Marcus & Millichap Brokers Sale of 520 Self Storage in Cocoa, FL

Michael A. Mele

COCOA, 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 520 Self Storage, a 53,635 net rentable square foot self-storage located in Cocoa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

Michael A. Mele, senior vice president investments, Luke Elliott, senior associate, and Brian Baldwin, associate, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a limited liability company, was secured and represented by the three brokers.

520 Self Storage is a five-building facility located at 3855 West King Street in Cocoa, Florida. 

There are currently 498 climate controlled and non-climate controlled storage units ranging in size from 25-square feet to 700-square feet, as well as eight rentable parking spaces to accommodate RV, boat and vehicle storage. 

All units are ground level and are accessible via wide driveways for easy unloading. The facility was constructed in 1990 and expanded in 2000.

“A thorough understanding of a unique site, as well as knowing its challenges, allowed us to deliver multiple offers to the seller and ultimately brought a solid buyer accomplishing both the buyer and seller’s goals,” says Elliott.

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

                                                       

Richard D. Matricaria

Vice President/Regional Manager

 Tampa, FL

(813) 387-4700

Marcus & Millichap Arranges $1.62 Million Sale of Six-Acre Apartment Site in Brandon, FL

Casey Babb

BRANDON, 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 Knights Avenue Land, a 6.08-acre apartment land parcel located in Brandon, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,620,000.

Casey Babb, CCIM and vice president investments, and Paul Bouldin, senior associate, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a developer, was secured and represented by Babb and  Bouldin.

Knights Avenue Land contains approximately 6.08 acres of vacant land and is approved for 125 apartment units. It is located on Knights Avenue just north West Brandon Boulevard (SR-60) in Brandon, Florida.

Approximately two and one-half miles east of the Westfield Brandon Mall, which is located at the southeast corner of the Interstate-75 and West Brandon Boulevard intersection. Knights Avenue Land has easy access to the major Tampa employment centers via Interstate-75 to the west, Interstate-4 to the north and the Lee Roy Selmon Expressway to the south.

“This site was originally planned for townhomes back in 2006, but due to the market correction ended up selling to a tax-credit developer who will break ground soon on 120 affordable housing apartments,” says Babb. “The location is fundamentally sound and this project should be a successful one going forward. After a two year sales process, our client was happy in the end with the sale at 100 percent of the asking price.”

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

                                                       

Richard D. Matricaria

Vice President/Regional Manager

 Tampa

(813) 387-4700

Arbor Named First-Ever Top Freddie Mac Small Loan Lender

Ivan Kaufman

UNIONDALE, NY (Feb. 8, 2016) – Arbor Commercial Mortgage, LLC (“Arbor”), a national, direct commercial real estate lender, today announced it was named the first-ever Freddie Mac Top Small Balance Multifamily Loan Lender.

Arbor received the designation by originating the largest Freddie Mac Small Balance Loan volume in 2015, the first full year of existence for the new Freddie Mac loan product.

The company attributes its achievement of the top designation to its long-standing small loan expertise, uniquely personalized customer service for both small and large loan borrowers and certainty of execution through such innovations as its new platform Arbor LoanExpress (ALEX) platform.

“We are extremely proud of this accomplishment and our rapidly growing business partnership with Freddie Mac, led by the Freddie Mac Small Balance Loan program,” said Ivan Kaufman, Arbor’s Chairman and CEO.

“This distinction is a reflection of Arbor’s long-term dedication and commitment to the small multifamily loan market. Our focus on small loans began nearly 20 years ago, as we were the first firm to partner with an agency on a small loan pilot program. 

"More recently, we assisted Freddie Mac in its development of the new Small Balance Loan product, which took the small balance market by storm in 2015 and became a leading product, meeting investor’s unique small balance financing needs. We look forward to helping advance the rapid growth momentum of the new product in the many years to come.”

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

Christopher Ostrowski

costrowski@arbor.com

Patricia Coulter Named General Manager Of Fairfield Inn and Suites New Orleans

Patricia Coulter

NEW ORLEANS, LA and SHELTON, CT, Feb. 8, 2016—Gerry Chase, president and COO of New Castle Hotels & Resorts, a leading hotel owner, operator and developer, today announced that Patricia Coulter, formerly the director of human resources for the company’s  Marriott in Racine, Wisconsin was promoted to general manager of the Fairfield Inn and Suites New Orleans.

 The hotel was acquired by New Castle in 2015 and currently is undergoing a comprehensive, $10 million renovation, with a targeted opening of early summer 2016.

