ConAm Deepens Its Investment in Bay Area with Acquisition of 127-Unit Apartment Community in Brentwood, CA

TownCentre Commons, 1275 Central Boulevard, Brentwood, CA

BRENTWOOD, CA  – The ConAm Group (ConAm), a San Diego-based real estate investment, development and services firm, is deepening its investment by expanding its multifamily portfolio in the Bay Area with the $26.4 million acquisition of TownCentre Commons, a 137-unit apartment community in Brentwood, California.

George Lloyd

“This property is located in the historic downtown Brentwood submarket, making it strongly aligned with our strategy to acquire well-located assets in growing submarkets throughout the Bay Area,” says George Lloyd, ConAm’s Executive Vice President of Acquisitions.

“The asset provides easy access to the entire Bay Area, Central Valley and Sacramento markets, and creates an opportunity for strong rental growth and tremendous long-term value.”

Brentwood is an affluent community that is demonstrating rapid growth potential, according to Lloyd, who notes that a recent Nielsen report projects an anticipated 11.35 percent increase in population by 2019.

Lloyd adds, “The TownCentre Commons apartment community represents the demands of today’s renters, who are seeking centrally located housing close to high-quality amenities.”

At the time of the acquisition, the apartment community was 98.5% percent occupied. ConAm plans to implement a series of interior and exterior upgrades to the property, including the property’s common area amenities.

Rob Singh

“Our plan is to immediately improve the overall aesthetics of the property, and complete the balance of the interior renovation which will enable us to attract new residents and increase current resident retention,” says Rob Singh, ConAm’s President and Chief Investment Officer.

 “The property upgrades will also provide the opportunity for future rent increases, coinciding with population and job growth in this affluent area.”

Singh also notes that with this acquisition, ConAm’s Northern California portfolio now totals approximately 14,850 units, including owned and managed assets.

The TownCentre Commons apartment community is located at 1275 Central Blvd. in Brentwood, California. ConAm and the seller, Ridge Capital Investors were represented by Seth Siegel and Jason Parr at Cushman & Wakefield.

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

PKF Hospitality Research Not Concerned About The Current Tumultuous Stock Market

R. Mark Woodworth

 Atlanta, GA – Recent gyrations on Wall Street may have hoteliers questioning whether this is the beginning of the end to the good times that have characterized the U.S. hotel industry for the past five years.

 PKF Hospitality Research (PKF-HR), a CBRE Company, does not believe so and is reaffirming its near-to-mid-term forecast for strong lodging financial performance. 

According to PKF-HR’s recently released September 2015 edition of Hotel Horizons®, U.S. hotels will continue to enjoy above long-run average revenue per available room (RevPAR) growth through 2018.

“It is hard to ignore what has been happening on Wall Street, but the forecasts of employment and income that we rely on to prepare our estimates of future lodging supply, demand and average room rates (ADR) remain strong,” said R. Mark Woodworth, senior managing director of PKF-HR.

 “The recent volatility in the stock market is an indicator of the uncertainty that persists in the U.S. and world economies.  However, the probability of a downturn in hotel industry performance remains remote.”

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

chris@dalygray.com

Post Properties Announces Regular Quarterly Preferred Dividends

ATLANTA, GA --(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, today announced regular quarterly dividends for its 8.5 percent Series A Cumulative Redeemable Preferred Stock of $1.0625 per share for the third quarter of 2015. 

The dividend is payable on September 30, 2015 to all Series A preferred shareholders of record as of September 15, 2015.

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

Post Properties, Inc.

Chris Papa, 404-846-5028

HFF arranges $66.78 million acquisition financing for office building in Washington, D.C.’s Dupont Circle

11 Dupont Circle, Washington, DC

Sue Carras

WASHINGTON, D.C. – September 1, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged a $66.78 million financing for 11 Dupont Circle, a 155,713-square-foot office building in Dupont Circle in Washington, D.C.

Working on behalf of the borrower, First Potomac Realty Trust, HFF placed the 15-year, fixed-rate loan with an insurance company separate account advised by an affiliate of Walton Street Real Estate Debt (WSRED) in conjunction with KeyBank who will retain servicing on the transaction.  Loan proceeds were used to finance the prior acquisition of the property.

Located in the epicenter of Washington, D.C., Dupont Circle sits at the confluence of residential neighborhoods, the city’s commercial core, and cultural and entertainment hotspots.

