HFF closes sale of retail specialty center in Birmingham, AL

Colonnade Retail Center, Highway 280, Birmingham, AL

 

Richard Reid

ATLANTA, GA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of the Colonnade, a 127,031-square-foot retail specialty center in Birmingham, Alabama.   

HFF marketed the property on behalf of the seller, DRA Advisors LLC, on behalf of its institutional clients.  A group led by Shannon Waltchack purchased the asset free and clear of existing debt.

The Colonnade is located along Highway 280, Birmingham’s most heavily-trafficked retail corridor, and is surrounded by Birmingham’s most prestigious neighborhoods, including Mountain Brook, Vestavia Hills, Homewood and Hoover.

 The property is shadow-anchored by The Summit, Birmingham’s premier shopping destination, and offers the ideal amenity base for the surrounding office buildings that boast more than 100,000 daytime employees.

 At the time of sale, the property was 91 percent leased to a variety of national and regional retailers, including Gold’s Gym, Edgar’s Old Style Bakery, Taziki’s Mediterranean Café, Scottrade, Cracker Barrel, Johnny Ray’s BBQ, Jimmy John’s, Asian Rim Sushi Company, Drapery Studio, Teach Me Beauty and Schaeffer Eye Center. 

Jim Hamilton

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

“The Colonnade is a Birmingham landmark, and the transaction represented a rare opportunity to acquire a piece of irreplaceable real estate at the epicenter of Birmingham’s most dominant retail corridor,” Reid said.

 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

http://www.draadvisors.com

HFF closes sale of vacant grocery store in California Central Coast

Nick Foster

 NEWPORT BEACH, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of the leasehold position in a 63,737-square-foot vacant building that is part of a retail power center in the California Central Coast community of Arroyo Grande.

HFF marketed the property on behalf of the seller, Haggen Property Holdings, LLC.  PAQ, Inc. purchased the asset for an undisclosed price. The buyer will operate and manage the store under the Food 4 Less banner.

Completed in 1999, the building formerly housed a Haggen Food & Pharmacy Store.  It is located inside the 467,000-square-foot Five Cities Center retail power center, which is home to mix of national tenants, including Wal-Mart, Trader Joe’s, Regal Cinemas and Pier 1 Imports.

 The asset is located at 1132 West Branch Street in the South 101 corridor just off Highway 101 at the intersection of West Branch and Rancho Parkway in central Arroyo Grande.

Jonathan Metcalfe

The HFF investment sales team representing the seller was led by Nick Foster and Jonathan Metcalf.

“We continue to see significant demand for our supply of quality grocery retail boxes up and down the West Coast,” Foster said.  “This property was highly sought after, as it is an integral piece of one of the most dominant shopping centers in the San Luis Obispo County area.”

 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

HFF secures $7.43 million acquisition financing for industrial warehouse in Durham, NC

  

3508 North Tri-Center Boulevard Warehouse, Durham, NC

 

Travis Andeerson

CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $7.43 million in financing for 3508 North Tri-Center Boulevard, a 272,396-square-foot industrial warehouse building in Durham, North Carolina.   

HFF worked on behalf of the borrower, a partnership between Trinity Capital Advisors and SilverCap Partners, to place the floating-rate loan with AloStar Bank of Commerce. Loan proceeds were used to acquire the property and fund capital improvements to execute the borrower’s business plan.

Located west of Research Triangle Park, 3508 North Tri-Center Boulevard is in the RTP/I-40 submarket, the largest industrial submarket in Raleigh-Durham.  The property is situated just off Highway 55 with access to Interstates 40 and 540, Highway 147 and Raleigh-Durham International Airport. 

The warehouse features ESFR sprinkler systems, 180’ truck court depth, 4,500 square feet of office space, 26 cushioned dock-high loading doors and one 14’ wide drive-in-door with the potential to add four additional docks.

Cory Fowler

The HFF debt placement team representing the borrower was led by senior managing director Travis Anderson and associate director Cory Fowler. 

“Tenant demand continues to grow in the tightening RTP/I-40 submarket, which now boasts an occupancy north of 95 percent,” Fowler said. “Given the ideal location and the partnership’s strategic business plan, the property is positioned well to benefit from the continued demand.”

 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.alostarbank.com.

http://silvercappartners.com

www.trinitycapitaladvisors.com

HFF closes $23.5 million sale of Class A office building in Raleigh-Durham, NC

  

Trinity Place, 1201 Edwards Mill Road, West Raleigh submarket of Raleigh-Durham, NC

Ryan Clutter

 CHARLOTTE, NC  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $23.5 million sale of Trinity Place, a four-story, 114,547-square-foot, Class A office property located in the West Raleigh submarket of Raleigh-Durham, North Carolina.

