Tuesday, June 30, 2015

HFF closes $33 million sale of Class A cold storage industrial facility in Chicago, IL


Preferred Freezer leased cold-storage facility, 2500 South Damen Avenue, Chicago, IL


CHICAGO, IL – June 30, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $33 million sale of a 128,200-square-foot, Class A, cold-storage industrial facility 100 percent leased to Preferred Freezer Services in Chicago, Illinois.

Jordan Angel
HFF marketed the property to a limited number of qualified investors on behalf of the seller, Romel Enterprises, LLC.  AAG Management purchased the asset free and clear of existing debt.

Completed in 2003, the one-story building features 6.6 million cubic square feet of freezer capacity; a 22,200-square-foot refrigerated loading and unloading dock; U.S.D.A, F.D.A and U.S.D.C. designated inspection areas; HACCP certification; 16 dock doors with levelers and seals; a 100-percent-diesel backup generator to run the entire facility; private QA laboratories for on-site sampling and 24-hour security. 

Situated on six acres at 2500 South Damen Avenue in southwestern Chicago, the location provides access to rail and interstate systems, including Interstate 55.  Additionally, the facility is 21.3 miles from Chicago’s O’Hare International Airport.

The HFF investment sales team representing the seller was led by director Jordan Angel, managing director Patrick Sullivan and real estate analyst Ryan Chambers.

“This transaction was a win for both buyer and seller,” Angel said.  “It represents a great asset fully occupied by a best-in-class freezer storage company.”

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


Alpha Alternatives Closes $14 Million CMBS Student Housing Loan on University of Illinois campus in Champaign, IL

  
Student Housing Community at University of Illinois Campus, Champaign, IL


CHICAGO, IL, June 30, 2015 – Alpha Alternative Investments, a commercial real estate capital markets firm providing financing solutions nationwide, recently closed a $14 million CMBS loan for a student housing facility in Champaign, IL.

Anthony J. Longo
Developed in 2013, the 72-unit, 194-bedroom multifamily property is located in the heart of the University of Illinois campus and targets undergraduate students.

 “The project sponsor teamed up with Alpha Alternatives to originate the refinancing for a construction loan that was coming due, as well as recapitalize the asset,” says Anthony Longo, Managing Partner with Alpha Alternatives.

“Because of our strong relationships with multiple debt financing sources across the U.S., we were able to find a superior capital solution, including rate and proceeds compared with the client’s historical lender, and also facilitate the closing in just over 30 days,” adds Longo.

Matthew Stearns, Senior Vice President of Alpha Alternative Investments, partnered with Longo to close this transaction.

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

Stacey Corso
415.672.6460

Meridian Capital Group Arranges $100 Million in Bridge Financing for a Six-Property Hotel Portfolio Located in FL, TX, NC and MN


Sarah Kuebler
New York, NY June 30, 2015– Meridian Capital Group, America’s most active debt broker, negotiated a $100 million bridge loan for the refinance of a six-property hotel portfolio located in FL, TX, NC and MN on behalf of a Los Angeles based private equity fund.

The three-year initial loan term, provided by a New York-based debt fund, features a floating-rate, interest-only payments for the full term, and two one-year extension options.

This transaction was negotiated by Meridian Managing Director, Seth Grossman, and Vice President, Sarah Kuebler, who are both based in the Company’s Carlsbad, CA office. Grossman and Kuebler also arranged the acquisition financing for the same portfolio in 2012.

The portfolio is composed of the following six hotels: DoubleTree Suites by Hilton Hotel Tampa Bay located at 3050 North Rocky Point Drive West in Tampa, FL; Embassy Suites Boca Raton located at 661 NW 53rd Street in Boca Raton, FL; Sheraton Suites Fort Lauderdale at Cypress Creek located at 555 NW 62nd Street in Fort Lauderdale, FL; Holiday Inn San Antonio located at 77 NE Loop 410 in San Antonio, TX; DoubleTree Suites by Hilton Hotel Raleigh – Durham located at 2515 Meridian Parkway in Durham, NC; and Embassy Suites St. Paul located at 175 East 10th Street in St. Paul, MN.

Seth Grossman
“Based largely on the sponsor’s strength, track-record, the improving market and specific hotel conditions, we were successful reaching our client’s objectives. 

