HFF secures $33.25 million financing for high-rise multi-housing property in Atlanta’s Buckhead neighborhood

2460 Peachtree Apartments, Buckhead Neighborhood 
Peachtree Road NW and Lindbergh Drive NE, Atlanta, GA

Stephen Skok

 CHICAGO, IL – HFF announced today that it has arranged $33.25 million in financing for 2460 Peachtree Apartments, a 19-story, 236-unit, Class A multi-housing property in Atlanta’s Buckhead neighborhood.

                Working on behalf of the borrower, an affiliate of Waterton Associates, LLC, HFF placed the seven-year loan with Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.

 The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.   Loan proceeds were used to acquire the property.

                2460 Peachtree Apartments is located at the intersection of Peachtree Road NW and Lindbergh Drive NE.  Partially renovated in 2013, the property features an outdoor swimming pool with sundeck, grilling area, resident garden, fitness center, saunas, hot tub, clubroom and 24-hour doorman.  The building is 98 percent leased.

Jason Bond

The HFF debt placement team representing the borrower was led by managing director Stephen Skok, associate director Jason Bond and senior managing director Mark Sixour.

“This acquisition serves to expand Waterton’s presence in the Atlanta marketplace.  In addition to 2460 Peachtree, the firm owns five other multi-housing properties in the area totaling 1,616 units,” said Skok.

Waterton Associates, LLC is a Chicago-based investment firm specializing in the ownership and management of multifamily properties.  Waterton has participated in the acquisition, disposition and financing of apartment properties located throughout the United States.

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

Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

Waterton Residential Hires Jeff Bailey as Senior Vice President

Jeff Bailey

CHICAGO, IL (Dec. 8, 2014) – Waterton Residential, the multifamily investment and management division of Chicago-based Waterton Associates LLC, has hired veteran real estate executive Jeff Bailey as senior vice president, operations, for its multifamily properties in the western United States.

In his new position, Bailey will oversee operations at 12 properties comprising approximately 4,000 units in five states.

“Jeff is known in the industry for his ability to drive performance at the community level while simultaneously shaping the successful operating strategies of some of the largest apartment owners in the country,” said Greg Lozinak, executive vice president and chief operating officer of Waterton Residential.

“His familiarity with apartment markets throughout the western U.S. will prove invaluable to Waterton as we continue to invest in the region.”

Greg Lozinak

Based in Waterton’s Southern California office, Bailey joins the firm after spending more than 20 years managing multifamily portfolios for both public and private companies.

 He most recently served as senior vice president of property operations at San Francisco-based BRE Properties Inc., where he oversaw a 15,500-unit portfolio that generated approximately 60 percent of company revenue.

 He also spearheaded recruiting at BRE and provided strategic direction relating to occupancy, pricing, and capital improvement programs.

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

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

SR Commercial Completes Project Cycle With $13.35 Million Sale of Vista, CA Industrial Property

2611 Business Park Drive, Vista, CA

CJ Stos

SAN DIEGO, CA (Dec. 8, 2014) – SR Commercial, a privately held, full-service commercial real estate investment company, has completed a full-cycle repositioning project in Vista, California with the $13.55 million sale of a 128,531 square-foot, Class A industrial property.

SR Commercial acquired the property in February 2013 for $79 per-square-foot and was able to sell the building for $105.50 per-square-foot after implementing its strategic rehab and repositioning plan, according to CJ Stos, a Principal at SR Commercial.

“The current investment climate requires rapid and strategic action from property owners and investors,” explains Stos, who founded SR Commercial along with partner Adam Robinson.

 “This particular project exemplifies our firm’s ability to quickly acquire and reposition properties; resulting in additional quality product for the supply-constrained Greater San Diego industrial market.” 

This single-tenant manufacturing and distribution building, which is situated on nearly ten acres of land and includes approximately one acre of outside storage, was initially constructed as a build-to-suit for Dimension One Spas in 2001.

Adam Robinson

 The property served as Dimension One’s corporate headquarters until its leaseback agreement with SR Commercial came to term in November 2013.

