Hanley Investment Group and Lee & Associates Sell Single-Tenant Sonic Drive-In at Record-Breaking Cap Rate Nationwide in $2.6 Million Transaction

Bill Asher

 CORONA DEL MAR, CA – Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, in conjunction with Lee & Associates, announced today that the two firms completed the sale of a single-tenant Sonic Drive-in located at 9505 Magnolia Avenue in Riverside, Calif.

The sale price of $2,555,000 represented a cap rate of 4.70%, a record low for a single-tenant Sonic Drive-In restaurant nationwide.

Hanley Investment Group Executive Vice President Bill Asher, along with Lee & Associates Senior Vice Presidents Jon Friesen and Jeff Stanley, represented the seller, Evergreen – Magnolia & Van Buren NWC, L.L.C. (an entity of Evergreen Devco, Inc. in Glendale, Calif). 

The buyer, a private investor from Los Angeles, was represented by Paul Bahk of Realtex Properties, Inc. in Los Angeles.

Laura Ortiz

Built in 2015, the 3,275-square-foot Sonic Drive-in is situated on a .50-acre parcel at the signalized intersection  of Magnolia Avenue and Van Buren Avenue, one of the highest trafficked intersections in Riverside with average daily traffic counts of 75,000 cars per day. 

Additionally, the building was the winner of the Beautification Award for 2015 by the city of Riverside. 

“The investment featured an outstanding combination of characteristics that led to a record sales price,” said Asher. 

“It was leased to the largest Sonic franchisee in southern California, boasted a new long-term absolute triple-net lease with rental increases every five years and was in an ‘A+’ location in Riverside – a market with over 255,000 people within a five-mile radius.”

“Since opening in November 2015, this particular Sonic Drive-in location was trending to be one of the top performing Sonics in the chain for the franchisee and a top performer nationwide,” said Friesen. “It was an attractive selling point that played a role in obtaining a record low cap rate sale.”

Jon Friesen

According to Asher, “Investor demand for a high performing, well-located single-tenant triple-net leased property is still very strong in today’s market. 

"Buyers continue to pay premiums for these types of properties seeking long-term cash flow, with relatively low risk and little to no maintenance. 

"As investors continue to look for security, we expect that the demand for high quality retail assets will remain strong through 2016.”

Evergreen was founded in Phoenix in 1974 and is a fully-diversified retail and multi-family development company.  Managing partners Bruce Pomeroy, Andrew Skipper and Laura Ortiz oversee the company, which has earned a reputation as an industry leader by delivering high-quality real estate developments.

 Evergreen works throughout the nation, and has offices in Arizona, California and Colorado. The Evergreen team is committed to partnership, value and creative problem-solving, making it one of the most respected real estate companies in the West.

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

Anne Monaghan

MONAGHAN COMMUNICATIONS, INC.

anne@MonaghanPR.com

830.997.0963

www.hanleyinvestment.com

www.evgre.com.

Two NAIOP SoCal Members Named Among National 2016 Developing Leaders

  

 

Brad Schmitt

 Tustin, CA (Sept. 13, 2016) -- This year NAIOP, the Commercial Real Estate Development Association,  selected 21 exceptional young real estate professionals to receive its 2016 Developing Leaders Award. 

For 2016, two NAIOP SoCal members were named. They are Taylor Arnett, acquisitions manager, CapRock Partners, and Brad Schmitt, associate director, Savills Studley.

The annual award honors up-and-coming professionals under the age of 35 for their exemplary professional accomplishments, strong leadership and community involvement.

“Both Taylor and Brad have consistently demonstrated remarkable leadership for our chapter and an ongoing commitment to building our Young Professionals Group. 

"We are honored that they have been recognized at a national level. It also further demonstrates the strength of our industry here in Southern California,” said Kevin Jennings, market executive-Southern California, Bank of America Merrill Lynch and 2016 NAIOP SoCal President.

Taylor Arnett

“The NAIOP Developing Leader Award is an honor, particularly because of the caliber of Developing Leaders that are members of NAIOP nationally. 

" I personally know some of the past Southern California winners of this award and feel privileged to follow in their footsteps.  I will continue to seek leadership positions in NAIOP as the network and educational opportunities are the best in the business,” Arnett shared.

