HFF arranges $29.6 million sale of Seattle historic office building for Mack Real Estate Group

                                                                                           

                      1411 Fourth Building, Central Business District, Downtown Seattle, WA 

                                                                                                                   (Photo by Red Studio Inc.)                                              

             

Nick Kucha

 

PORTLAND, OR  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has completed the sale of 1411 Fourth, a 123,430-square-foot, historic office building in Seattle’s central business district (CBD), on behalf of an affiliate of Mack Real Estate Group. 

Mack Real Estate focuses its Seattle activities on multifamily ownership and development through the Mack Urban unit, and commercial assets like 1411 Fourth fall outside of that core strategy.  Onni Development Capital Corporation purchased 1411 Fourth for $29.6 million.    

Originally built in 1929, 1411 Fourth features 15 stories of flexible office space in a transit-oriented, CBD location.  

The property is situated on a .29-acre site fronting 4th Avenue and Union Street with immediate access to Seattle’s 3rd Avenue public transit corridor, Interstate 5 and Highway 99.

 Additionally, 1411 Fourth has a Walk Score of 98, placing it within close proximity to Pacific Place Mall, Pike Place Market and the Washington State Convention Center in addition to numerous retail stores, hotels and restaurants.

HFF’s investment sales team representing the seller was led by senior managing director Nick Kucha and director Nick Kassab.

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

Kristen M. Murphy

Director, Marketing

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.mackregroup.com

HFF closes sale of 227-room Hampton Inn Boston-Logan Airport

Hampton Inn Boston-Logan Airport Hotel, 230 Lee Burbank Highway/Route 1A, Revere, MA

 

Denny Meikleham

BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of the Hampton Inn Boston-Logan Airport, a 227-room hotel located five miles from downtown Boston in Revere, Massachusetts.

HFF marketed the hotel on behalf of the seller, Linchris Hotel Corporation. 

The Hampton Inn Boston-Logan Airport is located at 230 Lee Burbank Highway/Route 1A just three miles from Boston’s Logan International Airport and five miles from downtown Boston.

 The seven-story hotel was built in 2001 and features 672 square feet of function space, an indoor swimming pool, fitness room, business center, complimentary shuttle service, complimentary breakfast, an airline crew lounge, and dining options at the Two Doors Down Bar & Restaurant. 

The HFF investment sales team representing the seller was led by managing director Denny Meikleham and director Alan Suzuki.

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

Kristen M. Murphy

Director, Marketing

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.linchris.com.

HFF completes sale of creative office portfolio in Boston’s Seaport District for $224 million

 263 Summer Street; 332 and 374 Congress Street, Fort Point Channel Neighborhood
Seaport District, Boston, MA

33-41, 34, 38 and 44 Farnsworth Street, Fort Point Channel Neighborhood
Seaport District, Boston, MA

BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $224 million sale of a seven-property portfolio totaling 408,342 square feet in the Fort Point Channel neighborhood in Boston’s Seaport District. 

Coleman Benedict

HFF exclusively represented the seller, a separate account advised by Clarion Partners, and procured the buyer, an affiliate of TIAA in this landmark transaction.

The 97-percent-leased portfolio is comprised of 263 Summer Street; 332 and 374 Congress Street; and 33-41, 34, 38 and 44 Farnsworth Street, which are located across the Fort Point Channel from Boston’s Financial District.  Originally built in the early 1900s, the properties today feature high-quality office space characterized by exposed ceilings, natural lighting and modern efficient workspaces. 

The HFF investment sales team was led by senior managing director Coleman Benedict and director Ben Sayles.

“This portfolio likely represents one of the last large-scale investment opportunities in the Fort Point Channel neighborhood with the bulk of the inventory controlled by a select number of long-term holders,” said Benedict.

 “Quite possibly the hottest submarket in the country; the Fort Point continues to draw a significant tenant base driven by its unique brick & timber office supply, the influx of thousands of residential units, as well as dozens of new popular restaurants and retailers.”

Ben Sayles

“TIAA is one of the largest stakeholders in the city of Boston with both large debt and equity holdings,” said Sam Flood, Head of Northeast Real Estate Acquisitions, TIAA Global Asset Management.

