Related Plans 1,200 Miami Condos Across From Its 1,800-Unit ICON Brickell

ICON Brickell condominiums, Downtown Miami, FL

Jorge Perez

MIAMI, FL -- As the South Florida condo market rebounds from the devastating real estate crash of 2007, Miami billionaire Jorge Perez of the Related Group - the tricounty region's most prolific vertical residential developer - is proposing to build three towers with 1,200 condo units across the street from one of his earlier three condo tower projects - the 1,800-unit ICON Brickell - in Greater Downtown Miami, according to a new report from CondoVultures.com.

For the Related Group, the newly proposed project - dubbed the One Brickell and slated to go up at 444 Brickell Ave. - represents the 27th, 28th, and 29th new condo towers with a combined 7,500 units slated to be developed by the Miami-based company in the coastal tri-county region of Miami-Dade, Broward, and Palm Beach counties, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

By comparison, the Related Group developed 24 new condo towers with more than 9,125 units in South Florida's seven largest coastal markets during the last boom-and-bust cycle that began in 2003, according to the Condo Vultures® Official Condo Buyers Guide™ series.

Peter Zalewski

With the new Related Group project, developers are now proposing at least 45 new towers with more than 13,400 condo units in the Greater Downtown Miami market that stretches from the Julia Tuttle Causeway south to the Rickenbacker Causeway, and Biscayne Bay west to Interstate 95 as of December 23, 2013, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

Overall in South Florida, at least 182 new condo towers with more than 24,675 units are now proposed, planned, under construction, or recently completed in the tri-county South Florida region of Miami-Dade, Broward, and Palm Beach as of December 23, 2013, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

(It is worth noting, real estate expert Peter Zalewski - founder of CraneSpotters.com in conjunction with the Miami Association Of Realtors - narrates weekly Official Preconstruction Condo Project Tours of South Florida's hottest coastal market, including Greater Downtown Miami, on Saturdays and Sundays during the winter tourism season.)

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

 Condo Vultures®

225 Midtown Building

225 NE 34th St.,

Suite 209B,

Downtown Miami, Florida, 33137.

PH: 800-750-0517.

Zip Realty Reports Housing Market Feels the Effects of Wintertime’s Chill

EMERYVILLE, CA -- Heading into one of the slowest times of year in the real estate market, it’s no surprise that median sales price growth has slowed, while the median days homes spend on the market have risen.

Lanny Baker

Although still in the healthy double-digit range, price growth in the 24 metros analyzed in ZipRealty’s Housing Trends Report dropped to its lowest level of the year at 11.3%.

 As of Nov. 30, the median sales price was $266,524. Yet in spite of this cooling off, western metros continue to outperform other regions in price growth, with Sacramento (+30%), Las Vegas (+30%) and the San Francisco Bay Area (+24%) leading the pack.

“We’ve just started to see that homes are also staying on the market longer, which may give buyers a bit of breathing room in what’s still a competitive housing market,” said ZipRealty CEO Lanny Baker.

 Of the homes analyzed in the report, the median days on market fell to 37, a 16% year-over-year decline.

Homes were selling at their fastest pace in mid-July of this year, when the median days on market for a home in ZipRealty’s study averaged 27, and the median selling period has now lengthened by about 37% or the equivalent of one-and-a-half weeks longer on the market.

“Metros on the West Coast, where we saw homes selling at a very rapid rate earlier this year, are now experiencing some of the biggest increases in median days on market,” Mr. Baker noted.

Markets with the largest increases in median days on market year-over-year as of Nov. 30 include Phoenix (+65%), Sacramento (+50%) and the San Francisco Bay Area (+9%).

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

Stacey Corso

 Public Relations Manager

ZipRealty, Inc.

Office: 510.735.2667

Cell: 415.672.6460

www.ziprealty.com

Follow us on Twitter: @ZipRealty

Rhodes+Brito Architects Earn three-year Continuing Services Contract to Provide Architectural Services to City of Oviedo, FL

ORLANDO, FL-- Rhodes+Brito Architects in Orlando was recently awarded a three-year Continuing Services Contract from the City of Oviedo in Seminole County.

Ruffin Rhodes

Ruffin Rhodes, co-founder and partner at Rhodes+Brito Architects, said the firm will provide design, engineering and project coordination services on a per-project basis as the city requests.

