HFF secures $60 million financing for KOIN Center in downtown Portland, OR

  

Erica Christensen

PORTLAND, OR - May 18, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $60 million in financing for KOIN Center, a 352,023-square-foot, Class A office tower in downtown Portland, Oregon.

Tom Wilson

Working on behalf of the borrower, ScanlanKemperBard Companies, HFF placed the five-year, floating-rate loan with CIBC World Markets. 

The loan, which finances the recent all cash acquisition of the property, is structured with an initial funding of $50 million and future advances of $10 million. 

The future advances are intended to fund major renovations of the lobby and common areas as part of the repositioning of KOIN Center. 

KOIN Center is an iconic 34-story building with Class A office space on the first 19 floors and 44 high-end residential condominiums on floors 20 through 33 (not part of the financing).

 Building amenities include a 247-space underground parking garage, exercise facility with showers, business conference center and a deli/sundries shop.   

KOIN Center, 225 SW Columbia
Downtown Portland, OR

The property is located at 222 SW Columbia and has easy access to Interstates 5 and 405, the Green Max light rail line station and the Portland bus mall. 

The property is situated in the southern corner of Portland’s central business district, which will soon see a new Orange line as well as numerous planned developments including the Hilton Curio Collection hotel project and the Phil Knight Cancer Research Institute.

The HFF debt placement team was led by managing director Tom Wilson and associate director Erica Christensen.

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 secures $7.1 million acquisition financing for mixed-use project in Riverside, CA

Mission Lakes Center, 3600 Lime and 3397 Mission Avenue, Riverside, CA

IRVINE, CA – May 18, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $7.1 million in acquisition financing for Mission Lakes Center, an 81,975-square-foot, multi-tenant office project and freestanding restaurant in Riverside, California.

Greg Brown

Working on behalf of Stillwater Investment Group, LLC, HFF placed the five-year, fixed-rate loan that includes a flexible prepayment structure with a major life insurance company lender.  HFF is also servicing the loan.

Mission Lakes Center is located at 3600 Lime and 3397 Mission Avenue across from the Riverside Art Museum. 

The two-story building is one block east of the historic Mission Inn in downtown Riverside and benefits from its close proximity to the city and county administrative buildings and municipal and federal courts. 

The 80-percent-occupied project has 74,662 square feet of office space leased to tenants including Riverside County, Athena Research and First Legal Services, in addition to 7,313 square feet of freestanding retail space fully occupied by Heroes Restaurant & Brewery.  

 

The HFF debt placement team representing the borrower was led by associate director Greg Brown.

“After being able to secure this property off-market, the HFF team worked diligently and efficiently to help us identify and secure a great lender,” said John Drachman, president of Stillwater Investment Group. 

  “Both parties moved extremely quickly under a tight time frame to help us execute this transaction.  Stillwater Investment Group looks forward to working on future transactions with HFF and our lender.” 

“As a result of a strong relationship with the lender, HFF was able to move quickly to secure a favorable financing structure,” Brown said.  

“This will allow our client to execute their business plan of improving the exterior of the buildings and common areas, maintain tenant relationships and execute new leases for vacant space.” 

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 390-unit multi-housing community in Jupiter, FL

TGM Vintage at Abacoa, 863 University Boulevard, Jupiter, FL

 MIAMI, FL, May 18, 2015 – HFF announced today that it has closed the sale of TGM Vintage at Abacoa, a 390-unit multi-housing community in Jupiter, Florida within the Abacoa master planned community.

Jaret Turkell

HFF marketed the property on behalf of the seller, TGM Associates.  

TGM Vintage at Abacoa is located at 863 University Boulevard near Roger Dean Stadium, Florida Atlantic University, Abacoa Golf Club, Abacoa Town Center and Abacoa Plaza.

  Completed in 2003, the property is 99 percent leased and has 19 two- and three-story buildings that total 451,554 square feet of rentable space. 

  The property has one-, two- and three-bedroom units and community amenities such as two swimming pools, sauna, 24-hour athletic club, volleyball court, nature preserve with walking path, meditation garden, playground, barbecue area, clubhouse, billiards room, movie theater and car care center.

The HFF investment sales team representing the seller was led by managing director Jaret Turkell and associate director Maurice Habif.

“This property is exceptionally well-poised for strong performance given its excellent location within the Abacoa master planned community. Jupiter features strong demographics and a desirable lifestyle with high paying jobs,” said Turkell.