“We strongly believe in the city, its’ continued strength and the long-term viability of real estate investments here, which we are actively continuing to seek across asset and risk classes.  This portfolio allows us to diversify our current holdings and provides for creative value enhancement moving forward,”

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

Kristen M. Murphy

Director, Marketing

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.tiaa.org

www.clarionpartners.com.

Meridian Capital Group Arranges $11 Million in Permanent Financing for a Retail Property Located in Miami, FL

 

Eric Trombly

 Boca Raton, FL – Meridian Capital Group, America’s most active debt broker, arranged $11 million in permanent financing for the refinance of a multi-tenant retail property located in Miami, FL.

The seven-year non-recourse loan, provided by a regional balance sheet lender, features a fixed-rate and flexible prepayment terms.

 This transaction was negotiated by Meridian Vice President, Eric Trombly, who is located in the Company’s Boca Raton, FL office.

Village Portico is located at 201-299 S.W. Eighth Street in Miami’s upscale Brickell neighborhood just one block west of Brickell City Centre. 

The property, anchored by CVS, McDonald’s and Subway, contains 28,700 square feet of space and is zoned with an additional 600,000 square feet of air rights.

“Because the property is zoned with air rights, Meridian leveraged its strong relationship with the lender to negotiate a non-recourse loan with a favorable prepayment penalty that provides substantial flexibility,” said Mr. Trombly.

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

Out With the Old: Super 8 Artwork Comes “Off the Wall” at FREE “Hotel Art” Gallery

Amy Sedaris

PARSIPPANY, N.J. (May 4, 2016)-While notable, high-end art fairs roll into New York City this weekend, today Super 8® will host the first-ever exhibit enticing gallery-goers to snatch a piece of art – for free.

Once an overlooked decoration at its hotels across North America, Super 8 is taking its art “off the wall” to make way for the brand’s contemporary redesign, which by year’s end will represent a $103 million investment by Super 8 owners and is already available at nearly 60 percent of hotels.

Actress and author Amy Sedaris will ensure a proper sendoff, as nearly 100 eclectic pieces of “not-so-super” art will be free for the taking, on a first-come, first-serve basis, at When The Art Comes Down: Works from The Super 8 Collection.

Scheduled for 7:30 p.m. at Openhouse (168 Bowery, New York, NY 10012), Super 8 is throwing a gallery event embracing the brand’s past through art while revealing its modernized and elevated guest experience.

“We know it’s not easy to love the watercolors of yore that have served as our décor for decades, but we want to ensure everyone – from art appreciators to our brand loyalists – has the chance to take home a little piece of Super 8 as we make way for the brand’s purposeful new look,” says Mike Mueller, Super 8 Brand Senior Vice President.

“With the help of Amy Sedaris, who has an enviable knack for appreciating imperfections with humor, this event gives the old Super 8 a celebratory retirement and serves as a pivotal moment in revealing the decidedly different aesthetic of Super 8 hotels.”

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

Rob Myers | Super 8 Hotels

Rob.myers@wyn.com

 973.753.7086

www.super8artshow.com.

www.super8.com.

Instagram at @super8hotels

Structured Development Completes Sale of 224,000-Square-Foot Blackhawk on Halsted Mixed-Use Development in Lincoln Park, IL

  

Blackhawk on Halsted, 1460 North Halsted Street, Lincoln Park Neighborhood, Chicago, IL

CHICAGO, IL (May 3, 2016) – Chicago-based Structured Development today announced it has completed the sale of Blackhawk on Halsted, the firm’s 224,000-square-foot mixed-use development at 1460 N. Halsted St. in Lincoln Park, to a foreign institutional investment fund represented locally by LaSalle Investment Management.

Completed in 2009, the fully leased retail and medical office property consists of three structures: an 82,901-square-foot building that houses the British School of Chicago, whose lease runs through 2040; an adjacent mixed-use building that includes 48,016 square feet of retail and 93,287 square feet of medical office space; and a 550-vehicle parking garage with an additional 48,016 square feet of ground-level retail.

“This property is located in the epicenter of the expanding Clybourn Corridor, where our firm has completed several projects over the last 15 years, including the NEWCITY mixed-use development across the street from Blackhawk on Halsted,” said Daniel Lukas, principal and co-founder of Structured Development.