Projects covered under continuing services contracts are typically small in scope and often involve renovations or planning studies, Rhodes said. The City of Oviedo contract stipulates a $2 million cap.

Rhodes+Brito, which opened in Orlando in 1996, currently employs a staff of 20, including eight registered architects. The firm has exceptional experience providing architectural services to municipal government agencies.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 (fax: 4410)

Marcus & Millichap Special Report Notes Healthcare Demand Rises as American Care Act Phased-In

WALNUT CREEK, CA – Marcus & Millichap’s latest Medical Research Report notes the individual health insurance mandate remains slated to take effect in early 2014 despite the rocky rollout of the online health insurance marketplace.

Government forecasts predict the American Care Act (ACA) will reduce the uninsured, non-elderly population by 14 million individuals in its first year despite relatively light individual non-compliance penalties.

Over the following two years, forecast reductions to the uninsured population rise sharply alongside penalties, reaching 25 million individuals by 2016.

Expanded health insurance coverage will increase demand for medical services, as will the aging of baby boomers into their traditional retirement years.

The segment of the population aged 65 years and older, which accounts for an estimated one-third of all U.S. healthcare expenditures, will grow by more than 18 million individuals over the next 10 years.

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

Gina Relva

 Public Relations Manager

(925) 953-1716

Cleveland-Area Shopping Center Sells for $17.79 Million

North Olmsted Towne Center, Brookpart Road, North Olmsted, OH

Erin E. Patton

NORTH OLMSTED, OH– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the North Olmsted Towne Center, a 95,446-square-foot shopping center located along Brookpark Road in North Olmsted, Ohio, approximately 17 miles southwest of Cleveland.

The $17,790,000 sales price equates to $186 per square foot.

            Scott Wiles and Craig Fuller in Marcus & Millichap’s Cleveland office, along with Erin Patton in the firm’s Columbus office, represented the seller, a local Cleveland investment group.

Wiles, Fuller, Patton and Dustin Javitch, who is also in the Cleveland office, advised the buyer, an out-of-state private investor.

Scott Wiles

            “Multi-tenant property transaction velocity in the Cleveland metropolitan area has nearly doubled over the past four quarters as local investors became much more active in the market,” says Wiles.

“Well-located, high-quality centers such as the North Olmsted Towne Center attract attention from local investors and out-of-area buyers from throughout the investor spectrum.”

            The property is located in the center of North Olmsted’s commercial district at 25100 Brookpark Road, State Highway 17, just east of the intersection of Brookpark Road and Great Northern Boulevard.

Great Northern Mall, a 1.2 million-square-foot super regional mall anchored by Macy’s, J.C. Penney, Dillard’s, Sears, Regal Cinema and Dick’s Sporting Goods, is across the street.

Craig Fuller

            Shadowed by Target and a Walmart Supercenter, tenants at the North Olmsted Towne Center include David’s Bridal, The Tile Shop, Jimmy John’s, La-Z-Boy, Men’s Wearhouse, Moe’s Southwest Grill, Party City and Pearle Vision.

            The property has its own signalized entrance with dedicated turning lanes, signage and landscaping. Other features include quality masonry construction, fascia molding, pitched roof façades, bay windows, stamped and stained concrete walkways and wrought-iron window decorations.

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

Gina Relva

 Public Relations Manager

(925) 953-1716

200-Unit Luxury Multifamily Trades Hands in Far West Houston, TX

 The Palms at Cinco Ranch apartments, near State Highway 99
at 23600 Farm-to-Market 1093 Road  Richmond, Texas,
within the Katy, TX independent school district.

Norman Eastwood

RICHMOND, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of The Palms at Cinco Ranch, a 200-unit, 218,388-square-foot multifamily apartment complex in Richmond, Texas, approximately 15 miles southwest of Houston. The terms of the sale were not released.

            Norman Eastwood, senior vice president investments in Marcus & Millichap’s Dallas office,  Jerry Goldstein, first vice president investments and Juan Cuevas, associate, both in the firm’s Houston office, represented the seller, an out-of-state private investor, and the buyer, Hudson Capital Investments based in Charleston, S.C.

            “The Houston metro’s apartment sector is riding tailwinds generated by one of the nation’s strongest and fastest-growing economies,” says Eastwood.

Jerry Goldstein

 “Broad-based hiring across multiple industries enhances the metro’s stature as a magnet for recent graduates from local and regional colleges, further expanding the pool of prospective renters.”