Maurice Habif

HFF’s investment sales team secured more than $9.3 billion in sales of multi-housing assets nationally through year end 2014.  

In Florida, HFF closed more than $1.3 billion in multi-housing transactions across all capital markets platforms during the same period.

Founded in 1991, TGM Associates is a SEC registered investment advisory firm with a single focus -- multifamily properties.

 TGM, a vertically integrated operating company, specializes in acquisitions, property management, leasing, construction, property maintenance and dispositions. 

TGM provides investment advisory services regarding the acquisition, management and sale of multifamily properties throughout the United States. An affiliate of TGM provides property management under the brand TGM Communities.  

As of June 30, 2015, TGM has approximately $2.3 billion in 125 multifamily properties throughout 28 states.  TGM’s current multifamily portfolio contains properties in 12 states.

 For more information please visit www.tgmassociates.com

 or call John Gochberg at 212-830-9312.

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

Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

Stepp Commercial Completes $3 Million Sale of 20-Unit Apartment Property in Long Beach, CA

.

Cerritos Apartments, 765 Cerritos Avenue, Downtown Long Beach, CA

 

LONG BEACH, CA – Stepp Commercial, the leading multifamily brokerage firm in the Long Beach market, has completed the $3 million sale of a 20-unit property located at 765 Cerritos Avenue in Downtown Long Beach. 

Robert Stepp

Robert Stepp, principal with Stepp Commercial, represented the seller, Pacific Palisades, Calif.-based 765 Cerritos LLC, as well as the buyer, a private investor from Egypt. The property closed at a 5.81 percent cap rate.

Built in 1963 the property offers a central courtyard and includes two, three-bedroom units; 14, two-bedroom units; and four, one-bedroom units with sizes ranging from 670 square feet to 1,100 square feet. 

All the units were recently renovated to include custom cabinetry, granite countertops in the kitchen and bathroom, and ceramic tile flooring.

The seller had just completed a major renovation of every unit in the property when he approached Stepp Commercial about listing it. 

Having taken out a renovation loan from the City of Long Beach, rents on several units were frozen for the next 24 months. He was concerned about finding a suitable buyer willing to take on the property with the rent restrictions.

“We assured the seller that we would be able to find a buyer who understood the rental situation,” said Stepp. “We identified a buyer after just two weeks of marketing the property and were able to secure a price very close to the asking price. Newly renovated, well-located properties such as this one are in high demand.”

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

Darcie Giacchetto

949.278.6224

 www.SteppCommerical.com

Construction of The Altman Companies’ Altís at Highland Park Nears Completion in Tampa, FL

Joel Altman

TAMPA, FL – The Altman Companies, a nationally recognized developer of luxury apartment communities, announces that construction of its luxury, mixed-use garden-style apartment community Altís at Highland Park is nearing completion.

 There continues to be strong demand for the 239 apartments, located in Tampa’s highly desirable Westchase neighborhood at 11571 Fountainhead Drive.

“When our residents live in Altís at Highland Park, everyday experiences become extraordinary moments,” said Joel Altman, chairman of The Altman Companies. “At The Altman Companies, we strive to offer our residents exceptional living experiences. The luxurious Westchase lifestyle they deserve is waiting for them at Highland Park.”

Rendering of Planned Altis at Highland Park Apartments
11571 Fountainhead Drive, Westchase Neighborhood,
Tampa, FL

In addition to Altís at Highland Park, The Altman Companies has another apartment community in Tampa called Altís at Grand Cypress, a 304-unit luxury community, located at 1901 Cypress Preserve Drive. 

There are also plans for two additional apartment communities in the works.

For leasing information on Altís at Highland Park, please call (888) 318-0346 or visit http://Altíshighlandpark.com/.

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

BoardroomPR

Todd Templin, ttemplin@boardroompr.com

Ashley Fierman, afierman@boardroompr.com

(954) 370-8999

Lincoln Harris and Chartwell Property Group Acquire 19.55 Acres of Land for 71,000-Square-Foot Retail Development in Southern Pines, North Carolina

David Connor

RALEIGH, N.C. (May 15, 2015) — A joint venture between Lincoln Harris and Chartwell Property Group has acquired 19.55 acres in Southern Pines, North Carolina, to develop Morganton Park South, a 71,000-square-foot retail center at 2482 Morganton Road. 

Completion of the center is slated for the summer of 2016.

Morganton Park South is uniquely positioned to serve Southern Pines, Pinehurst and Aberdeen. 