 “When we acquired the property, we immediately implemented exterior improvements, followed by interior enhancements after the building was vacant, which boosted the property’s appearance and functionality,” notes Stos.

“After completing all improvements in early 2014, we aggressively marketed the project and secured a buyer with help of our broker partners within seven months.”

Joe McDermott, Ron King, and Bob Willingham of Cushman & Wakefield represented SR Commercial as the seller. The buyer, KI-Vista-LPSM LLC, was represented by Colliers International.

According to Cushman & Wakefield, the buyer secured a lease during escrow with Escondido-based Stone Brewing Co. for its new national distribution center.

The property is located at 2611 Business Park Drive in Vista, California.

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

Amanda Alenick Brenner/ Jenn Quader

 Brower, Miller & Cole

(949) 955-7940

Abrenner@browermillercole.com

www.sr-commercial.com.

RealtyTrac Reports 37 Percent of 475 Counties Analyzed Post Rising Foreclosure Rates on 2014 Vintage Loans

Daren Blomquist

IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, released a report identifying county-level housing markets with early warning signs of a possible home price bubble — where prices overinflate and eventually decline.

The report also identified markets with little risk for a home price bubble.

The report analyzed 475 U.S. counties with a combined population of more than 221 million — accounting for more than 70 percent the total U.S. population — based on three early warning signs of a possible home price bubble.

“Affordability and foreclosure rates by loan vintage are two key metrics that will help consumers, investors, institutions and policy makers identify if a housing market is at risk for another price bubble,” said Daren Blomquist, vice president at RealtyTrac.

 “While 99 percent of markets have not returned to the irrational affordability levels during the previous housing bubble, one in five markets have now exceeded their historical affordability norms, which is a strong sign that either a new home price bubble is forming in those markets or that home price appreciation will soon plateau until incomes can catch up.”

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

Jennifer Von Pohlmann

 949.502.8300949.502.8300, ext. 139

 jennifer.vonpohlmann@realtytrac.com

HFF arranges $38.3 million refinancing for Dallas,TX-area lifestyle center

Jim Curtin

DALLAS, TX – HFF announced it has arranged a $38.3 million refinancing for Uptown Village at Cedar Hill, a 615,000-square-foot lifestyle center in Cedar Hill, Texas, a southwest Dallas suburb.

               Working on behalf of a joint venture between Trademark Property Company their institutional partner, HFF placed the three-year, floating-rate loan with Aareal Capital Corporation.  Loan proceeds were used to recapitalize the asset and provide for capital and leasing costs.

               Uptown Village at Cedar Hill is located at 305 West Farm to Market Road 1382 off the J. Elmer Weaver Freeway (State Highway 67). 

The shopping, dining and entertainment center features an interactive water fountain, is dog friendly, has an electric vehicle charging station and has a children’s play area and an oversized chess and checker board. 

Trey Morsbach

On the center’s Village Green Stage, live music acts perform year-round, including holiday performances and a summer concert series.  Completed in 2008, Uptown Village has more than 70 retail stores, including Dillard’s, Dick’s Sporting Goods, Barnes & Nobles, Ulta, Chico’s Victoria’s Secret, Charming Charlie, and Foot Locker. 

Additionally, the center has multiple restaurants, including Matt’s Rancho Martinez, Razzoo’s Cajun Café, and Avocado California Roll & Sushi.

               The HFF team representing the borrower was led by associate director Jim Curtin, senior managing director Trey Morsbach and real estate analysts Judy Boyd and Brad Greenway. 

Trademark Property Company is an operator, investor and developer of award winning enclosed regional malls, mixed-use town centers, and specialty, community and power centers. 

Brad Greenway

Since 1992, the Fort Worth, Texas-based Trademark has invested in, or developed over 11.5 million square feet of retail and mixed-use assets worth over $1.9 billion. For more information, visit www.trademarkproperty.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

HFF arranges $23.5 million financing for San Fernando Valley, CA retail center

Mason Devonshire Plaza, 10330 Mason Avenue, Chatsworth, CA

Kevin MacKenzie

LOS ANGELES, CA  – HFF announced  it has arranged a $23.5 million financing for Mason Devonshire Plaza, a 78,794-square-foot retail center anchored by Trader Joe’s in Chatsworth, California.

