HFF arranges $25.5 million refinancing for office building in Manhattan’s Garment District

35 West 36th Street, Garment District, Manhattan, NYC

Steven Klein

NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $25.5 million refinancing for 35 West 36th Street, a 79,750-square-foot office building in the Garment District of Manhattan.

HFF worked on behalf of the borrower, a joint venture between Hidrock Properties and an institutional investment partner, to secure the five-year, floating-rate loan through M&T Bank.

Originally built in 1911, 35 West 36th Street is a 12-story building with 72,600 square feet of office space and 7,150 square feet of ground floor retail.  The fully-leased property has a diverse tenant roster with no one tenant occupying more than 8.3 percent of the building. 

Situated mid-block between 5th and 6th Avenues in the Garment District, 35 West 36th Street is just blocks from Herald Square and the Times Square, Grand Central and Midtown South submarkets.  

Public transport is available via 18 subway lines, NJ Transit and LIRR, PATH, commuter bus lines and Metro North lines, all within walking distance.

The HFF debt placement team was led by managing director Steven Klein and director Geoff Goldstein.

 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 first mortgage and mezzanine financing totaling $265 million for Church Park in Boston’s Back Bay

      Church Park Apartments, 189-277 Massachusetts Avenue and 15-35 Westland Avenue          
Back Bay Neighborhood, Boston, MA

BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged first mortgage and mezzanine financing totaling $265 million for Church Park, a 508-unit, luxury multi-housing community with 74,000 square feet of retail space in Boston’s Back Bay.

HFF worked on behalf of The United Company Apartments LLC, to secure the $200 million, long-term, fixed-rate loan through a national insurance company.  A $65 million co-terminous mezzanine loan was arranged by HFF through JP Morgan Asset Management (JPMAM).

Church Park is situated on two parcels at 189-277 Massachusetts Avenue and 15-35 Westland Avenue across from the Christian Science Plaza in the heart of Back Bay. 

Boasting a Walk Score® of 98, a Bike Score® of 88 and a Transit Score® of 100, the property provides residents with easy access to a multitude of cultural offerings including the Boston Public Library, Symphony Hall and The Museum of Fine Arts, coupled with first-class retail destinations along Newbury Street, Copley Place Mall and the Prudential Center.

 Additionally, three MBTA Green Line stops and one MBTA Orange Line stop are within walking distance of Church Park, and the Massachusetts Turnpike is within minutes of the property.  Originally built in 1973, the property consists of a 12-story building and a six-story building plus 540 parking spaces. 

The residential units average 782 square feet each within studio, one- and two-bedroom layouts.  Amenities include 24-hour security, concierge services, fitness center, roof deck terrace with grills, community room, laundry facilities, Zip Car services and car detailing.  Whole Foods anchors the retail space with additional tenants such as CVS, Unleashed, Economy Hardware and Sovereign Bank rounding out the 97-percent-leased rent roll.

The HFF debt placement team representing the borrower was led by senior managing director Frederic Wittmann and managing director Greg LaBine.

Greg LaBine

“Church Park has undergone continuous renovations and upgrades throughout its history to give its customers a first-class residential experience,” said LaBine.  

“In addition, its retail tenancy allows renters access to most of their shopping needs right on their doorstep.  This feature along with the unparalleled location made this an attractive opportunity for the lending community.”

“It can be challenging to put together a combined capital stack comprising both a first mortgage and mezzanine, but the lenders worked well together to make this a seamless execution for the borrower,” added Wittmann.

 “We were pleased to see the level of interest the debt market showed in Church Park, and appreciate the confidence that the lenders placed in our management team and this asset,” stated Curtis Kemeny, CEO and President of Boston Residential Group on behalf of The United Company Apartments LLC.

  “This transaction was a big win for the partnership and an important step in our long-term stewardship of the property.”