“West Houston and its surrounding suburbs have become an affluent white-collar area with strong entertainment and business sectors,” adds Cuevas. “The area is home to numerous restaurants, retail centers, shopping malls and businesses.”

            The property is located near State Highway 99 at 23600 Farm-to-Market 1093 Road in Richmond, Texas, within the Katy, Texas, independent school district. George Bush Intercontinental Airport is 20 miles northeast of the complex.

            Constructed in 2010 on 13-plus acres, The Palms at Cinco Ranch features a wide selection of one-, two- and three-bedroom floor plans ranging from 801 square feet to 1,496 square feet. The units have gourmet kitchens with deluxe appliances, including self-cleaning ovens, frost-free refrigerators with icemakers, built-in microwaves, multi-cycle dishwashers, garbage disposals and spacious pantries.

Juan Cuevas

Other apartment amenities include crown moldings, nine-foot ceilings, double vanities in the master bathrooms, separate showers, private patios or balconies, ceiling fans, built-in computer desks, walk-in closets and intrusion alarms.

            The Palms at Cinco Ranch is a gated, pet-friendly community that features shared amenities such as a state-of-the-art clubhouse, a business center with a conference room, a game lounge, a 24-hour fitness center, a resort-style pool with a large sundeck and Jacuzzi, a barbecue grilling area and 34 detached garages.

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

Gina Relva

 Public Relations Manager

(925) 953-1716

Beech Street Capital Closes $7.4 Million Fannie Loan to Acquire Tampa-Area Apartment Complex

                           

Ashton Oaks Apartments, New Port Richey, FL

Chad Thomas Hagwood

BETHESDA, MD – Beech Street Capital announced it provided a $7.4 million Fannie Mae conventional loan for the acquisition of Ashton Oaks Apartments, a 168-unit, garden-style apartment complex in New Port Richey, Florida, in the Tampa MSA.

Chad Thomas Hagwood, executive vice president for originations in Beech Street’s Birmingham, Alabama, office, originated the transaction. 

Brandon Pate of the Birmingham deal team managed the loan process.  This is the third transaction that the borrower, with over 30 years of commercial real estate experience in Florida markets, has completed with Beech Street.  

“The transaction underscores Beech Street’s deep knowledge of the evolving Florida market,” Hagwood says. “This is the second community we’ve financed for the borrower in a 20-mile radius.”

 Ashton Oaks was built in 2005 and is considered in excellent condition.  It was originally constructed as an age-restricted (55+) senior community with elevators in each building. It was converted to a market apartment community in 2007. 

Brandon Pate

 All of the units have a carpeted living area and vinyl/ceramic tile kitchen floors, wood cabinetry, balconies/patios, ranges, dishwasher, washer/dryer, and refrigerators. 

 The fixed-rate loan has 10-year term, 9.5 years of defeasance, and a one-year interest-only period, followed by 30-years amortization payable on an actual/360 basis.

Beech Street Capital, a Capital One company, is a mortgage banking company engaged in originating, underwriting, closing, and servicing high-quality multifamily, manufactured housing, student housing, senior living properties and long-term care facilities nationwide. 

Our multifamily and seniors housing experts customize each transaction to meet the needs of our borrowers with Fannie Mae, Freddie Mac, FHA, and non-agency lending sources. Beech Street is headquartered in Bethesda, Maryland, Beech Street has offices in Alabama, California, Florida, Georgia, Illinois, Massachusetts, New York and Texas.

Chad Thomas Hagwood, executive vice president of originations, manages the southeastern region for Beech Street Capital and is based in the company’s Birmingham office.  Hagwood is actively involved in the origination of multifamily, manufactured home communities and commercial real estate debt financing throughout the nation.   Over the course of his career, Hagwood has closed in excess of $5 billion in commercial real estate transactions and was Beech Street's Top Direct Originator in 2011 and 2012.  Web site:

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

Courtney Lewis at 240-507-1948 or

 Jenifer Bernardi at 240-507-1946.

www.beechstcap.com

Berger Commercial Realty Brokers Close Lease for 14,000 Square Feet of Flex Space at Eastport Center in Fort Lauderdale, FL

Judy Dolan

FORT LAUDERDALE, FL (Dec.  23, 2013) - Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced brokers Judy Dolan and St. George Guardabassi represented landlord Eastport Center Joint Venture in leasing more than 14,000 square feet of flex space, located at 1881 W. State Rd. 84 in Fort Lauderdale, to Patterson Dental Supply, Inc., represented by Alex Brown of CRESA South Florida.

