HFF closes sale of 2 retail properties in Houston, TX

Ryan West

HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of two retail properties totaling 98,669 square feet in the Houston metropolitan area.

The sale includes the 84,669-square-foot Spring Town Center and the 18,000-square-foot Winchester Town Center. 

HFF marketed the assets on behalf of the seller.  Property Commerce Dividend Fund purchased both of the assets for an undisclosed amount. 

Completed in stages between 2003 and 2005, Spring Town Center is 98.4 percent leased to national and regional tenants, including Chili’s Bar & Grill, Walgreens, Bank of America, Dollar Tree, Buffalo Wild Wings, Capital One, Payless Shoe Source, Bank of America, Wendy’s, Sally Beauty Supply, Great Clips, Game Stop and Massage Heights. 

Additionally, the center is shadow anchored by Wal-Mart.  Situated on 14.04 acres at 2116 Kuykendahl Road in the Houston suburb of Spring, the center is at the northeastern corner of Kuykendahl Road and FM 2920 28 miles north of downtown Houston. 

Winchester Town Center was completed in 2004.  The center is fully leased and shadow anchored by Kroger.  Located at 9344 Jones Road, Winchester Town Center is at the southeast corner of West and Jones Roads in northeast Houston approximately 25 miles from downtown. 

The HFF investment sales team representing the seller was led by senior managing director Ryan West.

“These deals are great examples of how quickly a new suburban development in Houston can become an attractive growth vehicle for an investor,” West said. 

“When it was built 10 years ago, Spring Town Center was in the path of growth and pushed the upper limits of rental rates at the time. Today, it has characteristics of an infill asset, certainly as it relates to below-market rents and tenant demand for space in the center. 

“Year after year, this theme is a product of Houston’s growth story; owners recognize it because they experience it first hand, and it’s why we see repeat, often local buyers.”

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 arranges $28.4 million financing for Class A mid-rise multi-housing development in Atlanta, GA

Jason Nettles

ATLANTA, GA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $28.4 million in construction financing and advised on the equity capitalization for the development of SPOKE, a 224-unit, Class A mid-rise multi-housing project in Atlanta’s Edgewood neighborhood.

HFF worked on behalf of the developer, Columbia Ventures LLC.

SPOKE is the first phase of a 6.36-acre, urban infill, master planned project being developed in partnership with the Metropolitan Atlanta Rapid Transit Authority (MARTA).

 Situated just south of DeKalb Avenue at 1471 La France Street, the project will have direct access to MARTA via the Edgewood/Candler Park station, and will feature pedestrian-friendly public spaces that blend with the surrounding neighborhood. 

Due for completion in 2017, SPOKE will offer a variety of studio, one- and two-bedroom floor plans averaging 800 square feet each with the residential component situated above two levels of podium parking. 

Units will feature granite countertops with tile backsplashes; Energy Star-rated stainless steel appliances; kitchen islands; in-unit washers and dryers; faux wood plank flooring; frameless glass showers; granite-topped double bathroom vanities; walk-in closets; and terraces/balconies.

Chip Sykes

 Community amenities include a resort-style swimming pool, outdoor fireplace and cabanas, fitness center, clubroom with gaming area, sky lounge and dog park.

The HFF team representing the developer was led by senior managing director Jason Nettles and director Chip Sykes.

“Ideally situated in the historic Edgewood/Candler Park neighborhood, this development will combine modern features with the convenience of mass transit with its on-site access to MARTA,” said Sykes.

“Additionally, the asset will be positioned within walking distance to retail amenities at Edgewood Shopping Center, Little Five Points, DeKalb Avenue and the Edgewood Retail District, and will provide immediate access to jobs in Midtown and downtown Atlanta.”

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

First international luxury hotel in Changsha, China set to unveil in September, 2016

The Luxury Collection Hotel Changsha, China

 Changsha, China -- The Luxury Collection® Hotels & Resorts, has announced it will open The Luxury Collection Hotel, Changsha, an elegant and iconic property that will rise high above the Xiangjiang River in the epicenter of where urban culture and commerce meet 3,000 years of history.  

The graceful landmark, invested by China Jinmao Holding Group Limited, designed by Callison RTKL and offering 310 spacious guest rooms -- including 6 suites and an expansive 270-square-meter Presidential Suite – is scheduled to open September 28, 2016.