Coulter is a career hotelier, who began her industry tenure with New Castle as a room attendant in 1991.  Over the past two decades Coulter has worked in nearly every area of a full service hotel operation.  Previous positions include rooms division manager, front office and reservations manager.  

        “Pat is a masterful operator with great people skills and a 20-plus year history with Marriott systems,” said Chase.  “Those are essential qualities in a dynamic and challenging market like New Orleans where there is a great demand for talented, service-oriented associates and guests are primed for an outstanding service experience.  Both our internal and external customers will expect a confident and enthusiastic leader, which is why Pat is perfect for the position.” 

        “Being given the keys to a brand new hotel in one of the world’s leading convention and tourism cities is a dream come true for any hotelier,” said Coulter.  

“While we’re in the construction phase, I have plenty of time to get acquainted with this fascinating city and make plans for our opening this summer.

Gerry Chase

" I am grateful to New Castle for this opportunity and look forward to our opening with great enthusiasm.”

The Fairfield Inn and Suites New Orleans is located at 346 Baronne St., in the central business district and just one block off Bourbon St.   

The hotel will feature 103 guest rooms, a full bar outfitted to emphasize the hotel’s one-of-a-kind destination, and will offer complimentary breakfast and WiFi; everything a guest needs for a comfortable and productive stay at a great value.

The Fairfield Inn and Suites New Orleans will mark the brand’s debut in the Big Easy and is within walking distance of the Mercedes Benz Superdome, the Morial Convention Center and Harrah's New Orleans Casino, as well as the city's famed French Quarter.  The Port of Orleans, one of the busiest cruise terminals in the U.S. and Louis Armstrong International Airport are both minutes away.  

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

Lauralee Dobbins

Write Touch Public Relations

Lauralee@WriteTouchPR.com

609-451-5102

Ability by Acierto Names Robert Morales VP of Operations to Oversee Waterfront Condo Project Bijou Bay Harbor in Bay Harbour Islands, FL

  

 

Robert Morales

 BAY HARBOR ISLANDS, FL– Ability by Acierto has named luxury real estate veteran Robert Morales vice president of operations. Morales will guide day-to-day project management for Bijou Bay Harbor, the company’s planned luxury waterfront development in Bay Harbor Islands.

Morales will head all project development and coordinate efforts with the sales and development teams at the boutique-style condo on East Bay Harbor Drive.

Morales has almost a decade’s experience specializing in the Bal Harbour, Sunny Isles and South Beach luxury real estate markets. His sales numbers have been heralded in the industry.

As a senior sales executive, Morales helped sell more than 70 percent of remaining condo-hotel inventory at One Bal Harbour, amounting to $30 million in property in 11 months. His success earned Morales the distinction of Top Producer of the Year – and the respect of both peers and clients, who include celebrities and Fortune 500 executives.

“This is the right project at the right time in the right destination for the re-emergence of Bay Harbor Islands,” said Morales. “The dynamics are perfect to create the next great boutique condominium right in the heart of the area’s next great development story.”

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

BoardroomPR

Ashley Fierman/Sandra Reichman

afierman@boardroompr.com

sreichman@boardroompr.com

(954) 370-8999

HFF closes $30.5 million sale of San Francisco Bay Area redevelopment site

The Atrium at 1650 65th Street, Emeryville, CA

Steve Golubchik

SAN FRANCISCO, CA –- Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $30.5 million sale of The Atrium at 1650 65th Street in the San Francisco Bay Area community of Emeryville, California.

HFF marketed the property on behalf of the seller, Griffin Capital Corporation.  Gerding Edlen purchased the asset.      

The Atrium is a 127,246-square-foot, value-add, one-story building.  Renovated and seismically upgraded in 2004, the building was originally constructed as a warehouse in 1953 and converted into office space in 1990.

 The site could be redeveloped into creative office, retail, mixed-use or multi-housing space.  The Atrium has immediate access to Interstate 80/580, which provides a direct route into both San Francisco and Oakland, via the building’s proximity to Shellmound Street, a major East Bay thoroughfare.

 The area surrounding the property is home to 10 corporate headquarters, including Clif Bar, Leapfrog and Pixar Animation.  

The HFF investment sales team representing the seller was led by senior managing director and co-head of HFF’s San Francisco office Steve Golubchik and associate director David Dokko.

“The Atrium presents a unique opportunity to control a large block of office space in an infill urban location just minutes from downtown San Francisco,” Golubchik said.  “With the added potential for redevelopment, the Atrium is a great fit for a group with Gerding Edlen’s expertise.  The long-standing view of Emeryville as an institutional market continues today.” 

(1) Includes the property information related to a joint venture with affiliates of Digital Realty Trust, L.P. and a joint venture in which Griffin-American Healthcare REIT III holds a majority interest.