 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

The Habitat Company Awarded Management of Park Place Condominiums in Chicago,IL

Park Place Condominiums, River North Neighborhood, Chicago, IL

 CHICAGO,IL – The Habitat Company, a leading multifamily property developer and manager in the U.S., announced that it has been awarded the management of Park Place by the property’s condominium association.

Diane White

Located at 600 N. Kingsbury in Chicago’s River North neighborhood, the 20-story, 163-unit contemporary condominium tower was designed by Chicago-based Solomon Cordwell Buenz and was completed in 2002.

“We have made a commitment to growing our condominium portfolio by enhancing our best practices through the implementation of a customer-focused management approach, which includes providing corporate support and services that meet or exceed our client's expectations,” said Matt Fiascone, president of Chicago-based The Habitat Company.

“We’re honored to bring our experience in managing luxury, urban residential properties to the homeowners at Park Place.”

Fiascone noted that prior to hiring Habitat, the distinctive red-façade building with contrasting green-tinted windows was self-managed. “We applaud the condo board and homeowners at Park Place for the work they have done, as managing a building like Park Place is a full-time job,” said Fiascone.

 “But we’re excited to get to work and help the building run as efficiently as possible so homeowners can get back to enjoying actually living in this building rather than overseeing the day-to-day management of it.”

As the new managing agent of Park Place, The Habitat Company will work closely with the condominium’s board of directors to optimize procedural efficiencies and maximize cost savings – helping to ensure the association remains a sound investment. 

As one of the largest developers and property managers in the U.S., The Habitat Company offers its clients volume purchasing discounts in areas such as property insurance, gas and electricity. 

Matt Fiascone

The company’s proprietary budget program also provides real-time forecasting and reporting which has proven a useful tool in managing financial responsibilities more efficiently.

“This isn’t the first time we’ve helped a condo building go from being self-managed to working with a full-service property manager, and the key to every seamless transition has been good communication,” said Diane White, senior vice president of condo management for The Habitat Company.

“Our proactive approach in communicating with residents and the board of directors is always centered around our main goal – to enhance the living experience for every condo owner.

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

Cara Mooses, cmooses@taylorjohnson.com, 312.267.4523

Kim Manning, kmanning@taylorjohnson.com, 312.267.4527

www.habitat.com

Stepp Commercial Completes $5.35 Million Apartment Property Sale in Long Beach, CA

Junipero Avenue Apartments, Carroll Park Submarket, Long Beach, CA

                                                                                                                                                        

 Long Beach, CA – Stepp Commercial, a leading multifamily brokerage firm in the Long Beach market, has completed the $5.35 million portfolio sale of two apartment properties in the Carroll Park submarket of Long Beach totaling 26 units.

The properties are within walking distance of the beach, Bixby Park, Bluff Park and the shops and restaurants of Retro Row on 4th Avenue. 

Robert Stepp

Robert Stepp, principal with Stepp Commercial, represented the seller, a private investor from Long Beach, as well as the buyer, Long Beach-based The Waterford Group, Inc. The price per unit was $205,000.  

“Apartment properties in Carroll Park rarely come on the market and because of this coveted residential location, we had a strong amount of interest in these assets,” said Stepp. “The buyer not only liked the neighborhood, but the opportunity to add-value through renovation of the interior units.”

The first property includes 16 units and is located at 311 to 315 Junipero Avenue. Built in 1962, the two-story building consists of 10 one-bedroom units and six two-bedroom units. It features a beautifully landscaped central courtyard, on-site laundry, and eight private garages.

The second property includes 10 units and is located at 500 Junipero Avenue. Built in 1963, the two-story property consists of eight one-bedroom units and two two-bedroom units. The property offers a central courtyard, on-site laundry and five private garages.

Carroll Park was the first planned housing tract in Long Beach. Homes were originally constructed there between 1898 and 1923 and it was designated as a Historical Landmark District in 1982. The Park’s unique circular layout gives it a seclusion that is unlike any other part of Long Beach. It boasts historic architectural styles, old-growth trees, and narrow streets that wind around four grassy islands that anchor the Park’s inner circle.