               HFF worked exclusively on behalf of the borrower, Agora Realty & Management, Inc., to secure the 10-year, fixed-rate loan through Ladder Capital Finance.  HFF is also servicing the loan, which was used to buy out the borrower’s institutional equity partner.

Mason Devonshire Plaza is located at 10330 Mason Avenue, approximately 1.3 miles from the Ronald Reagan Freeway in Chatsworth, a neighborhood in the San Fernando Valley north west of Los Angeles. 

The center was most recently renovated in 2004 and, in addition to Trader Joe’s, tenants of the 100-percent leased center include Smart & Final and Kahoots.

Brad Black

The HFF team representing the borrower was led by senior managing director Kevin MacKenzie, managing director Brad Black and real estate analyst Benjamin Gallant.

Agora Realty & Management, Inc. is a leading West Coast full-service real estate development firm headquartered in Sherman Oaks, California. 

Founded in 1986, the company has achieved an impressive track record for its comprehensive in-house expertise, team-centric culture, and strong partnerships.  Agora currently owns and is developing property in California, Nevada and Hawaii. 

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.Agoraproperty.com

HFF secures $16 million financing for 516 Northwestern in West Lafayette, IN

Seng-Liang Wang Hall, Purdue University Campus, West Lafayette, IN

INDIANAPOLIS, IN – HFF announced it has secured $16 million in financing for 516 Northwestern, a 135,397-square-foot, LEED-quality retail, office, laboratory, and classroom facility recently completed on the Purdue University campus in West Lafayette, Indiana.

Dave Keller

 Working on behalf of the borrower, 516 Northwestern Associates, L.P., an affiliate of Browning Investments, HFF placed the 25-year fixed-rate loan with John Hancock Life Insurance Company.  Loan proceeds were used to retire the construction financing.

               The property, which is known on the Purdue campus as Seng-Liang Wang Hall (“Wang Hall”), features 122,610 square feet of Class A office/laboratory space, 12,787 square feet of street level retail space, which is partially occupied by the Purdue Federal Credit Union, and office/laboratory/research space that is occupied by Purdue University’s School of Electrical and Computer Engineering.  

On-site amenities include  surface parking, electric vehicle charging stations and a floor to ceiling glass atrium.  

The Class A facility, which is located directly across Northwestern Ave from The College of Engineering, is also conveniently located near the Purdue Academic Quad and Purdue’s Mackey Arena and Ross-Ade stadium along one of the most heavily traveled corridors on the Purdue campus.  

Mackey Arena, Purdue University, West Lafayette, IN

               The HFF debt placement team representing the borrower was led by senior managing director Dave Keller.

               Founded in 1977, Browning remains one of the premier development companies in Indianapolis and is engaged in the acquisition, development, construction, leasing, management, ownership and disposition of investment real estate properties, primarily in the Indianapolis metropolitan area.

 In total, Browning has developed and constructed more than 15 million square feet of space.  To learn more, visit www.browninginvestments.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

Berger Commercial Realty Brokers Close 15,000-Square-Foot Lease for Sun Sentinel in Fort Lauderdale, FL

Joseph Byrnes

FORT LAUDERDALE, FL -- Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced a new lease transaction from brokers Joseph Byrnes and Keith Graves.

The brokerage team represented landlord Third Tiara, Inc. in leasing 14,988 square-feet of flex space to new tenant Sun Sentinel Company, LLC, a newspaper publishing company and subsidiary of The Tribune Company.

Located at 3573-3575 N.W. 53rd St. in Fort Lauderdale, the building features office and warehouse space, loading docks, three-phase heavy power and 22-foot clear height ceilings. 

The property is strategically located in the tri-county area with easy access to highways and major roadways, including I-95, I-595, the Florida Turnpike, State Road 7 and Federal Highway.