The 108,500-square-foot Eastport Center was built in 2000 and features industrial and flex space fronting State Road 84, near the Fort Lauderdale International Airport and Port Everglades with easy access to highways and centrally located in the tri-county area.

 For more information on available space and custom build-outs at the Eastport Center, contact Berger Commercial Realty at 954-358-0900.

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

Marielle Sologuren

msologuren@piersongrant.com

(954) 776-1999, ext. 226

www.bergercommercial.com

W Financial Closes $12 Million Acquisition Loan for 12,000-SF Commercial Condo on Park Avenue on Manhattan’s Upper East Side

Park Avenue, Upper East Side, Manhattan, NY

David Heiden

NEW YORK, NY--W Financial has closed a time-sensitive acquisition loan for the $21,750,000 purchase of a well-located, nearly 12,000 square foot commercial condominium located on a prime corner of Park Avenue on Manhattan’s Upper East Side.

Although the borrower had already lined up conventional financing, and there was a new 15-year triple-net lease with a long-established medical practice in place, the bank was not yet ready to close, and a 1031 tax-free exchange deadline created the urgency to close with a bridge lender in order to preserve the favorable tax treatment for the buyer. 

It is expected that the bridge loan will be refinanced upon the closing of the conventional financing.

W will also consider providing construction loans in Manhattan or Brooklyn for experienced developers, as well as mezzanine loans, preferred equity or joint venture equity on well-located, cash-flowing properties.

Manhattan Upper East Side

On select transactions W Financial is pricing its bridge loans as low as 8%, with terms as long as five years depending on the usual factors such as location, loan-to-value ratio, cash flow and quality of the sponsorship. 

Click here to see recent bridge loans closed by W, and read our home page to get a better sense of which of your prospective loan scenarios might be in our "strike zone".

Call me to discuss or contact my partner David Heiden | david@w-financial.com (212) 684-8484, or contact our Senior Loan Officer Jarret Schochet | jarret@w-financial.com (212) 684-2205 to discuss your new bridge loan scenarios.

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

Gregg Winter - President

Winter & Company

Creative Minds | Unparalleled Service ®

149 Madison Avenue, Seventh floor

New York, NY 10016

Phone: 212 532-1122 x1

Email: gregg@winterandcompany.com

http://www.winterandcompany.com

Winter & Co. Retained to Structure New $20 Million Financing for Upper East Side Manhattan, NY Building

21-story, 150-unit luxury cooperative building on East End Avenue
 on Upper Side of Manhattan, NY

 NEW YORK, NY -- Winter & Company was retained by the board of directors to advise and structure a new $20,000,000 underlying mortgage and revolving credit facility for this 21-story, 150-unit, full-service luxury cooperative building with a rooftop pool, full gym, garden and garage located on East End Avenue on the Upper East Side of Manhattan.

Gregg Winter

The borrower's main focus was on obtaining a new, 10-year, fixed-rate, interest-only mortgage with a 3.25% interest rate to replace their old 6.12% mortgage.

In addition, the borrower also required a $2,000,000 unsecured line of credit to provide flexibility to address unforeseen future capital improvements and repairs.

The unsecured, revolving credit facility saved the borrower $56,000 ($2,000,000 x 2.8%) in NYC mortgage recording tax (compared to a secured facility like a credit line mortgage).

 The co-op board reached a consensus quickly and moved decisively in order to lock in a forward commitment for this exceptional rate in a rising interest rate environment.

As is often the case, Winter & Company seeks to customize the loan structure to meet the specific needs of each client. In this co-op's case, two other special attributes of this financing are worth highlighting:

Forward Rate Lock:

The co-op's old mortgage had a large yield maintenance prepayment penalty. For them, a strategy of locking in a new, low rate for their new underlying mortgage but delaying the closing by six months would save the co-op a considerable amount of money on the cost of the pre-payment penalty on their old mortgage.

This is the approach that was taken, with rate lock occurring in May and the closing delayed until November.

Accelerated principal paydown option:

This cooperative also wanted to have the ability, should it decide to do so, of being able to utilize surplus cash flow to pay down up to 10% of their remaining principal balance per year without triggering a prepayment penalty.