Part of the 188-acre Morganton Park master-planned community, Morganton Park South will be the first phase of development on the south side of Morganton Road. 

Morganton Park South is adjacent to established retailers including Kohl’s, ULTA, Hobby Lobby and the Sandhills Stadium 10 movie theater. 

“With a fantastic location convenient to downtown Southern Pines and Pinehurst, and with more than 16,000 vehicles passing by each day, we believe Morganton Park South will be very successful,” says David Connor of Lincoln Harris.

“We anticipate the available space will lease quickly to high-quality tenants. We are excited to have Lowes Foods anchor the project, especially given their recent rebranding campaign. Their new store concept provides an enjoyable shopping experience on par with, if not better than, any grocer operating in the Carolinas today.”

A 50,000-square-foot Lowes Foods will anchor Morganton Park South, with an additional 21,000 square feet available for other tenants. Three outparcels are available as well.

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

Stephen Ursery

The Wilbert Group

404-549-7150

sursery@thewilbertgroup.com

Multi Housing Advisors Names Brett Kingman to Head New Office in Nashville,TN

Brett Kingman

NASHVILLE, TN — After years of spectacular growth throughout the entire Southeast, Multi Housing Advisors (MHA) has opened a new office in Nashville, a move that further cements MHA’s standing as the premier apartment investment sales brokerage firm in the region.

Brett Kingman, who has been a senior director for MHA for nearly four years and who has an extensive track record of success in Tennessee, will head the office.

“We’re excited to be opening an office in Nashville, particularly during such an extraordinary time of growth for the city and region,” Kingman said.

“With Nashville’s continued population and job growth, favorable economic conditions and strong rental market fundamentals, we believe the region will be a highly desirable investment market for years to come.”

“We look forward to delivering the same level of service and local market knowledge our clients have to come to equate with MHA to new and existing clients throughout the state of Tennessee,” Kingman added. “We also want to thank those clients, business partners and colleagues that have been a part of our success in the region to date.”

The Nashville office is located at 3102 West End Avenue, Suite 400.

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

Stephen Ursery

The Wilbert Group

404-549-7150 (O) 404-405-2354 (C)

sursery@thewilbertgroup.com

Berger Commercial Realty Brokers Close Several Leases Across Florida

Judy Dolan

FORT LAUDERDALE, FL - Berger Commercial Realty brokers Robert Dabrowski, Judy Dolan, John Forman, and Greg Milopoulos recently closed multiple lease transactions in Greenacres, Coconut Creek and Tampa.

Greenacres

Dabrowski and Forman represented tenant Southwestern Marketing, Inc. in leasing 775 square-feet of office space from David Associates V, LLC. 

Southwestern Marketing moved into suite 306 of a three-story medical, office and retail building that sits just east of Jog Road at 5700 Lake Worth Road in Greenacres. 

The building, which features round-the-clock access and ample parking, is located within minutes of JFK Hospital.

Coconut Creek

Robert Dabrowski

Dolan and Milopoulos represented landlord 4811 Lyons Tech Pkwy, LLC in the lease of 1,562 square-feet of warehouse space to Alternative Credit Solutions, LLC in suite 13 and the expansion and renewal lease of 3,124 square-feet of warehouse space to Natural Stone Elements, LLC in suites 20 and 21 at 4911 Lyons Technology Parkway in Coconut Creek. 

The property, which consists of two buildings with front loading warehouse/flex bays, provides easy access to Florida's Turnpike, I-95 and the Sawgrass Expressway.

Tampa

Milopoulos also represented tenant SAQ Gulf Holdings, LLC in leasing 4,000 square-feet of warehouse space from Madison Business Park, LLP.

 Located at 4610 Eagle Falls Place in Tampa, Madison Business Park features dock-high and grade-level loading doors, large truck courts, and tilt wall concrete construction.

 The property is in close proximity to the Port of Tampa, I-75, US-301, I-4, I-275, and the Crosstown Expressway.

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

Pierson Grant Public Relations

954-776-1999

Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Marielle Sologuren, ext. 226, msologuren@piersongrant.com

Six/Ten renews several restaurant, retail and office leases in downtown Winter Haven, FL

Chad Lennox

Winter Haven, FL — Commercial and multifamily developer Six/Ten LLC has recently worked with several of its tenants to sign renewals in downtown Winter Haven.

“We are seeing an increased demand for space downtown,” said Chad Lennox, who represented the landlord, Six/Ten, LLC, in these renewals. 

