HFF closes sale of 5000 Birch in Newport Beach, CA

5000 Birch, Newport Beach, CA

Ryan Gallagher

 IRVINE, CA -- Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of 5000 Birch, a two-building, Class A office property totaling 297,617 square feet in Newport Beach, California.

HFF marketed the property on behalf of the seller, an institutional client of Cornerstone Real Estate Advisers.  John Hancock Real Estate, the U.S. Division of Manulife Financial Corp., purchased the asset.

5000 Birch consists of the six-story East Tower and the 10-story West Tower, which combined are 80 percent leased.  Situated on 3.92 acres at the gateway between Newport Beach and the Irvine Business Complex, the property has easy access to Interstate 405, Highway 73 and the John Wayne Airport.

 5000 Birch is also convenient to executive housing in Newport Beach, Newport Coast, Corona Del Mar, Irvine and Laguna Beach as well as the retail offerings at Fashion Island and South Coast Plaza. 

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

“5000 Birch is one of only five properties of its size within the city of Newport Beach and due to restrictive city ordinances for new development, the new owner will likely face zero supply risk within this prestigious zip code,” said Gallagher. 

“In addition, the property will greatly benefit from its location in the ‘Jamboree Corridor’ that is redefining itself as a walkable, urban community with record levels of residential and retail construction that will ultimately drive office demand, higher occupancy and rent growth.”

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.cornerstoneadvisers.com.

Lincoln to Lease and Manage Former Primerica Corporate Headquarters in Duluth, GA

Jeff Henson

 ATLANTA, GA – Lincoln Property Company Southeast (Lincoln) has been selected to lease and manage the two-building former Primerica company headquarters, located at 3200 Breckinridge Blvd. in Duluth, Georgia.

Jeff Henson will lead the leasing efforts on behalf of the landlord, Toronto, Canada-based Republic Funds.

“With a prime location within the Gwinnett County Opportunity Zone, close proximity to I-85 and major renovations underway, this highly desirable property is poised to attract a large best-in-class tenant,” Henson said. “The large, customizable floor plates and campus setting are perfect for a company’s headquarters.

The Gwinnett County Opportunity Zone allows tenants to receive up to $16.5 million in tax credits for job creators at $17,500 per job over five years. Duluth is home to more than 120 international headquarters, and has the strongest private-sector job performance across Metro Atlanta during the past 10 years.

The property includes 190,000 square feet of office and data center space, heavy power and ample parking which is expandable. In 2015, the property kicked off a seven-figure renovation including many above standard interior finishes, as well as extensive exterior and landscaping work. Estimated completion is slated for early 2016.

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

Savannah Duncan

The Wilbert Group

404-343-0870

sduncan@thewilbertgroup.com

Governors Lakes 200 Offers 102,364 Square Feet of Class A Office Space in Atlanta’s Desirable Peachtree Corners Submarket

Tony Bartlett

ATLANTA, GA – Lincoln Property Company Southeast (Lincoln) is marketing Governors Lakes 200, a 102,364-square-foot Class A office building located in Atlanta’s Peachtree Corners submarket, for lease.

“The Governors Lakes 200 building is the perfect opportunity for a large corporate office or headquarters, offering 20,000-square-foot footplates, a mix of open and private offices, and a prime location with easy access to I-285,” said Tony Bartlett, senior vice president at Lincoln who oversees the Atlanta office. “

With rental rates increasing and space tightening in the Central Perimeter area, tenants are running out of options. Governors Lakes 200 offers a fantastic value comparatively.”

Governors Lakes 200 is located at 6801 Governors Lake Parkway in Norcross, Georgia, and offers visibility along Peachtree Industrial Boulevard. The private, wooded environment offers a lake with walking trails, a fitness center.

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

Savannah Duncan

The Wilbert Group

404-343-0870

sduncan@thewilbertgroup.com

Marcus & Millichap Brokers $2.2 Million Sale of 25-Unit Miramar Gardens Apartments in Miramar, FL

 

Daniel J. Cunningham

MIRAMAR, 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 Miramar Gardens Apartments, a 25-unit apartment property located in Miramar, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $2,200,000 equating to $88,000 per unit.