"We refinanced their acquisition loan with an increase in loan proceeds while simultaneously lowering the interest rate several hundred basis points and maintaining ample flexibility for the portfolio going forward,” said Mr. Grossman.

Founded in 1991, Meridian Capital Group is America’s most active debt broker and one of the nation’s leading commercial real estate finance advisory firms.

In 2014, Meridian closed 3,480 loans totaling more than $30 billion in transaction volume with 175 unique lenders, equating to $120 million per business day. 

Since inception, the company has closed more than $200 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds.

 Meridian arranges financing for many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties.

Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Florida and California.

For a complete copy of the company’s news release, please contact:
  
Jonathan Stern
Meridian Capital Group
212/972-3600

CTH+A Promotes Two Staff Members in Orlando, FL


Kristine Kurek Melanson
 ORLANDO, FL, June 30, 2015 – C.T. Hsu + Associates announces George Thomas, AIA, CPM, NCARB has been promoted to Senior Associate.

 Thomas is a Senior Project Manager of the firm, and he has 25 years of experience in the architecture profession.

His experience includes all phases of design and construction for institutional, educational, and commercial projects.

 He holds a Master of Architecture degree from the University of South Florida, and a Bachelor of Architecture degree from the University of Florida.

 Kristine Kurek Melanson was promoted to Associate. For the past five years, Melanson has been the Senior Marketing Manager for the firm.


George Thomas
 She has over 20 years' experience in marketing and business development for architectural and related design firms. She holds a Bachelor of Science in Business Administration majoring in Marketing from the University of Central Florida.


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


C.T. Hsu + Associates, P.A.
820 Irma Avenue · Orlando, FL 32803 · 407 423 0098 · Fax 407 423 4793

HSU + Associates Celebrates 30 Years of Business in Central Florida


Orlando Mayor Buddy Dwyer and C.T. Hsu
 ORLANDO, FL, June 30, 2015 -- C.T. Hsu + Associates (CTH+A) opened its doors in Orlando, FL on July 5, 1984. 

Thirty years later, the firm has earned respect and esteem as one of Central Florida's leading businesses, as an awarding winning firm, a worldwide reputation for exceptional innovate design solutions with highly personalized services, and as dedicated community servants.

The firm's work has enriched the quality of life in the Central Florida region professionally, culturally, and economically.

The Celebration - October 9, 2014 is C.T. Hsu + Associates Day in the City of Orlando

The celebration was commemorated with a 30th Anniversary event at its' offices themed "East Meets West".

The day was marked with a schedule of events including a proclamation from the City of Orlando's Mayor Buddy Dyer, entertainment performances by Dr. Sandy Shugart & The January Band, Catherine Way a talented harpist, a Chinese musician duo Mr. Rui Yang and Ms. Luo Wu, as well as local Chinese artist Guang - Hui Zhao.

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

C.T. Hsu + Associates, P.A.
820 Irma Avenue · Orlando, FL 32803 · 407 423 0098 · Fax 407 423 4793


Monday, June 29, 2015

HFF closes sale of and secures acquisition financing for industrial building with a long-term lease in Houston, TX


8787 Wallisville Road, Northeast Houston, TX

Rebecca Tudor
HOUSTON, TX, June 29, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and secured acquisition financing for 8787 Wallisville Road, a single-tenant, 126,821-square-foot industrial distribution facility 100 percent leased to Briggs Equipment in northeast Houston, Texas.

HFF arranged the sale of the property on behalf of the seller, Twinrose Investments.  TMT Wallisville Investments, LLP purchased the asset for an undisclosed amount. 

Additionally, working on behalf of the new owner, HFF arranged the 10-year, fixed-rate acquisition loan through Deutsche Bank and will service the securitized loan.

Located at 8787 Wallisville Road, the building has been occupied by Briggs Equipment, one of the oldest materials handling equipment producers in the U.S., via an absolute net lease since the building was completed in 1975. 

Renovated in 1995 and again in 2006, the facility has 28’ clear heights and 24 exterior doors, including 10 truck wells.  One third of the building has office finish in the mezzanine level, and there are 142 parking spaces. 


Trent Agnew
The facility is situated on a 10.1-acre tract in the southwest quadrant of the intersection of Interstate 610 (Houston’s north loop) and Highway 90, with frontage on both Highway 90 and Wallisville Road. 

