Saturday, October 17, 2015

Sale of Atlanta-area power center closed by HFF


Windward Plaza, 5530 Windward Parkway, Alpharetta, GA

 
Jim Hamilton
ATLANTA, GA – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Windward Plaza, a 152,648-square-foot retail center with multiple national anchors in the Atlanta suburb of Alpharetta, Georgia.

HFF marketed the property on behalf of the seller, Columbus Pacific Properties.  Stockbridge Capital Group, LLC purchased the asset free and clear of existing debt.

Situated on 14.5 acres at 5530 Windward Parkway, Windward Plaza is less than 30 miles from downtown Atlanta in Alpharetta, one of Georgia’s most affluent suburbs and a popular office submarket. 

The center is positioned at the northwest corner of GA 400 and Windward Parkway, a heavily trafficked interchange with more than 160,000 vehicles per day.  The property is anchored by LA Fitness, hhgregg and Office Depot.

The HFF team representing the seller is being led by senior managing directors Jim Hamilton and Richard Reid. 

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 and secures financing for 376-unit multi-housing community in southeast Houston, TX


Summer Cove Apartments, 725 FM 1959, Southeast Houston, TX

 
Todd Stewart
 HOUSTON, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and secured financing for Summer Cove, a 376-unit multi-housing community in southeast Houston.

HFF marketed the property on behalf of the seller, Edgewood Properties.  Westmount Realty Capital, LLC purchased the asset for an undisclosed amount.  In addition, 

HFF secured a seven-year, 3.91 percent, fixed-rate acquisition loan on behalf of the buyer 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.

Situated on approximately 13.82 acres, Summer Cove is located at 725 FM 1959 just off Interstate 45 within one half of a mile from Ellington Field and approximately 17 miles southeast of downtown Houston. 

The property is close to major employment centers such as the Port of Houston, Hobby Airport and NASA.  The 99.47-percent-leased asset has one- and two-bedroom floorplans averaging 729 square feet each and community amenities including three swimming pools, a state-of-the-art fitness center, business center, covered parking and gated access.

The HFF investment sales team representing the seller was led by senior managing directors Todd Stewart and Todd Marix, managing director Chris Curry and associate director JC Clemens.

HFF’s debt placement team was led by associate director Tyler Ford.
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



Friday, October 16, 2015

RealtyTrac Reports Third Quarter Foreclosure Starts Down 14 Percent From Year Ago to 10-Year Low


Daren Blomquist
IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its Q3 and September 2015 U.S. Foreclosure Market Report™, which shows a total of 327,258 U.S. properties with foreclosure filings — default notices, scheduled auctions and bank repossessions — in the third quarter of 2015, down 5 percent from the previous quarter but up 3 percent from the third quarter of 2014.

 “The widespread rise in foreclosure activity in the third quarter compared to a year ago is the result of two starkly different trends taking place,” said Daren Blomquist, vice president at RealtyTrac.

“In states such as New Jersey, Massachusetts, and New York, a flood of deferred distress from the last housing crisis is finally spilling over the legislative and legal dams that have held back some foreclosure activity for years.

“That deferred distress often represents properties with deferred maintenance that will sell at more deeply discounted prices, creating a drag on overall home values.

“On the other hand, in states such as Texas, Michigan and Washington, the third quarter increases are a sign that the foreclosure market has settled into a normalized pattern close to or even below pre-crisis levels, and in those states the overall housing market should easily absorb the additional foreclosure activity with little impact on home values.”

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

Jennifer von Pohlmann
Sr. Data PR Manager
 Office: 949.502.8300 ext 139

Lexington Homes to Break Ground on New Townhomes at Lexington Chase in Palatine, IL


Jeff Benach
CHICAGO, IL – Chicago-based Lexington Homes has announced plans to break ground in early October on 24 townhomes at Lexington Chase in Palatine, Illinois.

The new homes, which were designed specifically for this community, will be available for delivery in early 2016. Lexington Chase marks Lexington’s third townhome development in Palatine within the past three years.