Chnagsha China Hotel Interior, Changsha, China

“We are excited that China Jinmao is able to bring one of the world’s finest hotel brands to the uniquely charming and historic city of Changsha,” said Mr. Su Jihua, General Manager of Jinmao Hotels, the owning company of The Luxury Collection Hotel, Changsha.

“The first Luxury Collection hotel in Central China and the first international luxury branded hotel to open in Changsha over the years, The Luxury Collection Hotel, Changsha is an integral part of the Meixi Lake Zone in the city’s Two-Oriented Society Pilot District.

“ China Jinmao is committed to leading the development of the high-tech industries in this internationalized service zone and contribute to Changsha’s economy growth.”

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

Hwee Peng Yeo

Vice President, Asia Markets

Glodow Nead Communications

Asia: 65.9768.6087  US:415.394.6500 • E: hweepeng@glodownead.com

www.GlodowNead.com

Berger Commercial Realty Secures More Than 23,000 Square-Feet in Lease Transactions for Landlords Across Broward County, FL

Judy Dolan

FORT LAUDERDALE, FL (Aug.1, 2016) - Berger Commercial Realty brokers recently secured 23,537 square-feet in lease transactions on behalf of landlords across Broward County.

Cypress Creek Business Park

Senior Vice President Joe Byrnes and Senior Sales Associate Jonathan Thiel represented Rising Tide Development, LLC in the lease expansion of 3,900 square-feet of office space to Encompass Onsite, LLC and the lease renewal of 3,950 square-feet of office space to Handex Consulting & Remediation, LLC at Cypress Creek Business Park.

Located at 6555 N. Powerline Road in Fort Lauderdale, Cypress Creek Business Park consists of two buildings totaling 54,600 square-feet of office and flex space. The park features ample parking, round-the-clock access, and close proximity to I-95 and Florida's Turnpike.

Woolbright Professional Building

Sales Associate Robert Dabrowski represented Woolbright Properties & Investments, LLC in leasing 3,228 square-feet of office space to Mutual of Omaha at the Woolbright Professional Building.

Annette Bishop

Located at 2240 W. Woolbright Road in Boynton Beach, the Woolbright Professional Building is adjacent to I-95 on the south side of West Woolbright Road just east of Congress Avenue. 

The four-story, class A office building features ample parking with covered spots, individual air conditioning units in each suite, and a security system with 24-hour entry.

Berger Commercial Realty has served as the exclusive leasing agent for the Woolbright Professional Building since 2014, when the firm was awarded a 280,000-square-foot office portfolio by Kendall Properties consisting of seven buildings on four different properties in Palm Beach County.

2019 B Hollywood Blvd.

Senior Vice President Judy Dolan and Sales Associate Annette Bishop represented 2019-2030 Hollywood, LLC in leasing 1,800 square-feet of retail space to Globalogie, Inc. at 2019 B Hollywood Blvd. in Hollywood. The space is located in the heart of downtown Hollywood's shopping district on Hollywood Boulevard between Young Circle and 21st Avenue.

Executive Airport Business Center

Along with Senior Vice President Judy Dolan, Jonathan Thiel represented TCPH Broward, LLC in leasing 2,580 square-feet of office space to Pointer Construction Group, LLC at the Executive Airport Business Center. Senior Vice President St. George Guardabassi represented the tenant in the transaction.

Joe Byrnes

Located at 5101 N.W. 21st Ave. in Fort Lauderdale, the 73,130-square-foot Executive Airport Business Center is a class-A business park featuring a diverse tenant mix of retail, medical, telecommunications, real estate and professional service industries.

 The park is located directly across from Fort Lauderdale Executive Airport and offers close proximity to Commercial Boulevard, I-95 and Florida's Turnpike.

Enterprise Commerce Center

Senior Vice President Keith Graves and Sales Associate John Forman represented Mancini & Sons Florida in extending a lease for 2,432 square-feet of flex space to All Pro Painting & Waterproofing, Inc. at the Enterprise Commerce Center in Deerfield Beach.

Located at 5051 N.W. 13th Avenue, the 19,620-square-foot Enterprise Commerce Center building is a class-B warehouse and flex property featuring ample parking, 18-foot ceilings, glass front facades and overhead drive-in shipping doors.