As acquisitions manager with CapRock Partners, Arnett works to further expand CapRock Partners’ deal pipeline to accommodate the increased deployment of capital within the firm’s existing and new investment funds. 

His experience includes roles with AMC Investments, The Koll Company, and Frazier Capital Valuation. He is a member of the 2008-2009 NAIOP SoCal Young Professionals Group (YPG) class and remains actively involved in the program currently serving as president of the YPG Alumni Committee.

  

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

www.naiopsocal.org.

Waterton Appoints Mark Jeffery as General Manager of Sheraton Needham Hotel in Suburban Boston

  

Mark Jeffery

BOSTON, MA,  Sept. 12, 2016 – Waterton, a U.S. real estate investor and operator, today announced it has appointed Mark Jeffery as general manager of the Sheraton Needham Hotel in Needham, Mass. 

A 30-year veteran of the hospitality industry, Jeffery will be responsible for overall operations of the 247-key hotel, leading a team of 110 on-site associates.

"Mark’s extensive experience both in the U.S. and overseas made him uniquely qualified to lead the team at the Sheraton Needham,” said Patrick Hansen, senior vice president of hospitality operations at Waterton. 

“Over the years, Mark has done it all, from spearheading the launch of new hotels to finding creative ways to further increase the visibility, and profitability, of existing properties that find themselves in a constant state of reinvention in today’s highly competitive market.”

Jeffery most recently spent five years as general manager of the Boston Newton Marriott, repositioning the property through effective management practices and a strategic budget and capital plan that boosted all major financial performance metrics.

 He previously served as general manager of the Renaissance Boston at Patriot Place Hotel & Spa, leading the award-winning opening of the hotel in 2009. Prior to that, he held various positions with Marriott International Inc., one of which included auditing hotels in the United Kingdom, dating back to 1999. 

As senior director of operations for Marriott’s Eastern region, his most recent role with the company, he oversaw a portfolio of 43 hotels located between Pennsylvania and Maine, achieving the highest-ever guest satisfaction rating for the area.

For more information, call (781) 444-1110 or visit www.sheratonneedham.com.

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

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

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

www.waterton.com.

NAI Realvest negotiates Three leases totaling 36,630 square feet at Airport Commerce Center off Orange Avenue. and McCoy Road in Orlando, FL

 

Patty Nolff

ORLANDO, FL – NAI Realvest recently negotiated three lease agreements for a total of 36,630 rentable square feet of industrial space representing the landlord Ohio-based Parkline Properties, LLC at Airport Commerce Center, 8350 Parkline Blvd. off Orange Ave. and McCoy Road in South Orlando. 

Michael Heidrich, a principal at NAI Realvest and Associate Patty Nolff, negotiated a lease for 12,000 square feet for Xponet, an internet service provider.   The new tenant was represented by Wilson McDowell of Cite Partners.      

Heidrich negotiated an expansion and renewal agreement with 1st Class Moving Storage Inc. who relocated from Units 16 and 17 with 8,160 square feet, into Units 18, 19 and 20 with 12,320 square feet. 

  In addition, National Certified Testing Laboratories, Inc. renewed their lease of 12,310 square feet. Andrei Savitski of Coughlin Commercial represented the tenant.

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

Larry Vershel or Beth Payan, Larry Vershel Communications (407) 644-4142, lvershelco@aol.com

Berkadia Negotiates Multi Million Dollar Portfolio Transaction with Acquisition of 11 Apartment Communities in Four States

David Oakley

BIRMINGHAM, AL --- Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the sale of the 2,826-unit Star Portfolio consisting of 11 separate apartment communities with an average age of 29 years located in four states – Maryland, Pennsylvania, North Carolina and South Carolina.  The purchase price for these assets was $316 million.  

Berkadia’s Senior Managing Directors David Oakley and Scott Melnick negotiated the transaction on behalf of the buyer, Morgan Properties JV an affiliate of Morgan Properties, one of the nation’s largest multi-family owners.   Deutsche Bank represented the seller.  

The Star Portfolio includes two apartment communities in Raleigh, N.C., one each in Lexington and Rock Hill, S.C., one in York Pennsylvania; and six in suburban areas of Maryland. 

All of the properties are located in very desirable, high-barrier submarkets in close proximity to major development hubs and public transit.  

