

Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com

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

Jonathan M. Stern

Managing Director

Meridian Capital Group, LLC

1 Battery Park Plaza, 26th Floor

New York, NY 10004

jstern@meridiancapital.com

Direct: 212.612.0181

Fax: 212.201.5181

www.meridiancapital.com

Plaza Advisors Announces Sale of Clermont Crossings at Lost Lake in Clermont, FL

Clermont Crossings at Lost Lake shopping center, Clermont, FL

Jim Michalak

TAMPA, FL -- Plaza Advisors is pleased to announce the sale of Clermont Crossings at Lost Lake shopping center located in Clermont (Orlando Market) Florida.

The center contains a total of 149,698 square feet of gross leasable area. The property is situated on 33.291 acres and was built in phases during 2009 through 2011.

The asset was 91.1% leased at the time of sale. The property was shadow anchored by BJ’s Wholesale Club, ALDI, Firestone and IHOP. The transaction included an 11,254 square foot strip that with Inline tenants Jimmy Johns and Flippers Pizzeria.

 The seller and buyer were KMH Limited Liability Company and Commons at Twin Lakes Associates, LLC, respectively. Both parties are a private equity firms. 

Mike Cvetetic

Jim Michalak and Mike Cvetetic of Plaza Advisors represented the seller in the transaction. The buyer utilized 1031 Tax Exchange funds from the previous sale of Commons at Twin Lakes by Plaza Advisors.

Plaza Advisors is a real estate brokerage firm that specializes in the disposition of retail properties throughout the State of Florida. Plaza Advisors’ clients include private equity investors, developers, and major institutions including fund advisors, servicing agents, life insurance companies, REITs, and money center banks.

Plaza Advisors has closed over 130 shopping center transactions, with a combined GLA exceeding 13 million square feet with an aggregate sales volume in excess of $1.5 billion.

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

Jim Michalak

 Managing Partner

Plaza Advisors

3412 Bay To Bay Boulevard

Tampa, FL 33629

813.837.1300 Ext. 101

Fax 831.2627

jim.michalak@plazadvisors.com

www.plazadvisors.com

What Tenants Want: Trends in Office Leasing

  

 ATLANTA, GA (Oct. 2, 2013) – As the way people work continues to change, so does office space. Many companies are moving to smaller, more open offices and exploring alternative ways for employees to work, including benching and hoteling.

Michael Bull

Those were several of the points made during the most recent episode of the “Commercial Real Estate Show” radio program, hosted by Michael Bull of Bull Realty. Bull and his guests discussed office layouts, lease terms and mistakes tenants should avoid in lease negotiations.

 Nationwide, the trend of companies reducing square footage per employee continues, said Scott Panzer, vice chairman at Jones Lang LaSalle. “The last couple of years, square footage per employee has dropped to 200 square feet or less. Now there’s a push to get it under 175 square feet,” he said.

 The decrease in square footage per employee has resulted in the creation of more collaborative space, said Richard Rhodes, managing principal at Cresa Partners.

Scott Panzer

More open office layouts also have been growing in popularity. “If you look at various Jones Lang LaSalle offices throughout the country, by and large everyone has an open floor plan,” Panzer added.

 As office space has changed, so have lease terms. While tenants once focused primarily on rent abatement and tenant improvements, they now are concerned with self-help provisions, said Bob Chodos, principal at Colliers International. “The right to fix a problem and offset the cost against rent is important to tenants,” Chodos said.

Richard Rhodes

Flexibility also is important, guests said. Contraction, termination and expansion options have been sticking points, Panzer said. “Companies got burned in the past because they signed leases for too long and took too much space,” he added.

 Exercising a renewal option without re-negotiating lease terms is a common mistake that tenants make, Rhodes said. “Start the process at least 12 months ahead of when you think you need to,” he said. “Having time as leverage, particularly in a soft tenant’s market, can only work to your advantage.”

 Hiring a good advisor to negotiate lease terms on your behalf is key to getting what you want in a lease, Chodos added. “Companies who represent themselves in a process as complex as a real estate lease have a fool for a client,” he said.

Bob Chodos

The entire episode on office tenant strategies is available for download at www.CREshow.com. The next “Commercial Real Estate Show” will be available on Oct. 3 and will examine single tenant net lease investment properties.

  

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

Stephen Ursery

The Wilbert Group

404.405.2354

sursery@thewilbertgroup.com

HFF secures $121.6 million financing for luxury apartment development in Bethesda, MD

Rendering of planned 8300 Wisconsin mixed-use development, Washington, DC

Sue Carras

WASHINGTON, D.C. – HFF announced today that it has secured $121.6 million in financing for the development of 8300 Wisconsin in Bethesda, Maryland, which will include 359 luxury apartment residences and a 50,000-square-foot Harris Teeter grocery store.