 11 Dupont Circle is situated at the nexus of Connecticut, Massachusetts and New Hampshire Avenues and is within walking distance of the Red Line metro station providing access to the entire metropolitan area.  Renovated in 2004, the property is 96 percent leased to a diverse mix of tenants.

The HFF debt placement team representing the borrower was led by Sue Carras and Dan McIntyre.

 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 secures $10.725 million acquisition financing for power center near Shreveport, LA

Bossier Corners, 2001-2035 Airline Drive, Bossier City, LA

IRVINE, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $10.725 million in acquisition financing for Bossier Corners, a 173,178-square-foot regional power center in Bossier City, Louisiana.

HFF worked on behalf of the borrower, an affiliate of Anenberg Asset Management, to secure the 10-year, fixed-rate loan through C-III Commercial Mortgage.

James Fowler

Bossier Corners is situated on 15.61 acres at 2001-2035 Airline Drive in the Shreveport-Bossier City metropolitan area, the second most popular tourist destination in Louisiana.  The center is located along U.S. Highway 80, which has direct access to Interstate 20.

 Across the street from Pierre Bossier Mall, the center is less than three miles from multiple casinos and hotels on Bossier City’s Red River.  It is also less than three miles from Barksdale Air Force Base, home of the 2nd Bomb Wing and the second largest employer in Louisiana.

 Tenants of the 96-percent-leased center include Office Depot, Regal Cinema, Stage, 2nd and Charles, Hancock Fabrics, Tuesday Morning and 4 Wheel Parts.

The HFF debt placement team representing the borrower was led by managing director James Fowler.

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 arranges joint venture equity for redevelopment of The Patterson House in Washington, D.C.

Patterson House, Washington, DC

Sue Carras

 WASHINGTON, D.C. –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged joint venture equity for the redevelopment of the Patterson House, a historic mansion in Washington, D.C. that will be renovated and expanded into 92 fully-furnished, luxury apartment units.

HFF worked on behalf of SB-Urban, whose principals are Frank Saul III and Mike Balaban, and its partner Rooney Properties, whose principals are Francis and Kathleen Rooney and Jim Lee, to procure joint venture equity through CBD LLC, led by principals Chuck Berman and Tracey Appelbaum.

 Originally designed by renowned architect Stanford White in 1903, the Neoclassical-style property, located directly on Dupont Circle, will be converted into an urban suites concept, uniquely tailored by SB-Urban to serve a highly-mobile clientele seeking a full-service, highly-amenitized experience not available in the current marketplace. 

The project will include a full renovation of the mansion and the addition of an eight-story wing, all of which Hartman-Cox Architects designed with interiors by Darryl Carter Inc.  The general contractor will be Manhattan Construction Company.

Kathleen Rooney

The Patterson House will feature shared living spaces in which SB-Urban will provide a visiting chef program, daily continental breakfast, study lounge/meeting space, special events kitchen, private wine storage and a large living room with staffed bar in the space that formerly served as the mansion’s ballroom. 

Services also will include a state-of-the-art fitness center, housekeeping and laundry service, concierge service and cultural/entertainment programs. 

The Patterson House offers a flexible residential option for urban professionals coming to live downtown to conduct business with the area’s law firms, embassies, political and financial institutions, and global companies.

“This unique project will provide renters a new choice for a luxury, full-service living experience in Washington, D.C.,” said Sue Carras, HFF senior managing director. 

“The urban suites concept provides a thoughtful emphasis on the quality of product and service that will clearly differentiate the Patterson House in the market, beyond its exceptional amenities.”

 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 sale of Franciscan Vineyards building in Napa Valley, CA

801 Main Street, St. Helena, Napa Valley, CA

 

Danny Reddin

 SAN FRANCISCO, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of 801 Main Street, an 18,090-square-foot, Class A, net-leased office property in Napa Valley that is 100 percent leased to Franciscan Vineyards.

HFF marketed the property on behalf of the seller, a private investor.  The buyer was an entity owned and managed by Gary Otto and Richard Rizika.

Located along Highway 29 in St. Helena, 801 Main Street is about 17 miles north of downtown Napa and 65 miles north of San Francisco. 

