BLT Enterprises Launches Ground-Up Development of 500-Unit Multifamily Community in Supply-Constrained Napa, CA

Rob Solomon

NAPA, CA (Aug. 26, 2016) –  BLT Enterprises, a multi-faceted real estate investment company, has announced the planned development of Phase I of Vista Tulocay, a 500-unit multifamily community that will fill a deep void in the Napa, California housing market, according to Rob Solomon, Chief Development and Legal Officer for BLT Enterprises.

“Napa is in dire need of new housing options,” says Solomon “The city attracts more than 1,000 new residents each year, while only 200 building permits are approved annually. 

“Based on the growing need for quality housing in the region, we were able to demonstrate the strength of our planned project, as well as the benefits this development will deliver to the City of Napa.”

Vista Tulocay will be situated on a currently vacant 20-acre parcel adjacent to the Napa River and within biking distance to Napa’s vibrant downtown core. The development will occur in two phases: 

 Phase I, which was recently approved by the Napa City Council, will include 282 apartment units on approximately 12.5 acres. BLT Enterprises plans to begin development on this phase immediately.

Rendering of Planned Phase I, Vista Tulocay Residential Development, Napa, CA

Phase II, which is currently being designed and will be presented to the City for approval in the near future, is planned to include between 98 and 218 additional residential units on eight-acres.

            “The entitlement of Phase I is a tremendous milestone that marks the culmination of many years of collaboration between our firm, the Gasser Foundation and the City of Napa,” explains Shawn Guttersen, a Partner at BLT Enterprises who was integral in securing the entitlements for the project. 

“This is a historically strong market that has recently been defined by high rents and extremely low, sub-2 percent vacancy rates,” Guttersen explains.  “Our planned development marks the largest influx of housing in the city in the past five years.

“We are truly committed to serving the housing needs of the Napa community as a whole, and we are eager to begin development of this exceptional project.”

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

IEC Acquires Value-Add Multifamily Asset in Silicon Valley, CA for $46 Million

  

555 Apartments, formerly Meritage Apartments, Milpitas, CA

Marshall Boyd

Los Altos, CA – Institutional fund manager Interstate Equities Corporation (IEC) has acquired a 137-unit, value-add multifamily property in Milpitas for $46 million.

The property, formerly called Meritage Apartments, will be rebranded to “555 Apartments.” The asset was acquired through IEC Institutional Fund III, L.P., a fully discretionary, $200 million commingled fund that closed earlier this year.

“Despite being net sellers, we have been actively acquiring assets that meet our investment criteria over the past few months, and this acquisition brings our total equity committed to roughly fifteen percent,” says Marshall Boyd, Co-President of IEC, who notes that this translates to an additional $600m of buying power in this fund which will be deployed over the next several years.

“While we continue to expand our multifamily portfolio, we are also taking a selective approach to new acquisitions,” says Boyd. “Our investment strategy is to target unrenovated or partially renovated apartment communities consisting of 20 to 400 units, located in coastal infill markets that are demonstrating steady growth and are resilient to economic pressures.

“By adhering to this thesis, we are able to deliver attractive returns to our limited partners.”

Boyd notes that Milpitas is a prime example of a market in Santa Clara County that is poised for economic growth, adding that technology sector job growth and a new BART station make this a fundamentally durable location for multifamily investments.

Julia Boyd Corso

“Milpitas is a dynamic submarket that is gaining ascendancy in the Bay Area,” explains Boyd. 

“Situated between the East Bay and Silicon Valley, Milpitas is uniquely positioned to cater to the increasing demand for quality housing near major tech employers in both regions.

“The rising employment growth in this market, coupled with the availability of mass transit options linking both Fremont and San Jose will drive resident demand for this asset.”

Julia Boyd Corso, Co-President of IEC, notes that the strength of the market and the asset’s value-add potential resulted in strong competition for this acquisition.

“There were a number of bidders for this asset,” explains Boyd Corso. “As the only discretionary capital, we were able to differentiate ourselves through surety of close. 