“The addition of new office and retail space has opened up opportunities for businesses to relocate to the area.

 And the added foot traffic has provided an extra incentive for those already in downtown to remain in the area.”

Six/Ten has been working toward an urban rebirth of the downtown area, including the restoration of several historic buildings to their original, authentic architecture while modernizing their services. 

Central Park Square, Winter Haven, FL

One such building, Central Park Square, formerly a dilapidated, two-story furniture store, has been converted to retail and office space.

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

Michelle Friedman

Boardroom Communications

(407) 973-8555

(561) 706-4585 Cell

(954) 370-8999

(954) 370-8892 Fax

mfriedman@boardroompr.com

National Retail Properties, Inc. Declares Dividends For Its 6.625% Series D Preferred And 5.70% Series E Preferred Stocks

ORLANDO, FL /PRNewswire/ -- The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a cash dividend on its 6.625% Series D Cumulative Redeemable Preferred Stock of 41.40625 cents per depositary share payable June 15, 2015, to shareholders of record on May 29, 2015.  

The Board also declared a cash dividend on its 5.70% Series E Cumulative Redeemable Preferred Stock of 35.625 cents per depositary share payable June 15, 2015, to shareholders of record on May 29, 2015.

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of March 31, 2015, the company owned 2,104 properties in 47 states with a gross leasable area of approximately 23.1 million square feet with a weighted average remaining lease term of 11.5 years. 

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

www.nnnreit.com.

Capital Square Realty Advisors Acquires 37,500-Square-Foot 24 Hour Fitness Building Near Los Angeles

LOS ANGELES, CA – Capital Square Realty Advisors, LLC announced it has acquired a 37,500-square-foot retail building 100 percent leased to 24 Hour Fitness USA Inc., in the Los Angeles suburb of West Covina, Calif.

“This property is leased on a long-term, triple net basis to one of the largest, privately owned and operated fitness center chains” said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors.

 “Net leased properties in Greater Los Angeles have experienced a dramatic increase in value, and we couldn’t be more pleased to add this asset to our growing real estate portfolio, which now includes 23 properties across the U.S. valued in excess of $260 million.”

The two-story building is located at 1530 W. Covina Parkway, approximately 19 miles east of downtown Los Angeles, in the eastern San Gabriel Valley. 

Rusty Tweed

Capital Square would like to recognize TFS Properties, Inc., doing business as TaxGuard1031, a California licensed real estate broker, which served as Capital Square’s real estate broker and was the procuring cause for this off-market acquisition. 

Rusty Tweed is the President of TFS Properties, Inc. and is a registered representative with FINRA member firm Concorde Investment Services, LLC.

The 1.6-acre property includes a three-level, free-standing parking garage, and is designed as a 24 Hour Fitness “Sport” facility. Amenities of the club include cardio equipment, circuit training, a kids club, sauna, steam room, and lap pool, among others.

Founded in 1983 in San Leandro as a one-club operation, 24 Hour Fitness currently has more than 400 locations in 18 states and three countries, upwards of 3.8 million members in excess of $1.25 billion in annual revenue.

 A global fitness leader, the company has been ranked by Club Industry’s (www.clubindustry.com) “Top 100 Health Clubs” as No. 2 in 2013 and 2014, and No. 1 in 2011 and 2012.

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

Julie Leber                                                                          

Spotlight Marketing Communications                    

949.427.5172, ext. 703                   

julie@spotlightmarcom.com

Marcus & Millichap Brokers Sale of 13 Apartment Units in North Miami, FL for $2.75 Million

Chateaux Gardens Townhomes, 11810 NE 19th Drive San Souci Submarket,
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, today announced the sale of 13 units in Chateaux Gardens Townhomes, a 14-unit townhome community located in the highly desirable San Souci submarket of North Miami, Fla. The asset sold for $2,750,000 equating to $211,538 per unit.

Arthur D. Porosoff

Arthur D. Porosoff, a vice president investments, and David M Cohen, an associate, in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor from North Miami.  

Porosoff also represented the buyer, a private investor from Bay Harbor Islands, Fla. 

“This was a tremendous opportunity to purchase a property with strong ‘in place’ cash flow and continue to operate it as rentals or to sell the individual condominium units at a premium,” says Porosoff. 

“The area is densely built out with limited availability for new development and there are a limited amount of buildings offering three-bedroom apartments.”