Scott Melnick

The Star Portfolio properties include suburban Maryland apartment communities of Silver Spring Station, Westerlee, The Willows, St. Mary’s, Taylor Park and Willowood; in Pennsylvania, The Geens at Westgate; in South Carolina, The Waterway and Forest Oaks; and in Raleigh, N.C., Falls Creek and Heather Park.

Buyer Morgan Properties will execute an extensive, multimillion dollar value-add repositioning plan in aggregate to enhance the value of each property, and their renovation strategy will include premium kitchen and bath renovations and top-of-the-line amenity upgrades.

Berkadia is one of the nation’s largest and most active multifamily investment banking and research companies.

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

Larry Vershel or Beth Payan, Larry Vershel Communications (407) 644-4142, lvershelco@aol.com

Bijou Bay Harbor Weekly Farmer’s Market—Now In Business on Bay Harbor Islands, FL

  

 

Liza Hernandez

 BAY HARBOR ISLANDS, FL  (Sept. 12, 2016) – Bijou Bay Harbor, a boutique-style waterfront condominium, has launched its weekly Farmer’s Market which will take place every Sunday from 11 a.m. to 4 p.m. at the development’s garden-like sales center.

The grand opening of the Farmer’s Market was a huge success with a myriad of food options, great music and picturesque waterfront backdrop.

More than 70 people came out for the grand opening including members of the Bay Harbor Islands Town Council and Hon. Linda Zilber, the former mayor of Bay Harbor Islands.

 Many people took advantage of the walkability of the community to enjoy an afternoon of sunshine. Other guests arrived by boat or on paddleboards and kayaks using Bijou Bay Harbor’s bay access. 

“Opening up a farmer’s market was a great opportunity for guests to mingle with their neighbors and for potential buyers to see what type of community they’d be living in,” said Liza Hernandez, Bijou Bay Harbor’s director of sales.

“There is a need for this in the area for people who like to walk or cycle around their neighborhood on the weekends. 

"We thought Bijou Bay Harbor would be the perfect place for the community to enjoy the water and delicious food from local businesses.”

Adriana Hoyos

Bijou Bay Harbor is located at 9521 E. Bay Harbor Drive, Bay Harbor Islands, FL 33154. For sales information, visit www.bijoubayharbor.com or contact Director of Sales Liza Hernandez at (305) 864-2220 or Liza@bijoubayharbor.com.

 Bijou Bay Harbor is a boutique condominium project in the fashionable Bay Harbor Islands and will feature private residences ranging from 900 to just over 2,000 square feet.

Boasting nine stories and 41 private residences, the waterfront retreat was designed by architects Luis Revuelta and Charles H. Benson, with interior designs by renowned designer Adriana Hoyos.

Bijou Bay Harbor is the first South Florida development project from Ability by Acierto. The venture is a partnership between Conexo Inmobiliario, led by Andres Arias, and Acierto Inmobiliario, Colombia’s second largest developer.

Headed by Juan Carlos Gonzalez, Acierto Inmobiliario has developed dozens of premier residential and commercial projects and millions of square feet of space across Colombia.

Two marquee Medellín developments include Access Point, an exclusive four-tower office project, and Milla De Oro, an exclusive mixed-use project with offices, retailers and restaurants featuring the first Starbucks and Krispy Kreme in Medellín.

  

Linda Zilber

Participating vendors brought fresh produce, acai bowls, local honey, orchids and plants, Indian food, fresh-made ceviche, fresh-baked goods, handmade soaps, artisanal made-to-order brick oven pizza, olive oils and more.

  

With 60 percent of its available units sold, construction of the luxurious Bay Harbor Islands condominium is expected to start later this year. At that point, the Weekly Farmer’s Market will move to a different location, still in Bay Harbor Islands.

Bijou Bay Harbor, which is being developed by Ability by Acierto, will feature 41 private residences, including five penthouses with open and light layouts. Floorplans range from 900 to just over 2,000 square feet. Prices begin in mid-$600,000s and rise to $2 million for the penthouses.

  

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

Ashley Fierman/ Sandra Reichman, BoardroomPR

afierman@boardroompr.com/sreichman@boardroompr.com

(954) 370-8999

 www.bijoubayharbor.com

RAF Pacifica Group Acquires Class A Carlsbad Asset While Securing 12-Year Full-Building Lease in One Weekend

  

Carlsbad Research Center, 1812 Aston Avenue, Carlsbad, CA

 

Adam Robinson

SAN DIEGO, CA  (Sept. 12, 2016) – RAF Pacifica Group had a busy weekend.  The owner and developer of Creative Industrial™ product throughout Southern California acquired a 65,310 square-foot Class A corporate headquarters building in the Carlsbad Research Center and simultaneously secured a 12-year lease for 100 percent of the property - all in one weekend.