"In addition, our familiarity with this market and product type enabled us to emerge as the right buyer.”

Built in 1973, “555 Apartments” will undergo a series of capital improvements as part of IEC’s value-add investment strategy. 

“We can substantially increase rents through operational improvements, rebranding, and management efficiencies,” says Boyd Corso.  “By revitalizing the property, we are improving quality of life for current residents and delivering a product that will attract renters throughout the Bay Area.”

Salvatore Saglimbeni

Salvatore Saglimbeni, Stanford Jones, and Philip Saglimbeni of Institutional Property Advisors, as well as Carlos Azucena of Marcus and Millichap brokered the transaction. 

In addition to the Milpitas asset, IEC has acquired four value-add multifamily properties throughout Northern and Southern California through IEC Institutional Fund III, L.P., bringing the total number of units acquired for this fund to date to 240.

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

Katie Kea or Jenn Quader

 Brower, Miller & Cole

 (949) 955-7940

 KKea@browermillercole.com

www.interstateequities.com

HFF closes $24.5 million sale of retail building in Manhattan’s Upper East Side

  

123 East 86th Street, Upper East Side, Manhattan, NY

 NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $24.5 million sale of 123 East 86th Street, a 7,018-square-foot, single-tenant retail property triple net leased to Citibank in Manhattan’s Upper East Side neighborhood. 

HFF marketed the property on behalf of the seller, a partnership between Madison Capital and a global real estate investment management firm.  

The asset was purchased by a private investor for $24.5 million, representing $3,492 per total square foot.

Completed in 1927 and renovated in 1998, 123 East 86th Street is fully leased to Citibank on a triple-net-lease basis through 2022 at rents significantly below market. 

The building consists of three above-grade levels with an additional 2,234 square feet of lower-level space not included in the rentable square feet.  

Situated on a 3,021-square-foot lot between Lexington and Park Avenues, 123 East 86th Street is in the heart of Manhattan’s Upper East Side.

 The property is located in the 86th Street retail corridor, a prominent upper Manhattan area drawing urban retailers, including Whole Foods, H&M, SoulCycle and Sephora, and adjacent to the 86th Street subway station with its more than 20 million riders annually. 

Rob Rizzi

The HFF investment sales team representing the seller was led by managing directors Rob Rizzi and Jeff Julien, senior managing director Eric Anton and associate director Steven Rutman.  Elad Dror and Tony Park of PD Properties represented the buyer.

“We received a tremendous response from a wide range of private and institutional investors, highlighting New York City’s appeal for high-street properties, as well as the continuing demand for cash flowing retail,” Rizzi 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://mcapny.com.

Shopoff Realty Investments Acquires Unique Coastal Huntington Beach, CA Redevelopment Project

  

William Shopoff

 Huntington Beach, CA – Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced the company has acquired 28.6 acres of land in Huntington Beach, Calif. for redevelopment for $26.5 million. The site is currently home to a former oil storage tank farm and pumping facility.

The property is located at the intersection of Magnolia Street and Banning Avenue and is situated 400 yards from the entrance to the Huntington State Beach on Pacific Coast Highway.

Additionally, the property has coastal and ocean views across the Huntington Beach Channel and the beautifully restored Magnolia and Brookhurst Marshes of the Huntington Beach Wetlands Conservancy.

“We intend to employ our expertise and creative planning to transform this now former oil terminal consisting of three 500,000 barrel tanks (approximately 63 million gallons) into a thriving new mixed-use development featuring a visitor-serving resort and commercial and residential components,” said William Shopoff, chief executive officer of Shopoff Realty Investments.

“The land parcel is in a phenomenal location with close proximity to the Pacific Ocean. Redevelopment of a site like this is a challenge on many fronts, but creates incredible opportunities, making it an ideal project for our unique team of value-add experts.”