The property is 100-percent-net-leased to Franciscan Vineyards, a wholly owned subsidiary of Constellation Brands (NYSE: STZ)—the largest winemaker and one of the top overall alcohol producers in the world. 

Originally built in 1945, the property was completely renovated by the tenant in 2006.  801 Main Street serves as the headquarters for the Fine Wines Division of Constellation Brands.

The HFF investment sales team representing the seller was led by associate director Danny Reddin and managing director Nicholas Bicardo.

Nicholas Bicardo

“801 Main Street is a pride of ownership asset that generated a high level of interest from a broad range of private and institutional investors due to the quality of the asset and its high profile location within Napa Valley,” Reddin said.

Reddin continued, “The asset presented rare optionality, attracting investors requiring stable, management-free cash flow due to the 100-percent-net-leased investment, as well as value-add profile investors attracted to the flexible zoning of the asset and additional development potential.”

 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 $72.275 million sale of landmark office building in Newport Beach, CA

1301 Dove Street, Newport Beach, CA

 

Ryan Gallagher

IRVINE, CA –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $72.275 million sale of 1301 Dove, a 202,178-square-foot, landmark Class A office asset in Newport Beach, California.

HFF marketed the asset on behalf of the seller, MetLife Real Estate Investors.

The property is located at 1301 Dove Street with easy access to the Corona Del Mar, Newport Beach/Costa Mesa and San Diego Freeways in Newport Beach.  This location places the asset within a mile and a half of the John Wayne Airport and close to executive housing in Newport Beach, Newport Coast, Corona Del Mar and Laguna Beach.

 Originally built in 1980, 1301 Dove was renovated in 2004 and again in 2014.  The 10-story property is 86 percent leased to tenants including Alliant Insurance, Birch Street Systems and iMortgage.

The HFF investment sales team representing the seller was led by senior managing director Ryan Gallagher, managing director Mike McCann, associate director Derreck Barker and director Tim Geiman.

 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.metlife.com/realestate

HFF secures $22.5 million financing for Class A suburban office buildings near Washington Dulles International Airport

  

Lakeside Sterling II and III, 21345 and 21355 Ridgetop Circle, Sterling, VA

WASHINGTON, D.C. -- Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $22.5 million in financing for Lakeside II and III, Class A office buildings totaling 203,662 square feet in Sterling, Virginia.

HFF worked on behalf of the borrower, a joint venture of The Pinkard Group, Buchanan Partners and AEW Capital Management, in arranging the four-year, floating-rate, non-recourse loan with NXT Capital. 

Dan McIntyre

The bridge loan is being used to finance the acquisition and lease-up of the properties, and to help facilitate the borrower’s business plan to leverage their very low basis in the properties to offer attractive rental rates to win tenants and stabilize the property.

Lakeside II and III are located at 21345 and 21355 Ridgetop Circle visible from Route 7 in Sterling, Virginia. 

The assets are situated within the Loudoun Tech Center, which is walking distance to two hotels and several restaurants and near Dulles Town Center and Washington Dulles International Airport.

  Completed between 1999 and 2001, the property is 24 percent leased.

The HFF debt placement team representing the borrower was led by Dan McIntyre.

“Lakeside II and III is truly best‐in‐class in the submarket, and offers tenants access to the surrounding amenity base and dramatic lake views from all floors,” said McIntyre.

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.aew.com.

www.buchananpartners.com

www.pinkardgroup.com

Hold-Thyssen Completes Three Leases at Pennock Business Center in Jupiter, FL totaling 2,772 SF

JUPITER, FL and WINTER PARK, FL -- Hold-Thyssen, Inc., a commercial property firm based in Winter Park, recently completed three lease agreements for office/warehouse/flex space totaling 2,772 rentable square feet at Pennock Business Center, 711 Commerce Way in Jupiter.

Current tenant CrossFit Jupiter signed a lease renewal for 1,368 square feet while a private individual and ArteroUSA, Inc. each signed new leases for 693 square foot warehouses.  The landlord is GECMC 2005.

The Hold-Thyssen-managed Pennock Business Center is currently 97 percent occupied.  Earlier this summer, new and renewal leases were completed totaling over 10,000 square feet at Pennock Business Center.  

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

Larry Vershel Communications, Inc. Larry Vershel or Beth Payan 407-644-4142 or 407-461-3781 Lvershelco@aol.com.