Daniel J. Cunningham, an Associate Vice President, Investments, Derek R. Gibbs, an Associate Vice President Investments, and Evan Richardson, an associate, all in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Hollywood, Fla.

Miramar Gardens Apartments is a 25-unit apartment community consisting of a single, two-story apartment building which was constructed in 1975.  The unit mix is comprised of one, three-bedroom/three-bathroom unit, one three-bedroom/two-bathroom unit, eight two-bedroom/one-bathroom units, and 15 one-bedroom/one-bathroom units.

“Unwavering investor interest and additional migration of capital from Miami-Dade in search of higher yields continue to support a liquid investment market and place upward pressure on values in Broward County,” says Cunningham.

“This property is 100 percent occupied and a majority of the units have received interior renovations. The property’s historically high occupancy can be attributed to the nearby ‘A-rated’ elementary, middle and highs schools, trade schools and college campuses,” Gibbs adds.

Miramar Gardens Apartments is ideally positioned less than a quarter-mile from State Road 7 and Hallandale Beach Boulevard (SR 858), and is within a close proximity to area’s major retail and schools.  The property is located at 6024 SW 26th Street.

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

Ryan Nee

Regional Manager, Fort Lauderdale

(954) 245-3400

Douglas Elliman Real Estate Lease Space for Office and Retail at 801 Brickell in Miami, FL

Stephen Rutchik

MIAMI, FL – Douglas Elliman Real Estate, one of the nation’s largest residential real estate brokerages, is the newest tenant at 801 Brickell. The company leased office and retail space at the iconic tower, in the heart of Miami’s financial district.

Stephen Rutchik, Executive Vice President at Colliers International South Florida, represented the landlord, TIAA-CREF. David Restainer, Managing Director of Douglas Elliman’s Commercial Division, represented the tenant.

Douglas Elliman will be occupying a little less than 1,000 rentable square feet of high profile prime retail space for a showroom and conference room facing 8th Street, as well as a larger office space on the second floor.

“Douglas Elliman is a great company to work with and we are thrilled they will be opening in 801 Brickell,” said Colliers’ Rutchik. “They have a tremendous brand and business that fits well with the building and they were also attracted by the opportunity to be near the entrance of the soon to be opened restaurant.”

801 Brickell is soon to be home to KOMODO, a three-story Asian-inspired restaurant with indoor-outdoor dining.

For the latest news from Colliers International, visit Colliers.com or follow us on Twitter (@ColliersIntl) and LinkedIn.

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

Leah Saunders

B2 Communications

Office: (727) 895-2030, ext. 104

Cell: (813) 924-0367

Email: Leah@B2communications.com

Hotelier Ken Ford Dies Following Auto Accident

Ken Ford

            PORTSMOUTH, NH — Hotelier Kenneth Wayne Ford, 44, partner and officer of National Hotel Realty and New England Hotel Realty and a director and officer of Lodging Econometrics, died from complications following an automobile accident.

Ford’s career spanned more than 20 years of hospitality experience, including hotel management, asset management, turnaround expert and as a real estate advisor and consultant.

 As vice president of National Hotel Realty and New England Hotel Realty, he led the companies’ hotel real estate brokerage activities regionally and nationally. 

He also played a key role in Lodging Econometrics, the global real estate consultancy and intelligence firm.  Ford was a Certified Hotel Broker (CHB).    

            He was active in his community, faith and family.  He was a past chair of the Advisory Board of St. Mary Academy in Dover, NH.  He re-energized the scouting community, forming his community’s first Boy Scout Pack in 20 years and was also a Scoutmaster. 

He held a Bachelor’s Degree from Assumption College, Worcester, MA and an MBA from Southern New Hampshire University.  He was a New Hampshire All-State linebacker in high school and played football in college.

He is survived by his wife and three children, father, sister and four brothers.  In honor of Ford, contributions may be made to St. Mary Academy, 222 Central Avenue, Dover, NH 03820, for scholarships, or to Boy Scout Troop 168- Parish of the Assumption, 150 Central Avenue, Dover, NH 03820.

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

Chris Daly (Media)

Daly Gray, Inc.

