HFF closes sale of Adventist Health Lacey Medical Plaza in Hanford, CA

Adventist Health Lacey Medical Plaza, 1524 West Lacey Boulevard, Hanford, CA

 SAN DIEGO, CA, May 21, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Adventist Health Lacey Medical Plaza, a 48,606-square-foot, single-tenant medical office building in Hanford, California.

Evan Kovac

HFF marketed the property on behalf of the seller, a private development company.  American Realty Capital Healthcare Trust II, Inc. purchased the asset.

Adventist Health Lacey Medical Plaza is located at 1524 West Lacey Boulevard at the intersection of Mall Drive in downtown Hanford, a suburb about 28 miles southeast of Fresno. 

This location is directly across from the Hanford Mall, adjacent to the King’s County Civic Center and Community Courthouse, and close to the Adventist Medical Center.  

Completed in 2002 as part of a build-to-suit for Adventist Health, the property is fully leased to Adventist Health Physician Network. 

The HFF investment sales team was led by managing director Evan Kovac.

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 $6.633 million sale of and secures $5.3 million financing for Woodland Park Estates in Portland, OR

Woodland Park Estates, 1820 NE 104th Avenue, Gateway Neighborhood, Portland, OR

PORTLAND, OR  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $6.633 million sale of and secured $5.3 million in financing for Woodland Park Estates, a 74-unit multi-housing community located in Portland’s Gateway neighborhood.

Nick Klein

HFF marketed the property on behalf of the seller, Rael Development Corporation (“Raelcorp”).  Trion Properties purchased the asset free and clear of existing debt and plans to perform an extensive renovation and repositioning strategy with the property. 

HFF also worked on behalf of the buyer to secure an 80 percent LTV, seven-year, floating-rate loan through 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.  HFF previously worked with Raelcorp to secure a fixed- rate loan to purchase the property in 2011.

Woodland Park Estates is located at 1820 NE 104th Avenue, approximately one half of a mile from the entrances to Interstates 205 and 84 and eight miles northeast of downtown Portland. 

  Situated on three acres, the property has two- and three-bedroom units averaging 962 square feet each.  Property amenities include a swimming pool, community common area, resident parking and on-site laundry facilities.  The property is currently 98 percent leased.

Tyler Linn

The HFF investment sales team representing Raelcorp was led by associate directors Nick Klein and Tyler Linn.

HFF’s debt placement team representing Trion Properties was led by managing director Mark Wintner.

“This process started with a complicated loan assumption but with the help of our experienced debt team, along with the cooperation of both the buyer and the seller, we were able to source new financing and execute a smooth and successful transaction with results that met the needs of both parties,” said Wintner.

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

HFF closes $49.5 million sale of multi-housing community in Wilsonville, OR

Canyon Creek, 26310 SW Canyon Creek Road, Wilsonville, OR

 PORTLAND, OR, May 21, 2015 - Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $49.5 million sale of Canyon Creek, a 372-unit, garden-style multi-housing community in Wilsonville, Oregon.

Ira Virden

HFF marketed the asset on behalf of the seller, a private investor.  Aukum Management LLC purchased the property for $49.5 million free and clear of existing debt.

Canyon Creek is situated approximately 16 miles south of downtown Portland on a 29.76-acre site at 26310 SW Canyon Creek Road near major area highway and public transportation arteries such as Interstate 5 and the Westside Express Service commuter rail. 

The property is 95.7 percent leased and has units averaging approximately 858 square feet each. 

  Community amenities include a swimming pool, hot tub, fitness center, playground, clubhouse and business center.

The HFF investment sales team was led by managing director Ira Virden and associate director Kerry Hughes.

“Wilsonville is an extremely supply-constrained submarket, with an abundance of high-paying, white-collar jobs.  Coupled with the ability to enhance value through implementing a value-add business plan and buying well below replacement cost, the asset proved to be an attractive offering for investors,” said Virden.

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

Hold-Thyssen Negotiates Sale of Retail Site on State Road 44 in New Smyrna Beach, FL

Therese Taylor

New Smyrna Beach, FL -- Hold-Thyssen, Inc.  a real estate services firm based in Winter Park, recently completed the $275,000 sale of a 1.7-acre retail site at 1932 Canal St. (SR 44) in New Smyrna Beach.  

Therese Taylor, broker associate at Hold-Thyssen in Winter Park, negotiated the transaction representing the Orlando-based seller, PNC/Midland. 