HFF marketed the property on behalf of the seller, an institutional fund manager, and procured the buyer, Origin Investments. 

Trinity Place is located at 1201 Edwards Mill Road about one mile from Interstate 40, a primary artery connecting the property to the affluent neighborhoods of West Raleigh and RDU International Airport. 

The property is adjacent to Carter-Finley Stadium and the PNC Arena, home to the Carolina Hurricanes NHL hockey team and the North Carolina State University basketball team.

 Additionally, more than five million square feet of retail amenities are within a three mile radius of Trinity Place.  Tenants at the fully-leased property include RSM McGladrey, the public relations firm Capstrat and the IT services firm TekSystems.

The HFF investment sales team representing the seller was led by senior managing director Ryan Clutter, director Scot Humphrey, managing director Ralph Smalley and associate director Christopher Lingerfelt.

Scot Humphrey

“Trinity Place was very well received by the marketplace demonstrating the strength and appeal of the Raleigh office market to institutional investors yet again,” said Clutter.  

“We believe we will continue to see strong interest in our Raleigh offerings through the remainder of the year and into 2017.”

“One of the reasons this property really stood out among investors is that Trinity Place features several examples of creative space designed to attract millennials,” added Humphrey.  

“We have found that creative space in suburban office buildings tends to heighten interest and that’s a trend that’s likely to continue in the years ahead.”

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.origininvestments.com.

29th Street Capital Expands to Salt Lake City; McKay Winkel to Source Multifamily Deals

McKay Winkel

Salt Lake City, UT - McKay Winkel has joined 29th Street Capital as Acquisition Director for Salt Lake City. Winkel is responsible for all facets of the privately-held real estate investment and advisory firm’s activity in the Salt Lake market.

McKay will lead all multifamily acquisitions and asset management strategies in Salt Lake City, while also assisting Vice President of Acquisitions Jay Neal with certain aspects of 29SC’s growing Denver portfolio.

From growing up around Salt Lake, McKay brings an immense amount of knowledge and familiarity with the area’s apartment market, as well as a strong network of connections.

“I’ve known McKay for quite some time and am extremely excited to have him join us and expand our national footprint by opening our 11th office,” said 29th Street Capital Managing Director Robert Bollhoffer. “McKay has exceptional training and a great fundamental understanding of the multifamily acquisition and management process. We look forward to growing our platform in Salt Lake City with him.”

Robert Bollhoffer

Prior to 29SC, McKay was the Senior Analyst at Consolidated Investment Group in Englewood, Colorado, where he led the underwriting of multifamily, industrial and real estate development. His role also involved due diligence, new deal sourcing, hold/sell analysis, budgeting and market research. 

Additionally, he spent numerous years in the manufactured housing industry in acquisitions and portfolio management.

McKay obtained his MBA from the University of Wisconsin-Madison with an emphasis in Real Estate and Urban Land Economics. He received his bachelor’s degree from Brigham Young University with a specialization in finance. He currently resides in Salt Lake with his wife and three children, and is an avid skier in his spare time.

“This is the perfect opportunity. To work for an active, smart group like 29th Street Capital in a market as well positioned as Salt Lake is incredible,” Winkel said. “Salt Lake has so much to offer – robust employment, accessible world-class amenities, and a booming downtown. We’re going to be busy.”

For investment inquiries, contact Stan Beraznik, Founder and Managing Principal at 29th Street Capital 415.643.6875 | sberaznik@29thstreetcapital.com

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

Terri Thornton

Partner, Thornton Communications

p:404-932-4347 | e:Terri@TerriThornton.com | w:www.TerriThornton.com

Bayer Properties to Lease, Market and Manage Branson Landing in Branson, MO

Rick Huffman

BIRMINGHAM, AL – Bayer Properties announced it has been selected by HCW, LLC, as the third-party manager for Branson Landing, a 95-acre mixed-use development located in Branson, Missouri.

Bayer Properties will lease, market and manage the property, which is home to more than 450,000 square feet of retail, specialty restaurants and multiple entertainment options.

“Bayer Properties has intimate knowledge of the intricacies of commercial property management,” said Rick Huffman, CEO of HCW, LLC. “The company has demonstrated it knows what it takes to create real estate environments that improve the quality of life in the communities it serves, and we are excited to have their services at Branson Landing.”