HFF worked on behalf of StonebridgeCarras to secure the construction financing through Wells Fargo Bank.

Walter Coker

Slated for completion in 2015, 8300 Wisconsin is situated at the entrance to Bethesda on a 1.6-acre site at the intersection of Battery Lane, just south of the National Institutes of Health and Walter Reed campuses. 

The nine-story building will occupy an entire city block.  Community amenities will include a landscaped courtyard, rooftop swimming pool with separate lap pool, rooftop demonstration kitchen, clubroom, fitness center, business center and 24-hour concierge services.

The HFF debt placement team was led by Sue Carras, Walter Coker and Brian Crivella.

Brian Crivella

StonebridgeCarras is a privately-held real estate investment and development firm based in Bethesda, Maryland focusing primarily on developing mixed-use properties in the Washington, D.C. metropolitan region.

 During the past 20 years, the principals of StonebridgeCarras, LLC have been involved in the acquisition, development, joint venture, financing, and disposition of real estate assets in the Washington area exceeding $5 billion in value. 

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

HFF arranges $112 million refinancing for Seaport Square in Boston, MA

Rendering of  planned Seaport Square, Seaport District, Boston, MA

BOSTON, MA – HFF announced today that it has arranged a $112 million refinancing for Seaport Square, a master-planned development area in Boston’s Seaport District.  The Seaport Square master plan encompasses 20 buildings of varying sizes totaling 6.3 million square feet of commercial development. 

John Fowler

               HFF worked on behalf of the borrower, a venture between Boston Global Investors and Morgan Stanley Real Estate Investing, to secure a six-year loan through Starwood Property Trust.

 The loan was structured to allow the borrower flexibility in releasing parcels while maintaining leverage such that the loan will likely carry the sponsor through full execution of their business plan.  

Collateral for the loan consists of 15 development sites, which have historically been used as parking lots, and are fully approved by the Boston Redevelopment Authority (BRA) for 5.3 million square feet of new retail, residential, hotel and office development within 15 buildings.

Anthony Cutone

Located directly across the Fort Point Channel from Boston’s Financial District, the development sites are situated in the heart of Boston’s Seaport District. 

The HFF team representing the borrower was led by executive managing director John Fowler, managing director Anthony Cutone and senior real estate analyst Brett Paulsrud.

Boston Global Investors (BGI) is a leading real estate development and consulting firm headquartered in Boston, Massachusetts.  In the last 10 years, BGI has developed projects in excess of $6 billion.

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.morganstanley.com/realestate.

HFF arranges $27 million in debt and equity for acquisition of Inland Empire industrial facility in Ontario, CA

5491 East Francis, Ontario, CA

LOS ANGELES, CA – HFF announced today that it has arranged nearly $27 million in debt and joint venture equity for 5491 East Francis, a 406,714-square-foot industrial facility in Ontario, California.

Paul Brindley

               HFF worked on behalf of the sponsor, Cohen Asset Management, to arrange joint venture equity through a domestic life insurance company, and to secure $13.75 million of permanent fixed-rate debt through a national life insurance company.  Loan and equity proceeds were used to acquire the property via a sale leaseback.

               5491 East Francis is situated in an “A” location of the Inland Empire West in the City of Ontario just minutes from the intersection of the Interstate 10 and Interstate 15 freeways.  The property is fully leased to a single-tenant.

Ryan Martin

               The HFF team representing the borrower was led by senior managing director Paul Brindley and senior real estate analyst Jeff Sause.

               “We have had a long standing relationship with both Cohen and their joint venture partner and were confident that a strong relationship would be formed between the two,” said Brindley. 

“Our efforts to secure the joint venture equity and debt for this asset are part of our growing emphasis on industrial product both in Southern California and nationally.”

Anthony Brent

 HFF recently added the team of Brett Tremaine, Ryan Martin and Anthony Brent from BlackRidge Real Estate Group to the Los Angeles and Orange County offices to focus on industrial capital markets transactions primarily in the western United States.

               Cohen Asset Management, Inc. is a private commercial and industrial real estate investment firm.  Established in 1992 and strategically headquartered in Southern California with a regional office in Northern New Jersey, Cohen Asset Management, Inc. is a proven, national real estate owner and operator with a primary focus on the industrial real estate sector.  

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.cohenasset.com.

HFF secures $47 million in permanent financing for Liberty Station Marketplace in San Diego, CA area

Liberty Station Marketplace, Point Loma submarket, San Diego, CA

SAN DIEGO, CA – HFF announced today that it has arranged $47 million in permanent financing for Liberty Station Marketplace, a premier 152,495-square-foot, dual grocery-anchored retail center in the Point Loma submarket of San Diego, California.

Tim Wright

Working on behalf of The Corky McMillin Companies, HFF placed the loan with a major fund advisor. 