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

Marielle Sologuren

Pierson Grant Public Relations

msologuren@piersongrant.com

954-776-1999, ext. 226

Regency Centers Declares Quarterly Cash Dividend on Preferred Stock

JACKSONVILLE, FL--(BUSINESS WIRE)-- Regency Centers Corporation (the “Company”) (NYSE: REG) announced that its Board of Directors declared a quarterly cash dividend of $0.41406 per share on the Company’s Series 6 Preferred Stock (CUSIP: 758849707; NYSE: REGPrF), payable on December 31, 2014 to shareholders of record on December 16, 2014.

The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.3750 per share on the Company’s Series 7 Preferred Stock (CUSIP: 758849806; NYSE: REGPrG), payable on December 31, 2014 to shareholders of record on December 16, 2014.

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

Regency Centers Corporation

Patrick Johnson, 904 598 7422

PatrickJohnson@RegencyCenters.com

Palm Plaza at Cypress Creek Retail Center in Pompano Beach, FL Sold by Marcus & Millichap for $2.8 Million

Britt Raymond

POMPANO BEACH, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Palm Plaza at Cypress Creek, a 44,132-square foot retail property located in Pompano Beach, Fla, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office.

The asset sold for $2,850,000.

Douglas K. Mandel, a first vice president investments, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Jupiter, Fla. 

The buyer, a developer from Fort Lauderdale, Fla, was secured and represented by Britt Raymond, an associate, and Preet Sabharwal, an associate vice president investments, in Marcus & Millichap’s Manhattan office. 

Douglas K. Mandel

 “Palm Plaza at Cypress Creek provided an investor the unique opportunity to acquire a well-located, value-add retail center on a large five-acre site.  The property has tremendous up-side and was priced below replacement cost,” says Mandel

Located at 1400 South Powerline Road in Pompano Beach, Palm Plaza at Cypress Creek is situated just one mile from I-95 and within minutes from the Florida Turnpike.

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

Ryan Nee

Regional Manager

 Fort Lauderdale, FL

(954) 245-3400

Marcus & Millichap Directs $5.1 Million Sale of Bank of America Retail Center in Pinecrest, FL

Bank of America Retail Center, 11205 South Dixie Highway
Pinecrest, FL

PINECREST, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Bank of America Retail Center, an 11,428-square foot retail center located in Pinecrest, Fla.

The asset sold for $5,100,000.

Gabriel Britti and Ronnie Issenberg, vice president investments, and Victor Pastor, an associate, in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Miami 

Ronnie Issenberg

“This was a long-term investment opportunity with a strong tenant base in an extremely high barrier to entry market,” says Issenberg.  “The property has been a State Farm location for 40 years and Bank of America for 21 years. Runner’s High is also a long standing local tenant with 14 years at this location.”

Bank of America Retail Center is located at 11205 South Dixie Highway in Pinecrest and is an end cap to Sunniland Shopping Center.

The property has two floors and four tenants occupying six spaces. Bank of America and State Farm are responsible for over 50 percent of the net operating income.

 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

$3 Million Sale of North Miami, FL IHOP Arranged by Marcus & Millichap

 IHOP, 12875 Biscayne Boulevard, North Miami, FL

NORTH MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of IHOP, a 3,102-square foot net-leased restaurant located in North Miami, Fla.

The asset sold for $3,000,000 equating to $926 per square foot.

Gabriel Britti and Ronnie Issenberg, vice president investments in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from White Plains, NY.

Gabriel Britti

“This was an opportunity for an investor to acquire a trophy location IHOP on one of the most desirous parts of Biscayne Boulevard in North Miami.

" This property was constructed ground-up in 2012 and was delivered with a 20-year absolute triple-net lease with one percent annual increases in rent,” says Britti.

