Bull Realty Brokers $2.6 Million Hooters in Columbia, SC

Hooters, Columbia, SC

 

Nancy Miller

ATLANTA, GA (Sept 3, 2015) —Bull Realty recently brokered the sale of a corporate operated Hooters in Columbia, SC.  The sale closed on August 7, 2015 for $2.6 million at an 8.2% cap rate. 

The 5,793 square foot property has 10 years remaining on a 20-year triple net corporate guaranteed lease.

Nancy Miller, SVP and Will Jackel, VP of Bull Realty’s National Net Lease Investment Group represented the seller and brokered the transaction. 

The seller is completing a 1031 exchange and plans to leverage the sale to purchase two new net lease properties.  This was the third Hooters that the buyer, Columbia Owls, LLC has acquired.

Miller said, “There was a lot of interest in this property due to the aggressive cap rate, quality tenant and outstanding location…we received an astounding 9 offers.”

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

 

Melissa Henry

Communications Associate

Bull Realty, Inc.

50 Glenlake Pkwy, Suite 600

Atlanta, GA  30328

404-876-1640 x 110

Stitch Fix to Open Fourth Distribution Center in Phoenix, AZ

Bill Honsaker

PHOENIX, AZ -- Stitch Fix, an online personal styling service for the busy woman on the go, has announced plans to open its fourth distribution center in Phoenix, AZ.

The new distribution center, located on West Lower Buckeye Road, will open in November 2015 and will help the company scale operations and better serve clients located in the Southwestern US.

The company plans to hire up to 600 employees for the 365,000-square-foot facility. Stitch Fix currently operates three other distribution centers in South San Francisco, CA, Indianapolis, IN and Dallas, TX. Stitch Fix is headquartered in San Francisco, CA, with offices in Austin, TX and Pittsburgh, PA. 

“As we continue to grow and scale the company, we are looking for distribution center locations in markets that have the right amount of space, a great labor market, and allow us to better serve our clients in the region,” said Stitch Fix COO Mike Smith.

“Phoenix has the right mix of all of these elements, and will allow us to continue to scale our operations in a sustainable way.We appreciate the warm welcome we have felt from the Phoenix business community, and are looking forward to building our Phoenix team.”

 

Marc Hertzberg

JLL Managing Directors Bill Honsaker, Marc Hertzberg, Anthony Lydon and Hugh Scott, and JLL Senior Vice President Michael DeMaria, represented Stitch Fix in its lease.

Don MacWilliam and Payson MacWilliam of Colliers International represented the building owner, Exeter Property Group.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

www.jll.com.

http://www.stitchfix.com/careers.

 

Newmark Grubb Knight Frank Completes Sale of Industrial Property in San Diego County, CA

Palomar Corporate Center, 3210 Executive Ridge Drive, Vista, CA

 

Paul Britvar

SAN DIEGO, CA  — Newmark Grubb Knight Frank (NGKF) has completed the sale of Palomar Corporate Center, a fully occupied, 66,922-square-foot industrial property in Vista, California.

Brent Bohlken, senior managing director, and Paul Britvar, associate with NGKF in the firm’s La Jolla office, completed the sale on behalf of the buyer, San Mateo, California-based TDA, Inc. The seller was D. A. Whitacre Family Trust.

Built in 1999 and located at 3210 Executive Ridge Drive, Palomar Corporate Center is situated on 3.62 acres. It is fully occupied by EarthLite as its corporate headquarters. A leading supplier of massage tables and accessories, EarthLite also uses the building for manufacturing, distribution and sales activities.

The property features approximately 15,000 square feet of finished mezzanine space, four grade-level loading doors, four dock-high loading doors, a freight elevator and 128 parking spaces.

“The buyer sought out Palomar Corporate Center because it is a stabilized, pride-of-ownership asset in a good location where vacancy is very low – about 4.5 percent,” said Bohlken. “The buyer plans to hold long-term.”

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

http://www.bgcpartners.com/.

www.ngkf.com.