Cypress Creek Executive Court

Joe Byrnes and Jonathan Thiel also represented Rising Tide Development, LLC in the lease expansion of 1,805 square-feet of office space to EMSL Analytical, Inc. at Cypress Creek Executive Court, located at 2700 W. Cypress Creek Road in Fort Lauderdale.

The 70,795-square-foot office park consists of four single-story buildings in a campus-style setting located two miles west of I-95 on Cypress Creek Road in the heart of Fort Lauderdale's uptown office market.

St. George Guardabassi

Miller Legg Building

At the Miller Legg Building in Fort Lauderdale, Keith Graves and Jonathan Thiel represented North Andrews Way Corp. in facilitating:

the lease renewal of 1,443 square-feet of office space to Total Travel & Tickets, Inc.;

the new lease of 1,406 square-feet of office space to Trident Treatment & Dewatering, LLC;

and the new lease of 993 square-feet of office space to Specialty Broker Corporation.

Located at 5701-5775 N. Andrews Way, the 21,871-square-foot multi-tenant office building sits on a 1.76-acre lot adjacent to the Cypress Creek Tri-Rail Station and provides convenient access and exposure to I-95.

The brokers represented North Andrews Way Corp. in the $2.35 million purchase of the building in January. The property is currently more than 95 percent occupied with local consulting firm Miller Legg as its anchor tenant.

For more information about Berger Commercial Realty's leasing 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

$1.4 Million Sale of Miami Auto Repair Property Closed by Berger Commercial Realty

Jonathan Thiel

FORT LAUDERDALE, FL  - Berger Commercial Realty Senior Vice President Joe Byrnes and Senior Sales Associate Jonathan Thiel recently represented The Two J's in the $1.4 million sale of a Miami automotive repair property to Vinamrata Mehta. Formerly Power Brake Exchange, the property is slated to become a clothing boutique.

 

Located at 2050, 2036 and 2030 N.W. 23rd Street in Miami, the property consists of three interconnected buildings totaling 14,771 square-feet of retail space. Its corner location offers high visibility and close proximity to the Dolphin Expressway, I-95 and Miami International Airport.

"It's rare to find an available corner lot in Miami's Allapattah warehouse district, which is located just northwest of downtown Miami and about five miles east of Miami International Airport," said Thiel.

"The property's versatility also makes it unique. It can accommodate tenants in automotive, marine or retail industries thanks to its ample parking, tall ceilings and convenient access to major roads and waterways."

Located within ten miles of Miami's Upper East Side and Miami Beach, the property is within reach of consumers that frequent the MiMo Historic District, South Beach, downtown Miami and the Port of Miami, which collectively form the commercial center of South Florida.

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

Marcus & Millichap Handles $8.55 Million Sale of 78-Unit Oasis at Naples Apartment Communitiy in Naples, FL

Michael Donaldson

NAPLES, 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 Oasis at Naples, a 78-unit apartment property located in Naples, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $8,550,000.

Nicholas Meoli and Michael Donaldson, both vice president investments 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 limited liability company, was also represented by the two brokers.

Oasis at Naples is a garden-style condominium community located at 2110 Arbour Walk Circle in Naples, Florida.  The sale included 78 out of 188 condominium units built in 1992.

The unit mix consists of 11, one-bedroom/one-bathroom units with 648 rentable square feet, six, one-bedroom/one-bathroom units with 760 rentable square feet, 48, two-bedroom/two-bathroom units with 918 rentable square feet, nine, two-bedroom/two-bathroom units with 989 rentable square feet and four, two-bedroom/two-bathroom units with 1,022 rentable square feet.

The condominiums have fully equipped kitchens including stainless steel appliances, dishwashers, garbage disposals, raised panel cabinet doors and formica countertops. 

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

Richard D. Matricaria

First Vice President / Regional Manager

Tampa, FL

(813) 387-4700

Marcus & Millichap Brokers $2.65 Million Sale of 40-Unit River Trace Apartments in New Port Richey, FL

Jason Hague

NEW PORT RICHEY, 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 River Trace Apartments, a 40-unit apartment community located in New Port Richey, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $2,650,000.

Jason Hague, associate, Nicholas Meoli, vice president investments, and Michael Donaldson, vice president investments, all 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 foreign purchasing entity, was also secured and represented by the three brokers.

“Through our national and international marketing campaign we were able to generate an offer at 98 percent of the list price and put the property under contract with an international investor within two days of being on market,” says Hague.