“While we highly value the Blackhawk on Halsted property, we determined it to be in our investors’ best interest to sell this asset and redeploy the equity into new development opportunities in the neighborhood.”

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

Sara Williams, swilliams@taylorjohnson.com, 312-267-4510

Abe Tekippe, atekippe@taylorjohnson.com, 312-267-4528

                        

LakePark at Tradition Wins Numerous Accolades at the 2016 Treasure Coast Parade of Homes

Steve Svopa

Port St. Lucie, FL– Minto Communities’ master-planned community, LakePark at Tradition, received six awards for its brand new models during the 2016 Treasure Coast Parade of Homes. 

Presented by the Treasure Coast Builders Association, the event is designed to promote local builders and showcase their products including model and luxury homes.

Located at Tradition in Port St. Lucie, one of the “Top 10 Best Places to Retire in the U.S.” according to Portfolio.com, LakePark captures the small-town charm while offering resort-style amenities to create a vacation-inspired lifestyle. Pricing for LakePark’s single-family and villa homes range from the $190s to mid $200s.

“It’s an honor for our new models at LakePark at Tradition to be recognized in these categories,” said Steve Svopa, vice president of Minto Communities. “Residents get to experience a one-of-a-kind community with incredible amenities right at their doorstep. Maintenance-free living at LakePark at Tradition is like being on a permanent vacation.”

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

Ashley Fierman

BoardroomPR

afierman@boardroompr.com

(954) 370-8999

NAI Realvest Negotiates Leases totaling 24,900 Square Feet of Industrial space in Goldenrod and Hanging Moss CommerCenters in Orlando, FL

Patty Nolff

ORLANDO, FL – NAI Realvest recently negotiated six lease agreements for a total of 29,968 rentable square feet of industrial space at Goldenrod and Hanging Moss CommerCenters in Orlando. 

At Goldenrod CommerCenter Michael Heidrich, principal at NAI Realvest represented Landlord Goldenrod SPE, LLC in a lease agreement for 2,000 square feet in Suite 120 at 1460 N. Goldenrod Rd. The new tenant is Orlando Tinting Service, LLC an auto window tinting firm.

 At the same time Alternate Elevator Sales & Service, LLC renewed the lease of suite 125 with 2,000 square feet in the same building; and Source of Athletics, Inc., specializing in boxing and martial arts training, renewed the lease of 6,618 square feet in Suite 200 of 1468 N. Goldenrod Rd.

At Hanging Moss CommerCenter representing Hanging Moss SPE, LLC Heidrich completed lease renewals with Tenants Apex Imaging, LLC, a radiology center, for 6,200 square feet and City Electric Supply Company for 4,200 square feet.  

In addition, Heidrich and Associate Patty Nolff negotiated a new lease with Tenant Carroll Bradford Land Management Group, Inc. who was occupying Suite 420 with 2,000 square feet at Hanging Moss CommerCenter, and signed a new lease to relocate and expand into Suites 360-370 with 3,750 square feet.   

Todd Davis of Colliers International represented the tenant in the transaction.

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

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

Real Estate Capital Institute Reports Low Mortgage Rates for Investors Still on Table But Could Shoot Up Quickly as Economy Improves

Jeanne Peck

CHICAGO, IL – Real Estate Capital Institute reports the economy remains kind to real estate investment as it continues to foster low mortgage rates.  Working against

low rates is the U.S. economic outlook, which is improving as deflationary

concerns ease.  Steadily climbing oil prices combined with reduced fear of a

Chinese economic meltdown gives the Fed enough ammunition to raise rates

again.  In favor of low rates, the less-volatile conduit market appears to

maintain pricing (investment grade CMBS spreads back to mid-November) levels

but at a cost: meager volume.

The net effect?  Not much rate movement, only about a quarter percent

increased during the month.  Investors pay attention to other more pressing

issues such as:

*    "High conviction" investing:  Really focus on a very specific

investment strategy and stay liquid to cover downside risk.  Investors are

pickier and rely on more on long term vs. build-and-flip strategy; they are

prepared to own thru a downturn.

*    More fluid supply & demand dynamics:  Overbuilding, for example, is

less of an issue if projects serve highly-targeted consumer needs such as

Transit Oriented, senior living, Hispanic grocer.