The property is adjacent to the Publix Center, Bank of America and Taco Bell. 

The buyer, who was not disclosed, plans a commercial-office development on the site, Taylor said.    Charlotte A. Smith of Collado Real Estate represented the buyer.

Hold-Thyssen 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 throughout the United States.

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

HFF secures refinancing for three Dallas, TX Market Center buildings

Jody Thornton

 DALLAS, TX, May 20, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured financing for three buildings totaling 3.3 million square feet that are part of the Dallas Market Center in Dallas, Texas.

HFF worked on behalf of Crow Holdings to secure the loan for the World Trade Center and Dallas Trade Mart with Goldman Sachs Mortgage Company and the financing for the International Trade Plaza with Comerica Bank.

Composed of the World Trade Center, Dallas Trade Mart, International Trade Plaza and Market Hall, the 110-acre Dallas Market Center (DMC) is the largest wholesale market center in the world, totaling more than 5.5 million square feet – twice the size of the Empire State Building. 

The buildings house space for wholesale merchants around the world to connect with more than 75,000 buyers from all 50 states and 80 countries.

  DMC welcomes approximately 375,000 people to more than 50 market events annually where an estimated $8.5 billion in transactions occur.

Andy Scott

 More than 1,200 tenants in categories including women’s, men’s and children’s fashion and accessories; jewelry; lighting; rugs; home accents and toys rent space in the DMC buildings.  

The buildings are located at 2000, 2050 and 2100 Stemmons Freeway (Interstate 35) in northwestern Dallas close to Dallas-Love Field.  Market Hall is not included in the financing.

The HFF debt placement team representing the borrower was led by executive managing director Jody Thornton, senior managing director Andy Scott, director Jim Curtin and real estate analyst Gay Thomas.

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

Resolve Marine Group Purchases Harbor Place Building in Fort Lauderdale For $8.9 Million in Deal Brokered by Berger Commercial Realty

Judy Dolan

FORT LAUDERDALE, FL (May 20, 2015) - Regional commercial real estate firm Berger Commercial Realty announced the $8.9 million purchase of Harbor Place, a 36,000-square-foot office building located at 1600 S.E. 17th St. in Fort Lauderdale, by Resolve Marine Group, a Fort Lauderdale-based company that provides a variety of marine services to the global maritime industry.

Resolve Maritime Academy, a division of Resolve Marine Group, has been a tenant in the building since 2012.

Sold by 1600 17th St. Causeway, LLC, Harbor Place was 100 percent occupied at the time of sale, which closed May 14.

 In addition to Resolve Maritime Academy, other tenants include HSBC bank, MHG Insurance, Vecenergy and Berger Commercial Realty.

Last year, Resolve Maritime Academy expanded its space in the Harbor Place building from 6,954 square-feet to 14,088 square-feet. The building currently houses a full mission engine room simulator, an ECDIS (electronic chart display information system) classroom to teach paperless navigation, and several classrooms for fire and safety courses, as well as the academy's administrative offices.

Raquel Monge

Resolve plans to further expand the school with the addition of cruise ship engine and bridge room training simulators, which were previously housed nearby at Resolve's corporate headquarters, located at 1510 S.E. 17th St.

"We are moving our high-tech simulators into the building so we can offer our students all of our training modules under one roof," said Joseph Farrell, Jr., president and CEO of Resolve Marine Group. 

"We are very proud of our presence along the marine corridor of S.E. 17th Street and look forward to continuing to serve the worldwide marine community from our offices in Fort Lauderdale, long considered the marine capital of the world."

Judy Dolan and St. George Guardabassi of Berger Commercial Realty represented Resolve Marine Group in the off-market deal. Lloyd Berger and Keith Graves, also of Berger Commercial Realty, represented the seller, 1600 17th St. Causeway, LLC.

Resolve Marine Group retained the commercial real estate firm to lease and manage the building. Dolan and Guardabassi will serve as the property's exclusive leasing agents, and Raquel Monge, a senior property manager at the firm, will oversee the management and operations of the building.

St. George Guardabassi

Dolan and Guardabassi have represented Resolve in a number of real estate transactions over the past five years, including the company's original 2012 lease at Harbor Place. 

The brokers also represented Resolve in the purchase of:

• ·     the company's corporate headquarters building at 1510 S.E. 17th St.;
• ·     property in Port Everglades for the expansion of the company's salvage business;
• ·     and an 11,709-square-foot office building for $4 million from Ardell Marina, Inc. in 2014. That building is located at 1550 S.E. 17th St., directly in between Harbor Place and Resolve's corporate headquarters. 

