HFF closes $29.8 million sale of grocery-anchored retail portfolio along Florida’s Atlantic coast

Windover Square, 2227 West New Haven Avenue, Melbourne, FL

Daniel Finkle

MIAMI, FL – Nov. 5, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $29.8 million sale of a three-property portfolio of grocery-anchored neighborhood shopping centers totaling 236,324 square feet in the coastal Florida communities of Melbourne, Rockledge and Cocoa.

HFF marketed the property on behalf of the seller, a joint venture between PMAT and an investment account managed by Hunt Investment Management.  Phillips Edison Grocery Center REIT II purchased the portfolio. 

The 90.6-percent leased portfolio consists of three high-performing grocery-anchored shopping centers at strategic points along the coast of Brevard County, including two Publix-anchored centers, Windover Square in Melbourne and Rockledge Square in Rockledge, and the Winn-Dixie-anchored Port St. John Plaza in Cocoa. 

The 81,516-square-foot Windover Square features a Publix anchor supported by national tenants Dollar Tree, Weight Watchers and Hair Cuttery.  Situated on 10.3 acres at 2227 West New Haven Avenue, the center has frontage along Melbourne’s major commercial corridor.

Luis Castillo

 Rockledge Square is positioned on 10.75 acres at 1880 Highway 1 South, the main north-south thoroughfare of the Melbourne MSA.  The 76,018-square-foot center includes Publix, Wuesthoff Health System, Firehouse Subs and Cricket Wireless.

 Port St. John Plaza is a 78,790-square-foot retail center consisting of two buildings located at 6217 US Highway 1. 

 The 10.12-acre property features one of the top-performing Winn-Dixie’s in the region and is complemented by Planet Fitness, Papa John’s, H&R Block and Port St. John Pediatrics.

The HFF team representing the seller was led by managing director Luis Castillo, senior managing director Daniel Finkle and associate director Nat Scarmazzi.

“An opportunity to acquire a portfolio of high-volume grocery-anchored centers within an expanding market appealed to buyers,” Castillo said. “The seasoned history of the portfolio coupled with excellent positioning within the Melbourne MSA resulted in a highly competitive process.”

 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

krmurphy@hfflp.com

www.grocerycenterREIT2.com.

www.huntcompanies.com.

www.pmat.net.

Joint Venture Between Lincoln Harris and The CATO Corporation Files for Rezoning for York County Site in South Carolina

John W. Harris III

Charlotte, NC (Nov. 6, 2015) – A joint venture between Lincoln Harris and The Cato Corporation has filed for rezoning of a 360-acre site in York County, South Carolina. 

The plans for the site, which included the former Charlotte Knight’s baseball stadium, provide for 4 million square feet of Class A office space, 100,000 square feet of retail space, 300 residential units and a 150-room hotel.

Cato selected Lincoln Harris to be their joint venture partner earlier this year.  

“We are excited to partner with a company like The Cato Corporation to bring this much-needed development to the state,” said John Harris III, President of Lincoln Harris. 

“This site offers a fantastic location immediately adjacent to one of the first interchanges in South Carolina off I-77. Many companies have expressed a strong desire to locate to South Carolina, specifically to this growing region.”

John Cato

The Cato Corporation purchased 300 acres in the Gold Hill Road area in 2012, with plans to build a distribution center. And more recently, Cato purchased the former Charlotte Knight’s baseball stadium site and other adjacent parcels.

“Cato is excited about the development of the Gold Hill property,” said John Cato, CEO of The Cato Corporation.

 “Although our original intent for the property was development of a new Cato distribution center, we now feel the property has greater potential as a Class A mixed-use development. Cato has enjoyed a strong working relationship with York County, and has invested in additional property within York County for future distribution center development.”

The joint venture plans to finalize rezoning in the first quarter of 2016. Phase I is slated to include 500,000 square feet of office space, 100,000 square feet of retail space, 300 residential units and a 150-room hotel.

