HFF secures $72 million financing for Whole Foods-anchored lifestyle center near Las Vegas

The District at Green Valley Ranch, Henderson, NV

 

Aldon Cole

LOS ANGELES, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $72 million in acquisition financing for The District at Green Valley Ranch, a 383,724-square-foot, mixed-use, retail and office center in the Las Vegas suburb of Henderson, Nevada.

HFF worked on behalf of the borrower, Vestar, to secure the 10-year, fixed-rate loan with AIG Investments.  Loan proceeds were used to purchase the property.

Anchored by a 51,300-square-foot Whole Foods Market, The District at Green Valley Ranch, or The District, is 91 percent leased to 70 retailers, including REI, Pottery Barn, Williams-Sonoma, West Elm, Anthropologie, The Cheesecake Factory and P.F. Chang’s. 

The open-air, pedestrian-friendly center has 77,284 square feet of boutique office space on the top two floors.  Developed in two phases in 2004 and 2005, the center hosts musical and movie performances on a weekly basis on its promenade and green spaces for shoppers, visitors and The District’s 88 condominium units, which are not included in the financing. 

Located at 2240 Village Walk Drive, The District at Green Valley Ranch is situated within Henderson’s first master planned community, Green Valley, home to more than 75,000 residents.  The center is 10 miles from the Las Vegas strip along Interstate 215 at South Green Valley Parkway, which bisects the center.

Todd Sugimoto

 It is adjacent to the AAA Four Diamond award-winning Green Valley Ranch Resort and Spa, a 10-screen Regal Cinemas and the 4,000-seat Henderson Pavilion performance venue.

The HFF debt placement team representing the borrower was led by senior managing director Aldon Cole and managing director Todd Sugimoto.

“Vegas has made a robust recovery in recent years, and has finally begun to garner more and more life company interest,” Cole said.

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.vestar.com.

$4.63 million sale of 40-unit apartment building in coral springs, fl brokered by Marcus & Millichap

Sherwood Square Apartments, Coral Springs, FL

Joseph P. Thomas

CORAL SPRINGS, 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 Sherwood Square, a 40-unit apartment property located in Coral Springs, Fla. The asset sold for $4,625,000 equating to more than $115,625 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, represented the seller, a private investor from Miami, and the buyer, a private investor from Coral Springs, Fla.

“The Seller owned the property for 19 years, rents were well below current market levels,” says Duncan.  “Given the low initial return on investment, we were challenged with showing buyers the value add potential of the property, along with ways they could build in additional income streams.”

“The Buyer has the opportunity to immediately add value by increasing existing rents to market levels, by renting the available storage lockers on each floor and through the implementation of a utility reimbursement program,” adds Thomas.

Adam Duncan

Sherwood Square is a five-story, 40-unit building located at 1225 Riverside Drive, Coral Springs, Fla. The property is a mix of 10 one-bedroom/one-and-a-half-bathroom units and 30 two-bedroom/two-bathroom units. Common area amenities within the association include an elevator, tennis court, laundry room, swimming pool with sundeck and ample parking.

The property is situated just south of Royal Palm Boulevard and north of West Atlantic Boulevard in a residential neighborhood diversely comprised of similar style condominiums, multifamily apartment communities, and single-family homes. Its location allows for easy access to the Sawgrass Expressway and Florida’s Turnpike and is nearby many education centers and the Coral Square Mall.

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

Ryan Nee

Regional Manager

 Fort Lauderdale, FL

(954) 245-3400

Marcus & Millichap Arranges $4.55 Million Sale of 56-Unit Opabola Square Apartments in Lake Park, FL

Opabola Square Apartments, Lake Park, FL

Evan Kristol

LAKE PARK, 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 Opabola Square Apartments, a 56-unit apartment property located in Lake Park, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office.

The asset sold for $4,550,000 equating to $79,464 per unit.

Evan P. Kristol, a senior vice president investments, and Brandon J. Rex, a vice president investments, both in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Lake Worth, Fla. 

The buyer, a limited liability company from Miami, was secured and represented by Felipe J. Echarte, a vice president investments, in Marcus & Millichap’s Fort Lauderdale office. 

“It was a great opportunity for the buyer to acquire an apartment community with a desirable unit mix of two- and three-bedroom units in a growing submarket of Northern Palm Beach County,” says Rex.

Brandon J. Rex

“The Buyer, who purchased the property to complete a 1031 exchange, was attracted by the very unique unit mix and ability to add value by increasing the income through property upgrades and hands-on management,” says Echarte.