“The property went through significant condo grade interior renovations in 2006, which allowed us to achieve over $66,000 per unit, one of the highest price per unit sales achieved for an apartment community under 100 units in Pasco County history.”

Nicholas Meoli

River Trace Apartments is a 40-unit apartment community situated less than one mile west of U.S. Highway 19 at 5511 Executive Drive in New Port Richey, which is in Pasco County, Florida.

The property consists of five buildings constructed in the late 1980’s, and sits on just under two acres of land. The unit mix consists of 40 two-bedroom/two-bathroom units approximately 1,035 rentable square feet.

 Every unit has gone through significant renovations including tile floor in the kitchen, granite countertops (select units), stainless steel appliances (select units), upgraded bathrooms and full washers/dryers in roughly half the units.

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

Richard D. Matricaria

First Vice President / Regional Manager, Tampa

(813) 387-4700

Real Estate Capital Institute Notes Low-Yielding U.S. Treasuries Still Provides More Yield Than in Japan and Europe

John Oharenko

Chicago, IL -- The Brexit whiplash is yet another gift

for domestic realty markets. Rates plummeted to the lowest level on record

earlier last month, just above 1.3% for the 10-year benchmark treasury.  The

global flight to financial safety offered by treasuries proves that

longer-term rates lack any "true" bottom, but still provide more yield than

available in Japan and Europe.

The launching of the second half of the year creates challenges not seen

before: Are low benchmark yields sustainable and how can commercial mortgage

lenders profitably compete? The real estate capital markets are responding

with creative solutions, including:

Competitive Rates: How "low" is low? Regardless of mortgage spreads over

treasuries, many lenders require minimal yield floors, of say 3.25%, for

longer-term debt reserved for the very best deals. In recent years, rate

floors have been trending downward with 3.5%, 3.75% and 4% floors as

commonplace.

Low rates for alternative investments and perceived risk/reward

pricing drive down returns across the entire capital spectrum, so few

options exist.  Furthermore, minimal spread premiums are assessed for

longer-term debt of 15 years or more.

 Most lenders use average-life

pricing, resulting in only 10 to 25 basis points more for extending term.

Low Risk Lending: In exchange for extremely low rates, lenders aggressively

compete for loans with conservative leverage, where 65% or below is now a

new funding threshold for most life insurance companies. Banks also chase

such loans, given new regulations. 

More often than not, traditional lenders

avoid higher leverage (e.g. 75% or more) as the spread premiums of 50 to 300

basis points are viewed as too risky relating to principal repayment.

Private, unregulated mortgage funds pick up the slack by underwriting risk

with a variety of creative debt/equity options such as Preferred Equity and

Mezzanine debt.

Crossover Funding:  The distinction between fixed-rate and floating-rate

debt is blurrier, with fewer investors motivated to lock into lower rates

given the current economy.

Minimal risk is associated with floating-rate

debt, often priced within a 100 basis points of fixed-rate term loans. To

capture both ends of the structuring spectrum, lenders offering more

"crossover" funding options (e.g., fixed-to-float or vice versa).

Stretched Proceeds: 

As risk retention rules introduce more balance-sheet

exposure, lenders gain comfort with offering additional proceeds during the

loan term to help borrowers capture more profits, while still staying within

the initial underwriting guidelines. A win-win for both parties based upon

scalability of performance for "stretching" loan dollars.

Mr. John Oharenko of the Real Estate Capital Institute(r) states, "In

summary, rates are at generational lows, without any foreseeable prospect of

dramatic rate hikes.  More of the same for the remainder of the year... low

leverage dollars attract ridiculously favorable rates.”

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

Jeanne Peck, Executive Director

director@reci.com

www.reci.com

 

Marcus & Millichap Arranges $2.38 Million Sale of 33-Unit Lake Worth Apartment Portfolio in Lake Worth, FL

   

Daniel J. Cunningham

LAKE WORTH, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Lake Worth Portfolio, a 33-unit, three property apartment portfolio in Lake Worth, Fla. The portfolio sold for $2,385,000.

“Many buyers look to more affordable properties in Lake Worth because the submarket offers assets that can be repositioned to raise revenues. 

"Average cap rates here vary within the high-6 to mid-7 percent range. This was a great opportunity to acquire three well-maintained apartment buildings with historically high occupancy,” says Daniel J. Cunningham, a vice president investments in Marcus & Millichap’s Fort Lauderdale office. 