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

Savannah Duncan • The Wilbert Group 

1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309
O: 404-343-0870  • M: 404-901-4433
thewilbertgroup.com

Lincoln Brokers Office Leases Totaling More Than 100,000 Square Feet in North Fulton Atlanta, GA

Allison Bittel

ATLANTA, GA (Nov. 6, 2015) – Lincoln Property Company Southeast (Lincoln) has brokered office leases totaling more than 100,000 square feet in Atlanta’s North Fulton market totaling square feet.

 Michael Howell and Hunter Henritze of Lincoln represented the landlords in the transactions. Details are as follows:

·      SunTrust Mortgage signed a 6,992-square-foot lease renewal at One Northwinds Center, located at 2475 Northwinds Parkway in Alpharetta, Georgia.

·      Wells Fargo Advisors signed a 17,046-square-foot lease renewal at Two Northwinds Center, located at 2520 Northwinds Parkway in Alpharetta. Kirk Diamond and Dale Lewis of DTZ represented the tenant.

·      CenturyLink Communications signed a 20,197-square-foot lease renewal at Brookside One, located at 3625 Brookside Parkway in Alpharetta. Dave Kilborn of Newmark Grubb Knight Frank represented the tenant.

·      Guilford Insurance signed a new 12,180-square-foot lease at Preston Ridge IV, located at 3440 Preston Ridge Road in Alpharetta. Allison Bittell of Cushman & Wakefield represented the tenant.

Jennifer Ziegler

·      Biota Pharmaceuticals signed an 11,788-square-foot lease expansion at Three Northwinds Center, located at 2500 Northwinds Parkway in Alpharetta. Steve Farrar of Newburger Andes represented the tenant.

·      Thyssen Krupp signed a 19,745-square-foot lease expansion and renewal at 400 Northwinds Parkway in Alpharetta. Ed Riggins with Cresa Atlanta represented the tenant.

·      Auto Vin signed a new 8,656-square-foot lease at 800 North Point Parkway in Alpharetta. Jennifer Ziegler and Brannan Moss of JLL represented the tenant in the transaction.

·      Veeam Software signed a lease expansion for a total of 6,959 square feet at 2520 Northwinds Parkway in Alpharetta. Ellen Stern of CBRE represented the tenant.

·      McManamy McLeod Heller signed a new 4,590-square-foot lease at 11525 Haynes Bridge Road in Alpharetta. Jeff Taylor of Transwestern represented the tenant.

  

Ellen Stern

·      Windward Specialty Group signed a new 3,126-square-foot lease at 2500 Northwinds Parkway in Alpharetta. Tom Kubis of Studley represented the tenant.

·      Select Selling signed a 4,307-square-foot lease at 2520 Northwinds Parkway. Yancey Stribling of Lee & Associates represented the tenant.

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

Savannah Duncan

The Wilbert Group

404-343-0870

sduncan@thewilbertgroup.com

HFF closes sale of The Crest at Princeton Meadows in Plainsboro, NJ

                                                                                                                   Photo by Christian Garibaldi


The Crest at Princeton Meadows, 3217 Ravens Crest Drive, Princeton submarket,
Plainsboro, NJ

Jose Cruz

FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of The Crest at Princeton Meadows, a 704-unit, garden-style apartment community in Plainsboro, New Jersey.

HFF marketed the property on behalf of the seller.  A joint venture between Harbor Group International and Azure Partners purchased the asset free and clear of existing debt.

The Crest at Princeton Meadows is 94 percent leased and has 37 two- and three-story residential buildings housing one- and two-bedroom units averaging approximately 830 square feet each.

 The community, which has undergone significant capital improvements since 2012, features amenities such as an outdoor swimming pool with sundeck, barbecue grills, tennis courts, volleyball court, putting green and playground.

 Situated on 40 acres at 3217 Ravens Crest Drive in the Princeton submarket of Middlesex County, the property is adjacent to the Meadows at Middlesex Golf Course and is approximately one mile from Route 1.  