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

Media Contact: 954-776-1999

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

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

Two Properties Managed by Atlantic | Pacific Management Receive Highest Recognition at 7th Annual Florida Communities of Excellence Awards

Trump Hollywood Condominiums, Hollywood, FL

MIAMI, FL – Atlantic | Pacific Management (A|P Management), the property leasing and condominium association management platform under Atlantic | Pacific Companies (A|P Companies), is delighted to announce that two of the properties they manage received prestigious awards at the 7th Annual Florida Communities of Excellence Awards ceremony, which took place on Friday, May 15th at the Bonaventure Resort & Spa in Weston.

The awards ceremony, which was founded in 2009 and is presented annually, included an educational session, trade show, awards program and gala after-party.

The ceremony had nominees from across the state who received awards from various categories including water conservation, energy efficiency, civic volunteerism and advocacy, family-friendly programs and initiatives, and disaster preparedness. The organization recognizes outstanding communities that invest time in improving the quality of life of their residents.

Apogee Beach Condominiums, Hollywood, FL

The two winning properties are:

* Water Conservation – Water Management and Conservation Programs.

Small Community: Apogee Beach Condominium Association, Hollywood, FL

* Disaster Preparedness – Protecting lives & Properties, as well as for community restoration in the aftermath of an emergency.

Small Community: Trump Hollywood, Hollywood, FL

For more information about A|P and its platforms, visit www.apmanagement.net

 or call (800) 918–1145.

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

Jessica Wade Inc.:  

Jessica Wade Pfeffer | jessica@jessicawadeinc.com (305) 804 - 8424

Margie Sernik | margie@jessicawadeinc.com  (786) 200 - 2516

MetroGroup Realty Finance Secures $35.7 Million in Financing for Client to Acquire Broadcom Building in San Jose, CA

Broadcom Building, 3151 Zanker Road, San Jose, CA

Orange County, CA, May 20, 2015 – MetroGroup Realty Finance, a private, Orange County-based mortgage banking firm, has successfully arranged $35.7 million in financing on behalf of its client for the acquisition of the 200,000 square-foot Broadcom Building in San Jose, California.

Patrick Ward

The property, which was acquired by an affiliate of Oakmont Corporation, is 100 percent occupied by Broadcom Corporation, a FORTUNE 500 tech company that is recognized as a leader in semiconductor solutions for wired and wireless communications.

“The technology sector is driving commercial property demand forward at a tremendous rate today, making this investment extremely well-timed for our client,” says Patrick Ward, Founder of MetroGroup Realty Finance. 

The asset, which encompasses research and development, data center, and corporate offices, is located within a growing submarket of San Jose, just outside of Silicon Valley’s tech epicenter.

“With continued demand from the large population of Millennials and tech firms in the region, we anticipate that this investment will be a sound, stable investment for our Client over time,” explains Ward.

“We immediately recognized the value of this asset, based on strong market fundamentals in this region and the property’s existing high-caliber tech tenant,” Ward continues.  “We effectively demonstrated this value to lenders in order to provide competitive terms for our client.”

Ward notes that, in doing so, MetroGroup was able to structure financing in a way that met each of its client’s investment objectives in this transaction.

“Our experience and 38-year history in providing financing for commercial properties has given us the right tools to identify key elements that help us structure a transaction that is attractive to lenders, while also ensuring the best terms for our clients,” says Ward.

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

 Lexi Astfalk or Jenn Quader

 Brower, Miller & Cole

 (949) 955-7940

 lastfalk@browermillercole.com

www.metrogroupfinance.com.

Proffitt Dixon Partners Plans First Luxury Apartment Community in Greenville, SC

Wyatt Dixon

Greenville, S.C. and Charlotte, N.C. (May 20, 2015) – Proffitt Dixon Partners is preparing to build its first luxury apartment community in Greenville, S.C. 

The Charlotte-based firm plans to break ground this month on a 201-unit luxury multifamily development at 210 East Broad Street.

The five-story community will be built on 2.45 acres at the intersection of S. Church St. and East Broad Street. The location is a five-minute walk from Main Street in Greenville’s the Central Business District, which has the largest concentration of employment in the state.

“Greenville is the economic engine of South Carolina,” said Managing Principal Wyatt Dixon. “This is a great opportunity to bring the luxury apartment lifestyle to one of the country’s fastest-growing cities.”