John Santry

“We intend to have the oil tanks removed and take additional efforts, if needed, to clean up the site, and provide a development that really enhances the local community,” added John Santry, executive vice president of Shopoff Realty Investments Land Division.“

We believe that the replacement of this large industrial facility with a beautifully designed mixed use development will better serve the community by providing improved aesthetics and services.”

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

Jill Swartz

Spotlight Marketing Communications

949.427.5172, ext. 701

jill@spotlightmarcom.com

Berger Commercial Realty Secures Fort Lauderdale Location for New York Law Firm's First Out-of-State Branch

Judy Dolan

FORT LAUDERDALE, FL  - Berger Commercial Realty Senior Vice President Judy Dolan recently represented Ultimate Fitness, LLC in subleasing 12,990 square-feet of office space to Gacovino, Lake & Associates, PC at Harbor Shops, located at 1815 Cordova Road in Fort Lauderdale.

The space previously served as the headquarters for Orangetheory Fitness, which purchased a new 77,000-square-foot facility in Boca Raton for $14 million. 

Gacovino Lake then leased an additional 4,667 square-feet at Harbor Shops, bringing its total space to 17,657 square-feet. Headquartered in Sayville, N.Y., Gacovino Lake has litigated 20,000 personal injury cases over the last 20 years. Serving clients across the United States, the firm will operate its location at Harbor Shops as its first out-of-state branch.

A 250,000-square-foot regional shopping center, Harbor Shops' tenants include national chains such as Publix, Total Wine, TJ Maxx, LA Fitness, Chase Bank, Massage Envy, Ross, and more.

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

Lincoln Property Co. TOBY Win in Arizona Sends Company to International Awards

  

Arizona Department of Environmental Quality (ADEQ) Building,
1110 West Washington Street, Central Phoenix, AZ

PHOENIX, AZ – For the second year in a row, Lincoln Property Company (LPC) Desert West has earned a regional “The Outstanding Building of the Year” (TOBY) award from the Building Owners and Managers Association (BOMA).

LPC earned the TOBY for its management of the the Arizona Department of Environmental Quality (ADEQ) Building, situated in Central Phoenix, just off of Interstate 10 in the heart of the State Capitol and fully occupied by ADEQ.

Megan Watkins

The TOBY awards are presented by BOMA and are the industry’s most prestigious honor for excellence in building quality and management.

The six-story Class A ADEQ office building is located at 1110 W. Washington St. in Phoenix. It is certified LEED Silver and houses 12 state agencies. LPC has provided third-party management services for the project since 2009.

“This building has a great history with LPC,” said said Lincoln Property Company’s Executive Vice President David Krumwiede. “Several of us were involved with the original development and management of the building, when it was delivered in 2002.

“Other team members have been actively managing the building for many years. We value this long-standing relationship and appreciate the trust that ADEQ continues to place in us to keep their property at optimal quality and efficiency.“

In addition to managing projects in its ownership portfolio, LPC Desert West also provides award-winning third party property management services. Across the Desert West region, this includes more 6 million square feet of office, industrial and retail space.

“Our mantra is that we manage like owners because we are owners, and that truly is the case,” said Lincoln Property Company’s Associate Director of Management Services Megan Watkins.

David Krumwiede

At the ADEQ building, LPC maintains open lines of communication with tenants and monitors its progress through regular surveys, the most recent of which earned a 100 percent tenant satisfaction rate. 

LPC also works with ADEQ to give back to the community through local events and hiring practices, such as through the Southwest Autism Research and Resource Center.

Amenities at the ADEQ building include a two-story atrium, grand staircase and on-site café. Low-water desert landscaping uses only reclaimed water from the building cooling towers.

 Interiors are designed to maximize indirect lighting, with motion sensor controls and automatic dimmers on all lights within 15 feet of exterior windows. Also included are automatic low water flush valves and touch-free bathrooms.