(703) 435-6293

$7.5 Million Sale of Amerijet International Headquarters in Fort Lauderdale, FL Handled by Marcus & Millichap

Marc E. Strauss

FORT LAUDERDALE, 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 AmeriJet International Headquarters, a 29,209-square foot, net-leased property located in Fort Lauderdale, Fla. The asset sold for $7,500,000.

Marc E. Strauss, a first vice president investments, and Richard Moravek, an associate, both in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a developer from Fort Lauderdale, Fla.

“We brought the property to market in May 2014 and even though the offering generated the kind of robust interest we expected, many buyers were concerned if AmeriJet would renew their lease upon expiration,” says Moravek. “As a result, finding the right buyer took time and considerable effort.”

Strauss and Moravek worked with Julie Berry of Stiles Corporation who represented the buyer, a limited liability company from Fort Lauderdale, Fla.

“The winning bid was to a buyer willing to assist the tenant with increasing on-site parking.  They purchased the property at list price,” adds Strauss. “We were able to overcome the deal’s challenges to provide both the buyer and seller with advantageous outcomes.”

AmeriJet International Headquarters is a 29,209-square foot, one-story office building which includes a 5,000-square foot receiving area. The property is 100 percent occupied by AmeriJet, a group of companies that offer a diverse range of air, ocean, and land freight shipping and transportation services. The property is located at 2800 South Andrews Avenue in close proximity to the Fort Lauderdale Airport and Port Everglades.

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

Ryan Nee

Regional Manager, Fort Lauderdale

(954) 245-3400

Prohibition Restaurant & Speakeasy in Midtown Miami, FL Sold for $3.25 Million in Deal Brokered by Marcus & Millichap

Prohibition Restaurant & Speakeasy, 3404 North Miami Avenue, Midtown Miami, FL

 

Scott C. Sandelin

MIAMI, 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 Prohibition Restaurant & Speakeasy, a 4,900-square foot restaurant building located in Midtown Miami. The asset sold for $3,250,000 representing $663 per square foot.

Scott C. Sandelin, a vice president investments, and Jonathan De La Rosa, an associate, in Marcus & Millichap’s Miami office represented the seller, local developer Alexander Karakhanian, and the buyer, a private investor from New York City.

“The northeastern corridor of Miami is coming alive with adaptive reuses and new development,” says Sandelin. “The allure of this property is its prime location across from the Midtown Mall and its proximity to the Wynwood and Design District submarkets, where rents are skyrocketing.”

“Investor appetite for Midtown retail properties continues to grow and Prohibition Restaurant is the epitome of ‘urban retail’. At $1,000 per square foot for the land, the sale sets a record selling price for the area,” adds De La Rosa. 

The property has 4,900 square feet of rentable space with a 3,080-square foot lot. In 2011, the building underwent a $2.5 million build-out which included a brand new roof. Currently Prohibition Restaurant & Speakeasy has 3.5 years remaining on the lease with one seven-year option.

Prohibition Midtown is located at 3404 North Miami Avenue - directly across from Midtown Mall with national retailers such as Target, Marshalls, Ross, PartyCity, Sports Authority and many more.

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

Kirk A. Felici

First Vice President/District Manager, Miami

(786) 522-7000

Marcus & Millichap Arranges $1.6 Million Sale of Lighthouse Point Plaza in Lighthouse Point, FL

Howard Bregman

LIGHTHOUSE POINT, 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 Lighthouse Point Plaza, a 19,616-square foot retail center located in Lighthouse Point, Fla. The asset sold for a total of $3,150,000 in two separate transactions.

 The land sold for $1,600,000 and the strip center sold for $1,550,000.

Howard Bregman, a senior associate, and Christopher Hahn, an associate, both in Marcus & Millichap’s Fort Lauderdale office, represented the sellers in both transactions.  Bregman and Hahn also represented the buyer, a private investor based in South Florida.

“This was an excellent opportunity for an investor to acquire a well-maintained, value-add retail shopping center in a high traffic, densely populated travel area,” says Bregman. “There is tremendous upside in the ability to increase cash flow by leasing out current vacancies.”

Lighthouse Point Plaza is 30 percent occupied by a karate studio and physical therapy tenant. The property is located at 4750-4758 North Federal Highway and sits on 1.66 acres. 