 In the event of such principal reduction, the payments would also be adjusted accordingly going forward. Although this is a highly unusual and non-standard feature in the commercial mortgage marketplace, we were able to successfully structure this option for our client.

The many post-war, white brick, 60's-era buildings all over Manhattan's East Side are notoriously expensive to maintain.

This co-op wisely chose to take full advantage of the availability of very cheap capital, thus the co-op emerged from the recent refinancing with more than $6,000,000 of surplus cash which they can deploy to address a long list of future capital improvements and repairs, not to mention the $2,000,000 unsecured line of credit which will stand at the ready to provide for future contingencies.

Winter & Company is a Manhattan-based, commercial mortgage advisory firm that specializes in arranging development and construction financing, multifamily and mixed-use property financing and arranging cooperative underlying mortgages since 1989.

 Its affiliate, W Financial Fund, LP is a direct private bridge lender providing short-term, special situation financing primarily for NYC multifamily and mixed-use properties celebrating its 10th year of successful operations.

W Financial was recently profiled in Barron’s. The article. “Rock-Solid Real Estate”  is available here.

   

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

Gregg Winter - President

Winter & Company

Creative Minds | Unparalleled Service ®

149 Madison Avenue, Seventh floor

New York, NY 10016

Phone: 212 532-1122 x1

Email: gregg@winterandcompany.com

http://www.winterandcompany.com

Annaly Capital Management, Inc. Announces 4th Quarter 2013 Dividend of 30 cents per Share

NEW YORK--(BUSINESS WIRE)-- The Board of Directors of Annaly Capital Management, Inc. (NYSE: NLY) declared the fourth quarter 2013 common stock cash dividend of $0.30 per common share. This dividend is payable January 31, 2014, to common shareholders of record on December 31, 2013. The ex-dividend date is December 27, 2013.

The Company distributes dividends based on its estimate of taxable earnings per common share, not GAAP earnings.

 Taxable and GAAP earnings will typically differ due to items such as unrealized and realized gains and losses, differences in premium amortization and discount accretion, and non-deductible general and administrative expenses.

Dividends may be reinvested through the Company's Dividend Reinvestment and Share Purchase Plan. Plan information may be obtained from the Plan Administrator, Computershare at 1-866-353-7849, at www.annaly.com, or by contacting the Company.

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

Annaly Capital Management, Inc.

Investor Relations, 1-888-8Annaly

www.annaly.com

HFF selected to market for sale 309,000-square-foot office complex in downtown San Jose, CA

Community Towers, 111 West St. John Street and 111 North Market Street
Downtown San Jose, CA

Steven Golubchik

SAN FRANCISCO, CA – HFF announced it has been selected to market for sale Community Towers, a two-building, 309,000-square-foot, transit-oriented office complex in downtown San Jose, California.

               Community Towers is a value-add investment opportunity with 63 percent of the rentable square feet expiring in the first three years with in-place rents approximately 27 percent below market rents at expiration. 

Located at 111 West St. John Street and 111 North Market Street, Community Towers is adjacent to the popular San Pedro Square and within close proximity to San Jose’s SAP Center (formerly HP Pavilion).

Nicholas Bicardo

The property provides immediate access to Highway 87 with connections to Interstates 280, 680 and 880, as well as US 101, and is a five-minute drive to San Jose’s Norman S. Mineta International Airport.  

The property was substantially renovated in 2007-2008 and is currently 94 percent leased with notable tenants including Kerio Technologies, Sunwize, Anatomage, and Rockwell Automation. 

The HFF investment sales team representing the seller is led by managing directors Steven Golubchik and Nicholas Bicardo and director John Simerlein.

“Community Towers provides investors the opportunity to acquire an asset with significant upside potential in a prime location,” said Simerlein.

John Simerlein

 “Downtown San Jose is one of the most rapidly evolving cities in Silicon Valley, with an abundance of restaurant and retail amenities, public transportation options including Caltrain, and a wide and growing list of  housing options all within walking distance to the property.”

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

HFF arranges financing for multi-housing community in Pasadena, MD

Marley Run Apartments, 8017 Ashberry Lane, Pasadena, MD

Trent Niederberger

CHICAGO, IL – HFF announced it has arranged financing for Marley Run, a 336-unit, garden-style multi-housing community in Pasadena, Maryland.