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

Kristen M. Murphy

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.gerdingedlen.com

www.griffincapital.com.

   

HFF arranges $64.2 million refinancing for Houston, TX Class A office complex

Brookhollow Central I, II and III,  2800, 2900 and 2950, North Loop Houston, TX

                                                                                                                        Photo by Jud Haggard

Ed Coco

ATLANTA, GA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $64.2 million refinancing for Brookhollow Central I, II and III, a three-building, Class A office complex totaling 806,541 square feet in Houston, Texas.

Working on behalf of Parmenter, HFF placed the loan with MetLife Real Estate Investors.  The loan is interest-only for the full term and was used to refinance the existing debt and provide capital for future tenant improvements, leasing commissions and capital expenditures.

 

Brookhollow Central I, II and III are located at 2800, 2900 and 2950 North Loop at the intersection of US 290 and Interstate 610 in Houston’s North Loop West submarket. 

The property is convenient to Houston’s Galleria and Uptown areas as well as Interstate 10, which links the property to Houston’s Energy Corridor, western suburbs and downtown. 

Substantially renovated between 2006 and 2015, the complex is anchored by the Houston area headquarters of Comerica Bank.  . Brookhollow Central I, II and III offers tenants amenities including on-site parking in a 2,882-space parking garage, a fitness center, deli and on-site management.  

The HFF debt placement team representing the borrower was led by senior managing directors Ed Coco and Wally Reid.

“The US 290 corridor expansion and improvement project, due for completion in 2017, will further enhance Brookhollow’s excellent freeway access and freeway visibility,” said Coco.

 “The project includes widening US 290, adding feeder lanes, installing the Hempstead Tollway and reconstructing the US 290/I-10/I-610 interchange, which will provide a new exit off of I-610 for access to Brookhollow.”

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

Kristen M. Murphy

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 $20.5 million sale of West Palm Beach, FL office complex

The Forum, 1655, 1665 and 1675 Palm Beach Lakes Boulevard, West Palm Beach, FL

 

Ike Ojala

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $20.5 million sale of The Forum, a three-building, 278,367-square-foot office property in West Palm Beach, Florida.

HFF marketed the property on behalf of the seller, PRP Real Estate Investors and Panther Capital Management, LLC.

The Forum is located at 1655, 1665 and 1675 Palm Beach Lakes Boulevard at the intersection of Palm Beach Lakes Boulevard and Congress Avenue, one block east of Interstate 95. 

This “main and main” location is across the street from the newly opened Palm Beach Fashion Outlet Mall and has easy accessibility to the nearby amenities at CityPlace, Waterfront Commons, Downtown West Palm Beach and Worth Avenue. 

The Palm Beach International Airport is also within a 10-minute drive from the property.  Most recently renovated in 2013, The Forum consists of three 10-story buildings and a four-story parking garage.

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

“The Forum transaction continues the exciting renaissance of the Palm Beach Lakes corridor, which started with the completion of the Palm Beach Outlets adjacent to Forum and recent residential development in the area,” said Ojala.

 “We received strong interest from a broad pool of investors looking to take advantage of the marquis location and significant size of The Forum.” 

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

Kristen M. Murphy

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.prprei.com.

HFF closes $47.9 million sale of a regional retail power center in Hattiesburg, MS

Turtle Creek Crossing Retail Power Center, 6143 U.S. Highway 98, Hattiesburg, MS

Jim Hamilton

ATLANTA, GA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $47.9 million sale of Turtle Creek Crossing, a 295,848-square-foot regional retail power center in Hattiesburg, Mississippi.   

HFF marketed the property on behalf of the seller, Kimco Realty Corp.  Stirling Properties, Inc. purchased the asset free and clear of existing debt.

Completed in two phases in 2005 and 2007, the 95-percent-leased Turtle Creek Crossing is home to Ashley Furniture HomeStore, Books-A-Million, Dollar Tree, Old Navy, PetSmart, Ross Dress for Less, Bed Bath & Beyond, David’s Bridal and Rue 21 along with shadow anchors Target, Kohl’s and Academy Sports + Outdoors. 

Turtle Creek Crossing is situated on 39.9 acres at 6143 U.S. Highway 98 along the “going home” side of Highway 98, the main retail artery in Hattiesburg. 

The HFF investment sales team representing the seller was led by senior managing directors Jim Hamilton and Richard Reid.

“The center is adjacent to Turtle Creek Mall, the dominant regional mall, which helps make this area a regional retail destination,” Hamilton said.

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

Kristen M. Murphy

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.twitter.com/kimcorealty.