Branson Landing spans 1.5 miles of waterfront on Lake Taneycomo, adjacent to historic downtown Branson, Missouri, and includes luxury condominiums, the Hilton Promenade, Branson Convention Center and Hilton Hotel.

The property’s waterfront boardwalk is animated with live entertainment and a $7.5 million water spectacular synchronized to light, sound, music and fire. With more than 100 specialty stores, Branson Landing is the leading shopping destination for the city’s approximately 8 million annual visitors.

“As a third party-manager, Bayer Properties places value on being responsive to the needs of the market and the community,” said Jeffrey Bayer, president and CEO of Bayer Properties. “We strive to create a more enjoyable shopping experience for the customers while enhancing return on investment for ownership.”

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

Savannah Durban

The Wilbert Group

Tel: 404-343-0870

Email: sdurban@thewilbertgroup.com

George Smith Partners Secures Financing for 248-Unit Multifamily Property in El Paso, TX

  

The Preserve at Mesa Hills Apartments, El Paso, TX

David Rifkind

EL PASO, TX – Commercial real estate investment banking firm George Smith Partners has successfully arranged financing for the acquisition of The Preserve at Mesa Hills, a fully occupied 248-unit garden style apartment community in El Paso, Texas.

The financing was arranged by George Smith Partners’ Principal David Rifkind and Vice President Ameet Chagan.

“On the surface, this financing was particularly challenging to achieve based on the property’s location in a secondary Texas market,” says Rifkind.  “Once we were able to demonstrate the compelling micro economic factors to the lending community, we were able to create strong competition for this loan.”

George Smith Partners’ Ameet Chagan, who took the lead on securing the loan, explains, “Several cities in Texas have very little exposure to energy sectors and are growing in other, diversified industries. 

“El Paso has established itself as the fourth largest manufacturing hub in North America, and the local healthcare industry is growing rapidly.  The city’s skilled labor force, favorable business climate, and low cost of living will continue to attract workers and drive demand for rental housing.”

Ameet Chagan

The El Paso market is also benefitting from a $5 billion expansion of Fort Bliss, which is underway to serve the population of nearly 90,000 soldiers, family members, civilian employees and military students.

“This asset is well positioned to leverage current and future renter demand and deliver long-term value,” explains Chagan.  “Based on its 100 percent occupancy and in-place market rents, the Class B community delivers stable cash flow, which further bolstered our ability to secure competitive financing.”

Chagan notes that the borrower, a private investor, was investing in Texas for the first time, and was seeking a CMBS loan for the acquisition.

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

Miki Conant / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

mconant@browermillercole.com

RealtyTrac Reports on Once-Considered Bad Neighborhoods for Home-Buyers

IRVINE, CA -- Many down-and-out neighborhood housing markets across the country are on the rebound thanks to a confluence of market forces working in their favor. Tight inventory of homes for sale combined with a dearth of new homebuilding is convincing buyers and investors to reconsider buying in what they once might have considered “bad” neighborhoods.

Daren Blomquist

RealtyTrac (now an ATTOM Data Solutions company) analyzed housing market and neighborhood quality data in 3,561 U.S. zip codes with a combined population of 124 million to select the 35 best “bad” neighborhoods to buy a home.

  

“The underperforming school scores and inflated rates of underwater homes in these markets demonstrates they are lagging the housing recovery seen across much of the rest of the nation,” said Daren Blomquist, senior vice president ATTOM Data Solutions.

“But it is clearly evident from this data that many individuals and institutions are betting on these hyperlocal housing markets to still bounce back. 

"Home flipping returns are substantially above the national average, indicating strong buyer demand for fixed-up homes; construction loans are increasing, indicating increased development often at a large scale; and the share of millennial population is increasing, indicating that the pool of new renters and homebuyers is growing.”

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

Jennifer von Pohlmann

949-502-8300 ext 139

The Emirates Academy of Hospitality Management Partners with Hospitality Asset Managers Association MEA

Judy Hou

DUBAI --  The Emirates Academy of Hospitality Management (EAHM), one of the world’s leading hospitality management schools and part of Jumeirah Group, recently signed a cooperation agreement with the Hospitality Asset Managers Association of Middle East and Africa (HAMA MEA).

HAMA is the pre-eminent organization of professionals responsible for proactively increasing asset values on behalf of hotel owners worldwide with more than 400 professionals worldwide representing an estimated 5,000 hotels.

The MEA affiliate is based out of Dubai within the Dubai International Financial Centre (DIFC), covering the Middle East and Africa, with members reaching as far as South Africa. HAMA MEA will seek to support the evolution of the hotel asset management profession across the region while furthering the Association's global footprint, which currently has established affiliates in the USA, Asia Pacific, Japan, China and Europe.