Public-Private Partnership to Start Construction of 130,000-SF Logistics Cold Storage Food Facility at Port Tampa Bay, FL

 

George Livingston

TAMPA, FL --- A public-private partnership that includes Port Logistics Tampa Bay I, Inc., and Port Tampa Bay will start construction of a 130,000-square foot state-of-the-art intermodal cold storage food products facility at Port Tampa Bay early next year.

When it opens in November 2016, the $19.1 million facility will employ 50 full-time workers and up to 200 part-time workers, said long-time Central Florida industrial developer George Livingston, a principal in Port Logistics.

Livingston said the Tampa Port Authority Board recently approved a 27-year lease to Port Logistics Tampa Bay I for the 13.7 acres where the facility will be developed on Hookers Point at Port Tampa Bay in downtown Tampa.

The Tampa Port Authority has engaged Atlanta-based Batson-Cook Company as contract manager for the project.

Port Logistics Tampa Bay I will be responsible for interior improvements and all terminal operations, providing cold supply chain operations at the Port, Livingston said.

The facility will receive, label, package and distribute temperature controlled food products from foreign ports, Livingston explained. “We expect to operate almost 24 hours a day, seven days a week.”

“In our first year of operation we expect to accommodate 100 vessels with 400,000 pallets, along with 70 to 80 trucks per day entering and leaving the facility,” Livingston added.

Port Tampa Bay

Products will include perishable goods, fruits, vegetables, pharmaceuticals and any other products that require temperature control.

Refrigerated ships arriving at Port Tampa Bay will shave three days off their voyage to Philadelphia, which hosts the principal cold storage food facilities on the eastern seaboard, according to Allen Huie, a principal and co-founder of Port Logistics.

Huie, an investment banker in Hong Kong, has partnered with Livingston on several other previous ventures.

Port Logistics has formed alliances with some of the largest and most experienced providers in the intermodal shipping industry for the Port Tampa Bay project,” Huie explained, “ including”:

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

Larry Vershel Communications, Inc. Larry Vershel or Beth Payan 407-644-4142 or 407-461-3781 Lvershelco@aol.com.

KTGY Architecture+Planning Expands National Presence and Opens New Chicago Office

  

Tricia Esser

IRVINE, CA - Award-winning national architecture and planning firm KTGY Group, Inc., answering the strong demand for innovative design solutions in Chicago, announced today that it has opened a new office in downtown Chicago, IL to expand its services in the mid-western United States.

The new studio will be headed by veteran designers Craig R. Pryde, AIA, LEED AP and David M. Kennedy, AIA, LEED AP, former principals of PPK Architects, as principals of the new studio. 

"The opening of the new studio in downtown Chicago strengthens KTGY’s national presence and provides a greater depth and breadth of services to a wider range of clients and projects in the Midwest," said KTGY CEO Tricia Esser.

"David and Craig bring over 50 years of combined experience as designers in the Chicago area," said Esser. “They have a proven performance record, an impressive portfolio, and have worked together for more than 23 years.

“Their successful partnership is a perfect fit for KTGY's well-defined team philosophy." KTGY's collaborative partnership structure organizes specialized studios of seasoned professionals and staff for specific project types and/or geographical areas.

Craig R. Pryde

Pryde has designed and managed commercial and residential projects of all sizes from new construction to renovation, adaptive reuse and expansion of existing buildings including historical structures.

 Kennedy has extensive experience in the design of mixed-use residential projects and urban in-fill development projects including large scale commercial and low, mid and high-rise residential developments.

Pryde says of the merger, “We are excited about joining KTGY and expanding the firm’s presence in the Midwest. The combination of KTGY's tremendous resources and portfolio of experience will provide our clients with an even broader range of services, thought leadership and design excellence.”  

Kennedy adds, “We admire KTGY’s creative work and reputation for establishing industry trends. Now with our colleagues on both the west and east coast, we can share vital research and insights on design and planning trends to assist our local and national clients position their projects and communities ahead of their competition.” 

David M. Kennedy

"We are pleased to have a diversified team in place to better serve our clientele as well as enhanced capabilities to attract new clients and expand into new geographical markets," said Stan Braden, Chairman of the KTGY Group Board of Directors. 