            “This acquisition is a testament to our ability to move extremely quickly while making deals that make sense,” says Adam Robinson, Principal of RAF Pacifica Group.

“Our brokers, Aric Starck and Dennis Visser of Cushman & Wakefield, brought us this opportunity with their tenant Ostendo Technologies because of our track record of being able to move quickly.

“Our team worked closely with the Cushman brokers, and together we were able to execute a 12-year lease with Ostendo Technologies, complete due diligence, and fund a non-refundable deposit within two days.  This has to be a record.”

The seller, Blackmore Company, a Carlsbad-based commercial real estate developer of industrial, R&D, and office properties, was represented by Roger Carlson and Adam Molnar of CBRE. in the $10 million deal.

Lori Wendel

 James Ruiz and Lori Wendel  of Keystone Mortgage arranged acquisition financing for the transaction.

The property is located at 1812 Aston Avenue in Carlsbad, California, near the I-5 at College Blvd. and Palomar Airport Road.

The asset, a high-quality office and R&D property, encompasses 23,908 square feet of  office space and 41,402 square feet of warehouse space in the Carlsbad Research Center. 

The tenant that will occupy the building is Ostendo Technologies, a San Diego-based manufacturing company.

            “We are bullish on Carlsbad because of the tremendous growth in the tech and biotech industries,” explains Robinson. “Recognized by Google as the digital capital of California, Carlsbad boasts one of the largest and fastest-growing tech clusters in the nation, and is truly the epicenter of technological innovation. 

"This asset serves as the perfect corporate headquarters building for a tech company, and is designed with a mix of office and industrial space to accommodate a variety of business operations.”

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

Katie Kea / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

kkea@browermillercole.com

Wyndham Hotel Group Appoints Philippe Bijaoui to Lead Development Across Europe, Middle East, Eurasia and Africa

Philippe Bijaoui

LONDON, UK (Sept. 12, 2016) –Wyndham Hotel Group, the world’s largest hotel company with nearly 8,000 hotels across a portfolio of 16 iconic brands, today announced the appointment of Philippe Bijaoui to the role of Chief Development Officer for Europe, Middle East, Eurasia and Africa (EMEA).

In this role Bijaoui will oversee the Company’s rapid expansion across the region, introducing additional brands to established markets and building on the 73 countries where Wyndham Hotel Group hotels can already be found.

Bijaoui has more than 20 years of hotel real estate and development experience in markets across EMEA and most recently served as Vice President Development Europe for InterContinental Hotel Group, where he defined and implemented the development strategy for the region.

He has also previously held senior development roles with Rezidor, Club Med, HVS International, City Hotels S.A. and Groupe Immobilière Hôtelière. Bijaoui has a Master of Business Administration with a focus on hotel and catering management from I.M.H.I. Cornell, and speaks multiple European languages.

 “Philippe has a stellar reputation in the EMEA development community, and I am confident he is the best person to lead our aggressive expansion plans for the region,” said Daniel Ruff, President and Managing Director EMEA for Wyndham Hotel Group.

Daniel Ruff

“I am very much looking forward to accelerating Wyndham Hotel Group’s growth in EMEA. Destinations across the region are in need of an international standard of hotel accommodation for growing inbound and domestic visitor numbers, and Wyndham Hotel Group has only begun to tap the potential in these markets,” said Bijaoui.

This year Wyndham Hotel Group has reached important development milestones in EMEA, including introducing the Super 8 brand to Europe, opening the 50th hotel in Turkey, expanding into Greece with the Wyndham Grand Athens and announcing new hotels in emergent destinations such as Oman, Iraq and Ethiopia.

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

Haley Borisoff

Director, PR & Communications

Wyndham Hotel Group

+44 (0) 7940 168774.

haley.borisoff@wyn.com

www.wyndhamworldwide.com

HFF secures $26.9 million financing for Brooklyn, NY office acquisition and conversion

Industrial Complex, 314 Scholes Street, Williamsburg Neighborhood, Brooklyn, NY

 

Christopher Peck

NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $26.9 million in acquisition and construction financing for 314 Scholes Street, a three-building continuous industrial complex totaling 97,475 square feet that is being converted into creative office space in Brooklyn’s Williamsburg neighborhood.