“The area has exactly what we look for, which is a walkable area near jobs, restaurants, entertainment and greenspaces,” added Managing Principal Stuart Proffitt. “As with our other communities, we will follow green building practices, and choose energy-saving appliances and features.”

Fountains Greenville is close to Falls Park on the Reedy, Centre Stage Theater, Peace Center for the Performing Arts, the county Art Museum and private art galleries. It also has convenient access to the Swamp Rabbit Trail, a pedestrian and bike path. 

Stuart Proffitt

The community will have the type of clubhouse, courtyards, pool and fitness facility that residents of a luxurious new property would expect. A Publix grocery store is just one block away.

The developers will follow guidelines established by the National Association of Home Builder’s (NAHB) Green Building Program. The Housing Studio is the architect, and the general contractor is Creative Builders Group.

The new development indicates significant momentum for Proffitt Dixon. The firm now has 938 units under construction in the Carolinas and Tennessee. Just last month it started construction on Fountains Germantown, a 249-unit luxury apartment community in Nashville, Tenn. 

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

 Terri Thornton

Thornton Communications

p:404-932-4347 |

Terri@TerriThornton.com

www.TerriThornton.com

www.proffittdixon.com.

HFF closes $7.475 million sale of three apartment properties in New Rochelle, NY

10--14 Glencar Avenue, New Rochelle, NY

FLORHAM PARK, NJ, May 20, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $7.475 million sale of three apartment properties totaling 65 units in New Rochelle, New York.

HFF marketed the properties on behalf of the seller, JEM Holdings.  Virginia City, LLC purchased the offering and assumed the existing mortgage.

The three apartment buildings are located at 347 Huguenot Street, 778 Main Street and 10-14 Glencar Avenue.  

All of the properties provide easy access to public transportation and major thoroughfares and are centrally located within the New Rochelle market.

The portfolio has a mix of 39 one-bedroom units, 24 two-bedroom units and 2 three-bedroom units and all three properties are 100 percent leased. 778 Main Street also includes one fully-leased ground floor retail space.

347 Hugenot Street
 New Rochelle, NY

The HFF investment sales team was led by associate director Stephen Simonelli along with senior managing director Jose Cruz, managing director Kevin O’Hearn and associate director Michael Oliver.

“The New Rochelle portfolio represented the opportunity to acquire three well-located apartment communities within one of Westchester County’s strongest submarkets. 

"The seller was able to take advantage of the significant desire for multi-housing properties in Westchester County, while the buyer will be able to add substantial value to the portfolio,” said Simonelli.

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

www.jemreholdings.com.

Winter & Co. Retained for Third Time in 25 Years to Advise Owner of Apartment Building in Manhattan, NY

Six-Story, 63-Unit Apartment Building, Central Park North
facing Manhattan's Central Park, Manhattan, NY

Gregg Winter

NEW YORK, NY -- Winter & Company was retained for the third time in 25 years to advise the ownership of this three-building, six-story, 63-unit apartment building located on Central Park North facing Manhattan's Central Park in connection with obtaining permanent, non-recourse financing.

Winter & Company arranged a 3.75% 10-year fixed-rate, interest-only mortgage with a balance sheet lender for this long-time client.

Challenges and solutions:

One major challenge is that, on the one hand, the borrower wanted a $4,750,000 10-year, fixed rate, interest-only mortgage, while on the other hand, the borrower did not want a balloon loan, and also did not want a loan structured with a defeasance or yield-maintenance pre-payment penalty -- preferring instead a loan structure with a total term of 25 years which would amortize (after the initial 10-year i-o period) on a self-liquidating basis.

Winter & Company was able to find a way to accommodate this request by arranging the loan with a balance sheet lender that could offer our borrower an additional 15 years of term, on a fully self-liquidating basis, with the interest rate floating at 250 basis points above LIBOR during the last 15 years of the loan term.

Central Park in Manhattan, NY

The borrower did not want a CMBS execution (with its usual severe prepayment penalties), preferring instead to transact with a balance sheet lender.

 The solution was a highly-customized non-recourse loan structure meeting all of the borrower's exacting criteria.

Previously Winter & Company had arranged light rehab financing shortly after the original acquisition and then a decade later W&Co arranged a construction loan for a full gut-rehab of the entire property including 11 units which had been fire-damaged and off-line since the original acquisition. This resulted in bringing the unit count up from 42 to 63 apartments with considerable rent and NOI growth.