  

 For more information visit www.SteppCommercial.com

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

Darcie Giacchetto

949.278.6224

Westwood Financial Corp. Restructures $1.2 Billion in Assets into Single Privately Held Company

  

Legacy Ranch, Frisco, TX

  

 

Joe Dykstra

Los Angeles, CA – Westwood Financial Corp., a leading owner-operator of high quality shopping centers throughout the U.S., has restructured ownership of 77 of its 120 retail center holdings and its management company into a single, $1.2 billion retail real estate company, according to Joe Dykstra, Co-CEO of the firm.

“We’ve supercharged Westwood Financial Corp. by consolidating more than 280 entities covering 77 separately owned assets as well as our management company into a single, internally managed and administered portfolio,” Dykstra explains.

 “We have also massively reduced complexity, and in its place, created a powerhouse firm with a strong balance sheet, tremendous assets, greater diversification for our legacy investors, and a new level of sophistication with a much greater appeal to new investors, tenants, lenders, brokers and to the retail real estate industry as a whole.” 

The new company, Westwood Financial, is now positioned to more easily access capital, appeal to investors with larger appetites, and has dramatically streamlined its operations, according to Co-CEO Randy Banchik.

“Westwood Financial is a forward-looking company, and this was a truly thoughtful and strategic process,” Banchik notes. “After generating exceptional results over the past 46 years, our founders and key executives started planning to evolve this firm as the retail industry has evolved. 

“We worked alongside some of the top financial and legal professionals in the country to create the most appropriate structure, and the entire company helped bring this consolidation to fruition.”

Dykstra adds, “The fact that we were able to close 77 transactions on the same day to create this new structure is a testament to the sophistication and dedication of our founders, our team, and our professional advisors.”

Randy Banchik

“More than 500 investors had to agree to implement this innovative plan,” Banchik says. “These individuals, many of whom have participated in our partnerships for over 30 years, supported us because of the confidence they have in us.”

That confidence, coupled with an appreciation of the strengths and benefits of the new structure in which they are invested, led to overwhelming approval among investors, according to Banchik.

“Our investors recognized that by internalizing the management company, we were fully aligning our interests with theirs, securing and enhancing the future of Westwood Financial,” he added.

New Structure, New Brand, New Strategy

Westwood recently rebranded, launching a new logo, new signage, and a new tagline: “Retail. Evolved.”  A new website is underway and will launch soon.

Established in 1970, Westwood Financial is headquartered in Los Angeles, with regional offices in Dallas, Atlanta, and Scottsdale.  More information is available at www.westfin.com.

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

Miki Conant

Account Executive

Brower, Miller & Cole

895 Dove Street, Third Floor

Newport Beach, CA 92660

p: (949) 955-7940 / c: (832) 260-4414

mconant@browermillercole.com

HFF secures $62.5 million financing for datacenter in Irvine’s California Airport area

Irvine Crossings, Airport Area, 17871 Von Karman Avenue and 17836 Gillette Avenue
Irvine, CA

Kevin MacKenzie

NEWPORT BEACH, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured a $62.5 million refinancing for Irvine Crossings, a 395,673-square-foot, single-story datacenter and industrial property in the Airport area of Irvine, California.

Working on behalf of the borrower, Menlo Equities, HFF placed the five-year, full-term interest only, fixed-rate financing with Deutsche Bank.

Irvine Crossings is situated on 21.16 acres at 17871 Von Karman Avenue and 17836 Gillette Avenue, one block north of the intersection of Von Karman Avenue and Main Street in Irvine’s Airport area. 

This location is less than one mile from John Wayne Airport and two blocks from Interstate 405.  Six other datacenters are located nearby making this area within Irvine one of the most desirable areas for datacenters in Southern California, behind downtown Los Angeles and El Segundo.