“The townhomes offered at Lexington Chase are Lexington Homes’ latest and greatest floor plans that are designed to live more like a single-family home, with extra functional and flexible living areas,” said Jeff Benach, co-principal of Lexington Homes.

“We’ve had a tremendous amount of success at our two other Palatine townhome communities – Lexington Hills and Lexington Oaks – and we anticipate Lexington Chase will generate even more interest thanks to its spacious floor plans that can accommodate any lifestyle.”

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

Kelly Shumaker kshumaker@taylorjohnson.com, (312) 267-4519

Emily Johnson, ejohnson@taylorjohnson.com, (312) 267-4522

American Realty Advisors Sells Class A 368-Unit Multifamily Community in Prime Chicago Submarket


Debbie Corson
 AURORA, IL – American Realty Advisors, an institutional real estate investment manager with over $7 billion in assets under management, has sold a Class A, 368-unit multi-family apartment community in the Chicago submarket of Aurora, Illinois. 

The property was purchased by The Connor Group for an undisclosed amount.

“Institutional and private equity investor interest in high-quality multi-family product throughout this region is currently strong,” says Martha Shelley, a Portfolio Manager at American Realty Advisors.

 “Investors are actively seeking core assets in Chicago submarkets, which made this disposition well-timed to deliver a strong return on behalf of our investors.”

Shelley adds that the asset’s location in close proximity to schools, retail and strong employment hubs in the medical and education fields helped to attract investor interest for the asset.

“We were actually one of the first institutional owners in this market to recognize the value of a capital improvement program when we implemented a renovation plan in 2009-10,” explains Shelley.

Aurora, IL apartments
 “By upgrading the asset, we were able to increase the value of the property for our investors, while also increasing our ability to compete with newer luxury product in the market.” 

At the time of the sale, the 368-unit apartment community was 96% occupied.

The apartment community is located at 1840 Clubhouse Drive in Aurora, Illinois. American Realty Advisors was represented by Susan Lawson and Debbie Corson of ARA Newmark.

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

Lexi Astfalk / Jenn Quader

Brower, Miller & Cole

(949) 955-7940


National Retail Properties Inc. Marks 26th Consecutive Annual Dividend Increase


ORLANDO, FL -- The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a quarterly  dividend of 43.5 cents per share payable November 16, 2015 to common shareholders of record on October 30, 2015.

 National Retail Properties is one of only four publicly traded REITs and 99 publicly traded companies in America to have increased annual dividends for 26 or more consecutive years.

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

Kevin B. Habicht
Chief Financial Officer

(407) 265-7348

Shopoff Realty Investments Acquires Value-Add Industrial Property Near Minneapolis, MN


William Shopoff
 Coon Rapids, MN –Shopoff Realty Investments announced the company has acquired a 261,805-square-foot office/manufacturing building in the Minneapolis suburb of Coon Rapids, MN.

The acquisition was capitalized in a tenant-in-common structure through co-investments from two Shopoff affiliated funds, and a private third party 1031 exchange investor.

“The property, located at 8840-8800 Evergreen Boulevard, is in an industrial submarket of Minneapolis with limited vacancy and stable rental rates,” said William Shopoff, chief executive officer of Shopoff Realty Investments.

“While it is currently 100 percent occupied, we have formulated a strategy to increase the income and value of the asset by marketing and leasing an additional 86,000-square-foot building which can be developed on the existing property.”

 The property is currently leased to two credit-grade tenants,  Honeywell (NYSE:HON), a Fortune 100 company focused on global technology and aircraft parts, and MEDRAD, a wholly owned subsidiary of innovative medical company Boston Scientific (NYSE:BSX).

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

Jill Swartz
Spotlight Marketing Communications
949.427.5172, ext. 701

George Smith Partners Secures $20.9 Million in Financing for Acquisition of Gershwin Apartments in Hollywood, CA


Gershwin Apartments, Hollywood, CA

 LOS ANGELES, CA – Commercial real estate investment banking firm George Smith Partners has successfully secured $20.9 million in bridge financing on behalf of its client, Massie Capital and Glenn & Shannon Dellimore for the $25 million acquisition of Gershwin Apartments, a 163-unit apartment community including 10,500 square feet of ground floor retail space located in Hollywood, California.