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

Ryan Nee

Regional Manager, Fort Lauderdale

(954) 245-3400

HFF arranges $30 million sale of and secures $21 million acquisition financing for industrial manufacturing facility in Chesapeake, VA

The Oceaneering Building, 2155 Steppingstone Square, Chesapeake, VA

Dek Potts

WASHINGTON, D.C. –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged the $30 million sale of and secured $21 million in acquisition financing for The Oceaneering Building, a 154,000-square-foot, industrial flex manufacturing facility with Class A office space located at 2155 Steppingstone Square in Chesapeake, Virginia.

HFF marketed the property on behalf of the seller, Armada Hoffler Properties.  LCN Capital Partners purchased the asset.  Additionally, HFF worked on behalf of the new owner to place the long-term acquisition loan with Goldman Sachs Mortgage Company.  

The Oceaneering Building was completed in 2015 as a build-to-suit office and manufacturing facility that is 100 percent leased on a triple net basis to Oceaneering International, Inc., a leading deep-water engineering and applied technology company. 

The building has two adjacent pad sites – one on either side of the current structure – that can accommodate 58,000 square feet of future expansion.  Developed by the seller, the two-story building features 86,000 square feet of office space, and 68,000 square feet of warehouse/manufacturing space.

Timothy Hall

 The Oceaneering Building is less than nine miles from both Norfolk International Airport and downtown Norfolk and 14 miles from Norfolk Naval Base.  

Route 64, the 300-mile long primary connector in the region that spans from Chesapeake into West Virginia, runs directly adjacent to the property and along with Route 264, offers direct access to the greater Hampton Roads region, which stretches from James City County and Williamsburg to the Outer Banks of North Carolina.

The HFF investment sales team representing the seller was led by executive managing director Stephen Conley and senior managing directors Dek Potts, Timothy Hall, Jim Meisel and Andrew Weir.

The HFF debt placement team representing the new owner was led by managing director Cary Abod.

“The Oceaneering Building attracted significant investor interest due to the credit of the tenant and the long-term lease commitment that Armada Hoffler secured as part of the build-to-suit for this state-of-the-art facility,” Potts said.

   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.lcnpartners.com

www.armadahoffler.com.

HFF closes $32.65 million sale of Avalon Apartments in Gresham, OR

Avalon Apartments, 20300 SE Morrison Terrace, Gresham, OR

IRA Virden

PORTLAND, OR – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Avalon Apartments, a 225-unit, garden-style multi-housing community in Gresham, Oregon, an eastern suburb of Portland.

HFF marketed the property on behalf of the seller, American Capital Group.  Jackson Square Properties purchased the asset for $32.65 million free and clear of debt.   

Avalon Apartments is situated on 10.17 acres at 20300 SE Morrison Terrace within walking distance of the Ruby Junction/E 197th Avenue MAX station providing access to downtown Portland. 

The property also has easy access to vehicular arterials including NW Burnside Road and SE Stark Street, two of Portland’s primary east-west thoroughfares, as well as Interstate 84 that connects travelers to the Portland International Airport and downtown Portland. 

Completed in 2003, Avalon Apartments has 14 residential buildings housing one- and two-bedroom units averaging 913 square feet each.  Community amenities include a swimming pool and spa, billiard room, clubroom, fitness center, tot lot, sport court, assigned covered parking with each home, and a select number of detached garages.

The HFF investment sales team was led by managing director Ira Virden and associate director Kerry Hughes.

 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 secures $22.85 million construction financing for Country Inn & Suites at the Disney Resort in Anaheim, CA

Country Inn & Suites at the Disney Resort, Disney Way and Clementine Street, Anaheim, CA

SAN DIEGO, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $22.85 million in construction financing to build Country Inn & Suites at the Disney Resort, a 174-room, select-service hotel located near Disneyland® parks in Anaheim, California.

HFF worked on behalf of a development group led by SunCoast Properties, Inc. to secure the construction loan through a commercial bank.  The hotel will be managed by Hospitality Management Corporation.