 The fully-leased building was renovated in 2000 and partially converted to a powered shell datacenter in 2013.  A datacenter operator and an internet technology company occupy the entire facility.

The HFF debt placement team representing the borrower was led by senior managing director Kevin MacKenzie and associate Jamie Kline.

Jamie Kline

“Datacenter usage provides a unique set of challenges in obtaining aggressive financing, but we were able to utilize the superior location, and best in class sponsorship, in order to drive the market and obtain an optimal combination of a low rate, full-term interest only and desired leverage,” said MacKenzie.

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

www.menloequities.com.

JLL Expands Net Lease Platform to Phoenix; Peter Bauman and Tivon Moffitt join JLL as Senior Vice Presidents

Peter Bauman

PHOENIX, AZ,  Sept. 14, 2016 – Investors looking to diversify their portfolios, hedge against risk and secure higher yield are turning toward the net lease sector.

As an industrial hub and burgeoning retail powerhouse, the Southwest is offering investors a wealth of net lease opportunities. In response, JLL’s Capital Markets today announced Peter Bauman and Tivon Moffitt have joined the firm as Senior Vice Presidents.

Bauman and Moffitt will lead the firm’s net lease investment sales practice in Phoenix and report to Senior Managing Director and head of Phoenix’s investment sales platform Dennis Desmond and Managing Director and head of the Net Lease Property Group Thomas Beneville.

“As investors explore more conservative strategies, the security that net leased assets provide is becoming increasingly appealing,” said Beneville. “To best serve our clients, it is imperative that we continue expanding our net lease services to growing markets such as Phoenix.”

Added Desmond, “Peter and Tivon bring an impressive amount of experience to the Phoenix investment sales platform. Their ability to work proficiently across all asset classes allows the firm to service our clients more broadly in this burgeoning market.”

Tivon Mofitt

Bauman and Moffitt hold a combined 15 years of commercial real estate experience in tenant representation and investment sales join JLL from a leading international commercial real estate firm where they were directly involved with more than $400 million in sales volume since 2012. They are also joined by John Paul Mulhern, Associate.

Moffitt earned a bachelor’s degree from the University of Pennsylvania while Bauman earned his bachelor’s degree from Humboldt State University.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution.

In 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv

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

Stacey Hershauer

  Phone:

 +1 480 600 0195

  Email:

 stacey@focusaz.com

www.jll.com

www.jll.com/phoenix

BOMA of Miami-Dade to Host 2017 Commercial Real Estate Outlook Forum Sept. 29 in Miami, FL

MIAMI, FL -- The Building Owners and Managers Association (BOMA) of Miami-Dade is hosting the 2017 Commercial Real Estate Outlook Thursday, September 29, 2016 at noon.

The forum which will focus on Florida’s future DNA of commercial real estate will be held at East Miami, 788 Brickell Plaza, Miami, FL 33131.

The event will showcase leading commercial real estate experts presenting on future industry trends in the areas of: office, retail, industrial, landlord, tenant representation and acquisitions.

This is an opportunity to hear predictions and expectations on the commercial real estate industry by top local, expert panelists who are the pulse of the market. Panelists will share both their expectations and marketing realities.

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

Maria Gomez

Executive Director BOMA Miami-Dade

mgomez@boma-miami.org

TEL: 305-200-8721

Meridian Capital Group Arranges $4 Million in Construction Financing for a Luxury Multifamily Property Located in Miami Beach, FL

Eric  Trombly

New York, NY, Sept. 14, 2016, – Meridian Capital Group, America’s most active debt broker, arranged $4 million in construction financing for the development of a luxury multifamily property located in Miami Beach, FL.

The five-year, interest-only construction loan, provided by a local balance sheet lender, features a fixed-rate of 4.50%. This transaction was negotiated by Meridian Vice President, Eric Trombly, who is based in the company’s Boca Raton, FL office.

Nobe Marina is planned to be a five-story luxury multifamily development, located at 8425 Crespi Boulevard in a low-rise residential area of Miami Beach, between South Beach and Bal Harbor.