Dr John Fong (left), Director of Business Development and Consulting, EAHM
and René Beil, President of HAMA MEA and Managing Director of Beaufort Global Partners, signed a cooperation agreement at EAHM. 

This agreement with EAHM serves to educate students on the possibility of Asset Management as a career path and further helps to bridge the gap between an increasingly complex industry and education. In a region where maximisation of value for hotel owners and investors is key, it is critical to educate future hoteliers so that they enter the industry with an investor ready mind-set.

Commenting on the new partnership between EAHM and HAMA MEA, Judy Hou, Managing Director of The Emirates Academy of Hospitality Management, said: “We are proud of this partnership as this collaboration will give our students the invaluable experience needed before they enter the industry.”

"We are delighted with this collaboration agreement which is in line with our mission of the enhancement of Hospitality Asset Management through education, advancement of the profession, and highlighting the viability of Asset Management as a professional career path" says René Beil, President of HAMA MEA & Managing Director of Beaufort Global Partners.

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

Dubai International Financial Center

Penthouse 4 , Gate Village Building 2,

PO Box 66435, Dubai,United Arab Emirates

Tel: +971 4 313 2743 Fax +971 4 313 2744

info@hamamea.org

 www.hamamea.org

Hold-Thyssen Negotiates Sale of Professional Office Park in Lutz, FL

Theresa Margaris

CLEARWATER, FL. --- Hold-Thyssen, Inc., a real estate services firm, recently negotiated the $725,000 sale of the Van Dyke Professional Center at 17535-45 Darby Lane in Lutz.    

Theresa Margaris, transaction specialist at Hold-Thyssen, negotiated the sale representing the seller, Portland, Oregon-based NWE17, LLC.  

An established consulting firm specializing in business advisory services purchased the office park which was built in 2007 on 1.77 acres with 7,500 useable square feet.    The property was 66 percent leased at the time of the sale.

Hold-Thyssen, Inc. provides commercial property and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

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

Passco Companies Sells 232-Unit Class A Multifamily Asset in Metro Atlanta, GA

Gary Goodman

ATLANTA, GA – Passco Companies, LLC has sold Sundance Creek, a 232-unit multifamily community in the Atlanta submarket of McDonough, Georgia.

 Passco Companies initially acquired the asset for $14.5 million. The sale price was not disclosed, however, industry sources place it at approximately 60-percent above that purchase price.

“We recognized the potential in this asset and submarket early on, and we were able to reap the benefits of its rapid growth in order to bring the property full cycle,” said Gary Goodman, Senior Vice President of Acquisitions for Passco Companies. 

Passco initially acquired Sundance Creek in 2010, a time when many investors were focused only on primary markets, according to Goodman.

“Passco’s investment strategy has always been forward-looking, and this asset exemplifies that,” Goodman says. 

“We identified McDonough as a submarket where employment growth and expansions were planned. Since the property was an REO resulting from a foreclosure it was acquired well below replacement cost at a favorable purchase price.

“We upgraded the asset to include in-demand rental amenities, and were able to sell at a premium price after the planned expansions came to fruition.”

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

Devin Ugland / Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

Dugland@browermillercole.com

  

www.passco.com.

David Upbin Promoted at Mortgage Bankers Association to Associate Vice President of Education Operations and Programming, and MBA Strategy

David Upbin

Washington, DC – The Mortgage Bankers Association (MBA) announced the promotion of David Upbin to the position of Associate Vice President of Education Operations and Programming, and MBA Strategy. The promotion was effective July 1, 2016.

In his new role, Mr. Upbin, who joined MBA in 2013, will be responsible for the financial management, operations, delivery, and programming of MBA Education’s suite of training products and events.

 From a strategic standpoint, Mr. Upbin will continue to help develop, track and manage annual MBA performance goals and objectives, and will play a key role in the implementation of the MBA’s new Strategic Plan.

Over the past two years, Mr. Upbin has played a significant role in the development and execution of several key initiatives, including Mortgage Banking Bound, the Commercial Real Estate Basics program, and Education Advantage, a training package geared towards Independent Mortgage Bankers and community-based lenders.

Prior to joining MBA, Mr. Upbin was a Client Relationship Manager at Cambridge Associates, LLC, where he developed, maintained and protected client-company relationships. Mr. Upbin earned his bachelor’s degree in Business Administration from The George Washington University.