HFF worked on behalf of the borrower, The Hudson Companies (Hudson), to arrange the five-year, floating-rate loan through M&T Bank. 

Loan proceeds were used to acquire the property and will fund the repositioning of the asset into a Class A creative office and retail property designed by S9 Architects in order to capitalize on the growing demand for office in Williamsburg’s live-work-play environment. 

The two one-story buildings and one three-story building are interconnected and currently used as warehouse space.  After the conversion, the Class A complex will consist of 83,211 square feet of creative office and 14,543 square feet of retail space.  

The borrower is adding a full-service rooftop bar and restaurant to the top of the three-story second building, which will have protected 360-degree views from the rooftop and the top two floors.

In total, the complex will have 10,697 square feet of ground-floor and rooftop courtyards.  

The project is expected to be completed in 2018.  314 Scholes Street is located in the East Williamsburg neighborhood of Brooklyn and blocks from the Montrose Avenue, Morgan Avenue and Grand Street L subway stations, providing easy access into Manhattan. 

The HFF debt placement team representing the borrower was led by managing director Christopher Peck and analyst Rory Shepard.

Rory Shepard

“It was a privilege to work alongside Hudson to procure financing that will allow the them to, along with ABS Partners Real Estate, re-imagine 314 Scholes into a unique creative office property,” Peck said. 

“The boutique size floorplates cater to a diverse mix of tenants and the expansive retail will serve as a true amenity to the Brooklyn community.”

 The Hudson Companies (Hudson) is a private real estate development company started in 1986 that has grown into a leading developer of new housing for all market segments in the New York metropolitan area.

 Hudson’s principals have a hands-on approach to managing the details of the development process from property acquisition, project finance and design, through construction and marketing.  

The firm is experienced in both new construction and rehabilitation, and is active across the luxury, affordable and institutional housing markets.  Learn more at www.hudsoninc.com.

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

Federal Capital Partners Acquires 408-Unit Apartment Community in Woodbridge, VA for $60.5 Million

Walter Coker

Chevy Chase, MD – Federal Capital Partners® (FCP) announces the acquisition of the Windsor at Potomac Vista apartment community on Kristin Court in Woodbridge, VA for $60.5 million.

The three-story, garden style apartments, built in 1987, have recently undergone kitchen and bathroom renovations and are well-located in a strong suburban Washington, DC submarket.

Easily accessible to Marine Corps Base Quantico, Fort Belvoir, the Virginia Railway Express commuter train and the I-95 Corridor, Windsor at Potomac Vista offers its residents excellent value in a highly desirable location.

“FCP is pleased to add Windsor at Potomac Vista to its portfolio of well-located apartment communities in the Washington, DC Metropolitan area,” said FCP Sr. Vice President, Jason Bonderenko. “Woodbridge, VA continues to show great strength, with positive year-over-year job growth and one of the lowest unemployment rates in the region.”

Amenities at Windsor at Potomac Vista include a clubhouse with fitness center and resort-style pool overlooking the Potomac River, cyber café, two playgrounds and apartment features that include full size washers and dryers, laminate hardwood floors, new cabinets and counter tops, walk-in closets and breakfast bars.

Brian Crivella

FCP extends its appreciation to Walter Coker and Brian Crivella of HFF for their representation of the seller and to Wells Fargo and Fannie Mae for facilitating the assumption of the existing mortgage and providing supplemental financing for the acquisition.

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

HFF closes $29 million sale of 2-building, 511,891-square-foot industrial complex in Charleston, SC

North Rhett Commerce Center,  5801 North Rhett, Charleston, SC

 

Chris Norvell

  CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $29 million sale of a two-building, rail-served industrial distribution complex totaling 511,891 square feet in Charleston, South Carolina. 

HFF marketed the property on behalf of the seller, Beacon Partners.  CenterPoint Properties Investors purchased the asset.

North Rhett Commerce Center features up to 32’ clear heights, 44 dock-high loading doors, two drive-in doors and 20 rail doors served by an active CSX rail spur that links the property directly to the adjacent Port of Charleston North Container Terminal, the most productive port in the nation and one that can handle post-Panamax vessels. 