Additionally, the asset is within six miles of multiple major transportation modes including Interstate 10; two rail yards, Union Pacific Englewood Yard and PTRA North Rail Yard; and the Houston Ship Channel.  

The HFF investment sales team representing the seller was led by senior managing director Rusty Tamlyn, director Trent Agnew and real estate analyst Wesley Hightower.

The HFF debt placement team representing the new owner was led by managing director Steve Heldenfels and real estate analyst Joe Lerer.

“Twinrose has worked with HFF on purchase, sale and financing transactions throughout its company history,” said Rebecca Tudor, principal of Twinrose Investments. 

“We are always pleased with the quality of the lenders and investors that HFF introduces to a transaction as well as the professionalism of the debt and investment sales teams from marketing and underwriting, to closing.”

     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

HFF closes sale of 5-building, Class A industrial portfolio in El Paso and Harlingen, TX

    
El Paso, TX industrial properties


Randy Baird
 DALLAS, TX, June 29, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of a five-building, Class A industrial portfolio totaling 758,715 square feet in El Paso, Texas, and 144,000 square feet in Harlingen, Texas.

HFF marketed the portfolio on behalf of the seller, Prologis, Inc.  The assets were purchased by Sealy & Company, sponsor of Sealy Strategic Equity Partners (SSEP), for an undisclosed amount.

The four El Paso properties consist of Vista Del Sol III Building I, 950 Loma Verde Drive; Vista Del Sol Buildings 7, 1350 Pullman Drive, and 8, 1430 Henry Brennan Drive; and Vista Corporate Center Building 5, 1211 Henry Brennan Drive.

 The properties are grouped together in El Paso’s East industrial submarket at the convergence of the Interstate 10 and Loop 375 interchange, less than five miles from the Ysleta Port of Entry at the U.S.-Mexico border and approximately 11 miles from El Paso International Airport.

 Built between 1997 and 2001, the buildings are 100 hundred percent leased to six tenants and have between 22’ and 24’ clear heights and a low office finish averaging 7.5 percent. 

Jud Clements
The Harlingen facility is located at 1805 North Loop 499 in Harlingen, a south Texas community in the heart of the Rio Grande Valley, 256 miles south of San Antonio.

 With immediate access via Loop 499 to Interstates 77 and 80, the facility is 13.5 miles from the Free Trade Bridge passing into Mexico and one mile from Valley International Airport.  The one-building distribution facility has a 24’ clear height.

The HFF investment sales team representing the seller was led by senior managing director Randy Baird, managing director Jud Clements, director Robby Rieke and real estate analyst Stephen Bailey.

     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

HFF closes sale of medical group-anchored retail center in San Antonio, TX


Crown Meadows Shopping Center, 7614-7616 Culebra Road, San Antonio, TX


Rusty Tamlyn
HOUSTON, TX – June 29, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Crown Meadows Shopping Center, a 52,732-square-foot retail center anchored by a medical group in San Antonio, Texas. 

HFF arranged the sale of the property on behalf of the seller, Culebra-Crown Meadows, Ltd., an affiliate of Carmichael Development Company.  CJ Park and Associates purchased the asset for an undisclosed amount.

Crown Meadows Shopping Center is 92.1 percent leased to medical office, retail and restaurant tenants including anchor-tenant Gonzaba Medical Group, Baptist Health System, W Dental Group, Fast Eddie’s Billiards, Supercuts and Umberto’s Italian Grill.

 The two-building center includes 240 parking spaces on its 4.55 acres.  Located at 7614-7616 Culebra Road in northwestern San Antonio, Crown Meadows Shopping Center is at the signalized intersection of Culebra and Ingram Roads with daily traffic counts exceeding 46,000 vehicles. 

The HFF investment sales team representing the seller was led by senior managing director Rusty Tamlyn, managing director John Taylor, associate director Matt Berry and real estate analyst Robbie Kilcrease.
         
     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


Marcus & Millichap Arranges $3.2 Million Sale of 57-Unit Charter House Apartments in St. Petersburg, FL


Casey Babb
ST. PETERSBURG, FL,  June 29, 2015 – 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 Charter House Apartments, a 57-unit apartment property located in St. Petersburg, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $3,200,000.