  The bridge financing was arranged by George Smith Partners Principal Shahin Yazdi.

Shahin Yazdi
The property, a five-story historic brick building constructed in 1927, was formerly known as the Gershwin Hotel, which was redeveloped into an apartment community in 2013 by the previous owner, CIM Group.

“Hollywood is an up and coming area in the Los Angeles market,” said Yazdi.  “This city has truly experienced a revitalization in recent years, and is now seeing an influx of young professionals seeking a trendy, urban lifestyle.”

The Gershwin Apartments property is located on Hollywood and Western, an area that has been rapidly growing and has had many new development projects in recent years, according to Yazdi.

“This area of the city offers tremendous potential for investors who want to capitalize on the market’s trend towards urbanization,” he explained. 

“Located less than one block from the Red Line stop at Western Boulevard, the Gershwin Apartments were designed to leverage current demand for urban product. The asset features a mix of small units, including 105 efficiency units with kitchenettes that total less than 350 square feet each.”

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

Corynne Randel/ Jenn Quader
Brower, Miller & Cole
(949) 955-7940


MHA Brokers Sales of Three Raleigh-Durham, NC Apartment Communities for a Total $62.4 Million

  
Jordan McCarley
 CHARLOTTE, NC — Multi Housing Advisors (MHA) has arranged, in separate transactions, the sales of three apartment communities for a total of $62.4 million.

Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in the transactions. MHA has now brokered the sale of seven properties in the Research Triangle Region over the past twelve months.

“With employment and population growth figures maintaining a fundamentally optimistic picture, investment capital continues to flow into the Triangle region,” Robinson said. 

“All three of these properties are uniquely positioned to benefit from thoughtful value-add initiatives that will bridge the gap between newer product, allowing promising rent growth and returns.”

Details of the deals are below:

·        Atlanta-based TriBridge Residential sold The Hamptons at RTP to Cortland Partners, also based out of Atlanta, for $34.6 million. The 286-unit property is located in Durham, N.C. and was built in 1998.

·        Los Angeles-based Robertson Properties Group sold Emerald Forest to Somerset Partners, based out of New York. The 320-unit property is located in Durham, N.C. and was built in 1985.

·        New York-based JEM Holdings purchased Westchester from Carlisle Residential, based out of Greensboro, S.C., for $8.25 million. The 160-unit property is located in Garner, N.C., just south of downtown Raleigh.
 For a complete copy of the company’s news release, please contact:

Deborah Rogers
Multi Housing Advisors
404.645.7275

NAI Realvest Closes New Long Term Lease Agreement for 13,777 Square Foot Medical Professional office in Sebring, FL


Chris Adams
 ORLANDO, Fla. -- NAI Realvest recently negotiated a long-term lease for 13,777 rentable square feet of medical professional office space at 5825 Frontage Rd. off Highway 27 N. in Sebring.

Chris Adams, associate at NAI Realvest, brokered the transaction representing the landlord, Triple A Properties, Inc. of Winter Haven.  

The local tenant is Bassetti & Associates, MD PA a medical practice that has been serving Highlands County since 1985. 

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644 4142 or

407-461 3781 lvershelco@aol.com

Hold-Thyssen Negotiates Long Term Lease with Rheumatologists Regal Oaks Plaza West in Weeki Wachee, FL


Carol L. Kinnard
TAMPA, Fla. --- Carol L. Kinnard, transaction specialist at Hold-Thyssen, LLC, a commercial real estate services firm with offices in Tampa, recently negotiated a long-term lease for medical offices in Weeki Wachee in Hernando County.  

Dr. Farrukh Zaidi and Dr. Mohammed Mughni leased 1,802 square feet of medical office space at Regal Oaks Plaza West, 6475 Oregon Jay Rd. joining other medical service providers at the development. 

Regal Oaks Development Group, Inc. is the landlord.  