This property offers the rare opportunity to develop a new construction building in a historic district of Miami Beach. Nobe Marina will be a waterfront property comprised of 16 two-story loft apartments with oversized terraces facing the Tatum Waterway.

The luxury apartments will feature panoramic views of the ocean and downtown Miami. Nobe Marina’s amenities will include 10 boat slips and 26 secured garage parking spaces.

“Our client is an experienced real estate investor but this is his first foray into multifamily development,” explained Mr. Trombly. “We leveraged our strong lending relationship with a local bank to successfully fund this exceptional project in an area that has limited luxury rental apartments,” he added.

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

Jonathan Stern

Meridian Capital Group

212/972-3600

jstern@meridiancapital.com

www.meridiancapital.com

Meridian Capital Group Arranges $5.9 Million in Acquisition Financing for the Purchase of a Comfort Inn Hotel Located in Orlando, FL

Noam Kaminetzky

New York, NY,  Sept. 14, 2016, – Meridian Capital Group, America’s most active debt broker, arranged $5.9 million in acquisition financing for the purchase of a Comfort Inn hotel located in Orlando, FL.

The five-year loan, provided by a balance sheet lender, features a LIBOR-based floating rate with interest-only payments in the first year followed by a 25-year amortization schedule.

 The loan also provides the ability for the borrower to fix the rate at any time over the loan term. This transaction was negotiated by Meridian Managing Director, Noam Kaminetzky, who is based in the company’s Boca Raton, FL office. 

Meridian also recently financed a Best Western, which is situated diagonally across the street from this hotel.

The six-story Comfort Inn hotel is a 112-room, 59,725 square foot property, located at 8134 International Drive in Orlando, FL. 

The hotel is situated on a prime section of International Drive and has become a gateway to many key attractions in central Florida. This includes the Orange County Convention Center, SeaWorld and Universal Studios. The hotel is located directly across the street from the Ripley Believe it or Not museum.

“The acquisition of this underperforming asset was a natural fit for the borrower,” explained Mr. Kaminetzky. “The addition of this Comfort Inn to the client’s portfolio allowed him to leverage his knowledge of the area and utilize his local operational resources to gain economies of scale and improve performance.”

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

Jonathan Stern

Meridian Capital Group

212/972-3600

jstern@meridiancapital.com

www.meridiancapital.com

  

Berkadia Completes $17.6 Million Sale of Jacksonville, FL Multifamily Property

Greg Rainey

JACKSONVILLE, FL  – Berkadia recently closed the sale of the multifamily property, Viera at Mandarin, for $17.6 million or $93,617 per-unit.  

Associate Director Greg Rainey of Jacksonville, Managing Director Cole Whitaker of Orlando, Senior Director Tal Frydman of Boca Raton, and Senior Director Jason Stanton of the Tampa office facilitated the sale.

The seller was Woodbridge Multifamily Partners, LLC based in Nashville, Tenn. and the buyer was Maxus Realty Trust, Inc. located in North Kansas City, Mo.

“With the influx of recent job announcements in northeast Florida, we are beginning to see more investors target Jacksonville as an opportunity to gain a foothold in an emerging market. 

"The buyer in this transaction saw an opportunity to grow their presence in Jacksonville by investing in one of the more highly sought-after submarkets in the city,” Rainey said

Built in 1984, the 188-apartment property features one- and two-bedroom units with four unique floor plans. The average unit size is 833 square feet and each has updated interiors with modern touches, such as granite counter tops, in-unit washer/dryer, a private patio or balcony and ample storage space. 

Tal Frydman

Select units also include an open floor plan with vaulted ceilings and wood-burning fireplaces. Community amenities include an indoor athletic center, swimming pool, a 21-acre lake with fountains and a deck and boat storage.