To discuss property management opportunities with Lincoln Property Company in the Desert West region, please call David Krumwiede, John Orsak or Megan Watkins at (602) 912-8888.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

World-Famous Floral Designer Karen Tran To Host Master Floral Class at Anantara Layan Phuket Resort in Thailand

Karen Tran

PHUKET,  THAILAND -- Renowned across the globe for her dazzling wedding and event displays, florist designer Karen Tran is bringing her high-end Master Floral Class to the glamorous Anantara Layan Phuket Resort in Thailand from 21–23 November 2016.

An internationally recognised florist and event designer, Karen Tran is a trendsetter for exquisite and elaborate floral arrangements. Her fabulous creations have been showcased in magazines worldwide and secured her a fast-growing social media following.

With more than 20 years’ experience in the luxury event industry, Karen shares the vivid passion and extraordinary expertise of her glitzy success in exclusive Master Floral Classes.

Wedding Chapel Designed by Karen Tran

Combining trendsetting artistry with a glamorous beach getaway, Karen Tran is bringing her famous Master Floral Class to Anantara Layan Phuket Resort, co-sponsored by the Iamflower Phuket florist and Luxury Events Phuket.

Master Class attendees are offered special rates in a choice of luxury rooms, suites and pool villas for their stay at Anantara Layan Phuket Resort.

Surrounded by national park forest and opening onto Layan Bay along Phuket’s sunset coast, the resort is conveniently located just 20-minutes from Phuket International Airport. One of Phuket’s most sensational resorts, the tropical island hideaway offers journeys of pure indulgence to enjoy outside of the floral workshop.

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

Hwee Peng Yeo

Vice President, Asia Markets

Glodow Nead Communications

San Francisco • New York • Singapore • Shanghai

Level 21, Centennial Tower, 3 Temasek Avenue • Singapore 039190

Level 15, One Corporate Avenue, 222 Hubin Road, Shanghai China, 200021

1700 Montgomery Street, Suite 203 • San Francisco, CA • 94111

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

www.GlodowNead.com

 杨慧萍

副总裁

博德纳公关咨询公司

Centennial Tower 21层，Temasek Avenue 3号， 新加坡邮区039190

上海湖滨路222号企业天地一号15层，中国邮编20021

E: hweepeng@glodownead.com

www.GlodowNead.com

Winter & Co. Closes $63.5 Million Mortgage on 600,000-SF Property in Van Ness Neighborhood of Washington, DC

Rendering of Office Complex, Connecticut Avenue, Van Ness Neighborhood, Washington, DC

NEW YORK, NY -- Winter & Company has arranged and closed a $63,500,000, interest-only leasehold mortgage for a unique, 600,000+ square foot asset, originally designed and built for a single, high-tech corporation, which is located on Connecticut Avenue in the Van Ness neighborhood of Washington, D.C.

Rendering of Park-Like Office Complex, Connecticut Avenue, Van Ness Neighborhood, Washington, DC

The new loan, which is subject to a long-term ground lease on the 7.8 acre park-like property, closed in August 2016, and includes a substantial interest and carry reserve as well as reserves to fund TI and LC.

The owner and developer is a pre-eminent U.S. firm specializing in re-imagining, re-developing and re-leasing very large office properties ranging from hundreds of thousands to millions of square feet across the country. Over the past 15 years they have become one of America’s leading private real estate acquisition, ownership, development and management firms.

Gregg Winter

The loan, which refinanced an existing acquisition loan, was structured with limited, top-loss recourse, which will sunset once the anticipated sale of a portion of the site closes.

Winter & Company is a Manhattan-based, commercial mortgage advisory firm that specializes in arranging development and construction financing as well as financing for multifamily, and mixed-use properties since 1989.

Its affiliate, W Financial Fund, LP is a direct private bridge lender providing short-term, special situation financing primarily for NYC multifamily and mixed-use properties since 2003.

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

Gregg Winter - President

Winter & Company

Creative Minds | Unparalleled Service ®

149 Madison Avenue, Seventh floor

New York, NY 10016

Phone: 212 532-9170

Email: gregg@winterandcompany.com

http://www.winterandcompany.com

New Wyndham Garden Prototype Emphasizes Ease and Efficiencies

Kate Ashton

PARSIPPANY, NJ – The upper-midscale Wyndham Garden® brand is shedding light on its first global hotel prototype, designed to make travel easier and more carefree while delivering greater returns for hotel owners through operating efficiencies.