“We received interest from across the country and ultimately sold the property to a New York investor who was in a 1031 exchange.”

Cunningham as well as Evan Richardson, an associate, also in Marcus & Millichap’s Fort Lauderdale office, represented the seller and the buyer.

Evan Richardson

The properties are all located on 19th Avenue North between the main traffic arteries of Interstate 95 and North Dixie Highway with easy access to Florida’s beaches.

1242 19th Avenue North is a 16-unit apartment building with 14 one-bedroom/one-bathroom units and two two-bedroom/one-bathroom units.

1219 19th Avenue North is an 11-unit apartment building with eight one-bedroom/one-bathroom units and three two-bedroom/two-bathroom units. 1234 19th Avenue North is a six-unit apartment building with all one-bedroom/one-bathroom units.

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

   

Ryan Nee

Vice President / Regional Manager

 Fort Lauderdale, FL

(954) 245-3400

Lincoln Property Company Southeast Arranges $2.1 Million Acquisition of Office Building in Kennesaw, GA

 

Jeff Henson

ATLANTA, GA – Lincoln Property Company Southeast (Lincoln) has facilitated the $2.1 million purchase of 1945 Vaughn Road, a 27,300-square-foot office building located in Kennesaw, Georgia, just outside of metro Atlanta.

Jeff Henson of Lincoln represented the buyer, Cloud9Ortho, in the transaction, and Randy Hoye and  Enio Guerra Bull Realty represented the seller, AMLI Residential.

Built in 1994, the two-story office building  is located within a master-planned office park and is maintained with quality controls. 

The former corporate headquarters has been updated and outfitted with energy efficient features such as solar panels and motion lights.

Nearby amenities include the Noonday Creek Trail, Town Center Mall and easy access to interstates 75 and 575.

Randy Hoye

“There’s been a significant uptick in these small to mid-size owner/user sales during the last 12 months, largely due to a lack of inventory,” Henson said.

 “Demand for quality, well-constructed owner/user buildings is far outpacing supply right now, which is increasing the price per square foot. 

"Office sales in the first quarter totaled 46 transactions with a total volume of $677 million, compared with 25 transactions with a total volume of $560 million in the first quarter of 2015. 

"We believe office sales activity will continue to tick up for the remainder of the year.”

   

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

 Savannah Durban

The Wilbert Group

404-343-0870

sdurban@thewilbertgroup.com

Mortgage Bankers Association Reports Commercial/Multifamily Originations Remain Strong

Jamie Woodwell

WASHINGTON, DC -- According to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, second quarter 2016 commercial and multifamily mortgage loan originations were one percent higher than during the same period last year and 17 percent higher than the first quarter of 2016.

 “Borrowing and lending backed by commercial and multifamily properties remained strong during the second quarter,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research.  

“Low interest rates combined with strong commercial property market fundamentals to further support lending and to keep overall borrowing levels on pace with last year’s strong level.”

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

Ali Ahmad

aahmad@mba.org

(202) 557-2727

NAI Realvest Negotiates Lease Agreements with Orange County at Sunport Commerce Center, Shop Factory Direct at Crossroads Business Center in Winter Park, FL

 

George Livingston

ORLANDO, FL --- NAI Realvest recently negotiated two leases totaling 17,979 rentable square feet of flex space -- One at Sunport Commerce Center near Orlando International Airport and one at Crossroads Business Center in Winter Park. 

NAI Realvest Associates Drew Saphos CCIM and Chris Adams, and Chairman George Livingston represented the landlord, Miami-based Adler Realty Services, in a long-term lease renewal with Orange County, Florida at 8026 Sunport Drive, Suites 307–311.   The county was represented by Chris Sproles of CBRE.  

At the same time the Livingston team represented landlord Adler Realty in a new lease for 2,754 square feet in Suite 200 at Crossroads Business Center, 931 S. Semoran Blvd.  The new local tenant is Shop Factory Direct, Inc.

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

   

Sale of newly-built San Francisco Bay Area retail center closed by HFF

Alameda Landing Shopping Center, 2600-2700 Fifth Street, Alameda, CA

SAN FRANCISCO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of a Real Estate Investment Trust (REIT) that owns Alameda Landing, a newly-built, 165,777-square-foot, grocery-anchored shopping center in the San Francisco Bay Area community of Alameda, California.