Winter & Company is a Manhattan-based, commercial mortgage advisory firm that specializes in arranging development and construction financing (as well as joint venture equity and strategic partnerships for new developments), 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 since 2003.

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

$131 Million Medical Office Building Portfolio in Metro Chicago, IL Sold by Marcus & Millichap

  

2923 North California Avenue, Chicago, IL

CHICAGO,  IL, May 20, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a nine-building, 401,428-square-foot medical office portfolio. The portfolio sold for $131 million.

John Smelter

            The portfolio is anchored by the Illinois Bone and Joint Institute (IBJI). All of the properties are located within the Chicago metropolitan area.

John Smelter, senior director of Marcus & Millichap’s Healthcare Real Estate Group, along with Scott Niedergang, associate vice president investments, and Gino Lollio, associate vice president investments, represented the seller, a partnership consisting of a local developer and a number of physicians affiliated with IBJI.

Smelter, Niedergang and Lollio procured the buyer, a joint ventured fund managed by MBRE Healthcare, a Chicago-based full-service real estate company that develops, acquires, leases and manages healthcare real estate across the United States.

            “The portfolio is 54-percent leased by the non-credit rated IBJI - occupying eight of the nine properties - and they are one of the largest orthopedic groups in the country,” says Smelter. 

“IBJI has a strong foothold in the Chicagoland market with 20 total locations. IBJI’s financial strength and long term leases allowed us to generate significant interest from private equity, institutions and REITs looking to acquire an extremely stable, institutional-quality investment.”

Scott Niedergang

 “The sellers did an outstanding job accumulating this portfolio over the years by acquiring, repositioning and developing these buildings for IBJI and the other tenants,” adds Niedergang. 

“The portfolio is currently 95 percent occupied on triple-net leases, majority of which call for annual rental escalations ranging from two to three percent.  Almost half of the rent roll has 10-plus years remaining. 

Additionally, many of the properties are strategically positioned in Chicago’s affluent North Shore markets like Wilmette, Glenview, Lincolnwood, Des Plaines and Morton Grove.”

“Our company's platform and specialized marketing campaign generated a tremendous amount of activity but, in the end, the portfolio was acquired by a well-qualified and experienced local healthcare investment group,” says Lollio. 

“MBRE Healthcare is the perfect buyer for this offering, as it appreciates the considerable value in owning and managing such a significant healthcare real estate investment in its own backyard.”

Gino Lollio

         




  A few key assets within the portfolio are the 86,503-square-foot, two-story steel and brick medical facility in Morton Grove, Ill.; the 60,500-square-foot Des Plaines, Ill. building; and lastly, the 40,011-square-foot Chicago, Ill. building that has excellent visibility and signage from the Kennedy Expressway (I-90/94).

            Other tenants in the portfolio include Advocate Health Care, NorthShore University HealthSystem, Resurrection Health Care (Presence Health), Metro Infectious Disease Consultants, and Pain Specialists of Greater Chicago.

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

Gina Relva

 Public Relations Manager

(925) 953-1716

HFF closes $160.75 million sale of medical office building in Center City, PA

833 Chestnut, Center City, Philadelphia

 PHILADELPHIA, PA, May 19, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of 833 Chestnut, a 12-story, 705,061-square-foot medical office building across from Thomas Jefferson University Hospital (TJUH) in Center City, Philadelphia. 

Mark Thomson

HFF marketed the property on behalf of the seller, Digital Realty Trust.  A publicly-traded healthcare REIT purchased the asset for $160.75 million. 

Originally built in 1928 as an addition to the original Gimbel Brothers retail department store complex, 833 Chestnut was substantially renovated and is currently 92 percent leased. 

The property’s major tenants include Thomas Jefferson Hospital, JUP, Thomas Jefferson University, Nemours Children’s Clinic, the U.S. Government and Ballinger Company. 

  The total GLA includes approximately 60 percent clinical use, which continues to grow year-over-year. 

The HFF investment sales team representing the seller was comprised locally of senior managing directors Mark Thomson, Andrew Scandalios and Jose Cruz, and nationally by managing directors Michael Bennett and Philip Mahler who are team leaders of the medical office building group within HFF’s national healthcare practice.

“833 Chestnut is an excellent example of the synergies that exist between HFF offices.  Our local team realized it was more than just a general office deal; we enlisted the help of our healthcare group, put the best team on the field, collaborated keeping the client’s best interests in mind, and ultimately secured significant proceeds over and above for what a general office might have traded,” said Scandalios.