The new offering surpasses the segment, creating an upscale experience by incorporating modern architecture, functional design and an all-day inclusive culinary concept.

  

“With nearly half of our hotels located near airports and in city centers, we understand the need to escape the hustle and bustle that comes along with flying into Newark or doing business in downtown Shanghai,” said Kate Ashton, brand senior vice president, Wyndham Garden.

“Travelers deserve respites along with amenities that provide added convenience and comfort. With this philosophy steering the brand in all that we do, we’ve developed a serene environment with purposeful design choices, a lens on the details and meaningful offerings to make our guests’ travels as easy and stress-free as possible.”

Nine prototypical hotels are already under development in markets like Winter Haven and Orlando, Fla; Edinburg, Texas; and South Bend, Ind. The first is expected to open in mid-2017 in Bridgeport, W.V.

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

Kathryn Zambito

Wyndham Hotel Group

22 Sylvan Way

Parsippany, NJ  07054

(973) 753-6590

kathryn.zambito@wyn.com

Cushman & Wakefield Reports Finds Demand for Florida Office Space Spurring Statewide Rent Growth

Larry Richey

ORLANDO, FL – Cushman & Wakefield announced the release of its Mid-Year 2016 Florida Statewide Rental Report (FLRR). 

This report highlights current office asking rates in major markets across the state and compares them to rates documented at the height of the last real estate cycle (2008–09).

Key findings in the Mid-Year 2016 FLRR include:

The latest jobs report shows that Florida added 244,500 new jobs over the past year, an increase of 3.0 percent. Office-using employment increased by more than 60,000 jobs, driving demand for office space.

Statewide, full-service asking rental rates for Class A office space increased 6.6 percent over the past year to $32.27 with four of six markets posting rental gains of more than $2.00 per square foot (PSF) over the past four quarters.

       

Statewide, full-service asking rents for Class A space have surpassed rent peaks from the last cycle.

Since the end of 2009, Florida’s Class A office market has seen 11.3 million square feet of available space absorbed by new and existing tenants, representing a 6.8 percentage point drop in the direct vacancy rate through the first half of 2016.

Cushman & Wakefield continues to be bullish on the office market statewide,” said Larry Richey, Managing Principal and Florida Market Leader. “In the short term, rents jumped significantly on ever-tightening availability options.

“We are acutely challenged in several markets in providing space options for larger tenants, especially in Class A space in the CBDs. The shift in demographics to more urban, live-work-play environments and tenant demand should build confidence with developers and lenders for new construction.”

Chris Owen

Florida Research Manager Chris Owen believes the market will remain positive in 2016.

“Supply side constraints in most markets are pushing office market fundamentals close to the record highs from the previous decade,” Owen said. 

“Besides Miami and some smaller projects across the state, the bulk of new major office construction has been build-to-suits. The steady lease up of new construction in Miami indicates, that with the right project, space will be leased.”

The Florida Statewide Rental Report is intended to provide market intelligence for property owners, occupiers and prospects.

 The report documents the gross average asking rate for the market and a short-term indicator noting the year-over-year change in that rate. 

Historical market performance is depicted by a clear and concise up or down indicator. This indicator shows rental rate growth as a percentage as well as the highest asking rent achieved in each market during the last real estate cycle.

Rates are full-service and based on Class A properties. The index gives a macro view of the overall markets and how they compare. It also provides a statewide rental figure and its fluctuation over the past 12 months.

  

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

David A. Meyer

Owner

Meyer Media 

+ 1 407 489 7488

david@meyer.media

www.cushmanwakefield.com

@CushWake on Twitter

WoodSpring Suites Plans New Franchised Location in the Detroit MSA

Ron Burgett

Detroit, MI,  Aug. 22, 2016 - WoodSpring Hotels, the nation’s fast growing extended stay hotel brand has partnered with M2B2, LLC to build a new prototype WoodSpring Suites hotel in Wixom, Michigan.