Liberty Station Marketplace is located within the award-winning Liberty Station mixed-use development.  The property was originally constructed in 1932 and was converted for retail and office use in 2007.

 Anchored by Vons and Trader Joe’s, the center is 93 percent leased and also features tenants including Starbucks, Sammy’s Woodfired Pizza, Five Guys, Verizon Wireless, Panera Bread, Cold Stone Creamery, Tender Greens and Luna Grill.

Nick Psyllos

The 361-acre Liberty Station community includes 125 acres of parks and open space; shopping villages and restaurants; a 28–acre civic, arts and cultural district; the nine-hole Sail Ho Golf Club; two hotels; and six schools.  

Nearly 350 families now reside at the pedestrian-friendly Liberty Station and dozens of companies, with hundreds of employees, are doing business there.  Please visit libertystation.com for more information. 

The HFF team representing the borrower was led by senior managing directors Tim Wright and Nick Psyllos and associate director Zack Holderman.

A long-standing commercial and residential owner and developer, The Corky McMillin Companies is the master plan developer of Liberty Station, an award winning adaptive reuse of the historic Naval Training Center.

The Corky McMillin Companies is a fully-integrated real estate investment, land development and home-building company with more than 50 years of experience in San Diego. The former Naval Training Center was redeveloped by McMillin into its current mixed-use urban village that mixes homes with employment space, education, retail, recreation and entertainment. 

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

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HFF secures $52 million financing for Audubon Estates in Alexandria, VA

Audubon Estates, 7930 Audubon Avenue, Alexandria, VA

SAN DIEGO, CA – HFF announced today that it has arranged $52 million in financing for Audubon Estates, a 701-home site manufactured home community in Alexandria, Virginia.

Zach Koucos

               HFF worked on behalf of the borrower, Hometown America, to secure the 10-year, fixed-rate loan through a correspondent life insurance company lender.  HFF will also service the loan.

Audubon Estates is situated on an 83.73-acre site at 7930 Audubon Avenue, just off Highway 1 approximately 12 miles south of Washington, D.C.  The all-ages community is 99.9 percent occupied with amenities including 11 playgrounds, various sport courts, laundry facilities, picnic areas, and on-site RV and boat storage.

               The HFF team representing the borrower was led by director Zach Koucos.

“We have seen tremendous competition this year amongst our life insurance company correspondents for great manufactured housing assets such as Audubon Estates,” Koucos said.

Doug Minahan

“We were pleased with how competitive the quotes were that we received through HFF’s efforts,” said Doug Minahan, vice president of Hometown America.

“This is a clear indication that lenders are bullish on high-quality manufactured housing communities located in desirable markets.  It was also great to find partners through our relationship with HFF that appreciated the long-term stability of the cash flow generated by the community.”

Founded in 1997 and based in Chicago, Illinois, Hometown America is a privately-held real estate investor that owns and operates manufactured housing communities across the country.  Today, the company operates more than 45 communities in 11 states. 

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.hometownamerica.com

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IDI Merges with Verde Realty

  

File photo and not part of IDI's industrial portfolio described below

Atlanta, GA,  Oct. 2, 2013 – IDI, a leading full-service industrial real estate company, announced today it has merged with Verde Realty. The entity, which will operate under the IDI name, has combined assets valued at more than $2 billion.

Timothy J. Gunter

The company will have offices in 11 cities in the U.S. and Mexico, and headquarters will remain in Atlanta with Timothy J. Gunter retaining the title of president and CEO.

 The deal doubles the number of buildings in IDI’s portfolio to a total of 179, while increasing total square-footage to 45 million. Additionally, IDI now has landholdings available for 53 million square feet of buildable space.

 Verde Realty is an existing majority-owned real estate holding of Brookfield Property Partners, L.P. (NYSE: BPY, TSX: BPY.UN) and its institutional partners.

The $1.1 billion transaction positions IDI as one of the largest industrial property companies and makes Brookfield’s portfolio of industrial real estate holdings among the largest in North America.

 “By combining our operations with Verde, IDI is positioned to build upon and strengthen the brand we have built over the past 24 years,” said Tim Gunter, president and CEO of IDI.

“Our collective goal for the ‘new IDI’ is to develop the highest quality North American industrial platform while remaining true to our mission – to build real long-term value for our clients, team members, communities and industry by striving for superior quality in all we do.”

He added, “We will continue to grow the company through development of inventory buildings while still serving build-to-suit clients. 

"By combining our assets and expertise, our footprint becomes broader, our asset base and balance sheet stronger, and we are better able to pursue acquisition of product.”

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

Rita Skaggs

IDI

404-479-4109

rskaggs@idi.com

Matt Scofield

Jackson Spalding for IDI

404-214-3554

mscofield@jacksonspalding.com

www.idi.com

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