Viera at Mandarin is located at 4263 Losco Rd., affording convenient access to Old St. Augustine Rd. and Interstate 295. To the west, across the St. Johns River, is Naval Air Station Jacksonville and downtown Jacksonville is less than 20 minutes northwest.

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

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

HFF arranges joint venture equity for mixed-use residential and hotel development in downtown Austin, TX

 

Robert Wooten

AUSTIN, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged joint venture equity for the development of Gables Republic Square, a 24-story, Class AA+ mixed-use residential and hotel project in downtown Austin, Texas.

HFF worked exclusively on behalf of the developer, Gables Residential, to arrange joint venture equity for the development of the property through The Carlyle Group.

Due for completion in early 2019, Gables Republic Square will be located at 400 Lavaca Street and will encompass 221 residential units along with a separately-owned, 159-key Hotel ZaZa.  The residential component will have a ground-floor lobby with residential units located on floors 13 through 24. 

Additionally, the Hotel ZaZa lobby, valet, bar and spa will occupy the ground floor while the hotel ballroom, restaurant and swimming pool will be located on floor 7 and guest rooms on floors 8 through 12. 

Floors two through six of the property will be reserved for residential parking, and two levels of subgrade parking will be reserved for the hotel.  Gables Republic Square will be an Austin Energy Green Building (Two Star Level), which is comparable to LEED certification, and features a design inspired by the surrounding historic Warehouse District.

The property’s for-rent homes will offer best-in-class finishes, including granite or quartz counters in kitchens and baths; stainless steel appliances; upgraded cabinetry; in-unit washers and dryers; wood or wood laminate flooring in all living and dining areas; built-in speakers in kitchen and dining area; eight-foot doors; granite thresholds; and balconies.

  Residents will have access to a rooftop amenity area featuring panoramic views of the city as well as a swimming pool, hot tub, outdoor kitchen, fireplace, club room, library and state-of-the-art fitness center. 

 In addition, residents will have access to a music practice room shared with the hotel and limited residential room service provided by Hotel ZaZa.

The HFF debt placement team representing the borrower was led by director Robert Wooten and senior managing director Matt Kafka.

The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $176 billion of assets under management across 128 funds and 170 fund of funds vehicles as of June 30, 2016. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions.

  Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation.  The Carlyle Group employs more than 1,650 people in 35 offices across six continents.

Web: www.carlyle.com

Videos: http://www.carlyle.com/news-room/corporate-videos_new

Tweets: www.twitter.com/onecarlyle

Podcasts: www.carlyle.com/about-carlyle/market-commentary

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 arranges sale and financing for Westin Tampa Harbour Island

Westin Tampa Harbour Island Hotel, 725 South Harbour Island Boulevard,
Harbour Island, FL

 

Daniel C. Peek

TAMPA, FL - – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and arranged acquisition financing for the Westin Tampa Harbour Island, a 299-room, full-service hotel located along downtown Tampa’s waterfront on Harbour Island.

HFF marketed the property on behalf of the seller and completed the sale to affiliates of Walton Street Capital, which acquired the 100-percent fee-simple interest in the property. 

HEI Hotels & Resorts will manage the property.  Additionally, on behalf of the new owner, HFF placed the floating-rate acquisition loan with a banking and financial services holding company.

Opened in 1987, the centrally-located hotel features 299 guest rooms, which includes 19 suites. The property’s amenity package contains 17,432 square feet of meeting space, a heated outdoor pool, WestinWORKOUT Fitness Studio and sweeping water views.

 Located at 725 South Harbour Island Boulevard, the hotel is proximate to an abundance of transient and corporate demand generators, which provide a base for healthy year-round operating fundamentals, including downtown Tampa, Amalie Arena, Florida Aquarium, historic Ybor City, the Channel District and numerous museums and sporting venues. 

Alexandra Lalos

Most notable, the hotel is adjacent to the Tampa Convention Center and the planned $2 billion, six million-square-foot, mixed-use office, retail and multi-housing development being executed by Strategic Property Partners.