The property will be located between Grand River Avenue and Highway 96 near South Wixom Avenue. This new franchised location is the first of three that M2B2 plans to build in the region.

“When we first approached WoodSpring Hotels to explore building hotels in the Michigan area our intention was to build Value Place hotels,” said Mike Huszti, Managing Partner of M2B2. 

“ Our diverse development group with strong experience in property development were very impressed with the operational efficiencies and very healthy NOI of the brand. It was during our site location process that WoodSpring Hotels announced the new WoodSpring Suites prototype.

“It’s always important for us to not only select the right locations but we also carefully choose the right franchise partners. In M2B2, we are gaining an excellent partner that meets both of these criteria. We’re excited to welcome another top quality development group to our franchises base,” said Ron Burgett, Executive Vice President of Franchise Development & Operations for WoodSpring Hotels.

“The upper midwest has proven to be an area of high guest demand for our brands and we have aggressive growth plans with both corporate and franchised properties in the region.”

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

CHRIS DALY

PRESIDENT

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-864-5553

chris@dalygray.com | www.dalygray.com

  www.WoodSpring.com.

Solid Rock Group Leads Acquisition of Two Hotels

Charlie Muller

                IRVING, TX,  Aug. 22, 2016—Officials of Solid Rock Group, an investment and advisory firm focused on the hospitality, healthcare and media sectors, today announced that it successfully led the acquisition, in separate transactions, of the 122-room Anza boutique hotel and the 128-room Courtyard Atlanta Airport West on behalf of a private investment group for an undisclosed sum.

 Solid Rock also has been retained to provide on-going advisory and asset management services for the two properties on behalf of ownership.  The deals were brokered by Eastdil Secured, LLC, and Hunter Hotel Advisors, respectively.   

“Our institutional investors, high net worth family offices and sovereign fund clients are seeking highly experienced advisors in this phase of the hotel real estate cycle,” said Charlie Muller, who recently joined Solid Rock as a principal and managing director of its Dallas office.

 “While the outlook for the hotel industry remains positive over the next few years, there are a number of unknowns, such as moderating RevPAR growth, BREXIT and the upcoming presidential election, that can impact investor sentiment of the industry.  Investors seek acquisition candidates that have strong upside, as well as the ability to withstand an economic downturn. 

“As a result, we have seen a significant uptick in the need for acquisition and asset management advisory services.

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

CHRIS DALY

PRESIDENT

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-864-5553

chris@dalygray.com | www.dalygray.com

Lincoln Hires Matt Fergus as Leasing Associate

Matt Fergus

ATLANTA, GA (Aug. 22, 2016) – Lincoln Property Company Southeast (Lincoln) has hired Matt Fergus as a leasing associate based in its Atlanta office.

Fergus joins Lincoln having recently received his bachelor’s degree in business administration with a concentration in real estate from the Terry College of Business at the University of Georgia.

In 2015, Fergus interned as a research associate with Cushman & Wakefield Inc. After successfully completing a six-month internship with Lincoln earlier this year, Fergus has joined the office leasing team, which is headed by senior vice presidents Michael Howell and Hunter Henritze.

In his new position, Fergus will assist in third-party leasing assignments for institutional and private owners, as well as head up lead generation efforts for the team.

“As we grow our leasing team we are continually looking for the next generation of talent and youthful energy to strengthen our platform,” Howell said.

“Matt has demonstrated the skills, talent and aggression that make him an excellent addition to our group,” Henritze added.

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

Savannah Durban

The Wilbert Group

404-343-0870

sdurban@thewilbertgroup.com

HFF secures $97 million refinancing for Sequoia Plaza in Arlington, VA

Sequoia Plaza, t 2100, 2110 and 2120 Washington Boulevard, Arlington, VA

 

Cary Abod

WASHINGTON, DC – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured a $97 million refinancing for Sequoia Plaza, a three building, Class A office complex totaling 369,215 square feet in Arlington, Virginia.