The combined firms will provide architectural and planning services to clients in single-family, multi-family, civic/recreation, commercial office and retail, financial, medical/healthcare, hotels/hospitality, mixed-use and international markets. KTGY's award-winning residential portfolio includes age-targeted design -- from Millennials and students to Baby Boomers, Seniors and Service-Enriched living environments.

KTGY's new office is located at 343 W. Erie Street, Suite 220, Chicago, Illinois 60654.

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

Anne Monaghan                                        

Monaghan Communications                      

830.997.0963                                             

www.KTGY.com

Hanley Investment Group’s Eric Wohl Negotiates Sale of 75,000 SF Anchored Shopping Center for $8.7 Million in Tupelo, Ms

Shops at Barnes Crossing, 3944-3952 North Gloster Street, Tupelo, MS

Eric Wohl

CORONA DEL MAR, CA - Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, is pleased to announce that Executive Vice President Eric Wohl represented the seller in the sale of the Shops at Barnes Crossing, a 75,000-square-foot neighborhood shopping center anchored by Bed Bath & Beyond, Dollar Tree, and David' s Bridal in Tupelo, Mississippi. 

The purchase price was $8,725,000, representing one of the lowest cap rates in the state of Mississippi for this type of retail property.  The cap rate was 8.20%

The Shops at Barnes Crossing is situated on 8.18 acres at the signalized intersection of North Gloster Street and Symphony Lane at 3944-3952 North Gloster Street in Tupelo, Mississippi.

Built in 2004, the retail center includes a strong mix of local, regional and national tenants and is located across the street from Walmart Supercenter to the west and the Mall at Barnes Crossing to the east. The property was 97% occupied at the time of the sale.

The buyer, which was represented by Joseph Montgomery from Colliers Investment Sales in Atlanta, Georgia, was a private investor based out of Athens, Georgia. The seller, represented by Wohl, was RCG Ventures LLC of Atlanta, Georgia, a privately-funded real estate investment group that acquires and develops commercial real estate throughout the U.S. 

Joseph Montgomery

"This transaction had it all: a 1031 exchange buyer who we helped navigate through a CMBS loan assumption; getting the buyer comfortable with the non-credit local tenants on shorter term leases, one of which that hadn't yet opened for business; and working around deferred maintenance issues," said Wohl.

"This property is a great example of an institutional-style investment in a strong secondary/tertiary market," said Wohl. 

"The Shops at Barnes Crossing offers the buyer an outstanding retail location, right across the street from Walmart Supercenter and the largest mall within 140 miles (770,000 square feet), anchored by JCPenney, Belk, Dick's Sporting Goods and Sears with over 12 million annual shoppers."

Wohl adds, "With cap rates on NNN investments at historically low levels, many NNN investors are now  looking at multi-tenant retail investments in markets where they can get a significantly better yield."

Late last year, Wohl represented a Texas-based investment group in the acquisition of Cross Creek Shopping Center in Tupelo, Mississippi. The 65,269-square-foot property, purchased at an undisclosed amount from national REIT Phillips Edison & Company, is anchored by national tenants and is located off of U.S. Route 78, between Memphis and Birmingham. Tupelo is the county seat and the largest city of Lee County. It is also the seventh-largest city in the state

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

Anne Monaghan                                        Eric Wohl

Monaghan Communications                      Hanley Investment Group

830.997.0963                                             949.585.7673 

Hanley Investment Group Sells Two Multi-Tenant Retail Investments in CVS-Anchored Shopping Centers in Moreno Valley, CA for $10.4 Million

  

Smart & Final Extra!, 25050 Alessandro Boulevard, Moreno Valley, CA

 

Ed Hanley

 CORONA DEL MAR, CA - Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, is pleased to announce that Hanley Investment Group President Ed Hanley and Executive Vice President Bill Asher have negotiated the sale of two multi-tenant retail investment properties in Riverside County, Calif., totaling more than $10,413,000.

In Moreno Valley, Hanley Investment Group completed the sale of a two-tenant retail building occupied by a newly-opened 24,385-square-foot Smart & Final Extra! and a 14,883-square-foot Dollar Tree at 25050 Alessandro Boulevard in a CVS/pharmacy-anchored shopping center.

Located on 3.67 acres, the inline building totals 39,268 square feet. The property was 100% occupied at time of sale and featured an initial ten-year NNN lease with Dollar Tree that had nine years remaining. Smart & Final opened for business shortly before the property closed escrow with a new 15-year NNN lease.