Kevin O'Hearn

Additionally, the property is within six miles of Princeton University’s main campus and the Princeton Junction transit station.

The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, associate directors Michael Oliver and Steve Simonelli and supported by senior managing director Andrew Scandalios.

“With this transaction, the seller successfully executed their business plan for this property that began in 2012.  The Crest was acquired as a repositioning play in Plainsboro and was sold as a premiere asset with future upside,” stated Cruz.  “Harbor Group and Azure performed flawlessly and closed as expected.”

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.harborgroupint.com.

Howard M. Heitner Joins WNC Advisory Board

  

Howard M. Heitner

IRVINE, CA  – WNC, a national investor in real estate and community development initiatives, announced Howard M. Heitner, a 35-year veteran of the affordable housing, legal and financial industries, has joined the company’s advisory board. 

“Howard is a consummate professional who brings a wealth of expertise and wisdom to WNC,” said Will Cooper Jr., president and chief executive officer of WNC. “His extensive knowledge and leadership experience will be a valuable addition to our company, our investor base and the communities we serve.”

Spanning more than three decades, Heitner began his career in 1976 with the Federal Reserve Board in Washington, D.C. He has also served as president and member of the investment committee of JRK Residential America; as chief operating officer of SunAmerica Affordable Housing Partners; and spent nearly two decades as a partner with O’Melveny & Myers LLP.

Heitner earned a bachelor’s degree from Bucknell University, as well as an M.B.A. and juris doctorate from the University of Chicago. He has served as chairman of the board of The Los Angeles Conservancy, and as a member of the: Hollywood Community Housing Board, Shelter Partnership Board, Menorah Housing Foundation Board, Curtis School Board and Adobe Community Board’s finance committee.

Will Cooper Jr.

Heitner joins other WNC advisory board members:

·         Jim Ashby, who has 20 years of experience as an entrepreneur and business leader and currently serves as chief executive officer of CareMeridian, a healthcare services company;

·         Denise Kiley, a 25-year veteran of the real estate industry, including 15 years specializing in low-income housing tax credits (LIHTC); and

·         Michael Novogradac, managing partner in the San Francisco office of Novogradac & Company LLP, with 25 years of experience in affordable housing, community development and renewable energy.

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

www.wncinc.com.

RealtyTrac Reports Average Price Gain of $40,658 Highest Since Q3 2007 Despite Annual Home Price Appreciation Slowing to 2 Percent in Third Quarter, Slowest During Recovery

  

Daren Blomquist

IRVINE, CA, Nov. 5, 2015 — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its September and Q3 2015 U.S. Home Sales Report, which shows that homeowners who sold during the third quarter realized an average price gain of $40,658 (17 percent) from the purchase price of their property, the highest average price gain for home sellers since the third quarter of 2007.

The report also shows home sellers in the third quarter on average had owned their home for 6.72 years when they sold.

“An increasing number of homeowners in 2015 have been cashing out the home equity they’ve gained during the housing recovery of the past three years,” said Daren Blomquist, vice president at RealtyTrac.

“That may be a good decision because the data points to a plateauing market going forward. Home price appreciation is slowing, a trend that will continue if interest rates rise in the coming months as expected. Meanwhile the threat of rising interest rates combined with lowered premiums for buyers using FHA loans is spurring more demand.”

  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

  jennifer.vonpohlmann@realtytrac.com

http://www.realtytrac.com/

  http://www.facebook.com/realtytrac

  http://www.twitter.com/realtytrac

 http://www.youtube.com/user/realtytrac

Wyndham Hotel Group's First Property in Auckland Opens Doors

Barry Robinson

AUCKLAND, NEW ZEALAND – Travellers visiting Auckland can now rest comfortably at the city’s much-anticipated new hotel, the four-star Ramada Suites Auckland Federal Street, which is now open as Wyndham Hotel Group’s  first property in New Zealand’s largest urban area.