HFF closes sale of Publix-anchored retail center in Clearwater, FL

  

Northwood Plaza, 2508-2554 McMullen Booth Road, Clearwater, FL

 

Daniel Finkle

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Northwood Plaza, a 203,749-square-foot, Publix-anchored neighborhood retail center in Clearwater, Florida. 

HFF marketed the property on behalf of the seller, a separate account client of AEW Capital Management, L.P.  Publix Super Markets, Inc. purchased the asset.

Northwood Plaza is a six-building center anchored by Publix, Stein Mart, CVS, Anytime Fitness and Talbots.  The 95-percent-leased center is also home to nationally-recognized tenants Starbucks, Great Clips, Weight Watchers, Scottrade, GNC, Massage Envy and SunTrust. 

Originally constructed in 1980, the center underwent extensive renovations and modernizations in 2007.  Northwood Plaza is situated on 20.4 acres at 2508-2554 McMullen Booth Road, a major commercial north-south thoroughfare, at the intersection of McMullen Booth and Enterprise Roads.

 This “hard corner” locale between two signalized intersections provides multiple access points and visibility to more than 88,000 vehicles per day.  Located in Clearwater, part of the Tampa MSA, the center is in a trade area that serves approximately 87,000 residents within a three-mile radius.

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

“Northwood Plaza is an exceptional retail center that was highly sought after by investors, given its strong tenant sales and irreplaceable infill location in the Tampa MSA,” Castillo said.

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

Kristen M. Murphy

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.aew.com.

   

HFF arranges $7.2 million financing for repositioning of industrial facility in West Caldwell, NJ

Rendering of planned 670 Passaic Avenue Industrial Facility, West Caldwell, NJ

 

Michael Klein

FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $7.2 million in construction bridge financing to reposition 670 Passaic Avenue, a 112,413-square-foot light industrial facility in the Newark suburb of West Caldwell, New Jersey. 

HFF worked on behalf of the borrower, Tulfra Real Estate (Tulfra), to place the three-year, floating-rate bridge loan with Lakeland Bank. 

Proceeds will be used to make capital and tenant improvements to reposition 670 Passaic, which is currently vacant, into a Class A light industrial and technical center building with new tenant entries and architectural glass.  Exterior upgrades include a new roof, loading doors, signage and landscaping. 

Situated on seven acres in West Caldwell, Essex County, 670 Passaic is located within the West Caldwell industrial market, which currently boasts an occupancy rate of 95 percent.  

The property is less than three miles from Routes 80 and 280, the region’s major east-west highways.  Newark Liberty International Airport near New York City and the Port of Newark-Elizabeth are approximately 20 miles southeast of the property. 

The HFF debt placement team representing the borrower was led by director Michael Klein and senior managing director Jon Mikula.

“Because Lakeland Bank quickly understood the market and the borrower’s plans, the bank was able to provide a very flexible loan structure that will enable Tulfra to execute its vision for the property,” Klein said.  “We’re pleased that we were able to work with Tulfra and Lakeland Bank on this transaction, which went smoothly.”

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

Kristen M. Murphy

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.tulfra.com.

HFF arranges $135 million refinancing for 700 11th Street NW in Washington, DC

                        700 11th Street, East End submarket, Washington, DC         Photo by Nick Waring

Susan Carras

WASHINGTON, DC – February 1, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $135 million refinancing for 700 11th Street NW, a 301,774-square-foot, trophy office building in Washington, D.C.’s East End submarket.

HFF worked on behalf of the borrower, a partnership between an affiliate of Hines Interests Limited Partnership and a pension fund advised by Sarofim Realty Advisors, to secure the 10-year, fixed-rate loan provided by Allianz Real Estate of America, LLC. 

700 11th Street NW is situated on a .86-acre site bounded by 11th, G and 12th Streets, directly above the Metro Center Metrorail station providing connectivity to the Red, Orange, Blue and Silver Metrorail lines. 

This East End location is one block from the CityCenterDC mixed-use development, two blocks from the Walter E. Washington Convention Center and the new Marriott Marquis Hotel and four blocks from the White House. 

The property is fully leased to law firm, Williams & Connolly, which operates its global headquarters from the building.  Cosi occupies the retail space on the ground floor level.  700 11th Street NW features a two-story lobby with a central rotunda, Italian marble floors and mahogany walls as well as a five-level, 324-space underground parking garage.

HFF’s team was led by Susan Carras, Walter Coker and Brian Crivella.