*    Black Swan: increased concern about the higher frequency of events

beyond investor control (terrorism, global instability).  Cybersecurity is

notable in the list of such concerns as many fear moving too quickly into

the e-commerce "unknown."  For example, owners experiment to find the

optimum mix of online and bricks and mortar retail space to stay relevant in

addition to "experiential" shopping.

*    Lower returns:  Healthier economic system governed by stricter

regulations and less consumer debt - allowing lower/safer overall returns.

Foreign and domestic private investors flock to both debt and equity, more

flexible funds not hampered by regulations or rigid yield thresholds.

*    Affordability:  Developers can't build enough workforce and

affordable rental housing -  a key focus with agency lenders and communities

offering investors pricing discounts, tax breaks, more density bonuses. 

Jeanne Peck, director of The Real Estate Capital Institute(r), warns, "The

ride is smooth now, but keep your seatbelts fastened for some turbulence

ahead."  She adds, "Low yields are acceptable, as long as the domestic and

global economies stay in sync."

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

Jeanne Peck

 Executive Director

director@reci.com

www.reci.com

Volusia-University of Central Florida Business Incubator Displays Rapid Prototyping Unit

Rob Cassata

ORLANDO, FL -- Rob Cassata, CEO of Cogent Solar is shown designing and printing his own prototype at the Volusia-UCF Business Incubator’s Makerlab launched earlier this year offering several 3D printers and training sessions.

 Cogent Solar is a startup company that provides affordable solar panel solutions that complement the distinctive designs of today’s homes, businesses and recreational venues.

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

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

Hold-Thyssen Transaction Specialist Carol Kinnard Wins ‘Office Deal of the Year 2015’ Award from Florida Gulf Coast Association of Realtors

Carol Kinnard

TAMPA, FL --- Carol Kinnard, medical office specialist in Hold-Thyssen’s Clearwater office, recently received the Pinnacle Award for “Office Deal of the Year 2015” by Florida Gulf Coast Association of Realtors (FGCAR). 

      

The Deal of the Year Award was based on a combination of factors including scope of the assignment, its strategic importance to the community, and the broker’s performance in satisfying multiple parties to the transaction. 

Kinnard’s transaction involved the tenant, subtenant, landlord and contractor; it took 48 months to complete the deal that fell through three times.  

It involved both lease negotiations and construction of a 5,000 square foot build-to-suit medical building with special features for medical services.  

The building required a fire suppression system, hallways wide enough for gurneys, outside tank storage placement, and ingress/egress for access by large delivery trucks and tanks.

The award also recognized Kinnard’s work researching five locations, determining the needs of both the tenant and subtenant (hospital and medical service provider) and buy-in with the owners to understand and agree to those needs.

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

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

Trion Properties Repositions 1920s Value-Add Multifmaily Asset in Los Angeles, CA; Triples Equity for Investors

The Eleanor Apartments, 412 South Lake Street, Los Angeles, CA

 

Max Sharkansky

Los Angeles, CA (May 2, 2016) – Trion Properties, a Los Angeles-based private equity firm with a niche focus on value-add multifamily investments, has successfully repositioned and rebranded The Eleanor, a 41-unit 1920’s boutique apartment community at 412 S. Lake Street in Los Angeles, more than tripling its equity since its acquisition in 2013, according to Max Sharkansky, Managing Partner of Trion Properties.

Situated in a gentrifying neighborhood directly west of downtown Los Angeles, the multifamily property was neglected during its prior ownership and was completely vacant upon acquisition, presenting a strong value-add opportunity, according to Sharkansky.  Trion took the asset from zero to 100 percent occupancy within 30 months.

“Urban infill product throughout Los Angeles is making a tremendous comeback due to the lack of developable land available and the upward pressure on rents throughout the region,” explains Sharkansky.

“Our overall strategy to identify and reposition ‘diamond in the rough’ assets allowed us to immediately recognize the deep potential in this property and integrate a comprehensive renovation plan that preserved the integrity of its original vintage charm while also significantly driving value for the asset in record time.”

Mitch Paskover

Continental Funding Group, a Los Angeles-based mortgage banking firm, secured the refinancing on behalf of Trion Properties for a total of $6.1 million - a 67 percent loan to value. The non-recourse loan was secured at a rate of 3.5 percent for a five year term.