Barry Robinson, Wyndham Hotel Group’s president and managing director South East Asia and Pacific Rim, said the addition helps address the increasing demand for new, quality-driven accommodation in Auckland’s CBD.

“The Auckland area has long been a gateway to New Zealand and the most visited destination, welcoming more than 70 percent of the country’s visitors,” said Robinson. “The World Tourism Organisation (WTO) predicts visitor arrivals will reach more than 1.5 billion by 2020 and our new Ramada location will deliver to these travelers a contemporary, value-driven lodging experience with the comforts of home in the heart of the city.” 

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

Annie Lyon

PR and Communications

Wyndham Hotel Group South East Asia and Pacific Rim

T: +61 (0) 7 5512 8307

annie.lyon@wyn.com

www.wyndhamAP.com

www.wyndhamrewards.com.

Chatham Lodging Trust Announces Third Quarter 2015 Results

   

PALM BEACH, FL, Nov, 5, 2015 — Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels  and premium-branded, select-service hotels and owns 134 hotels wholly or through joint ventures, today announced results for the third quarter ended September 30, 2015.

 In addition, the company provided initial guidance for the 2015 fourth quarter and updated its 2015 full-year guidance.

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

Patrick Daly

Account Executive

Daly Gray, Inc.

620 Herndon Parkway

Suite 115

Herndon, VA 20170

(703) 435-6293 (office)

patrick@dalygray.com

HFF secures $89 million refinancing for The Apple Building in New York’s Meatpacking District

401 West 14th Street, Meatpacking District, New York, NY

 NEW YORK, NY –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured an $89 million refinancing for 401 West 14th Street, a mixed-use retail and office building anchored by Apple Inc. and located at the intersection of Ninth Avenue and 14th Street at the entry to New York’s Meatpacking District.

HFF worked on behalf of the sponsor, Taconic Investment Partners LLC, to place the 15-year, interest-only, fixed-rate loan with MetLife.  The transaction closed on October 29, 2015.

401 West 14th Street is 100 percent leased and anchored by a flagship Apple Store, which features a three-story, distinctive curved glass internal staircase.  

The four-story building is also home to retailers Hugo Boss and The Kooples as well as offices for Apple and Raptor Capital Management.  Fully redeveloped in 2007, the building features all new systems, windows and a restored historic façade.  

The building’s penthouse contains three terraces and floor-to-ceiling windows that offer views of the Meatpacking District, a 20-block, 24-hour Manhattan destination with upscale offices and trendy restaurants, nightlife, retail, hotels and cultural attractions including the High Line and the new Whitney Museum.  

401 West 14th Street is two blocks from the Chelsea Market and from Google’s East Coast headquarters at 111 Eighth Avenue and sits at the nexus of Chelsea and the West Village.

  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

krmurphy@hfflp.com

www.taconicinvestments.com.

HFF closes $75 million sale and secures $51.13 million in financing for 4-property Class A office portfolio in Fort Lauderdale, FL

Sawgrass International Corporate Park, Fort Lauderdale, FL

Hermen Rodriguez

 MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and secured financing for a four-property, Class A office portfolio totaling 348,676 square feet in Fort Lauderdale’s Sawgrass International Corporate Park. 

HFF represented seller, F6 Sawgrass, LLC, an affiliated entity of The Brookdale Group.  M-M Properties and a large institutional investor purchased all four assets for $75 million.  

Additionally, HFF assisted the new owner in securing $51.13 million in acquisition financing through J.P. Morgan. 

The portfolio consists of four assets within the Sawgrass International Corporate Park in Fort Lauderdale: Corporate Center I (1551 Sawgrass Corporate Parkway) and III (1601 Sawgrass Corporate Parkway), International Place I (1560 Sawgrass Corporate Parkway) and Sawgrass Plaza (1550 Sawgrass Corporate Parkway). 

This location is close to Interstates 75 and 595, and the Sawgrass Expressway and is just southwest of the Sawgrass Mills Mall, which sees more than 25 million visitors per year, making it the second most visited attraction in Florida after Walt Disney World Resort.