Casey Babb, CCIM and vice president investments, and Luis Baez, associate, in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. 

Charter House Apartments is a 1960s vintage garden community located at 3435 3rd Avenue North in St. Petersburg, Florida.

The property consists of one, three-story building constructed of concrete block with flat, built-up roofs and offers a mix of one-bedroom/one-bath and two-bedroom/one-bath units averaging 737-square feet.

Luis Baez
Units feature semi-private entries, central heat and air-conditioning, private sunrooms, vinyl or tile coverings in wet areas with carpet in bedrooms, walk-in closets and re-finished bathrooms.

Charter House presented investors with the opportunity to acquire a well-located, stabilized multifamily asset with value-add potential, and was sold free and clear of the existing debt allowing the buyer to take advantage of extremely attractive long-term financing options.

 The property has received over $100,000 in improvements including landscaping, irrigation system upgrades, parking lot resurfacing/restriping, interior corridors and laundry room makeovers, upgrades to the elevator and numerous interior renovations.

“Charter House received good interest in the marketplace due to its location in the up and coming Kenwood submarket just west of downtown St. Petersburg.  

"The buyer was a very experienced investor out of New York who was making his initial purchase in the area to satisfy a 1031 exchange.  The seller achieved 100 percent of our asking price which was a 28 percent premium over his 2011 purchase price,” says Babb.

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

Richard D. Matricaria
Vice President/Regional Manager
Tampa, FL
(813) 387-4700

   

HOPE NOW and RealtyTrac Announce Partnership to Co-Sponsor Regional Housing Roundtables


 
St. Louis Mayor Francis Slay
WASHINGTON, DC, June 29, 2015 – The HOPE NOW Alliance and RealtyTrac have announced a partnership for the remainder of 2015 to co-sponsor regional housing roundtables in selected U.S. cities.

 The first one of these co-sponsored sessions will take place in Cleveland, Ohio on June 30.

The housing roundtables present an opportunity for the mortgage industry to collaborate with local non-profits, elected officials, community leaders and other housing stakeholders with the goal of formulating sustainable housing solutions and community stabilization initiatives.

At the St. Louis Housing Roundtable in June, Mayor Francis Slay remarked, “Even though the housing crisis has subsided overall, neighborhood stabilization is still a top priority. It is important for us to continue to find ways to keep families in their homes and kids in school. The city has many tools at its disposal to achieve these goals and we will continue to work with all of the organizations here today.”

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

Ginny Walker
Office: 949.502.8300 ext. 268
Mobile: 323-317-5852  

Arbor Appoints Daniel Kenny as EVP and Chief Asset Manager, Servicing and Asset Management


Daniel Kenny

UNIONDALE, NY (June 29, 2015) - Arbor Commercial Mortgage, LLC (“Arbor”), a national, direct commercial real estate lender, today announced the appointment of Daniel Kenny as Executive Vice President and Chief Asset Manager, Servicing & Asset Management.

Dan joined Arbor in 2011 as a Senior Vice President to assist with the creation of a Credit Risk Management Department and has since then expanded his contributions across several departments and business operations. 

In his new role, Mr. Kenny will continue to report to John Natalone, Arbor’s Executive Vice President, Treasury and Servicing.

Ivan Kaufman, Arbor’s Chairman and CEO, commented, “Dan has done an outstanding job expanding and developing a very talented and effective team that comprises Arbor’s comprehensive servicing area.

" From Asset Management, Credit Risk Management, Servicing Operations and Portfolio Management, Dan has done a terrific job integrating the various disciplines that oversee Arbor’s more than $11-billion portfolio.”

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

Christopher Ostrowski


Sunday, June 28, 2015

Marcus & Millichap Brokers $2.65 Million Sale of Wilton Villas in Wilton Manors, FL


Joseph P. Thomas
WILTON MANORS, 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 Wilton Villas, an 18-unit apartment property located in  Wilton Manors, Fla.

 The asset sold for $2,650,000 representing $147,222 per unit.

Joseph P. Thomas, a vice president investments, Adam Duncan, a senior associate, and Derek Soven, an associate, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Sunny Isles Beach, Fla.

  The buyer was a private investor from Weston, Fla.

“The uniqueness of the asset, the location and our marketing efforts led to a highly competitive bidding environment, which ultimately pushed the sales price $50,000 above the asking price,” says Thomas.