“Our firm secured financing for Trion’s initial acquisition of this asset in 2013,” notes Mitch Paskover, President of Continental Funding Group.  “Based on the tremendous transformation of the property and the equity that Trion built in its initial years of ownership, we were able to source and secure a competitive cash-out loan that keeps Trion moderately leveraged on the asset.”

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

Katie Kea / Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

kkea@browermillercole.com

http://www.trion-properties.com/

New York Life Signs 3,923-Square-Foot Lease at 55 Allen Plaza in Downtown Atlanta

Hunter Henritze

ATLANTA, GA (May 2, 2016) – New York Life has signed a new 3,923-square-foot lease at 55 Allen Plaza, located in downtown Atlanta.

Hunter Henritze and Michael Howell of Lincoln Property Company Southeast (Lincoln), along with Porter Henritze of Cushman & Wakefield, represented the landlord in the transaction, and William Probst of JLL represented the tenant.

“55 Allen Plaza is without a doubt one of Atlanta’s best Class A office buildings, featuring unmatched interstate access in downtown Atlanta,” Henritze said. 

“The property’s prime location and top-of-the-line amenities make it an extremely desirable property, so much so that 55 Allen Plaza was recently awarded The Outstanding Building of The Year Award from The Building Owners and Managers Association of Georgia.”

The LEED Gold-certified, 348,658-square-foot Class-A office building is part of the Allen Plaza mixed-used development. 55 Allen Plaza is located within walking distance of restaurants, the W-Atlanta Downtown Hotel & Residences, growing retail, and Centennial Olympic Park. In 2013, 55 Allen Plaza was designated as a BOMA 360 Performance Building for high standards in building operations and management.

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

Savannah Durban

The Wilbert Group

404-343-0870

sdurban@thewilbertgroup.com

www.55allenplaza.com.

HSA Commercial Secures 120,000 SF Lease with Trifinity Partners at Delany Commerce Center in Waukegan, IL

Tim Thompson

CHICAGO. IL — Chicago-based HSA Commercial Real Estate today announced the firm has completed a 120,249-square-foot lease with Trifinity Partners at Delany Commerce Center in Waukegan, Ill.

Trifinity, a third-party logistics firm that services major retailers and has operated in Lake County for over 20 years, will take immediate occupancy of the distribution center at 2431 Delany Road, relocating from another facility nearby.

The 218,500-square-foot building at 2431 Delany Road is the first distribution center at Delany Commerce Center, developed by HSA Commercial Real Estate in partnership with Great Point Investors. With the Trifinity lease, there is approximately 100,000 square feet still available in the property.

The remaining space, which can be divided into suites as small as 23,600 square feet, offers 30’ clear heights, 14 truck docks, a drive-in door and 300 parking spaces, along with convenient access to both Highway 41 and Interstate 94. An adjacent 12-acre lot is available for larger, build-to-suit requirements.

Tim Thompson, executive vice president and managing director of the Industrial Services Division of HSA Commercial Real Estate, represented ownership in the lease transaction. Transwestern Principal Tom Boyle and Director Jared Paff represented the tenant.

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

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

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

JLL Industrial Experts Predict a Hot Year for Phoenix, AZ Cold Storage Space

Anthony Lydon

PHOENIX, AZ – Industrial experts in the Phoenix office of JLL are predicting a very hot year for Phoenix cold storage space – which is defined as industrial buildings that cater to food and beverage users. Traditionally, this category of space combines office/back office product with industrial-grade, climate controlled areas for freezer, cold storage and dry storage activity.

“There are more than a dozen food and beverage users actively looking in our market right now for cold storage space, but this is very specialized inventory that is expensive to build, and it is never developed on a speculative basis,” said JLL Managing Director Anthony Lydon.

“That makes it challenging for tenants in the market to find space that is just the right size, with just the right mix of amenities to meet their needs. It is a signature proposition.”

For more information from JLL’s Q1 industrial market reports, visit www.jll.com/phoenix/en-us/research.

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

Stacey Hershauer

 Phone:

 +1 480 600 0195

 Email:

 stacey@focusaz.com

www.jll.com or www.jll.com/phoenix.