The HFF investment sales team representing the seller was led by senior managing director and head of HFF’s hotel group Daniel C. Peek and associate directors Preston Reid and Alexandra Lalos.

The HFF debt placement team representing the borrower was led by managing director Michael Weinberg.

“The Westin provides further evidence to the robust investor demand for hospitality assets in the Tampa Bay market,” Peek said.  

“Like several markets in the Southeastern U.S., Tampa’s economic expansion continues to be strong, perhaps best reflected in the performance of the region’s hotel sector over the past 24 months”.

“The Tampa hospitality market continues to attract high-quality institutional interest from groups like Walton Street Capital,” Reid added.  “With relatively muted new supply, a robust convention calendar and marquis events such as the 2017 College Football Playoff National Championship, on the horizon, the market shows little signs of slowing.”

Preston Reid

“This is the third hotel financing we have arranged this year on trophy assets in downtown Tampa and downtown Orlando totaling nearly $175 million,” Weinberg stated. 

“The interest was strong from debt capital providers for all three despite the tightening of hospitality financing that is occurring nationally.”

  

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

www.heihotels.com.

www.waltonst.com.

Faris Lee Investments Completes $2.6 Million Sale of a Freestanding Property Occupied by CVS Pharmacy in Anderson, IN

  

CVS Pharmacy,  2419 Nichol Avenue, Anderson, IN

Jeff Conover

IRVINE, CA,  Sept. 13, 2016 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $2.6 million sale of a freestanding, 10,125-square-foot, single-tenant retail property NNN-leased to CVS Pharmacy with a drive-thru in Anderson, IN. 

Jeff Conover, senior managing director with Faris Lee Investments, represented the seller, Indiana-based Copper Development. The 1031 exchange buyer, Cuneo Trust from California was represented by Nick Cuneo of Clement Partners. The closing cap rate was 6.4 percent and the price per square foot was $257.

“Although CVS has just two years remaining on its current lease term, it has been at the property for 17 years and has historically generated strong sales,” said Conover. “The buyer saw this as a stable, long-term investment with a national brand retailer in a location that continues to see sales growth.”

Built in 1998 and situated on 1.7 acres at 2419 Nichol Ave., the property is strategically located at the signalized, hard corner intersection of Nichol Ave./State Road 32 and Raible Ave. which see a combined

19,700 vehicles per day. Nearby tenants include Wendy’s, Taco Bell, O’Reilly Auto Parts, AutoZone, the U.S. Post Office and Pizza King. There are more than 68,500 residents and more than 31,300 daytime employees within a 5-mile radius of the property.

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

www.farislee.com.

Marcus & Millichap Arranges $890,000 Sale of Regent Shoppes South in St. Cloud, FL

Jonathan Gerszberg

ST CLOUD, FL, September 12, 2016 – 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 Regent Shoppes South, a 11,120-square foot retail property located in St Cloud, FL. The asset sold for $890,000.

Jonathan Gerszberg, vice president investments in Marcus & Millichap’s Miami office, along with Ray Turchi and Chris Travis, vice president investment and associate vice president investments in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property.

 The buyer, a private investor, was secured and represented by Nicholas Ledvora and John Graves, senior associate and associate in Marcus & Millichap’s Tampa and Orlando office. 

Regent Shoppes South is located at 3272 Canoe Creek Road in St Cloud, FL.  The subject had direct frontage to a primary area retail road and was shadow-anchored by Winn-Dixie anchored shopping center. At the time of sale, the property was 84 percent occupied with local tenants.

“The excellent retail fundamentals, including signage, visibility, parking, access and frontage were the deciding factors for our client executing the deal. With current income, and a price less than $80 per square foot, our client realized the intrinsic value of the real estate and upside when repositioned.” stated Ledvora. The buyer closed all cash performing within shortened timeframes for inspection and closing within thirty days.

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

Kirk A. Felici

First Vice President/Regional Manager

 Miami, FL

(786) 522-7000