Ike Ojala

 Overall, the buildings, built between 1997 and 2000, are 93 percent leased to tenants including Centene Management, eFunds Corporation, Regus Business Centre, Interim HealthCare and Marsh USA, Inc. 

The HFF investment sales team representing the seller included senior managing director Herman Rodriguez, director Ike Ojala and associate director Jorge Portela.

HFF’s debt placement team representing the buyer/borrower was led by senior managing directors Paul Stasaitis and John Brownlee.

  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

krmurphy@hfflp.com

HFF represents Nightingale Properties, LLC in the leasehold capitalization of 645 Madison in Manhattan’s Plaza District

Richard Reid

NEW YORK, NY –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has represented Nightingale Properties, LLC (Nightingale) in the capitalization of a leasehold position of 645 Madison, a 22-story, 157,027-square-foot, Class A trophy office and retail tower in Manhattan’s Plaza District.

HFF arranged the capitalization on behalf of Nightingale and Friedland Properties.

645 Madison is located just one block from Central Park on the southeast corner of East 60th and Madison Avenue in the heart of Manhattan’s Plaza District.  Originally constructed in 1971, the property was fully renovated in 2007 and is primarily leased to financial services tenants. 

The property also contains approximately 36,170 square feet of prime retail, which is available for immediate occupancy, enabling ownership to take advantage of one of the most desired retail corridors in the world, with neighbors such as Apple, Barney’s, Bottega Veneta, Brioni, Chanel, Hermes, Montcler and Ralph Lauren.

The HFF team representing Nightingale was led by managing director Rob Rizzi along with senior managing directors Eric Anton, Andrew Scandalios and Richard Reid and director David Fowler.

“We are excited to have arranged this venture between Nightingale and Friedland and are confident they will transform the asset into a best-in-class office and retail property worthy of this famed corridor,” said Rizzi.

“Both parties worked incredibly quickly to get through diligence and consummate a landmark transaction,” added Anton.

  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

krmurphy@hfflp.com

HFF closes sale of 370 Lexington Avenue in Midtown Manhattan, NY

Eric Anton

NEW YORK, NY –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of 370 Lexington Avenue, a 295,016-square-foot office building with ground floor retail space in the Grand Central submarket of Midtown Manhattan.

HFF marketed the property widely to both domestic and international investors on behalf of the seller, a venture between institutional investors advised by J.P. Morgan Asset Management and Sherwood Equities. 

370 Lexington Avenue is located on the corner of East 41st and Lexington just one block from Grand Central Station.  This Midtown Manhattan location is close to the Park Avenue Corridor, Bryant Park, Midtown South, the United Nations and the First Avenue Medical Corridor.

 Originally built in 1928, 370 Lexington features 27 stories of office and ground floor retail space that is 99 percent leased to a diverse roster of tenants including professional services, TAMI (technology, advertising, media and information technology firms), United Nations, and FIRE users.

The HFF investment sales team representing the seller was led by senior managing directors Andrew Scandalios and Eric Anton and director David Fowler.

“With an influx of foreign buyers widening the buyer pool and increasing competition for Class A assets such as 370 Lexington, it was no surprise that the property ultimately sold at a record breaking price per square foot,” said Scandalios.  “This is the foreign investor’s fifth purchase in Manhattan in a little over two years.”

  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

krmurphy@hfflp.com

www.sherwoodequities.com

jpmorgan.com/institutional/global_real_assets

HFF closes sale of retail center in Albuquerque, NM

  

 

Doug Hazelbaker

 DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Plaza Paseo del Norte, a 183,718-square-foot shopping center in Albuquerque, New Mexico. 

HFF arranged the sale of the property on behalf of the seller, Kimco Realty Corp.  Columbus Pacific Properties purchased the asset.