Opabola Square Apartments consists of six, two-story residential buildings with a unit mix of 32 two-bedroom/one-bathroom units and 24 three-bedroom/two-bathroom units.  The property was constructed between 1962 and 1963 and sits on a total of 1.58 acres.

Opabola Square Apartments is located just north of Park Avenue, east of Old Dixie Highway and west of Federal Highway at 932 Magnolia Drive and 938 Northern Drive.

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

Ryan Nee

Regional Manager

 Fort Lauderdale, FL

(954) 245-3400

Multi Housing Advisors Brokers Sale of Apartment Community in Tuscaloosa, AL

Heights at Skyland apartments, Tuscaloosa, AL

 

 Craig Hey

BIRMINGHAM, AL  (Nov. 4, 2015) — Multi Housing Advisors (MHA) has arranged the sale of Heights at Skyland, a 304-unit apartment community located in Tuscaloosa, Alabama.

Jimmy Adams and Craig Hey of MHA’s Birmingham office represented the seller, Merion Realty Partners, in the transaction. Castle Lanterra Properties purchased the property.

“The Tuscaloosa multifamily market is experiencing strong growth with increasing job supply and is benefiting from zoning ordinance changes,” Adams said. “The buyer has planned significant upgrades which will pave the way for rental upside.”  

Heights at Skyland is located in close proximity to McFarland Boulevard and Skyland Boulevard, two of Tuscaloosa’s major corridors.

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

Deborah Rogers

Multi Housing Advisors

404.645.7275

drogers@usmha.com

MHA Brokers Sales of Four Metro Atlanta Apartment Communities for a Total of $71.7 Million

ATLANTA, GA (Nov. 4, 2015) — Multi Housing Advisors (MHA) has arranged, in separate transactions, the sales of four apartment communities located in Norcross, Georgia for a total of $71.7 million.

Josh Goldfarb

Josh Goldfarb and Tyler Averitt of MHA’s Atlanta office represented the Boston-based seller, Realty Financial Partners, in the transactions. MHA has now brokered the sale of 51 properties in the metro Atlanta area over the past twelve months.

“Employment and population gains continue to fuel economic growth. Rent increases, due to both heightened demand and the desire for better living, have been widespread” Goldfarb said. “All four of these Norcross-based properties should benefit from repositioning, as limited new apartment supply has been delivered in Gwinnett County.”

Details of the deals are below:

·        King Rook Capital, with corporate offices in New York, purchased Highland Reserve for $23.3 million. The 416-unit property was built in 1987.

·        Emma Capital Properties purchased Highland Valley for $18.75 million. The 300-unit property was built in 1985 and was subsequently renamed Princeton Heights Apartments.

·        Atlanta-based Audubon Communities purchased Highland Corners for $16.2 million. The 252-unit property was built in 1979.

·        Atlanta-based Marquis Investments purchased Highland Lakes for $13.4 million. The 240-unit property was built in 1985.

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

Deborah Rogers

Multi Housing Advisors

404.645.7275

drogers@usmha.com

Multi Housing Advisors Brokers $33.7 Million Sale of Apartment Community near Charlotte, NC

The Reserve at Kenton Place, Cornelius, NC

Jordan McCarley

CHARLOTTE, N.C. (Nov. 4, 2015) — Multi Housing Advisors (MHA) has arranged the $33.7 million sale of The Reserve at Kenton Place, located in Cornelius, North Carolina. The Class A property was built in 2014 and is comprised of 210 units.

Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the seller, Kenton Place Partners LLC managed by Jeffrey L. Byrd and Lance E. Youngquist, in the transaction. The property was purchased by Middle Street Partners.

“We feel that this high quality asset will provide the new owner with promising returns in what continues to be a very attractive, high growth market for investment capital,” McCarley said. “The property’s Lake Norman location provides a combination of convenience and efficiency that caters to its fast growing population.”

The Reserve at Kenton Place is a newly constructed low rise that features elevators, conditioned corridors, high ceilings, mahogany cabinetry, granite countertops and stainless steel appliances. The property is located in the explosive Lake Norman area, one of the most desired residential suburbs of Charlotte, N.C.

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

Deborah Rogers

Multi Housing Advisors

404.645.7275

drogers@usmha.com

SVN AuctionWorks to Host Upcoming Auctions for Chicago Area Luxury Estates and Vacation Properties

             

Diana M. Peterson

CHICAGO, IL (Nov. 3, 2015) – As the use of auctions in high-end residential real estate continues to rise, SVN AuctionWorks has announced the firm will be offering two suburban Chicago luxury estates up for auction, along with four vacation townhomes in a marina resort community in Ottawa, Illinois and a single family home on Wagner Lake in Buchanan, Michigan.