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

Rob Van Raaphorst

rvanraaphorst@mba.org

(202) 557-2799

Eide Bailly Recommits to Long-Term Lease in Phoenix Midtown Office Market; JLL signs accounting firm to 19,380 s.f. lease renewal at Central Arts Plaza

BMO Tower at Central Arts Plaza, 1850 North Central Avenue
Phoenix, AZ

PHOENIX, AZ – Phoenix’s Midtown office market remains a prime location for corporate tenants to grow and thrive at affordable rents, according to the Phoenix office of JLL and a recent 19,380-square-foot lease renewal and expansion completed at Central Arts Plaza on behalf of tax accountant and CPA firm Eide Bailly, LLP.

Eide Bailly has occupied a full floor at the BMO Tower at Central Arts Plaza for more than a decade. 

With this renewal, they recommit to their Midtown presence, with plans to renovate their office space to accommodate growth and better serve clients across the region. The Phoenix office is one of 29 Eide Bailly locations serving more than 54,000 clients across the U.S.

John Pierson

JLL Managing Director John Pierson and Associate Trevor Pratt represented Eide Bailly in the lease transaction. The building owner, McCarthy Cook & Co., represented itself in the negotiations.

“Eide Bailly originally chose this building for its proximity to downtown Phoenix, its adjacency to the metro freeway system, its rental economics and its professional image. 

"After 10 years, the project still delivers these same advantages, along with a growing list of cultural and corporate amenities in Midtown,” said Pierson. “It is a great place for Eide Bailly to stay, and continue to grow, as it serves its clients.”

According to JLL’s 2016 Skyline report, Midtown Phoenix offers an attractive central location option for corporate tenants, and will remain so as rents in downtown Phoenix continue to rise – now sitting at an average $23.75 per-square-foot for Skyline space and an average $28.29 per-square-foot for trophy Skyline space.

Formerly known as Viad Corporate Center, BMO Tower at Central Arts Plaza is located at 1850 N. Central Ave. in Phoenix. It totals approximately 500,000 square feet of Class A space in 24 stories, making it Phoenix’s fifth tallest office building. 

Amenities at the project include an on-site café, outdoor lounge, fitness center, conference center, performing arts theatre and two-acre park amenity. Notable tenants in the tower include BMO Bank, Cavanaugh Law, Cramer-Krasselt, PWC and Stinson Leonard Street Law Firm.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

Berger Commercial Realty Secures 8,000 Square-Feet in Lease Transactions for Tenants in Boca Raton, FL and Davie, FL

Michael Feuerman

FORT LAUDERDALE, FL -- Berger Commercial Realty Palm Beach Managing Director Michael Feuerman and Broker Associate Greg Milopoulos recently secured 8,000 square-feet in lease transactions for tenants in Boca Raton and Davie.

Feuerman represented Madsen, Kneppers & Associates, Inc. (MKA) in leasing 4,500 square-feet of office space from Boca Medical Plaza, LLC within the Camino Real Center, located at 7100 W. Camino Real in Boca Raton.

MKA is a multidisciplinary construction consulting firm that provides creative solutions to the construction, legal and insurance industries. With locations in Orlando, Pensacola and Tampa, this is MKA's only office in South Florida.

Milopoulos represented Dr. Zev Mellman, PA in leasing 3,500 square-feet of retail space from Indian Ridge 3, LLC within the 595 Corporate Park of Commerce, located at 10368 State Road 84 in Davie. Dr. Mellman is among only a handful of chiropractors in Florida trained in Chiropractic BioPhysics, a chiropractic technique that corrects and restores the alignment of the spine.

For more information about Berger Commercial Realty's tenant representation services, call 954-358-0900.

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

954-776-1999

Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Marielle Sologuren, ext. 226, msologuren@piersongrant.com 

Plaza Advisors Announces Sale of Bayshore Gardens Shopping Center in Bradenton, FL

Jim Michalak

TAMPA, FL -- Plaza Advisors is pleased to announce the sale of Bayshore Gardens in Bradenton, Florida. The shopping center totals 162,996 square feet of gross leasable area and includes several major tenants: Publix, TJ Maxx, Anytime Fitness and a shadow Target.

Jim Michalak and Mike Cvetetic of Plaza Advisors represented the seller in the transaction. The seller and buyer were Kimco Realty and Publix Super Markets, respectively. 

 

Plaza Advisors specializes in the disposition of anchored shopping centers located throughout the southeastern U.S.

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

Jim Michalak

Managing Partner

 3412 Bay To Bay Boulevard

Tampa, FL 33629

813.837.1300 Ext. 101

Fax 831.2627

jim.michalak@plazadvisors.com

www.plazadvisors.com