Andrew Scandalios

“We marketed this asset to all of the typical office buyers in the northeast but the demand for medical office simply priced those groups out of the market,” added Thomson.

“We had significant interest from all the ‘usual suspects’ in the medical office building space, as well as private equity, pension fund advisors, and even some foreign capital.  

"The size of the property can really move the needle for some of these groups.  Pricing was aggressive, and this transaction is a testament to how accretive the current MOB market is for sellers,” added Bennett.

“TJUH and its affiliates has significantly increased its presence in 833 Chestnut over the last seven years and now is the anchor tenant in the building, leasing over 50 percent of the net rentable area. 

  This significant hospital-related tenancy created an opportunity for a medical office investor to develop a strategic relationship with TJUH which tremendously increased competition for this asset,” said Mahler.

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

Marcus & Millichap Arranges Sale of Two Old Time Pottery Stores in Alabama and Tennessee

Old Time Pottery, Murfreesboro, TN

Barry M. Wolfe

FORT LAUDERDALE, FL, May 19, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today has arranged the sale of Old Time Pottery’s flagship store, corporate headquarters and main distribution center in Murfreesboro, Tenn., and the retailer’s Foley, Ala., store.

The terms of the sales were not released. The flagship store, corporate HQ and main distribution center transaction closed in February 2015 and the Foley, Ala., store changed hands this month.

Barry M. Wolfe and David M. Greenberg, vice president investments, along with Alan Lipsky and Robert S. Hunter, associates, all in Marcus & Millichap’s Fort Lauderdale office, exclusively represented the seller of the properties, a partnership from Nashville, Tenn.

Glen Kunofsky, in the firm’s Manhattan office, procured the buyer, a publicly traded real estate investment trust based in Scottsdale, Ariz. 

Eddie Greenhalgh, senior associate in Marcus & Millichap’s Birmingham office is the firm’s broker of record in Alabama. Anne Williams, senior associate in Marcus & Millichap’s Memphis office, is the company’s broker of record in Tennessee.

“Old Time Pottery is an outstanding retail brand and this was a unique opportunity for the buyer to acquire two solid retail locations along with the retailer’s mission-critical corporate facilities. There was significant interest in these assets, which speaks to the strength of the company and the locations,” says Wolfe.

David M. Greenberg

“This was a great opportunity for the purchaser to expand and strengthen its net-lease portfolio by acquiring the essential facilities of a strong tenant,” adds Kunofsky.

Located at 480 River Rock Blvd., the Murfreesboro, Tenn. site includes 312,096 square feet of rentable space and sits on approximately 20 acres adjacent to the interchange of Old Fort Parkway (Tennessee Highway 96) and Interstate 24, which connects Murfreesboro with Nashville.

Situated at the southeast corner of the intersection of Alabama Highway 59 and Keller Road, the Foley, Ala., location includes 10.1 acres of land with a single retail structure totaling 109,968 rentable square feet. The Foley store is located at 7976 State Highway 59.

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

Gina Relva

 Public Relations Manager

(925) 953-1716

Wyndham Hotel Group to Manage New Dolce Conference Hotel near Cincinnati, OH

 

Mark Kukulski

PARSIPPANY, N.J. (May 19, 2015) – Wyndham Hotel Group, the world’s largest hotel company, today announced it has entered into an agreement to brand and manage a new-construction hotel and conference center less than 10 miles from downtown Cincinnati, Ohio, under its Dolce Hotels and Resorts® flag.

 The 217-room hotel is being developed by RBM Development Company LLC in Madisonville, Ohio, and will be operated by Wyndham Hotel Group’s management arm. 

Scheduled to open in 2017, it will become the centerpiece of a $124 million mixed-use development project, known as Madison Center, which is home to the headquarters of Medpace, a global clinical research organization, and will also feature offices, retail space, restaurants and outdoor community spaces.

 “This is an exciting milestone in the growth and evolution of the Dolce Hotels and Resorts portfolio,” said Mark Kukulski, president of Wyndham Managed Hotels. 

“We’re committed to expanding the brand’s presence in strategic markets to provide innovative product, efficient operations and unparalleled service for groups and meetings customers. We believe that this property, with its sophistication and state-of-the-art facilities, will play an important role in the brand’s success and in the local community.”

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

Kathryn Zambito

Wyndham Hotel Group

22 Sylvan Way

Parsippany, NJ  07054

+1 (973) 753-6590

kathryn.zambito@wyn.com