“We are seeing more and more luxury and vacation homeowners opt to forgo traditional sales methods and take advantage of the unique benefits property auctions can offer,” said Diana Peterson, president of Chicago-based SVNAuctionWorks.

“Sellers of these properties are continuing to recognize that auctions are not just for distressed properties, but are a smart strategy to sell homes quickly and for top dollar.

“In fact, each year the industry sees more owners explore a sale via auction as the preferred method to sell their home,” continued Peterson. “This trend has been growing for some time in other affluent metropolitan areas across the country, but here in Chicago we we’ve seen a substantial uptick in the luxury and vacation market over the past year.”

For more information about SVN AuctionWorks, visit www.svnauctionworks.com/.

To learn more about Sperry Van Ness | Chicago Commercial, visit www.svnchicago.com.

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

Cara Mooses, cmooses@taylorjohnson.com, 312-267-4523

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

Rainy Investments Launches First Phase of Sales at Prairie Crossing, Grayslake,IL

  

Ken Buckman

CHICAGO, IL  – Rainy Investments, a real estate investment firm focused on single-family homes in the greater Chicago area, announced it has launched the first phase of sales at Prairie Crossing, a 677-acre conservation community located in Grayslake, Illinois.

The firm will be renovating and selling a total of 19 homes at Prairie Crossing, with four immediate deliveries available. 

“Prairie Crossing is one of the most unique and environmentally friendly communities this firm has worked in,” said Ken Buckman, CEO of Rainy Investments.

 “It’s amazing when you consider this truly sustainable community is just an hour northwest of Chicago, and that homebuyers will have an opportunity to be part of it.”

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

Julie Liedtke, jliedtke@taylorjohnson.com, (312) 267-4521

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

Institutional-Quality Multifamily Asset Snapped Up in Scottsdale, AZ

  

 

John Cunningham

SCOTTSDALE, AZ – Highly amenitized multifamily opportunities continue to garner top billing among developers and investors. In an off-market deal,

Simpson Housing, LLLP purchased Jefferson on Legacy, a 322-unit multifamily property located in Scottsdale, Arizona.

JLL’s Capital Markets experts brought the new buyers to the table after securing joint venture capital for the project in late 2013; JLL joined the project’s developer, JPI, with AEW Capital Management, L.P. to capitalize the project.

Executive Vice President John Cunningham and Vice President Charles Steele led the JLL team on both the buy-side and joint venture equity transactions.

“Transacting on an asset prior to stabilization has been challenging in the current market environment,” said Cunningham. “Jefferson on Legacy’s irreplaceable North Scottsdale location and enduring construction quality proved to be substantial motivators for our client.”

Located in the One Scottsdale mixed-use development, Jefferson on Legacy is located near diverse high-paying jobs and world-class retail, dining and entertainment amenities. The community was completed in September 2015 and is approximately 45 percent occupied. Simpson will take over management and leasing of the community and will rename the property Avion on Legacy.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

National Retail Properties Inc. Announces Record Third-Quarter Operating Results and 2016 FFO Guidance

Kevin Habicht

Orlando, FL,  Nov,  3, 2015 – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced its operating results for the quarter and nine months ended September 30, 2015.

Highlights include:

• FFO per share and Recurring FFO per share increased 11.5% over prior year results

• AFFO per share increased 11.3% over prior year results

• Portfolio occupancy was 99.1% at September 30, 2015, as compared to 98.8% at June 30, 2015 and March 31, 2015

• Invested $263.8 million in 97 properties with an aggregate 732,000 square feet of gross leasable area at an initial cash

yield of 7.2%

• Sold five properties for $8.2 million producing $1.9 million of gains on sales, net of income tax

• Raised $38.2 million in net proceeds from the issuance of 1,045,972 common shares

• Results include $1.95 million of rental revenue from a 2013 tenant default settlement

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

Kevin B. Habicht

Chief Financial Officer

(407) 265-7348 

JLL report cites electricity prices, tax incentives and M&A growing data center market footprint

Jonathan Meisel

PHOENIX,  AZ – As more global companies move data and information to the cloud, the cloud itself is actually moving closer to them.

 According to JLL’s annual Data Center Outlook, several North American data center markets – including Phoenix – have emerged as hotspots as operators and cloud providers follow affordable utility rates, tax incentives and a demand for expanded service offerings.

 For an industry expected to see revenue grow by 14 percent over the next two years, footprint flexibility has proven to be a key driver.