HFF represented the seller, Catellus.  AFL-CIO Building Investment Trust, for which PNC Bank is trustee and PNC Realty Investors, Inc. is investment advisor, purchased the REIT free and clear of existing debt but subject to certain preferred stock holders.      

Nicholas Bicardo

Situated on almost 80 acres at 2600-2700 Fifth Street, Alameda Landing is located on Alameda Island, an affluent community in the heart of the San Francisco Bay Area. 

The center is accessible from Interstates 80, 580, 880 and 980 and adjacent to the Webster Street Tube, which is less than a quarter of a mile away from the subject property.

 Alameda Landing is 86 percent leased to national and regional tenants, including grocery-anchor Safeway, Michaels, Orange Theory Fitness, Chipotle, AAA Insurance and Bank of America.  Alameda Landing is also shadow-anchored by Target.

The HFF retail investment sales team representing the seller was led by managing director Nicholas Bicardo.

“Alameda Landing is one of the highest-quality, newly-built grocery-anchored retail centers in the Bay Area,” Bicardo said.  “Deals of this scale and quality rarely come available in the San Francisco Bay Area.  This will be a trophy in the buyer’s portfolio for generations to come.”

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.catellus.com

HFF closes sale of first parcel within St. Albans at Midtown in Raleigh, NC

  

1100 St. Albans Drive, Raleigh, NC

 CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $3.8 million sale of a 3.39-acre parcel within the larger 51.32-acre St. Albans at Midtown development site near North Hills in Raleigh, North Carolina.

HFF marketed the site on behalf of the sellers:  Wells Fargo Bank, acting as Trustee for a local family; and Henry Sink and Richard Williams, acting as Co-Trustees for another local family. 

Coastal Federal Credit Union, which operates its headquarters on the adjacent parcel, purchased the site free and clear of debt.  Jake Jones at Avison Young represented Coastal Federal Credit Union.

Justin Good

The St. Albans at Midtown development site is situated less than one half of a mile from the terminus of North Hills, a growing area of Midtown Raleigh that has more than one million square feet of lifestyle amenities and nearly 1.1 million square feet of office space either completed or underway. 

With North Hills approaching build-out, the St. Albans at Midtown development site provides an opportunity to extend the North Hills area, often considered Raleigh’s second central business district. 

The site at 1100 St. Albans has immediate access to Interstate 440 and to Wake Forest Road, which links the property to Duke Raleigh Hospital, executive housing in North Raleigh, and the tech hub of Downtown Raleigh.

The HFF investment sales team representing the seller was led by managing director Justin Good and director Allan Lynch.

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 closes $35 million sale of 2-building industrial portfolio in Durham, NC

Tech Distribution Center, 2012 T.W. Alexander Drive, Durham, NC

CHARLOTTE, NC – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $35 million sale of a two-building, 100-percent-leased, Class A industrial portfolio totaling 448,385 square feet in Durham, North Carolina. 

HFF marketed the property on behalf of the seller, Stoltz Real Estate Partners.  Principal Real Estate Investors purchased the portfolio.

Chris Norvell

The portfolio comprises Tech Distribution Center and Tri-Center North V.  The 245,000-square-foot Tech Distribution Center is located at 2012 T.W. Alexander Drive and features a two-story glass entrance along with 30’ clear heights, 50’ by 50’ column spacing, 180’ deep truck courts and 24 dock-high doors. 

Completed in 2001, the facility has approximately 28,000 square feet of office area (11.4 percent of the building). 

Located at 3500 Tri-Center Boulevard, the 203,385-square-foot Tri-Center North V is situated on 20 acres within Research Tri-Center, a 130-acre master-planned industrial park. 

Originally constructed as a built-to-suit for IBM, the facility has both a 185’ deep truck court and a 120’-130’ truck court, providing a significant opportunity for on-site trailer storage in addition to almost 20,000 square feet of office space (9.7 percent of the building). 

The HFF investment sales team representing the seller was led by senior managing director Chris Norvell.

”We continue to see strong demand for industrial investment opportunities throughout the Carolinas,” Norvell said.  “The Raleigh-Durham market is particularly strong in that there are significant barriers to entry for development, particularly in the RTP/I-40 corridor submarket where total occupancy is hovering around 100 percent.  It’s an excellent long-term investment.”

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.stoltzusa.com