The two buildings are 81.5 percent leased to Frontier Logistics, JBE Incorporated and Wainwright Industries, Inc.  

Situated on 34.12 acres at 5801 North Rhett, North Rhett Commerce Center has direct access to Interstates 526 and 26 and Charleston International Airport.  The complex is located in the Berkeley County submarket.

The HFF investment sales team representing the seller was led by senior managing directors Chris Norvell and Bruce Strasburg.

Bruce Strasburg

“Investor appetite for industrial real estate in Charleston is proving to be very robust, which is not surprising given the amazing storylines in the market,” Norvell said.  

“Manufacturing job growth, expanding ports and a stellar quality of life are significant green lights for national industrial investors.”

 Beacon Partners is a full-service commercial real estate firm that has developed and acquired office and industrial buildings throughout North and South Carolina for more than 25 years.

Today, the company leases, owns or manages more than 10 million square feet of property.  For more information, visit http://beacondevelopment.com.

CenterPoint Properties (CenterPoint) is a market leader in the development, redevelopment, acquisition and management of industrial real estate and transportation infrastructure to enhance business and government supply chain efficiency. The company invests in major coastal and inland port logistics markets anchoring North America's principal freight lanes. Visit http://centerpoint.com/

 for more information.

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 $16.35 million refinancing for Rangeview IV in Loveland, CO

Rangeview IV, Centerra Community, Loveland, CO  (Photo by McWhinney)

 

Eric Tupler

DENVER, CO –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured a $16.35 million refinancing for Rangeview IV, an 82,381-square-foot, single-tenant office building in Loveland, Colorado.

Working on behalf of the borrower, RVAA, LLC, an affiliate of McWhinney, HFF placed the 15-year, fixed-rate loan with Vectra Bank (Zion’s Bancorp).  

Earlier in the year, HFF worked on behalf of an affiliate of McWhinney to arrange $25.991 million in construction financing through Vectra Bank for the development of the adjacent property, Rangeview V.

Completed in 2010, Rangeview IV is a Class A office building located in Centerra, an award-winning, 3,000-acre master-planned community situated 55 miles north of Denver in Loveland. 

The building is fully leased to Agrium, Inc., a major distributor of crop inputs and services in North America, South America and Australia, and a leading global producer and marketer of agricultural nutrients.

 This location serves as the national headquarters for Agrium’s U.S. retail operations and operates as Crop Production Services (CPS).  Rangeview IV has easy access to Interstate 25 and is within close proximity to the Fort Collins/Loveland Airport and Colorado State University, one of the leading agricultural schools in the country and a large recruitment base for Agrium. 

Brock Yaffe

The HFF debt placement team representing the borrower was led by senior managing director Eric Tupler and associate director Brock Yaffe.

“The financing provided by Vectra was well-structured as a competitive market interest rate, fixed via  a SWAP for the full term of the loan, which is commensurate with the term of the lease, and will enable us to optimize long-term recurring cash flow at a very attractive cost of capital,” said Joshua Kane, Vice President of Finance for McWhinney.

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 sale of and arranges financing for Class A office tower in Birmingham, AL

Financial Center, 505 20th Street North, Downtown Birmingham, AL  
           

Ryan Clutter

CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and arranged acquisition financing for Financial Center, a 311,201-square-foot, Class A office tower in downtown Birmingham, Alabama.

HFF arranged the sale on behalf of the seller, Allegiance Realty Corporation.  An affiliate of Daniel Corporation purchased the asset free and clear of existing debt.  Additionally, working on behalf of the new owner, HFF placed the floating-rate acquisition loan with a life insurance company. 

Completed in 1982, Financial Center has been substantially renovated beginning in 2013, including renovations to the lobby and common areas, elevator modernizations, adding an outdoor patio and a new location for Edgar’s Bakery. 

The 18-story building is home to a variety of tenants – including Christian & Small and Crowne Partners – that will soon include Daniel Corporation after it relocates its corporate headquarters to Financial Center. 

Located at 505 20th Street North in downtown Birmingham, Financial Center is situated in the largest office market between Georgia and Texas.  The tower is two blocks from the Jefferson County Courthouse and the federal courthouse and proximate to Interstates 20, 59 and 65, which run through Birmingham.