Drs. Zaidi and Mughni, long-standing clients of Kinnard who represented them in the transaction, said their new suite provides greater patient space and parking than the facilities they outgrew on the Oak Hill Hospital campus. Their rheumatology practice has multiple locations in the Tampa Bay area.
 For a complete copy of the company’s news release, please contact:

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644 4142 or

407-461 3781 lvershelco@aol.com

Crossman & Company Negotiates $5.5 Million Price in Sale of Neighborhood Retail Center in Austell, Ga

  
Brian Carolan
 ATLANTA, GA  – Crossman & Company, one of the largest retail leasing, management and investment sales firms in the Southeast, recently negotiated a $5.5 million price in the sale of the East West Shoppes, an 85,565 square foot neighborhood retail center in Austell, Ga. in the Atlanta MSA.

Brian Carolan, Crossman & Company’s Director of Investment Sales, along with Senior Managing Director, Bruce Lyons and the firm’s Chief Operating Officer in Atlanta John Zielinski, represented the seller in this transaction.

 The seller is a Miami-based special servicer. A Boca Raton private investor is the buyer of the retail center.

 East West Shoppes consists of five buildings on a 15.74 acre parcel at 1025 East-West Connector in Austell in Cobb County. The center was constructed in phases between 2001 and 2004 and was 75 percent leased at the time of the sale.

Major tenants include Starbucks, Discount Tires, American Family Insurance and Apex Animal Hospital. Crossman & Company will continue to lease and manage East West Shoppes.

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

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



Gaedeke Holdings XII Rechristens Miami Landmar To Brickell Arch – The Gateway to the Americas


Brickell Arch, 1395 Brickell Avenue, Miami, FL
MIAMI, FL – Gaedeke Holdings XII has selected "Brickell Arch" as the new name for its recently acquired Espirito Santo Plaza in Miami's Financial District to create a readily identifiable brand for financial and commercial markets worldwide.


"Every major city has a well-known business address. When you hear Brickell, you know it's Miami," says Sabine Gaedeke Stener, CEO of the Dallas-based investment group. "And when you hear Brickell Arch, you'll know which building it is in the Financial District."


As part of the acquisition, Gaedeke was required to rename the 36-story, 266,692-rsf landmark, which sits on an entire block at the southern end of Brickell Avenue – the "Wall Street" of Latin America. 


The challenge was creating a name that would resonate in international circles, particularly for those businesses and financial institutions in Brickell Arch's diverse tenant mix.

"Gaedeke is only the second owner of the property. It was an enormous responsibility to come up with a name that would be meaningful and have a lasting impression," says Kirk Fetter, Gaedeke's vice president of leasing. "Brickell Arch is short, descriptive and memorable."

Sabine Gaedeke Stener
Developed in 2004, the 505-foot Brickell Arch fronting 1395 Brickell Ave. is a simple, elegant, sculptural design by Kohn Pederson Fox Associates. 

Its concave figural arch symbolizes the Gateway to the Americas, a feature patterned after the St. Louis Arch. 

That and Miami's reputation as "the Gateway to Latin America" weighed heavily on Gaedeke's final decision as did Brickell Avenue's dominance as the major financial district for the city and South America.

Settled in the mid-1800s, Brickell became known as Miami's "Millionaire's Row" by the early 1900s. The genesis for Brickell's 21st century success began in the 1970s, when a development  boom replaced the historic mansions with office towers, hotels and apartments.

Today, Brickell lined with office high rises and condominium towers is the city's most elite address for business, finance and high-net wealth individuals and investors.

 Miami boasts more than 1,250 multinational corporations with Latin American divisions, 121 banks or banking divisions, 25 foreign trade offices, 64 consulates and 40 bi-national chambers of Commerce.

Gaedeke's new holding, Brickell Arch, was named to the AIA Florida Chapter's list of "Florida Architecture: 100 Years. 100 Places" in 2012.

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


Kirk Fetter, 561-515-7407

Thursday, October 15, 2015

Fifield Cos.’ Steve and Randy Fifield Named 2015 Executives of the Year By Multi-Housing News

  
 
Randy Fifield
CHICAGO, IL – Last night, at a ceremony at New York’s Club 101, Multi-Housing News recognized Steve and Randy Fifield, heads of Chicago-based developer Fifield Cos. and Los Angeles-based Century West Partners, as the 2015 Excellence Awards Executives of the Year.