Adam Duncan
“The seller acquired the property in 2004 and subsequently renovated and converted it to condominiums. The condominium was later dissolved and the property was reverted back to a multifamily building,” adds Duncan.

Wilton Villas was constructed in 1975 of concrete block and painted stucco and encompasses a .52 acre lot. The unit mix consists of six two-bedroom/one-bathroom apartments and 12 two-bedroom/one-and-a-half-bathroom townhomes.

 Located at 2705 NE 9th Avenue near the epicenter of Wilton Manors, the property offers convenient access to downtown Fort Lauderdale, along with numerous schools, parks, places of worship, shops and restaurants.

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

Ryan Nee
Regional Manager
Fort Lauderdale, FL
(954) 245-3400

Havoline Lube Site in Winter Garden, FL Sells for $665,000 in Deal Handled by Marcus & Millichap


James Medefind
WINTER GARDEN, 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 Havoline Xpress Lube, a 2,298-square foot net-leased property located in Winter Garden, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset sold for $665,000.

James Medefind, senior associate, and James Garner, associate, in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. 

Havoline Xpress Lube is located at 12304 West Colonial Drive in Winter Garden, Florida. It sits on busy West Colonial Drive at the major interchange between State Road 429 and the Florida Turnpike.

Winter Garden is a quiet suburb of Orlando in an ideal location less than 20 minutes to both Disney World and downtown Orlando.

Havoline Xpress Lube is less than three miles from the West Oaks Mall and is surrounded by national retailers including Mattress Firm, Walgreens, Big Lots, Taco Bell, Starbucks, Burger King and McDonald’s among others.

“We drove 11 offers to this opportunity, five of which came from out of area. Our access to out of area investors who are aggressive in these markets ultimately allowed our client to close the deal at 98 percent of list price,” says Garner.

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

Richard D. Matricaria
Vice President/Regional Manager
Tampa, FL

(813) 387-4700

Azalea Woods Student Housing in Valdosta, GA Sold for $3.9 Million in Deal Brokered by Marcus & Millichap


John E. Brigel
VALDOSTA, GA – 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 Azalea Woods, an 80-unit apartment property located in Valdosta, Ga., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset sold for $3,900,000.

John E. Brigel, vice president investments, in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

 The buyer was secured and represented by Brigel, and Michael Fasano, broker for the state of Georgia, assisted in closing of this transaction.

Azalea Woods, a student housing community, is located at 811 West Mary Street in Valdosta, Georgia and is immediately across from Valdosta State University. Currently there are 80 existing units consisting of 38 three-bedroom/one-bath, 38 two-bedroom/one-bath and four one-bedroom/one-bath.

“I suggested to my seller, a longtime client, that a higher and better use for his strategically situated, family Section 8 asset would be as a prime location, student housing property. He agreed, and so did the investor,” says Brigel.

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 Arranges $4.2 Million Sale of 64-Unit Apartment Community in Panama City, FL


Nicholas Meoli
PANAMA CITY, 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 Ava Kay Townhomes, a 64-unit apartment property located in Panama City, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset sold for $4,200,000.

Nicholas Meoli, associate vice president investments, and Michael Donaldson, vice president investments, in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. 

The buyer was secured and represented by Michael Donaldson and Meoli. 

Ava Kay Townhomes is located at 295 Nelle Street in beautiful Panama City, which is in Bay County, Florida.

This townhome community is situated on an attractive 4.54 acre site, and is comprised of 17 two-story residential buildings. 

The property has a competitive amenity package including additional storage, children’s playground, large picnic area with barbecue grills and serene wooded views.

Michael Donaldson
 Ava Kay Townhomes offer a variety of spacious, open floor plans consisting of entirely three-bedroom/two-bathroom units, which have been thoughtfully designed to maximize the usage and functionality of the space. 

“Ava Kay represented an attractive 2007-built value-add opportunity through continued rent growth and exterior renovations,” says Meoli. “The property has excellent floor plans with an average of 1,294-square feet making it a rare and attractive asset to the local tenant base.”

“We generated a significant amount of interest from across the country and closed with a prominent group based out of California on an all cash basis,” adds Donaldson.

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

Richard D. Matricaria

Vice President/Regional Manager
Tampa, FL
(813) 387-4700