Bill Asher

The seller, represented by Hanley and Asher, was Brad Becker, a principal at Becker Properties based in Encinitas, Calif. The buyer, GBF Investment LLC based in Pomona, Calif., was represented by Bob Bonanomi of CBRE in Universal City, Calif.  The purchase price was $7,088,000, which represented a cap rate of 5.75 percent. 

According to Asher, "We secured an all-cash buyer in the first week of marketing after generating multiple offers showing the continued high demand for well-located retail investments in greater southern California leased to credit tenants with long-term leases. 

“We procured a highly qualified buyer and negotiated a mutually beneficial closing timeframe prior to the new Smart & Final’s formal rent commencement date. The structure maximized value for the seller, while efficiently and effectively fulfilling the buyer’s acquisition requirement.”

Also, in Moreno Valley, Hanley Investment Group completed the sale of a two-tenant retail building occupied by a 3,940-square-foot Coast Dental office and a 2,500-square-foot TitleMax at 12252 Perris Boulevard. 

Located on .30 acres, the freestanding 6,440-square-foot pad building is located in a shopping center that includes CVS/pharmacy, dd's Discounts, Bank of America and Dollar Tree and is situated at the hard corner signalized intersection of Perris Boulevard and Hemlock Avenue. 

TitleMax, 12252 Perris Boulevard, Moreno Valley, CA

The purchase price was $3,325,000, representing $507 per square feet. The seller, represented by Hanley and Asher, was MV-Perris, LLC, a subsidiary of FHC Inc. based in Newport Beach, Calif. The buyer, TC Enterprise Group, LLC in Pasadena, Calif., was represented by Charles Wong of CCRE Capital Commercial, Inc. of Irvine, Calif.

“We negotiated a seven-day due diligence period and successfully closed escrow 20 days after execution of the Purchase and Sale Agreement with an all-cash buyer,” said Asher. “It provided the seller with a firm commitment from the buyer in a short period of time, while giving the buyer the certainty that they had secured a property for their 1031 exchange early in their identification process.”  

Asher notes it was a record price per square foot sale for a multi-tenant strip center in Moreno Valley. The property is situated in a primary corridor with neighboring retailers that include Walgreens, McDonald' s, Food 4 Less and O' Reilly Auto Parts.

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

Anne Monaghan                               Bill Asher

Monaghan Communications            Hanley Investment Group

830.997.0963                                   949.585.7684 

                                                        www.hanleyinvestment.com.

HFF secures $10.2 million financing for grocery-anchored shopping center in central New York

Hannaford Plaza, 40 Kellogg Road, New Hartford, NY

Michael Klein

NEW YORK, NY – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $10.2 million in acquisition/bridge financing for Hannaford Plaza, a 110,732-square-foot, grocery-anchored neighborhood shopping center in the Utica suburb of New Hartford, New York.

HFF worked on behalf of the borrower, BH Kellog LLC, to arrange the three-year, floating-rate loan with Realty Finance Trust.  BH Kellog LLC is headed by a repeat client of HFF’s and is a shopping center owner based out of Monsey, New York.  The borrower was represented by Chaim Dahan Esq.

Anchored by Hannaford Bros., the primary grocery store in the market, and Rite Aid, Hannaford Plaza is 87.3 percent leased to Dollar Tree, John Latini Salon, Charlie’s Pizza, Dapper Dan Dry Cleaners, Wasabe Wok,

 The Liquor Loft and Tanning Bed.  Located on 12.6 acres, the asset has room for future development, and the borrower plans to build up to 8,000 square feet on a future pad site and add 40,000 square feet of self storage space.

Rob Hinckley

 The property is located at 40 Kellogg Road just off State Route 8, a major north-south artery for the greater Utica region.  The asset is located within a residential area with approximately 96,000 households within five miles.

The HFF team representing the borrower was led by director Michael Klein and managing director Rob Hinckley.

“The borrower was seeking a short-term loan with prepayment flexibility that would enable them to acquire and stabilize the property by extending the grocer’s short-term lease while leasing up the existing vacant space and shoring up the near-term roll,” Klein said.

  “Realty Finance Trust provided a competitive and flexible loan structure that will enable BH Kellog LLC to execute its business plan and unlock the value of this property.”

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.realtyfinancetrust.com.