Working on behalf of Foulger Pratt, HFF placed the three-year, floating-rate loan with Aareal Capital Corporation.  Loan proceeds were used to retire existing financing and fund leasing costs.

Sequoia Plaza is located at 2100, 2110 and 2120 Washington Boulevard directly across the Potomac River from Washington, D.C. 

Situated on a 5.8-acre site at the confluence of Washington Boulevard and Route 50, Sequoia Plaza is approximately two miles from the Pentagon and five miles from Ronald Reagan National Airport in Northern Virginia. 

The 83-percent-leased property is anchored by AAA credit rated Arlington County, which leases more than 76 percent of the space and operates its School Board and Department of Human Services departments on site.

The HFF debt placement team representing the borrower was led by managing director Cary Abod and associate director Robert Carey.

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

Kristen Murphy

Director, Marketing

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

tel 617.848.1572 | fax 617.338.2150 | www.hfflp.com

krmurphy@hfflp.com

HFF arranges $19.2 million equity and financing for two-property self storage portfolio in Pennsylvania

                           

Penns Trail Self Storage, 104 Penns Trail, Newtown, PA

PHILADELPHIA, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged financing and joint venture equity totaling $19.2 million for a two-property self storage portfolio totaling 1,106 units in Pennsylvania and closed the $11.65 million sale of one of the properties.

Barbara Guffey

HFF arranged the $5 million joint venture equity partnership between Self Storage Capital Partners and a private equity firm and, on behalf of the partnership, placed the $14.2 million, fixed-rate acquisition financing with a CMBS lender for Penns Trail Self Storage and Lanco Mini Storage Center.

Richard Schontz

 Additionally, working on behalf of the seller, JEB Group, LLC (d/b/a) All-Time Self Storage, HFF closed the sale of Penns Trail Self Storage.  Self Storage Capital Partners purchased the asset free and clear of existing debt.

Penns Trail Self Storage is a Class A, multi-story facility built in 2010.  The stabilized, 495-unit property was more than 95 percent occupied at the time of sale.

 Located at 104 Penns Trail in the eastern part of the Philadelphia suburb of Newtown, Penns Trail Self Storage is situated in an affluent area with more than 127,000 residents with a household income averaging more than $130,000 annually living within a five-mile radius of the property.  The facility has easy access to Interstate 95.

Completed in 2006, the 611-unit Lanco Mini Storage Center is 88 percent leased.  The property is located at 1813 Old Philadelphia Pike (Route 340) in Lancaster, a central Pennsylvania suburb near Harrisburg. 

Situated within a large population center of more than 150,000 residents living within a five-mile radius, Lanco Mini Storage Center has visibility from an average of 15,970 vehicles per day along Route 340 and is just off U.S. 30, which has direct access into Harrisburg.

The HFF team was led by managing director Richard Schontz as well as managing directors James Conley and Scott Aiese, director Barbara Guffey and associate director Matthew Weckesser.

James Conley

”The purchase of Penns Trail Self Storage represents a suburban Philadelphia record-setting price per square foot of $234,” Schontz said. 

“Pricing on this transaction was driven by limited supply, historically strong sector performance and the execution on the sale, debt and equity placement by the HFF team.”

“The financing market for this transaction was very competitive, yielding 12 quotes from an array of financing sources,” Conley added.  “The strong lender interest for this assignment helped drive maximum leverage, I/O and pricing for the borrower.”

  

“We are pleased to acquire these high-quality assets in what was a very smooth transaction,” said Matt Lang, Head of Operations for Self Storage Capital Partners.  “We look forward to continuing to work with the HFF team as we execute our aggressive growth plan.”

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

Kristen Murphy

Director, Marketing

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

tel 617.848.1572 | fax 617.338.2150 | www.hfflp.com

krmurphy@hfflp.com

https://www.alltimeselfstorage.com

http://www.selfstoragecp.com