Aldon Cole

The new Country Inn & Suites hotel will be situated on a 2.6-acre site adjacent to the intersection of Disney Way and Clementine Street, just off Interstate 5 (San Diego Freeway) and within walking distance to Disneyland®, Disneyland California Adventure® and the Anaheim Convention Center.

 Additionally, the hotel will be approximately two miles from both the Honda Center, home of NHL team the Anaheim Ducks, and Angels Stadium, where the Los Angeles Angels of Anaheim MLB team plays. 

The five-story hotel will feature a resort-style pool and spa amenities, which will be heated by a state-of-the-art solar heating system.  The hotel also will feature a fitness center, lobby bar, library retreat, media center and a solar power generating installation on its roof.  The 110,000-square-foot hotel is scheduled to open in late 2016.

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

According to HFF, the success of the financing speaks to the quality location and capital’s willingness to provide construction financing to qualified sponsors in strong markets.

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.suncoast-properties.com.

HFF closes $35 million office-warehouse building sale in Long Island City, NY

  

47-37 Austell Place, Long Island City, NY

Jeff Julien

NEW YORK, NY --  Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of 47-37 Austell Place, a four-story office/warehouse building in Long Island City, New York.

HFF marketed the property on behalf of the seller, Time Equities.  A partnership consisting of Drake Street Partners, Normandy Real Estate Partners and GEM Realty Capital purchased the property for $35 million. 

Originally developed in 1916, 47-37 Austell Place features high ceiling heights, industrial over-sized windows, open floor plans, and a fourth floor penthouse with a rooftop terrace providing views of the Manhattan skyline. 

The redeveloped space can be adapted for multiple uses including creative office, ground floor retail or event space.  47-37 Austell Place is situated in Long Island City, bounded by Skillman Avenue to the north and 27th Street to the south.  The property’s location is a short walk from the Hunters Point 7 train subway and LIRR station just across the East River from Midtown Manhattan. 

The HFF investment sales team representing the seller was led by managing director Jeff Julien along with senior managing director Eric Anton and associate director David Fowler.

“There was substantial demand for the property as a value-add office redevelopment,” said Julien.  “Due to LIC’s attractive loft warehouse building stock, transit infrastructure and access to Midtown, it is an attractive investment profile.”

 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.normandyrealty.com.

http://www.timeequities.com/.

Blackton Inc. celebrates Grand Opening of Roofing Division’s New Location in Orlando, FL

Blackton Inc. Roofing Division, 2200 North Orange Blossom Trail, Orlando, FL

ORLANDO, FL – Blackton Inc. a major provider of roofing and flooring materials to the homebuilding industry, recently had the grand opening of their roofing division that relocated to the former Hood Tractor building at 2200 N. Orange Blossom Trail.

Micky Blackton, chief executive officer at Blackton, said the firm’s growing roofing division moved from the Alden Road location near Loch Haven Park after 62 years, to the 40,000 square foot industrial building situated on a one-and-a-half-acre site.

“We relocated our roofing operations to this central location to better serve our customers in this building boom we’re experiencing, and to limit exposure to Interstate 4 construction planned over the next seven years,” Blackton said.   

The main corporate offices and flooring supply division remains on Alden Rd. next to the train tracks where it has been since opening in 1954.

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

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

Meridian Capital Group Arranges $21 Million in Acquisition Financing for the Center Court Apartments Located in Miami, FL

  

 

David Hayum

New York, NY – Meridian Capital Group, America’s most active debt broker, arranged $21 million in acquisition financing for the purchase of the Center Court Apartments, a multifamily property located in Miami, FL on behalf of YMP Realty Management.

The seven-year loan, provided by a balance sheet lender, features a competitive fixed-rate of 3.98% and a 30-year amortization schedule. This transaction was negotiated by Meridian Managing Director, David Hayum, and Vice President, Tal Savariego, who are both based in the Company’s New York City headquarters.

Center Court Apartments totals 588 units and is located at 14797 NE 18th Avenue in North Miami, FL.

“Meridian leveraged our relationship with the lender to negotiate competitive balance sheet financing with a low fixed-rate and maximum proceeds,” said Mr. Hayum.

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

Jonathan Stern

Meridian Capital Group

212/972-3600

jstern@meridiancapital.com

www.meridiancapital.com