“For every penny a data center provider can save in Kilowatt hours (kwH), there is the potential to save millions in operations,” said Jon Meisel, East Region lead for JLL’s Data Center Solutions.

“So our clients have to be very strategic with their footprints. It’s still about locating near infrastructure-robust metropolitan areas, but it’s also about finding ways to be efficient with their locations. If that means placing some part of their footprint in regions with more flexible utility costs, incentives packages or lower taxes, providers will expand into those areas.”

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

HFF closes sale of The Villas at Sienna Plantation in Missouri City, TX

The villas at Sienna Plantation, 8585 Sienna Springs Boulevard, Sienna Plantation,
 Missouri City, TX

Todd Marix

HOUSTON, TX – Nov. 3, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of The Villas at Sienna Plantation, a 190-unit, Class A+ multi-housing community within the Sienna Plantation master-planned community in the southwest Houston suburb of Missouri City.

HFF marketed the property on behalf of the seller, a joint venture between Watermark Residential and Murphy O’Brien.  Sun Holdings Group purchased the asset for an undisclosed amount free and clear of existing debt.

The Villas at Sienna Plantation is located at 8585 Sienna Springs Boulevard within Sienna Plantation, a 10,000-acre, mixed-use, master-planned golf course community situated just off State Highway 6 in Missouri City. 

The community is approximately 12 miles from Sugar Land, 18 miles from the Texas Medical Center and 23.5 miles southwest of downtown Houston.  Completed in 2015, the two-story community spans 12.21 acres and has one-, two- and three-bedroom floor plans averaging 1,103 square feet each. 

Community amenities include a resort-style swimming pool with tanning ledge, poolside cabanas, poolside grilling area, fully-equipped fitness center, enclosed dog park, clubhouse, conference room, and game room with shuffle board, billiards table and arcade gaming area.

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

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

Capital Square Realty Advisors Acquires Newly-Constructed Medical Office Building in El Paso, TX

 

Louis Rogers

EL PASO, TX – Capital Square Realty Advisors, LLC announced it has acquired a newly-constructed 19,855-square-foot medical rehabilitation facility in El Paso, Texas, that is 100 percent leased to Mentis Neuro El Paso LLC.

“This brand new, high quality medical facility is leased on a long-term triple net basis to an established tenant that outgrew its previous location,” said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors.

“With healthcare expenditures expected to reach $4.8 trillion by 2021 and an aging American demographic, healthcare assets like this one are an excellent investment for Capital Square’s growing number of investors nationwide.”

Located at 4360 Doniphan Drive, the single-story building was designed and built especially for Mentis Neuro El Paso for use as a rehabilitation facility.

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

Julie Leber

Spotlight Marketing Communications

949.427.5172 ext. 703

julie@spotlightmarcom.com

WNC provided $12.7 million in LIHTC equity to fund Malden Mills Phase II – Loft Five50 in Lawrence, MA

Michael Gaber

BOSTON, MA – WNC, a national investor in real estate and community development initiatives, announced today the completion of Malden Mills Phase II – Loft Five50, comprised of 62 units of affordable housing in Lawrence, Mass.

WNC provided approximately $12.7 million in low-income housing tax credit (LIHTC) equity to fund the adaptive reuse project that is transforming the historic former Malden Mills manufacturing site into affordable housing.

“The redevelopment of the second phase of Malden Mills presented an excellent opportunity to preserve local history while providing a modern structure and amenities that enhance the local community and the lives of the individuals and families that reside there,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. 

“The completion has generated an overwhelming response from applicants, with more than 600 potential tenants expressing interest.”

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

Julie Leber

Spotlight Marketing Communications

949.427.5172 ext. 703

julie@spotlightmarcom.com

Post Properties Announces Third Quarter 2015 Earnings

  

Dave Stockert

ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced today net income available to common shareholders of $19.2 million, or $0.35 per diluted share, for the third quarter of 2015 compared to $132.8 million, or $2.44 per diluted share, for the third quarter of 2014.

Net income available to common shareholders for the nine months ended September 30, 2015, was $56.9 million, or $1.04 per diluted share, compared to $192.9 million, or $3.54 per diluted share, for the nine months ended September 30, 2014.

Dave Stockert, Post’s CEO, said, “The Company produced another quarter of solid growth and increased full-year guidance, against a backdrop of ongoing favorable conditions for our business. We continue to execute a range of capital investments in order to enhance the portfolio and create value.”

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

Post Properties, Inc.

Chris Papa, (404) 846-5028