HFF worked on behalf of the borrower, Stockbridge Capital Group, LLC (“Stockbridge”), to secure the 10-year, 4.50 percent, fixed-rate loan through M&T Bank/Fannie Mae.  Proceeds were used to refinance the property.

Marley Run is located at 8017 Ashberry Lane in Pasadena, Maryland, approximately midway between Annapolis and Baltimore.

 Recently renovated, the 94 percent leased property includes a mixture of one- and two-bedroom units. 

Matthew Schoenfeldt

Community amenities include a resort-style swimming pool and terrace, state-of-the-art fitness center, fenced dog park, playground, clubhouse, illuminated tennis courts and picnic areas.

HFF’s debt placement team representing the borrower was led by Trent Niederberger, Matthew Schoenfeldt and Cary Abod.  

Stockbridge is a fully independent real estate investment management firm led by veteran industry professionals. 

The firm’s portfolio comprises assets across the investment risk spectrum, including core, value-added and opportunistic strategies. 

Cary Abod

Stockbridge has approximately $6.4 billion of assets under management (as of September 30, 2013) spanning all major real estate property types, and certain specialty property types, throughout the United 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

HFF closes $60.2 million sale of 100% leased asset in Boston’s vibrant Seaport District

51 Sleeper Street, Seaport District, Boston, MA

Coleman Benedict

BOSTON, MA – HFF announced it has closed the $60.2 million sale of 51 Sleeper Street, a premium, eight-story, 150,363-square-foot office building located in Boston’s dynamic Seaport District. 

The HFF team led by Coleman Benedict and Ben Sayles exclusively represented the seller, DivcoWest, in the transaction and procured the buyer, TIAA-CREF. 

               By virtue of its location alongside the Fort Point Channel, 51 Sleeper features unobstructed views of downtown Boston from each floor. 

The asset’s location also provides for convenient access to and from I-93 and I-90 (Mass Pike) as well as public transportation hubs such as South Station and Rowes Wharf.

 At the time of sale, 51 Sleeper was fully leased to a diverse tenant roster that includes government entities, architects, and technology firms.

Benjamin E. Sayles

“51 Sleeper is an irreplaceable asset in a tremendous location,” said Benedict.  “TIAA-CREF will enjoy terrific performance from this asset as the significant wave of development will only enhance the Seaport District by bringing businesses, residents, and visitors to the area.”

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

HFF closes sale of 55 Grant Avenue in Union Square, San Francisco, CA

55 Grant Avenue, Union Square District, San Francisco, CA

Nicholas Bicardo

SAN FRANCISCO, CA – HFF announced it has closed the sale of 55 Grant Avenue, a six-story, 12,653-square-foot, high-street retail asset in San Francisco’s Union Square District.

               HFF marketed the property on behalf of a joint venture between City Center Realty Partners, LLC and Angelo Gordon & Co.  St. Bride’s Managers, LLC represented the purchaser of the property.

               55 Grant Avenue is situated one block from Union Square Park and luxury retailers such as Neiman Marcus, Barneys New York, Saks Fifth Avenue, Bloomingdale’s, Tiffany & Co., Louis Vuitton, Hermes, Bottega Veneta, Chanel and Gucci.

 Originally built in 1909 and most recently renovated in 2013, the building is 100 percent leased to five tenants including Tumi, which occupies the ground-floor space.

               The HFF investment sales team representing the seller was led by managing director Nicholas Bicardo along with director Mark Damiani.

Mark Damiani

“Both the increase in fresh capital and the demand for high-street retail today far outpaces supply, with investors such as offshore groups, advisors, public REITs and private capital all making a big push for this type of product,” said Bicardo. 

“This sale, as well as the sale of 33 Grant Avenue that HFF closed last year, are a perfect example of new capital investing into this market for the first time.”

City Center Realty Partners, LLC (CCRP), is a San Francisco-based real estate investment firm, specializing in the development, redevelopment and acquisition of urban real estate. 

Nationwide, CCRP has developed and acquired more than $800 million of retail, office and mixed-use properties, representing more than three million square feet.

Union Square Park, San Francisco, CA

Angelo, Gordon & Co. is a privately-held investment advisor specializing in alternative investments such as real estate, distressed debt and private equity. The firm was founded in 1988 and currently manages approximately $25 billion.

St. Bride’s Managers, LLC is a global real estate investment management business with offices in New York, London, Madrid and a consulting office in Frankfurt.  www.stbridesmanagers.com. 

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