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

Kristen M. Murphy

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.hines.com

HFF arranges $13.35 million financing for St. Louis Place in St. Louis, MO

Matthew Schoenfeldt

CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $13.35 million in financing for St. Louis Place, a 20-story, 337,088-square-foot, Class A office building in downtown St. Louis, Missouri.

Working on behalf of Mariner Real Estate Management, HFF placed the five-year, floating-rate loan with Bank Midwest, a division of NBH Bank.  Loan proceeds were used to acquire the property and fund future capital improvements. 

  

St. Louis Place is located at 200 North Broadway immediately east of Interstate 44 and immediately north of Interstates 64 and 55, which intersect downtown and connect the city to the local suburbs and neighboring metropolitan areas of Chicago, Louisville, Kansas City, Indianapolis and Nashville. 

The property is 63 percent leased to 12 tenants including Fleishman-Hillard, the General Services Administration (GSA) and Peckham Guyton, Albers & Viets (PGAV Architects).  St. Louis Place features five levels of parking on floors two through six totaling 309 stalls and views of the Gateway Arch and Bush Stadium, which is home to the St. Louis Cardinals baseball team.

The HFF debt placement team representing the borrower was led by managing directors Matthew Schoenfeldt and Brock Cannon.

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

Kristen M. Murphy

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.mariner-re.com.

HFF arranges $61 million refinancing for four-property retail portfolio in Illinois, Indiana and the Carolinas

Merchant’s Village  Shopping Center, 520 Folly Beach Road, Charleston, SC

 

Jim Cadranell

FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged a $61 million refinancing for a four-property portfolio of grocery-anchored shopping centers totaling 542,683 square feet in Illinois, Indiana, North Carolina and South Carolina.

HFF worked on behalf of the borrower, a co-investment partnership between Regency Centers, LP and Global Retail Investors, LLC (a joint venture between CalPERS and First Washington Realty, Inc.), to place four separate 10-year, fixed-rate, interest-only loans totaling $61 million with Sentinel Asset Management.  Loan proceeds are being used to refinance existing debt.

The shopping centers included in the portfolio are: Civic Center Plaza at 7801 North Waukegan Road in Niles, Illinois; Willow Lake West at 2902 West 86th Street in Indianapolis, Indiana; Merchant’s Village at 520 Folly Beach Road in Charleston, South Carolina; and The Shoppes of Kildaire at 1394 Kildaire Farm Road in Cary, North Carolina.  The portfolio is 97.8 percent leased to a total of 73 tenants, including Trader Joe’s, Publix, Super H-Mart, Home Depot, Staples, Starbucks, Panera Bread and Pier 1 Imports. 

The HFF debt placement team representing the borrower was led by senior managing director Jim Cadranell.

“It was a pleasure to work with the Regency team to find the most competitive financing in the market for these shopping centers,” Cadranell said.  “Sentinel Asset Management is a new capital source for Regency, so both lender and borrower are pleased with the outcome.”

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

Kristen M. Murphy

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.regencycenters.com.

HFF arranges construction loan and preferred equity for development of Class A office building on Long Island, NY

  

Rendering of planned 3400 New Hyde Park Road Office Building,
North Hills Neighborhood, Long Island, NY

 

Michael Gigliotti

NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured a construction loan and preferred equity for the development of 3400 New Hyde Park Road, a to-be-built, 232,917-square-foot, Class A office building in Long Island’s North Hills, New York.

HFF worked on behalf of the borrower, a partnership between TRITEC Real Estate Company (TRITEC) and Castagna Realty Co., Inc. (Castagna), to secure the construction loan through U.S. Bank.  In addition, HFF secured additional capital for the borrower from iStar, Inc. in the form of partnership preferred equity.   

The four-story building will be the headquarters for Dealertrack, a provider of integrated web-based tools, services and technologies for automotive retailers and lenders. 

Spector Group and Combined Resources Consulting and Design, Inc. are designing the building with many sustainable design elements.  

Set for completion in 2017, 3400 New Hyde Park Road will be situated on 9.73 acres at the border of Queens and Nassau County near New York City.  The property will have surface parking spaces with a parking lot accessible via exit ramps from both the Long Island Expressway (LIE) and the Northern State Parkway. 

The HFF team was led by managing director Michael Gigliotti and senior managing director Andrew Scandalios.

“The location in Nassau County must be considered among the best office locations on all of Long Island,” Gigliotti said.  “Direct access to both the LIE and the Northern State Parkway is unprecedented and was one of the main factors that drove the tenant and, ultimately, the lender to TRITEC and Castagna’s property.”

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

Kristen M. Murphy

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.istar.com.

www.castagnarealty.com.

www.tritecre.com

 TRITEC on Twitter at @TRITEC_RE