Avison Young completes $9.25-million sale of Talega Corporate Center office building in San Clemente, CA

Talega Corporate Center, 1211 Puerta Del Sol, Talega Community, San Clemente, CA

Dan Vittone

Irvine, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has completed the $9.25-million sale of Talega Corporate Center, a 43,737-square-foot (sf) office building within the affluent, master-planned community of Talega in San Clemente, CA.

Avison Young Principals Dan Vittone and Alan Pekarcik, based in the company’s Orange County office, represented the seller, Providence San Clemente Commercial, LLC. Tim Walker of Lee & Associates assisted Avison Young in the sale marketing campaign. The buyer was a private investor from Los Angeles. The property was 100% leased by four tenants at close of escrow.

Talega Corporate Center is located at 1211 Puerta Del Sol at the prime intersection of Avenida Pico and Avenida Vista Hermosa. 

The property was built in 2002 and is situated within Talega Business Park, which comprises 750,000 sf of office, light industrial and R&D space as well as a medical plaza and urgent care facility on 67 acres.

The property is across the street from Talega Golf Club, and is near retail amenities, including the Plaza Pacifica shopping center and Talega Village Center.

Alan Pekarcik

“Talega Corporate Center offered the buyer all the key fundamentals when seeking a stable, long-term investment opportunity,” comments Vittone. 

“Its full occupancy, scheduled rental income growth, tight submarket, and overall quality of construction and finishes secured a strong sale price of more than $211 per square foot.”

The property is situated in the San Clemente / San Juan Capistrano / Dana Point submarket of south Orange County. The submarket currently ex­hibits a 5% office vacancy rate – one of the lowest vacancy rates in Or­ange County, which has an overall vacancy rate of approximately 12%.

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

Faris Lee Investments Completes $4.88 Million Pre-Sale of Single-Tenant/NNN CVS/pharmacy at Record-Breaking Cap Rate in San Francisco Bay Area

Christopher DePierro

IRVINE, CA, Sept. 3, 2015 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $4.88 million “pre-opening” sale of a new construction, 16,500-square-foot, free-standing CVS/pharmacy property in Vallejo, Calif.

The transaction’s cap rate of 4.3 percent is the lowest ever recorded for a single-tenant CVS-occupied property in the United States per CoStar records.

Christopher DePierro and Jeff Conover of Faris Lee Investments represented the seller, Rivers Rock Vallejo, LLC, from Southern California. The buyer, Calipine Corporation from Northern California was in a 1031 exchange and was represented by LemRx Realty Advisors. 

Located in San Francisco’s Bay Area, the freestanding building that includes a drive-thru is situated on just over 1.6 acres of land at the southwest corner of Columbus Parkway and Admiral Callaghan in the City of Vallejo.

The property is under construction and is part of a new retail project that will also include the first Chick-fil-A and Chipotle restaurants in the city. The tenant signed a new 25-year ground lease and is anticipated to open its doors in October 2015.

Jeff Conover

“This single-tenant asset sold at a very strong price and record-breaking low cap rate because it offered the buyer all the fundamentals for a secure and stable investment. 

"It has a long-term lease, passive cash flow, a strong Bay Area location, and new construction with a name brand, credit tenant. This is an ideal scenario and therefore investments like this are hotly contested,” said DePierro. 

“Another very important component to the transaction relative to the historically low cap rate is that the lease was not guaranteed by CVS corporate, but Longs Drugs Stores of California, Inc., a subsidiary of CVS. The tenant is relocating from an in-line, non drive-thru location in the adjacent center,” he added.

The property is located in the most successful shopping hub serving the cities of Vallejo, Benecia, and American Canyon.

 It offers direct access to Interstate 80, which sees more than 100,000 vehicles a day and is the main corridor linking Sacramento to the Oakland/Bay Area as well as Napa Valley.

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

Cohen Commercial Realty Brokers Sale of The Blackstone Building in downtown West Palm Beach

 

The Blackstone Building
 Downtown West Palm Beach, FL

WEST PALM BEACH, FL  —Cohen Commercial Realty, Inc. announced the closing on the sale of The Blackstone Building, an iconic retail and office project at the corner of Clematis Street and Dixie Highway in downtown West Palm Beach. Bryan Cohen and Allan Carlisle represented the seller in this transaction.

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

Jamie Crocker

jamiecrocker@cohencommercial.com

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