The lease is guaranteed by Sunshine Restaurant Partners, a 150 plus-unit IHOP franchisee. IHOP is located at 12875 Biscayne Boulevard in North 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

Sale of 22-unit apartment building in boca raton, FL brokered by Marcus & Millichap

601 North Ocean Boulevard Apartments, Boca Raton, FL

BOCA RATON, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 601 N. Ocean Blvd., a 22-unit apartment building located in Boca Raton, Fla.  

The property sold in an estate sale for an undisclosed price.

Tal I. Frydman, a first vice president investments, and Daniel J. Cunningham and Derek R. Gibbs, senior associates, in Marcus & Millichap’s Fort Lauderdale office represented the seller, a Maryland-based estate attorney, and the buyer, a limited liability company from Boca Raton, Fla. 

Tal I. Frydman

“This was a unique opportunity to purchase a boutique, rental apartment property in an irreplaceable location with high barriers to entry and significantly below-market rents,” says Frydman.

 “We generated immediate interest in the asset.  In just two weeks, we gave more than 35 property tours and received over 20 offers.  Ultimately the property sold to a buyer who came in well over list price, with no due diligence period and a two-week, all-cash close.”

The 22-unit midrise apartment building was built in 1971 and features all two-bedroom/two-bathroom units. On the east, the property overlooks the ocean and South Beach Park, and on the north, the property is contiguous to the Red Reef Golf Course.

The property is located at 601 East Ocean Boulevard in Boca Raton, Fla.

  

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

                                                        

Ryan Nee

Regional Manager,

Fort Lauderdale, FL

(954) 245-3400

$6 Million Sale of Liv @ Boca Ciega Apartments in South Pasadena, FL Brokered by Marcus & Millichap

Liv @ Boca Ciega Apartments, 1824 Shore Drive South
 South Pasadena, FL

SOUTH PASADENA, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Liv @ Boca Ciega, a 50-unit apartment property located in South Pasadena, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. 

The $6.0 million sales price equates to $120,000 per unit.

Casey Babb, a CCIM and vice president investments, and Luis Baez, a senior associate, in Marcus & Millichap’s Tampa office, represented both parties in the transaction. 

Casey Babb

Liv @ Boca Ciega is located at 1824 Shore Drive South in South Pasadena, Fla.  This is a Class “B” waterfront apartment community built in 1972 but extensively rehabbed between 2013 and 2014. 

  The property was originally designed by famed local architect, William B. Harvard Sr. and has been completely repositioned within the past year with approximately $900,000 in renovations to modernize and improve the overall aesthetic of the community. 

The property consists of six, two and three-story buildings on approximately 1.64 acres of land which backs up to Boca Ciega Bay and provides 12 units with panoramic water views. 

 “Given that this is a waterfront property with concrete block construction, the sale price was actually below replacement cost, in our opinion,” said Babb. 

Luis Baez

“In addition, the property recently received a major capital infusion to modernize the unit interiors, property exteriors and common area amenities which in turn, has caused rents to trend on a nice upward trajectory,” adds Babb. 

  “The buyer, to their credit, recognized the opportunity and should do very well given that they are a long-term holder.”

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

                                                         

Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

Marcus & Millichap Brokers Sale of Buffalo Medical Center in Tampa, FL for $490,000

Buffalo Medical Center, 508 West Drive
Martin Luther King Junior Boulevard, Tampa, FL

TAMPA, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Buffalo Medical Center, a 5,600-square foot office property located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. 

The asset sold for $490,000.

Luis Baez, senior associate and L.J. Tsunis, associate, both in Marcus & Millichap’s Tampa office, represented the local seller, a partnership.  The buyer was represented by an outside broker.

L.J. Tsunis

Buffalo Medical Center is located at 508 West Dr. Martin Luther King Jr. Boulevard in Tampa, Fla.  This is a three-suite medical office building located in the Westshore submarket of Tampa in close proximity to two hospitals.  

The property was built in 1989 and is situated on approximately 0.32 acres of land on one of the busiest streets in Tampa.

“Demand for medical offices is at an all-time high, says Tsunis.  “We were able to procure multiple-offers and drive the value of the building for the seller.”

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

                                                         

Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700