Built in 1995, Chateaux Gardens Townhomes is situated on a 38,948-square foot site and consists of two two-story buildings totaling 14 units. The offering consisted of 13 spacious three-bedroom/two-bath townhomes. Each unit is two-story and approximately 1,570 square feet under air.

Chateaux Gardens Townhomes is located at 11810 NE 19th Drive in North Miami, Fla.

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

Kirk A. Felici

First Vice President/District Manager

 Miami, FL

(786) 522-7000

Deco Market Sale of $5.46 Million in South Beach, FL Brokered by Marcus & Millichap

Art Deco Market, 1435 Washington Avenue, South Miami Beach, FL

MIAMI BEACH, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Deco Market, a 9,243-square foot mixed-use property located in Miami Beach, Fla. The asset sold for $5,460,000.

Ronnie Issenberg

Arthur D. Porosoff, Ronnie Issenberg, Gabriel Britti, and Scott Sandelin, vice president investments, and Alejandro D'Alba, an associate, in Marcus & Millichap’s Miami office, represented the seller, a limited liability company from Miami, and the buyer, a private investor from Miami.

“This was a tremendous opportunity to purchase a property with in-place cash flow and continue to operate it with minimal management of the retail portion and run the residential units as yearly apartments or short term rentals,” says Sandelin.

“Washington Avenue has long been the most neglected street in South Beach. 

"With record breaking prices on the other main corridors of Alton, Lincoln and Collins, along with the prospects of a zoning density increase for the east side of the street, Washington Avenue has become a desirable target for investors that are looking to get into this market,” adds Issenberg.

The building is comprised of a 6,394-square foot retail space and nine apartments totaling 2,929 square feet. The retail portion is currently leased to Art Deco Market, a staple in the South Beach community.

Deco Market is located at 1435 Washington Avenue in Miami Beach, Fla.

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

Kirk A. Felici

First Vice President/District Manager

 Miami, FL

(786) 522-7000

Marcus & Millichap Arranges Sale of Doral Signature Shops in Doral, FL for $9.1 Million

Doral Signature Shops, 11401 NW 41st Street, Doral, FL

Scott C. Sandelin

DORAL, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Doral Signature Shops, an 11,110-square foot retail property located in Doral, Fla. 

The asset sold for $9,100,000 representing $819 per square foot and a 5.10 percent CAP rate.

Scott C. Sandelin, an associate vice president investments, and Edward Romo, an associate, in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a partnership between local developers Gadinsky Real Estate and Armando Codina.  The buyer was a limited liability company from Miami.

“Doral Signature Shops was a rare opportunity for an investor to secure a newly constructed three-tenant retail center featuring long-term leases with high profile tenants,” says Sandelin. 

Edward Romo

“For the growing segment of two to three-tenant, high-quality retail centers, this is a very significant sale in terms of deal size and cap rate.”

“Doral is one of the Miami area’s fastest growing and most sought after markets with strong demographics. 

"The tenant mix of a Starbuck’s, Mercantile Commerce Bank and popular local restaurant chain, Graziano’s, is a perfect match for the area and complements the adjacent high-end apartment community that Codina built,” adds Romo.

Located at 11401 NW 41st Street, the center is situated at a signalized intersection on Doral’s main east-west corridor with convenient access to the Florida Turnpike.

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

Kirk A. Felici

First Vice President/District Manager

 Miami, FL

(786) 522-7000

Hold-Thyssen negotiates two new professional office leases at New England Partners Building in Winter Park, FL

Darby Hold

WINTER PARK, Fla. --- Hold-Thyssen, Inc., recently negotiated two three-year lease agreements totaling 2,189 rentable square feet in the New England Partners Building at 243 W. Park Ave. in downtown Winter Park. 

Darby Hold, transaction specialist for Hold-Thyssen, Inc., negotiated both transactions representing the local landlord, New England Partners, LLC.   

Leading Edge Title LLC leased Suite 102 with 1,640 rentable square feet.  The real estate title insurance company that has been in the Orlando market 18 years, established a second location.  Leading Edge was represented by Lee Acker with RE/MAX  200 Realty. 

John D. McKay – International Legal Services PLC a personal injury and wrongful death firm established a second location in the Orlando / Winter Park area in a 549 square foot suite at the New England Partners Building.  The tenant was not represented in the transaction. 

The two new tenants boosted occupancy from 84 to 100 percent.   Other tenants in the New England Partners Building include Kelly Price and Company, Elizabeth Hawthorne Faiella, PA and Kracht Law Firm.

Hold-Thyssen, Inc. provides commercial property and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties.

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

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