The HFF investment sales team representing the seller was led by senior managing director Ryan Clutter, managing director Ralph Smalley and associate director Kelly Kuykendall.

Kelly Kuykendall

The HFF debt placement team representing the new owner was led by director Jeremy Sain and senior managing director Travis Anderson.

 Allegiance Realty Corporation is a privately-held real estate investment company founded in 1996 with a current portfolio totaling 4.5 million square feet. It is focusing on acquiring under-performing office properties in primary and secondary markets throughout the U.S.  For more information, visit www.allegiancerealestate.com.

Jeremy Sain

Founded in 1964, Daniel Corporation is an innovative, full-service real estate organization engaged in development, investment and management of office, multifamily, retail, urban mixed-use, hospitality and medical properties. 

Headquartered in Birmingham, Alabama, with a regional office in Atlanta, Georgia, the firm currently focuses on markets in the Southeast and Mid-Atlantic states.

  Daniel’s broad range of real estate experience and fiduciary tradition enables the company to respond with the flexibility and timeliness demanded by the real estate industry. http://www.danielcorp.com.

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 sale of and arranges $55 million financing for Hilton-branded hotel in Irvine, CA

  

Hilton Irvine/Orange County Airport, 18800 MacArthur Boulevard, Irvine, CA

Scott Hall

SAN DIEGO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and arranged $55 million in acquisition financing for the Hilton Irvine/Orange County Airport, a 306-room, full-service, Hilton hotel in Orange County’s business and retail district in Irvine, California.

HFF marketed the property on behalf of the seller, DiNapoli Capital Partners.  Infinity Realty Advisors purchased the asset free and clear of existing debt.  Additionally, working on behalf of the new owners, HFF placed the 10-year, fixed-rate acquisition loan with Goldman Sachs Mortgage Company.  HFF will service the loan. 

Hilton Irvine/Orange County Airport features 32,188 square feet of indoor/outdoor function space, a fully-equipped fitness center, business kiosk, heated outdoor pool, whirlpool, gift shop, 414 parking stalls and the full-service Aura Bar & Grill restaurant. 

The 10-story hotel recently underwent an extensive renovation that modernized indoor and outdoor spaces, including updating guest rooms, expanding the room count from 302 to 306, updating corridors and meeting spaces and redesigning the courtyard. 

Situated on 6.63 acres at 18800 MacArthur Boulevard, the hotel is across the street from the recently-expanded John Wayne International Airport. 

James Escarzaga

The hotel’s location near the intersection of Interstate 405 and MacArthur Boulevard provides easy access to more than 53 million square feet of office space and the Anaheim/Orange County Convention Center, the largest convention center on the West Coast, in addition to entertainment destinations, including Disneyland, Irvine Spectrum Center, Knott’s Berry Farm and several professional sports venues.

The HFF investment sales team representing the seller was led by managing directors Scott Hall, James Escarzega and Tony Malk.

The HFF debt placement team representing the new owner was led by managing director James Fowler.

“The Hilton Irvine is a high-quality asset that has benefited from strong performance growth associated with recent strategic capital improvements,” Hall said. “The underlying fundamentals for Southern California’s lodging market, specifically the submarket dynamics of Irvine, were key contributing factors to maximizing pricing for this transaction.”

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

Post Properties Announces Regular Quarterly Preferred Dividends

Dave Stockert

ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust  announced regular quarterly dividends for its 8.5 percent Series A Cumulative Redeemable Preferred Stock of $1.0625 per share for the third quarter of 2016.

 The dividend is payable on September 30, 2016 to all Series A preferred shareholders of record as of September 20, 2016.

Post expects to announce the declaration of quarterly dividends on its common stock following a meeting of its Board next week.

Post Properties, founded 45 years ago, is a leading developer and operator of upscale multifamily communities. 

Operating as a real estate investment trust (“REIT”), the Company focuses on developing and managing Post® branded high density urban and resort-style garden apartments.

Post Properties is headquartered in Atlanta, Georgia, and has operations in 10 markets across the country.

Post Properties has interests in 24,162 apartment units in 61 communities, including 1,471 apartment units in four communities held in unconsolidated entities and 2,630 apartment units in seven communities currently under development or in lease-up.

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

Post Properties, Inc.

Dave Stockert,

President

 404-846-5000