The 96.8-percent-leased Plaza Paseo del Norte is home to Ross Dress for Less, Natural Grocers, Cinemark Movies West, Sears Outlet, Hancock Fabrics, Rue 21 and Dollar Tree in addition to Target and Hobby Lobby, which were not included in the sale. 

Situated on 26 acres at 9227-9331 Coors Boulevard NW, the center is located in the northern part of Albuquerque at the intersection of Corrs Boulevard NW and Paseo del Norte, which has combined traffic counts of more than 120,000 vehicles per day. 

The HFF investment sales team representing the seller was led by senior managing director Doug Hazelbaker and managing director Ryan Shore.

  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

krmurphy@hfflp.com

www.columbuspacific.com.

HFF secures $25 million acquisition financing for Hyatt Regency Woodfield hotel in Schaumburg, IL

Hyatt Regency Woodfield, 1800 East Golf Road,  Schaumburg, IL

CHICAGO, IL – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $25 million in acquisition financing for the Hyatt Regency Woodfield, a 468-room, full-service hotel located in the Village of Schaumburg, a northwestern suburb of Chicago, Illinois. 

HFF worked on behalf of the borrower, a partnership between T2 Capital Management, LLC, First Equity Group and Aimbridge Hospitality, LLC, to secure floating-rate financing through MidCap Financial LLC.

 Loan proceeds were used to acquire the property.  Additional private capital will be deployed by ownership for peripheral development of the 15-acre site, including additional freestanding, fine-dining restaurants and a build-to-suit office building with state-of-the art amenities.

Christopher Carroll

The five-story Hyatt Regency Woodfield underwent extensive renovations in 2009.  The  property features the Fresh 1800 Restaurant and Bar, Starbucks Coffee Bar, Hyatt Lounge for Hyatt Gold Passport members, indoor and outdoor pools, 24-hour fitness club and more than 30,000 square feet of meeting space, including an outdoor terrace. 

Located at 1800 East Golf Road in Schaumburg, the Hyatt is directly across the street from the main entrance to Woodfield Mall, the largest shopping center in Illinois and one of the 10 largest enclosed malls in the U.S. 

With more than 2.2 million square feet of restaurant, retail and entertainment space and 27 million annual visitors, Woodfield Mall is one of the top destinations for travelers in the nation.  Just off Interstate 90, the property is situated 14 miles from O’Hare International Airport and 22 miles from downtown Chicago.

The HFF debt placement team representing the borrower was led by managing director Christopher Carroll.

 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

krmurphy@hfflp.com

www.1equitygroup.com.

www.aimbridgehospitality.com.

www.t2investments.com.

HFF closes $86 million land sale in Lower Manhattan, NY

  

Andrew Scandalios

NEW YORK, NY – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of a 12,600-square-foot, development-ready land site located at 45 Broad Street in Lower Manhattan.

HFF marketed the site on behalf of the seller, LCOR.  A partnership led by Madison Equities with The Pizzarotti Group purchased 45 Broad Street for $86 million. 

The development site is zoned for residential, commercial or mixed-use space and has no height restriction, allowing for panoramic river, harbor, skyline and horizon views. 

The site is located between Exchange Place and Beaver Street in Lower Manhattan, an area of the city that has seen numerous new developments as of late, such as the World Trade Center, South Street Seaport, Brookfield Place and Fulton Center.  In addition, more than one million square feet of luxury retail space is slated to open in Lower Manhattan in the next year. 

The HFF investment sales team was led by senior managing director Andrew Scandalios, managing director Jeff Julien, director KC Patel and senior managing director Jose Cruz.

“Lower Manhattan has seen an unprecedented influx of capital recently, which has led to a residential resurgence in the area and soaring luxury condo demand,” said Scandalios. 

“This neighborhood is an ideal live/work environment with a diverse employer base including firms Goldman Sachs, American Express, Moody’s and Merrill Lynch, complemented by an improved public transit system, world class cultural attractions an abundance of schools, high-end retailers, award-winning restaurants and parks.”

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

krmurphy@hfflp.com