For more than 15 years, Randy and Steve have led Fifield Cos. to become one of Chicago’s most successful developers, having pioneered the expansion of urban neighborhoods with transit-oriented infill developments in both Chicago, and most recently in Southern California under the Century West Partners moniker.

“This award means the world to us,” said Steve Fifield, chairman and CEO of Fifield Cos. “The multifamily industry is booming, not just in Chicago, but across the country, as more people choose to rent – redefining the American Dream. To be acknowledged in such an active category is an honor. We wouldn’t be here without our fantastic team, and I’m so fortunate to have Randy by my side – the best partner, in business and in life.”

One of the multifamily industry’s most powerful couples, the Fifields are recognized as leaders in their fields in both the Chicago and Los Angeles real estate communities.  In his role as chairman and CEO, and as co-founder of Century West Partners, Steve is responsible for the financial feasibility and construction of all new projects. Randy, vice chairman of Fifield Cos., leverages her 25 years of design and build experience to oversee the architecture, design, interiors, asset management and marketing of all Fifield projects in Chicago, as well as those from Century West Partners.

Steve Fifield
Combined, the Fifields’ real estate companies currently have 3,000 apartment units representing $1.5 billion in development in both the Chicago and Los Angeles areas, and have built more than more than 5,000 high-rise residential units in Chicago, L.A., Southeast Florida, Las Vegas and Waikiki.

Fifield Cos’ most recently completed development is E2, a 356-unit luxury rental project in downtown Evanston, Illinois, which marks Evanston’s first uber-luxury apartment development. Since opening in the spring of 2015, E2 has created a new gateway to dynamic downtown Evanston and filled a much-needed demand in the North Shore market. The building has surpassed 80-percent leased in just six months.
  
“It has always been our goal to redefine what luxury apartment living can be and make the Fifield name synonymous with a new standard in multi-family living,” said Randy Fifield. 

“We’ve accomplished that, not only through a concerted effort to be on the cutting edge of apartment finishes and amenities, but through the aggressive recruitment of an extremely talented, diverse team, and a strong commitment to our community.”


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

Kim Manning, kmanning@taylorjohnson.com, 312.267.4527
Cara Mooses, cmooses@taylorjohnson.com, 312.267.4523


Wednesday, October 14, 2015

HFF closes $74.35 million sale of 7-building portfolio of retail space and development site in Naples, FL



5th Avenue Collection, Naples, FL

Manuel de Zarraga
MIAMI, FL –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $74.35 million sale of a seven-building portfolio on 5th Avenue in Naples, Florida.

HFF marketed the property on behalf of the seller, Naples Fifth Avenue Holdings, LLC, whose principals include Jose Hevia and Trish Blasi.  Hoffman Commercial Real Estate purchased the asset free and clear of existing debt. 

Courtelis Company, which provided leasing and management services for Naples Fifth Avenue Holdings, LLC, assisted HFF in the marketing process.           

The seven-building portfolio totals 122,276 square feet and consists of 73,523 square feet of street-level retail space, 48,753 square feet of office space and a 1.1-acre site on one of the wealthiest high-street markets in the country:  5th Avenue in Naples.  The 1.1-acre development site is situated at the corner of 4th Avenue and 4th Street and currently serves as a 115-space surface parking lot. 

The collection of assets benefits from its location along the 5th Avenue corridor as downtown Naples continues to experience intense demand from retail and restaurant users.  The buildings are 86.2 percent leased, in aggregate, to tenants including Wells Fargo Bank, TD Bank, TD Ameritrade, Berkshire Hathaway Real Estate, PNC Bank, SunTrust Bank, Starbucks, Tervis Tumbler and Provident Jewelry.

The HFF team representing the seller was led by executive managing director Manuel De Zárraga, senior managing director Daniel Finkle, managing director Luis Castillo and associate director Nat Scarmazzi.  Rod Castan, president of Courtelis Leasing and Management, also assisted in representing the seller.

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